UK Leads Medical Cannabis Market Growth in Europe
The United Kingdom is emerging as a leader in the growth of the medical cannabis market in Europe, with sales surpassing expectations and consumption volumes per patient significantly higher than in other European countries.
According to a new report from UK-based cannabis data and intelligence company, Prohibition Partners, the UK is predicted to have 62,960 medical cannabis patients by the end of 2024, generating €240 million (£205 million) in sales. This means that the average medical cannabis patient in the UK will consume €3,811-worth (£3,261) of medical cannabis per year, or €318-worth (£272) per month.
In comparison, Germany, currently the largest medical cannabis market in Europe, is projected to have 346,000 patients by 2028, with an average consumption of €1,563 (£1,342) per year or €130 (£112) per month.
The primary factor contributing to this staggering 144% difference in spend is an even larger divergence in consumption volumes. The report states that the UK has lower prices for medical cannabis products, but the main reason for the higher consumption rates is the fact that the market is entirely private and self-paid.
Lawrence Purkiss, Senior Analyst at Prohibition Partners, explained: “The comparatively high per-patient consumption rates in the UK are at least in part a consequence of the fact that the market is entirely private and self-paid. The financial incentives within the system are geared towards high prescription volumes, unlike in Germany where at least 50% of patients have their medical cannabis costs reimbursed under public healthcare.”
The report also predicts a significant increase in the number of medical cannabis patients in the UK in the coming years, with a growth rate of 124% by 2028. This is compared to a growth rate of 24% in Germany.
This growth is largely being driven by private clinics, as patient access to medical cannabis in the UK is almost exclusively facilitated by these clinics. These clinics are supplied by large medical cannabis distributors like Curaleaf Laboratories.
Jonathan Hodgson, CEO of Curaleaf Laboratories, commented on the growth in the UK market: “The beginning of 2024 has already shown a tremendous level of growth, with a record number of UK private clinics now providing medical cannabis treatment for lower appointment costs than ever before. More formulations and dosage forms have entered the market, such as pastilles and liquid vape cartridges, broadening the treatment options available for specialists to prescribe for patients.”
The report, titled The European Cannabis Report: 9th Edition, is now available for free download on the Prohibition Partners website. Prohibition Partners is a data, media, and tech company operating in the fast-growing legal cannabis industry.
For further information or to request visualizations of data, please contact Mike Hoban at michael@prohibitionpartners.com.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.