Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2024-03-25

Promising future of medical cannabis in Spain: €335 Million by 2030

Promising future of medical cannabis in Spain: €335 Million by 2030

According to the latest report by Cannamonitor, Spain and its burgeoning market should reach €335 million by 2030. The report underscores a promising future for medical cannabis in Spain, with its legalisation gaining momentum.

Medical cannabis market in Spain

Currently, approximately 60 companies are actively engaged in Spain’s cannabis market, focusing primarily on medical and research purposes. These companies have collectively invested €115 million in the industry, with a significant portion of the capital coming from foreign investors. Despite the influx of investment, only a handful of companies are commercially operational across the entire value chain. However, with ten more companies slated to enter the market in the coming years, the landscape is expected to evolve rapidly.

The legalisation process for medical cannabis in Spain gained traction in February, with the Ministry of Health initiating the necessary steps. This move signifies a pivotal moment for the industry, which has experienced exponential growth since 2018, reaching €28 million in sales by 2022. With a regulatory framework in place, the industry could witness unparalleled expansion, catering to a projected 196,000 patients by 2030.

Regulations vs market dynamics

The report highlights the potential impact of regulatory decisions on market dynamics. Drawing insights from international models such as Canada, Israel, and Australia, which have embraced more open frameworks for medical cannabis, Cannamonitor predicts a substantial increase in patient access and market size if Spain adopts similar regulations. Conversely, a more restrictive approach akin to Italy’s could dampen growth prospects, limiting patient numbers and sales volumes.

One of the driving forces behind the push for medical cannabis legalisation is its potential to address chronic pain, a prevalent issue affecting over eight million people in Spain. With cannabis preparations gaining traction as a viable treatment option, the demand for medical cannabis might to soar in the coming years.

The growth trajectory of Spain’s medical cannabis market is also visible in its production capacity. Forecasts from the International Narcotics Control Board indicate a significant increase in cannabis production, with Spain projected to produce 36,000 kilograms by 2024. This exponential rise underscores Spain’s emergence as a major player in the global cannabis market.

Medical cannabis: production vs law

Despite these advancements, Spain remains one of the few major cannabis-producing countries without a comprehensive regulatory framework for medical use. The existing law, enacted in 1967 under Franco’s regime, provides limited provisions for cultivation licences, overseen by the Spanish Agency of Medicines and Medical Devices (Aemps). The absence of modern legislation underscores the urgency for regulatory reforms to unlock the full potential of the medical cannabis market in Spain.

In conclusion, Spain’s medical cannabis market is on the cusp of a transformative period, fueled by regulatory advancements and growing patient demand. With robust growth forecasts and increasing investments, the industry holds immense promise for stakeholders and patients alike. As Spain navigates its path towards legalisation, ensuring a balanced regulatory approach will be crucial in realising the full therapeutic potential of medical cannabis while addressing regulatory challenges effectively.

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Promising future of medical cannabis in Spain: €335 Million by 2030