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

Cannamonitor’s most recent analysis states that Spain’s rapidly expanding market is expected to reach €335 million by 2030. The analysis highlights that medical cannabis has a bright future in Spain, where efforts to legalize it are gathering steam.

Spain’s medical cannabis market

There are currently over 60 businesses operating in Spain’s cannabis sector, most of them are devoted to medical and research uses. Together, these businesses have invested €115 million in the sector, with a sizable amount of that money coming from overseas investors. Fewer than ten businesses are commercially active along the whole value chain, despite the flood of capital. Nonetheless, the scene is anticipated to change quickly because 10 additional businesses are scheduled to join the market in the upcoming years.

Spain’s legalization of medical cannabis began to take shape in February when the Ministry of Health took the required actions. This action marks a turning point for the sector, which has grown at an exponential rate since 2018 and is expected to reach €28 million in sales by 2022. With the right regulations in place, the industry may experience unheard-of growth and serve 196,000 patients by 2030.

Market dynamics vs regulations

The possible effects of regulatory actions on market dynamics are highlighted in the paper. Cannamonitor, which draws inspiration from global models like Canada, Israel, and Australia that have embraced more liberal frameworks for medical cannabis, projects that if Spain implements similar laws, patient access and market size will rise significantly. On the other hand, a stricter strategy similar to that of Italy would stifle opportunities for expansion by capping the number of patients and sales volumes.

The possibility of using medicinal cannabis to treat chronic pain—a problem that affects more than eight million people in Spain—is one of the main factors propelling the movement for its legalization. The need for medical cannabis could skyrocket in the upcoming years as cannabis preparations become more and more popular as effective treatment options.

The production capacity of Spain’s medical cannabis market demonstrates its rising trajectory. The International Narcotics Control Board has forecast that cannabis production will rise significantly, with Spain expected to generate 36,000 kg by 2024. This exponential increase highlights Spain’s ascent to prominence in the world cannabis market.

Medical cannabis production vs. legality

Even with these developments, Spain is still one of the few significant cannabis-producing nations without a thorough legal framework for medicinal usage. The current legislation, which was passed in 1967 during the government of Francisco Franco, has restricted provisions for licenses for cultivation and is managed by the Spanish Agency of Medicines and Medical Devices (Aemps). The lack of current legislation highlights how urgent regulatory changes are to fully realize the potential of Spain’s medical cannabis industry.

In conclusion, increased patient demand and legislative developments are driving a revolutionary time for Spain’s medicinal cannabis business. The industry is quite promising for both patients and stakeholders, with strong growth estimates and rising investments. Ensuring a balanced regulatory strategy will be key in realizing the full therapeutic potential of medical cannabis while efficiently resolving regulatory difficulties as Spain makes its way towards legalization.

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