Medicinal Cannabis: Growing opportunities for the world economy

Thanks to its medicinal properties, cannabis has been increasingly gaining popularity around the globe. While some countries have introduced legislations and set up strategies in order to decriminalise the consumption of medicinal cannabis, others have acknowledged its role but are still awaiting further research confirming its capabilities to ease conditions and treat symptoms.

Nonetheless, due to high demand for medicinal cannabis and CBD products, hemp seems to be the next emerging market consequently contributing to the growth of the global economy.

Europe setting standards in cannabis production

With the recent wave of legislation regarding cannabis-based products, it is believed that the European market holds a key position both in medicinal and retail cannabis. This is due to a combination of variables such as population growth, GDP, national healthcare, and tarditional use in many countries, making Europe an attractive market for global producers.

For instance, in 2017 Germany signed a law that allows the use of the cannabis plant. This would in turn allow healthcare professionals to prescribe medicinal cannabis products to patients suffering from severe health issues such as chronic pain, vomiting, and nausea.

In 2013, Czech Republic legalised medical marijuana for patients suffering from chronic pain, epilepsy, chemotherapy induced side effects, and other severe disease indications. Moreover, the law allows patients with marijuana prescriptions to purchase the medicinal marijuana from pharmacies.

However, cultivation of marijuana in not allowed in the country, therefore suppliers need to import medicinal cannabis from other economies. This implies that a huge potential for growth of the medicinal cannabis industry in pharmaceutical and biotechnology companies.

So far, the European Union national regulators have struggled to get to grips with the regulation of cannabidiol products, which has proven difficult given that CBD is not a scheduled controlled substance, hemp food products were historically consumed, and extracts of the plant were manipulated for use in medicines and many other applications.

The two cannabinoids — delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are most often used in the treatment of certain diseases or easing of certain health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures.

European standards are now the benchmark for market entry, and Europe has an opportunity to lead the way in establishing sensible regulatory systems that provide safe access to appropriate products, while not unnecessarily burdening what has been a historically widely-consumed product.

Medicinal Cannabis in UK: access to treatment still an ongoing issue

Although the government announced the legislation of medicinal cannabis for patients via NHS prescription in November last year, the high expectations among the public of the benefits of medicinal cannabis are not being met. Doctors are unwilling to prescribe medicinal cannabis to patients based on the claim that there is still little evidence due to lack of clinical trials.

Dr Sarah Wollaston MP, Chair of the Health and Social Care Committee, said: “Although the recent changes to government policy were welcomed, there was a failure to communicate what this would mean in practice for the availability of medicinal cannabis.”

Although the recent changes to government policy from schedule 1 to schedule 2 of the Misuse of Drugs Act, making it far easier to carry out trials into medicinal cannabis were welcomed, there was a failure to communicate what this would mean in practice for the availability of medicinal cannabis.

She added: “Expectations were unfairly raised that these products would become widely and readily available, and there needs to be far clearer communication that this is not the case.”

It remains to see whether the UK, like the rest of Europe, will take a more proactive stance on implementing the practical availability of medicinal cannabis.

Medical cannabis is gaining momentum in Asia

At the moment, many Asian countries are softening their approach to cannabis, but the plant remains illegal in the majority of Asian nations.

Seoul and Bangkok look to be leading the way in the normalisation and legalisation of medical marijuana with government licenses. However, after Thailand’s legalisation of medical cannabis in February, it is currently the only Asian country that has fully legalised medicinal cannabis.

Some experts predict that other Southeast Asian countries may move towards decriminalising the plant. South Korea surprised many by being the first East Asian nation to legalise medical marijuana last November.

In the same month, Japan approved clinical trials for the cannabis compound Epidiolex, a CBD oral solution used in treating epileptic patients. Market experts argue that due to Japan’s increasing aging population, it is likely to become a big consumer of medicinal cannabis.

Even famously strict-on-drugs nations including Singapore and China have been involved in research into medical applications for cannabis. In fact, China is not only involved in the research but also heavily in production. Asia’s largest economy currently grows nearly half the world’s legal hemp, a strain of cannabis that contains almost no hallucinogens, according to China’s National Bureau of Statistics.

Hanma Investment Group (HMI) is the first company to receive permission to extract CBD in China. The country’s largest hemp production firm has been advocating for the benefits of the plant and trying to change the negative connotation most Chinese people hold towards it. The company currently exports 90% of its production, mostly to the United States, Germany, the U.K., the Netherlands, and increasingly to Japan.

”(Chinese) people’s perception of cannabis is no longer as negative as before. We have been reiterating the uses cannabis can be utilised in the medical and health sector,” Tan Xi, HMI’s president, told CNBC in a Chinese-language text message.

The global legal marijuana market — including recreational use — was estimated to be worth $13.8 billion last year and is projected to reach $66.3 billion by the end of 2025, according to a 2018 report from California-based market research firm Grand View Research, making medicinal cannabis an increasingly significant contributor to the world’s economy.

Medicinal cannabis makes strides in the UK but access to treatment needs improvement

In November last year, the government announced the legalisation of medicinal cannabis in the UK for patients via NHS prescription. Since then, the UK’s medicinal cannabis market has boomed, attracting media attention and international investment.

The move prompted the opening of the UK’s first cannabis clinic in the Greater Manchester area earlier in March, offering treatments for patients suffering from chronic pain and other severe neurological or psychiatric conditions that can be treated with medical marijuana.

Even more unexpected sources have shown interest in entering the booming cannabis market: the FT has reported that the Church of England is considering investments in medical marijuana and relaxing existing bans. The CofE has a 12.6 billion pound investment portfolio.

On 24 January 2019, the Director General of the World Health Organization (WHO) sent a letter to the Secretary General of the United Nations recommending that cannabis and associated substances be rescheduled in the international drug control framework to facilitate the trade of these substances for medicinal and scientific purposes.

At least 30 countries and 33 US states have now legalised medicinal cannabis, a trend which continues to spread globally. Research by Prohibition Partners and the Davos World Economic Forum pointed towards Europe’s medical cannabis market doubling in size in 2019.

The European Union has been one of the institutions at the forefront of making medicinal marijuana available. Over two years ago, the German parliament approved the legalisation of cannabis for medicinal use. This marked the beginning of a Europe-wide wave of legalisation following in Germany’s footsteps.

In Germany, around 40,000 patients have already been prescribed cannabis-based prescription drugs, which amounted to more than 30 Million EUR revenues in the first half of 2018, making the country one of the three largest medical cannabis markets in Europe, along with the Netherlands and Italy.

Malta, one of the most innovative nations in Europe, has implemented some new laws and now allows the licensed growing and export of cannabis to other European countries.

The latest nation to embrace the opportunities offered by medicinal cannabis is Gibraltar. In a recent announcement, the government revealed it wants to establish a “world class ecosystem” for medicinal cannabis research in Gibraltar and will consider licensing “a select, highly reputable and well-resourced” group of investors in the sector.

While European countries seem to be progressing in the sector, eight months after formal legalisation, the reality does not quite match up to expectation. Patients in the UK are reportedly experiencing numerous problems accessing medicinal marijuana, as despite legislation being in place, the system is not yet fully responsive to patients’ needs.

Since the legalisation, many NHS patients have been denied access to cannabis treatments, blamed on slow bureaucracy. Official figures are not available but the number of NHS prescriptions has been low, perhaps less than 100, reported the Independent.

Currently in the UK, there is no dedicated medicinal cannabis regulatory system, making the drug harder to access. Cannabis products are only available on the NHS labelled as “specials”, which can only be prescribed after other types of treatment have been tried. The pharmacies distributing cannabis medical products also need a special licence, further narrowing the avenues of access.

These barriers highlight the lag between the different set of legislations involved in bringing cannabis-based medicines to the hands of patients. “We knew there would be a period where the education system needed developing for health professionals — but this has not yet been rolled out, and we don’t know how long it will take, or how responsive they will be,” said Henry Fisher, chief scientific officer at Hanway Associates, a cannabis consultancy firm, to Wired UK.

Nonetheless, this seems to be a common pathway countries go through when they change their regulation on the matter, until we bridge between policies and user access: “We’re hoping that individual doctors will prescribe, and see that once they’ve done it once, and it’s worked, so it’s a useful medicine. Then it will pick up: for example, in Germany, it took two or three years for the medical profession to catch up,” added Michael Barnes, a neurologist and cannabis expert.

The Medicinal Cannabis opportunity

As the benefits of medicinal cannabis becomes more evident and more countries are legalising its use for medical purposes, the cannabis market gains more prominence. Cannabis can be alleviate symptoms and aid treatment of many conditions. At least 30 countries and 33 American states have legalised medicinal cannabis.

In the investment side, cannabis companies and licence-holders have become one of the most-watched sector in the market, the so-called 'pot stocks'. because legalisation happened in the UK only in November 2018, the market is still young, leaving room for more opportunities.

Cassiopeia compiled key information for you to start your research and be in the know about the developments in this promising sector.

Malta: Capital of Innovation in Europe

Malta is positioning itself as a leading European hub for innovation and openness to technology. Its reputation stems from a number of business-friendly regulations put in place to attract investment and spur economic activity in the Mediterranean island.

Malta was once a British colony — gaining independence in 1964. The island nowadays leverages its language and cultural heritage to support business and trade — alongside a prominent set of regulations which bring value to the national economic activity.

“Innovation is the key for future economies. Additionally, for a long time, crafts and trade were sidelined but innovation plays a role here too to revitalise them. The global economy is becoming more innovative and it is the responsibility of our country to be at the forefront of that innovation,” MEP Miriam Dalli recently said, outlining the country’s commitment to taking its ‘economy to the next level’.

Clear evidence of this prosperity is Malta topping the European Commission economic growth list for 2019 and 2020, after the Maltese economy presented growth of 6.6 per cent last year.

The innovative mindset is reflected in diverse sectors, from personal healthcare to financial technology. Malta has been the European gateway for many policies, including the legalisation of cannabis and embracing crypto and gaming projects.

Medical Cannabis Capital

In March 2018, Malta officially legalised medical cannabis. A month later, with the Production of Cannabis for Medicinal and Research Purposes Act in place, Maltese entities were able to cultivate, import, process and produce cannabis intended for medical and research purposes under a controlled and supervised environment.

These policies led to the Malta Medicines Authority gaining international reputation and prestige for its patient-centric work in the regulation of medicines. The strategy seems to be working so far: according to statistics from Eurostat, a 75% share of the population in Malta perceived their health as good or very good.

Last November, Malta hosted the Medical Cannabis World Forum, which brought together the policymakers, business leaders and healthcare practitioners who are shaping the global cannabis industry today.

“One would think that a small country like Malta would follow suit; instead, Malta is a dynamic … leader. The legislative measures enacted with respect to medicinal cannabis are not some transposition of provisions implemented everywhere else. Many in the field are cognisant that Malta has floodlit an area which may still be quite hazy elsewhere,” said Parliamentary Secretary Dr Deo Debattista at the Forum last year.

Gaming, blockchain and technology hub

Following recent advancements made in the legislation for Gaming operaters in Malta, the island has received over 20 applications from new companies looking to direct business in Malta. Parliamentary Secretary Silvio Schembri, who announced the surge of applications to the Malta Gaming Authority (MGA) at the ICE London 2019 edition, the leading global gaming conference, identified the island as the ‘home of gaming excellence’.

This was clear at the event itself, as Malta had the highest number of stands at ICE London , with 11% of exhibitors being Malta-based operators.

Prompted by the uncertainty around the post- Brexit scenario in the UK, Malta has seen an influx of businesses moving part of their activities to the island, such as big UK-based gaming and betting companies — 888 Holdings and Ladbrokes’ parent company — announcing it would be moving some of its operations to Malta because of looser regulations and lower tax rates.

Regarding Malta’s openness to disruptive technologies such as blockchain,

high-profile exchanges like Binance, Bittrex, Okex, Bitbay, and Zebpay, have moved or extended operations from stricter regulatory jurisdictions to incorporate their businesses in crypto-friendly Malta.

Stefania Barbaglio, blockchain consultant and technology PR says: “Malta has become a role model in Europe, highlighting the role of positive legislation to boost economy and business activity. Outdated regulations and closed attitudes towards innovation can lead to elite nations — such as the UK and the US — losing their spot in the international investment scene. It is important that new regulations are centered around innovation and the social value of technology, so that the digital economies can flourish and develop.”

Malta AI & Blockchain Conference

The Malta AI and Blockchain Conference Spring Edition is approaching, giving stage to over 300 exhibitors and welcoming over more than 5,000 guests. Among the list of speakers, there is prime minister of malta Joseph Muscat and parliamentary secretary for financial services Silvio Schembri.

Last November, three innovative bills were launched during the event. In this 2019 edition, the Maltese Government will enact a world first: a fourth bill, giving a D.A.O. its own legal personality. In addition, a task force is also working around the clock on a set of incentives that will support businesses in Artificial Intelligence.

Markets start to welcome cannabis projects as regulations soften around the world

As more countries become more open-minded in adopting the use of cannabis for multiple applications, particularly medical treatment, markets in North America and Europe are witnessing an unprecedented inflow of companies and projects working with hemp products.

Cannabis-derived plants can offer a multitude of uses. Hemp, a ‘softer’ plant of the cannabis species, is a very useful crop that can be turned into everything from clothes to shoes, paper, animal feed and building insulation.

But the current cannabis market craze is largely focused on the area of medical and healthcare products. Cannabis-related products are used for preventing Alzheimer’s, decreasing anxiety symptoms, treating effects of autism and epilepsy, relieving arthritis, reducing nausea and even helping prevent cancer.

According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023.

Sales of hemp products in the US reached $1bn (£760m) in 2018, according to New Frontier Data, with the US having legalised the cultivation of hemp across the US just before Christmas ̶ welcome news for farmers.

Furthermore, the data from New Frontier shows forecasts for US sales of hemp products reaching $2.6bn by 2022. At the same time, it predicts global hemp industry sales to jump to $5.7bn by 2020 — from $3.7bn in 2018.

The hype is indeed real, so much so that a university in the US is now offering a degree in Marijuana studies, within its Chemistry school.

A success story: Canada

The flagship of cannabis market prosperity is Canada. The country legalised recreational cannabis use in October last year and since, the market has witnessed impressive growth and companies moving towards the sector.

Just a couple weeks ago, the FT reported that the Horizons Marijuana Life Sciences Index fund has grown to $1.3bn in assets, making the world’s first cannabis exchange traded fund set to become the second most profitable ETF in Canada, after returning more than 50 per cent so far this year.

Canada is also home to the leader in the global cannabis industry, Canopy Growth Corp., with a market value north of $16 billion.

Carol Pepper, advisor at Pepper International, told CNBC that legalisation of pot in Canada had “blown through expectations”. The numbers impressed investors and bankers around the world, which seem to inspire a European wave of openness towards cannabis projects.

Market Opportunity in Europe and the UK

In light of the massive growth in Canada, markets in Europe and the UK are welcoming the inflow of so-called “pot stocks”. According to Bloomberg, cannabis medical companies have shown significant interest in listing in European markets, including the UK.

In the region, the medicinal cannabis market in 2028 will be valued at Euro 55 billion, with the recreational cannabis market worth 60 billion Euros across both primary and secondary services to the cannabis industry, assuming that all European countries have passed legislation by 2023.

In November 2018, the UK government gave the go-ahead for specialist doctors to start prescribing cannabis-based medicines. This led to the opening of the UK’s first cannabis clinic in the Greater Manchester area earlier in March, offering treatments for patients suffering from chronic pain and other serious neurological or psychiatric conditions.

If cannabis stocks are ̶ for the moment ̶ a niche market, loosening in regulation in the UK has been seen as positive for the markets and offers the chance for pot stocks to go mainstream.

At the moment, the biggest marijuana company is London’s Sativa Investments Plc at about 26.8 million pounds ($33.6 million) on the NEX Exchange, but this scenario is set to change throughout 2019.

It has recently been reported that Jacana, which grows medical-use cannabis in Jamaica, is considering a stock market float on AIM later this year. The company raised $20m (£15.08m) in private investment in 2018.

Other companies showing plans to list are European Cannabis Holdings, responsible for helping in the arrival of the first legal shipment of marijuana in Britain earlier this year, and Emmac Life Sciences.

Nick Davis, chief executive of law firm Memery Crystal, which is advising cannabis companies to enter the London market, said to This is Money that there are many companies targeting both the main market and the AIM.

‘I think this will be the year that there are a significant number of listings — though it’s predicated on no change to regulation here. ‘I’d be surprised if there weren’t a dozen companies across AIM and the main market by the year-end,’ he commented.

Bloomberg also hints at other European companies that are signalling to make an early move into the cannabis scene: Paris-based Gour Medical AG, which plans to produce medical cannabis products for animals; StenoCare A/S from Denmark and Dermapharm Holding SE from Germany both focusing on medical and pharmaceutical cannabis applications.

Markets start to welcome cannabis projects as regulations soften around the world

As more countries become more open-minded in adopting the use of cannabis for multiple applications, particularly medical treatment, markets in North America and Europe are witnessing an unprecedented inflow of companies and projects working with hemp products.

Cannabis-derived plants can offer a multitude of uses. Hemp, a ‘softer’ plant of the cannabis species, is a very useful crop that can be turned into everything from clothes to shoes, paper, animal feed and building insulation.

But the current cannabis market craze is largely focused on the area of medical and healthcare products. Cannabis-related products are used for preventing Alzheimer’s, decreasing anxiety symptoms, treating effects of autism and epilepsy, relieving arthritis, reducing nausea and even helping prevent cancer.

According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023.

Sales of hemp products in the US reached $1bn (£760m) in 2018, according to New Frontier Data, with the US having legalised the cultivation of hemp across the US just before Christmas ̶ welcome news for farmers.

Furthermore, the data from New Frontier shows forecasts for US sales of hemp products reaching $2.6bn by 2022. At the same time, it predicts global hemp industry sales to jump to $5.7bn by 2020 — from $3.7bn in 2018.

The hype is indeed real, so much so that a university in the US is now offering a degree in Marijuana studies, within its Chemistry school.

A success story: Canada

The flagship of cannabis market prosperity is Canada. The country legalised recreational cannabis use in October last year and since, the market has witnessed impressive growth and companies moving towards the sector.

Just a couple weeks ago, the FT reported that the Horizons Marijuana Life Sciences Index fund has grown to $1.3bn in assets, making the world’s first cannabis exchange traded fund set to become the second most profitable ETF in Canada, after returning more than 50 per cent so far this year.

Canada is also home to the leader in the global cannabis industry, Canopy Growth Corp., with a market value north of $16 billion.

Carol Pepper, advisor at Pepper International, told CNBC that legalisation of pot in Canada had “blown through expectations”. The numbers impressed investors and bankers around the world, which seem to inspire a European wave of openness towards cannabis projects.

Market Opportunity in Europe and the UK

In light of the massive growth in Canada, markets in Europe and the UK are welcoming the inflow of so-called “pot stocks”. According to Bloomberg, cannabis medical companies have shown significant interest in listing in European markets, including the UK.

In the region, the medicinal cannabis market in 2028 will be valued at Euro 55 billion, with the recreational cannabis market worth 60 billion Euros across both primary and secondary services to the cannabis industry, assuming that all European countries have passed legislation by 2023.

In November 2018, the UK government gave the go-ahead for specialist doctors to start prescribing cannabis-based medicines. This led to the opening of the UK’s first cannabis clinic in the Greater Manchester area earlier in March, offering treatments for patients suffering from chronic pain and other serious neurological or psychiatric conditions.

If cannabis stocks are ̶ for the moment ̶ a niche market, loosening in regulation in the UK has been seen as positive for the markets and offers the chance for pot stocks to go mainstream.

At the moment, the biggest marijuana company is London’s Sativa Investments Plc at about 26.8 million pounds ($33.6 million) on the NEX Exchange, but this scenario is set to change throughout 2019.

It has recently been reported that Jacana, which grows medical-use cannabis in Jamaica, is considering a stock market float on AIM later this year. The company raised $20m (£15.08m) in private investment in 2018.

Other companies showing plans to list are European Cannabis Holdings, responsible for helping in the arrival of the first legal shipment of marijuana in Britain earlier this year, and Emmac Life Sciences.

Nick Davis, chief executive of law firm Memery Crystal, which is advising cannabis companies to enter the London market, said to This is Money that there are many companies targeting both the main market and the AIM.

‘I think this will be the year that there are a significant number of listings — though it’s predicated on no change to regulation here. ‘I’d be surprised if there weren’t a dozen companies across AIM and the main market by the year-end,’ he commented.

Bloomberg also hints at other European companies that are signalling to make an early move into the cannabis scene: Paris-based Gour Medical AG, which plans to produce medical cannabis products for animals; StenoCare A/S from Denmark and Dermapharm Holding SE from Germany both focusing on medical and pharmaceutical cannabis applications.

Markets start to welcome cannabis projects as regulations soften around the world

As more countries become more open-minded in adopting the use of cannabis for multiple applications, particularly medical treatment, markets in North America and Europe are witnessing an unprecedented inflow of companies and projects working with hemp products.

Cannabis-derived plants can offer a multitude of uses. Hemp, a ‘softer’ plant of the cannabis species, is a very useful crop that can be turned into everything from clothes to shoes, paper, animal feed and building insulation.

But the current cannabis market craze is largely focused on the area of medical and healthcare products. Cannabis-related products are used for preventing Alzheimer’s, decreasing anxiety symptoms, treating effects of autism and epilepsy, relieving arthritis, reducing nausea and even helping prevent cancer.

According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023.

Sales of hemp products in the US reached $1bn (£760m) in 2018, according to New Frontier Data, with the US having legalised the cultivation of hemp across the US just before Christmas ̶ welcome news for farmers.

Furthermore, the data from New Frontier shows forecasts for US sales of hemp products reaching $2.6bn by 2022. At the same time, it predicts global hemp industry sales to jump to $5.7bn by 2020 — from $3.7bn in 2018.

The hype is indeed real, so much so that a university in the US is now offering a degree in Marijuana studies, within its Chemistry school.

A success story: Canada

The flagship of cannabis market prosperity is Canada. The country legalised recreational cannabis use in October last year and since, the market has witnessed impressive growth and companies moving towards the sector.

Just a couple weeks ago, the FT reported that the Horizons Marijuana Life Sciences Index fund has grown to $1.3bn in assets, making the world’s first cannabis exchange traded fund set to become the second most profitable ETF in Canada, after returning more than 50 per cent so far this year.

Canada is also home to the leader in the global cannabis industry, Canopy Growth Corp., with a market value north of $16 billion.

Carol Pepper, advisor at Pepper International, told CNBC that legalisation of pot in Canada had “blown through expectations”. The numbers impressed investors and bankers around the world, which seem to inspire a European wave of openness towards cannabis projects.

Market Opportunity in Europe and the UK

In light of the massive growth in Canada, markets in Europe and the UK are welcoming the inflow of so-called “pot stocks”. According to Bloomberg, cannabis medical companies have shown significant interest in listing in European markets, including the UK.

In the region, the medicinal cannabis market in 2028 will be valued at Euro 55 billion, with the recreational cannabis market worth 60 billion Euros across both primary and secondary services to the cannabis industry, assuming that all European countries have passed legislation by 2023.

In November 2018, the UK government gave the go-ahead for specialist doctors to start prescribing cannabis-based medicines. This led to the opening of the UK’s first cannabis clinic in the Greater Manchester area earlier in March, offering treatments for patients suffering from chronic pain and other serious neurological or psychiatric conditions.

If cannabis stocks are ̶ for the moment ̶ a niche market, loosening in regulation in the UK has been seen as positive for the markets and offers the chance for pot stocks to go mainstream.

At the moment, the biggest marijuana company is London’s Sativa Investments Plc at about 26.8 million pounds ($33.6 million) on the NEX Exchange, but this scenario is set to change throughout 2019.

It has recently been reported that Jacana, which grows medical-use cannabis in Jamaica, is considering a stock market float on AIM later this year. The company raised $20m (£15.08m) in private investment in 2018.

Other companies showing plans to list are European Cannabis Holdings, responsible for helping in the arrival of the first legal shipment of marijuana in Britain earlier this year, and Emmac Life Sciences.

Nick Davis, chief executive of law firm Memery Crystal, which is advising cannabis companies to enter the London market, said to This is Money that there are many companies targeting both the main market and the AIM.

‘I think this will be the year that there are a significant number of listings — though it’s predicated on no change to regulation here. ‘I’d be surprised if there weren’t a dozen companies across AIM and the main market by the year-end,’ he commented.

Bloomberg also hints at other European companies that are signalling to make an early move into the cannabis scene: Paris-based Gour Medical AG, which plans to produce medical cannabis products for animals; StenoCare A/S from Denmark and Dermapharm Holding SE from Germany both focusing on medical and pharmaceutical cannabis applications.