Report urges the UK to unlock the potential of the medical cannabis industry |

An advocacy group called Volteface recently released a report entitled “New Leaf: Beyond Brexit, Countering Covid” examining how the United Kingdom is not taking full advantage of the medical cannabis industry’s opportunities.

The head of programming at the Adam Smith Institute, Daniel Pryor, wrote the preface for the report, stating that if Britain embraced the work, it would be very successful.

“The European medical cannabis market is the fastest growing in the world, and our unique position gives us the prospect of becoming a leader in medical cannabis and CBD,” said Pryor.

“This paper provides a fascinating overview of the current state of these markets, growth opportunities and regulatory issues that the industry is facing. It shows how the UK is in a prime position to become the center of the European medical cannabis and CBD industry and the significant economic benefits that would result from it. “

The Volteface report estimates the UK medical cannabis market could be worth up to £ 1.2 billion. With this great potential, it is predicted that a full-fledged medical cannabis industry could create up to 41,437 jobs and 17,000 part-time jobs.

The report also includes a list of seven recommendations that the UK should adopt, including:

1. A “cannabis czar” or government agency tasked with promoting the legalization and regulation of medical cannabis in the UK.
2. Clarity from the Food Standards Association regarding the legal amount of THC in CBD products.
3. An investment in innovation for the growth of the cannabis industry as well as a communication with the National Farmers Union “to represent the interests of the producers”.
4. Following an earlier recommendation by Volteface to allow hemp seeds / plants above 0.2 percent THC and up to 1 percent, which would “improve the health of the plant and increase the CBD yield per hectare”.
5. Make legislative changes to speed up the flow of products that would simplify the process and improve patient access.
6. Change in legislation requiring doctors to prescribe medical cannabis through the specialist registry.
7. Conduct a government funded national medical cannabis product study to “enter the UK market fully”.

The entire report is divided into four sections. First, “The Economic Opportunity,” which recommends that the UK become an “investment hub” with some of the largest cannabis companies in the world such as Aphria Inc, Aurora and Canopy Growth. The report identifies the top 20 markets (both European countries and US states). “This estimate of the UK market shows the immense economic opportunity that the cannabis sector offers.

As the UK grows into a European leader in the cannabis industry, it will hold a significant amount of £ 1.265 billion in capital, ”the report said. As mentioned earlier, it also examines many US states’ job-related data and the contribution of cannabis to the local economy.

Second, “The Innovation Opportunity” opens the conversation about potential growth through case studies of Kanabo, an Israel-based R&D company that created what the report calls “groundbreaking,” and CiiTECH, a CBD company that focuses on cannabinoid research and aims to “legitimize CBD as a health product”.

Together, the report hopes that these case studies will highlight the benefits of innovation, arguing that only through innovation can the cannabis industry lead the decades-long bans into a new and prosperous era.

Third, “The UK CBD Advantage” addresses a “novel food” which is a European law defining a product that had no history before May 1997 to monitor newly developed “foods” for consumer safety. Turning to cannabis, the report addresses the enforcement challenges.

Finally, Increasing European Competition covers the current industries in Denmark and France and ends with a call to the UK to remove its barriers to access to medical cannabis and look to the future.

“UK industry is taking off with a rapidly changing landscape. While it looks fine, there is still more to be done. If the UK is to continue to evolve into a major industry leader, it will need to consider a controlled framework for access to medical cannabis. Access needs to be expanded to get medical cannabis really off the ground and see long-term development. “

Many more details can be found in the Volteface report, which can be viewed here.