What will the cannabis market look like in 2024?

Recent news has unveiled that The Netherlands have initiated a trial allowing legal cannabis use for the first time within the cities of Breda and Tilburg, marking a significant step in reforming the Dutch approach to cannabis. As countries across the globe now begin taking steps closer towards legalising cannabis, what could this mean for the UK market in 2024? Mamedica – the UK’s leading medicinal cannabis clinic – now report a 1250% increase in patient numbers since the beginning of 2023. With a growing demand for alternative medical treatments for common, yet chronic, health conditions, research has proven the effectiveness of medical cannabis in treating a myriad of health issues. Alongside this, the increased level of support from policymakers means medical cannabis has the opportunity to help support the NHS. With Grand View Research Inc forecasting that the global medical cannabis industry will be worth $65bn by 2030, as well as Prohibition Partners reporting that medical cannabis could bring an extra £1bn to the UK economy by 2026, Jon Robson, CEO/Founder of Mamedica, predicts that the industry will attract unprecedented interest from investors and the government in the coming 12 months.

A recent report from the UK’s Home Affairs Committee recommends that the government should widen access to cannabis medicines on the NHS. Amidst other prominent findings, the primary message from the report outlines the committee’s ‘concern’ around the lack of NHS access to cannabis-based products for medicinal use (CBPMs) and urges ministers to address this before the end of the next parliament. This also comes at a time when legislation has been put onto the floor of the House Commons, which aims to grant GPs the same rights as special practitioners to prescribe medical cannabis.

This also follows a UK Parliamentary debate which highlighted that the sector could create 100,000 jobs across the UK at a time when the cost-of-living crisis and soaring inflation have dealt significant blows to the economy. The taxation of medical cannabis products and related services could also generate £360m in government revenue, according to Maple Tree Consultants and Mackrell Solicitors. In the US for instance, the legalisation of cannabis has seen the government record a tax revenue of $4.6bn.

Despite the economic possibilities of the medical cannabis industry and its potential to help millions of patients across the UK, fewer than five of the 89,239 prescriptions were made between November 2018 and July 2022 via an NHS body. This is largely because there are currently only three medical conditions the NHS accepts when prescribing treatment: severe forms of epilepsy, vomiting or nausea caused by chemotherapy and muscle stiffness and spasms caused by multiple sclerosis (MS). Research has revealed that 76% of Brits would be willing to consume cannabis as medicine if it was prescribed by their doctor, however, strict guidelines and the lack of information about cannabis prescriptions have resulted in a shortage of licensed practitioners, leaving private clinics like Mamedica, to bridge this gap.

To keep up with growing demand and projected growth, Mamedica is also set to hire 200 employees over the next two years. The leading UK clinic is headed up by founder and CEO, Jon Robson, who left the financial services sector – having previously worked with Goldman Sachs, Morgan Stanley and UBS – to focus on improving accessibility to alternative medical solutions when traditional methods have failed.

Mamedica, is one of the UK’s few licensed services offering a range of medical and national solutions to a variety of clinical and degenerative diseases across pain, psychiatry, neurology and cancer-related conditions. This includes tailored treatments through cannabis-based prescriptions in the form of oil or cannabis flower.

Jon Robson, CEO and founder of Mamedica, comments:

“By tapping into the cannabis industry’s vast potential, the UK can establish itself as a leader in the region, attracting investments, driving local economies, and ultimately enhancing the well-being of our population.

“The growing acceptance of medical cannabis as a viable alternative treatment presents an immense opportunity for economic growth and job creation. As the global cannabis market expands, embracing this emerging sector will not only generate substantial tax revenue for the government but also employment opportunities.

“Medical cannabis has been legal in the UK since November 2018, yet its applications are still only recently being discussed publicly. It wasn’t until I spent time in California – and visited a medical cannabis dispensary for the first time – that I realised the potential it had to improve the lives of people who were on much stronger medications.

“At Mamedica, we advocate for improved access and availability to safe and secure treatment. Through a combination of education and awareness, the increased use of prescription-based cannabis has the potential to alleviate the collective experience of pain so many have normalised and instead enjoy an improved quality of life.”