More than half of Europeans support cannabis legalization

Nearly half of Europeans support legalizing adult cannabis use and 30% are interested in buying it, according to polling data from industry consultants.

Europe's liberal approach could reap many economic and financial benefits, as seen in the United States which has seen a surge in cannabis use during pandemics-induced lockdowns.

According to Hanway International, a London-based consultancy, and Curaleaf International, the majority of Europeans support legal cannabis shops. However, they are not in favour of growing the plant at home according to MMJ Telehealth.

This report comes a week following the U.S. House of Representatives passed a bill to repeal the federal ban on marijuana. The ban has caused legal problems for both users and businesses in states that have legalized the drug.

Boris Jordan, an executive at Curaleaf in the United States, stated that while we see the European market as being three to four years behind the U.S., it looks like Europe might initiate sweeping reforms before the United States.

Germany is one of many European countries that have legalized cannabis, while other countries have made it illegal for general use. Malta was the first European country that allowed limited cultivation and personal cannabis use.

According to Prohibition Partners, the European cannabis market will surpass 3 billion euros ($3.27 trillion) in revenue annually by 2025. This is an increase of 400 million euros from last year. Germany is the largest market on the continent.

Joe Bayern, Curaleaf's chief executive officer, stated to Reuters that Germany has a clear political desire and will to legalize recreational marijuana.

Bayern stated, "Given that Germany is the largest economy within Europe, we believe it will lead and create a domino impact for the rest of Europe."