In the next five to fifty years, international marijuana will be worth a billion dollars according to prognosticators.
How does the current market compare to that of the past?
As it turns out, there are some healthy, and growing, medical marijuana markets outside the United States and Canada—if you can sift past the cannabis industry myths. On the other hand, checkout Homegrown Cannabis Co. if you were into home growing.
Below you will find a list of the top revenue-generating markets.
The German Kiffen
The German medical cannabis market is one of the largest outside of North America. Germany, however, depends exclusively on imports until 2020, unlike other countries that offer their medical patients access to domestically grown marijuana.
The legalization of medical cannabis in recent years has resulted in foreign investment and the development of an export industry in a dozen or more countries. The German economy hasn’t seen such a boom yet. From Canada, the Netherlands, and Portugal, Germany continues to import medical flowers and full-spectrum extracts until the middle of 2020. For more cannabis products visit https://homegrowncannabisco.com/autoflower-seeds-usa.
Medical cannabis market in Germany
Germany is home to several pharmacies that offer special medications called magicals. The products have attracted a great deal of interest from Germans. German medical cannabis sales surpassed all other European nations last year, according to the latest data.
Compared to the second and third biggest markets in Europe, Italy and the Netherlands, medical cannabis sales in Germany grew much faster in 2019.
Germany might have the largest medical cannabis market outside North America, but a lack of reliable data makes comparisons difficult.
The number one world importer of flowers has moved from Germany to Israel, according to the report.
During the first seven months of 2019, Germany barely crossed 3,000 kilograms of flour imports, as Israel imported around 6,000 kilograms (13,228 pounds) during the same period.
An average of 542 kilograms of pharmaceuticals were imported into Germany every month in 2019, which translates into 6,500 kilograms imported for pharmacy dispensing. It is expected that the average will be closer to 600 kilograms per month.
Local german cannabis
In 2020, Germany will be able to supply its local pharmacies with flowers for the first time. It cannot, however, meet the increasing demand in the country, meaning that German consumers will continue to be supplied at least in part by overseas producers.
Based on figures for the second quarter of 2019 through the first quarter of 2020, these figures appear in euros. Approximately $1 billion has been attributed to the retail sale of medical cannabis products.
German exports in 2019 were at least $185.4 million (170 million euros). Patients who have paid for private prescriptions are included.
No signs point to a slowdown in demand in 2020. Early in the year, insurance reimbursements for medical cannabis reached new quarterly highs. According to the German National Association of Statutory Health Insurance Funds (GKV-Spitzenverband), the total reimbursement for cannabis and marijuana-derived medicine reached 38.9 million euros between January and March. By comparison, last year’s last quarter saw an increase of 6%.
The Israel’s Root Of Medical Cannabis
The medical marijuana market in Israel is one of the world’s biggest. The government agency that is responsible for overseeing the nascent industry does not release data frequently, as it does in many countries.
This presents challenges for investors and businesses interested in the sector. With no government data available, companies and the government must piece together various market indicators. Among them are:
- Having a good understanding of the market’s size.
- Licenses a company holds and the types of licenses it holds.
- Quantity of cannabis grown and stored.
- Sales data for each month.
Yet, Israel easily is one of the most revenue-generating investment opportunities worldwide, as it is home to more than 70,000 patients.
It was recently reported that Israel passed Germany as the world’s largest importer of medical cannabis flowers. Also, the Israeli government has approved the export of medical cannabis. We will have to wait and see if overseas shipments occur. Cannabis exports were not the country’s first green light.
Le Canne Italia
According to volumes of flower and other full-spectrum products sold as medicinal preparations, Italy is the second-largest medical cannabis market in Europe.The Italian health authorities reported that in 2019, 861 kilograms of medical cannabis were purchased in Italian pharmacies, an increase of 50% over 578 kilograms in 2018.
In Italy, however, there are only a few companies involved in the medical cannabis business. Comparatively, the medical cannabis market in the United Kingdom is much smaller in terms of sales than Italy’s.
There are few opportunities for business in the Italian market due to its structure.
The import/export process
In 2018, the Netherlands imported 861 kilograms of cannabis to Italy. That is an increase from 75% in 2018. The Dutch Office of Medicinal Cannabis (OMC) exports much of the cannabis supply. Neither the Ministry of Health nor a few private pharmaceutical wholesalers import cannabis directly into the country.
The Ministry of Defense operates a unit in Florence that grows medical cannabis exclusively for the Italian military. It’s the only organization authorized to grow medical cannabis in Italy, distributing 157 kilograms of marijuana to Italian pharmacies in 2019.
It is important to note that not all 157 kilograms were produced by the local growers. Similarly, the agency obtained some flowers from Canadian for distribution to pharmacies in Italy.
Local firms expect to increase their domestic production in the future
A certificate certifying that a facility complies with European Union-Good Manufacturing Practice standards is required for all medical marijuana flowers sold in Italy. Irradiating the product reduces microbial contamination to the greatest extent possible.
Health policies are governed by some degree of autonomy within each of Italy’s administrative regions. Medical cannabis is generally covered by some insurance, but the qualifying conditions vary by region. Among the regions in Italy, the Tuscany region has the largest cannabis sales.