27 September 2018

What are you smoking?

UK law firm issues first report on public opinion on legalization of medical cannabis, suggests wide-spread public support.

Memery Crystal, a UK law firm advising on medicinal cannabis, has published a report on the UK investment and legal landscape for the cannabis industry.

Public support

Included in the report are results from the first UK-wide survey into public opinion on legalising medical cannabis, commissioned by Memery Crystal and conducted by CTF Partners. Overall survey results show public opinion to be in support for the UK Home Secretary’s actions to relax the laws on medical cannabis, with 69 per cent of respondents supporting reclassification of cannabis for medicinal purposes, and only 10 per cent not supporting reclassification. Older generations were more supportive with 75 per cent over 65s and 59 per cent 25-34 year-olds. Though supportive, 65 per cent of respondents have concerns about the future direction of cannabis legislation, and 74 per cent of respondents were aware of the government announcement for reclassification, showing it to be high on the public’s radar.

Growing market

Other key highlights from the report include: data that global sales of legal retail cannabis are estimated to total $10 billion in 2018, rising to $24.5 billion by 2021, according to market forecaster Arcview, with Prohibition Partners projecting the European cannabis market to be worth €115.7 billion by 2028. The UK legal landscape is changing rapidly, impacting the ability and willingness of companies to list on UK markets, such as Ananda, Sativa and High Growth Capital which are all listed on the NEX. Legalising medical cannabis will impact millions of people suffering from conditions such as cancer, epilepsy, glaucoma, HIV/AIDS, MS, inflammation and auto-immune disorders such as arthritis, Crohn’s disease, chronic pain, and, fibromyalgia.