The second part of a series on opportunities outside North America. You can read part 1 here.
Germany may be the country most often mentioned when talking about global cannabis markets, but it is not the only option.
Consider the European Union. According to Jamie Pearson of the global consultancy firm New Holland Group, this partnership includes currently 27 countries and has adopted a formalized approach in allowing cannabis to be used across all member states.
Pearson, Green Market Report that she was able to fill a cannabis prescription while overseas, and with her medical card, she can carry cannabis with her – even in Switzerland which is not an EU member.
Pearson stated that it was exciting to see the pilot recreational programs in Switzerland and the Netherlands fully operational. They’re doing this in collaboration with universities, and analysing data on different aspects of the program. Then they will use the data from five or ten years to help write the law.
While global cannabis business opportunity may be increasing, each market is still pursuing its own unique strategy.
The International Outlook
Australia
Australia has legalized cultivation of cannabis to be used for scientific and medicinal purposes since 2016. Alliance Global Partners stated that “Australia’s medical market has grown rapidly since 2016, driven by the growth of patients in the Authorized Prescribers (AP) path.”
The number of patients approved in 2024 was expected to be around 800,000. This would represent a 21% increase from 2023.
The firm stated that “outside of increased medical patients and prescribing physicians, operators covered by the policy would also benefit from a reduction in competition through greater government enforcement on products not GMP-certified (i.e. non-compliant).”
Israel
Israel’s medical cannabis reform was implemented on April 1, 2024. Cannabis is now prescribed rather than licensed. It allows for all doctors to prescribe cannabis. Cannabis is also no longer considered a medicine of last recourse. In December 2024, this led to a record-breaking number of patient licences.
Israel was a major importer of marijuana, but the Israeli Ministry of Economy, in November 2024 proposed an anti-dumping tax of 175% on cannabis imported from Canada, to protect Israeli growers and producers. Some companies have reduced their market exposure as a result.
The Israel-Hamas War also created disruption in the region, with at least one operator – InterCure – reporting direct damage.
Czech Republic
Since 2013, medical marijuana has been allowed in the Czech Republic. The program, however, is set to be expanded in April when general practitioners will have the ability to prescribe cannabis for medicinal purposes instead of just specialists.
Part of Canada’s cannabis is imported from Canadian producers like Tilray, Aurora Cannabis and Aurora Cannabis Inc. (NASDAQ: ACB).
Denmark
Denmark initiated a four-year medical cannabis pilot program in January 2018 and then extended it through 2025. Denmark announced in November 2024 that it would make the pilot medical program permanent.
Aurora Nordic Cannabis A/S in Odense has established an important presence in Denmark. Avicanna, (OTC AVCNF), also has a Danish subsidiary and exported its Aureus-branded CBG into Denmark. This has contributed to the variety of medical cannabis available in Denmark.
France
AGP’s outlook noted that France has recently extended the medical cannabis pilot program (for 1,800 patients) for seven months. This means it now ends on July 31, 2019.
The report stated that “France’s official medical marijuana program was anticipated to launch in 2020, but it is now uncertain due to the fact that the budget has not been mentioned, and the political changes in the nation.”
Aurora, Tilray and Emmac Life Sciences, based in the UK, and Australian Althea, Little Green Pharma and Althea, a company based in Australia, are amongst those that have a presence on French soil..
Luxembourg
Luxembourg was the second European nation in 2023 to completely legalize cannabis use for adult consumers. In 2023, the Luxembourg parliament fully legalized adult-use cannabis.
Cannintelligence states that Luxembourg is changing its regulations for medical cannabis. The country intends to stop prescribing high-THC marijuana flowers in 2025. Instead, it will focus on oil extracts to ensure patient safety.
Aurora, Tilray & Canopy Growth all export their products to Luxembourg.
Malta
Malta was the first European country to legalize cannabis in its entirety by a vote of parliament. This took place in 2021. Sale of cannabis is restricted to non profit organizations. There are strict limits on the amount of marijuana that can be sold each month per member and 50 grams per customer.
Yet, the Canadian company Aphria received the first license for medicinal cannabis producers in Malta. An Israeli company Panaxia has also established a production plant in Malta.
Netherlands
In the Netherlands, medical cannabis is legal since 2003. Recreational use of the drug in coffee shops in all parts of the country has also been “tolerated”.
The Netherlands officially launched its adult-use cannabis pilot program in 10 cities in 2023 – an effort to formalize the framework. This program is moving to an experimental phase in April. Ten licensed producers will only be allowed to provide coffee shops.
Village Farms International and its Leli Holland subsidiary are among the Canadian firms that have set up shop in this country. Aurora acquired, via its subsidiary Aurora Nederland B.V. a substantial equity stake in Growery B.V. one of 10 licensees in the Dutch trial.
Poland
Poland legalized the sale of medical cannabis through pharmacies in 2017. In 2024, Poland will nearly double its limits for medical cannabis.
U.S.-based Curaleaf expanded into the Polish market by acquiring Can4Med, a pharmaceutical wholesaler specializing in cannabinoid medications. Aurora Cannabis and Canopy Growth have registered four different flower types.
Switzerland
Switzerland permits medical marijuana, cannabis flowers with less than 1% of THC (called CBD cannabis) and other cannabis products.
The country also runs seven pilot adult use programs, with over 17,000 participants. Zurich will host the latest and largest (7,500 participant) pilot in May.