Cannabis legalization is supported by more than half of Europeans

Cannabis plants grow inside the Tilray industrial hothouse in Cantanhede, Portugal, On April 24, 2019. Image Credit: Reuters

Reuters: According to polling data released on Thursday by industry consultants, more than half of the European population supports the legalization of adult-use of cannabis, and around 30% are interested in purchasing it.

As seen in the United States, where cannabis use increased during pandemic-induced lockdowns, Europe's liberal approach could reap multiple financial and economic benefits.

According to a report by London-based consultancy Hanway and pot producer Curaleaf International, while the majority of Europeans support regulated cannabis shops, the majority do not favor growing the plant at home.

The report comes just a week after the United States House of Representatives passed legislation to end the federal prohibition on marijuana, which has caused legal problems for users and businesses in states that have legalized it.

"We see the European market as three to four years behind (the US), but it appears that Europe may start significant reform before the US," said Boris Jordan, an executive at Curaleaf in the United States.

Many European countries, like Germany, have legalized cannabis for medical use only, while others have decriminalized its use in general. Malta was the first European country to legalize cannabis for personal use and limited cultivation.

According to a report by research firm Prohibition Partners, the European cannabis market is likely to reach 3 billion euros ($3.27 billion) in yearly revenue by 2025, up from over 400 million euros last year. So far, Germany has been the continent's largest market.

"In Germany, there is a definite political will and inclination to legalize recreational usage," Curaleaf CEO Joe Bayern told Reuters.

"Consider that it (Germany) is Europe's greatest economy, we believe it will lead the way and set a precedent for the rest of the continent," Bayern added.