Britain’s illegal cannabis market is now worth an estimated £2.6 billion annually and presents a significant challenge for authorities due to the burgeoning interest in its use for pain relief.
Cannabis is still classed as a class-B illegal substance but the Institute of Economic Affairs market estimate highlights indicates the sizeable underground trade.
Annually, three million Britons access the illicit cannabis market, with over 600,000 purchasing it to self-medicate, according to findings from medical clinic Mamedica.
Pharmaceutical companies are also starting to embrace cannabis for treating health conditions that have proven resistant to traditional medications, according to the firm’s analysis.
Referring to the most recent reports, Madeica says that almost eight million chronic pain sufferers have unsuccessfully tried up to three different medications, which is driving interest towards medicinal cannabis.
Globally, the market for medical cannabis is currently valued at $13 billion, with projections suggesting it could reach over $57 billion by 2028.
Despite the growing acceptance of cannabis’s therapeutic benefits, the UK’s public health services’ constraints prevent general practitioners, 73% of whom are open to prescribing cannabis, from doing so, says Mamedica.
