A new report by drug policy reform advocacy group Volteface has revealed the UK is missing out on a potential £1.2bn medical cannabis industry and 41,000 potential jobs due to outdated licensing regimes.
Volteface claims that an appointment of a dedicated cannabis tsar would allow the medical cannabis industry to grow. Currently, simple regulatory issues must be processed by the Home Office, which results in delays and is an expense to the taxpayer.
Volteface-Report-_-The-New-LeafThe report, titled “New Leaf: Beyond Brexit, Countering Covid,” makes a host of recommendations on the implementation of medical cannabis into the economy, which will boost taxable revenue, create jobs and encourage investment.
Analysing the current medical cannabis industry
The report analyses the current medical cannabis landscape and outlines simple steps that could be taken to allow the UK to capitalise on the growing sector. It called upon many industry-leading medical cannabis companies such as Kanabo, who are listed on the London Stock Exchange; Ciitech, a major CBD company and Rob Jappie; a partner at Ince and leading cannabis solicitor.
The UK has recently made progressive steps to embrace the sector, with a string of medical cannabis companies listing on the London Stock Exchange, with more expected to follow. The Financial Conduct Authority greenlit the listings after determining it was legally sound to do so with medical cannabis being legal since 2018 in the UK and booming sales of CBD related products.
Read more at https://www.healtheuropa.eu/report-calls-for-uk-to-capitalise-on-medical-cannabis-industry/111990/
