Germany, the largest country in the European Union started 2017 by legalizing medical cannabis creating a major opportunity for cannabis businesses across the world.

Although Germany began to permit patient access to medical cannabis in 2005, domestic production does not currently exist. Until state-supervised cannabis plantations are set up, the country will continue to rely solely on imported products.

Germany’s bill will make cannabis available through health insurance plans, which should result in a significantly higher patient adoption rate. Under the new law, people suffering from serious illnesses such as multiple sclerosis, chronic pain, or a lack of appetite and nausea could access medical cannabis.

Germany’s Cannabis Market can be the World’s Biggest

Germany represents a massive opportunity for cannabis businesses. Per the most recent United Nations estimates, the current population of Germany is more than 80.6 million, which is twice the size of California. Large scale polls conducted in Germany over the last few years have shown increasing support for legal cannabis. The polls have also shown Germany to be a cannabis friendly state.

A 2014 poll by infratest dimap found that 80% were in favor of legalizing medical cannabis. There has also been a significant increase in the number of Germans who believe recreational cannabis should be legal and reports have also shown that 23.1% of the adult population has consumed cannabis.

This means that almost 19 million German adults have consumed cannabis and this has the potential to be a massive market. A few Canadian licensed medical cannabis producers have already taken steps to capitalize on this opportunity. These companies are Canopy Growth (WEED.TO) (TWMJF) and Cronos Corp (MJN.V) (PRMCF).

Canopy Enters Germany

In late November, Canopy Growth acquired MedCann GmbH Pharma and Nutraceuticals, a German-based pharmaceutical distributor. MedCann is federally licensed by the German Health Ministry to import, manufacture and distribute medical cannabis products and it has placed Tweed-branded cannabis strains in German pharmacies.

Canopy Growth Chairman and CEO Bruce Linton said, “Germany has begun a process of enabling medical access to cannabis and through a policy that recognized Canopy as the first legal supply source from North America.”

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