Why is the UK cannabis industry on the rise?

Over the years, and particularly in the last few years, the legal cannabis industry has burst open in the United Kingdom, all as a result of the push for legalisation of the drug. In fact, the approval of the use of medicinal cannabis in 2018 alone even opened the way for patients who needed such kind of cannabis and many more interested parties who have a market for it.

It needs to be pointed out, of course, that recreational cannabis remains illegal in the UK under a classification system that makes it a Class B drug. Yet, public support and ongoing discussions may open the door for continued potential developments on the issue. But with the present state, let us look at the factors that are helping the industry to grow.

How have things been in terms of the adoption of medical cannabis?

The UK’s journey into the cannabis sector began with the legalisation of the drug. The National Institute of Health and Care (NICE) has put in place guidelines that standardise how medical cannabis is prescribed in the country. This has simplified the process for medics and made it easier for patients to get the treatment legally.

For instance, Releaf, a UK cannabis clinic, is making medical cannabis treatments more accessible to help patients manage conditions that were previously difficult to treat. By 2024, the UK is expected to have over 337,000 active medical cannabis patients.

There is still solid research on the therapeutic ability of the drug that is ongoing. For example, it has shown promise in helping patients manage chronic pain, anxiety and other conditions.

Even though it’s promising, the research also emphasises caution because different patients respond differently to the treatment, and there could be potential side effects. And since there is a need for more study, patients may do well to consult qualified professionals from the best cannabis clinics before considering the drug.

Does change in the law play any role?

1 November 2018 marked an important step in the growth of the UK’s cannabis industry. The re-classification of some cannabis-derived products from Schedule 1 to Schedule 2 under the Misuse of Drugs Regulations 2001 allowed the sale and prescription of medical cannabis under very strict conditions. The NICE also gave guidelines to make prescription processes clearer and more accessible. All these attracted several investors from various parts of the world to the UK’s cannabis sector.

However, restrictive policies like who can prescribe it and the conditions in which it can be applied have made the system not very accessible to all patients who might benefit. Prescriptions by the National Health Service (NHS) remained rare because of how costly the products were. Some doctors were also hesitant to prescribe it, mostly because they were not so familiar with the treatment.

Because of such limitations, many patients have actually been turning to private clinics to obtain medical cannabis medication. Apparently, since the drug was legalised, only 1000 patients have received licensed prescriptions, while over 20,000 have gotten private prescriptions. This has led to an increase in number of cannabis clinics in the country. In fact, as of last year (2023), there were about 25 private clinics that offered medical cannabis treatments. One of the clinics recorded that in 2023, their patients had increased by over 10 times.

Economic impact amidst challenges

Unfortunately, patients who cannot afford private medical cannabis clinics are seeking medical cannabis products from illegal sources. Actually, it is estimated that over three people are buying cannabis from the black market, with over 600,000 getting it for self-medication. This is costing the government about £2.6 billion in revenue.

So, in as much as some changes in the law laid a foundation for the UK’s cannabis industry to thrive, some challenges have continued to affect its trajectory.

The legal cannabis market in the UK generated around 134.9 million USD in revenue in 2023 and is projected to grow significantly, with a compound annual growth rate (CAGR) of 21.8% until 2030.

As of 2023, the UK was the world’s largest producer and exporter of medical cannabis. Well. this growth isn’t just about the numbers; the cannabis sector has created several job opportunities that contribute to the country’s revenues.

What are some of the public perceptions?

Though there is actually a system to help regulate the use of the drug and protect patients, some people feel like some loosening on the legal belt could allow more patients to get help. A few years ago, a survey revealed that 59% of Brits strongly supported the legalisation of cannabis, and once medical cannabis was legalised, 77% were in favour of that decision.

As more people actually embrace this drug for its medicinal value, the stigma around it is reducing, allowing more people to boldly and legally get the help they need. As the acceptance increases, it is giving more room for the development of new policies, research and expansion of the UK’s cannabis industry.

Also, some mission statements like “removing the stigma from medical cannabis” actually encourage more healthcare providers to consider it as a treatment option so that it can be more accessible to patients suffering from chronic conditions.

As much as the industry is ridden with various challenges, it has not stopped growing in any way. Instead, they have actually provided it with more opportunities for improvement with further research.

Remember, the UK government is really committed to protecting its citizens, and so legalising the drug really provides good grounds for its increased use. Now, it is just a matter of waiting and seeing how things will play out in the industry.