Amid a pandemic that has decimated countries’ finances, the Treasury Department is desperately looking for new growth industries to fuel the post-Covid recovery. This is made even more complicated by the Brexit divorce and a global economy suffering the aftermath of the greatest economic shock of a generation.
One of the few growth industries that is aiming for – and already worth hundreds of millions of pounds – is the legal cannabis drug and CBD wellness industries. In addition, the UK is prepared to steal competitors and reap the rewards of the burgeoning market if it acts quickly.
Real estate agent Savills Estimate the CBD market alone at around 300 million pounds per year, experts estimate that this value will increase to 1 billion pounds by 2025. In addition, the UK medical cannabis market is valued by consultants Prohibiting partner will rise to around £ 1 billion by 2024.
The UK is in a unique position to benefit from this growth Reforms around the sale of CBD to give this country regulatory clarity. This has resulted in the sector being adopted by the London Stock Exchange and small regulatory reforms of number 10 could really make the industry thrive and see its economic potential.
New national food strategy offers “little more than crumbs”
MDU and CORESS cooperate to promote safety in surgical practice
Medical cannabis has been legal since 2018, and despite regulatory hurdles that previously hampered the emerging market, it is starting to thrive – and at a rapid pace. A new report from the cannabis entrepreneur network First Wednesdays this week revealed that the UK is “Europe’s most active market for investment deals in cannabis start-ups, accounting for more than half of the total investment volume in this sector”. This claim is backed up by top entrepreneurial talent from a variety of industries pouring into the promising cannabis market.
As mentioned earlier, the acceleration in the industry was in part driven by the London Stock Exchange opening its doors to global cannabis players. Public investments in market leaders, in turn, have led to new and exciting innovations made possible by additional funding. Israeli CBD company Kanabo, led by former cannabis patient Avihu Tamir, managed the investment costs and became one of the first list. The impact on their expansion was strong.
Kanabo recently announced that the world’s first medical vape pod and cartridges will be available in the UK – yet another sign that investments will not only boost cash, but also improve the patient experience. The device allows patients to precisely dose their product, a development that will undoubtedly encourage doctors to feel comfortable prescribing the drug.
Kanabo’s focus on the medicalization of the sector is driven by the meeting of the Member of Parliament Dr. Dan Poulter as non-executive director of the company. Dr. Poulter recently told the press that “cannabis products are becoming rapidly available that could significantly improve the lives of thousands of patients from chronic pain to post-traumatic stress disorder.”
Examples of leading entrepreneurs entering the field include Arjun Rajyagor, whom readers may remember as the first Junior Apprentice winner over a decade ago. After a hugely successful decade with leaders from Goldman Sachs to BCG, Rajyagor has stepped into the cannabis industry as COO of newly launched Sana Life Sciences. Sana aims to revolutionize the medical market by developing innovative cannabis drugs that can be administered in ways better known in the pharmaceutical sector – such as sprays, oils and tablets.
Rajyagor believes that this shift – supported by appropriately funded research and development – will encourage physicians to be more free to prescribe cannabis drugs. Understandably, there is a reluctance on the part of prescribers to hand out dried flowers, which are associated with dark alleys rather than clinical settings.
Regarding the future of the medical cannabis sector, Rajyagor told Politics.co.uk, “Sana Life Science firmly believes that economic investment in this area will accelerate the development of products that will improve the lives of countless patients by adding more Enable research. ”Into the benefits of cannabis-based drugs within specific indications. The historical stigma surrounding cannabis has held back scientific research and the development of plant-derived medicines with clinical data to demonstrate efficacy has stalled for too long. “
Key government figures are also becoming aware of the enormous potential of the medical cannabis and CBD industries. The Task Force on Innovation, Growth and Regulatory Reform (TIGGR) – backed by No. 10 and co-chaired by MPs Ian Duncan-Smith and George Freeman – recently recommended a series of simple measures that would encourage investment, fuel growth and ultimately generate taxable income
One of these recommendations called for the markets for over-the-counter CBD and pharmaceutical cannabinoid research to be moved from the Ministry of the Interior to the Ministry of Health and Welfare. In addition, it is suggested that this would streamline a regulatory avenue for the approval of these products using an evidence-based assessment of their medical effects. The report also recommended easing regulations regarding growing hemp and extracting CBD – an area Volteface has been in work reform, and a move that would appease rural communities and farmers in need.
Politically, the stories of epileptic children Billy Caldwell and Alfie Dingley have made medical cannabis far less controversial than recreational reform. The renaming of cannabis as a wellness product was helped by the increasing visibility of CBD products in high street stars like Holland and Barrett and Boots. Wellness market associations have led to an increasingly diverse, ethical and socially conscious market. While the cannabis sector was previously associated with middle-aged men filling their pockets, leading figures like Rebekah are Hall of Southwest brands challenge this narrative with a women-led senior team.
Hall eloquently advocates that the sector “take action that aligns with broader consumer trends and that evolve beyond the somewhat short-sighted origins of the cannabis and CBD industries. With a senior team led by women, we may bring a new perspective (and a pool of talent) to the industry. For example, you will see how our brands are positioned in areas of real consumer need, such as menstrual cycle care, which have historically been underserved but have high volume potential. “
The Conservative government is under increasing pressure to implement its upgrading agenda for those they re-elected in the last election. With limited options, the key figures in number 10 should follow investors, entrepreneurs, and the public by learning about this exciting sector.