German Medical Marijuana Sales To Reach $1.09B By 2028, New Report

New report on Germany's cannabis market by Prohibition Partners reveals that German medical marijuana sales are projected to reach €420 million euros in 2024 ($260.66 million) reaching €1 billion by 2028. Prohibition Partners is a data, media and tech company operating in the legal cannabis industry providing specialist information and data analytics.

The report comes several months after major cannabis reform in Germany with the implementation of the Cannabis Act (CanG) and the associated MedCanG Act. Partial cannabis legalization took effect in Germany on April 1, allowing people over 18 to legally possess up to 25 grams of dried cannabis and cultivate up to three plants at home. One of the biggest breakthroughs under the law is that medical cannabis is essentially regulated like ibuprofen.

“Germany's cannabis market is currently at a pivotal point," stated Alex Khourdaji, senior analyst at Prohibition Partners and co-author of the report. "The CanG Act has set in motion a series of transformative changes, creating both opportunities and challenges for businesses and consumers alike. The success of these reforms will depend on ongoing adaptation and a commitment to finding a balance between public health, social responsibility, and economic growth."

Read Also: Is Germany Set To Become Next Cannabis Giant? ‘We Tripled Within One Year,’ Says Industry Insider

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Larger Competition, New Era For Cannabis In Europe

The medical marijuana sales projection is fueled by several factors, including the removal of cannabis from Germany's schedule of narcotic drugs thereby easing the previous challenges associated with its handling, distributing, dispensing and prescription. This has also impacted patient population growth, prescription rates and the rise of medical cannabis telemedicine operators.

Additionally, the BfArM (the Federal Institute for Drugs and Medical Devices) has removed the tender process for domestic medical cannabis cultivation, allowing new cultivators to apply for a license to cultivate in the country, opening the market to larger competition.

Vladimir Kofcegarski, chief sales officer at PHCANN International, one of the report's sponsors, said, "Germany's recent legislation marks a new era in the cannabis industry in Europe. This is a pivotal opportunity for innovation, economic growth and responsible regulation for all of us in the industry. With Germany as the main driver of cannabis sector de-stigmatisation in Europe, we now have the tools and responsibility to build foundations that will foster sustainable practices and standards."

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