Cannabis industry is booming as countries around the world lift restrictions on the drug, the legal market is soaring. In Europe, momentum is mounting for legalisation and many governments are inclined to lift restrictions on cannabis, whether in recreational or medical form. “There are also calls for more research into medicinal cannabis as its status as a controlled substance has hampered a full understanding of its science.” (Okoye, 2019) However, there’s still come points needed to be guaranteed when it comes to users and suppliers – including pharmaceutical companies – about how to deliver cannabis to customers. (Okoye, 2019) European Union countries still have a long way ahead paved with a complex and varying regulations for cannabis use in each individual country, and the segment is still in its premature stages. But that could change, according to market experts. A report published by market research group Brightfield Group says that the European medical cannabis market will raise from $316 million in 2018 to almost $8 billion by 2023. It says the cannabidiol (CBD) market will raise from $318 million in 2018 to almost $1.7 billion by 2023. (Okoye, 2019) Another report, by Prohibition Partners, offers even larger numbers. It says that Europe’s cannabis market could be worth up to €123 billion by 2028 (€65 billion for recreational cannabis and €58 billion for medical cannabis), likely becoming the world’s major legal market over the next five years. (Okoye, 2019)
Packaging is needed
Packaging is integral to brand building. And for cannabis’ business, it’s growing in importance in progressively competitive – sometimes even over-saturated – markets. Before diving into the cannabis packaging industry, however, businesses should consider whether:
There’s enough room in the sector for more players.
To go big – or carve out a niche.
They want to be innovators in the space.
This is a sector that lends itself to M&As.
Learn more about how packaging could be the key to enter in such ‘high’ market – eBook.
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