Everything you need to know about the cannabis market in Portugal

In the emerging cannabis landscape in Portugal, understanding the market, regulations, and future prospects are crucial for industry participants. In an exclusive interview with José Real, marketing manager of Cannprisma Pharma, a company producing cannabis flowers on Portuguese soil, we explore the fundamental elements of this evolving ecosystem.

At 29 years old with a background in marketing and digital marketing, José Real brought his expertise from the software and hardware industry to the pharmaceutical industry, which helped him develop multiple actions in the company. His motivation to enter this sector was driven by the potential of medicinal cannabis to improve patients' quality of life, as well as to demystify stigmas associated with the plant.

"I see cannabis not as a miraculous plant, but as an extremely useful tool for patients with various health conditions, assisting in the treatment and management of symptoms resulting from their clinical condition," highlights Real.

Exploring the market for medicinal cannabis in Portugal

The Portuguese market is subject to specific regulations, where only cannabis-based medicines authorized by Infarmed, the health authority responsible for the agenda in the country, can be prescribed by doctors.

José emphasizes that, despite the legalization of medicinal uses in the country, which has been in effect since 2018, access is still limited due to the rigorous authorization process and the lack of variety of products available.

"This situation creates a cycle where low demand does not justify companies' investment in developing new products, resulting in a stagnant market," explains the entrepreneur who continues:

"In short, the cannabis market in Portugal is a kind of 'fish biting its tail,' as we say around here, where doctors do not prescribe because they can only do so as a last resort and because there is no variety of products to prescribe. Thus, after five years of regulation, a large part of the population still does not have access to these medications."

Regulation

Regulation in Portugal clearly distinguishes between recreational and medicinal use of cannabis. While recreational use is decriminalized, medicinal use is allowed only with a medical prescription and with products authorized by Infarmed.

For José, the total legalization of medicinal and recreational cannabis in various European countries could be a reality driven by the growing evidence of its therapeutic and economic potential.

Challenges for industry development

The biggest obstacle to the development of the medicinal cannabis industry in Portugal, according to Real, is the restrictive legislative mechanics that limit medical prescriptions and product availability in the market. The lack of incentives for companies to invest in research and development due to low domestic demand also contributes to the challenging scenario.

Trends and future prospects

Trends in the cannabis market in Portugal point to a growing demand for products with high THC levels, as well as for full-spectrum extracts, which incorporate a variety of plant compounds.

"Initially, many industry players bet on isolated cannabidiol (CBD) as the best product. However, with the increase in available scientific studies and the empirical beliefs of the medical community about the Entourage effect, products with high THC content are gaining prominence," says Real.

He further explains that drug administration technologies are being improved to diversify the available therapeutic options. "The development of new blister packs (packaging widely used in various industry sectors) and projects aimed at diversifying the medicinal application of cannabis products are being created all the time not only in Portugal but worldwide."

Diversity of consumers and potential uses

Looking at the market scenario comprehensively, José Real concludes that: "the diversity of cannabis consumers, both for medicinal and recreational use, reflects the wide range of benefits the plant can offer. Additionally, the potential of cannabis for industrial and veterinary use opens up new opportunities for application and innovation in the industry."

In summary, the Portuguese market for medicinal cannabis presents significant challenges, but also exciting opportunities for the future. With the evolution of regulations and the growing awareness of the benefits of cannabis, the sector is expected to flourish, providing relief for patients and driving innovation in the industry.