Germany may be days away from announcing Europe's largest recreational cannabis market
Germany has been one of the largest and perhaps the most important market for cannabis companies. Its potential opening for adult use could mean huge profits and lead more countries on the continent to join them
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The forming German coalition government could be days away from announcing its new cannabis policy, which could open up the entire market and legalize recreational use very soon.
According to Bloomberg, the parties are nearing a deal to legalize marijuana for adults in Germany.
The parties involved, the Greens, the Free Democratic Party, the Left Party, and the Social Democrats, have all voiced support for cannabis policy reform in the past, claiming that "current prohibition-based drug strategies are a failure".
The final negotiations are about how the government will regulate the market - for example, what rules will apply to the sale, purchase, and use of marijuana after the new policy is implemented.
Sources told Bloomberg that the outcome (of the negotiations) could still change, but the parties aim to form a new government under the leadership of the Social Democrats' Olaf Scholz in early December.
As the newspaper states, if Germany were to legalize recreational use, the entire European market would be stirred up.
Germany has been one of the largest and perhaps the most important market for cannabis companies. Its potential opening for recreational use (very early by European standards) could mean huge profits and lead more countries on the continent to join them.
Cannabis consumption has been on the rise - the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA) reports that cannabis use in Germany has reached its peak. It is believed that nearly one in three adults has tried cannabis at least once in their lifetime, while nearly one in five young people consume it at least once a year.
Furthermore, it has been reported that over four million people regularly use cannabis in the country.
If the coalition partners agree on the new regulations, we can be sure that Germany will thrive with cannabis in the coming decades.
The only question remaining is which European country will be next in line? Italy, where there could be a referendum on the issue, is a strong contender.
It certainly seems that if you don't move now, you'll lose out. Officials from Germany and Italy know this.
But what about those leading Brazil, are they eyeing the foreign market?