Medical Cannabis Europe – News from February

Welcome to an update of what’s been happening in the realm of medical cannabis. February brought significant developments to the industry, including the passage of new cannabis laws in Germany. In this piece, we will examine the potential ripple effects of this change and delve into Greece’s strides in healthcare, particularly in the realm of medical cannabis. Keep reading for a concise overview of some of the key industry happenings from February.

Detail of Reichstag building and German Flags in Berlin, the capital of Germany

Germany passess a Cannabis bill that has potential to create a ripple effect across Europe, already making waves in Cannabis Stocks

In mid-February, the German parliament passed the CanG bill to combat the black market and ensure public safety around cannabis use. The debate highlighted diverse political views, with 406 votes in favour and 226 against. Germany’s move could have a ripple effect across European markets, impacting the future of cannabis regulation. The legalisation will expand insurance coverage for medical patients (currently around 300,000 in Germany), expected to boost the German medical cannabis market in the years ahead.

Cannabis companies in Germany saw stock prices soar this week due to positive developments on the CanG bill. Germany’s legalisation progress impacted Europe and the Atlantic, with one company’s shares rising by 113% since February. Another company marked increases of 114% since February and an impressive 192% since the year began. 

First Medical Cannabis Prescriptions Mark a New Era in Greek Healthcare

Greece has finally rolled out medical cannabis for patients after a 7-year anticipation. The first wave of products targets issues like nausea, chronic pain, and spasticity. Specialist physicians are now able to prescribe these remedies, although patients are responsible for the associated expenses, with prices kicking off at €16.50 per gram. While currently only one product is on offer, more are expected to follow suit. Medical cannabis prescription distribution is currently facilitated through two pharmacy companies.

In addition, back in January last year, Tikun Olam Europe announced the launch of operations at its 56,000 sq. metre facility in Corinthia, marking Greece’s first medical cannabis production site after five years of meticulous preparation. This €40m facility is set to produce 10 tonnes of medical cannabis in its first year. Greece is gearing up to excel in the global medical cannabis arena in the years ahead – which is fantastic news for the European medical cannabis industry.

Global – IACM Patient Council Aims to Impact International Cannabis Policies at UN CND

The United Nations Commission on Narcotic Drugs (CND) is gearing up for its 67th annual session in March amidst major shifts in global cannabis policy. Delegates from 53 member states will gather in Vienna from March 14–22, 2024, to discuss international drug policy, shaping future frameworks. This year marks the first attendance of the IACM Patient Council, a leading medical cannabis patient advocacy group, viewing it as a pivotal opportunity to educate decision makers. 

Established in 1946, the UN CND plays a vital role in shaping international drug control policies, although it doesn’t directly implement them. Decisions by the UN CND have a significant impact on drug control conventions, including the Single Convention on Narcotic Drugs (1961). Recent developments in Germany and Luxembourg underscore the influence of international drug control policies on cannabis access. With cannabis legalisation in Germany and recognition by the US FDA, there’s growing momentum for change in global cannabis policies. The IACM aims to spearhead this change at the upcoming event by advocating for medicinal cannabis access programs within the commission.

What next for medical cannabis in Europe?

As we stand on the brink of these transformative changes, it’s more important than ever to stay informed, engaged, and proactive in shaping the future of the medical cannabis landscape. The progress we’ve witnessed in February feels just the beginning. By joining forces with organisations like CINV, you can be a part of this historic movement towards a future where the full potential of medical cannabis is realised, benefiting patients and society at large. Please get in touch to discuss how we can help.