Rithika Kanya

(Reuters) – Nearly half of Europeans favor legalization of adult marijuana use and about 30% support it. Industry consultants polled the public on Thursday.

Europe’s liberal approach to cannabis could have multiple economic and financial advantages, just like the United States has seen a rise in its use during pandemics-induced lockdowns.

According to Hanway International, a London-based consulting firm, and Curaleaf International, the majority of Europeans are supportive of regulated cannabis shops. However, they don’t favor the idea that you can grow the plant yourself.

It comes a week following the U.S. House of Representatives’ Friday passage of a bill to repeal the federal prohibition on marijuana. This has led to legal issues for businesses and users in states where it is legal.

Boris Jordan from Curaleaf, a U.S. executive said that while we see the European market three to four years behind the U.S. but it looks like Europe might initiate major reforms before the United States.”

Germany is one of many European countries that have legalized marijuana for medicinal purposes. Others have made it illegal to use in general. Malta is the European nation that first allowed personal and limited cannabis cultivation.

A report by Prohibition Partner, a research company, estimates that the European cannabis industry will reach 3 billion euros in 2025. That’s an increase from 400 million euros last years. Germany is the largest market on the continent.

Joe Bayern, Curaleaf’s chief executive officer, stated to Reuters that Germany has a clear desire and will to legalize recreational marijuana.

Bayern explained that Germany (Germany’s biggest economy) will be leading the charge and creating a domino effect on the rest of Europe.

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