ECONOMY

Great scope for the economy in cannabis products

great-scope-for-the-economy-in-cannabis-products

For Greek consumers and also for other Europeans using cannabis not as a drug but as a component of food, pharmaceutical and cosmetic products is something new. This, after all, is the main reason the European market of 512 million people appears to have a particular potential for growth.

Although more than half of European consumers (56 percent) are aware of the alternative legal uses of cannabis, just 16 percent have tried products containing cannabis, according to a survey conducted by New Frontier Data across the continent. Indeed, 58 percent of those have used cannabis products did so just in the last six months.

The survey showed that 40 percent of people who tried cannabis products were seeking pain relief and 31 percent for stress reduction. Three quarters of people (74 percent) who tried those products said they had a positive impact on their lives.

According to Prohibition Partners, a consultant on the international cannabis market, this industry is expected to become the biggest legal market in Europe in the next five years. It argued in a recent report that this market could serve to assist the recovery of economies such as Greece that have suffered from the crisis.