In recent years, the legalization of cannabis in various countries has generated significant interest in the cannabis industry. Spain has not been the exception, and although cannabis regulation in Spain is still very limited, the cannabis market is constantly evolving and is expected to continue growing in the coming years. The medicinal cannabis needs that Spain must annually report to the International Board of Narcotics Control (INCB) have soared this year. The Spanish Agency for Medicines and Medical Devices (AEMPS), of the Ministry of Health, has notified the regulatory body of a forecast of six tons of cannabis, a quantity that multiplies by ten the 600 kilos reported in 2021.
THE CURRENT SITUATION OF CANNABIS MARKING IN SPAIN
In Spain, cannabis is illegal for recreational use, but its therapeutic use is permitted under certain conditions. Specifically, the use of products with cannabidiol (CBD), a non-psychoactive compound in cannabis that is used to treat various disorders, including epilepsy, chronic pain, anxiety, and depression.
Although the therapeutic use of cannabis is permitted in Spain, the market is not yet fully developed. However, the demand for CBD products is growing rapidly, and the cannabis market in Spain is expected to expand further in the coming years.
FUTURE PROSPECTS FOR THE CANNABIS MARKET IN SPAIN
The cannabis market in Spain has great growth potentialAs the therapeutic use of cannabis continues to be regulated, the market for CBD and other cannabis-derived products is expected to expand further. Furthermore, cannabis tourism may also become a source of income. important source of income for Spain.
However, for the cannabis market in Spain to grow sustainably, appropriate public policies must be developed to regulate its production, distribution, and consumption. Furthermore, rigorous research into the effects of cannabis on human health and safety is essential.
The AEMPS, the body responsible for providing data to the international drug control authority, has informed Public that the 2022 consumption forecasts are broken down into three fundamental parts: the needs for the manufacture of the two authorized medications in Spain that contain a cannabis product in their composition, Sativex and Epidiolex, the research projects which are carried out with the plant and crops for the purpose of manufacturing other narcotics (cannabis extracts) for subsequent export.
Specifically, according to the Spanish Medicines Agency, this year 1,500 kilos of cannabis are needed for the production of Sativex and Epidiolex in order to meet the demand of patients using these medications in our country. The first contains two cannabis sativa extracts and is indicated as an additional treatment to improve symptoms related to moderate or severe spasticity in people with multiple sclerosis. And, according to the AEMPS, each unit of this drug is equivalent to ten grams of cannabis, so each three-unit package contains 30 grams.
CONCLUSION
In conclusion, the cannabis market in Spain has significant growth potential, especially in the CBD sector and other therapeutic products. However, appropriate public policies must be developed to regulate its production, distribution, and consumption, and rigorous research must be conducted on the effects of cannabis on human health and safety. With the right approach, the cannabis market can become a significant source of revenue for Spain and a valuable resource for the health and well-being of its citizens.
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