There are plentiful conversations regarding the future of cannabis in the United States and how Americans perceive the new market boom, but what about U.S. consumers and their expectations for the blossoming market abroad in Europe? Bloomwell Group, a Germany-based holding company for medical cannabis companies, looks to answer some of these inquiries with the results of its European Cannabis Market Survey.
According to a PR Newswire press release, the survey examines the expectations and opinions of American cannabis consumers for the European cannabis industry, including the demand for cannabis tourism, opportunities for investments, trade and more.
It was conducted online using Survey Monkey, among a national sample of 845 people spanning across U.S. geographic regions and income levels. All respondents also identified as cannabis consumers.
The survey explores a wide variety of questions and reveals a number of findings regarding the opinions and potential future actions of American cannabis consumers, should Europe’s cannabis market continue to open up. Eighty percent of respondents said that cannabis companies are “attractive investment options” and 61% said they would invest in European cannabis stocks.
The European cannabis market as a whole is evolving quickly. Luxembourg decriminalized cannabis ownership in hopes to soon move toward legalization; Malta has decriminalized possession; The Netherlands launched Europe’s first commercial cannabis cultivation pilot program, and Switzerland is also running a new pilot project.
Though Germany seems to be paving the way for adult-use cannabis in Europe, celebrating five years of medical cannabis and looking forward to shifting toward an adult-use market.
The survey also looked at cannabis tourism and found many respondents shared positive sentiments surrounding the potential for travel with a cannabis angle. It specifically looked at Germany, which recently legalized adult-use cannabis after several years of growth for the country’s medical market. While regulators still haven’t determined tourism policies, and experts predict adult-use cannabis to officially launch by 2014, more than 66% of Americans surveyed “would visit a cannabis dispensary or social consumption lounge” in Germany.
“Germany has 82 million inhabitants—That’s more than Canada and California, two of the current biggest cannabis markets on the globe. Therefore, when Germany opens up for adult-use cannabis, it will become the biggest market in the world,” said Bloomwell Group CEO and Co-Founder Niklas Kouparanis. “The future language for cannabis will be German.”
Though, as countries across the globe continue inching toward adult-use cannabis legislation, a forward-looking question recognizes how individual countries could mutually benefit economically from markets in other countries. Economist Justus Haucap predicted that Germany will have a demand of 400 tons of cannabis annually after adult-use is fully legalized, and to help meet demand, 80% of Americans polled said the “U.S. should export cannabis to Europe.”
Additionally, 52% of respondents said they are “aware that Germany will most likely become the largest legal cannabis market within the next three years.” Regarding travel, 65% of those surveyed said they “would travel to a city or country to experience its licensed cannabis market,” and 44% said they would go specifically to Germany for cannabis tourism.
As an interesting side note, nearly 75% also said that the Deutschland specialty snack pretzels are a “satisfying ‘munchies’ food.”
The survey also found that an overwhelming majority of the respondents, 87%, said cannabis should be legalized worldwide.
The news release closes, stating, “The promising survey results coincide with recent Bloomwell Group milestones that also illustrate global confidence in the European and German cannabis markets,” referencing that Bloomwell Group recently closed a seed-funding round of more than $10 million USD.
The Frankfurt-based company is positioned to hold and oversee companies in Germany’s upcoming adult-use cannabis market and is the largest cannabis company in the country, with more than 240 employees. The company shares its mission, “to build, acquire and invest in ESG healthcare and cannabis companies along the entire value chain, excluding cultivation.”
Time will tell how the burgeoning markets around Europe will continue to evolve, but it looks as if American cannabis consumers are on board.
