Industry-wide opportunity for cannabis products as EU shows support for legalization
12 Apr 2022 --- More than half of the EU population is in favor of legal, government-regulated cannabis product sales to adults, according to a continent-wide poll.
The report carried out by Hanway Associates reveals that out of 9,043 adults surveyed, 55% supported legal recreational cannabis, 20% were indifferent and the remaining 25% were opposed.
A regulated retail offering is the least controversial option amongst supporters of legal recreational cannabis, with 81% in favor. Of all the respondents in the poll, 48% support regulated retail stores.
“These findings are significant as it makes evident that the majority of Europeans want to see recreational cannabis available in a way that allows adults to access high-quality products that are regulated,” Antonio Costanzo, CEO of Curaleaf International, tells NutritionInsight.
Curaleaf International describes itself as Europe’s largest vertically integrated cannabis company and welcomes the findings.
The findings indicate promising commercial opportunities for stores and highly regulated products.Broad applications
According to Innova Market Insights, cannabis drinks are opening new possibilities for beverage innovation.
“Many consumers do not want to smoke cannabis or do not know how to do it. Cannabis products such as edibles can often be a more accessible and consumer-friendly product format for new cannabis users to try,” the researcher notes.
Cannabis is a versatile ingredient that can be used in various foods, confections and snacks – and one category that is aggressively exploring the potential for product formulations with cannabis is the beverage category, Innova Market Insights adds.
“Europeans want access to safe, competitively priced, legal cannabis.. The next step is for legislation to catch up to consumer demand. Thankfully, we see promising action from several governments,” says Joe Bayern, CEO at Curaleaf.
Industry collaboration
Delving into regulatory developments, the report contains advice to EU regulators to partner first rather than operate in a vacuum.
“Partnering with both industry and special interest groups is critical.”
“We’re seeing more and more politicians and regulators looking at this as an opportunity. Not just an economic opportunity, but an opportunity to combat the illicit market and to right the mistakes that were made throughout decades of prohibition,” Costanzo adds.
The promotion and packaging of cannabis are also a matter of heated debate. “The spectrum of tolerance varies from plain packaging and extensive health warnings with a total ban on promotion to a free-market approach, with minimal restrictions on packaging and advertising,” notes the report.
According to Innova Market Insights, cannabis packaging holds unprecedented territory, with ample space for NPD. “In an increasingly diverse and busy marketplace, products need to stand out on the shelf.”
Interest in cannabinoids like CBD has seen an increased interest from consumers, industry and scientists alike. In the UK, the sector is estimated to have a value of almost US$1 billion, where market regulation has made major investment leaps.
By Andria Kades
