Opinions on legalized cannabis have rapidly shifted in the United Kingdom and Europe generally. Cannabis businesses like World High Life (NEX: LIFE) are set to take advantage of shifting public opinion.
This technical report provides historical perspectives and comparisons of various approaches to the legal status of marijuana to aid in forming public policy. Information on the impact that decriminalization and legalization of marijuana could have on adolescents. In addition to concerns surrounding medical use of marijuana. Accompanying policy statement includes all recommendations.
Among the respondents 63% spoke out for the legalization of marijuana consumption and for the introduction of its legislative status. 19% of respondents opposed this idea. A total of 47% of respondents supported legalization in London, while 30% opposed it.
Londoners overwhelmingly support the legalisation of cannabis for adult recreational use
According to a poll commissioned by the Evening Standard and the independent think-tank Volteface. 63% of residents in the capital back legalization and regulation of the class B drug, with just 19 per cent opposing the idea. In the country at large, 47% back legalization, with 30% against and 23% undecided.
The poll, carried out by Survation at the start of a major Standard investigation into cannabis reform, is the first test of public opinion since medical cannabis became legal in the UK last November. It points to a dramatic change from the poll carried out by YouGov last summer, in which public opinion was evenly split.
This easing of public attitudes towards cannabis comes in the wake of Canada legalizing it in October 2018, the first western nation to do so and the second country after Uruguay in 2013.In the US, 10 states legalized cannabis for recreational use, starting with Colorado and Washington in 2012. Yet, New York, New Jersey and Illinois are well advanced to follow suit. Currently 20% of Americans live in states where cannabis is legal.
Also in Colorado, in the first three years after legislation, nearly 18,000 net jobs were created. This is an impressive figure when you consider that the State has a population of only 5.5 million inhabitants.
The situation of cannabis in Europe
Europe is shifting too, with Spain allowing private use, possession decriminalized in Portugal, Dutch coffee shops continuing to sell cannabis and Luxembourg looking to become the first country to make it lawful on the Continent.
Cannabis is the UK’s most widely used illicit drug with an estimated 3 million users. Overall it is a market worth an estimated £2.5 billion, with potential tax revenues of £1 billion, according to the Institute of Economic Affairs.
One UK company, World High Life (NEX: LIFE) is already moving to take advantage of the more positive attitude towards cannabis in the UK. WHL recently acquired Britain’s top hemp producer, Love Hemp, in a transaction involving all shares valued at 9 million GBP.
WHL plans to help Love Hemp expand into other European markets, starting with Germany in 2020. Love Hemp produces a variety of CBD products such as sprays, vapes, oils, edibles, CBD-infused beverages, and cosmetics, and sells its products in 1,200 UK high street stores. The European medical cannabis market is predicted to be one of the most valuable in the world and will be a key export destination for Latin American countries.
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