DeutschHello dear readers! Today I want to talk about an exciting development in the cannabis industry that is emerging in the UK.
A meeting in parliament
This week, members of the APPG on Industrial Hemp & CBD met in the UK Parliament to discuss the investment and economic potential of the UK hemp and CBD industry. Will Muecke, co-founder and CIO of Artemis Growth Partners, a global cannabis investment firm, presented the idea that London and the UK as a whole are ideally positioned to become the center of the global cannabis financial trade.
Obstacles and opportunities
Despite this positive outlook, there are some hurdles. The UK’s Proceeds of Crime Act (POCA) not only hinders cannabis companies, but also prevents trade and investment. But there is also light at the end of the tunnel. Crispin Blunt MP emphasized that the real opportunities begin when serious financial and investment players are given the opportunity to make arguments that make politicians rethink their position.
A market with potential worth billions
Artemis Growth Partners now manages nearly $400 million in assets across multiple cannabis jurisdictions. While the initial focus was on North America, Europe has emerged as the next center for cannabis and the most attractive global market. If you apply the US industry data to the UK, we could see a market with 700,000 jobs and annual tax revenues of over £5.5 billion.
The United Kingdom as a cannabis finance hub
It is crucial for investors to have an active market for IPOs. As Canada has slowed down in this respect, the United Kingdom could fill this gap. There are already simple proposed changes to POCA that have already been implemented in Jersey to create a supportive financial ecosystem.
Conclusion
The cannabis industry is growing rapidly and the UK has the potential to play a central role in this development. There are still some regulatory hurdles to overcome, but the opportunities and potential are enormous.
I hope this article has given you an insight into the exciting developments in the cannabis industry in the UK. Until next time!