Last week was a great week for the global cannabis industry and specifically in Europe. Over in South Western Europe, Switzerland opened up the medical cannabis scene by lifting the Narcotics Act prohibition. This will allow residents to access medical cannabis products without having to get a special permit from the Federal Office of Public Health. This new law will take effect on 1st August 2022.
In Central Europe, Spain decriminalized cannabis, giving way to personal cultivation and consumption of small amounts.
Earlier in the week, a researcher from the University of Geneva published a study describing the economic impact of cannabis prohibition in Switzerland. Oliver Hoff, the lead researcher, an economist, and social scientist, titled the study the sociograph series. From the research, he found out that the Cannabis industry in Switzerland generates billions of Swiss francs each year from gross revenues. However, most of these funds are from activities in the illegal cannabis trade. The full press report can be accessed through this link: https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-89372.html