As 2024 moves forward, the cannabis industry is reflecting on significant events that have shaped its landscape both in the U.S. and Europe. Key highlights from the Cannabis Europa 2024 summit and emerging policies like Germany’s legalization have fueled conversations on the future of cannabis, especially as Europe catches up to the North American market.
Prohibition Partners’ Role in the Global Scene
Prohibition Partners, a leading B2B event organizer, continues to play a pivotal role in shaping the conversation. Matt Freemantle, Managing Director at Prohibition Partners, noted how the organization’s focus has shifted from research and data reporting to fostering a more connected global cannabis industry. What started with fewer than 10 legal cannabis markets in 2017 has now expanded to over 90. The 2024 summit in London had 1,200 attendees, ranging from investors to policymakers, a stark contrast to its early days of fewer participants. The event serves as a hub for the exchange of ideas, best practices, and lessons from both sides of the Atlantic.
Freemantle pointed out that Germany has become a “litmus test” for the European cannabis market, especially with the recent legislative moves to legalize recreational cannabis. This step is expected to trigger further legalization across Europe, similar to what happened in the U.S. after Colorado and California paved the way. Prohibition Partners aims to bridge the gap between Europe and North America, emphasizing that while the U.S. has had a head start, there are valuable lessons Europe can contribute to the global industry, particularly regarding medical cannabis frameworks.
For more on Prohibition Partners and their global events, check out their official site.
The U.S. vs. Europe: Navigating Differences
In the U.S., the cannabis industry has already been shaped by a mix of recreational and medical markets, creating a highly competitive and often complex regulatory environment. Anthony Adkins, CEO and founder of NextGen Consulting, addressed this complexity during his presentation at Cannabis Europa. He highlighted how the U.S. cannabis market is still dealing with remnants of its past as an illicit industry, which creates challenges in professionalizing the supply chain and business models.
Adkins noted that many U.S. companies struggle due to a lack of streamlined partnerships and a bloated supply chain that drives up costs. He emphasized that Europe should learn from these inefficiencies as it develops its cannabis infrastructure. A key takeaway from Adkins’ discussion was the importance of not replicating U.S. dysfunctions abroad, and instead focusing on building sustainable, profitable, and transparent partnerships between cultivators, manufacturers, and distributors.
For insights into cannabis consulting and business development, visit NextGen Consulting.
New York as a Future Global Cannabis Hub
As New York’s cannabis market continues to mature, it is gaining global attention. Vladimir Bautista, CEO of Happy Munkey, shared his observations on the differences between the European and U.S. cannabis markets at the event. He likened Europe’s current stage of development to where the U.S. was a decade ago, with a focus on medical cannabis and a slow-moving transition to recreational use.
Bautista’s own journey in New York is an example of the broader evolution of the cannabis industry in the U.S. After fighting to make New York’s cannabis legislation the most equitable in the country, Bautista now sees New York as positioned to become a global cannabis capital. The state’s focus on social equity has resulted in more Black, Brown, and marginalized license holders than any other U.S. state. Despite challenges in rolling out the legal market, New York has become a beacon of opportunity for entrepreneurs with legacy experience who are transitioning into the legal space.
To learn more about Happy Munkey and their advocacy work, explore their website.
Looking Ahead
The conversations from Cannabis Europa and other industry events underscore that both the U.S. and Europe are at critical junctures. Europe looks to North America for guidance, but must chart its own path, particularly in addressing medical cannabis and ensuring inclusive market growth. Meanwhile, the U.S. continues to innovate, particularly in major markets like New York, where social equity and sustainable practices are at the forefront.
For more information on global cannabis market trends and upcoming events, check out the Business of Cannabis: New York, scheduled for November 12, 2024.
To read more about cannabis industry insights, visit the full article on Forbes.
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