How a legal cannabis market could transform Britain’s economic woes

The U.K.’s illicit cannabis market, otherwise known as the ‘grey market,’ is worth £2.6 billion a year, with an estimated 255 tonnes sold to three million users in the U.K. in 2016/17, as reported by the Institute of Economic Affairs. While a third of the population recreationally uses the substance, landmark research from Mamedica, the U.K.’s leading medical cannabis clinic, has unveiled that 10% of the U.K. population is spending more than £250 a month on cannabis – a total of £3,000 a year. The vast number of growing users in the U.K., adding to the substantial profits the grey market has been generating, has fuelled the mounting case for the economic potential a legal cannabis industry could have on the U.K. In the current economic climate of a looming recession and record levels of inflation, the legal cannabis market could offer welcomed financial relief.

The Institute of Economic Affairs concludes that the criminalisation of cannabis in the U.K. has failed, as the illegitimate production and lack of quality control have meant that the grey market is awash with dangerous high-strength products that can be laced with hazardous substances, such as spice (synthetic cannabis) This comes as Mamedica’s national study found that just under one in four (24%) buy cannabis through the illicit market and do not check to see what might be in it.

Self-medicating with unregulated cannabis has been hugely costly on the UK’s public services, especially at a time where many are being pushed to the brink of collapse as funding and the number of workers are falling. Mental health services within the NHS are as a result, more frequently treating patients suffering with symptoms of psychosis and schizophrenia according to the mental health charity, Rethink Mental Health.

Britain’s Policing of cannabis has also been hugely costly. £1.4 billion has been spent annually enforcing drug laws in England alone, with £690 million spent on drug-related police enforcement and an additional £733 million across the criminal justice system. The legalisation of cannabis in the U.K. could therefore result in increased funding and police time spent on reducing the 16% increase in crime rates in Britain in the year ending in March 2022 – up from the 5.4 million offenses reported in 2021, according to the Office of National Statistics.

The benefits of obtaining medication through secure and private prescriptions

The private market is ultimately designed to provide patients with a more holistic patient-centric experience that uses evidence-based research to determine which strain ought to be prescribed for a specific condition. As well as the proven financial benefit, being prescribed medical cannabis through a licensed specialist allows for a degree of personalisation that you are unlikely to get if self-medicating through non-professionals. Where traditional routes may typically subscribe to a one-size-fits-all approach, a private clinic is more likely to adopt an individualistic view to care.

All products which are listed at Mamedica are sourced from cultivators and manufacturers who are certified to supply products that comply with a medical grade standard called EU-GMP (good manufacturing practice). This ensures that their products are consistent, high-quality, and safe for their intended use.

In a discussion about the importance of understanding the medical difference between cannabis strains, Jon Robson, CEO and founder of Mamedica says:

“There is a misconception amongst the very few recreational users who are aware of the regulated pathway, that prescribed medical cannabis is more expensive and lower in quality than the illicit market.

“All products released to be prescribed in the U.K. have to undergo rigorous testing. Within that testing process, you are able to identify exactly what’s in that particular cannabis strain or a particular vape cartridge, in terms of THC (tetrahydrocannabinol), CBD (cannabidiol) and terpenes.

“Our understanding of cannabis strains and how they can benefit people differently is growing rapidly. The U.S. has the largest medical pool of data from patients, which we follow closely to guide us on what strains have helped patients. We’re also fortunate that the U.K. cannabis community is small yet aligned with advocating on individuals’ personal experiences with certain dosages and strains.”