UK's medical cannabis imports saw 3x growth this year

UK's medical cannabis imports saw 3x growth this year
 Cannabis is a kind of drug most popularly known as marijuana that is used for medicinal and recreational drugs. In some countries, the illegal use of cannabis is restricted. Although, due to its health and medicinal benefits, it is widely used and exported globally. The global cannabis market is estimated to be $13.5 billion. The United Kingdom is the major medical cannabis producer and exporter globally and has recorded a high amount of shipments.

The United Kingdom is likely to become the second largest cannabis market among the European countries. Along with Germany, the United Kingdom is receiving more demand from medical cannabis which includes flowers and extracts. The UK covers over 73% of the global cannabis market production. As the medical cannabis production from the Uk was totaled to be 487 tonnes.


The United Kingdom is the biggest medical cannabis exporter. The UK’s cannabis exports prospered due to the high quality standard and competitive pricing. The UK export data shows that over 80K medical cannabis were sold in the UK market accounting for 90% year on year increase. Whereas, in terms of cannabis oil export shipments, the UK has exported over $21 million worth of cannabis oil.  


The UK import export data shows that the medical cannabis imports have tripled this year around. Around 24K kg of cannabis were imported this year by the UK. Compared to previous year imports, it is 3 times more than 7.7K kg cannabis last year. UK's medical cannabis imports mostly came from Canada, Israel and African countries.  By the end of financial year 2023, the UK's cannabis market is about to reach 749 million dollars.


On the other hand, UK import data reflects that cannabis oil imports were recorded to be $68 million during FY 2022. The overall pharmaceutical exports from the UK are estimated to be 17 British pounds for the fiscal year 2022. These include medications, vaccines, glands and extracts. The UK's pharmaceuticals exports were mostly to the United States, Germany, Ireland, France and China. 


Whereas, pharmaceutical imports by the United Kingdom are estimated to be $19 billion during fiscal year 2022. The UK's medicaments imports came from Belgium, Netherlands, Ireland, China and Germany. Bio products laboratory and BASF agricultural specialities are the top pharmaceutical exporters from the UK.


By the end of financial year 2024, the UK’s medical cannabis market is estimated to reach $1.5 billion. There is a huge potential for the cannabis market. The pharmaceutical companies from the United Kingdom can rely on a data based marketing approach. The global import export data provider are offering handy business intelligence tools for market research. 


Through this portal, you can get access to the pharma products import and export shipments, price, quantity, top trading countries, importers, exporters and competitor companies. All these metrics could help you make better decisions on identifying demand, product sourcing, procurement, quantity evaluation and collecting genuine leads. This is the most reliable way to generate high ROI leads at less spend and place your brand accordingly to the global market demand.


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