Exciting news from the European Parliament (EP) announced yesterday may cause the medical cannabis industry to explode even further.
According to Forbes, “the European Parliament voted on Wednesday on a resolution that would help advance medical cannabis in the countries that form the European Union.”
But what does this mean for companies and investors? Let’s check it out.
Medical Cannabis at the European Parliament
The World Health Organization (WHO) made recommendations for a rescheduling of cannabis in 2018. Specifically, it asked for the plant’s key components, THC and CBD, to be addressed under international drug treaties.
Following on from this recommendation, the EP passed a vote yesterday that could increase access to medical marijuana across Europe. This would, effectively, create a new market for medical cannabis companies everywhere.
The resolution is non-binding. But European countries are encouraged to increase access to medical marijuana with scientific research and clinical studies touted as a priority.
According to the report, European Union member states are incentivized to “address the regulatory, financial and cultural barriers” that have been stifling scientific research on cannabis and its medical potential.
The recommendation won’t change any legal status or actual laws on the subject of medical cannabis. It does, however, show the widespread support for cannabis legalization and this is a valued attribute.
Local laws still lie in the hands of governments.
The resolution also pointed out the need to improve equal access to cannabis-based medicines and treatments.
It reads: “It is essential that [patients] be provided with comprehensive information about the full spectrum profiles of the plant strains used in the medication provided.”
By vocalizing its support for medical cannabis, the EP recognizes the importance and medical value of cannabis. It is not a law-changer yet, but it could be a game-changer. The cannabis industry needs as much admission as it can get from governmental and official bodies of the health benefits of the plant.
With this, it might encourage countries to allay laws restricting the use of medical cannabis, and business, along with wellbeing, can prosper.
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