This is the second in a two-part series on the opportunities in markets outside of North America. Read part one here.
While Germany is often the first non-North American country that comes to mind when discussing global cannabis opportunities, it’s far from the only one.
Take the European Union, for example. The partnership, which currently includes 27 countries, has taken a very formal approach to allowing cannabis use across the union, according to Jamie Pearson, founder of global consulting firm New Holland Group.
Pearson told Green Market Report that she was able to fill a cannabis prescription while overseas, and with her medical card, she can carry cannabis with her – even in Switzerland which is not an EU member.
“What’s exciting is that the recreational pilot programs are starting, so they’re fully underway in Switzerland, fully underway in the Netherlands,” Pearson said. “They’re all doing it in conjunction with universities and doing data analysis of different elements of the program, and they’re going to use five years of data or 10 years of data to inform how the final law should be written.”
The global opportunities may be growing, but each market still has its own distinct approach to fostering cannabis business opportunities.
Australia
Australia legalized the cultivation of cannabis for medicinal and scientific purposes in 2016. Since then, “Australia has been a strong medical market for operators driven by patient growth in the Authorized Prescriber (AP) pathway,” Alliance Global Partners wrote.
Patient approvals were expected to reach roughly 800,000 in 2024, which would be up 21% from 2023.
“Outside of greater medical patients and prescribers, operators under coverage would benefit from reduced competition via greater enforcement from the government on noncompliant products in the marketplace (i.e., not GMP certified),” the firm wrote.
Israel
On April 1, 2024, Israel implemented medical cannabis reform that switched cannabis to a prescription model rather than a license model. This allows all specialists to prescribe cannabis and for cannabis to no longer be a last resort medication. As a result, the number of patient licenses in the country reached an all-time high of 137,940 in December 2024.
Israel had become a huge importer of cannabis, but in November 2024, the Israeli Ministry of Economy proposed a 175% anti-dumping levy on imported cannabis from Canada to protect local growers and manufacturers. This has resulted in some companies reducing their exposure to the market.
The Israel-Hamas War also created disruption in the region, with at least one operator – InterCure – reporting direct damage.
Czech Republic
Medical marijuana has been legal in the Czech Republic since 2013, but the program is slated to expand in April, with general practitioners allowed to prescribe medical cannabis rather that just specialized doctors.
The country is supplied in part by imports from Canadian operators like Tilray and Aurora Cannabis (NASDAQ: ACB).
Denmark
Denmark initiated a four-year medical cannabis pilot program in January 2018 and then extended it through 2025. However in November 2024, Denmark’s government announced plans to make the medical pilot program permanent.
Aurora has established a significant presence in Denmark through its subsidiary, Aurora Nordic Cannabis A/S, based in Odense. Avicanna (OTC: AVCNF) also has a subsidiary in the country and has completed exports of its Aureus-branded cannabigerol (CBG) into Denmark, contributing to the diversity of medical cannabis products available in the country.
France
AGP noted in its outlook that France recently extended its medical cannabis pilot program (1,800 patients) by seven months, meaning it will now end on July 31.
“France’s official medical cannabis program was expected to launch in 2025, but now remains uncertain as it was not mentioned in the country’s budget, amid political change in the country,” the report noted.
Companies that do business in France include: Aurora, Tilray, UK-based Emmac Life Sciences and Australian companies Althea and Little Green Pharma.
Luxembourg
Luxembourg became the second European nation to fully legalize adult-use cannabis by way of parliament in 2023. The rules allowed for limited possession and consumption, as well as self-cultivation.
According to Cannintelligence, “Luxembourg is undergoing changes in its medical cannabis regulations. Starting in January 2025, the country plans to discontinue prescriptions for high-THC cannabis flowers, shifting the focus to oil extracts for patient safety and precise dosing.”
Companies that export to Luxembourg include Aurora, Tilray and Canopy Growth.
Malta
Malta became the first European nation to fully legalize marijuana by way of a parliamentary vote in 2021. Sales are strictly limited to nonprofit organizations with a monthly limit of 50 grams of product per customer each month and 250 members per club.
Still, Canadian company Aphria was issued the first medicinal cannabis producer license in Malta, and an Israeli company, Panaxia, has established a production facility in Malta.
Netherlands
Medical cannabis has been legal in the Netherlands since 2003 and recreational use is “tolerated” in coffee shops across the country.
The Netherlands officially launched its adult-use cannabis pilot program in 10 cities in 2023 – an effort to formalize the framework. In April, that program will move to the experimental phase, where only 10 licensed cultivators will be allowed to supply the coffee shops; sales of unregulated products will no longer allowed.
Several Canadian companies have established themselves in the country, including Village Farms International through its subsidiary Leli Holland. Aurora, through its subsidiary Aurora Nederland B.V., acquired a significant equity stake in Growery B.V., one of the 10 license holders in the Dutch experiment.
Poland
Poland legalized medical cannabis in 2017, allowing doctors to prescribe the plant to patients and sales occurring through pharmacies. For 2024, the country nearly doubled its medical cannabis import limits.
U.S.-based Curaleaf expanded into the Polish market by acquiring Can4Med, a pharmaceutical wholesaler specializing in cannabinoid medications. Aurora Cannabis has registered four flower varieties, and Canopy Growth has registered two.
Switzerland
Switzerland allows medical marijuana and cannabis flower with less than 1% THC, which it calls CBD cannabis.
The country is also currently running seven adult-use pilot programs with more than 17,000 participants. The most recent and largest pilot (7,500 participants) will occur in Zurich in May.
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