German Cannabis Legalization Efforts Get A Boost From Positive EU Feedback
There is positive news for adult-use cannabis legalization in Germany. Health minister, Karl Lauterbach received favorable feedback from the European Commission on his proposal to legalize cannabis for adult use and establish regulated recreational sales across the nation.
The announcement comes after months of talks with the European Union, reported International CBC.
According to NTV, Lauterbach indicated that his proposal, which conforms to European law, will be officially presented in the coming weeks. “We will soon present a proposal that works, that is, that conforms to European law,” Lauterbach said.
Under the draft proposal, possession of up to 20 grams of cannabis for those older than 18 will no longer be punishable. However, any advertisement promoting marijuana consumption is prohibited. It will also allow the cultivation of up to ten plants for personal use and THC levels sold to adults over 21 cannot exceed 15%. For those between 18 and 21, the THC limit is 10%.
In October, a week after Germany’s cannabis legalization measures were leaked, Lauterbach presented a plan to Chancellor Olaf Scholz. The new plan represents “the most liberal legalization of cannabis in Europe, which will result in the most regulated market in the EU,” Lauterbach said at that time. “A formal introduction of the legalization measure will occur in the first quarter of this year,” he said, adding that he had no reason to doubt that schedule.
It seems that Minister Lauterbach’s plan is still on track, although it may be delayed by one week from his previous estimate, per International CBC.
Additionally, Cantor Fitzgerald’s Pablo Zuanic said he’s “more comfortable” recommending Aurora Cannabis ACB over Tilray Brands TLRY as a play in Germany.
The European CBD market is estimated to be worth around $2 billion, with Germany being the largest country, accounting for $1 billion or 50% of the market.
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This article was originally published on Benzinga and appears here with permission.
