In the first half of this year, Portugal has seen a significant increase in its medical cannabis exports, according to data provided by Infarmed, the country’s health authority. This impressive growth clearly indicates that Portugal could surpass last year’s record export of 9,271 kilograms. In comparison, 4,850 kilograms of medical cannabis were exported in 2020, rising to 5,694 kilograms in 2021.
Germany: The Main Destination for Portuguese Medical Cannabis
Infarmed’s report reveals that Germany has been the leading destination for Portuguese medical cannabis exports during the first half of this year, receiving 1,678 kilograms. It is essential to mention that Germany is not only the biggest economy in Europe but also one of the largest markets for medical cannabis in the region. It is evident that Portugal is successfully positioning itself as a key player in the European cannabis industry.
Israel Looks to Canada Instead of Portugal for Medical Cannabis Imports
Interestingly enough, Israel – another major market for medical cannabis – did not import any from Portugal in 2022. Instead, Israel focused its attention on procuring dried cannabis from Canada throughout the fiscal year 2022-23. Between April 2022 and March 2023, Israel imported an impressive total of 20,907 kilograms of dried cannabis from Canada.
The Rapid Growth in Canada’s Medical Cannabis Exports
It is essential to highlight that Canada experienced a nearly 50% increase in its exports of medical cannabis flower during the fiscal year April 2022-March 2023, compared to the previous year. This remarkable growth showcases Canada’s strong position in the global cannabis market and underlines its capacity to provide high-quality medical cannabis to countries like Israel.
The Benefits of Increased Medical Cannabis Trade
The increase in medical cannabis exports by both Portugal and Canada offers numerous benefits to these countries and their respective economies. These benefits include:
- Fostering economic growth through job creation in the rapidly expanding cannabis industry.
- Promoting investment opportunities within a sector that shows great potential for sustained long-term growth.
- Creating valuable international trade relations, as demonstrated by the connections forged between Portugal and Germany or Canada and Israel.
Portugal’s Outlook as a Future Medical Cannabis Industry Leader
Thanks to its favorable climate conditions, experienced agricultural workforce, and strategic location within Europe, Portugal has emerged as an attractive location for medical cannabis cultivation and exportation. At present, several companies have established operations within the country, creating a highly competitive environment driving further innovation and progress in the sector.
Investing in Research and Development for Continued Growth
Looking ahead, continued investment in research and development will be crucial to ensure sustainable growth and competitiveness within the global medical cannabis market. By supporting initiatives aimed at improving production methods, developing advanced formulations, and ensuring compliance with strict quality guidelines, Portugal stands to solidify its status as a leading exporter of medical cannabis.