A Week to Remember For Europe’s Medical Cannabis Community
The medical cannabis market is unstoppable. Clear evidence of its progress came last month when thousands attended European Cannabis Week events – with more than 200 at Memery Crystal’s own networking evening
On the evening of Monday, June 24th, Memery Crystal was proud to host the investors and founders shaping the European cannabis market at their offices. More than 200 people – from VCs to skincare entrepreneurs to Greek founders – gathered at Memery Crystal's HQ on Fleet Street.
Memery Crystal is a recognised leading legal advisor in the European cannabis space, having campaigned for reform of this important sector market for many years, long before medical cannabis was legalised in the UK in 2018. We understand its challenges. And we know its key participants.
Indeed, Memery Crystal's CEO Nick Davis is one of the industry's most visible advocates. In addition to hosting the drinks reception, Nick spoke at multiple European Cannabis Week events. He appeared on the ‘Strong and Stable’ panel at the showpiece Cannabis Europa conference alongside speakers from the Sunday Times, Columbia Care and Bedrocan.
He also addressed the Institutional Capital & Cannabis Europe (IC3) event, chairing a session exploring ‘The Path to Public Markets’ along with execs from Abacus, Canaccord Genuity, Cardiol Therapeutics, Isracann BioSciences and MGC Pharmaceuticals.
These were just three events in a packed week, which together revealed the extraordinary progress of the European cannabis industry. More than 1200 delegates attended the opening event alone, including dignitaries such as Joseph Muscat, PM of Malta, Bardhyl Dauti, Macedonia's Minister for Foreign Investment and Monyane Moleleki, the Deputy PM of Lesotho. The politicians joined experts from the worlds of finance, healthcare and science to tackle the tough questions facing the European cannabis industry.
They were also there to listen. Not least to patients attending such as Yasmin Smith, who suffers from Ehlers Danlos-Syndrome. This genetic condition affects joints and skin, and causes chronic pain. Smith, a patient advocate, reminded attendees of the pressing need to invest in research. "The event has helped hugely" she said. "The big companies being here has been really reassuring. I hope this can help my patient group and myself to move forward. People like me can't wait five years."
This sentiment is echoed by Nick Davis’ reasons for his personal medical cannabis advocacy. A big part of his decision to become an advocate for the medicinal cannabis sector comes from a personal place. His daughter suffers from such a condition: uveitis.
"Every week seems to bring new evidence of the potential of medicinal cannabis. I know from personal experience how much hope this research will bring to patients. So we have to support it. And the best way to do that is by de-stigmatising the industry and encouraging the capital markets to invest." - Nick Davis, Memery Crystal CEO
The good news is that, in countries where medical cannabis is brought into a legal market, there is no doubt that it has been helping patients. Cam Battley, chief corporate officer at Canada's Aurora Cannabis, explained how quickly this can happen when he spoke at Cannabis Europa.
He said: “In Canada, five years after we created our medical cannabis system, we’ve gone from a handful of patients... to more than 400,000 patients with a prescription to manage the symptoms of a wide range of chronic healthcare conditions. We have nearly 20,000 physicians who have written a prescription. Medical cannabis is serious - seriously needed by patients and serious business.”
The commercial opportunity presented by the market is also very evident. In the last few weeks, research by Arcview Market Research and BDS Analytics revealed that since 2014, the sector has grown from $3.4 billion to $14.9 billion in 2019, and projected it would reach $40.6 billion by 2024.
Meanwhile, there's evidence that cannabis entrepreneurs increasingly see London – and its markets – as a potential world centre for this new market.
Contact Memery Crystal to learn more about our work in this exciting market.