Cannabis Gathering In Germany Gets Out Of Hand Though New Legal Weed Industry Shows Great Promise

Zinger Key Points
  • Mary Jane Berlin, a huge cannabis event, was partially canceled due to safety issues from synthetic substances and overcrowding.
  • Germany's new cannabis laws have boosted the cannabis economy and medical access. Companies are flourishing.

Mary Jane Berlin, a major cannabis gathering in Germany, attracted at least 40,000 attendees. After a huge influx, combined with the sale of “synthetic substances,” organizers began encouraging people to stay home and then suspended the Saturday after-party.

Anticipated as the largest European gathering for the cannabis community with expectations of around 40,000 attendees, the event was plagued by crowds and medical emergencies, reported CannaReporter. Organizers explained that the presence of synthetic substances led to over 20 ambulance calls.

The event coincided with the Euro 2024 football championship, which might have resulted in a larger, probably less sober attendance. Being the first big cannabis event after legalization, Mary Jane Berlin couldn’t cope. By Saturday morning, the organization decided to discourage attendance and impose a strict “for-life” ban on all semi-synthetic and synthetic substances, including HHC, THC-P and various synthetic mushrooms.

Germany’s Growing Cannabis Economy

Following partial legalization, Germany’s cannabis economy grew significantly, reported DW. For instance, Royal Queen Seeds, a Barcelona-based seed bank, experienced a dramatic increase in demand, achieving a single-day record of 10,231 orders and a monthly online revenue of €6 million. This adds up to a remarkable 300% growth in April alone. Zamnesia, another major cannabis seed bank based in the Netherlands, also witnessed a massive increase of 150% in seed sales during their peak season from March to June.

The medicinal cannabis sector in Germany is poised for even stronger growth, with market analysts from Prohibition Partners highlighting a robust potential market. The market research consultancy cites an expanding patient base and increasing year-over-year sales, patient numbers and imports. Changes in legislation have also led to new licenses for domestic production and distribution, thereby liberalizing the market and increasing competition. This is expected to strengthen the industry and benefit local economies, particularly in regions like Saxony where companies like DEMECAN are planning significant production expansions.

Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

Germany Cannabis Reform

Recent legislative changes in Germany mark a significant shift, with adults now allowed to possess up to 25 grams of cannabis and grow up to three marijuana plants at home as of April 1, 2024. The legalization is part of broader global cannabis policy reforms aimed at improving public health and reducing the illegal market.

The fact that cannabis is no longer treated as a narcotic has facilitated easier access to high-quality cannabis medicines, signaling a shift towards recognizing and integrating the medicinal benefits of cannabis within healthcare frameworks, significantly boosting the medical cannabis industry.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsEurozoneMarketsGerman CannabisMary Jane BerlinRoyal Queen SeedsZamnesia
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.


Loading...