Luxembourg On Track To Legalize By 2022
Written By: Marguerite Arnold
Luxembourg Throws Down Gauntlet On European Cannabis Legalization
Luxembourg is going to disrupt the European cannabis industry. This summer, Luxembourg ‘s Health Minister confirmed that the country is now moving even faster toward full cannabis legalization and plans to release its first draft of plans for legalization by the end of 2019. If this project stays on schedule, Luxembourg will have Europe’s first fully legal recreational cannabis market by the beginning of 2022. So now the race begins. If Luxembourg is going to be the “Colorado of Europe”, who will be the “Washington State”, or even the “California” of European cannabis?
A Domestic Market For Locals Or A Tourist Mecca?
Luxembourg is clearly intent on setting the recreational cannabis agenda across the continent. And while excitement is growing, investments have been slow, because there are challenges.
Yes, Luxembourg has decided to drive the cannabis agenda, which means raising this issue to the EU level and creating a deadline. However, there are a couple of things industry investors should keep in mind:
- Luxembourg itself is a tiny country with just over half a million residents.
- The cannabis legalization plan so far is being pitched as an anti-crime, public health measure. Attracting throngs of cannabis infused tourists (and their piles of cannabis infused money) isn’t on the agenda.
- While international cannabucks are welcome there is an increasing sense that international investors aren’t the only game in town. Local production and local ownership are on the drawing board.
What Will The Market Look Like?
There has been alot of back and forth consulting between Luxembourg and Canada. Regulatory similarities ( like a proposal to limit personal possession to 30 grams, same as in Canada) are beginning to emerge. Expect a push to allow medical cannabis patients to grow their own medicine, while recreational users will have to buy weed at the store. For some reason, the cannabis hates the idea of people being allowed to grow their own weed, even though people can make their own beer yet commercial beer makers are doing fine. The fight, er, discussion about just who will have the right to produce cannabis is just beginning.
The game is in the early stages, and the players are just getting warmed up. But Luxembourg has announced the beginnings of a plan and set a deadline. As the dominoes start to fall, we wonder: Which country will be next?
The International Cannabis Business Conference is the best industry event to learn the latest and to network with top investors and entrepreneurs. Next up: Vancouver, Canada, this September 15-16, featuring top experts in the field, PLUS a performance on a luxury yacht by Cypress Hill’s DJ Muggs at the after party. Don’t delay, purchase tickets today!