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Friday, Mar 29, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cannabis

Germany unveils plan to legalize adult-use cannabis

The nation is set to be the second in Europe to permit the use of recreational pot

Germany unveils plan to legalize adult-use cannabis
Photo by Maheshkumar Painam via Unsplash.

The German government announced plans on Wednesday to legalize cannabis, a course of action that Chancellor Olaf Scholz’s government said would establish the country as a leading European nation for pot legalization.

The newly proposed move would make Germany the second country in Europe to permit the use of recreational pot, after Malta.

Health minister, Karl Lauterbach presented a cornerstone paper to the government outlining steps to introduce a controlled sale of cannabis to adults for recreational purposes. The health minister did not offer a timeline for the proposed plan, but it would allow adults to purchase and possess 20-30 grams of cannabis and cultivate up to three plants for personal consumption.

Read more: Greenrise observes record sales in Q2 and releases statements on German cannabis legislation

Read more: Germany takes further steps towards adult-use cannabis legalization

Commotion over the pending German legislation began last week when a draft version of the paper was leaked and obtained by publications such as Forbes, Benzinga and Marijuana Moment.

“Cannabis legalization is necessary if we are to end our unsuccessful fight against drug-related crime. The law will also reduce consumption, particularly among young people. The goal is better health and less consumption,” said Lauterbach via Twitter on Wednesday.

Lauterbach says international and European laws need to be taken into consideration.

“We are now in a phase where we are examining whether the basis that we created with the key issues paper is also internationally sustainable. We are therefore submitting the key points to the European Commission for examination against the applicable international and European law,” added Lauterbach on Wednesday.

The new proposal follows five successful hearings on legalization with a variety of experts that were held in June this year at the Federal Ministry of Health. Over 200 top-ranking professionals and government officials from an assortment of career paths and academic fields were in attendance.

Ongoing investigations and pending criminal charges related to cannabis will be abolished and advertising cannabis products will be prohibited, similar to the way that cigarette packages must be plain coloured in many countries.

The German government will also be introducing a designated cannabis tax and the country appears to be close to the finish line for full legalization in Germany.

Read more: Curaleaf completes acquiring German pot producer Four 20 Pharma

Read more: Tilray meets with German authorities to draft adult-use pot regulations

The country has one of the largest medical cannabis markets in the continent, valued at over €200 million this year. That market is expected to ascend in value to €1 billion by 2024 due to impending legalization and companies such as Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) and Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY) have been getting their feet planted in the market because of it.

 

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