(olive-wolverine-471793.hostingersite.com)(March 13, 2020)–No one can ignore the growth, size, and importance of the global cannabis industry anymore, especially when it comes to the medical cannabis market. Scientists keep on proving the health benefits of cannabis use, thus creating entirely new types of alternative treatments. That is the reason why a lot of companies and startups start to invest in the industry.
One of them is DLA Piper.
DLA Piper
, one of the biggest and well-known law firms in the world, has started an international cannabis practice with a team that will comprise more than 70 lawyers. They will be operating in more than 15 countries across Europe, Australasia, Latin America, Asia, and Africa. The decision came after closing a large number of deals that brought the firm over $8 billion.
The team will be led from Canada by Toronto based partner Robert Fonn and from England by London based senior associate Dylan Kennett.
DLA Piper’s life sciences sector team is one of the biggest of any law firm. Considering that the
cannabis industry
has become one of the fastest-growing ones, it is no wonder that one of the largest law firms wants to take advantage of it.
DLA Piper will continue advising on a range of legal matters in the cannabis industry, including the changing regulatory environment around the world, thus helping its clients understand and keep up with all legislative regimes in the growing industry. It will also focus on the medicinal products market, publicly acknowledging the proven benefits of cannabis and supporting further research.
It is expected that more and more companies and brands from all industries will follow in its footsteps. This is inspired by the predictions for the cannabis industry for the next decade. It appears that Europe has the potential to become a market leader, and everyone is watching closely.
Let us take a look at some predictions.
According to some estimates, spending on legal cannabis globally will reach $66.3 billion by 2025. The recreational cannabis market will cover 67% of the spending, while medical cannabis and the
CBD market
will cover the remaining 33%.
Other predictions say that the European cannabis market will reach $136 billion by the end of 2028. The United Kingdom’s market should reach
£2.31 billion by 2024
, and if Germany joins the legalization trend, its market could reach
$9.39 billion by 2028
.
On the other hand, Asia’s medical cannabis market could be worth $5.8 billion, Oceania’s cannabis market could reach $2.7 billion, and Thailand’s cannabis market could hit $661 million by 2024.
There is no doubt that the cannabis industry will become one of the biggest industries in the world, especially if it continues to grow at this rate. One thing is certain as well: all of those deciding on this venture are going to need professional legal advice.
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