A new study indicates that Swiss citizens consume nearly 60 tons of cannabis per year, and the legal cannabis products industry containing less than 1% THC generates nearly one billion Swiss francs annually.
The European continent is undergoing a significant change when it comes to cannabis policy, and in many ways, Switzerland is at the forefront of this change. Cannabis products with low THC content (less than 1%), such as dried CBD, have been legally bought and sold throughout Switzerland since 2017.
A team of researchers from UNIGE and the EBP consulting firm recently conducted a survey examining the impact of current laws and policies on Switzerland’s economy.
“The Federal Office of Public Health (FOPH), in cooperation with the cantons of Geneva, Basel-City and the cities of Bern and Zurich, funded the study, which shows previously unavailable information from an economic perspective,” reads the survey results.
Read more on the subject and find the most important cannabis news from around the world with the Hemp.im mobile app.
The findings came at a time when the National Assembly’s social and health affairs committee recently launched a legislative proposal to legalize cannabis
One of the main findings of the survey is that Swiss citizens consume about 56 tons of cannabis per year, and the cannabis industry in Switzerland generates an annual turnover of about one billion Swiss francs, the study by the University of Geneva and the EBP consulting firm shows.
The study found that the cannabis industry’s “total gross value added” to the Swiss economy was comparable to the country’s production of automobiles and auto parts and that the cannabis industry’s labor force “is similar to the employment generated by Swiss insurance companies.”
The findings came at a time when the National Assembly’s social and health affairs committee recently launched a legislative proposal to legalize cannabis. The results show that the current illegal market is a burden on public costs, while the legal cannabis industry generates large profits and reduces the burden of retaining cannabis consumers.
“We, therefore, need a well-regulated market that ensures the protection of children and young people,” – Adrian Gschwend, head of policy and implementation at FOPH, said.
“This study […] provides essential information on the economic impact of current and alternative regulatory scenarios that will add new quality to the legislative process for regulating cannabis in Switzerland,” Dr. Sandro Cattacin, a full professor at the Department of Sociology at the University of Geneva, said in a summary of the study.
Medical cannabis in Switzerland
On June 22nd, the Swiss government announced that it would lift the ban on the use of cannabis for medical purposes, according to an amendment to the Swiss Narcotics Act, which parliament approved in March 2021. According to Agence France Presse, the government “intends to make it easier for patients to access cannabis for medical use.”
“The decision to use a cannabis-based drug for therapeutic purposes will rest with the doctor in consultation with the patient,” the government said of the amendment. As of August 1st, patients will no longer need to obtain approval from the Federal Office of Public Health (FOPH). However, the sale and consumption of adult-use cannabis will still remain illegal.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in FaktyKonopne, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Services Gain Ground in the Post-Covid Recovery
In the post-Covid recovery, the services sector is leading the charge, with recent data showing +4.8% growth above pre-pandemic levels....
Private Sector Firms May Qualify for Attractive Tax Incentives With Certain Types of Redevelopment Projects
Private Sector Firms May Qualify for Attractive Tax Incentives With Certain Types of Redevelopment Projects. Generally, these projects are so-called...
A Great Deflation Will Divide Europe and the U.S., J.P. Morgan
J.P. Morgan analysts have noted an impending deflation. However, they say the impact will be uneven, leaving some countries better...
The Iberian Gas Pipeline Seeking to Disconnect the EU From Russian Energy
As the EU seeks to reduce its dependence on Russian energy, Spain has come forward with a gas pipeline proposal...
The Impact of Home-Grown Cannabis On the Brazilian Cannabis Industry
In Brazil, producing small quantities of home-grown cannabis is authorized. But how big is its impacts on the commercial cannabis...
Cannabis2 weeks ago
Why Tilray Shares Rose This Friday Morning
Featured2 weeks ago
Depression, or No Depression; That Is the Question
Biotech1 week ago
Experience of Covid-19 Rapid Tests Opening the Door to a Medicine of the Future?
Cannabis1 week ago
New Research Shows CBD Relieves Severe Anxiety in Young People