By Emily Ledger
This week, First Wednesdays launched their UK Cannabis Ecosystem, mapping out the core industries and companies behind the UK’s Cannabis market. The ecosystem is divided into the core segments of the market, outlining the major UK-headquartered companies in each segment.
European cannabis network First Wednesdays has revealed that this will be the first of a series of Cannabis Ecosystem maps, with future editions illustrating the major European cannabis market players. FW’s Cannabis Ecosystem puts a focus on interesting and innovative players in each of the market sectors.
According to the First Wednesday’s team:
“We felt it was important to take a closer look at current activity in the UK cannabis ecosystem and how much it has grown since we started 2 years ago.”
The UK’s commercial and medical cannabis/cannabinoids market has seen significant growth in recent years with the CBD products becoming increasingly mainstream. Large high street chains including Holland & Barrett, Tesco, and Boots have entered into this market alongside independent brands.
According to a study by Alphagreen – the largest ever CBD survey:
“15% of UK adults reported using CBD products in the first four months of 2020, at a total cost of £155 million.”
In addition, medical cannabis prescriptions have been steadily on the rise since the drug was rescheduled back in 2018. It is also noted that the cost associated with medical cannabis prescriptions in the UK are coming down, making the medicines more accessible month-on-month.
The FW Cannabis ecosystem report provides key insights about this growth and where the sector may be headed in the future. In addition, views on the market are provided by industry professionals. The report compiles information from the public sector and the First Wednesdays’ member database.
FW members will have access to the Cannabis Ecosystem map via their registered email accounts. Non-members can sign up for free to access a copy.
About First Wednesdays
First Wednesdays is a network for entrepreneurs and investors operating in the European cannabis sector. The network began two years ago as a gathering of 15 people. Now, however, it boasts over 3,500 members across the UK, France, and The Netherlands.
Members of the First Wednesdays’ network have access to exclusive news, insights, matchmaking, and business support from industry professionals. First Wednesdays is the sister company of Hanway Associates – a strategic consultancy firm specialising in research, new market entry, commercial diligence, and M&A strategy for the cannabis sector. Both companies are part of The Hanway Company.