Surfing and weed seem to go together.
Portugal, one of Europe’s top surfing destinations has embarked on a mission to become the leader of EU medical marijuana. On the way to the top Portugese cannabis is guaranteed to bring some major market competition.
The Republic of Portugal is the oldest country in Europe. It’s located next to Spain in Southern Europe’s Iberian peninsula. It’s Atlantic coastline makes great waves for surfers. Rich soil, abundant water supply and mixed climate make it a cultivators’ dream.
Northern Portugal’s Atlantic coast is cold and rocky. The northern interior is mountainous and wild with very few settlements.
The southern coast is home to some of the world’s best surfing spots. Algarve, the southern province, is warm and fertile. The perfect place for economic, prudent, outdoor cannabis cultivation.
Portugese officials are taking measures to cultivate. With the right moves they can position the country as Europe’s leader in medical marijuana.
Regulators took their first action steps for Portugal’s cannabis opportunity in 2017. That year INFARMED , built a plantation to cultivate medicinal cannabis. INFARMED is a division of the Portugese Health Ministry. Its cannabis farm was the first legally operating cultivation site in Portugal.
The following year, 2018, Portugal legalized medical cannabis use. The same year INFARMED granted several cannabis companies “pre licenses”. “Pre Licenses” are a letter stating the fitness of the company to apply for the license.
Portugal’s vision of a thriving medical marijuana market was coming to life. The Portugese government was ready to begin cultivation. They allowed a few companies to begin without the prelicense. These companies could import genetic material and test.
The country would need a robust supply to provide for patients in export markets as well as its own.
Portugal has a population of more than 10 million. And with all those people there are bound to be some stoners.
Analysts estimate 711,215 pot users live in Portugal. Making the annual value of the Portugese market alone to be around €935 million. Factors are favorable in Portugal. The opportunity for a robust cannabis industry is there. Standards for production are high and the cost of cultivation is low. And the demand for high grade cannabis is there.
Add to this the revenue made from EU exports and there’s plenty of profit to go around.
Where there’s profit there’s cannabis companies. Several companies have sought the Portuguese cannabis opportunity. They applied for and received “pre license”. Now they’re ready to move on to the “definitive” license so they can cultivate, export and sell.
A definitive license grants a company the right to cultivate, sell, and export. So far this year nine companies have their definitive license. And others are soon to follow.