More than half of the European population support legalisation of adult use of cannabis and around 30 per cent of them are interested in purchasing it, according to polling data by industry consultants on Thursday.
Europe's liberal approach could reap multiple financial and economic benefits as seen in the United States, which has witnessed a surge in cannabis use during pandemic-induced lockdowns, reports Reuters.
While the majority of Europeans support regulated cannabis shops, most do not favour growing the plant at home, according to the report by London-based consultancy Hanway and pot producer Curaleaf International.
The report comes a week after the US House of Representatives on Friday passed a bill to end the federal ban on marijuana, which has created legal headaches for users and businesses in the states that have legalised it.
"We see the European market as three to four years behind (the US), but it actually looks like Europe may initiate sweeping reform before the United States," said Boris Jordan, executive at US-based Curaleaf.
Many European countries, including Germany, have legalized cannabis for limited medicinal purposes, while others have decriminalised its general use. Malta became the first European country to allow limited cultivation and personal use of cannabis.
The European cannabis market is expected to cross 3 billion euros ($3.27 billion) in annual revenue by 2025, up from about 400 million euros last year, according to a report from research firm Prohibition Partners. Germany has been the biggest market in the continent so far.
"There is clear political desire and willingness in Germany to legalise recreational use," Joe Bayern, chief executive officer of Curaleaf, told Reuters.
"Given it (Germany) is the largest economy in Europe, we think it will lead the way and create a domino effect for rest of the continent," Bayern said.