Why Britain should join the race to corner the cannabis market

Germany’s government is to legalise cannabis – but Britain risks getting left behind in a growing new industry, says Matthew Lynn.

Pro-cannabis-legalisation protesters in Germany
The market for cannabis might be worth up to $90bn globally by the end of the decade
(Image credit: © Sean Gallup/Getty Images)

There was not much in the platform of Germany’s new coalition government, composed of the Social Democrats, Greens and Free Democrats, to re-energise an economy that, for all its formidable strengths, has started to look very 20th century. But there’s one eye-catching pledge – to legalise cannabis, and hence take global leadership in what promises to be a major industry over the next 50 years. The coalition is committed to permitting the sale of cannabis in licensed stores or cafes, much like tobacco. (The drug has been legal since 2017 for medical purposes, and, as in the UK, the police haven’t shown much interest in enforcing prohibition.)

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.