Curaleaf International, a subsidiary of US cannabis giant Curaleaf Holdings CURLF, is urging the British government to take immediate action against the rapidly growing online illicit cannabis market, which is allowing street cannabis to be sold from unregulated websites and platforms. The company’s latest report reveals that illicit online cannabis sales have grown 50% over the last two years and increased by 67% across open web retailers.
“The findings in this new report echo our concerns across the globe, and highlight serious risks to patients in the UK,” stated Boris Jordan, chairman and CEO of Curaleaf. “Similar testing done previously in the US found contaminated products in illegal dispensaries, and this is an issue that weighs on all of us in the industry. Without controlled and legal access to tested, regulated cannabis, patients and consumers are left vulnerable to extreme health risks. Lawmakers around the world must act now to enforce laws against the illicit market and widen access to legal, regulated cannabis products.”
Curaleaf’s report, developed in partnership with Manchester Metropolitan University, also found that illegal cannabis is often contaminated with dangerous substances such as mould, lead and synthetic cannabinoids, posing severe health risks to the 1.8 million people in the UK who use the product to self-treat medical conditions. This unregulated market not only endangers public health but also undermines the legal, medical marijuana industry, which adheres to strict quality and safety standards.
Despite dangers including respiratory issues, neurological damage and increased risk of infection, one in five (17%) cannabis consumers mistakenly believe illegal cannabis is safer than regulated medical cannabis or don’t know the difference, highlighting an urgent need for public education to tackle the illicit market and safeguard consumers.
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Improve Patient Access
Per the report, as much as 73% of consumers are buying illegal cannabis to seek relief from health conditions like chronic pain, insomnia and anxiety – many of whom could be eligible for legally prescribed medical cannabis.
While it is possible to access medical marijuana through the NHS, this rarely occurs and only in severe cases of epilepsy, chemotherapy-caused nausea or certain cases of muscle stiffness associated with multiple sclerosis. Since medical marijuana is not widely available via the NHS, many families struggle to afford life-saving medicine for their children.
New research commissioned by the Cannabis Industry Council (CIC) and Drug Science revealed that allowing medical marijuana to be prescribed on the National Health Service (NHS) for chronic pain could save the national healthcare provider nearly £4 billion annually ($5.19 billion).
Curaleaf International advocates for a reform strategy that encompasses tightened regulation of illegal channels, public awareness initiatives, policy changes to improve patient access to medicine and expanded research into medical marijuana.
“While the online market for illicit cannabis is growing year on year and remains completely unregulated, the UK already has a legal medical cannabis market in place, which adheres to rigorous safety and quality standards,” said Juan Martinez, head of Curaleaf International. “Our research has found alarmingly high levels of contamination in illegal cannabis, putting consumers’ health at serious risk. If the UK government is truly committed to safeguarding public health and supporting legitimate businesses, it must do more to improve patient access to regulated medical cannabis and enforce stricter regulations on illegal sales. This includes educating the public on the benefits of regulated cannabis products and enhanced policing of internet search engines and service providers. By curbing the illicit market and expanding access to legal, regulated options, we can better protect vulnerable individuals and dismantle illegal operations.”
Price Action
Curaleaf shares closed Wednesday’s market session 0.29% lower at $3.41 per share.
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