Luxembourg is set to legalize cannabis for recreational use according to a new ruling set out by the coalition in Parliament. During this late November press conference, the democratic party and the Greens announced that this change is far overdue.
“Luxembourg is going to be the first country in the EU to legalise cannabis while the Czech Repulic, Portugal and the Netherlands either tolerate or decriminalise it. The ice is broken,” says Bill Wirtz at the group of Consumer Choice Center based in Luxembourg. Does this mean other countries in the EU will follow suit?
What happens next?
This will ultimately create a legalized, recreational marketplace in Luxembourg which, unlike places such as Switzerland, includes THC. This could evidently push Switzerland to move faster in their legalization process.
This will undoubtedly help the Dutch reform their own market as the industry is becoming more regulated on recreational and medical use.
This, of course, spells out into other EU-wide issues such as the German stock exchange which will have to allow the clearance of cannabis stocks in Frankfurt, amongst other German exchanges. Legalization in Luxembourg will affect how stocks may be listed and cleared in Germany.
This will also likely force the issue across all of Europe, although it is unlikely to move as hastily.
Learn about the latest global cannabis market at the International Cannabis Business Conference in San Francisco from February 7-8, 2019.