UK cannabis oil sales to hit record in 2018
A record number of UK cannabis products are expected to hit the market this year, with sales of the oils being a significant driver.
A new cannabis product category will also enter the market next year, as companies launch products for patients with cancer and others with severe conditions.
Read more: “There’s a lot of enthusiasm about it, and people are really getting on with it,” said Andrew Smith, chief executive of UK-based company, UK-registered cannabis oil company, Theranos.
“The whole industry is very well organised.
We have to be very careful about marketing that is not as clearly marketed as other products, as they might have a similar effect on people with the same symptoms,” he added.
The new cannabis products category, Theraco UK, will launch in the spring.
Theranos’ UK branch is already planning for a new cannabis oil market.
Its new cannabis oils will be aimed at patients with a variety of conditions, including Crohn’s disease, multiple sclerosis, epilepsy and some types of cancer.
It will also be sold under its Theraco brand, as well as under Theranos’ other brands Theranos Health, Thermaceuticals, Thermo-Gel, Thermopress and Theranos Biosciences.
“Theranos has always been a cannabis company, we’ve always sold cannabis, but we’ve only really recently realised how important it is,” said Mr Smith.
The UK-listed company has already received more than $1bn (£650m) in funding, from private investors and state-owned funds, and has so far invested more than £6bn in its global cannabis business.
Mr Smith said it was “quite a good year” for cannabis.
He added: “We’re going to continue to invest in this industry because there’s a big opportunity there.”
The new categories, which include cannabis oils, are expected not only to generate a lot more money, but also help to make the industry more attractive to patients, who have a lower tolerance to pain and other ailments.
UK-registered companies will be able to sell their cannabis products to consumers in the EU and Canada.
But the UK has no law governing cannabis, and the use of cannabis is not legal in the UK.
While Mr Smith said he hoped the UK-registrable cannabis industry would grow to take up the UK’s entire cannabis market by 2020, the future of the cannabis industry in the country is uncertain.
A spokesman for the Cannabis Act, which allows for cannabis to be grown, sold and taxed in the Republic of Ireland, said: “It is important to remember that the UK Cannabis Act is the law of the land and is not the law in the United Kingdom.
I am not aware of any other country that allows cannabis to grow in the way it does in the Kingdom of Great Britain and Northern Ireland.”
The UK’s legalisation of cannabis, which has been in place since the late 1980s, came after a two-year period of debate and debate, with some opponents of the law arguing that it would open up a black market in the cannabis plant, and create a new legal black market.
But the number of licensed growers has surged in recent years, and there are currently over 1,500 registered cultivators in the British Isles.
The UK is expected to become the fourth country to legalise cannabis next year. More: