In June 2022, Germany set the global market abuzz when Health Ministry officials announced legislation to be introduced later this year and implemented in 2023.
If legalized, Germany could earn €4.7bn ($4.6bn) per year, according to the Düsseldorf Institute for Competition Economics.
It is unclear if the country, which legalized medical marijuana use in 2017, will reach its goal. But since making the statement, lawmakers have listened to the global market, visiting various marketplaces and hosting experts.
While market optimism was apparent among sources Benzinga spoke with, so was uncertainty around legalization's actual timeline.
Optimism Meets New Market Worries
Much remains undetermined at this time. Some have gotten impatient, demanding action sooner rather than later.
In May, Germany's Bundestag parliament pressured the Health Ministry to introduce a bill this year or risk a fund reduction. In August, the Health Ministry confirmed it would do so.
All the while, lawmakers are educating themselves on adult use legalization, including a summer session of discussions, debates and visits to cannabis marketplaces, including California.
Education sessions included a roundtable discussion initiated by Tilray Inc (NASDAQ: TLRY), a company operating in Germany's medical market for four years. German Drug Commissioner Burkhard Blienert, who attended the discussion, reportedly presented a plan for legalization and affirmed plans for a first draft to be released in the coming months.
Two days after the early September press release, lawmakers pushed back on the idea …