Since April 1, cannabis in Germany is no longer classified under the Narcotics Act. This legislative change not only provides a new legal framework but also offers numerous opportunities for pharmacies. Although the majority of pharmacy owners initially view the partial legalization critically, some recognize the potential this market offers. According to the latest Apokix survey by the Institute for Retail Research (IFH) Cologne, 19 percent of respondents see opportunities in legalization for their pharmacies.
Opportunities for Pharmacies: Expanding Product and Service Offerings
Around one in ten owners (11 percent) see potential through a possible expansion of product and service offerings. The demand for cannabis products is continuously growing, and pharmacies could play an important role here. Legalization opens the door for new product lines and specialized advisory services that can benefit patients.
Revenue Increases and New Customer Groups
In addition to expanding their offerings, 9 percent of respondents expect revenue increases from dispensing medical cannabis on prescription. The market for medical cannabis is already showing considerable growth. Last year, public pharmacies accounted for 350,000 dispensations of cannabinoid-containing preparations and cannabis flowers covered by statutory health insurance. This represents a 40 percent increase compared to 2020, according to an analysis by the German Institute for Drug Testing (DAPI).
Detailed Breakdown of Cannabis Dispensations
According to the analysis, out of the 350,000 dispensations covered by statutory health insurance, 138,600 prescription lines were for imported cannabis flowers, and 207,400 prescription lines were for cannabinoid-containing preparations and substances. Medicinal cannabis grown in Germany was dispensed less frequently by pharmacies last year, with 3,600 prescription lines, compared to 4,600 prescription lines in 2022.
Increasing Customer Inquiries and Educational Needs
Since legalization, more than a third of pharmacies (37 percent) have reported an increase in customer inquiries about cannabis and cannabis products. This increased demand offers pharmacies the opportunity to tap into new customer groups. Seven percent of the surveyed owners hope to attract new customers due to the changed legal situation.
Important Role in Education
Additionally, 40 percent of respondents believe that pharmacies will play an important role in the future in educating the public about the safe use of cannabis. This underscores the importance of pharmacies as trusted sources of information and advisors on safe consumption practices.
Conclusion: A Market with Great Potential
The legalization of cannabis offers pharmacies a variety of opportunities. From expanding product portfolios and increasing revenues to attracting new customers and playing a crucial role in education – the cannabis market opens numerous possibilities for pharmacies. Given the positive developments and growing demand, more pharmacies should take the step into this promising market and actively utilize the opportunities provided by legalization.
