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A joint venture! Agency on a roll in medical cannabis experiment

Savills has smoked out another money-making opportunity with a new enterprise which it claims has “enormous growth potential.”

The property consultancy is teaming up with Hanway Associates - which it describes as “a cannabis strategic consultancy” - and a glass-house builder called CambridgeHOK.

Together they have created something called Crop17 which will offer “an end-to-end solution for investors and businesses wishing to capitalise on the enormous growth potential of the UK’s medical cannabis market.” 

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The new team will specific geographical information about potential cultivation sites as well as a regulatory and operational consultancy to advise investors. 

Savills director Alex Bragg says: “The UK agriculture sector is embarking upon a period of unprecedented change. A phasing out of subsidies, a new dawn for trade, adapting to meet climate change targets and a huge growth in ag-tech presents the industry with huge challenges and opportunities. For the forward thinking and innovative farmer and grower adapting into new markets is a key priority.”

A Savills statement announcing the new enterprise cites BDS Analytics as forecasting that the worldwide legal cannabis industry generated revenues of about £11.5 billion in 2019 and is expected to grow to circa £35 billion in the next four years. 

“The potential margins from growing medical cannabis are more lucrative per gram for a grower than strawberries” says the statement.

 

In believes that the total number of medical cannabis prescriptions issued in the UK could surge from a few hundred in 2019 to more than 185,000 by the end of 2023 if the country follows a similar path to Australia, whose medical cannabis programme has grown rapidly since the government relaxed restrictions in 2018. 

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