The Cannabis Industry in Spain: Export and Opportunities
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Spain has established itself as a European powerhouse in medicinal cannabis production, ranking among the top seven global producers despite lacking a regulated domestic market until October 2025. This paradox has transformed the country into a major exporter with first-class infrastructure, yet with barely explored internal opportunities.
Figures from a Growing Industry
The Spanish cannabis sector comprises approximately 70 producing companies and close to 500 direct employees. However, if hemp and CBD companies are included, the number rises to 271 companies generating 2,298 jobs. The sector's revenue reached 81 million euros in activities related to hemp and CBD.
Spain reported a production of 51.3 tons of medicinal cannabis in 2024, with 100% destined for export under licenses from the Spanish Agency of Medicines and Medical Devices (AEMPS). The consulting firm Cannamonitor estimates that exports will exceed 10 tons in 2025, mainly to Germany and the United Kingdom.
The medicinal cannabis business has experienced 46% annual growth since 2018, rising from 7 million euros that year to 28 million in 2022. Projections indicate a continuation of this upward trend driven by European demand.
Main Export Destinations
Germany has become the primary destination market for Spanish cannabis. The German country imported approximately 72,000 kilograms in 2024, more than double the previous year, following the legalization of recreational use in April 2024. The German market reaches 670 million euros annually and continues to expand.
Portugal is also a significant destination, though in smaller volume. The Portuguese country exported over 18,000 kilograms in 2024, with 50% going to Germany, but also to Spain, Poland, the United Kingdom, and Australia.
The United Kingdom represents the second-largest European market, with an estimated value of 300 million euros by 2025. The British market is growing driven by the adoption of telehealth and increasing domestic cultivation, but it continues to depend on significant imports.
Leading Companies in the Sector
The Spanish market is led by major operators with international presence:
Linneo Health, a subsidiary of Canadian Curaleaf, one of the largest cannabis companies in the world.
Medalchemy, owned by the Spanish group Torreal, with production facilities certified under EU-GMP standards.
In the CBD and derivative products sector, ProfesorCBD has established itself as the number 1 company in Spain, with 111,000 customers, 290 own products, and presence in 13 European countries. The company expects to invoice 1.2 million euros in 2025, doubling its results from the previous year.
Startups and Biotechnological Innovation
The Spanish cannabis startup ecosystem shows growing dynamism. Votum World, a Murcian-based biotechnology company founded in 2021, specializes in health and sports products with cannabinoids. The company has raised 432,000 euros in its current funding round, approaching its goal of 550,000 euros.
Beemine Lab develops innovative health solutions based on new generation cannabinoid active ingredients, focusing on well-being and sports performance.
The map of licenses to cultivate cannabis for research or medicinal production includes startups by young entrepreneurs, as well as large national and international companies, public bodies, and university projects. One in four companies authorized by the AEMPS has foreign capital.
Impact of Royal Decree 903/2025
The approval of medicinal cannabis regulation has generated cautious optimism in the sector. While it represents a historical advancement, companies believe that the direct economic impact will initially be limited due to the restrictive hospital model.
The Business Association of Medicinal Cannabis of Spain (AECAME) criticizes that the exclusion of flower and initial restrictions leave "90% of the national productive fabric out." Business models will remain export-oriented, with estimates that 80-90% of production will continue to be destined for international markets.
However, in the medium term, a positive "snowball effect" is estimated. The sector calculates that the domestic market could generate between 250 and 400 million euros annually, positioning Spain as a European hub for pharmaceutical production.
Economic Potential of Broad Regulation
Entrepreneurs like Borja Iribarne from ProfesorCBD highlight that more comprehensive cannabis regulation could transform the Spanish economy. Projections indicate the possibility of generating:
Iribarne argues that "regulating cannabis in Spain does not generate chaos, but order," citing the German example where legalization did not increase consumption among minors and generated significant economic and social benefits.
Investment and Financing
The sector attracts growing investor interest. Investments in medicinal cannabis cultivation have become one of the fastest-growing and most profitable sectors in 2025.
Investors can access the cannabis market through several avenues:
Shares of listed companies, especially Canadian and American ones that lead the global market.
Participation in Spanish startups through crowdfunding platforms like Startupxplore.
Specialized investment funds in medicinal cannabis and derived products.
Challenges and Opportunities
The main challenge for the Spanish sector lies in the misalignment between its productive capacity and the development of the domestic market. Spain boasts first-class infrastructure, industrial experience, and pharmaceutical-grade products, but its restrictive regulations limit the exploitation of its internal potential.
The communications manager for Spannabis warns: "Spain has the quality, experience, and industrial infrastructure necessary to lead the European market, but it needs an agile and competitive framework that supports its potential. Otherwise, we run the risk of the economic opportunity shifting to Portugal or Morocco."
Spanish companies are strategically positioned to supply both the national and European markets when regulations permit. The key will be to evolve from an exclusively export-oriented model to one that combines international production with a robust and regulated domestic market.
