In September 2020, the Financial Conduct Authority allowed foreign and domestic medicinal cannabis companies to list on the London Stock Exchange, opening up the UK market. The UK is one of the largest exporter of medical cannabis in Europe. In 2020, there were 11 UK deals which raised €35 million in comparison 174 deals in the US which raised around €983 million.
Sadiq Khan, Mayor of London recently announced that he would launch a review into decriminalizing cannabis if he were reelected in May. Mr Khan noted that further relaxing to regulation in this sector is likely to lead to further investment from VC funds and that "Cannabis is a low-hanging fruit, or plant in this case, that can be leveraged for tax".
Link to the related article: https://pitchbook.com/news/articles/decriminalization-uk-vc-cannabis-deals