The chief executive of the first cannabis company to IPO in London believes the UK can become a hub for the fast-growing industry in Europe.

“There’s no doubt that this is a huge industry, there’s no doubt that it’s bringing a lot of jobs and taxes,” Avihu Tamir, chief executive of Kanabo, told Yahoo Finance UK.

“Now the question is if the UK has an opportunity to lead the path in Europe? I think the answer here is easy as well. There’s no leader for medical cannabis in Europe. The potential is huge.”

The global legal cannabis market is worth $17.5bn (£13bn, €14bn) and forecast to grow to $65bn by 2027. Growth is being driven by the legalisation of recreational cannabis in parts of North America and increased adoption for medical use worldwide.

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