CBD Producers Jumping the Pond to Capitalize on Potential Multi-Billion-Dollar EU CBD Market
FN Media Group Presents Potstocknews.com Market Commentary
NEW YORK, June 14, 2019 /PRNewswire/ -- Much has changed in the aftermath of the World Health Organization's (WHO) marijuana reclassification recommendation back in February — in particular, the potential for the European Union (EU) CBD market. Products made from the non-psychoactive cannabinoid are growing in popularity in the EU, through innovation and perseverance from North American companies such as StillCanna Inc. (CSE:STIL) (OTCPK:SCNNF), Marijuana Company of America, Inc. (OTCQB:MCOA), ICC International Cannabis Corp. (OTCPK: WLDCF) (CSE: WRLD.U), OrganiGram Holdings Inc. (NASDAQ: OGI) (TSX. V:OGI) and Aleafia Health Inc. (OTCQX: ALEAF) (TSX: ALEF).
Europe's CBD market potential is startlingly large. Leading market intelligence firm Brightfield Group predicts the estimated $318 million market (2018) to grow +400% through 2023 and be at least 2 times larger than the U.S. market. It's an opportunity not lost upon producers, such as StillCanna Inc. (CSE:STIL) (OTC:SCNNF) that has already accumulated EU CBD assets in the UK, Romania, and Poland, leading to lucrative global supply deals.
Positive momentum for CBD and medical cannabis is growing, as the WHO recommendation was soon followed by a non-binding resolution voted on (and passed) by the European Parliament.
"CBD is just starting to take hold in Europe, with both product availability and consumer awareness still quite limited," says Brightfield Managing Director, Bethany Gomez. "This is a great opportunity for developed brands to enter and expand through Europe with far less competition than we're seeing in the U.S. ... CBD has been well received on a greater scale, especially in countries that already have medical or recreational cannabis programs and there are growing efforts in countries with no cannabis or CBD programs to have one or both in the coming years."
So far, the largest CBD markets in Europe are in the United Kingdom and Austria, while Switzerland and Spain are building out and improving regulations surrounding product quality. With a population of more than 740 million people, the European market is home to more than double that of the combined populations of the United States and Canada.
Joining StillCanna Inc. (STIL-SCNNF) in the race to stake EU ground are companies both large and small, including both Marijuana Company of America, Inc. (OTCQB:MCOA), and ICC International Cannabis Corp. (OTCPK:WLDCF) (CSE:WRLD.U.CN) who have also gained ground in the UK.