Europe's CBD Market Projected To Grow By 400%

- Financialnewsmedia.com News Commentary

PALM BEACH, Fla., Aug. 25, 2020 /PRNewswire/ -- CBD is seeing monumental demand in Europe. The growth of the CBD market in Europe is growing because of the adoption of CBD infused products in industries such as pharmaceuticals, personal care, cosmetics, nutraceuticals, along with medical applications. In particular, legalisation of medical cannabis, and decriminalization in some countries, has led to a significant decrease in black-market activity, as people are shifting to legally purchasing cannabis for medical as well as recreational use. The legal cannabis industry continues to expand around the world with major contribution to the market coming from continuous legislative victories in North America and Europe. In Europe alone, the market is on course to grow 400% over the next four years, according to the Brightfield Group report. Another report from New Frontier data supports that projected growth in a report that said 46% of Europeans view CBD favorably, and up to 77% of surveyed respondents also believe CBD should be accessible in some way.  Active companies in the Cannabis market this week include World High Life Plc (OTCQB: WRHLF), Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB).

Another report focused on the European markets, by Cannabis Business Plan further supported the growth saying that: "Although the legal cannabis market in Europe is targeted strictly towards medical consumers, the consumption of hemp-derived CBD infused products for recreational purposes is legally permitted across much of the continent. According to the Orian Research Group, the current market size for CBD in Europe is about €450 million representing 31% of the global CBD oil market share, second only to North America with a market share of 40%.  It is suggested that CBD products market could account over 0.15% of the health and wellness market value by 2028. According to the latest research by the Global Wellness Institute, the worldwide wellness market grew 12.9% from a $3.72 trillion in 2017 to a $4.2 trillion (€3.5trn) in 2018. The European CBD market is projected to be worth at least €1.5 billion by 2023."