Europe could be the largest cannabis market in the world!
Between 2013-2016 some 79,500 tons of hemp were produced across Europe. In 2016, European countries produced hemp on more than 80,000 acres, equating to an estimated value of €50 million.
The EU has an active hemp market, with production in most member nations. Production is centered in France, the Netherlands, Lithuania, and Romania. Many EU countries lifted their bans on hemp production in the 1990s and, until recently, also subsidized the production of “flax and hemp” under the EU’s Common Agricultural Policy. Most EU production is of hurds, seeds, fibers, and pharmaceuticals. Europe, particularly France and Finland, have a long history using hemp for fibres, construction material and textiles, though in the last 25 years this sector has come into bloom, increasing production by upwards of 500% (that’s 250% in 8 years).
As advocacy groups have battled for legalization on both the state and federal level, the CBD and marijuana markets in the United States have experienced enormous growth in the past few years, to the degree that one estimate suggests the legal marijuana market will be worth more than $146 billion by 2025. While the European Union has experienced less explosive cannabis market growth due to the complex and widely varying cannabis regulations in each individual country, that’s poised to change, according to a recent report from the Brightfield Group, an analytics market and research firm.
The following article make a very compelling case for optimism about the growth of CBD markets throughout Europe.