Europe's CBD oil market tipped to soar over 2400% and 400% by 2023

Alexander

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Mar 28, 2019
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Europe’s CBD oil market is set to grow exponentially over the next few years with CBD oil market set to grow over 400% by 2023.

That’s from a new report, first seen by Yahoo Finance UK, by analytics and market research firm Brightfield Group, which provides benchmark data for legal CBD and cannabis industries.

Europe’s CBD market was estimated at $318m in 2018 and is tipped to rise to $416m in 2019, according to the report, entitled European CBD & Cannabis Market 2019 Report. CBD is then expected to grow to nearly $1.7bn by 2023.

The market is “poised to grow more quickly with both the likely blessing of global bodies such as the UN, and the European Union’s Novel Foods Act (health and safety regulations) eventually permitting for CBD to be sold like other ingestible products on the mainstream market,” Brightfield said in the report.

Brightfield identified two drivers that could lead to a consistent rise in CBD in particular.

The group noted that organisations such as the United Nations (UN) and World Health Organization (WHO) “have maintained a strictly anti-cannabis stance over the course of decades,” but now “appear to be warming to the prospect of legal CBD markets operating outside of international drug control conventions.” On top of that, discussions at the state level “have been much more friendly toward CBD’s legalization and use than that of cannabis overall.”

Source:
https://uk.finance.yahoo.com/news/europes-weed-cbd-market-tipped-soar-2400-400-respectively-114522243.html?fbclid=IwAR0n3Q00LcONNkgpoVf_PixUR0Bh-OdKjbMX_atjBC7zVovdlc3HcTlgC18&guccounter=1&guce_referrer=aHR0cHM6Ly9sLmZhY2Vib29rLmNvbS8&guce_referrer_sig=AQAAAK8UfMa_MP0td6WEa1XMMgUHKF5gI7UIAFmwL4bsHsem4eFL6-NOIz4z2oCbP0l05UdhBsrxIQS83HN3vtk47bmY3hjQF8OOXUmQ8bU7LyDOlBIcVmWVrKtG_FKTid2t4vQ4-cqxGNSuJjZNxK6Qat21uy72UK2i3NZNoaRL0jcg