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The European cannabis market is one of the most rapidly expanding markets globally. Prohibition Partners revealed in its latest report on cannabis in Europe that the combined market size of all CBD categories surpassed €2 billion ($2.2 billion) in 2023.
The report called Germany, Czech Republic, Switzerland and the Netherlands "early adopters" that are working on developing regulatory models for the recreational cannabis market, and are "likely to set a precedent for other countries to follow."
Germany’s recent partial legalization of cannabis has shaken up the industry and moved marijuana stocks, leaving everyone wondering about a domino effect on other European countries.
By the way, the burgeoning European market will be one of many hot topics at Benzinga's spring cannabis event next month. The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024.
And, North American cannabis operators are seizing the new opportunity.
See also: Cannabis In Europe Is Smelling Good: No Great Upheavals Or Unexpected Shifts, Says Report
On Thursday, Curaleaf International, part of Curaleaf Holdings Inc. (OTC:CURLF) – which has already established its presence in the European market – announced its expansion in the Czech Republic, via a new supply agreement with Astrasana Pharma s.r.o.
The collaboration will make Curaleaf International's EU-GMP flower available to patients via Pilulka Pharmacy, a healthcare provider in the region.
“Our partnership with Astrasana Pharma s.r.o. signifies another step forward in the growing European medical cannabis market," Juan Pablo Martinez, head of Curaleaf International, said in a press release. "By working together, we aim to enhance access to high-quality medical cannabis in the Czech Republic."
Czech Republic took a step toward legalizing cannabis sales to deal with addiction problems, nearly a year ago. The project, which was meant to go into effect in 2025, included the introduction of a regulated cannabis market and strategies for managing other addictions, including alcohol, tobacco, drugs and gambling.
However, the Czech government kicked off 2024 by publishing a draft cannabis regulation bill that did not contain the previously announced regulated cannabis market. According to the Czech Pirates political party, which supports legalization, the draft is a “compromise version” that they intend to further negotiate to include issues such as a pilot testing of a regulated market.
In the meantime, further south, in Portugal where small-scale use of recreational cannabis is decriminalized and medical marijuana is legal with a doctor's prescription, cannabis companies are expanding and Curaleaf is there.
In 2023, it purchased assets, including lab and processing equipment, previously used in an EU-GMP-certified cannabis processing facility in Setúbal from Clever Leaves Holdings Inc. (NASDAQ:CLVR) (NASDAQ:CLVRW).
The growing body of businesses in Portugal includes companies such as The Flowr Corporation (OTC:FLWPF) (TSXV:FLWR), Akanda Corp. (NASDAQ:AKAN) (WKN: A3DG83), and Canadian medical cannabis giant Tilray Brands, Inc. (NASDAQ:TLRY, TSX:TLRY), among others.
On Thursday, Tilray, which debuted in Portugal in 2021, announced another achievement in the new market.
Following the approval of its whole flower THC 18, Tilray's subsidiary Tilray Medical, received the green light for the first medical cannabis extract, Tilray Oral Solution THC 5 CBD 20, in Portugal.
"With the approval of our first medical cannabis extract, we are proud to be at the forefront of medical cannabis research and accessibility and continue to demonstrate our commitment to providing innovative, safe, and effective therapeutic options to patients," Denise Faltischek, chief strategy officer and head of international at Tilray Brands, said.
Curaleaf's shares traded 3.8511% higher at $4.045 per share after the market close on Wednesday.
Tilray's shares traded 1.20% higher at $1.69 per share during the pre-market session on Thursday morning.
Come and meet the heads of both of these companies at the Benzinga Cannabis Capital Conference in Florida, at its new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!
Posted In: AKAN CLVR CLVRW CURLF FLWPF TLRY TSX:TLRY TSXV:FLWR
