legal cannabis market in Europe and Ireland

Someone already is a customer of a legal cannabis retailer. Instead, some read the name and do not know what they are talking about, yet CBD cannabis could become a vital economic resource for many European Countries.

Besides, you can now legally buy CBD flowers on Justbob and fully enjoy the many benefits of CBD.

CBD cannabis market in Europe

According to Fortin’s market research, the legal Cannabis business would be worth 44 million euros a year in Italy – one of Europe’s leading countries for CBD cannabis trade and industry.

And there is talk of “a minimum turnover”. Furthermore, it would generate at least a thousand fixed jobs between grow-shops and the production chain (which in turn has a significant component of seasonality, causing more work in the agricultural sector).

However, the study makes a premise: these numbers, as the others higher up, would only be reached if there were ad hoc legislation in Italy. A tempting opportunity also for the State, which, by regulating the sector, would put in cash at least 6 million euros a year more.

In short, figures that are pretty prudent and do not even describe the rosiest situation, but which, after years of crisis and declining activity, would give a good dose of encouragement to the Italian economy, enhancing a historical supply chain, that of hemp, and bringing benefits flow in disastrous public accounts.

How much is CBD cannabis currently worth?

The current market value of legal Cannabis products, without a specific regulatory framework, is challenging to establish. For this reason, the market players are taking action by financing studies and requesting meetings with institutions to regulate a greedy but currently confusing sector.

We are witnessing a flowering (it seems appropriate to say it) of grow shops and brands that distribute Italian or Swiss legal cannabis (the country where CBD cannabis was born).

According to estimates (also very conservative) of the Swiss government in Switzerland, the CBD Cannabis market was worth around 30 million dollars.

Not all brands have the same philosophy. While some companies, although at the moment selling legal cannabis with negligible quantities of THC, complies with what the Italian law provides (or does not provide, given that on CBD cannabis, there are no prohibitions, but there are not even explicit rules), from the beginning is proposed as a forerunner for legalization of Cannabis even with doses of psychotropic THC, others see it differently.

For example, the legal cannabis that can be purchased online is part of a philosophy entirely focused on health, well-being and, therefore, on the benefits of the other cannabinoid, the one in which legal cannabis is rich: CBD, a powerful pain reliever, anti-inflammatory, relaxing and natural anxiolytic with zero side effects.

What is the state of CBD legalization in Europe?

The debate over the legalization of CBD continues to generate a lot of ink and saliva. Although it is now possible to use this product in therapeutic form, many countries are still hesitant. And yet, CBD is considered a cannabinoid that does not have a euphoric psychoactive effect and does not have an addictive power. So what can we learn from the legalization of this product in Europe?

CBD has entered the catalogue of new foods:

Novel foods are food ingredients humans had not significantly consumed in the European Union before May 15, 1997. It was in 2019 that the European Commission decided to include CBD in the list of new and novel foods. This decision concerns cannabinoids as well as hemp extracts.

CBD has always been a new food in the European Union, but it was not allowed. Thanks to a modification of the preliminary assessment that the European Commission had carried out on cannabidiol oil, the compound is no longer considered a narcotic. This allows the free movement of CBD products between the Member States of the European Union. It should still be noted that the CBD flowers and leaves remain in the grey area.

The conditions of the legality of CBD in Europe

The legalization of CBD in the European Union has been adopted but considering several conditions, including the level of THC. According to Article 32.6 bis of Regulation No 1307/2013, the seeds used for planting cultivated hemp and its varieties must have a TCH level of no more than 0.2%.

Therefore, farmers are obliged to regularly check the level of CBD in their seeds if they want to harvest legally. However, it must be said that many European producers had always ensured compliance with food safety standards, even when CBD was not authorized as a novel food.

However, the unclear legal framework around this product in various European countries has caused specific harm to producers and promoters of CBD stores. With legalization, investors in the field can practice in a healthier environment.

In addition, the legalization of CBD in Europe also affects the side of its transport. Indeed, hemp seeds, called hempseed, which will not be used for sowing, must only be imported by persons with an authorization issued by a Member State of the European Union. This plays a lot in the control of this product.

LEAVE A REPLY

Please enter your comment!
Please enter your name here