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European Market: Medical Cannabis Is Heating Up

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Jul. 24 2020, Updated 10:03 a.m. ET

European market

In the European market, medical cannabis products are heating up. More companies are focusing their resources to capture growth in the European market. In Canopy Growth’s (WEED) (CGC) earnings call on June 21, it said that the European market has substantial upside potential. Canopy Growth’s biggest presence is in the German market. The company also entered the Czech and Polish markets. Canopy Growth has a supply facility in Denmark.

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Early on June 26, Tilray (TLRY) issued a press release. The company imported an oral medical cannabis solution into the United Kingdom in bulk. In the press release, the company said, “Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients’ quality of life.”

US on the fence

There’s increased acceptance for medical cannabis products in the European market, which is going to be important for cannabis players—in stark contrast with the US.

On May 31, the FDA had a public hearing on the uses of CBD-derived products. Ned Sharpless, the FDA commissioner, said, “There are real risks associated with [THC and CBD] and critical questions remain about the safety of their widespread use in foods and dietary supplements, as well as other consumer products — including cosmetics, which are subject to a separate regulatory framework.”

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