Over the past few years, cannabidiol (CBD), a chemical found in marijuana and hemp plants, has been gaining traction as more people have witnessed its benefits. In fact, the European cannabis market is estimated to be worth €123bn by 2028, according to a report by Prohibition Partners. To add on, the UK government legalised medicinal cannabis on Thursday November 1 2018. This is proof that more CBD startups would be mushrooming globally as well as across the UK.
Additionally, many European companies are trading with startups in the UK cannabis market. Now, Switzerland-based Pure, the self-declared largest cannabis and hemp producer in Europe, has struck a deal with Scottish CBD supplier Always Pure Organics (APO) to distribute its CBD products in the UK. This deal is estimated to be worth £5m in value just in the first year alone.
Pure has been responsible for distributing CBD to manufacturers in the health and wellness, pharmaceutical, vaping, cosmetics and sports sectors in 20 out of 28 EU states. And with its new venture into the UK, it plans to expand its trade and disseminate its product throughout Blighty.
Commenting on the new alliance, Gavin Ogilvie, managing director of APO, said: “Pure are a global force in the world of cannabis and hemp. It is very exciting to forge strong partnerships like this in such a young industry – together we aim to become household names in the European cannabis industry.”
The cannabis market might have been burning slowly in the past but looking at its benefits and medicinal uses, startups in this sector look set to inhale the sweet smell of success.