Weed Giants Tilray And Curaleaf Ramp Up Presence In Europe, Here's Why
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. Moreover, 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. On Thursday, Tilray - which debuted in Portugal in 2021 - announced another achievement in the new burgeoning 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. In the meantime, Curaleaf International, part of Curaleaf Holdings Inc. - 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.
