Unlike the US, Europe showed hesitation towards accepting CBD and CBD products in the market due to the varying laws in each country. However, this has changed and Europeancannabis and cannabidiol (CBD) markets are poised to grow exponentially in the next few years.

According to a research from Brightfield Group, CBD markets are predicted to rise up to over 2400% and 400% by 2023. In 2018, CBD markets made about $318 million in Europe. This amount is predicted to increase up to $416 million in 2019. In 2023, it is estimated to reach $1.7 billion.

The trend is not only in Europe but as well as in other countries across the globe. “Once established, they will pave the way for a stable and scalable medical cannabis market across the region, rather than the patchwork that is in place today,” the research group announced.

The research group, with its Managing Director, Bethany Gomez attributed the growth of the CBD market to several factors.

The trend may signal the improved awareness of Europeans about the benefits of the substance.

This also signals the change of opinions of organizations like United Nations and the World Health Organization.

“Discussions and decisions within these circles – and at the state level – have been much more friendly toward CBD’s legalization and use than that of cannabis overall,” Brightfield said.

As CBD’s reputation has grown in recent years, more people want to try the substance, some of them using CBD products as an alternative to smoking tobacco. CBD products are marketed as a healthier option.

To date, Europe’s spending power is expected to increase in the coming years, and the CBD markets is expected to benefit from this. Germany, which has the largest cannabis market in the continent, may invest more in cannabis products from $73 million in 2018 to $2.7 billion in 2023. UK and France are also expected to welcome cannabis products.

CBD use in Europe has been prohibited in food additives. This scenario may change with the recent amendment by the European Food Safety Agency to allow CBD to be found in ingestible products.

Regulations regarding cannabis use in Netherlands still restrict its distribution up to a retail level while 65 percent of the Dutch expressed their support for the full legalization of cannabis.