Europe’s cannabis and cannabidiol (CBD) markets are set to grow exponentially over the next few years, with the weed sector set to rise over 2400% and CBD set to grow over 400% by 2023.
That’s from a new report, first seen by Yahoo Finance UK, by analytics and market research firm Brightfield Group, which provides benchmark data for legal CBD and cannabis industries.
Europe’s CBD market was estimated at $318m in 2018 and is tipped to rise to $416m in 2019, according to the report, entitled European CBD & Cannabis Market 2019 Report.
Brightfield identified two drivers that could lead to a consistent rise in CBD in particular.
For example, Germany is currently Europe’s largest medical cannabis market and Brightfield expects it could grow from $73m in 2018, to $2.7bn in 2023.