CBD Shops In France Increase Following EU Ruling; Some Project €1B Market – Yahoo Finance

EU Rules CBD Is Not Narcotic

Back in November, the European Court of Justice ruled that CBD is not a narcotic, thus opening doors to legal sales of CBD products in EU member states.

The ruling arrived in connection to the case in which the two businessmen were prosecuted by French authorities for selling CBD vaporizers that were legally produced in the Czech Republic.

France Welcomes The Decision

The consequences of the ruling are being seen across retail stores that offer CBD products in France, reports HempToday citing the Le Monde newspaper.

The number of CBD shops reached 300 from 30 at the beginning of the year, with real estate agents claiming that the demand for locations is high in big cities like Paris, Lyon, Marseille, and Bordeaux, writes the outlet.

“Out of around 100 calls per day, we are receiving 10 to 15 from people looking for commercial sites for CBD in Paris,” Kevin Uzan of commercial real estate agency Commerce Immo, Paris, told Le Monde. “They are looking for bohemian-style neighbourhoods such as République, Bastille, le Marais, Saint-Germain, and Saint-Michel.”

According to LeMonde, France banned the harvest and use of hemp flowers in 2018, hence wiping out any domestic manufacture, and therefore limiting the number of CBD shops in the county.

Most CBD sellers in the EU countries, including France, had various issues with law enforcement in regards to CBD, which had unclear status prior to the ruling.

With the new turn of events, the market may see new French CBD brands, but according to HaïleSelassé Tefari of organic hemp company Le Canebier, companies may experience various issues with uninformed authorities, reports HempToday.

Market Potential

Aurélien Delecroix, president of trade group le Syndicat professionnel du chanvre (SPC), says the market has a potential of reaching €1 billion in a short period of time.

HempToday explained that The Syndicate was launched back in 2018 after the ban was put to “take up the effort to free hemp flowers.” The Syndicate counts around 90 manufacturers, processors, distributors, and stakeholders from the hemp and cannabis sectors.

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Source: https://finance.yahoo.com/news/cbd-shops-france-increase-following-144115912.html

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