European Commission Considering CBD as Narcotic, Could Stymie EU CBD Market Projected to Reach €13.6 Billion by 2025
The European Commission (EC) recently suspended applications for CBD inclusion in its Novel Food Catalogue, stating CBD and other extracts from hemp flowers would be better regulated as narcotics under the United Nations (U.N.) Single Convention on Narcotics of 1961. Should the “preliminary conclusion” stand, the implications for Europe’s CBD market cannot be overstated. The ruling would not only make it impossible for Europe’s CBD market to exist in its current form, but also constrict cannabinoid research and innovation throughout the continent.
“Despite existing regulatory hurdles, demand for CBD in Europe continues to grow quickly as consumers embrace this cannabinoid for medical and general wellness, creating opportunities for large Food & Beverage and Health & Beauty brands,” said New Frontier Data Founder and CEO Giadha A. DeCarcer. “This provisionary conclusion will likely trigger objections and may increase pressure to amend the U.N. Single Convention to remove cannabis from its prohibited classification. That would have implications far beyond extracts, potentially reshaping the future of higher-THC cannabis in Europe.”
Other key findings include:
- Annual spending on CBD in the EU is expected to total an estimated €8.3 billion for 2020
- Current annual CBD spending in Germany is estimated at €1.83 billion, the highest annual spending on CBD in the EU
The EU CBD Consumer Report Series: Market Size & Demand is available for FREE Download at: http://newfrontierdata.com/EUCBD3
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the global cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policy makers. New Frontier Data’s reports and data have been cited in over 80 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C., with additional offices in Denver, CO and London, UK.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data, please visit: https://www.NewFrontierData.com.