With Federal Legalization Stalled, Cannabis Companies Are Finding A New Green Rush In Europe

Marijuana entrepreneurs in America have high hopes for growth in the EU, which has friendlier regulations and lower taxes. Here’s why it could bloom into a $50 billion market that eclipses the U.S.

Alex Kwon, the cofounder and CEO of California-based vaporizer hardware manufacturer Active, started selling his THC oil vape tech to cannabis companies in the United Kingdom about two years ago.

“We started with putting our toe into the European market, but now we have a swimsuit on and we’re walking in up to our belly,” says the 40-year-old Kwon, who cofounded the company in 2018. “Soon we will be diving in.”

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“I think Europe is the battleground where cannabis is going to be won—it’s the gateway to the rest of the world,” says Kwon.

The U.S. cannabis market is projected to grow from $32 billion in annual sales to about $46 billion in three years, a 44% growth rate, according to data firm BDSA. But the EU is expected to grow 115% over the same period. And while cannabis companies in the U.S. cannot transport product across state lines, EU business can grow the crop in one country and export products around the continent.

Read the full story at Forbes