This past year, the cannabidiol (“CBD”) craze has taken the world by surprise, showing remarkable prospect for economic growth.
According to BDS Analytics and Arcview Market Research, the CBD market is expected to surpass $20 billion by 2024 in the United States alone. Europe has also witnessed a huge demand for the most coveted cannabinoid, whose market, Brightfiled Group predicts, will grow by 400% by 2023.
Unlike the U.S. CBD market, the European CBD market is just beginning to take hold with both product availability and consumer awareness being quite limited. Consequently, Europe offers great opportunity for U.S. CBD brands to enter and expand their existing business in a less competitive atmosphere. Nevertheless, entering the European market is not as easy as it may seem.
European markets are complex, particularly when it comes to hemp-derived CBD (“Hemp CBD”). Indeed, the Old Continent is composed of 44 countries, 28 of which are member states, that have adopted 24 different languages and apply their own sets of laws and regulations. With this in mind, we now turn to the three main challenges international Hemp CBD players should consider before venturing into the European Hemp CBD market.
Novel Food Regulations
The main challenge