The European CBD market is the next frontier and cannabis companies are fighting to grab a slice of it. World High Life PLC (NEX:LIFE) is bringing hard-won experience from the American cannabis market and applying it in Europe, in a well-calculated strategy to set itself at the forefront of the industry.
New Frontier Data, the global source of data, analysis and business intelligence for the cannabis industry, just published the EU CBD Consumer Report: 2019 Review, in collaboration with the Deep Nature Project and Mile High Labs. Based on the most comprehensive survey ever conducted among more than 3,000 people in 17 European countries, the first report of this kind examines European awareness and management of cannabidiol (CBD) and highlights Europeans’ general beliefs about CBD properties, its uses and possible guidelines.
“There are over 500 million potential CBD consumers in Europe, but there is still little-to-no verified information to better define and understand this new consumer group and its behavioral nuances,” said New Frontier Data founder and CEO Giadha Aguirre de Carcer. “The potential for CBD applications has increased enormously across Europe over the past year, opening up significant opportunities to build cross-continental brands. However, the successful development and launch of new CBD products requires a much deeper and more detailed understanding of CBD consumption not only across age and gender groups, but also across different countries in a very socio-economically and culturally diverse region.
World High Life is likely to become the main player in the European cannabis market
Several cannabis companies are aware of the huge potential of the European cannabis market and are aiming to gain a foothold. The CBD and medical cannabis markets in Europe are forecasted to reach the staggering value of €58 billion by 2029.
One company that has clearly set its sights on conquering this new frontier market is World High Life PLC (NEX:LIFE). WHL is an investment company that focuses on acquiring cannabis companies operating in the medical cannabis, hemp and CBD industry, which are set to dominate the European cannabis market.
To this purpose, World High Life acquired UK’s leading company, Love Hemp, and is planning to expand to other markets, starting with Germany. WHL’s strategy is likely to bring attractive financial returns, as European countries are relaxing their laws and the population is enthusiastically embracing CBD products.
The main findings of the report include the following points:
No single cannabis company has more than 10% brand awareness among European consumers, which is a sign of the immaturity and fragmentation of the market. 56% of respondents reported having heard of CBD, compared to 16% reporting having used CBD or CBD products. The most frequently cited reason for using CBD is pain relief (40%), closely followed by relaxation (34%) and stress reduction (31%). 42% of CBD consumers reported having replaced a non-prescription drug with CBD.
Almost one third (30%) of European consumers said they spend more than €100 per month on CBD products. An experienced company like World High Life can take full advantage of the market fragmentation in Europe and reap the benefits of this ready to grow market.
