Marijuana stocks have continued to move into the international space over the past year or two given the friendlier market abroad. With countries like Germany and specific areas in Africa choosing to legalize the use of cannabis, it seems as though more and more companies are making their entrance into the legal weed market.
Of course, the tax benefits to the government are one of the largest driving factors, but additionally, countries can see their GDP’s rise in the billions just by legalizing cannabis.
One of the largest pieces of news to hit the market was back on Friday when tobacco giant Altria (MO)
decided to take a massive stake in the company Cronos Group (NASDAQ:CRON). This helped to push a large rally throughout the market with Cronos shooting up as much as 25% during intra-day trading. This of course, helps to illustrate how quickly the market is shifting for the future.
In terms of international marijuana stocks, International Cannabis Corp. (WRLD.CN)(KNHBF) as the name suggests, has been working to have operations abroad in various world markets. ICC works not in the traditional grower methodology of cannabis, but rather in licensing and producing products for various markets around the globe. The company recently acquired Enigma Unipessoal LDA, with a common share offering of around 18 million shares. The company Enigma works as a massive hemp producer based out of Portugal.
Hemp has increasingly become a large industry as the uses for the production of CBD and other hemp-based products are skyrocketing. The medicines that they produce are also some of the top-rated hemp based medicines in the market, which makes this acquisition make that much more sense.
ICC is only one of a handful of companies that have expanded their operations deeply into the international markets. Within this, however, there is still a large amount of room for improvement.
One of the largest global markets as mentioned earlier is Germany. Germany currently has the potential to be the largest European industry on cannabis since they have had medicinal weed legalized since back in 2017. The country has predicted that sales for legal marijuana by the end of 2022 could reach as much as $1.6 billion. This number comes in with around $263 million in spending this year alone. With as much as 700,000 consumers currently purchasing legal weed in the industry, Germany is one of the countries to watch as the future rolls on.
The Cronos Group recently entered into an exclusive distribution group with the company Peace Naturals. These products will be able to be distributed throughout the German market, as the latter company has a massive domestic distribution network. Cronos will begin shipping in the next few months, the entrance into the German market is critical for Cronos’ international successes. Mike Gorenstein, the CEO of Cronos stated that “we are ecstatic to partner with Pohl-Boskamp, an established and reputable pharmaceutical leader. This partnership allows us to leverage an existing industry leading pharmaceutical distribution channel to immediately create the world’s largest medical cannabis distribution platform.”
Of course, all of these factors take time to settle down, but the future of international cannabis continues to look extremely exciting.
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