Two North American industry service companies have made moves in to the booming European cannabis market.
Florida-based Greenlane Holdings – a seller of premium cannabis accessories – is to acquire Conscious Wholesale, a European wholesaler and retailer of consumption accessories, vaporizers, and other products.
Conscious distributes a broad selection of products to approximately 700 customers in more than 20 European markets. It also operates a retail shop in the Netherlands as well as e-commerce websites, including vaposhop.com.
Euro-Wide Logistics Deal
In addition to this acquisition Greenlane, announced in a market statement, has also entered into an agreement with UK-based Access Fulfilment for Euro-wide logistics services. Meanwhile, Canadian cannabis, e-commerce, technology company CannaOne has entered into a joint venture with digital marketing brand LevelOut U.K.
Up until now most listed North American companies entering the European space have been licensed producers, but these developments highlight the growing opportunities now available on the continent. Listed on the NASDAQ Greenlane’s in-house brands include Pollen Gear; VIBES rolling papers; the Marley Natural accessory line; Aerospaced & Groove grinders, and Higher Standards. It also owns and operates Vapor.com
Aaron LoCascio, its Chairman and Chief Executive Officer explained how the deal with Conscious created opportunities to boost the distribution of its ‘third-party suppliers and house brands’.
Significant European Move
“These businesses are highly synergistic with our existing distribution, retail and e-commerce capabilities, and are led by a talented team with a strong culture that is an excellent fit with Greenlane,” he added..
Mr LoCascio went on to say the Access Fulfilment’s arrangement will ‘significantly expand its access to the European market’. Greenlane is expecting to pay around to 7.5 million Euros for Conscious with 4.5 million Euros, of this, to be paid up front.
CannaOne Technologies CEO Solomon Riby-Williams said it was attracted to LevelOut by its strong sense of ‘direction and trend in the U.K. CBD Market’. It said in a market statement the JV would also open up its popular U.S BWell market place to European brands and consumers.
He added: “The progression towards the consummation and launch of this JV could not be timelier, as UK and European consumers are ever keener to source and utilize CBD Products.”
The European CBD market is set to grow by over 400% over the next few years, according to research from the Brightfield Group
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