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CBD of Denver expands into Europe's largest cannabis market
CBD of Denver, Inc. (OTC Pink: CBDD), a distributor of CBD and unique CBD products sold in Switzerland and throughout Europe, is pleased to announce its expansion into the German medical cannabis market with the hiring of Bijan Hezarkhani to lead CBD of Denver's growth in this fast growing European market. Bijan has extensive experience in the cannabis industry, including building out a medical cannabis franchise in Germany. He was the business development manager for Khiron Life Sciences for the last three years, visiting doctors and pharmacies in Germany to build Khiron's medical cannabis business. Previously, he spent time at Canopy Growth as a business analyst covering Europe. Bijan will be the head of the Company's medical cannabis sales in Germany and will be based in Frankfurt.
Germany officially approved medical cannabis in 2017. Germany is the largest medical cannabis market in Europe at 15 tonnes annually and generated approximately US$300 million of revenue in 2021. According to Forbes Magazine, over a million patients in Germany will have access to medical cannabis by 2024, with the German medical market worth €7.7 billion by 2028.
The German market appears to be moving closer to adult-use legalisation, a market estimated at 400 tonnes annually, making it critical to have the infrastructure in place in country. With 83 million people, Germany is the most attractive market in Europe for cannabis. CBD of Denver believes the leaders in the German adult-use market will be those companies already having exposure to the legal market.
The medical market in Germany is import driven and requires an experienced sales force to facilitate the education process around different products.
"This is a seismic moment in the history of our company. Our expansion into the German medical cannabis market is a key part of our new strategy to diversify our revenue streams. This gives our company exposure to the largest cannabis market in Europe and allows us to expand out of our core in Switzerland," said CBD of Denver CEO Paul Gurney.
"It's amazing to hire such a great talent like Bijan with the knowledge and experience necessary to lead our entrance into this attractive market. We look forward to growing our business in Germany and the diversification benefits it provides our wholesale business," continued Gurney.
"We are in the process of building out multiple legs to the CBD of Denver story. Along with the recent Mellow acquisition, CBD of Denver is on its way to becoming a health and wellness powerhouse on the European continent. We look forward to providing more detail and an outlook for this new business in due course."
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