Canadian acquisition underscores CBD’s potential in Europe

A Canadian marijuana producer cited hemp and CBD’s potential in Europe as it announced plans to acquire a smaller Canadian company with a CBD subsidiary in the Netherlands.

The announcement Wednesday that Toronto-based Supreme Cannabis plans to acquire Truverra underscores the interest in accessing European markets.

Supreme valued the acquisition at roughly $20 million.

Supreme Cannabis noted that Truverra Europe already has distribution on the continent and will “provide an additional entry point into Europe’s CBD wellness market.”

The move comes amid uncertainty in the European CBD market.

European Union regulators have said the molecule can’t be added to foods or dietary supplements without additional scientific review, something European hemp producers are trying to undo. (As in the United States, CBD products are broadly available in Europe despite conflicting guidance from health regulators.)

Supreme is traded on the TSX Venture Exchange as FIRE. Truverra is privately held.