France’s CBD shops are rapidly multiplying. This is the first sign that the industry could thrive after recent amendments that confirmed cannabinoids legality throughout the European Union.
Based on the Le Monde newspaper, the number of cannabinoids (CBD) shops has quickly multiplied from about 30 to 300. This figure grows every day as business folks scramble to launch retail outlets. According to real estate agents, the demand for spaces is high in major cities such as Lyon, Marseille, Paris and Bordeaux.
Uzan Kevin from Commerce Immo commercial real estate department said that from a hundred calls daily, his agency receives 15 people seeking commercial CBD locations in Paris. He added that these people are searching for bohemian-design areas such as Saint-Michael, Saint-German, le Marias, Republique and Bastille.
France developments come after the European Caucus ruled in November that cannabinoids aren’t drugs. The decree came on the judgement heels where the ECJ (European Union Justice Court) gave a verdict that cannabinoids can’t be classified as a narcotics and their products should be transported freely within EU’s member countries like other goods.
The ECJ scenario originated from an appeal by two entrepreneurs who got arrested for retailing CBD vape items within the French market. The products were manufactured in the Czech Republic.
Based on le Monde, various CBD stores, health foods, natural outlets and other sellers have been providing CBD throughout Europe despite the uncertain legal status within member states. However, France specifically prohibited the use and harvesting of hemp flowers in 2018; thus, eradicating any local production and drastically minimizing the number of cannabinoid stores across the country.
French CBD purveyors and those in other EU countries have encountered several CBD-related issues with law enforcement since the compound was undefined by the European Commission up to last month.
As French laws and those of other member states begin adhering to the ECJ verdict, hemp businesses are gunning for strategic roles in the production. However, according to Haile Sellasse Tefari, the rules will take time before being enacted.