According to a French group’s statements after the launch of the Parliamentary status report, implementing changes to France’s prohibitive CBD regulations could project the state to a higher tier in the coming years.
Syndicat Professionnel du Chanvre, a French hemp commission, estimated that France’s CBD market is currently between €150 and €200 million and that figure could reach €1 billion come 2023 if regulatory changes are adopted.
The report states that these details show that the hemp sector’s growth within the country is affected by sturdy legal uncertainties and subtle reluctance by both national and European authorities.
It adds that the fact-finding procedure shows that this reluctance unnecessarily affects market growth where the country holds dominance potential.
The report shall steer French legislators into reshaping countrywide legislation in 2021. As part of a broader government focus into industrial hemp applications, the study acquired input from industry federations, local governments, European Commission officials, local governments, academics, attorneys and hemp venture stakeholders.
Aurelien Dececroix, SPC president, asserted that this legislature’s report is moving in the appropriate direction. He added that France would be able to acquire a foothold in the new industry while making up for the postponements it has experienced.
SPC pointed out that the country’s existing hemp regulations that prohibit the use of the plant’s leaves and flowers have put the nation behind markets like the United States, Switzerland, and Great Britain.
Despite the stringent restrictions, stores that sell cannabidiol in food commodities, cosmetics, smokable flowers, e-cigarettes and oils have quickly multiplied. According to SPC, France has about four-hundred such retailers.
France’s parliamentary report comes after the EU ( European Commission) removed CBD as a drug during 2020. This development occurred on a judgment’s heels where ECJ, European Union Justice Court, concluded that cannabidiol cannot be classified as a narcotic and that cannabidiol commodities should also enjoy the zero-charge movement of commodities among member countries like other legal commodities.