Kannaway’s efforts to promote CBD in Europe lead to official government certification by Bulgaria to distribute its CBD products in the country.
Medical Marijuana, Inc. subsidiary Kannaway has received the first-ever authorization in Bulgaria to sell hemp-derived CBD products to customers in the country. This is an important milestone for Kannaway’s efforts in Europe, where the company has been actively building its presence in the European Union since November of 2017, officially launching with its grand opening event in November of 2018.
The policies regarding CBD from hemp in Europe are still unclear as this new market is taking shape. Kannaway has been working to legally provide customers in the European Union with top quality hemp and CBD products. This move by the government in Bulgaria to officially regulate and certify the sale and export of hemp-derived CBD is a crucial step toward standardization of CBD policy across the EU market.
“As a company of firsts, we look forward to trailblazing the international CBD market as advocates of this compound’s potential benefits,” said Kannaway Vice President of International Alex Grapov. “We have met with all of the appropriate regulatory bodies to ensure that our operations are within the bounds of the law creating a stable opportunity for our customers and Brand Ambassadors.”
This authorization by Bulgaria certifies that Kannaway’s imported goods are “normally and freely sold” in the country’s open markets and are approved for export.
The CBD industry was worth an estimated $318 million in 2018 and could grow by 400 percent by 2023. Kannaway is positioning itself to become the industry leader by taking the steps to open these local markets to its CBD products.
“As the EU continues to navigate its stance on CBD, we are proud to continue paving the way for the acceptance of CBD in Bulgaria just as we have in many other countries around the world,” said Kannaway CEO Blake Schroeder. “With this authorization, we hope that we can establish our company as pioneers in Bulgaria’s CBD industry and leaders in CBD education throughout Europe.”