Canadian pot producers may scale back in Europe: industry report

Canadian pot producers may scale back in Europe: industry report

DECEMBER 1, 20205:34 AM UPDATED 2 MONTHS AGO By Shariq Khan

(Reuters) - Canadian cannabis producers are likely to scale back their investments in Europe as they come under pressure to cut costs and deliver profit, two industry consultants said in a report released on Tuesday.

Depending on the pace of legalization, the market for European cannabis could grow at a compound annual rate of 52% for the next five years, hitting $3.1 billion in sales by 2025, research firm Brightfield Group and consultancy Hanway Associates said.

They, however, projected the current market at just a tenth of that value and said some Canadian companies may choose to follow two of the sector’s big players - Aurora Cannabis Inc and Canopy Growth Corp - in trimming spending outside North America.

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Source : Reuters

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