A London-based cannabis retailer is taking its operations to new heights, after striking a $2.6-million deal that will serve as a “gateway to Europe.”
Indiva has acquired a cultivation and handling licence in Denmark by going into business with agricultural tech company AEssenceGrows, which will also allow the producer to export its cannabis goods into other European Union countries.
“It opens up a market of 500 million people,” said Indiva CEO Niel Marotta.
Several countries in the European Union have legalized medicinal marijuana, including Denmark, Germany, Greece, and Malta. Marotta told 980 CFPL by entering the European market, Indiva is trying to “get ahead of the curve.”
He believes countries that have legalized pot for medical purposes are going to legalize pot for recreational purposes too and estimates the European market is 10 times bigger than Canada’s at an estimated worth of $100 billion.