CBD of Denver, a US-based CBD distributor working across Europe, has announced its expansion into the German market following a record $23.5 million in revenue in 2021.
CBD of Denver, a distributor of CBD products sold in Switzerland and throughout Europe has announced its expansion into the German medical cannabis market with the hiring of Bijan Hezarkhani who will lead the company’s growth into what is Europe’s largest cannabis market. The announcement comes shortly after the company reported a record $23.5 million in revenue in 2021 as well as its recent acquisition of CBD E-Commerce Distribution Platform and Technology Company, Mellow.
Germany officially approved medical cannabis in 2017 and now is regarded as the biggest market in the continent with just under €300 million of revenue generated in 2021. According to Forbes Magazine, over a million patients in Germany will have access to medical cannabis by 2024, with the German medical market on track to be worth €7.7 billion by 2028.
The German market also appears to be moving closer to adult-use legalisation, a market estimated at 400 tonnes annually. CBD of Denver said it believes the future leaders in the German adult-use market will be the companies that already have exposure to the legal market. With 83 million people, Germany is the most attractive market in Europe for cannabis but the company said it is critical to have the infrastructure in place first.
“This is a seismic moment in the history of our company. Our expansion into the German medical cannabis market is a key part of our new strategy to diversify our revenue streams,” said CBD of Denver CEO Paul Gurney. “This gives our company exposure to the largest cannabis market in Europe and allows us to expand out of our core in Switzerland.”
“While our internal momentum continues to grow, the market itself is providing increasing tailwinds. Just this week, Swiss authorities greenlighted a recreational usage pilot in the city of Basel to begin over the summer. As this trend potentially spreads across Switzerland, and ultimately across Europe, CBD of Denver is ideally positioned to capitalize on the rapidly evolving opportunities,” Gurney added.
Bijan Hezarkhani, who will be leading the company’s expansion into Germany has extensive experience in the cannabis industry, having previously built out a medical cannabis franchise in Germany. He was the business development manager for Khiron Life Sciences for the last three years, visiting doctors and pharmacies in Germany to build Khiron’s medical cannabis business. He also spent time at Canopy Growth as a business analyst covering Europe. Bijan will be the head of the Company’s medical cannabis sales in Germany and will be based in Frankfurt.
“It’s amazing to hire such a great talent like Bijan with the knowledge and experience necessary to lead our entrance into this attractive market. We look forward to growing our business in Germany and the diversification benefits it provides our wholesale business,” Gurney said. “We are in the process of building out multiple legs to the CBD of Denver story.
“Along with the recent Mellow acquisition, CBD of Denver is on its way to becoming a health and wellness powerhouse on the European continent. We look forward to providing more detail and an outlook for this new business in due course.”
