But company executives cautioned investors that it’s “too early to speculate” on how big the European market for CBD will become.
The comments came as Cronos released its first earnings report since the company announced plans to spend $300 million in the U.S. hemp market through acquiring four operating subsidiaries of Los Angeles-based Redwood Holding Group.
“It’s fair to estimate that the U.S. CBD market will likely be the largest contributor (to sales) over the next year or two,” Cronos CEO Michael Gorenstein said.
He said the company sees “significant opportunity” for CBD in Europe, but he cautioned against making sales projections.
European health regulators have said that CBD can’t be added to food, a decision the hemp industry in Europe is appealing.
“It’s probably too early to speculate on exactly how quickly the European market will unfold for CBD,” Gorenstein said.
“I don’t think we have the same clarity as we do for the Canadian market or the U.S.”