Aphria Inc (NYSE: APHA) said its subsidiary Aphria Deutschland GmbH launched its first CBD-based nutraceutical product on the German market. The product, part of the CannRelief brand, uses hemp-derived CBD and is produced in the European Union.
The first CannRelief product is distrivuted by Aphria's subsidiary CC Pharma, which the company acquired earlier this year, and has access to more than 13,000 pharmacies throughout Germany.
CannRelief CBD oils are available with a 5-percent and 10-percent CBD concentrations in select stores across Germany.
Throughout 2019, the company will continue introducing CannRelief skincare and products, including creams, serums and masks.
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Why This Is Important
The European CBD market is fairly small, but is poised for a tremendous growth in the near future driven by demand among consumers, high spending in the region, and an ease in regulations that might be catalyzed by the UN's decision regarding CBD that has recently been requested by the World Health Organization.
In a recent report, Brightfield Group said European CBD market could reach $1.7 billion by 2023, registering a CAGR of 42 percent. Germany is expected to be the leading market with a share of $605 million.
Aphria's stock traded higher by 6.2 percent to $9.90 per share at time of publication.
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