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Ignite International Brands, a cannabis and CBD investment company, said this week it signed definitive agreements for the manufacturing and distribution of CBD products in the United Kingdom, with the option of further expanding into other European markets.
What Happened
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Ignite International Brands has a trademark and copyright license agreement with Ignite International, a company founded by renowned Internet personality and entrepreneur Dan Bilzerian. The former signed the agreements with Taylor Mammon & Nathan Limited, a UK-based manufacturer and distributor of white label CBD solutions.
Under the terms of the agreements, Taylor Mammon will manufacture package and distribute Ignite-branded CBD products to retailers under an exclusive license from Ignite. Both companies are working together on a comprehensive marketing program, that will include expertise from Bilzerian, who has a social media fan base of more than 42 million followers.
Why It's Important
The CBD and cannabis market in Europe hasn't seen the growth of the same magnitude as in the U.S. and Canada, mainly due to a more complex regulatory environment. It has huge potential, as a report by the Brightfield Group estimated the European CBD market could surge over 400 percent by 2023 from $318 million in 2018.
The UK is one of the largest CBD markets in Europe and is expected to remain the leader over the medium term.
Taylor Mammon will also be Ignite's fulfillment partner on the launch of its e-commerce platform expected in the third quarter of 2019. Both companies will also continue working together on introducing Ignite products to legal CBD and cannabis markets in other European countries.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.