The CBD wellness industry may have just been dealt a blow by a government decree banning the sale of hemp flowers.
Yet this market is more than promising, as evidenced by the growing enthusiasm among the general public as well as the Flashs/High Society ranking of store locations in France.
Beyond the thousands of businesses affected by this decision—against which several appeals have already been filed—it is an entire economy with a promising future and the potential to create jobs that is now under threat.
The decree issued by the French government on December 31, banning the sale of CBD in the form of flowers and leaves, dealt a severe blow to the morale of industry stakeholders at the start of the year.
This industry currently generates several hundred million euros in revenue—whether through brick-and-mortar stores or online sales—and supports several thousand jobs in our country: the number of stores selling CBD-based products is now estimated at 1,800, up from about 400 less than a year ago.
A sector that nevertheless attracts investors and entrepreneurs
Beyond the threats to the survival of these shops— CBD flowers account for up to 70% of in-store sales—this also brings a sudden halt to the development of a genuine wellness hemp culture in France.
At present, and given the uncertainties surrounding the future of the flower industry, this crop remains very niche in France, with retailers sourcing their supplies primarily from Switzerland and Italy—European countries that combine expertise, volume, and quality.
However, the growing—even explosive—enthusiasm among the general public for CBD-based products pointed to very encouraging prospects for the future of this industry in our country.
The decree of December 31 thus puts an end to the creation of large-scale organic farmland, which could, once again, generate thousands of jobs and help new farmers get started at a time when French agriculture is facing major challenges.
However, as Mao Aoust, founder of High Society, points out, “There’s a massive appetite for CBD; it’s an industry that attracts a lot of interest—from financiers, entrepreneurs, and others…”
Stakeholders in the industry therefore feel that this is a massive waste of resources, rooted in practices and beliefs from a bygone era—because, let’s not forget, CBD use is permitted throughout Europe.
A strong presence in major French cities
To shed light on the rise of CBD in France, Flashs, a data-specialized agency, compiled a ranking for High Society of the 20 largest cities in France in terms of the number of brick-and-mortar stores selling cannabidiol-based products.
The survey reveals a strong presence of such stores in these municipalities: Paris alone has 143 dedicated stores, while Bordeaux tops the list in terms of the ratio per capita, with 25 stores for 257,068 residents; Toulon and Grenoble round out the top three.
