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Medical Marijuana unit gets permit to sell CBD products in Bulgaria

Author Mario Tanev
Medical Marijuana unit gets permit to sell CBD products in Bulgaria Herbal hemp; License: CC0 Creative Commons

SOFIA (Bulgaria), May 28 (SeeNews) - US-based company Medical Marijuana said on Tuesday that its unit Kannaway has received the first-ever authorization in Bulgaria to sell hemp-derived cannabidiol (CBD) products.

"As the EU continues to navigate its stance on CBD, we are proud to continue paving the way for the acceptance of CBD in Bulgaria just as we have in many other countries around the world," Medical Marijuana quoted Kannaway CEO, Blake Schroeder, as saying in a statement. "With this authorization, we hope that we can establish our company as pioneers in Bulgaria's CBD industry and leaders in CBD education throughout Europe."

Kannaway is a network sales and marketing company specialising in the sales and marketing of hemp-based botanical products. CBD is a non-psychoactive cannabis compound found in hemp, which has been researched for its anti-oxidant and anti-inflammatory properties. 

Last week, Medical Marijuana reported first-quarter revenue of $20.2 million (18 million euro), up 92% year-on-year. The company swung to net profit of $9.5 million in the review period from a net loss of $134.5 million in the same period of 2018.

($ = 0.8933 euro)

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