A London-based cannabis retailer is taking its operations to new heights, after striking a $2.6-million deal that will serve as a “gateway to Europe.”
Indiva has acquired a cultivation and handling licence in Denmark by going into business with agricultural tech company AEssenceGrows, which will also allow the producer to export its cannabis goods into other European Union countries.
“It opens up a market of 500 million people,” said Indiva CEO Niel Marotta.
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Several countries in the European Union have legalized medicinal marijuana, including Denmark, Germany, Greece, and Malta. Marotta told 980 CFPL by entering the European market, Indiva is trying to “get ahead of the curve.”
He believes countries that have legalized pot for medical purposes are going to legalize pot for recreational purposes too and estimates the European market is 10 times bigger than Canada’s at an estimated worth of $100 billion.
“It really is a massive market,” he said.
Indiva already uses AEssance technology in its growing south London facility. Together, Indiva and AEssance are going to build an indoor grow facility in Denmark with a fully automated aeroponic grow platform to produce “consistent, ultra-clean, premium pharmaceutical quality cannabis product,” said a media release put out Wednesday.
“The grow is just a part of this. It’s an important part, but it’s not the only part,” explained Marotta.
“We’ll also extract and maybe, more importantly, produce cannabis products. Whether that’s vape pens, oils and tinctures, gel caps, or even one day go so far as to produce chocolates and other derivative products for the medical and recreational market.”
Though Indiva is excited to plant the seeds of its company overseas, Marotta said they’re still Canada proud. They expect their 40,000-square-foot facility at the corner of Wellington and Exeter in London will be done by spring.
“That won’t include just more grow space, but also extraction processing where we can create products,” said Marotta.
Indiva has received approval from the attorney general to open a store at their London facility in April, and is eyeing other retail locations in Ontario.”
“We’re very enthusiastic about providing a terrific retail experience to our customers.”
— With files from 980 CFPL’s Matthew Trevithick.