CW Botanicals, manufacturers of a CBD oil popular in the United States for treating severe forms of epilepsy, has partnered with a UK company to launch sales of Charlotte’s Web in the United Kingdom.
It became legal to sell the oil in the country last month, and can also be used as a dietary supplement according to UK CBD’s chief executive officer in comments to Yahoo! News.
In the UK, marijuana is considered a Class B drug, and possession can lead to a prison sentence up to five years.
Lawmakers in the country will debate marijuana legalization after a petition circulated last month garnered enough signatures requiring legislators to consider the issue. The petition claimed legalization would bring $1.4 billion in tax revenues annually and create 10,000 jobs.
U.S. and Canadian companies have expressed interest in expanding overseas. Canadian company MedReleaf has said it’s interested in expansion into Europe and South America, while Tweed Marijuana is considering business opportunities in Brazil and Chile.
MedReleaf CEO Neil Closner said Canadian companies are better-prepared to expand internationally than their U.S. counterparts. MMJ is legal federally in Canada, which helps companies in the country capitalize on economies of scale.