Cannabis software program provider Helix TCS Inc. (OTCQB: HLIX) saw its share value boost by 7.7% on Monday morning following it announced an expansion into Europe.
The firm has tied up a provide deal with a licensed cannabis cultivator and producer in the UK employing its seed-to-sale tracking resolution, BioTrackTHC. It is currently present in 33 states and it has expanded its international footprint into Canada, Colombia, Jamaica, Australia, and New Zealand.
Nevertheless, Europe is forecast to emerge as the world’s biggest marijuana market place in the close to future, so firms are busy attempting to get a foothold on the continent. Analysts at Prohibition Partners – a analysis firm that was bought by SOL Holdings final week along with fellow assets in European Cannabis Holdings – estimates that the European medicinal cannabis market place will be worth €58 billion ($65.six billion) by 2028.
Germany, Italy, and The Netherlands are the top lights on the continent, but the UK is 1 of the world’s biggest economies and the possible for development there is vast.
Helix has nine international government contracts and it serves much more than two,200 shoppers across the globe, giving software program and safety systems for the cannabis sector. “As international markets create and much more nations make a legal cannabis sector, our technologies and service options will continue to attain new markets rapidly to meet the requirements of enterprises and regulators in any regulatory atmosphere,” said Zachary L. Venegas, executive chairman and chief executive of Helix.
The firm, which not too long ago appointed former Mexican president Vicente Fox to its board, has noticed its share value boost from $.90 at the finish of 2018 to $two by the close of trading on Friday, March 1. It opened at $two.02 on March four and rapidly improved to $two.19.
Prohibition Partners believes the UK cannabis sector could be worth £1 billion ($1.three billion) by 2022 if various obstacles are overcome. Final month Aurora Cannabis (TSX: ACB) announced it had completed its first shipment of medicinal cannabis to the UK, and Aphria (TSX: APH) signalled its self-assurance in the market place opening up by partnering with Australian cannabis producer Althea (ASX: AGH) to launch a UK-primarily based subsidiary.