EU’s biggest hemp producer sees profits grow 616 per cent in 2020

HempFlax saw its profits before tax skyrocket 616 per cent in 2020 to €659,000, as demand grew for its construction materials and CBD.

The EU’s biggest hemp grower, headquartered in Holland, saw full year revenues up 43 per cent to €14.5m in 2020, with EBITDA increasing 63 per cent to €1.8m.

The numbers were in part driven by a 1,089 per cent increase in sales of the group’s construction materials, arising from its May 2020 acquisition of Thermo Natur, a German manufacturer of nature fibre insulation.

The group also saw a 43 per cent increase in sales of CBD – a compound found in hemp that is legal for consumption, and often used for pain relief or relief from anxiety or depression.