Here's your Forbes Daily Briefing for Saturday, May 31st.

Today on Forbes, with federal legalization stalled, cannabis companies are finding a new green rush in Europe.

Alex Kwan, the co-founder and CEO of California-based vaporizer hardware manufacturer,

Active, started selling his THC

oil vape tech to cannabis companies in the United Kingdom about two years ago.

The 40-year-old Kwan, who co-founded the company in 2018, says, quote,

we started with putting our toe into the European market, but now we have a swimsuit on,

and we're walking in up to our belly.

Soon, we will be diving in.

Active, which Forbes estimates to generate more than $100 million in annual revenue, sells

vaporizers made for oil to some of the biggest cannabis companies in the U.S., including

TrueLeave, Green Thumb Industries,

and Cure Leaf.

A few years ago, it did not have any business in Europe.

Today, more than 5% of the company's revenue is derived from cannabis companies in the U.K.,

which legalized medical marijuana in 2018, and Germany, which legalized medical use in 2017,

and opened a limited recreational market in 2024. Kwan is currently negotiating a deal with an

EU brand that would expand Active's European business even further. He says, quote,

Europe could easily grow to 20% of our sales.

Active's expansion outside America is one Kwan is not taking lightly.

The EU, where about 25 countries have some form of cannabis legalization or decriminalization,

is poised to become a $50 billion in annual sales market if reform spreads across the entire continent,

...