One correction to the above, often (usually) gray market film is not made under license, but by the company itself. E.g. Kodak gray market film is made by Kodak in plants outside of North America. Kodak film sold through proper channels (i.e. not gray market) in the US may well be made abroad in these same plants as well. The distinction is one of marketing (pricing is different in different national markets depending on competition, relative popularity, etc.)(posted 8198 days ago)The existence of a gray market (technically known as goods arbitrage) in anything is simply an indication that the company which makes whatever it is charges different prices in different markets.