International Cannabis Weekly: 179

THE DEMOCRATIC PARTY HAS TAKEN CONTROL OF THE US SENATE BOOSTING HOPE FOR MAJOR CANNABIS REFORM

Following the Georgia state run-off election result, which saw the Democratic party take control of the US Senate, cannabis stock prices soared in expectation of major cannabis reform being passed in the near future.

Legislation such as the MORE Act, which would federally decriminalise the possession of cannabis, is now much more likely to pass into law.

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HIGHLIGHTS

• WEEDMD ANNOUNCES NEW LEADERSHIP AND SIGNALS GROWTH INTENTION IN CANADA
• 2021 COULD BE THE YEAR CANNABIS IS LEGALISED IN THE STATE OF NEW YORK

• New survey finds 51% of Germans oppose a regulated adult-use cannabis market.
• CBD snack brand Nooro, proves a big hit in first CBD crowdfunding campaign in UK.
• The Medical Cannabis Clinics record milestone of 1,500 patients in the UK.
• Czech Republic medical cannabis consumption quadruples compared to 2019.
• Ukrainian government proposes to regulate cannabis for medical and scientific use.
• Brexit halts medical cannabis imports from the Netherlands, endangering children with severe epilepsy.
• UK CBD manufacturing facility at the centre of legal dispute between two international groups.
• Flowr’s cultivation operation in Portugal produces 3 tonnes of medical cannabis.
• Director of scandal-hit Electrogas, linked to first cannabis licence in Malta.
• Dutch cannabis experiment growers object to negligence in lottery proceedings.

DESPITE THE NEGATIVE IMPACT OF COVID-19 ON THE ECONOMY OPPORTUNITIES REMAIN FOR THE CANNABIS INDUSTRY

The COVID-19 pandemic has had a profound impact on the global economy as lockdown measures & economic uncertainty caused many companies to downsize & re-evaluate strategies. However, COVID-19 undoubtedly raises opportunities for the cannabis industry at large.

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• Minnesota lawmakers back cannabis decriminalisation and expungements for 2021.
• Illinois’s combined adult-use and medical cannabis sales surpass US$1 billion in 2020.
• Iowa lawmakers renew calls to legalise and regulate cannabis like alcohol.
• Connecticut governor renews pledge to pursue cannabis legalisation in 2021.
• Virginia lawmaker introduces bill for a regulatory framework of adult-use cannabis.
• Illinois expunges nearly 500,000 non-felony cannabis-related arrest records.
• New Mexico judge rules inmates have a right to use medical cannabis.
• Michigan allows veterinary surgeons to discuss CBD treatment with pet owners.
• Texas advocates push lawmakers to expand the medical cannabis programme.

GERMAN CANNABIS MARKET SET FOR BIGGEST GROWTH IN EUROPE IN 2021

Germany is set to be one of the most lucrative cannabis markets outside of North America, owing in part to its huge purchasing power and progressive politics.

Throughout the first half of 2020, well over €75 million worth of medical cannabis products were sold in the country to what Prohibition Partners estimates is a patient population of around 120,000.

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• IM Cannabis agrees to acquire cannabis finance company Trichome Financial.
• New Brunswick government delays a final decision to privatise Cannabis NB.
• Cannabis company Sundial Growers acquires SPAC for CAD$58.9 million.
• Zenabis announces sale of CAD$7 million worth of dried cannabis to an undisclosed buyer.
• Health Canada raises concerns about large quantities of homegrown cannabis.

• Health Grains becomes the first LATAM company to export hemp foods into the US.
• Bahama cannabis officials support hemp but worry over cross-pollination.
• Puerto Rico’s hemp planting project fails to attract the expected private investment.
• Argentina grants Misiones Biofactory authorisation for 9 varieties of cannabis seeds.
• The INCB reminds Uruguay that adult-use cannabis violates international regulations.

• Cann Group’s share price surges due to CAD$1 million investment in luvo Therapeutics.
• Avecho begins observational study of oral CBD formulation on human patients.
• Bod Australia sees a 91% increase in medical cannabis prescriptions in H2 2020.
• The U.S. Virgin Islands issues its first hemp production licence to Crucian Hemp Farms.
• Chenguang Biotech remains competitive despite the price of CBD dropping.
• Guam lawmakers dispute adult-use cannabis’ impact on tourism.

• Tel Aviv Stock Exchange launches a cannabis index holding nine companies.
• Pakistan’s government remains optimistic regarding the nation’s hemp industry.
• Israeli cannabis legalisation bill collapses due to the dissolution of the Knesset.
• Nigerian lawmakers propose legalisation of medical cannabis and hemp.
• Israel tightens medical cannabis import procedures, limiting supply to patients.
• Ugandan business leaders urge the government to accelerate cannabis reform.
• The Ghanaian Hemp Association shows support for Nigerian cannabis reform.