International Cannabis Weekly: 210

SXSW 2022: WEED ON THE WORLD STAGE

Want to hear about the global future of cannabis at SXSW 2022? Prohibition Partners has partnered with Curaleaf, Poseidon Asset Management and Benzinga to put forward a panel – Global View: Weed on the World Stage – for SXSW next year. You can upvote the panel until 26 August.

Joining Prohibition Partners CEO and Co-Founder Stephen Murphy on the proposed panel will be Boris Jordan, Executive Chairman of Curaleaf, Emily Paxhia, Co-Founder of Poseidon Asset Management and Javier Hasse, Managing Director of Benzinga.

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LEGAL CANNABIS SALES IN NEW YORK COULD REACH US$3.9 BILLION BY 2025

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EXPERT INTERVIEW: ANDREW MEGAHY, CHIEF SCIENTIFIC OFFICER, ALWAYS PURE ORGANICS

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• A former leader of the Conservative Party has called for drugs to be decriminalised in the UK.
• The Dutch Health Ministry has pledged €1.4 million to study medical cannabis as a treatment for children with epilepsy.
• The government in Gibraltar has published a bill outlining new regulations for medical cannabis.
• The sole domestic cannabis grower in Germany will harvest its first crop in early 2022 after securing new investment.
• Neurologists in Ireland have expressed concerns over the Government’s Medical Cannabis Access Programme.
• Polish hemp farmers might lose subsidies if they continue to plant FINOLA seeds, which contain more than 0.2% THC.
• Jazz Pharmaceuticals is set to launch a third clinical trial of Sativex for patients with multiple sclerosis and spasticity.
• Leaked documents about a UN cannabis initiative have been slammed by leading figures in Europe’s hemp industry.
• LYPHE Group’s leadership believes the medical cannabis market in Europe will surpass North America by 2025.
• Italian-made hemp varieties will be grown in Colorado next year after approval from the Department of Agriculture.
• German importer and distributor of medical cannabis CanPharma has been acquired by Health House International.
• A new cannabis trade organisation has been launched in Jersey to support the growth of the island’s cannabis industry.

• Monthly medical cannabis sales in Missouri have exceeded US$20 million for the first time.
• New Orleans has decriminalised cannabis and will expunge 10,000 criminal records for cannabis possession.
• One of the largest cannabis companies in the US has entered a partnership with the Professional Fighters League.
• The Senate has approved a bipartisan US$1 trillion infrastructure bill which includes research into cannabis and CBD.
• US$20 million in Michigan cannabis tax revenues will fund research into cannabis as a treatment for veterans with PTSD.
• Colorado’s hemp management plan has been federally approved by the US Department of Agriculture.
• An advocacy group in Nebraska is working on two petitions for medical cannabis legalisation.
• Leafly will go public after a SPAC merger with Merida Merger Corp in a deal that is reportedly worth US$532 million.
• Global media company BuzzFeed has launched its own cannabis brand in partnership with California’s NUG Inc.
• A ruling in Texas means consumers can purchase smokable hemp flower, but it still can’t be manufactured in the state.

EXTRACT-BASED PRODUCTS WILL ACCOUNT FOR 37% OF ADULT-USE SALES IN CANADA BY 2025

Growth of sales in Canada’s cannabis extract sector, dubbed ‘Cannabis 2.0’, have been strong, and are expected to top US$75 million in 2021. According to our models, 2025 sales of extract-based products in the Canadian adult-use market are expected to top US$1.2 billion, approximately 37% of the total adult-use market.

The Cannabis Extraction Report takes a detailed look at the rapidly growing global extraction industry, analysing extraction methods, supply chain, regulations, market size – and more.

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• Canopy Growth revenues grew by 23% to C$136 million in Q1 2022, but growth still fell short of market expectations.
• Only 5% of cannabis grown in Canada has been sold and an estimated 1.1 billion grams are sitting in storage.
• British Columbia cannabis grower SpeakEasy is set to increase last year’s harvest by 100% to 140,000 kilograms.
• Creso Pharma subsidiary Mernova has secured a licence extension to enter the medicinal cannabis market in Canada.
• Tilray is launching a new range of edibles in Canada, including cannabis-infused chocolate bars and soft-chews.
• Health Canada has issued a notice to producers about properly labelling products with THC and CBD potency.
• Heritage Cannabis has brokered an exclusive licensing deal to sell Avicanna’s CBD topical products in Canada.
• Oral cannabidiol producer Cardiol Therapeutics has received approval to list its common shares on NASDAQ.

• Colombia’s cannabis industry will move to its second growth phase after the recent approval of flower exports.
• Paraguay will begin exporting cannabis oil and other non-psychoactive derivatives to the US and Australia.
• The University of La Plata has obtained permits from the Argentinian Ministry of Health to grow cannabis.
• Medical cannabis sales in Brazil could reach R$2 billion by 2025 with patient numbers growing to 262,088.
• Cultivation of industrial hemp has been approved by officials in Guyana and could create thousands of jobs.

HELP SHAPE THE FUTURE OF CANNABIS THIS NOVEMBER IN LONDON

Cannabis Europa has a history of inciting progressive changes to cannabis legislation in Europe and beyond, improving access for patients worldwide. Help us continue to shape the future of cannabis on 10-11 November in London. Let’s push things forward.

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• Results of a pilot study in Australia show that hemp could be a viable alternative for livestock feed.
• A survey of patients with chronic pain in Australia has found that doctors are reluctant to prescribe medical cannabis.
• Cannabis companies in New Zealand risk going bust whilst the Ministry of Health reviews medical cannabis regulations.
• Cannatrek has pledged to fund research into the effects of medicinal cannabis on children with disorders like autism.
• Mary Agrotechnologies Inc. has struck a partnership deal with CBDer Biotechnology to grow hemp in China.

• Highland Investments’ Lesotho facility has completed a shipment of 8.5 tonnes of medical cannabis to Macedonia.
• The chairman of Israel’s Drugs Committee believes cannabis will be legalised by the end of this year.
• A new report says medical cannabis reform in Israel has failed and 86% of export goals have been missed.
• Cannassure Therapeutics has been granted a patent in Israel for a new oral delivery method for cannabis and CBD.