Issue 211

20.08.2021

Europe
USA
Latam & Caribbean
APAC
Africa & Middle East

HIGHLIGHTS 

TILRAY ACQUIRES A ‘MAJORITY POSITION’ IN MEDMEN IN ANTICIPATION OF FEDERAL LEGALISATION

Tilray has announced it has acquired a stake in retailer MedMen in a creative deal that CEO Irwin Simon said could lead to a future acquisition. The deal is reportedly worth US$165.8 million for 75% of the outstanding notes and 65% of the outstanding warrants.

Tilray is buying the majority of the outstanding convertible instruments from funds such as Gotham Green Partners. Once it’s legal to do so, Tilray plans to convert the notes to an equity stake.

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EXPERT INTERVIEW: BENJAMIN BRITTON, FOUNDER AND CEO, PUREPRESSURE

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PHARMACANN PLANS IPO TO RAISE FUNDS BEFORE NEW YORK ADULT-USE SALES BEGIN

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Europe

  • Almost a third of the UK public think cannabis should no longer be illegal, YouGov poll finds.
  • The Flowr Corporation has reached an agreement to cultivate Cookies at its medicinal cannabis farm in Portugal.
  • The first medical cannabis flowers from Jamaica have landed in Europe and are available in German pharmacies.
  • Conservative MP and practising NHS doctor Dan Poulter says Britain should be leading on medical cannabis.
  • Sanity Group to use €35m Series A funding to grow its medical arm and consumer goods division in Europe.
  • Spanish group Sanoid Isolates has been acquired by UK-based Grow Group.
  • A leading Italian oncologist and medical cannabis therapy expert says cannabis is ‘integral’ to cancer treatment.
  • A new cannabis advocacy group in the UK has been set up to improve patient access.

USA

  • Jay Z’s The Parent Company has hired Troy Datcher, the first black CEO to lead a public cannabis organisation in the US.
  • A Washington State governor is pushing for expedited clemency for people with low-level drug possession convictions.
  • Researchers in Maryland have warned farmers not to grow hemp, because the crop may not be economically viable.
  • Republican Senator Chuck Grassley has promised to press the ​​DEA on medical cannabis exemption.
  • The Department of Health in Hawaii has introduced interim rules prohibiting certain hemp-derived products.
  • Beyoncé is set to join husband Jay Z in the cannabis industry after announcing she is building a hemp farm.
  • Greenlane Holdings Inc. announced a revenue rise of 7% in Q2 2021 to US$34.7 million, with a US$7.8 million gross profit.
  • Wyoming residents are a step closer to voting on cannabis decriminalisation and medical cannabis legalisation.
  • Innovative Industrial Properties has purchased a Maryland farm from Harvest Health & Recreation for US$16.6 million.

EXCLUSIVE

LEAFLY CEO ANNOUNCED AS SPEAKER AT BUSINESS OF CANNABIS: NEW YORK

Leafly CEO Yoko Miyashita will speak at the Business of Cannabis: New York summit on 29 September. She joins a growing roster of influential speakers set for the first major cannabis conference since adult-use cannabis was legalised in New York back in March.

Amongst others, Miyashita will be joined by State Senator Liz Krueger, Silver Spike Capital partner Bill Healy, Cantor Fitzgerald managing director Pablo Zuanic, and Arcview Ventures CIO Jeanne Sullivan.

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CANADA

  • Canada’s retail cannabis market is booming and the number of retail stores has increased by 648% since legalisation.
  • Hexo Corp to generate shareholder value through greater cost savings by swapping the NYSE for NASDAQ.
  • The Valens Company has launched vape cartridges and cannabis-infused beverages in Canada.
  • RIV Capital set to invest in US cannabis companies situated in states with limited licence frameworks like New York.
  • Canadian cultivator Flora Growth Corp. has signed a Letter of Intent to acquire premium cannabis company Vessel.
  • Auxly Cannabis Group has announced record revenue growth in Q2 2021, driven largely by Cannabis 2.0 product sales.

LATAM & CARIBBEAN

  • MediPharm Labs has received authorisation to ship medical cannabis oil to Brazil.
  • A new law in Puerto Rico protects medical cannabis patients from workplace discrimination by employers.
  • Demand for Jamaican cannabis is growing, with 19 export authorisations issued so far this year and 21 pending.
  • Arcview Capital is working with Choren Pharmaceuticals to support social equity and help small businesses in Colombia.
  • A digital platform to facilitate medical cannabis access by connecting doctors to patients has launched in Peru.
  • Swiss company Promediol has received approval from the Health Surveillance Agency in Brazil for its CBD oil.
  • The Argentine Chamber of Cannabis’ first national cannabis survey finds 65% of doctors consider cannabis use ‘positive’.
  • Allied Corp in Colombia has signed a deal to export cannabis flower and CBD isolate to Australia.

APAC

AFRICA & MIDDLE EAST

  • Government ministries in Israel are ‘ready for legalisation’, says the country’s Drugs Committee chairman during debate.
  • Legislation for legal cannabis cultivation in Morocco is set to be signed imminently by government officials.
  • Canadian investment firm Bousted Securities has landed in Lesotho to value Bophelo Bioscience and Wellness.
  • A pilot project for hemp production has been approved in Mauritius to boost the agricultural sector and national economy.
  • cbdMD has granted a multinational cannabis retailer the exclusive right to import and sell its CBD products in Israel.
  • Israel’s largest manufacturer of medical cannabis has signed an agreement to distribute cannabis products in Germany.

Read the stories that shape the cannabis industry