International Cannabis Weekly: 234

NORTH AMERICAN CANNABIS STOCKS FALL AS FEDERAL LEGALISATION PROGRESS HALTS

Cannabis consumption increased dramatically during the pandemic as did revenues for US-listed companies in 2019. Data provided to The Financial Times by Prohibition Partners also reveals the global sales of CBD, medical, and adult-use cannabis hit US$37 billion last year.

However, this jump in revenue has not translated to an increase in share prices, as the average cannabis stock is down a third since the start of 2021, and Canadian stocks down by 50% over the same period.

Speaking to the Financial Times, Prohibition Partners CEO, Stephen Murphy, said: “I don’t think people are doubting the sector, they are trying to back the right horse.”

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MEDICAL CANNABIS LEGALISATION TO BE DEBATED IN SPAIN NEXT WEEK

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US$1 BILLION GRANT EARMARKED FOR CLIMATE-FRIENDLY HEMP FARMING

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• EU cannabis stocks are reviewed one year on from the first cannabis stock listings on LSE.
• Owen Bonnici, the minister behind cannabis legalisation in Malta, urges other EU nations to follow suit.
• The future of Portugal’s adult-use cannabis market remains unclear as the Socialist Party wins the General Election.
• Nikos Thomaidis, a Greek professor, claims that cannabis use in Athens is among the highest in Europe.
• Growth of cannabis-related companies in the UK is being stunted by banks’ refusal to work with them.
• Kuipers says House of Representatives will be given the next steps of the Bureau for Medicinal Cannabis.
• Holigen’s indoor cultivation facility in Portugal has yielded its first harvest of high-THC medical cannabis.

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• Governor Tate Reeves signs Act that means Mississippi joins 36 US states in legalising medical cannabis.
• Lawmakers in Tennessee look to introduce a health bill to legalise medical cannabis.
• Leafly starts trading on NASDAQ as merger with Merida Merger Corp. is finalised.
• Senate Democrats expect notions to stall for SAFE Banking and Cannabis Opportunity Act legislation.
• A new bill could see hemp producers in Virginia sell recreational cannabis, getting a one-year jump on the market.
• Verano announced this week that it is acquiring Goodness Growth Holdings in a deal worth US$413 million.
• Connecticut’s newly regulated cannabis marketplace now has its own Chamber of Commerce.
• A new bill looks to simplify hemp industry regulations, which could see higher amounts of THC in hemp products.
• PepsiCo adds a hemp-infused drink to its RockStar Energy Drink product portfolio to draw in a younger audience.

• Canopy Growth’s Q3 revenue falls by 8% to C$141 million due to slow cannabis sales.
• Tilray brings its medicinal division with Aphria under the ‘Tilray Medical’ name, with one strategy and vision.
• Canadian company Bleuh will start selling its new low-THC cannabis products at adult-use retailers from this month.
• EnWave announces it has been granted a patent for a new method of drying cannabis.
• Reliva, a subsidiary of Aurora Cannabis, launches KG7, a new CBD product for adult consumers.
• Kaleden-based Green Mountain Health Alliance has received its licence for medical cannabis cultivation and sales.

• Hector Ferrer presents a government-led project to regulate the adult-use cannabis market in Puerto Rico.
• Registration for a new course at the University of San Luis on medical cannabis is now open.
• A compounding pharmacy, based in Campinas S-P, is authorised to handle cannabis-based medicines.
• Allied Corp has signed an agreement to ship over 1,000 kg of cannabis flower to its Australian partner.
• A Peruvian laboratory prepares to export medical cannabis to the Latin American market.
• Sao Paulo parliamentary front invites cannabis patients to tell their stories in order to help with decriminalisation.

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• Public Health Minister in Thailand signs a bill removing cannabis from the country’s list of prohibited narcotics.
• Malaysian cannabis stakeholders say the government should do more to develop the hemp industry.
• The Office of Drug Control announces new members for its medicinal cannabis advisory council.
• Curtin University is set to carry out a new study to see if cannabis can tackle obesity.
• Murray River Council in Australia is supporting a hemp cultivation trial and feasibility study on processing.
• Avecho Biotech has entered into a licensing agreement with Team SAAS to use its TPM formulation.

• The city of Yeruham hopes to create an international reputation as a tech powerhouse in medical cannabis.
• For the first time in a decade, there’s been a drop in the number of medical cannabis patients in Israel.
• InterCure reports a record fourth quarter revenue in 2021, which has tripled year on year.
• Felbridge has successfully exported a batch of cannabis tissue culture to a licensed Israeli producer.