International Cannabis Weekly: 242
KEY INSIGHTS FROM THE EUROPEAN CANNABIS REPORT: 7TH EDITION
Prohibition Partners estimates that around €354 million worth of legal, unlicensed medical cannabis will be sold throughout Europe in 2022, and we project this will grow to around €2.3 billion by 2026. Unlicensed here refers to the fact that the products have not passed through the normal route of clinical trials and approvals.
This growth is being driven not only by the continued evolution of regulations in established markets such as Germany and Italy but also by the rapid advances in patient access seen in young markets, especially in the UK.
Prohibition Partners is proud to present the 7th edition of the European Cannabis Report, which delves into the regulatory, scientific and business forces driving the liberalisation of the cannabis plant in Europe. We present the latest information and analysis on medical cannabis, CBD and adult-use cannabis.
NEXT WAVE OF US INVESTMENT IN EUROPEAN CANNABIS FIRMS ON THE HORIZON
THE US HOUSE OF REPRESENTATIVES APPROVES A BILL TO LEGALISE CANNABIS
- The UK foods regulator has taken a first step to rein in the proliferation of edible products containing CBD.
- Seventy applications, covering 3,536 cannabis-related products, have been advanced by the FSA.
- A new forecast shows that over 340,000 patients in Europe are set to benefit from medical cannabis access in 2022.
- More than half of Europeans support adult use legalisation and a third are interested in buying cannabis.
- Ethypharm has launched prescription cannabis extracts in Germany in collaboration with Clever Leaves.
- Xebra has harvested its first crop of medical cannabis in the Netherlands and delivered it to the BMC.
- MGC Pharmaceuticals has penned a deal with Sciensus Rare to distribute its products in key European countries.
- Around 5,000 UK patients suffering from chronic pain are set to benefit from cannabis as a form of treatment.
- New Mexico’s adult-use cannabis launch has been considered a success after strong first-day sales.
- New York is launching its first public health education campaign focused on cannabis.
- A South Carolina House committee discusses a Senate-passed bill to legalise medical cannabis.
- The University of Texas indicates that THC and CBD could be safe for use with opioid pain medicines.
- After a sharp decline in January, cannabis sales have since bounced back in both the western and eastern markets.
- The US House of Representatives has approved a research bill to streamline studies into cannabis.
- Harborside Inc. completes the acquisition of Loudpack to form one of the biggest cannabis operations in California.
- Innovative Industrial Properties announces the public offering of shares for gross proceeds of US$300 million.
A PATH TO CANNABIS DECRIMINALISATION IN LONDON?
London Mayor Sadiq Khan is pushing for a pilot scheme to essentially decriminalise cannabis for 18–24 year olds in a number of boroughs.
Could this be the start of something bigger on the horizon? Who is involved? What are the expectations? We speak to leading experts in law and local politics, as well as key stakeholders to look at what, if successful, this could mean for the rest of the UK.
- Cannabis processing licence holders will no longer need to submit a sales application to sell their products.
- The number of cannabis retail stores in Canada has more than doubled in a year to 3,138.
- TerrAscend Corp has announced that its subsidiary, Gage Cannabis Co., will open a Cookies dispensary in Ann Arbor.
- Winnipeg is edging closer to imposing new rules and regulations for medical cannabis grow-ops.
- As US cannabis legalisation edges closer, Canada is braced for increased competition in the market.
- Vancouver-based Nextleaf Solutions has been awarded a US patent for technology that will maximise its yield.
LATAM & The Caribbean
- Colombia has put in place international trade regulations for medical cannabis, CBD and other cannabinoids.
- The president of the Mexican Senate has said ‘there is no room for prohibitionist policies’ in a bid to regulate cannabis.
- The Medicinal Cannabis Fair is to take place in São Paulo to discuss the medical use of cannabis in Brazil.
- NUGL, a cannabis-focused, technology-based multimedia platform completes the acquisition of Kaya LLC.
- Khiron Life Sciences has entered the Mexican cannabis market in anticipation of the adult-use sector.
- Entrepreneurs in Costa Rica join forces as they invest more than US$300,000 in the newly legalised hemp industry.
- Thailand hopes to become a cannabis tourist destination, with the projected market sitting at US$424 million by 2024.
- Cann Group has entered into an agreement with GSK Consumer Healthcare to distribute its CBD capsules.
- An industry report suggests that the South Korean government is easing regulations on medical cannabis.
- New Zealand’s national day of action supporting cannabis law reform has been announced for 7 May.
Africa & The Middle East
- As of the end of March 2022, the number of medical cannabis patients in Israel had reached more than 112,000.
- The DTIC has asked SARS to create a cannabis tariff subcategory for the South African customs union.
- Three nurseries will be set up in Zambia to grow medicinal cannabis, which should each create 1,000 jobs.
- The Rwandan government has given access to 134 hectares of land for medicinal cannabis cultivation.
- Zimbabwe looks to turn its focus to cannabis as the tobacco industry is expected to decline globally.
On the global cannabis industry
International Cannabis Weekly newsletter brings you the most important developments, news and informed commentary on the global cannabis industry. Join our community of 70,000+ subscribers.