International Cannabis Weekly: 249

‘THE EUROPEAN CANNABIS INDUSTRY IS A POTENTIALLY EVEN BIGGER OPPORTUNITY THAN THE US’

North American investment in the European cannabis industry has grown at pace over the last few years, with hundreds of millions in capital flooding into the region from across the Atlantic.

As patient numbers rise and it transitions ‘towards a fully legal, regulated market worth billions of euros’, Europe sits on the precipice of a new wave of capital investment. Ahead of Cannabis Europa London 2022, 28 -29 June, BusinessCann spoke to Casa Verde’s Managing Partner Karan Wadhera about the opportunities Europe presents for overseas investors.

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ARGENTINA VOTES IN FAVOUR OF A POLICY TO REGULATE THE MEDICAL CANNABIS MARKET

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LYPHE GROUP POISED FOR EU EXPANSION AFTER COMPLETING SERIES A FUNDING

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• Pharmacies can now obtain medical cannabis blossoms from Aurora as Cansativa expands its offering.
• The GDH takes stock of CBD status in pharmacies, as the network represents an outlet for wellness products.
• Pure Holding AG continues to expand after acquiring the majority holding of two Swiss cannabis companies.
• ACMD says it hasn’t reviewed cannabis evidence for 14 years as the UK appetite for reform strengthens.
• Legislation around home cultivation will be presented to the cabinet of Luxembourg in June.
• The price of Maltese-produced medical cannabis strain ‘Carbasi Verde’ has decreased to €10 per gram.
• The first hemp genetics with high levels of CBG has been admitted in the European Catalogue.

• North Carolina’s 2022 Farm Act would establish the legality of hemp and protect millions of dollars of investment.
• A Minnesota bill that contains provisions to legally market cannabis products has been sent to the governor.
• Ayr Wellness gets approval from the Cannabis Regulatory Commission to begin New Jersey adult-use retail sales.
• The Governor of Rhode Island, Dan McKee, has signed the use of adult-use cannabis into law.
• Kansas lawmakers will work over the summer to prepare a cannabis legalisation bill for 2023.
• Missouri’s medical cannabis programme has provided US$5 million to the veterans commission.
• Lawmakers in Louisiana introduce a bill to protect state employees who use medical cannabis.
• Medical cannabis patients in Iowa are steadily increasing as the number of cardholders reaches 9,662.
• In a rare decision, Chancellor Zurn has ruled in favour of Bloom Farms’ request for US$2.2 million in legal fees.
• The New York State Cannabis Control Board has approved a further 58 cannabis cultivator licences.

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• Yooma Wellness’ share price has reached an all-time low as it also reports a C$33.5 million loss in 2021.
• Fire & Flower Holdings Corp. has launched Firebird Delivery in Canada as the firm expands.
• Tru Extracts has received an amendment to its Health Canada licence, permitting the sale of extracts and edibles.
• Item 9 Labs Corp signs an agreement to acquire Sessions Cannabis, one of Canada’s largest cannabis retailers.
• Aleafia Health Inc. sales increase is down to adult-use products, including flower, pre-rolls and vapes.
• Despite the number of dispensaries in Ontario, a new study suggests there is still more room for growth.

• Uruguay and Argentina are offering free courses on good practices for the production and export of cannabis.
• The WHGFA seeks approval to establish cannabis free zones, which would mirror the Amsterdam model.
• The government of Guyana has started talks regarding legislation aimed at establishing a hemp industry.
• The first cannabis lounge has opened in Saint Vincent and the Grenadines at the Coconut Grove Beach Club.
• The approval process for proposed medicinal cannabis regulations has stalled yet again in the Virgin Islands.
• The Ministry of Health in Peru has ordered publication of the draft regulation for the use of cannabis.
• Fotmer Life Sciences has obtained certification to supply medical cannabis to the European market.

SPONSORSHIP APPLICATIONS ARE NOW OPEN FOR THE NORTH AMERICAN REPORT

Prohibition Partners’ next report, The North American Report: Third Edition, will explore the continent’s challenges, opportunities, current consumer behaviours and anticipated legislation on both the adult-use and medical sides, as well as sales projections from 2022 to 2026.

There are now unique opportunities to promote your business and brand to the most influential figures in the global cannabis industry: from politics to pharma, and cannabis to consumer-packaged goods. As companies and investors scramble to get a foothold in the market, sponsorship is an invaluable opportunity to put your brand front and centre in one of the industry’s most influential reports.

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• After its success in the recent election, support for the Legalise Cannabis Australia Party is at an all-time high.
• BOD Australia has seen positive results from its study into the safety and efficacy of a cannabis extract.
• Australian firm Althea Group Holdings has announced that Ireland’s HPRA has approved one of its products.
• AusCann reports progress on its anti-inflammatory medication for dogs with skin problems.
• A Malaysian senator has called for cannabis reform to be accelerated in the country.
• Cannaponics has announced plans to team up with a medical supplier to develop a pharma manufacturing facility.

• Private sector lawyers in South Africa are drafting legislation that will allow for regulated commercial trade of cannabis.
• The CSATU says it supports the legalisation of cannabis for private, commercial and medical use.
• The Israeli Ministry of Health admits that THC levels in cannabis are often lower than declared.
• Insecure has released its first-quarter statement for 2022, showing a 9.4% rise compared to the previous quarter.
• After being awarded its EU-GMP licence, Panaxia will start the production of medical cannabis at its facility in Malta.