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International Cannabis Weekly: 257

July 22, 2022

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HUNDREDS OF MILLIONS OF DOLLARS DEFRAUDED? THE JUICY FIELDS CASE IN DETAIL

Approaching the end of the first half of July, suspicious movements at Juicy Fields increased rapidly. User complaints began to appear on social networks about alleged blocking of fund withdrawals and fears of an exit scam surfaced. Users realized that their money was locked up in company accounts and began to fear the worst.

The situation fully exploded between July 11 and 14. An Instagram user, Zvezda Lauric, became the sole (informal) voice of the company. This person turned out to be the communications director of the platform and, apparently, was in direct contact with the CEO, Willem van der Merwe. The users were assured that the CEO was notified by the owners that the funds would be released within 48 hours. Shortly afterwards, she stated that van der Merwe had resigned as director.

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THE US HOUSE HAS PASSED THE SAFE BANKING REFORM, CHANGING THE 2023 NDA ACT

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TOP OFFICIALS FROM EU COUNTRIES MEET TO DISCUSS CANNABIS LEGALISATION

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Europe
  • The Mayor of Brussels compares a joint to a glass of whisky and pledges to remove cannabis from criminal law.
  • A High Court challenge in Ireland could see a lift on the blanket ban of CBD products by October.
  • Five MEPs from different member states have created an interest group in support of legalising personal use cannabis.
  • In its first update since listing, Celadon Pharma says it wants to deliver its product as a holistic package overseas.
  • A letter has been sent to Undersecretary Costa in a plea to legalise cannabis in Italy for those suffering with epilepsy.
  • The UK is set to host its first medical cannabis patient conference to celebrate those who benefit from the plant.

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United States
  • MLB has announced that it will allow teams to take on sponsorship from CBD brands beginning in 2023.
  • Texas Agriculture Commissioner Sid Miller is pushing for the expansion of the medical cannabis market in the state.
  • Rhode Island school districts are set to develop protocols for administering medical cannabis to students.
  • A study at Columbia University reveals that cannabis consumption is higher in states that have legalised adult-use.
  • Hemp fibre production is under state review in Tennessee to see if it can be used in car manufacturing.
  • A committee hearing has been scheduled in the US Senate on cannabis decriminalisation.

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Canada
  • Avicanna Inc. announces that it has partnered with EI Ventures to develop adaptogen nutraceuticals.
  • Edibles company Kiva Confections broadens its US distribution and enters the Canadian market for the first time.
  • Canopy Growth announced that it has closed its exchange transaction, reducing its debt obligations by C$263 million.
  • Despite the saturation in Canada’s cannabis market, US firms are looking for growth opportunities north of the border.
  • British Columbia has collected more than C$112 million in cannabis tax but none has gone to municipalities.
  • Canadian firm MediPharm intends to sell its Australian arm of the business to OneLife Botanicals.
  • Heritage Cannabis launches ‘Heritage Helps’, a dedicated commitment to corporate social responsibility.

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LATAM & The Caribbean
  • More than 100 health professionals have begun training in medical cannabis with the Hebrew University of Jerusalem.
  • A petition has been launched to the Brazilian government to detail a new classification of the plant.
  • A Uruguayan senator has proposed a 1.5% agricultural goods tax on cannabis as a way to bolster the economy.
  • The largest hospital in Argentina has begun to treat children between the ages of 2 and 15 with cannabis.
  • The Chilean Senate Public Safety Commission is set to vote to modify the law on self-cultivation of cannabis.
  • Researchers at the Federal University of Latin America are seeking dogs with bone disease to test a cannabis-based drug.

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APAC
  • Wellnex Life has entered into a joint venture with OneLife Botanicals to sell registered medical cannabis.
  • There’s record support for the Legalise Cannabis Australia party as a candidate rallies for the final senate seat.
  • Administrators from Cor Cordis have been appointed to Tikun Oceana due to sales not covering operating costs.
  • New Zealand firm Cannasouth has signed an agreement with WEECO Pharma GmbH worth NZ$15 million.
  • In Australia, prescriptions for medical cannabis have topped 260,000, mostly prescribed for chronic pain and anxiety.
  • The Health Ministry in Malaysia is committed towards the use of medical cannabis products by next year.

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Africa & The Middle East
  • The Israeli medical cannabis industry continues to stagnate with a 70% decline in the growth rate.
  • The Ministry of Health in Israel approves driving under the influence of less than 3 nanograms of cannabis per ml of blood.
  • Day Three Labs is set to deliver the first ingestible cannabinoid for the treatment of Parkinson’s disease.
  • South Africa’s first cannabis fund, SilverLeaf Investments, has launched its public offering through EasyEquities.
  • Israel is still the number one country in the world for cannabis imports, accepting 33 tons per year.
  • Cheeba Cannabis Academy and Agricolleges partner with Food for Mzansi to offer a year-long cannabis scholarship.
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