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International Cannabis Weekly: 258

July 29, 2022

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DOWNLOAD YOUR FREE COPY OF THE NORTH AMERICAN CANNABIS REPORT: 3RD EDITION

In 2021, the North American cannabis industry continued to grow and showed more promise than ever, with New York, New Jersey, Virginia, New Mexico, Montana and Connecticut all enacting, amending or passing adult-use cannabis legalisation.

The stock market has mirrored the slow-moving nature of federal reform. However, regional efforts are showing great promise. Revenues are rapidly growing, margins are expanding and markets are maturing, all signalling a bright future for the burgeoning North American cannabis industry.

Prohibition Partners estimates that adult-use cannabis sales in the United States are set to reach US$18.5 billion in 2022, and grow by 218% to US$58.8 billion by 2026. In Canada the market is expected to grow from US$4 billion in 2021 to US$7.6 billion in 2026.

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SWITZERLAND IS SET TO LEGALISE MEDICAL CANNABIS ON 1 AUGUST

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SENATORS FROM A JUDICIARY SUBCOMMITTEE MEET TO DISCUSS CANNABIS REFORM

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Europe

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United States
  • The Governor of Illinois is touting a large increase in cannabis tax revenue for the 2022 fiscal year.
  • XS Financial Inc. has provided a US$15 million CAPEX lease facility to Green Dragon / Eaze.
  • Jushi Holdings has opened its third cannabis dispensary in Virginia, totalling 34 stores nationwide.
  • Delta 9 Cannabis expects strong revenue figures for the first half of 2022, with the past three months performing best.
  • Medicine Woman, a proposed cannabis dispensary co-owned by Ice-T, has been approved by Jersey City’s control board.
  • Unity Rd has opened South Dakota’s first medical cannabis establishment in the Sioux Falls suburb of Hartford.
  • Body and Mind announces that it has been awarded two conditional licences in the Chicago area.

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Canada
  • Canadian federal agencies have made available millions of dollars for the expansion of the cannabis industry.
  • Pure Sunfarms is set to enter the Yukon, Northwest Territories and New Brunswick regions.
  • Canada House Wellness Group has entered into a share exchange agreement for the acquisition of MTL.
  • New Hexo CEO opens up about deepening cuts and resetting the firm’s cost structure.
  • Sugarbud Craft Growers announced it has received the initial purchase order from AGLC.
  • The Flowr Corporation has announced that it is closing the sale of its R&D facility to Hawthorne Canada.
  • Tilray is expected to turn a loss in its fiscal fourth as Wall Street predicts the company to lose 8 cents a share.
  • In Q1 2022 recreational cannabis spending grew by 23% and illicit expenditure dropped by over 16%.

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LATAM & The Caribbean
  • A patient from Nova Friburgo has obtained an injunction that guarantees cannabidiol treatment.
  • By next spring, Argentina will be planting feminised seeds in the growing season, according to director of INASE.
  • Colombia is carrying out the first exports of dried flowers from the country, shifting half a million kilos in one month.
  • Flora Growth CEO meets with Colombian senator as the bill to legalise recreational cannabis is introduced.
  • CORFO, a government agency linked to the Chilean Ministry of Economy, encourages research with hemp.
  • In Paraguay, the National Congress has begun a debate on the legalisation of cannabis cultivation.
  • The Patagonian National Centre will train growers and health professionals from Tierra del Fuego.

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APAC

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Africa & The Middle East
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