International Cannabis Weekly: 261
NEW YORK SET TO BECOME THE NEXT CANNABIS MEGA MARKET
Adult-use cannabis sales in the US are expected to grow from US$18.5 billion to US$58.8 billion by 2026. In Canada, the market is expected to grow from US$4 billion to US$7.6 billion during the same time period.
The biggest opportunity in terms of sheer market size is California, however the states predicted for the fastest growth are New York and Illinois. New York’s incoming adult-use mega-market isn’t going to be ready until 2023 at the earliest, but it should be worth the wait: Prohibition Partners projects the market will reach nearly US$1.5 billion in its first year of sales, and US$2.87 billion by 2025.
To garner further insight on the US, Canadian and Latin America markets, we have a number of premium packages available – including market sizing data for just £1,490.
A free-to-download version of The North American Cannabis Report: 3rd Edition is also available. You can also join us in New York on 3 November for the Business of Cannabis conference, where we will discuss market developments across North America and in particular New York’s emerging mega market.
OVER 30 SENATORS HAVE CALLED FOR CANNABIS LEGALISATION IN FRANCE
NEW YORK CANNABIS REGULATORS APPROVE FIRST PROCESSOR LICENSE
- The UK government allocates £500,000 of funding to an English company for innovative cannabis research.
- A new study shows that most British people would now consider using medical cannabis prescribed from a doctor.
- Despite a decline in the US hemp market, the EU industry will continue to grow, says the continent’s leading expert.
- Leading cannabis industry CEO suggests the only way to make a cannabis industry is to put patients first.
- Dutch cannabis company Greenlane has secured a US$15 million asset-backed loan over a three-year maturity period.
- The Democratic Party in Italy has given the green light to personal cannabis use in its election promises.
- Italian laboratories and pharmacists are awaiting guidance on the regulations for cannabis production.
- Chill Brands becomes the latest UK-listed stock to stage a comeback on news of a new US partnership.
- New Jersey’s legal cannabis market has accrued US$80 million in the first ten weeks of sales.
- State officials confirm that North Dakota voters will decide on cannabis legalisation in November’s ballot.
- The OCM has confirmed it will open the application portal for adult-use dispensary licence applicants.
- A former cannabis regulator has called for 10 equity amendments to the cannabis banking bill.
- New flower and extract brand Savvy will launch in seven US states in September 2022.
- The USA’s National Institutes of Health is examining the barriers to research on the health effects of cannabis.
- BLAZE has become the first cannabis retail software to receive SOC1 certification.
- Headset is not concerned that cannabis sales growth is reverting back to pre-pandemic levels.
Due for release next month, The European CBD Report will explore the trends, challenges and opportunities in the European CBD industry. We now have unique opportunities available to sponsor this report and promote your business to one of the largest audiences in the global cannabis and CBD industries.
As companies and investors scramble to get a foothold in the market, and as CBD consumption across Europe continues to grow, sponsorship is an invaluable opportunity to position your brand at the forefront of the industry.
- Toronto-based iAnthus Capital Holdings, Inc. has increased its Q2 revenue by 2% to US$43.5 million.
- Cannabis retailer Delta 9 Cannabis has announced an agreement to acquire three stores in Manitoba.
- Canada is set to invest over C$200 million in the medical cannabis market, with a focus on veterans.
- EnWave Corporation announced that it has signed a technology agreement with The Cannabis Cultivator.
- Canadian-based Village Farms is looking at other emerging markets outside of North America for growth.
- Auxly Cannabis Group Inc. has reported better-than-expected sales results for Q2, but net debt is still high.
LATAM & The Caribbean
- A laboratory in Uruguay is growing cloned cannabis plants intended for the European market.
- The ANMAT in Argentina has formalised the requirements for the production of cannabis derivatives.
- Colombian President Gustavo Petro spoke on cannabis legalisation at the First Summit of Mayors of the Pacific.
- Home cultivation of cannabis in Brazil is said to not impact the commercial cannabis industry.
- Despite some setbacks, Uruguay’s medical cannabis market is flourishing and growing exponentially.
- Businesses from the US and Costa Rica invest US$52 million in a cannabis education and training centre.
- The Fair Trading Commission in Jamaica is recommending that the government create funding for cannabis farmers.
Join us with your colleagues or entire team at Business of Cannabis: New York on 3 November and take advantage of our group discount offer. Choose from either ‘3 for 2’ or ‘10 for 6’ offers on tickets and save up to $1,980.
Explore this exciting corner of the North American cannabis market as we unpick the size of the opportunity, barriers to entry and the benefits that the plant can bring to the wider US population. Secure your group ticket today.
- Health experts say that Australia needs to capture more data on adverse reactions to medicinal cannabis.
- Malaysia is considering a Thailand-inspired roll-out of medical cannabis legalisation.
- Greenfern Industries of New Zealand has been certified as a net carbon zero organisation for the second year running.
- Businesses are benefiting from Thailand’s cannabis legalisation, but doctors still have concerns.
- CBD businesses in Hong Kong face shutting down as the government drafts a bill to ban CBD products.
- Incannex has appointed a former Pfizer exec to its board to help steer regulatory approvals for its cannabinoid therapies.
Africa & The Middle East
- Medical cannabis patients in Israel are now allowed to smoke cannabis outside their stated address.
- IM Cannabis Israel reports record second quarter results as revenue increases 114% to C$23.8 million.
- Gauteng Premier David Makhura has stated that cannabis could hold the key to economic potential in the Vaal.
- Labat Africa has signed an agreement to fast-track the implementation of various cannabis-related projects.
- The Supreme Court in Ghana struck out the law on a licence to grow cannabis due to parliament not being transparent.
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 80,000+ subscribers.