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International Cannabis Weekly: 278

December 16, 2022

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NEW EUROPEAN DRUGS POLICY PROVIDES PLATFORM FOR COMPREHENSIVE CONTINENTAL CANNABIS REFORM

A new approach to drugs across the 27 member states of the European Union looks set to provide a platform for continental cannabis reform. Earlier this month The Council of the European Union (EU) agreed an updated policy paper entitled ‘Council conclusions on human rights-based approach in drug policies’.

Driven by Czechia in its six-month stint as president of the European Union, will lend immediate support to both its, and Germany’s, moves towards regulated, adult-use markets.

As well as acknowledging the right of countries to decriminalise personal possession and protect the health of its citizens, it ticks all the re-active diversity, equality and inclusivity boxes, whilst also adopting a new, and more muscular approach to drugs policy and human rights.

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EUROPE’S FIRST THC ADULT-USE CANNABIS TRIAL IS SET TO LAUNCH IN JANUARY

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UK CHARITY SUPPORTS A 6-YEAR-OLD WHOSE ACCESS TO CANNABIS IS UNDER THREAT

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Europe
  • Euroclear, a financial clearing house, has informed investors that it will no longer support cannabis stocks.
  • The number of legal cannabis patients in Europe grew by approximately 100,000 in 2022.
  • As war destroys homes in Ukraine, hemp is becoming increasingly important to the construction industry.
  • With the Green Breeze marketplace, Breezy Brands aims to give faster patient access to prescribed cannabis.
  • Linneo Health and Phytocontrol enter into a medical cannabis clinical analysis collaboration agreement.
  • Ireland’s prohibitionist approach to hemp and CBD exposes it to punitive sanctions from the EU.
  • The Lithuanian parliament has resumed its debate on the decriminalisation of small amounts of cannabis.
  • Malta’s legal cannabis clubs has the potential to provide a relief for patients struggling for access.
  • Hellenic Dynamics is looking to hit the ground running after becoming the first cannabis cultivator to list on the LSE.

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Stocks

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United States
  • Top Minnesota DFL lawmakers expect cannabis legalisation bill to pass within the next two years.
  • In the first week of cannabis being legalised, Rhode Island saw sales of US$1.6 million.
  • The Office of Cannabis Management has released guidelines for cannabis delivery services in New York.
  • Researchers in Texas have stated that they will have new hemp varieties by 2024.
  • The Wisconsin Department of Revenue is asking the governor to include medical cannabis legalisation in the budget.
  • The Democratic and Republican leaders of New Hampshire are jointly filing a bill to legalise cannabis for 2023.
  • There is still hope that the SAFE Banking Act may get attached to an omnibus funding package.
  • Despite a city council repeal, Texas activists have turned in signatures to put cannabis decriminalisation on the ballot.
  • A recent study finds that cannabis legalisation has reduced arrests in states that have already decriminalised.

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Canada
  • Fire and Flower Q3 revenue has increased 8% sequentially to C$43.8 million.
  • Canopy USA converts C$125.5 million in TerrAscend debt to exchange shares at C$5.10 per share.
  • Health Canada has amended the Cannabis Act by increasing possession limits for cannabis beverages.
  • As access to drugs becomes easier, it is revealed that 25% of people in Canada have tried cannabis before turning 18.
  • Greenway Cannabis Corporation has submitted an application to Health Canada for its finished expansion.
  • Hexo Corp. CEO expects private equity to drive cannabis mergers and acquisitions in 2023.

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LATAM & The Caribbean
  • The Colombian Ministry of Health is determining whether cannabis derivatives could be part of health plans.
  • The Argentinian Secretary of Agriculture has delivered the first certificates of ownership of cannabis varieties.
  • Xebra Mexico’s authorisations will apply specifically to cannabis with low levels of THC.
  • El Salvador, the government will be voting on free access to medical cannabis for patients via the Unified Health System.
  • Colombian officials debate whether the state will finance cannabis treatments for patients who need it.

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APAC
  • Cannabis legalisation is set to be on the agenda in the newly elected Victorian upper house.
  • November recorded the third highest number of Special Access Scheme approvals of the year in Australia.
  • The Japanese unit of Jazz Pharmaceuticals starts Phase III trial on cannabis-based drug for epilepsy
  • Bod Australia has changed its name to Bod Science to reflect its focus on drug development.
  • Helius Therapeutics will soon launch THC-containing medicines that are grown and made in New Zealand.

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Africa & The Middle East
  • Israeli company IMC has announced that three new varieties from Avant will arrive next week in Israeli stores.
  • New research in Israel holds promise for cannabis as a treatment for Tourette’s syndrome.
  • The Israeli Ministry of Health confirms that CBD is legal but only if it is not produced from cannabis.
  • According to the African Cannabis Report, the South African cannabis industry is set for huge growth in 2023.
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