International Cannabis Weekly: 285
EUROPEAN CBD MARKET SET TO BE WORTH €2.6 BILLION BY 2026
Prohibition Partners estimates that, in 2022, just under €1.7 billion worth of CBD products were sold in Europe. This figure will grow by more than 50% to just under €2.6 billion by 2026, as highlighted in The European CBD Report: Health & Wellness.
CBD oil is expected to maintain its position as the most popular CBD product in Europe over the next five years, although driven by legislative reform and consumer demand, CBD flower will continue to make inroads across the continent. The report also highlights revenue growth for public European CBD companies, an increase in consumption across the continent and positive market developments.
STUDY SAYS 108,000 CANNABIS JOBS WILL BE CREATED THIS YEAR IN US ALONE
NO MEDICAL CANNABIS DATA BEING COLLECTED BY NHS PATIENT REGISTRY IN THE UK
- Norway hosts first public meeting on medical cannabis amid ‘early first steps’ towards potential reform.
- Cellular Goods tells investors that its proposed £18.6m reverse-takeover deal with Cannaray has been scrapped.
- Proposals for the legalisation of cannabis in France have been backed by some officials in the country.
- Love Hemp has responded to damning allegations made publicly by its former managing director Philip Small.
- Avicanna completes first international export of cannabis seeds between Colombia and Spain.
- Bloomwell Group closes multi-million-euro growth capital round with US venture capital investors.
- Germany-based Cannamedical is expanding its product portfolio with medical cannabis flower varieties.
- The mayor of Bègles proposes to make his city the first in France to experiment with the legalisation of cannabis.
- Oklahoma could generate nearly US$500m in cannabis tax revenues over five years if legalisation goes ahead.
- New licences will be issued in Florida in order to double the number of medical cannabis operators.
- A plan for legal adult-use cannabis sales in Maryland is reportedly coming soon – possibly later today.
- A bill to legalise cannabis in Minnesota has cleared its sixth House committee, with the bill now ‘halfway through’.
- Californian officials are exploring ways to sidestep federal obstacles if state officials allow cross-state cannabis exports.
- Pennsylvania’s agricultural department is supporting the hemp sector with US$200,000 in grants.
- A new report analysing the effectiveness of state medical cannabis programmes finds most are falling short.
- A gun ownership ban for medical cannabis users in Oklahoma has been declared unconstitutional by a federal judge.
BUSINESS OF CANNABIS: NYC SESSIONS | THE NEXT 10 YEARS IN NEW YORK
At NYC Sessions on 23 February, we’ll be looking ahead at how the unique regulatory landscape in New York might look ten years from now, with speakers from Leafly and New York State Office of Cannabis Management.
Join us for an evening of exclusive talks, premium networking opportunities, an open bar and access to Work’n’Roll’s on-site consumption lounge.
- Canopy Growth shares plunge 15% as the company announces 800 job cuts as part of ‘transformation plan’.
- Jublee is hitting the shelves of Ontario’s cannabis dispensaries with its innovative new edible products.
- Federal Court rules location data of medical cannabis growers can’t be disclosed, so to protect patients’ data.
- Delta 9 Cannabis Inc. has said it will open its 41st retail cannabis store in Winnipeg, Western Canada.
- HEXO increases production of its popular straight edge pre-rolls and launches enhanced inhalation technology.
- Avicanna Inc. announces that it has entered into a new sub-licence agreement with VB Brands California LLC.
LATAM & The Caribbean
- Brazilian-Uruguayan cannabis startup PUCMED is set to go public and list on the Toronto Stock Exchange.
- Uruguay exports 1,000+ pounds of ‘premier hemp’ flower to the US, the country’s ambassador confirms.
- In Brazil, a subscription service focused on cannabis-based therapies has just been launched.
- Flavocure Biotech has raised funds for phase-one clinical trials for Caflanone, one of its cancer drugs.
- The Japanese government is set to allow the medical use of cannabis to treat patients with incurable conditions.
- Thailand is tightening the country’s regulations on cannabis sales, with buyers now having to show ID.
- The Cook Islands, a self-governing country with strong ties to New Zealand, is considering legalising medical cannabis.
- Australian medical cannabis company Medlab Clinical has been awarded an export permit for CBD/THC medicine.
Africa & The Middle East
- Flower grown by Canadian cannabis company Pure Sunfarms will be available in Israeli pharmacies this month.
- An Israeli government order will soon be sent to legal cannabis producers asking for data on earnings.
- New patients in Israel will not be able to receive more than 20 grams of cannabis per month.
- Atlas Global Brands signs definitive agreement with a cannabis distributor and two cannabis pharmacies in Israel.
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