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International Cannabis Weekly: 288

March 3, 2023

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SPANISH PARLIAMENT HAS VOTED AGAINST A CANNABIS LEGALISATION BILL

A majority in the Spanish parliament, including the PSOE (Spanish Labour Party) and the two right-wing parties PP and Vox, voted for the second time last week against a bill that would legalise cannabis in Spain for therapeutic and recreational purposes.

The initiative, a bill submitted by ERC, did receive support from, among others, Unidas Podemos, PNV and Cs. It is the second time that the Spanish parliament has rejected during the current term. The previous vote, proposed by Más País, was rejected by the same three parties in October 2021.

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CANNABIS RETAIL SALES IN CANADA HIT A NEW MONTHLY RECORD LAST DECEMBER

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EMA CANNABIS RESEARCH IS ‘HUGE STEP’ IN RECOGNITION OF MEDICINAL BENEFITS

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Europe
  • The use of data claiming ten people in the UK have died from CBD use is ridiculed by industry.
  • The gradual transition from ‘prosecution to protection’ is a ‘huge step forward for the EU as a whole’.
  • Lyphe Group announces a new capital raise and the completion of an internal restructure.
  • European Commission discusses hemp in the reform of the Common Agricultural Policy.
  • Firm which brews CBD-infused beer becomes first of its kind to be listed in major UK supermarket.
  • Hungary, contrary to EU agreement, voted against the reclassification of cannabis and must answer to the ECJ.
  • The German government’s plans to legalize cannabis violate international law, according to a new expert report.

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Survey

SPONSOR THE EUROPEAN CANNABIS REPORT: 8TH EDITION – APPLICATIONS CLOSING SOON

Since 2017, Prohibition Partners has published 30+ industry reports, providing reliable and credible data on commercial opportunities, market forecasts and the regulatory environment in key cannabis markets globally. The Prohibition Partners report series are amongst the most widely-read in the industry, with over 150,000 readers globally.

Our report sponsorship packages offer unique brand awareness and business development opportunities. Sponsorship applications for our flagship report, The European Cannabis Report (8th Edition), are now open. Position your brand as a leader in the European cannabis industry and get in front of retailers, investors and those in complementary industries looking to get a foothold in the cannabis space.

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Stocks

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United States
  • New York’s Cannabis Control Board doubles the number of cannabis retail licenses to 300.
  • Omnium Canna and Uncle Budd NYC announce historic partnership to produce cannabis products in New York.
  • The North Carolina Senate gave initial approval on Tuesday to a bill to legalise medical cannabis.
  • Illinois lawmakers form new cannabis working group to boost industry growth and equity focus.
  • Congressman challenges Biden administration officials to provide evidence for positions on cannabis scheduling.
  • Nebraska hemp stakeholders want passage of a bill that will align the state’s hemp programme with federal rules.
  • Hemp building stakeholders are putting the finishing touches on documentation for hempcrete approval.
  • New endorsement for Oklahoma cannabis ballot initiative sparks stir in advocacy community.
  • New Jersey lawmakers send governor bill to let cannabis businesses claim state tax deductions as partial 280E workaround.

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Upcoming Event

SECURE YOUR SEAT AT BUSINESS OF CANNABIS: NEW YORK

If you’re looking to take your cannabis business to the next level, don’t miss out on the Business of Cannabis: New York conference, coming up on 4 October 2023 at the New York Academy of Medicine. And if you act fast, you can take advantage of our early bird ticket offer, available now for just $495!

This is your chance to join hundreds of other professionals in the cannabis industry and learn from expert speakers on topics like investment, marketing, and product development. Plus, by securing your spot early, you’ll save big on registration fees and guarantee your seat at this must-attend event. Don’t wait – take advantage of this exclusive opportunity and register for Business of Cannabis: New York today!

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Canada
  • Corné Melissen, majority shareholder owner of Phoena, has been appointed Interim Chief Executive Officer.
  • Cronos Group Inc. has announced its 2022 fourth quarter and full-year business results with revenue rising 10%.
  • Canopy Growth, one of the most popular cannabis companies with investors, was down 23.1% in February.
  • RIV Capital, an acquisition and investment firm, buys shares from JW Asset Management at a big premium.
  • Aurora Cannabis and MedReleaf Australia have announced the launch of CraftPlant, a new medical cannabis brand.
  • Complexity and cost of cannabis regulation in Canada a big barrier to entry into the market for smaller producers.

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LATAM & The Caribbean
  • Brazilian organisation NEEM has new headquarters, which has greater capacity for patients, but it needs more support.
  • The Graduate School of the Argentine Medical Association will teach a course on Endocannabinology.
  • The Santa Fe Ministry of Health in Argentina has launched virtual training on the therapeutic use of medicinal cannabis.
  • A bill authored by Brazil’s district deputy aims to regulate planting for medicinal and research purposes.
  • Ecuador’s government has approved the country’s first hemp production under a large partnership.

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New Report

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.

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APAC

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Africa & The Middle East
  • SciSparc signs agreement in Israel for the supply of CBD-rich cannabis oil for its clinical trial on children with autism.
  • Israeli company Canonic has successfully launched six second-generation cannabis products with higher THC.

 

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