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International Cannabis Weekly: 308

July 21, 2023

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UKRAINE APPROVES FIRST READING OF BILL TO LEGALISE MEDICAL CANNABIS

Officials voted to adopt the bill on regulating cannabis for medical, scientific and industrial use, at its first reading in the Verkhovna Rada [parliament] of Ukraine.

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NEW ADULT-USE CANNABIS LEGALISATION LAW TO TAKE EFFECT IN LUXEMBOURG

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META EASES RESTRICTIONS ON CBD ADVERTISING IN THE US, CANADA AND MEXICO

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Europe
  • UK’s Akanda Corp. under threat of being delisted from NASDAQ for the second time in less than a year.
  • Czech government will regulate but not ban synthetics made from CBD, according to the Ministry of Health.
  • Study in Spain finds no decline in health of regular cannabis users when compared to the general population.
  • Cannabis clubs in Malta expected to be operational by the end of March 2024; however, they won’t be open to tourists.
  • Oxford Cannabinoid Technologies formally expands its research and development strategy into oncology.
  • Prescribing medical cannabis can drive down NHS waiting times says new CIC report.

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Stocks

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United States
  • Bill relating to cannabis products and production in Hawaii becomes law, without Governor Josh Green’s signature.
  • Michigan cannabis sales set a monthly record in June to US$260.8 million rising 6.0% from May.
  • US cannabis giant Trulieve files civil lawsuit against its former business partners in a bid to recover unpaid debts.
  • A 2024 ballot initiative to legalise adult use of cannabis could see Florida generate US$431.3 million in sales tax.
  • New York’s Acreage Holdings, Inc. launches Journeyman THC lemonades in Illinois in partnership with Botanica.
  • Heritage Cannabis Holdings Corp. begins manufacturing for New York recreational market.

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New Report

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Canada
  • Avicanna sponsoring Canadian Consortium for the Investigation of Cannabinoids for cannabis awareness.
  • Greenway Greenhouse Cannabis Corp. enters into debt settlement agreement with Hybrid Financial Ltd.
  • TerrAscend points to Maryland, Michigan and Pennsylvania as top priorities for capital expenditures.
  • Health Canada confirms new cannabis testing initiative will come into effect by the end of the year.
  • Canadian cannabis cultivator Organigram publishes Q3 earnings, reporting falling revenues and net loss of C$213.5 million.
  • Canadian cannabis giant Canopy Growth reaches agreement with its lenders to significantly reduce its debt.

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Upcoming Event

Business of Cannabis returns to New York to deliver insights from leading voices across cannabis investment, policy, technology and retail. Once again, industry leaders, key politicians and cannabis innovators will converge in the heart of the Big Apple.

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LATAM & The Caribbean

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APAC
  • Pharmacy data reveals record quarter of sales as Cannatrek and MedReleaf capture 50% of Australian market.
  • Bod Science to commercialise its CBD soft gel capsule in international markets should latest trial prove successful.
  • UK firm Dragonfly Biosciences – a producer of CBD-based everyday products – to list on ASX.
  • Melodiol Global Health Limited announces revenue results for third quarter of 2023.

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Africa & The Middle East
  • Tobacco company, Philip Morris, to buy Israeli cannabis firm Syqe Medical in US$650 million deal.
  • Ghana to allow cannabis cultivation for medical and industrial purposes following supreme court ruling.

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