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International Cannabis Weekly: 319

October 6, 2023

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SAFER BANKING ACT ON TRACK AS GOVERNMENT AVOIDS SHUTDOWN

Last weekend the US House and Senate both voted through a short-term funding deal, seeing a government shutdown avoided with just three hours to spare.

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NEW YORK OPENS CANNABIS LICENSING APPLICATIONS UNTIL 4 DECEMBER 2023

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GERMANY’S CANNABIS LEGALISATION MARCHES ON DESPITE OBSTACLES

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Europe
  • SOMAÍ Pharmaceuticals takes ‘significant step towards revenue generation’ as Portuguese market gains momentum.
  • Leading CBD brand Hempura merges with new parent company, BRITISH CANNABIS
  • Navigating the intricate world of medical cannabis regulation in Italy: a comprehensive guide.
  • New UK report finds European countries are ‘wilfully ignorant’ in policing and criminal enforcement of cannabis use.
  • Ireland’s Citizens’ Assembly to outline drug policy reform recommendations in the coming weeks.
  • Cannabis pilot project for the regulated sale of recreational cannabis enters concrete phase in Lausanne, Switzerland.

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Stocks

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United States
  • New York’s Office of Cannabis Management (OCM) finalises the state’s adult-use regulations framework.
  • Florida’s supreme court sets hearing date to determine if adult-use cannabis legislation bill will make 2024 ballot.
  • New York invites citizens to apply to testify at a public hearing on adult-use cannabis roll-out.
  • Illinois reports record breaking adult-use cannabis sales for the second month in succession.
  • New Mexico’s adult-use cannabis sales surpass half a billion dollars, with monthly sales just shy of breaking the record.
  • Colorado’s Cannabis Business Office (CBO) announces first recipients of its Cannabis Business Loan Programme.

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Upcoming Event

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Canada
  • Edmonton’s Aurora Cannabis signs new deal worth a potential C$38.8 million with Canaccord Genuity to pay down debt.
  • Cannabis giant Tilray completes its acquisition of eight beer brands, and is poised to triple its beer sales.
  • Chicago’s Verano Holdings receives conditional approval to list its subordinate Class A voting shares on Cboe Canada.
  • Virtual medical cannabis clinic launches in Canada providing online access to industry leading professionals.
  • Tilray reports revenues of US$177 million and reaffirms cannabis as a core focus despite portfolio diversification.
  • Toronto’s Heritage Cannabis reports US$8.79 million Q3 2023 revenue, showing strong year on year growth.

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Partnership

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LATAM & The Caribbean
  • Public laboratory will provide medicinal cannabis-based medicine to patients in Amapá, Brazil.
  • Colombia continues to advance in using medicinal cannabis to treat diseases and medical conditions.
  • Despite protests, Mayor of Balneário Camboriú, Brazil, takes a stand by vetoing cannabis bill.
  • Paraguay emerges as a thriving centre for producing industrial cannabis products following surge of investments.

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APAC
  • Tasmanian government seeks feedback on proposed changes to the way cannabis is regulated in the state.
  • New Zealand’s Cannasouth cuts jobs and raises capital while it waits for Medicinal Cannabis Agency (MCA) verification.
  • Fijian government set to explore medical cannabis industry as a potential source for generating revenue.
  • Industry leaders in Victoria say cannabis regulations should be loosened if the sector is to reach its full potential.

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Africa & The Middle East
  • Nigeria’s National Drug Law Enforcement Agency (NDLEA) plans alternative strategies to dismantle drug cartels.
  • Malawi set to reap benefits after successfully facilitating its first export of cannabis to Macedonia.
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