International Cannabis Weekly: 347
May 3, 2024
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A NEW ERA: DEA SET TO APPROVE RESCHEDULING OF CANNABIS IN THE U.S.
Eight months after the Department of Health and Human Services (HHS) recommended rescheduling cannabis to the DEA, the organisation has reportedly made its decision following sustained pressure from the Biden administration.
GERMANY’S ‘PILLAR 2’ IN PROGRESS AND COULD BE HERE SOONER THAN EXPECTED
MEDMEN FILES FOR BANKRUPTCY AMID US$411M DEBT WOES
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Europe
- Germany’s predicted medical cannabis boom is in full swing following passage of CanG bill.
- European cannabis leaders to take centre stage at Business of Cannabis Awards 2024 in London.
- A Swiss initiative aims to firmly embed cannabis legalisation into the country’s constitution.
- North Rhine-Westphalia interior minister says cannabis legalisation in Germany shouldn’t apply to police officers.
- UK families turn to private clinics to get medical cannabis as ‘hardly anyone’ is eligible for NHS treatment.
- A referendum on legalising the cultivation of cannabis for medical and personal use will be held in Slovenia next month.
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European Cannabis Stocks
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United States
- U.S. economy set to receive significant US$112.4 billion boost from the cannabis industry in 2024.
- Cannabis stocks surge amid reports the DEA will approve federal cannabis rescheduling.
- California and Missouri join list of states trying to restrict Delta-8 and other ‘diet weed’ products.
- New Hampshire GOP gubernatorial candidate says she would oppose cannabis legalisation if elected.
- South Carolina medical cannabis bill won’t receive House vote by end of session, committee chair says.
- Frequent cannabis use doesn’t make people less motivated or cause paranoia, study finds.
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Canada
- Canada’s cannabis industry is at risk of losing first-mover advantage to U.S. after rescheduling decision.
- Canopy Growth moving ahead with its plans for Canopy USA after shareholders voted in favour of growth strategy.
- Regulated Canadian cannabis sales inched higher in February 2024 compared to the same last year.
- Decibel reports net loss of CA$1.8 million in 2023, but increases revenue from exports.
- Ontario’s online cannabis store will ship orders with Canada Post for a CA$5 delivery fee.
- Canadian girls join list of highest rates of teen cannabis use, World Health Organisation study finds.
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LATAM & The Caribbean
- Adult-use cannabis legalisation bill set to be sent to Mexican congress by Senator Olga Sanchez.
- The ‘Cultivate Your Rights March’ took place in Chile this week, the 18th time the annual march has taken place.
- Clever Leaves announces voluntary delisting of shares and SEC deregistration.
- Cannabis consumption is reportedly on the rise among school-age pupils in Bermuda.
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APAC
- Cann Group takes steps to resume ASX trading as Q3 revenues tumble and cash flow worsens.
- Thailand’s cannabis rush presents a budding opportunity amidst a host of regulatory changes.
- Aurora improves offerings in Australia with new range of premium dried flower products.
- Medicinal Cannabis Industry Australia (MCIA) is combing through a number of nominations to join it’s board.
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Africa & The Middle East
- A cultivation area of over 2,552 hectares authorised in Morocco this year, compared to 286 hectares in 2023.
- InterCure announces FY2023 results, with revenue of NIS₪356 million and adjusted EBITDA of NIS₪61 million.
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