The U.S. cannabis market has generated record tax revenues of $9.7 billion since mid-2021, driven by expanding state markets like California and Michigan, though corporate consolidation and regulatory hurdles persist.

• Corporate moves saw major M&A activity among MSOs and growth in the cannabis beverage sector.
• Despite market growth in emerging states, challenges like pricing pressures, illicit sales, and equity concerns dominate discussions in other states, as teen drug use has hit historic lows.

 Australia’s cannabis industry is experiencing significant consolidation, with major acquisitions including Phytoca by a Chinese group, Releaf Group by a JV of Vitura and Crisci, and Health House by Little Green Pharma.

• Regulatory developments, such as potential nurse prescribing rights and eased restrictions for WA doctors, could improving patient access depsite TGA enforcement actions.
• Product trends show flower dominating with 40% of approvals, followed by oils and gummies.

 Germany allows scientific pilot projects: Sanity Group and Cansativa announced the first ones.

• Political tensions over legalisation mount ahead of federal election: Berlin reports reduced cannabis-related crimes, as regions like Bavaria show contrasting outcomes.
• The medical market’s potential shift toward recreational use raises concerns, as companies report strong growth.
• Research highlights cannabis’ therapeutic potential, from cannabinoids addressing psychiatric disorders to innovations in cultivation techniques like UV optimization.

Organigram’s acquisition of Motif Labs establishes it as the largest cannabis company in Canada, but concerns grow over federal neglect, regulatory hurdles, and industry viability as industry awaits revised policies.

• The rise in adult non-medical cannabis use (26%) indicates greater social acceptance.
• Companies like Rubicon Organics, MediPharm, and CanadaBis report strong growth, while others feel market pressures.

 Brazil’s cannabis landscape is transforming following the Supreme Court’s decision to allow hemp cultivation for cannabinoids. ANVISA has five months to draft cultivation regulations.

• Health Ministry is engaging stakeholders, including patient associations, to modernise the medicinal cannabis market, potentially expanding pharmacy offerings and incorporating compounding services.
• Pharmacy sales surged 80% in 2024, with revenue reaching R$163.3 million, while imports slowed due to increased local production.

In the UK, stricter controls on CBD products are under consultation, with regulators proposing a “zero detectable THC” standard, raising industry concerns.

• Meanwhile, medical cannabis production is scaling up, with Dalgety preparing to meet significant prescription demand and companies like British Cannabis™ and Brains Bioceutical introducing innovative products.

 Israel’s cannabis industry is grappling with challenges as reforms are debated amid market shrinkage and license revocations. Patient licenses fell from 140,000 to 113,000 in 2024, and the number of active companies declined.

• The Health Ministry is considering reforms to stabilise the struggling market, particularly for veterans reliant on medical cannabis, despite industry fragility exemplified by liquidations.
• Discussions on cannabis-based PTSD treatments signal potential areas for recovery.

In the Netherlands participating coffee shops in the experiment will only sell regulated cannabis for four years. The transition phase has shown mixed results, with most coffee shops participating but facing challenges in hash product quality.

• Enforcement remains a priority, as municipalities warn of strict measures against illicit trade. Amsterdam’s plan to relocate city-center coffee shops faces resistance.

 Poland’s medical cannabis import quota for 2025 has doubled to 20 tonnes.

• Challenges from new regulations banning online prescriptions. This rule has caused a significant market contraction, with prescription rates dropping 57% between October and November among tightened enforcement.

 France has extended its medical cannabis trial for six more months, leaving patients in uncertainty as generalisation discussions stall despite new minister ‘supporting further study’.

 Morocco produced 4,000 tonnes of legal cannabis in 2024, but farmers face oversupply and low prices as food supplements and the first generic CBD-based drug for epilepsy is launched.

 South Africa’s grey-area cannabis market is growing rapidly, with unregulated outlets generating over R5 billion ($269 million) despite legal uncertainty.

 Thailand holds international ambitions in the ASEAN region, Australia and Germany.

 Spain: Madrid Tightens Cannabis Controls While Medical Production Expands

 Portugal: Exports Soar in 2024, as Approved Product Range Expand

 Argentina: provinces take initiative on regulation, establish local registries

 Italy: Users and Patients Challenged by New Highway Code

 Switzerland: Access Hurdles as New Suppliers Enter Market

 Czech Republic: Local and International Companies Expand Market Presence

 Denmark: Low Prescription Rates Remain a Challenge

 Colombia: Small Businesses Push for Cannabis Tax Reform⁠

 New Zealand: Medical Cannabis Companies Face Mixed Fortunes

 Greece: First Exports Head to Switzerland

 Paraguay: Proposal to increase THC limit to access US and Brazil market

 Peru: New Industrial hemp law has been enacted

 India: Textile Sector Eyes Hemp Innovation with South Korea

 China: CBD Research Shows Promise in Depression and Epilepsy Treatment

 World Health Organisation Recommends HHC Scheduling

 Japan: Strengthened distribution of Swiss CBD products

 South Korea: Researchers Complete High-Quality Cannabis Genome Assembly

 Ukraine: Awaiting Drug Registration to Launch Prescriptions Early 2025

 North Macedonia: Major Cannabis Sale

 Luxembourg: Medical Cannabis Access Tightens

 Malta: Cannabis Use has Dropped After Partial Legalisation

 Sweden: Juicy Fields Victims’ Lawyer Convicted

 United Arab Emirates: Canadian Faces Life Sentence

 Finland: Study Shows Light Ratio Impact on Yield and Potency

 Lebanon: Cannabis Oil Extract’s Promising Effects on Kidney Health

 Fiji: First Steps Towards Medical Cannabis Industry