Welcome to August’s cannabis brief, as always we hope you gain valuable insights from our curated collection of global news and industry trends.
In August, we explore record sales by German medical cannabis operators, despite telemedicine concerns. The US presidential race is heating up, with candidates vying for the support of cannabis advocates. Meanwhile, Australia‘s industry is expanding, in Canada mixed signals coexist with strong sales performance in Quebec. Brazilian cannabis market is booming, Colombian president urges Congress to legalise, and Argentina tightens medical program participation conditions. Poland explores decriminalisation and will not limit online prescriptions, Italian industry seeks EU support to push back on CBD-killer ammendment, lack of supply forces delay next phase of Dutch legal coffeeshop supply chain. Thailand eyes international markets, China regulates CBD as a precursor chemical. The King of Morocco pardons thousands of cannabis prisoners, while CBD products hit the shelves in Morocco and Zimbabwe.
Key figures from the international markets in August include:
- Germany imported 11.7 tonnes of medical cannabis in Q2 2024.
- Supporters of legalisation raise $60 million for Yes campaign in Florida.
- Quebec government-owned retailer sold 122 tonnes of cannabis in FY2024.
- Judicial requests for homegrowing medical cannabis up 4,100% in Brazil.
- Israeli patients consumed 46 tonnes of medical cannabis in 2023.
- Dutch coffeshops in the experiment require 570kg of flower per week.
- Over 1,550 farmers are growing hemp in France.
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Table of Contents
Article:
Official Australian Market Data
Australia’s Medical Cannabis Boom: Breaking Import Records and Shaping Global Trade
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Regulation
Trump backs cannabis in US presidential race; telemedicine fraud concerns rise in Germany; Poland edges towards decriminalisation, keeps remote prescriptions; Argentina tightens medical programmme access conditions; Italian industry seeks EU help against CBD-killing ammendment; Colombian President urges legalisation.
Market
Record sales in Germany; adult-use sales commence in Ohio; Australian producers want to focus on exportation; Quebec leads growth in Canada; Brazil sees strong market momentum; private clinics propel UK growth; new product registrations in Poland and the first CBD products hit the shelves in Morocco and Zimbabwe.
Science
Research hails hemp’s industrial potential in animal feed and biocomposites.
Infographic of the Month:
Medical Cannabis Trade in Australia
German Medical Cannabis Operators Report Record Sales, but Telemedicine Fraud Concerns Cast a Shadow
Concerns on the potential misuse of prescriptions by telemedicine services without a preliminary medical consultation are emerging, with Lower Saxony Health Minister seeking to close “legal loopholes” allowing to get cannabis “with just three clicks on the internet”:
- The German Medical Association has expressed doubts as to whether having a questionnaire filled out actually complies with a doctor‘s duty of care, given a majority of young men using these services. While the ultima ratio principle no longer applies since April 1st, a real medical indication should exist in order to issue a prescription, and exclusively remote treatment should be limited to cases with a recorded medical history.
- German municipalities like Wiesbaden are planning recreational cannabis pilot projects, potentially with pharmacy distribution; authorisation by the Ministry of Food and Agriculture required, but no timeline has been provided.
- Some 226 applications for cannabis clubs have been received by federal states, less than previously expected, but few have been approved yet. The first cannabis association in Berlin, Green Leaf Society, and in Rhineland-Palatinate, have been approved.
- German trade groups oppose new hemp-derived psychoactive substances: after ban on HHC, THCP, newly introduced substances include 8-OH-HHC, 10-OH-HHC, THCJD or HHCH.
- The Federal Bar Association criticises the lack of definition for “non-small amount” of cannabis in the Cannabis Act, suggesting to eliminate vague terms if the legislature cannot define it.
- Ministry of Defense maintains cannabis consumption ban for active soldiers, citing risks to operational readiness and public safety. Reservists allowed to use cannabis privately but advised to cease before military service.
Germany imported 11.7 tonnes of medical cannabis in Q2, up from 8.1 tonnes in Q1, reflecting the positive momentum in the medical market after legalisation. Canada remains the largest supplier accounting for over 50% of imports, followed by expanding relationship with Portugal, Denmark, Macedonia or Spain, with notable declines from Australia, the Netherlands, and the UK.
- A report by Bloomwell group finds price compression of 50% compared to last year, with the current average price of medical cannabis flower sitting below €9/g.
- Data from statutory health insurance IKK finds no increase on reimbursed prescriptions this year, while extracts still account for over 60% of reimbursements.
- Cantourage has recorded revenues of almost €25m in the first 8 months of 2024, a 62% increase compared to last year, with sales 188% up to €4.9m in August vs €1.7m last year.
- Synbiotic reports strong growth, with Weeco Pharma achieving a 300% sales increase, and Hempro International and MH medical hemp experiencing 50% sales growth.
- Demecan nears 100 million euro valuation after completing a 7-digit funding round led by Trog Hawley Capital to enhance Demecan’s online selling platform.
- Flora Growth now trades on the Frankfurt Stock Exchange under the symbol “7301”.
- Sanity Group’s Avaay Medical will introduce Khalifa Kush cannabis brand in early 2025.
- Tilray’s subsidiary Aphria RX has received a trading license to sell medical cannabis in Germany.
- Canify partners with Lesotho-based MG Health to bring new cultivars from September 2024.
- Dermapharm‘s isolated cannabis business C³ Group has not met expectations despite partial legalisation: group plans to expand offerings to flowers and extracts.
Car manufacturer Volkswagen has partnered with Revoltech to develop a sustainable, bio-based leather alternative from industrial hemp for large-scale car interiors, potential use from 2028.
- Clinical trial on dronabinol for treating PTSD-related nightmares begins recruiting in Berlin.
- Online survey on endometriosis highlights cannabinoid efficacy on chronic pelvic pain.
- Study finds that CBD increases serum anandamide and related compounds significantly with higher dosages, enhancing potential mental health benefits.
- Long-term THC treatment affects mTOR activity and metabolome, influencing aging and metabolic health.
US Presidential Race Intensifies as Candidates Compete for Cannabis Supporters’ Votes
DEA postponed cannabis reclassification until after the election, leading to negative impact on cannabis company stock prices. Analysts believe rescheduling depends on presidential candidates’ positions and key appointments. Trump has edged towards a more progressive position on the issue, claiming to be in favour of decriminalisation; while Kamala’s running mate Tim Walz has been a long time supporter of legalisation in Minnessota.
- Battle for legalisation in Florida underway: Trump has endorsed the passing of Amendment 3, while billionaire pledged $20 million to block it. Funding of Yes campaign reaches $60 million, led by contributions from Trulieve and other MSOs. Polling shows 64% voters in favour.
- Over 1,000 illegal cannabis shops shut down in New York, with legal sales in NYC increasing by 72% since enforcement began and surpassing $500 million since the launch of the program. Roll-out of new adult-use licenses reaches 841 in 2024.
- California “hemp-killer” amendment suspended for the rest of the year.
- Less than half of Illinois social equity businesses are operational, primarily due to lack of investment and funding challenges.
- Senate committee maintains D.C. cannabis sales ban despite local efforts.
- Colorado cannabis operators frustrated as licensing fees have more than doubled.
- Ban on intoxicating hemp products in Missouri halted due to infight between Republicans.
- Nebraska plans 30% sales tax on consumable hemp and CBD products.
- Hempseed meal approved for inclusion of up to 20% in diets for US layers.
Adult-use sales have commenced in Ohio, with 98 dispensaries open to the public from August 6, seeing long lines and price surges: daily sales jumped 270% from previous medical sales.
- CBD market faces decline due to regulatory uncertainty and competition from unregulated products: Charlotte’s Web reported a 23% revenue drop, while Village Farms’ CBD sales fell nearly 19% in the second quarter.
- California cannabis companies are shifting to the hemp market due to lower taxes and fewer regulations. Meanwhile, patients struggle to access affordable medical cannabis due to high dispensary prices and lack of insurance coverage, turning to illicit market.
- Curaleaf reported $342 million in Q2 2024 revenue, a 2% increase year-over-year, with an adjusted gross margin of 48%. International revenue surged 78% year-over-year, driven by growth in the UK, Germany, and Northern Green acquisition.
- Verano announced Q2 revenues of $222 million, down 5% from last year, due to increased competition in New Jersey.
- Canadian TerrAscend has secured a significant loan of $140 million to support its operations and growth in California, Maryland and Pennsylvania.
- Wana launches direct-to-consumer online marketplace for hemp-derived products.
- Tyson launches 35’s pre-rolls in California with Lowell Farms, as well as boxing globe-shaped gummies in Colorado, complying with promotional restrictions on the previous ear shapes.
- Snoop Dogg partners with Futurola to launch a new line of co-branded cannabis accessories.
Cannabis use increased among adults over the last decade, but decreased among high-schoolers coinciding with adult-use legalisation in key states: co-use with alcohol and with tobacco linked to higher odds of problematic use. However, there is a significant number of young medical cannabis patients, particularly for anxiety, chronic pain and PTSD.
- A randomised, placebo-controlled trial from Floraworks’ melatonin and TruCBN™ formulations found mild side effects; significant improvements in sleep disturbance and stress.
- Avicanna received a USPTO patent for its topical CBD targeting inflammation and pain.
- Skye Bioscience launched Phase 2 clinical trial for its CB1 inhibitor nimacimab, targeting weight loss in obesity patients.
- Verne Bio partners with Neatleaf to enhance genetic and pathogen testing accuracy, using AI data and real-time analytics to correlate plant stress with pathogens.
- Review finds that unregulated hemp products pose public health risks due to mislabelled ingredients and contamination with harmful substances like heavy metals.
- Longitudinal study on cannabis hyperemesis syndrome finds 66% of participants returning to same patterns of use after emergency department visit.
- Cannabis co-use helps reduce opioid use and manage withdrawal symptoms among people who inject drugs in Los Angeles.
- Study assesses a high-cannabidiol suppository for menstrual pain relief.
Australian Cannabis Industry Expands as Local Producers Hail Export Potential
Greens Senator advocates for legalisation, but Prime Minister Albanese remains opposed to drug reform despite increased public support for cannabis legalisation, with 45% favouring it and 80% opposing criminalisation of possession.
- NSW inquiry considers decriminalising recreational cannabis despite opposition by Premier.
- Patient reviews platforms Honahlee and Cannareviews have received warning letters from the TGA, now plan to take down educational material to comply.
Local producers like Little Green Pharma and ANTG hail export potential of Australia:
- Biortica Agrimed seeks international expansion opportunities after expanding cultivation capacity by 16,000 square metres to meet growing demand for medicinal cannabis in Australia.
- Breathe Life Sciences completed Australia’s first commercial run of GMP-certified THC gummies, as it aims to scale production from 2 million to 6 million doses per month after securing $2m in purchase orders and a $28m supply agreement with a major company.
- Vitura Health reported a 5.6% in FY2024 revenue to $123.9 million, despite challenges in the medicinal cannabis market that brought down the consolidated EBITDA to $6.2m.
- MedTEC Group Australia launched 3 new flower strains on August 1st: Jack Herer, Cafe Racer, and Royal Cookies, also introducing 3 new oils alongside the flower strains.
- ECS Botanics quadrupled net profit to $2 million in FY24 and secured over $33 million in long-term supply contracts after record 6.6 tonne harvest. Milestones include new soft gel capsule range through a partnership with Elite Medical Solutions and German partnership with Ilios Santé.
- Rua Biosciences introduces its first product in Australia, a dried flower called Rua Rau Hiwa from its proprietary New Zealand genetics which it seeks to introduce to Germany next year.
- Wellnex Life launched a Wellness Life medicinal cannabis brand in partnership with OneLife Botanicals, available via prescription and distributed by the Entourage Effect.
Mater launches medicinal cannabis tele-trials for rural Queensland palliative patients to manage pain and symptoms effectively.
- Cannim seeks 65 participants for a study on medicinal cannabis for treating primary dysmenorrhoea, affecting 45-95% of menstruating women, with limited treatment options.
- Oral THC:CBD cannabis extract shows promise for preventing chemotherapy-induced nausea and vomiting in a randomised trial, supporting cannabinoids as effective antiemetics.
- Antibacterial and wound healing potential of medicinal cannabis revealed in various studies.
Canada’s Cannabis Market: Mixed Results as Quebec’s Government Retailer Outperforms Illicit Trade
Government-owned Quebec company SQDC outsells the illicit market with over 122 tonnes in sales in 2024, a 15% increase, capturing 62.8% of the estimated market as it opened its 100th store.
- Canopy Growth‘s stock fell 7% after reporting a wider first-quarter loss of C$127.14 million ($94.1m) on a declining revenue of C$66.2 million ($49m).
- SNDL’s net revenue for cannabis retail in Q2 2024 was C$76.1 million ($56m), a 6% yoy increase. Its bid to acquire Indiva, with its facility, portfolio of 7 brands and 53 SKUs, has been approved.
- Village Farms reported a 45% increase in sales for the Canadian Cannabis Segment, reaching U$40.7 million in Q2, as exports increased 11% and wholesale sales 190%.
- Organigram‘s Q3 revenue increased 25% to C$41.1 million ($30.4m), with positive adjusted EBITDA and improving market shares in New Brunswick and Quebec.
- Decibel‘s net revenue decreased by 22% to C$22.1m ($16.3) in Q2 2024 due to increased competition and market changes, with a 46% yoy decline in adjusted EBITDA.
- MediPharm reported Q2 2024 revenue of C$10.3m ($7.6m), improved gross profit and reduced operating expenses, expanding offering through Remidose Aerosols and SEDDS capsules.
- Tokyo Smoke to close 29 stores while seeking creditor protection under the Companies’ Creditors Arrangement Act (CCAA).
- Victoria Cannabis Buyers Club has been fined C$3.2 million by BC government for unlicensed cannabis sales, based on retail value calculations.
Organigram completed a landmark clinical study on its FAST™ nanoemulsion technology, showing up to 50% faster onset of effects and up to double the peak cannabinoid bioavailability, which it plans to commercialise this fall starting with gummies.
- InMed Pharmaceuticals candidate showed high bioavailability as an oral formulation for Alzheimer‘s, achieving drug levels comparable to intraperitoneal injection.
- Cannabis Orchards received $600,000 in grants for research on minor cannabinoids and seedless triploid hemp lines, to develop hemp varieties for higher yields and cannabinoid profiles including CBD, CBG and CBDV.
- Survey of Parkinson’s Disease patients found that 36% used natural health products like coffee, cannabis, and turmeric, with 13% using cannabis for symptom releaf.
Brazil’s Cannabis Market Surges: Home Cultivation Requests, Import Permits, and Product Registrations Rise
Judicial requests to grow medical cannabis at home increased by 4,100% from 2018 to 2024, with 70 habeas corpus requests in 2023 climbing to 82 in the first 5 months of 2024.
- Agricultural Minister discussed cannabis regulation’s impact on Brazil‘s production system with key agricultural officials and judges, assessing the potential impact of US$30 billion annually.
- Pernambuco’s parliamentary front seeks to enhance free access to medicinal cannabis through state policy and legislative support.
- Local authorities in Guaíba and Campo Grando discuss medicinal cannabis and public intervention to support cost of treatment.
Growth in cannabis import permits: since it became available in 2015 366,953 products have been imported for individual patients, and 75,852 in the first half of 2024, showcasing the significant market momentum together with the products dispensed in the pharmacies.
- Akras Honest Genetics launched its brand, consisting of CBD and CBD+CBN oils at the Medical Cannabis Fair.
- Aura Pharma launches Full Spectrum cannabis extract, expanding its portfolio of five ANVISA-authorized isolated products.
The Brazilian Cannabinoid Industry must invest R$300 million ($53m) in research to meet Anvisa’s requirements for product registration, with a deadline for clinical studies ending in March 2025 for the 39 health authorisations issued by ANVISA, with 26 currently on the market.
- CBD shows potential anti-inflammatory, analgesic, and neuroprotective effects beneficial for athletes’ health and performance, systematic review of 18 studies finds.
Israel’s Medical Cannabis Market Struggles Post-Reform: Bureaucratic Hurdles in Permits and Prescriptions
Ministry of Health is seeking doctors to handle the issuance of cannabis permits, after April’s reforms transferred responsibility to the health insurance funds, encountering bottlenecks.
- Patients face bureaucratic difficulties, and reduced treatment options under the new prescription model, despite health funds acknowledging challenges. Maccabi has issued 3,000 licenses and prescriptions since April, with only a 10% rejection rate.
- As a result of the reforms, patients with high doses require approval from the head of the medical institution, while only 20% of patients with conditions like autism, cancer and epilepsy can obtain a direct prescription from their doctor.
New data by the Ministry of Health unveils growth trajectory of Israeli demand: 46 tonnes were sold in 2023, up from 40t in 2022, 29t in 2021, 18t in 2020 and 3t in 2019; with sales of 24 tonnes in the first half of 2024.
- InterCure reports NIS 126 million ($36m) revenues and NIS 21 million ($5.7m) adjusted EBITDA for the first half of 2024, as the company expands European presence with Cookies™ partnerships in Germany and the UK.
- IMC revenue grows 12% vs Q2 2023, while its German subsidiary delivers +200% in sales in the first three months after German legalisation, now represents 25% of business.
- Innocan Pharma reports 177% growth in Q2 2024, as it prepares to introduce LPT-CBD technology in the US.
- Cannassure is suing Better for unpaid services and claims Better is liquidating and may cease operations soon, which Better denies, facing mutual financial and legal challenges.
Study on trimming techniques finds pre-drying mild trimming yielded the highest cannabinoid concentration, while post-drying trimming yielded the highest terpene content.
UK Medical Cannabis Market Experiences Rapid Growth and Evolving Landscape
Food Safety Authority aims to reform novel food approval process for efficiency and transparency, removing 10-year renewal authorisations and statutory instruments.
Medical cannabis market estimated to grow at a rate of 10% monthly; nearing 50,000 patients led by private clinics such as Alternaleaf, MaMedica and CB1 Medical.
- Dalgety received a Home Office licence and full EU-GMP certification for medical cannabis production in the UK, products to be distributed soon through Grow Pharma.
- Grow Pharma expands Access Project to Blue Light Card holders, enhancing access for emergency service workers in the NHS, armed forces, and social care professionals.
- Ananda Developments graduated to Aquis Apex Market, enhancing its market presence.
- Celadon shares dropped 50% due to funding delays impacting investor confidence.
- Hellenic Dynamics stopped trading on the LSE due to a delay in the publication of accounts.
Brains Bioceutical submitted a Certification of Suitability (CEP) application for CBD API to the European Directorate for Quality of Medicines, seeking to streamline regulatory processes.
Argentina Tightens Access to Reprocann Program for Industry and Patients
The Argentinian government has updated regulations for the REPROCANN program, updating requirements for health professionals, rules for associations and self-cultivation limits.
- New resolution mandates professionals to have a Diploma or Master’s degree in medicinal cannabis for REPROCANN participation. Self-cultivation remains unrestricted; however, limits on flowering plants and third-party growers are established. NGOs must meet new registration requirements and provide annual certification to maintain their status in the program.
- Argentinian club federation is proposing to create local registries in Buenos Aires and Chubut in order to expedite access for residents, including a tourist registry for visitors.
KCBD Corp is opening a 2,500 sqm indoor medicinal cannabis facility in Mendoza, with over $600,000 investment in greenhouses, laboratories, and future cannabis oil processing plant.
- An official study in La Pampla claims that hemp production could create 3,300 to 5,000 direct jobs, generating an economic impact of over $13B.
Poland: Online Prescriptions Remain Unrestricted, Growing Support for Decriminalisation, New Product Registrations
Tele-prescriptions of medical cannabis will not be limited, after the draft regulation submitted for public consultation by the Ministry of Health eliminated the mention to cannabis, despite opposition by the Supreme Medical Chamber.
- Support for decriminalisation within the Polish state is growing, with Departments in the Ministry of Health and the Ministry of Agriculture supporting it, despite opposition by President Duda. Activists propose legalising the possession of up to 4 plants and 25 grammes.
Cosma partners with Portuguese manufacturer SOMAÍ Pharmaceuticals, anticipating as many as 45 product registrations in the country in the coming years.
- Three new varieties have obtained new product registrations: Suprobion 23% THC, Tilray 22% THC and Cantourage 25% THC.
- S-Lab has launched a new high-THC cultivar: Tilray’s Sweet Berry Kush.
In-vivo study in rats found that cannabis extract reduces neuropathic pain affecting CB1 and CB2 receptor expression.
Dutch Coffeeshop Supply Chain Experiment Phase Delayed: Only 3 Growers Currently Supplying
The Minister of Justice informed Parliament that the conditions have not been met to begin the Experimental phase of the closed coffee shop supply chain experiment, due to a lack of supply, forcing a delay of the phase beyond September 16.
- Insufficient quantity, quality, and diversity of flower and hash due to only 3 growers being active; 2 more cultivators are expected to come online before the end of the year. Of the 75 participating coffee shops, 63 have sold regulated products. Required supply is estimated at over 570 kg of flower and 160 kg of hash per week.
- German gummy producer Haribo warns of legal consequences if its trademarks are used for CBD products, including the shape of the gummy bears.
North American giant Village Farms delays its entry into the cannabis trial, with its 2.5 tonne capacity facility expected to be operational by Q4 2024.
- A drive-through coffeeshop has opened in Utrecht after court ruled in favour, following the opening of similar outlets last year in Hellevoetsluis and Zuidlaren.
In a clinical trial CBD did not mitigate THC’s adverse effects: higher CBD doses enhanced THC’s psychotropic effects through pharmacokinetic interaction. THC demonstrated analgesic effects on pain perception rather than nociceptive thresholds, indicating its influence on pain memory.
Colombian President Urges Congress to Legalise Recreational Cannabis, Highlighting Export Potential to 12 Countries
Colombian President Gustavo Petro urges Congress to legalise recreational cannabis, highlighting its export potential to improve the country’s trade balance.
- A new report advocates for the legalisation of recreational cannabis to free up criminal justice resources, reduce low-level prosecutions and alleviate prison overcrowding. Legalisation may decrease the size of the illicit market, but a grey market is likely to persist.
Colombian exports have already targeted 12 different countries, after the Colombian Agricultural Institute certified 180 plant cuttings of Richmond Seeds for export to North Macedonia.
- Avicanna‘s subsidiary completed the commercial export of Aureus branded CBG products into Denmark, marking 19th international market.
Characterization of chemotypes reveals significant phytochemical diversity in Colombian-grown plants, with four distinct chemotypes based on cannabinoid profiles, indicating unique environmental influences from Colombia’s diverse climates.
Italian Cannabis Industry Challenges CBD-Restricting Amendment, Seeks EU Support
Major cannabis and agricultural associations are appealing against the decree planning to ban hemp, claiming it lacks scientific evidence to classify CBD as a narcotic.
- Administrative court is planned to review possible suspension of the decree on September 10.
- Associations filed complaint with the European Commission, as it could countervent European Law, citing EU court ruling that CBD is not a narcotic.
A review of cannabinoids for veterinarian use found that CBD and CBG show mild side effects and good tolerability in dogs, cats, and horses across various studie, reducing pain and improving behaviour in animals with chronic conditions like osteoarthritis and anxiety.
- Hemp hay in goat diets improves milk production and alters fatty acid profiles beneficially.
Morocco: Cannabis Prisoners Pardoned, CBD Products Hit Local Market
King Mohammed VI pardoned 4,831 individuals convicted in cannabis-related cases, seeking to support the new strategy for cannabis regulation, promoting economic, social development, and alternative crop cultivation in Morocco.
Promamec has acquired a majority stake in German companies New Garden Pharma and myHerbliz, which accrued losses of €2m. The company seeks to expand its CBD product offerings in the German market through its subsidiary LasoBio.
- Cannaflex launched 10 legal CBD cosmetics in Moroccan pharmacies. Twelve dietary supplements are expected by September.
- Biocanat plans to launch 11 products that received approval from the Ministry of Health.
French Hemp Industry Expands Despite Prohibitionist Stance
During the Paris 2024 Olympic Games, the situation regarding cannabis is shaped by global anti-doping regulations and France’s strict drug laws; however CBD was removed from the list of banned substances in 2018.
Hemp production has tripled in France over the last decade, reaching 1,550 farmers nationwide, 24,000 hectares and 7 processing plans: the sector plans to triple production in the next 5 years.
- CBD beauty brand Ho Karan has been acquired by D-LAB group after liquidation process concluded in July.
Spanish Ancillary Companies Thrive Despite Regulatory Stagnation
Cannaflos Genetics has successfully delivered its first in-vitro mothers to Portugal from its facility in Valencia, marking a significant milestone for the company.
Analytics company Valenveras launches plant tissue nutrition model for rapid analysis in cannabis leaves using NIR technology.
- Analysis of endocannabinoid levels of COVID19 patients highlights potential therapeutic implications to managing related inflammation through endocannabinoid modulation.
Denmark’s Medicinal Cannabis Sector Advances
DanCann reports first positive EBITDA quarter and record revenues of DKK 3.86m ($573k) in Q2-2024, a 56.9% increase year on year for H1-2024.
Tetra Pharm aims to raise over DKK 200 million ($30m) for its obesity treatment candidate, expected to enter phase 2 trials next year. The company is also exploring partnerships with larger pharmaceutical firms for clinical development and potential milestone payments.
Czech Republic Bids Farewell to Pro-Cannabis Drug Policy Coordinator as Government Readies Decriminalisation Plans
Over 70 international experts support Jindřich Vobořil‘s anti-drug policy contributions, as he retires on August 31. Vobořil promoted harm reduction and rational drug regulation, as the government appears to have restricted legalisation plans to decriminalisation.
- The State Institute for Drug Control (SUKL) has amended its Decree No. 236/2015 to align with the new cannabis monograph in the European Pharmacopoeia.
New Zealand Cannabis Industry Developments
Whakamana Cannabis Museum reopens as New Zealand’s first legal dispensary, clinic and cannabis consumption venue in Auckland.
- Puro New Zealand hosted the Prime Minister of Vanuatu on its facility.
- Cannasouth issued NZ$1.22 million ($0.76m) from secured convertible notes.
Thailand’s Cannabis Industry Targets International Markets
ACTERA completed its first international shipment of medical cannabis.
- Oriental Plantation seeks to penetrate Germany and Australia with its high-quality, aeroponic cannabis: overproduction in Thailand prompted a shift towards international markets.
Zimbabwe Launches Its First CBD Product
Zimbabwe introduces a rebate on capital equipment for medical cannabis production to boost investment in the industry, as government explores cannabis to replace declining tobacco sector.
SAPPS Pharmaceuticals registered the first local cannabis-based product, a CBD suppository, with the Medicines Control Authority of Zimbabwe.
- KKOG established a research laboratory in Zimbabwe, focusing on extraction to create affordable pharmaceutical alternatives.
China to Regulate CBD as Precursor Chemical
China will regulate CBD as a precursor chemical from September 1st, mandating compliance with non-pharmaceutical precursor chemical regulations to produce, operate or transport CBD.
- Mice study finds that β-Caryophyllene improves sensorimotor and cognitive functions while reducing white matter lesions.
Studies Highlight Hempseed Safety and Nutritional Benefits
The Federation of International Hemp Organisations (FIHO) has released a position paper on hempseed use in livestock feed, reviewing nearly 200 publications for safety and nutrition.
- Hempseed has high nutritional value, low cannabinoid levels, and poses no health risks to animals or food safety.
Epidiolex Fails Japanese Phase 3 Trial
Jazz Pharmaceutical’s phase 3 trial in Japan for cannabidiol oral solution (Epidiolex) did not meet primary efficacy endpoint for treatment-resistant epilepsies.
Medical Cannabis Law Enters into Force in Ukraine
Medical cannabis law enters into force in Ukraine, allowing controlled use for patients needing alternatives to conventional medicines. Products will be available as oral drops, capsules, and dental pastes and will require electronic prescriptions.
Edibles in Maltese Cannabis Clubs Spark Novel Foods Debate
Maltese cannabis regulator ARUC claims edibles could be considered a “novel food” requiring EU approval before market entry.
- Releaf argues they can be sold at associations, as THC remains a controlled substance under international treaties and the EU has no drug policy competences. The NGO criticises Malta’s cannabis consumption ban in associations and the lack of expungement of criminal records.
Mexico’s New President to Face Legalization Pressure
The new president of Mexico, Claudia Sheinbaum, has been asked by grassroots organisation Morennabis to advance cannabis legalization, emphasizing social justice goals and hoping that the scientific background of the new president suggests potential for more progressive policies.
Pakistan to Establish a Cannabis Regulatory Agency
National Assembly committee recommends amendments to the Cannabis Control and Regulatory Authority Bill to establish a dedicated government agency to regulate cannabis cultivation, extraction, and sale for medical and industrial use.
Sweden to Welcome New Hemp Processing Plant
Ekolution is readying its industrial hemp factory in Skåne, seeking to become one of the most advanced in Europe.
Norwegian Greens Push for Legalisation to Fight Gangs
Green Party leader advocates for state-controlled cannabis sales to combat gang income from illegal drug trade, opposing current youth crime strategies.
North Macedonian Company Acquires New Genetics
Ohrid Organics received its first batch of tissue culture plants from Segra International.
Paraguay Exports Hemp to 15 Countries
The President of the Industrial Hemp Chamber hails exports to 15 different countries such as the US, Costa Rica and the Czech Republic, as over 1,000 tonnes of grains and flowers have been produced since the launch of the industry, with 14 of the nation’s 17 departments producing.
Ecuador Set to Enhance Hemp Regulations
The Ministry of Agriculture has opened a public consultation for Hemp Regulations, which since 2020 allow licenses for hemp cultivation and processing.
Lesotho Aims to Enter Cannabis Genetics Market
Botala handed over 3,000 medicinal cannabis seeds to Morama Holdings, marking a significant milestone for the company, which is seeking GACP certification to expand its cannabis genetics distribution across Southern Africa.
Rwandan Production to Launch with Government Support
KKOG plans to launch a cannabis production facility in September 2024, with an investment of $10m, including $3m from the Rwandan government to extract oils primarily for export.
Mozambique’s President Contemplates Cannabis Legalisation
President Filipe Nyusi calls for reflection on cannabis legalisation to address drug trafficking’s link to terrorism.
Jamaican Cannabis Licensing Authority Under Scrutiny
Workers of the Cannabis Licensing Authority urge investigation on hiring practices and lack of transparency since oversight committee’s disbandment.
Guyana Prepares Regulator to Launch Hemp Cultivation
Government is preparing appointments for the Industrial Hemp Regulatory Authority to oversee licensing and compliance in two regions identified for local hemp cultivation.
Dominica Prepares Medicinal Cannabis Legislation
Dominica is developing legislation to grant safe access to medicinal cannabis, as it plans to establish a cannabis authority for regulated cultivation and processing of cannabis products.