Canada is less than 100 days away from the launch of its infused cannabis market, meanwhile the government run wholesaler in British Columbia has made no call for any new product. The BC Liquor Distribution Branch (LDB), the government agency that has the sole right to purchase beverage alcohol and nonmedical cannabis for private and government run stores both in, and outside, the province, stated on July 9 that plans were in the works. In contrast, the distribution branch in Ontario issued a call for new product categories in early June. Suppliers in Ontario were asked to use the provincial portal to ask for products by June 28, and that deadline was not extended. This could potentially work to the advantage of retailers in the more proactive provinces if a supply shortage occurs when the new products hit the market. Pointing to logistical issues and regulatory hurdles between provinces and the federal government, experts do not expect infused cannabis products to be readily available in Canada until 2020.
New Zealand Sets Sights on 2020 for Launch of Medical Cannabis
New Zealand’s highly anticipated medical marijuana regulations were released in early July, touted as a “huge milestone” for the nations cannabis industry. New Zealand aims to become a center for cultivation, production and innovation, and hopes to finalize the regulations by Dec. 18 of 2019 in order to hit the first quarter of 2020. Co-founder of Auckland-based Helius Therapeutics Paul Manning described the standards set forth in the proposals as “high, yet workable.” These detailed rules are designed to manage quality standards, licensing, distribution and prescription, as well as monitoring of cannabis products.
Some of the more note-worthy aspects of the proposal include the creation of a medical cannabis agency whose responsibilities would include licensing, controls on advertising, compliance enforcement, and sampling, testing, and assessing information collected on the product. The proposed draft would also allow cultivators to bring illicit seed into the regulated market so long as they report it to the regulator. Food containing medical cannabis will not be approved. Up for debate still is whether to adopt a manufacturing practice that adheres to Good Manufacturing Practice (GMP) for everyone, or GMP for some and Good Production Practices (GPP), which is similar to Canada’s system, for others. New Zealand officials are accepting feedback on the proposed rule-set until Aug. 9 when they will begin further crafting the final regulations.
Medicinal Cannabis Purchased Through Insurance in Germany Continues to Grow
Showing a 78% increase in first quarter 2019 as compared to first quarter 2018, the amount of insurance-covered medical marijuana in Germany continues to increase annually. In the first three months of the year sales of reimbursed cannabis reached $27.5 million (in U.S. dollars), that alone a 7% increase over fourth quarter 2018. The data was provided by the German National Association of Statutory Health Insurance Funds (GKV-Spitzenverband) and is based on the retail price at the pharmacies, the only place patients have authorized access to medicine. Any product not considered a “finished pharmaceutical preparation” (which includes unprocessed flower) is market up 100% by the pharmacies. This upward trend is expected to continue into the foreseeable future.
With Merger Curaleaf Becomes World’s Largest Marijuana Seller
Curaleaf Holdings clenched it’s place as the largest legal cannabis seller with a deal to purchase GR Companies, a midwestern U.S. based chain of 20 dispensaries under the name Grassroots, for a cash and stock sum of $900 million. The purchase includes 41 additional licenses held by GR Companies. Curaleaf saw an 18% increase to it’s stock price following the news, which will expand their operations into central states such as Illinois and Michigan, bringing their total market coverage to 19 states, with 68 operating provisioning centers and 63 additional licenses. With revenues exceeding Canadian leaders like Canopy Growth’s more than $250 million in 2018 and Aurora Cannabis at almost $90 million in the March 2019 quarter, the consensus on estimated Curaleaf sales in 2020 is about $900 million. The Grassroots chain alone is reported to be on track toward $350 million in sales for 2020.
Canadian Patient Permitted to Possess Pounds
Federal Court in Canada just granted Alan Harris permission to have up to 2.2 pounds (1 kilogram) of medical marijuana in his possession. Harris, who has a prescription allowing him to use up to 100 grams a day for an ailment that was not specified, felt his rights had been infringed and argued that he was essentially stuck at home, only ever able to legally carry about a day and a half worth of supply. Under this new provision, Mr. Harris will now be able to hold 10 days worth of medicine at 100 grams per day. Justice Henry Brown, the presiding official, stated in explanation of his decision, “In effect, Harris is under a form of house arrest brought about solely because of the inadequately low cumulative total possession limit manifesting itself in the circumstances of his particular case. With respect, this is an injustice.” Justice Brown went on to say that the amount of medicinal marijuana that Mr. Harris uses is up to his medical doctors, not the court.
Mike Tyson and Cesar Milan Team Up to Make CBD Pet Treats
Mike Tyson’s The Ranch Companies has allied with internationally renowned dog behavioral expert Cesar Milan to start a line of functional dog treat supplements that wield the medicinal benefits of cannabidiol (CBD). Milan is a beloved TV personality the world over, considered the most recognizable dog expert on the planet, and the two hope that his good name will help dispel myths and rumors regarding the safety of using CBD on pets. Four soft chews are set for the initial launch and will contain hemp seed oil, the recommended ratio of omega-6 to omega-3 for immune system, and antioxidants to fight free radical damage. Effects range from a calming and relaxing mood enhancing treat, to supplements for bones and joints, healthy skin and coat, and to aiding with digestion.
