No More Cannabis Tourism In Barcelona? Court Overturns Regulations On ‘Clubes Cannábicos’

By Cecilia Rodriguez

From the start, there’s been a loophole in the legislation regulating where people in Barcelona can freely buy and smoke marijuana, better known as “clubes cannábicos” or “asociaciones cannábicas.”

Now that loophole is being closed via a decision by Catalonia’s Superior Court overturning a 2016 regulation approved by the Barcelona City Council permitting the clubs to operate in the city.

The decision could force the associations to close.

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UK’s Kanabo to buy Canadian cannabis producer Materia

By Reuters Staff

(Reuters) – Kanabo Group Plc said on Monday it would buy Canada-based cannabis producer and distributor Materia for an undisclosed sum, sending shares in the London-listed medical marijuana firm up 8%.

The deal gives Kanabo an entry into the German market, the largest for medical cannabis in Europe, where industry research group Brightfield estimates sales to exceed $2 billion by 2025.

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Utah cannabis lawsuit alleges impropriety in how state doled out grower licenses

By Bethany Rodgers

A new lawsuit claims that multistate cannabis cultivators had an unfair advantage in the competition for one of Utah’s lucrative marijuana growing licenses — and that state officials “coached” certain applicants in how to win.

Officials at the Utah Department of Agriculture and Food (UDAF) allowed their personal connections to sway them as they doled out the eight licenses in 2019, according to the federal complaint filed Monday by one of the rejected applicants.

Not only was this unfair to plaintiff JLPR LLC, the lawsuit claims, but it also damaged the state’s medical cannabis program in its infancy.

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U.S. Senate seeking public comment on cannabis legalization

by Deon Osborne

In a landmark decision that some still see as a long-shot, Democratic senators have released a draft of a bill that would decriminalize cannabis nationwide.

In what they call an effort to end the unfair targeting and treatment of communities of color, Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chair Ron Wyden (D-OR) and Senator Cory Booker (D-NJ) unveiled the Cannabis Administration and Opportunity Act on July 14. 

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A Unique Purchase Could Propel This Multi-State Cannabis Operator to the Forefront of a Big Market

By Jeff Little 

It’s fair to say that cannabis has officially entered the mainstream. There are 36 states that now allow medical cannabis, and 18 have approved legislation that legalizes adult recreational use.

Across the country we are seeing multi-state operators (MSOs) like Green Thumb Industries (OTC: GTBIF) gobble up competitors, as it did with Fiorello Pharmaceuticals in 2019 to give it one of only 10 vertical integration licenses in New York. That license allows Green Thumb to host a full supply chain from cultivation to sales of products. The company continues to set its expansion sights via acquisitions, but also through real estate purchases. One such purchase presents an interesting opportunity.

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Widen access to medical cannabis

By Dr. Diana Martins-Welch

Three years ago, my colleagues and I partnered with a local cannabis dispensary and surveyed older adults with chronic pain, and found an overwhelming number reported that medical cannabis significantly reduced their chronic pain and reliance on opioids.

Close to 30% reported they had been able to wean themselves completely off highly addictive and potentially deadly synthetic painkillers and improve their quality of life by introducing medical cannabis into their regimens. Ninety-one percent said they would recommend that others do the same.

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Without Banks, Cannabis Companies Are Turning to Crypto

by Emma Newbery 

Here’s one way that cryptocurrencies can help businesses that can’t access traditional financial services.

Medicinal cannabis is now legal in 36 states, and 17 states allow recreational use.

However, banking is difficult for cannabis companies. Banks are nervous about working with cannabis businesses because federal law still prohibits the sale and distribution of marijuana — no matter what local legislators say.

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Cannabis-Growing Gathers Momentum in Zimbabwe

By Columbus Mavhunga

BEATRICE, ZIMBABWE – Zimbabwe recently scrapped rules requiring sole state ownership for cannabis farming to encourage investment in the plant for industrial and medicinal uses. Zimbabwe is Africa’s largest tobacco producer, but authorities expect hemp export earnings to start replacing tobacco as farmers seek higher earnings from the crop.

Farmer Jesper Kirk has been growing mainly tobacco since he moved to a 250-hectare farm five years ago. He now plans to increase his hectarage of hemp, a type of cannabis plant that has very low levels of THC — the intoxicating substance in marijuana — when the growing season begins in a few months.

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Op-ed: Recreational pot is legal in New York. Four factors that could strengthen the cannabis sector

By Timothy Seymour and Jeff Schultz

Cannabis industry investors have been treated to a series of legislative catalysts over the last three years that have moved equity valuations. 

Notable moments include Canada’s federal adult-use implementation, the election of President Joe Biden, and the Georgia Senate run-off in January. Additionally, the state-by-state legalization movement is driving significant growth of the total addressable market, specifically in jurisdictions where single state and multi-state operators are well positioned to capture these new markets as they roll out.

Aside from California, no other state has generated more excitement over the rollout of its adult-use market than New York. In cannabis, it is said that brands are created in California, but they are most likely established in New York, especially as the industry moves out of the illicit market and into the mainstream.

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Still a Long Road to Legalizing Cannabis Federally in the U.S.

By Kristoffer Inton

A tie-breaking Democratic majority in the U.S. Senate won’t be enough to legalize cannabis on a national level, but we think there’s just enough support for a banking act within the next 18 months, which would make it easier for financial-services companies to lend to cannabis companies, and a states’ rights act by the end of 2023.

Nonetheless, the market has been optimistic about the potential of legalization, which has resulted in big surges for cannabis producers. Interestingly, most of the producers to benefit from this market optimism have been Canadian, which mostly wouldn’t be materially affected by changes in the United States; it’s U.S. producers that would see the most benefit from legalization.

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Investing In The Green Rush