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Cannabis Investment Hotspots To Still Consider

Written by ICBC Staff on . Posted in Business.

Written by: Marguerite Arnold

International Cannabis Investment Hotspots That Aren’t Canada

Canada always has a lot of buzz as a great place for folks looking to invest in the international cannabis market. However, Investing in Canada can be tricky, and some would say that it’s almost too late to get in on the ground floor. Germany is hot, but there are also many countries just east of Germany that merit strong consideration from international investors. While these countries may require good research and an attorney well-versed in international law, there are opportunities sprouting – if you know how to look for them.

Due diligence is the first step, of course. While the same can be said of all canna investments, these countries require a little extra work, especially for those used to much laxer standards in Canada and the U.S. Particularly as you begin to head east and even more particularly, if you are looking outside of the EU (Hello, Macedonia!). Germany is, of course,a great place to start, but there are other opportunities just now starting to bud.

One more thing: If you expect to become an overnight millionaire, forget it. This new frontier is where low costs are driven by labor, and exports to Germany are the name of the game. A 10x ROI is not a multiplier to expect, although (especially if you have a great team), there are plenty of good returns to be had, and Eastern Europe is intriguing in part because very few people really understand or know much about what is happening right now.

Where should investors be looking?

Poland. This little sleeping gem to the “right” of Germany is about to pop. Powered by a burgeoning domestic medical population and export opportunities right next door, Deutschland’s “little sister” is positioned to become (among others) Jens Spahn’s best friend. For those who do not recognize the name, Spahn is the Health Minister of Germany. He just upped the import quota from Holland twice in the last nine months as German bids have decreased and been delayed by lawsuits and regulatory hurdles. Upping Holland’s import quota (Twice!) sends a strong message to the Canadian industry – at least from a pricing perspective. Combine that with a rash of “scandals” involving Candian cannabis companies, and mow the entire North American industry is under double secret probation. Some investors see Canada headed for another rocky summer and are looking east for new opportunities.

Greece. The Israelis, Canadians and a few other folks are already there, but Greece is still a goldmine of because the Greek government – still recovering from the Great Recession – has thrown open its doors to foreign investors, especially investors looking to combine cannabis with construction, land purchase and the tourist industry. The potential is staggering/

Croatia. Still early in the game, but German tourists love Croatia. Some see it as the Nevada of European cannabis.  Reciprocal medical rights anyone?

Macedonia. Macedonia is not a member of the EU, but that is part of its appeal for the right investors. Because Macedonia needs to step up its economic game to fulfill its dream of joining the EU, many in the Macedonian cannabis industry (although there are still a few bad actors – diligence is important) take compliance with EU standards very seriously. This industry is a boon for the country.

Written by: Marguerite Arnold

The International Cannabis Business Conference is THE industry event to learn the latest and to network with top investors and entrepreneurs. Next up: Vancouver, British Columbia, Canada, this September 15-16.

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Thailand Jumps Into Cannabis Tourism Ring

Written by ICBC Staff on . Posted in Business, Vancouver.

Thailand, last year’s last minute cannabis reformer (along with Israel, on Christmas Day, as a “gift” to the Thai people), has wasted little time going where other national governments so far, have been slow  to go, if at all. As some had hoped, Pipat Ratchakitprakan, the new tourism and sports minister, plans to promote medical marijuana tourism as part of a broader plan to attract foreign visitors.

Even more promising for those who are thinking of planning their Thai vacation now, travel packages will likely also include other traditional Thai medical approaches, including combining medical cannabis with massage.

Along with the cannabis reforms, the country also plans to wisely encourage ride and home sharing apps (by legalizing them) to handle the extra accommodation and travel needs of foreign tourists coming to the nation for the sun, cannabis, and total relaxation. Thailand is looking to get a head start capitalizing on international cannabis tourism, but will probably provide a good model for other nations to follow.

Global Cannabis Wellness Tours and Packages

Thailand is clearly hoping to attract well heeled North Americans and Europeans. Especially because, outside of California and perhaps Nevada, there is no real “wellness” or tourism movement yet in any country. And in Europe, the focus has not yet shifted to canna tourism beyond of course, the old standby, Holland and the up-and-comer, Barcelona

No matter the potential of Greece – the only other recent arrival to the cannabis reform camp on a sovereign level, if not the potential of places like Croatia – Europe is on a slower track.

Local “Cannabis Wellness” Getaways

The idea of cannabis wellness is hitting Europe in different waves. Added to tourism, and this is still a bit of an exotic beast (although probably not for long).

Even in Luxembourg, for instance, while the country has indicated it wants to put recreational reform on the fast track, attracting tourists from neighbouring countries has not been on the (official) roadmap. See who its neighbours are.

For that reason, look for the growth of specialty, tourist markets, like Thailand, as the global medical and wellness market grows.

However, this is not the only place the Thai market is likely to have impact. Inevitably, also look for western knockoffs coming soon in all medical markets. It is a lot cheaper to get a Thai massage with cannabis on the side locally than flying all the way to Bangkok for the same.

What originates in Thailand, in other words, is also likely to have a huge influence on fusion influences in every legalizing market where there is a Thai massage shop.

German canna sauna anyone?

The International Cannabis Business Conference is THE industry event to learn the latest and to network with top investors, entrepreneurs, and advocates. Next up: Vancouver, Canada, this September 15-16. Discounted early bird tickets are on sale until August 21st.  

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Outdoor Growing: Another Canadian Cannabis Innovation Suitable For Export?

Written by ICBC Staff on . Posted in Business, Vancouver.

With the news that Health Canada has authorized outdoor cultivation (see Aurora), the entire cultivation conversation has now shifted into interesting new territory. And not just in Canada.

Never mind that these first two sites will be used for research (for both indoor and outdoor grown strains). For the first time, since grow operations initiated the same way at the University of Mississippi’s cannabis farm back in the early 1980’s, a federal regulated authority has given the greenlight to outdoor grown cannabis.

But what does this mean for both the home-grown Canadian industry and those far beyond, all across the globe?

Medically Bound?

While the focus so far in the big time cannabis industry has been indoor growing (for reasons ranging from security to accidental, weather-caused cross fertilization), outdoor growing for commercial purposes has yet to come into the serious regulated conversation at the federal level.

In California, for example, as well as many farms in the American West, outdoor grows are a way of life – even to the extent that, as in 2014, larger farms had to start trucking in water as they were forbidden from using federal groundwater aquifers.

But on the international scene so far? Especially as dominated in Europe to date? Indoor growing so far has been the norm.

That may be changing too. Large corporate and regulated grows are showing up everywhere from Greece to the United Kingdom that are more outdoor than indoor. And then, of course, there is what is starting to happen in Africa and Asia.

Is “indoor growing” a requirement that will shift into history as the regulated industry matures, globally?

For the short term, at least, the answer seems to be no, but not forever.

That means that outdoor grows might indeed be on the upswing (the initial start-up costs are far cheaper for starters). But don’t expect them to take over the market any time soon.

Supply Chain Issues Loom Large

Supply chain quality, testing and purity are all issues of course. Beyond security as well as setting industry barriers to entry (see the cost discussion), what are the other benefits and drawbacks to allowing outdoor grown cannabis into the supply chain?

Supply itself of course is one of the advantages, even though cross fertilization of strains is a real threat – across grows and even property. However, growing plants outside is a form of agriculture that humans have relied on for millennia. Why should cannabis be any different?

Indoor vs. outdoor strain cultivation will also lead to a natural search to preserve strain diversity.

It will also thrive in another area. Namely, anywhere adults, for medical reasons or otherwise, are allowed to grow their own, legally. That too is an open question.

But the debate, at least, is clearly in the room. And likely to be with the global industry going forwards.

The International Cannabis Business Conference is the top industry event to learn the latest and to network with top investors, entrepreneurs and advocates. Don’t miss the next conference in Vancouver, British Columbia, Canada, this September 15-16. Discounted early bird tickets are available until August 21st. 

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Patients Are Powering the European Cannabis Industry

Written by ICBC Staff on . Posted in Business, Medical, Vancouver.

It is a truism in the room that the cannabis industry, globally, and in each region of the world it springs forth in, is driven first by the medical side of the business. No matter how much excitement about CBD first strategies, it is the places where fully leaded, THC included, and regulated whole plant medication are authorized that are able to drive real change, if not nascent markets forward.

This has been true of the United States and Canada and it’s the truth in Europe as well.

In Germany, despite the fact that patients gained access just as they lost the right to cultivate small amounts themselves (at least until recreational reform hits), so far, patients have only gained wider spread access by submitting themselves to the complicated approval process required by insurers. There are now about 50,000 patients in Germany and these patients are helping move cannabis more and more mainstream in their homeland and across europe, as the EU powerhouse’s influence ripples beyond its borders.

in the UK, the entire discussion is taking another twist. Namely, desperate parents of sick children began importing medicine from Holland and Canada and dared the authorities to shut them down.

That strategy worked, but only to a limited degree, unfortunately. Despite the fact that it was announced last fall that cannabis would be covered as a Schedule II prescription, covered under the NHS, so far there are, by best estimates fewer than 100 patients in the UK, but patients have not given up. In some cases, they have even partnered with large industry players from Canada and other countries to put pressure on the government to open the market.

The situation is so obviously dire in the U.K. right now, that it will have an effect, and probably far beyond the UK – globally. There is not a patient in the room of any nationality who has not had to deal with intransigent anti cannabis rules, unbending medical infrastructure and paperwork of all kinds.

In the UK, much like the conversation in every other legalizing market, the corner, at least, has been turned. The issue, not to mention those who are suffering, are visible.

Public opinion is shifting. Parliament is apologizing. And the market, no matter its shape post October 31, is clearly opening. And that progress is mostly due to the unrelenting pursuit of greater access by patients and their advocates. A sincere thanks to all sick and disabled patients, and their supporters, for moving our cause of freedom and compassion forward.

The International Cannabis Business Conference is THE industry event to learn the latest and to network with top investors, entrepreneurs, and advocates. Next up: Vancouver, Canada, this September 15-16. Discounted early bird tickets are on sale until August 21st.  

Will Switzerland Soon Start Exporting Cannabis Into Germany and the EU?

Written by ICBC Staff on . Posted in Business, international cannabis business conference zurich, Politics.

With the news that both the first German bid has concluded and that Macedonia seems poised to import cannabis into the European Union, there has been increased interest in who can import cannabis into Germany, if not the EU and beyond.

Could Switzerland become a major source of cannabinoid medications in Europe? The International Cannabis Business Conference in Zurich will have the latest on these rapid developments across the European continent as experts converge to discuss the latest and network to help move the industry forward.

To fully know the answer about Swiss imports, we must unravel the myriad of rules, regulations and trade agreements that entangle governmental entities across global borders. According to the European Medicines Agency, Mutual Recognition of Good Manufacturing Process (GMP) agreements now exist with Australia, Canada, Israel, Japan, New Zealand, Switzerland and of course the United States.

MRAs allow EU authorities and their counterparts to rely on each other’s GMP inspection system, share information on inspections and quality defects and waive batch testing of products that are imported.

In essence, MRAs are trade agreements that try to set equivalency standards between countries designed to facilitate the trade in pharmaceuticals across borders.

The European Commission is responsible for the negotiation of MRAS with countries on behalf of the EU. The European Medications Agency (EMA) is responsible for operational activities once the MRAs are in place.

And obviously, as cannabis enters the legal pharmaceutical space, this is fair game.

It is also clear that the discussions on the cannabis front, including the long delay in the German bid and the first tender lawsuit were caught up in larger international discussions about not only CETA (the trade agreement between the EU and Canada that was being negotiated during this process), but other geopolitical issues as well.

For instance, the ban of Israeli cannabis exports extended until Christmas of 2018 thanks to political posturing between the United States and Israel. The first market (of course) that the Israelis plan to target is Germany, followed closely, by the United States.

It is also no accident that just as the German bid news is concluding, Canadian cannabis giant Canopy Growth has just announced major inroads into American cannabis production.

The German government has admitted that it cannot grow enough cannabis fast enough and is opening its borders to imports; will Switzerland become an exporter of cannabis, particularly medicinal cannabis, into Germany and the rest of the EU?

The answer is a pretty easy yes.

Switzerland is not technically part of the EU, even though it sits in the middle of the European continent. The country also has multiple trade agreements with the EU. It is also part of a smaller, regional trade agreement between so-called DACH countries (Germany, Switzerland and Austria).

Expect Swiss innovators to look to the German market as a logical export destination, with the benefit of not only being right next-door, but also speaking the same language. Switzerland’s cannabis history has flown under the radar for a while, but the future is looking bright for the Swiss industry, if the government steps up to seize the opportunities before it.

For an in-depth understanding of the strategic nature of the Swiss pharmaceutical market in relation to the larger European medical cannabis discussion, be sure to attend the International Cannabis Business Conference’s first event in Zurich on May 15-16. Discounted, early bird tickets are on sale through April 24th, so hurry to secure your spot and save!

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Understanding the European CBD “Novel Foods” Regulations

Written by ICBC Staff on . Posted in Business, international cannabis business conference zurich, Politics.

Foreigners entering the European cannabis market are finding that the regulations here are much higher than they expected, if not well downright confusing. This is especially true as cannabis crosses over into both food and medicine as well as beauty and skin products.

One piece of regulation that is proving particularly thorny for CBD producers – in particular for those with edible products is something called “novel food” regulation.

But what is “novel food” legislation and how does it affect your CBD business in Europe?

For an insider’s look at the CBD-novel foods discussion and the cannabis industry in general, be sure to catch Dr. Francis Scanlon, founder of Cloud9, and a whole host of experts at the first International Cannabis Business Conference in Zurich Switzerland, May 15-16.

Definition of “Novel Food”

According to the European Commission, a novel food is one that has not “been consumed to a significant degree by humans in the EU before 15 May 1997, when the first Regulation on novel food came into force.”

A novel food can be a new kind of food, including a plant-based food or additive, a food produced using new technologies (so all e-liquid drinks will be subjected to this process beyond the CBD they contain), agricultural products from third countries or food derived from new processes” (such as UV treated food like bread, milk, mushrooms and yeast.)

Furthermore, such foods must be properly labelled and further not nutritionally “disadvantage” the consumer if used in place of another more commonly used substance.

It does not take much imagination to see how this would apply to all things cannabis, but how such regulation has been applied, and is likely to be applied in the future, is anything but easy. It has been tortured so far.

Battle Number 1 – CBD vs “Hemp”

On one hand, it should be a no-brainer to include all things CBD in foods that have been consumed in the EU since 1997. See all health food stores selling hemp. But not so fast! CBD itself can be derived from both hemp and cannabis plants bred for that purpose. Of the two, only the former is relatively safe to source right now in Europe for that very reason.

Battle Number 2 – Distillates and Extractions

However the discussion is not over there. Beyond the source plant, the process the CBD is extracted also counts. For that reason, hemp extracts, if made via a new process, can also be verboten.

That means that anything that contains the same destined for oral consumption could also be “illegal.” See the raids of Spanish police last summer on health food stores selling CBD cookies.

Battle Number 3 – Jurisdictional Differences and Labelling

The final and most difficult problem for CBD businesses to conquer is the problem that both cannabis itself and its components are considered legit or not depending on a jurisdictional by jurisdictional basis across Europe, until there is regional agreement on regulation about the entire plant.

In the meantime, custom, country-by-country labelling is an issue that producers will have to consider until such regulations are set at the EU level – and even then there will still be the polyglot of European languages to contend with after that.

Those who market cosmetics and other topically applied products might find they are in loophole territory in most countries, but even here it is better to be safe than sorry. For those in doubt, see Austria.

Don’t miss the opportunity to learn the latest and network with top investors and entrepreneurs at the upcoming International Cannabis Business Conference in Zurich. Get your tickets and save by purchasing discounted, early bird tickets by April 24th.

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263 Million Cannabis Consumers and Taxation – A Delicate Balance

Written by ICBC Staff on . Posted in Berlin, Business, international cannabis business conference zurich.

With 263 million estimated global cannabis consumers and a total addressable market of $344 billion (illicit and legal combined), cannabis is poised to make a material impact on the global economy. As the cannabis markets in Europe, Latin America, Asia and even Africa are beginning to take shape, one commonly overlooked regulatory detail is the effect of taxation on the potential success of these new markets. Specifically, how higher than needed taxes can not only inhibit new market entrants ability to operate effectively, but can also fuel growth within the illicit market.

To that point, while still federally illegal, existing U.S. state cannabis markets provide crucial lessons for emerging legal markets. California, for example, imposed an effective tax rate of nearly 40-50% on retail products causing many consumers to stay loyal to the illicit market. It resulted in a massive dip in projected state tax revenue in their first year of legalization- nearly 90 million dollars short of their goal.

“Tragically, this is not the first time we have seen poorly thought-out imposed taxes have the exact opposite effect than intended;” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data, “during our early years observing new U.S. states legalize, consumers in both the states of Oregon and Washington turned to local illicit producers offering more affordable pricing, leading the states to experience growth in their respective cannabis black markets instead of generating additional tax-revenue for the state.”

Anticipating the elasticity -the sensitivity of consumers to prices and price changes -along with other crucial factors such as identification of consumer preferences, is critical when establishing new cannabis markets. Without understanding such delicate market drivers, countries and states alike will fail to meet projected socio-economic goals. Leveraging lessons learned from existing cannabis markets, policy makers can today better plan ahead and avoid such pitfalls to instead maximize growth opportunities of a healthy and balanced legal cannabis domestic market.

“Data and reporting” Beau Whitney, Senior Economist at New Frontier Data says, “are crucial for understanding how to generate maximum revenue, to identify and to eliminate bad actors, and to ultimately better serve consumers and patients so that they do not turn to the black market.” Oregon’s standardization process is one program Whitney believes is currently effectively utilizing data management. For example, Oregon’s model on certifying testing labs and standardizing laboratory testing help elevate minimum quality standards expected by consumers and making it difficult for bad actors to compete.

In short, regions and nations with heavy pockets of cannabis consumers, looking to transition into a legal and regulated market, must better understand consumer preferences, including price sensitivity, so that state imposed taxes work in favor of domestic and regional socio-economic goals, rather than fuel crime and continued illicit trade.

For more insights into the global cannabis industry, follow along with New Frontier Data’s research at www.newfrontierdata.com.

Next up for the International Cannabis Business Conference: Zurich on May 15-16. Discounted, early bird tickets are on sale until April 24th.

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German Cultivation Bids Reverberate Across the Global Cannabis Industry

Written by ICBC Staff on . Posted in Berlin, Business, international cannabis business conference zurich.

The day after the third annual International Cannabis Business Conference in Berlin, as the crew packed up and headed on to Zurich, news about the German cultivation bid surfaced in the domestic media. Namely, that three bid finalists (Aurora, Aphria and Demecan, a start-up founded with Wayland) had been selected. This is unofficial “news” as not only does the bid process itself face a pending lawsuit that is headed to court in Germany this week, but insiders on the ground in Germany will also not be surprised to see more legal action challenging this decision. So far, BfArM, the federal agency managing the bid has yet to make an official announcement.

Regardless, even the “unofficial” news is a sign that the German market is starting to gain not only traction but formal shape (starting with established pricing).

In the meantime, International Cannabis Business Conference Berlin saw producers from all over the world descend on a cannabis industry gathering that has already earned its stripes if not its rightful moniker as the “Cannes of Cannabis.” Dealmakers came together in Berlin from Australia, Israel, Canada, many countries in Latin America and several from the African continent to sell to Europe and an opening market. As one Australian producer said “there was more demand here than we could possibly fill.”

In fact, several weeks before the International Cannabis Business Conference, signs were already afoot that the market is opening for international competition from all over the world – not just Canada and Holland, as has been the case up until now. Frankfurt based Farmeko announced a 50 tonne, four-year import deal from Macedonia via Poland in mid March.

The biggest news about the bid, however, is not that it seems to be at least resolving for this first round but that other opportunities are opening in its wake – and not only in Germany but across the continent.

Greece is fully engaging the licensing process, it is very likely that Poland may start down the cultivation path soon and the UK and Ireland are all moving questions at this point.

Switzerland, of course, represents another unique wrinkle in all of this and may prove yet to be the market leader in Europe on the recreational front for several reasons – namely it is not an EU member but part of the economic framework of the region.

The combination, however, clearly of all of these fragmented puzzle pieces moving forward, surrounding the activity around the German bid is absolutely one of the strongest catalysts for the entire conversation. Not to mention a conference now in its third year that brings all the movers and shakers together in one place.

This spring, in other words, is a critical building year for the industry across the continent and the International Cannabis Business Conference is right in the middle of the conversation.

It is not too late to book your tickets for the International Cannabis Business Conference’s first year in Zurich, a megaconference team-up with CannaTrade! Early-bird prices end on April 24th.

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Germany, Switzerland, UK, & More: Big European Cannabis News Abounds

Written by ICBC Staff on . Posted in Business, international cannabis business conference zurich.

The forces currently shaping the European cannabis map are intriguing this spring and from several directions. For the latest developments in Europe and across the globe, there will be no better place learn and network with those leading the way, than at the International Cannabis Business Conference in Zurich with Cannatrade. In the meantime, here is a brief overview of how, where and why:

Germany

Like it or not, events in Germany are driving the discussion, agenda and overall sales forward like nowhere else. As a result, the news that the (first) German cultivation bid appears to be nearing decision time (barring its derailment in either a still-pending lawsuit or those now rumoured to be circling the final 3 decision) is a big deal. As a result, there will be some kind of cannabis cultivated auf Deutschland presumably sooner than later now.

For those unfamiliar with European healthcare, governments negotiate the prices of drugs to obtain lower prices. “Government contracts” as these are also known, are bulk purchase agreements (put out by tender bid or competitive RFP) that function to lower prices for wholesale drug purchases. This usually occurs when the patient population is over 10,000 in Germany (orphan drug territory). In the case of cannabis, this is now a pressing matter. There are an estimated 50,000 patients in Germany at present. Delayed and lack of granular data released by the insurance companies is one part of the problem but not the only one. Approvals themselves are a time consuming, expensive process that is also slowing down patient growth dramatically.

That said, with new cultivation pricing now becoming more or less public for the first time, the map of competition and opportunity is getting clearer than it was several years ago. And this will influence the rest of Europe.

The UK and Switzerland

The crazy Limeys may still be haggling over what kind of Brexit Lite they want (if in fact they leave at all) but events in the UK this year will have an outsized impact on what goes on across Europe from a financing perspective. The British capital markets for one are not as shy about this entire conversation as for example the Deutsche Börse. With medical markets finally inching forward all over the continent, the need is clearly in the room for capital that is a bit more aggressive than the appetite (still) in the rest of Europe, including in Germany.

Switzerland also, with its interesting position as a non-EU member and more liberal capital markets is expected to turn into a financial powerhouse for cannabis financing of all kinds.

While markets here are all far more regulated than their North American counterparts, in other words, the emergence of cannabis funds in the UK in particular, makes both countries very attractive places for the accumulation of canna friendly, Euro compliant cannabis investment specialty funds. A continental first.

Holland, Spain, Greece, Luxembourg, Italy

All these countries are moving in interesting ways on the overall debate which is sure to add depth and shade for years to come. All have varying degrees of developing markets. Luxembourg is especially interesting, witht he possibility that the small nation may beat the rest of Europe to ending cannabis prohibition.

For a more in-depth understanding of the shape of the European cannabis market this spring, be sure to attend the International Cannabis Business Conference in Zurich, a team-up hemp expo CannaTrade. Get your early-bird tickets by April 24th to save!