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First European Cannabis ETF In Europe To Launch On Deutsche Börse

Written by Marguerite Arnold on . Posted in Business.

Next week, on January 13, the first cannabis ETF will launch in Germany on the Deutsche Börse in Frankfurt. Created by Canadian asset manager Purpose Investments and HANetf, the Medical Cannabis and Wellness Ucits ETF (CBSX) is well-timed at least, to take advantage of the developing shape of the market for the next several years. CBSX is domiciled in Ireland with passported sales to the UK and Italy.

This is, obviously huge news and from a number of fronts beyond being a first mover in what is likely to be an interesting basket if not a portfolio of opportunities scattered all over the continent.

The second reason this is significant of course is that this marks the first time the Deutsche Börse in Frankfurt has actually seemed to embrace the idea of cannabis stock trading at all. This has been hotly fought battleground since 2018 when the exchange briefly delisted all North American cannabis stocks before putting the entire sector on probation ever since.

However, that was so two years ago. These days, with cannabis reform afoot in every European country right now and of even the first inklings of the recreational kind, the world is clearly changing.

Further, that such an announcement comes after a fall of almost continual scandals from the Canadian side of the world, and a regulating industry on this one, cannot be overlooked. The industry from this side of the ocean is in the thick of accepting and meeting the challenge of a regulatory landscape that is not only higher than in North America but also changing thanks to harmonization of global standards.

ETFs, or exchange-traded funds, hold huge potential for investors looking to invest in the vertical but afraid of the cross-class volatility of the industry in general. Sure, cultivation in warmer, cheaper labor climes is afoot, but not all cultivators understand the distribution game. And of course, distribution is currently seen as a “hot ticket” but there have been several flameouts already.

That said, of course, for all the bumps and bruises of an exploding if not establishing industry, and inevitably more to come, the way appears to be smoothing for a regulated financial trade market in the heart of Europe. 

And that is a very cheerful way to welcome in a new decade of reform.

Be sure to book tickets to Europe’s hottest cannabis conference, the International Cannabis Business Conference, held in Berlin, Barcelona, and Bern this year!

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The Swashbuckling World Of Cannabis And International Finance

Written by Marguerite Arnold on . Posted in Business.

The good news about recent reform in Europe on the international front is that there is, in fact, a legal market for cannabis products. As of 2019, the German government not only concluded the first (European) tender bid for cultivation within its borders but also set its first reference price.

21 out of 28 countries also have no legalized medical use at least in the EU since 2017. But just like in the U.S., differences between countries are huge.

While high flying numbers and estimates continue to fly about (will Europe really be a $50 billion market by the middle of the coming decade), what is the real skinny on the ground if not scoop for avid and savvy international investors?

For those financiers used to battles on the banking front in the U.S. (or even still in Canada), theoretically, there should be plenty of good news to cheer. In such an environment, pesky banking regulations that are even raising their head in the UK at the moment (and which may be called something different but are in the same general waters as money laundering and criminal drug charges in the United States and Canada), are still being waived around in some quarters.

As of two summers ago, in fact, the Deutsche Börse, the stock exchange in Frankfurt and the third-largest in the world by volume, temporarily suspended all publicly-traded cannabis stocks from North America on the basis of the medical legality of the same in Luxembourg.

What is really in the cards for the immediate future on the finance front and, of course, what does that really mean if not entail?

Financing Cultivation. In general, investment in such opportunities is driven by sovereign laws and laws between the countries in question if considering an international transaction, even of the financial kind. For Americans outside of the U.S. this can still be dodgy, but there are funds now being bundled in the U.S. and headed for European shores. A boatload of American side issues exists, however, including where federal banking and narcotics law intersects. 

What about on the positive side of the ledger? See Italy, for example, where the government just announced a tripling of domestic cannabis production in the last month to 500 kilos next year. France will begin a 3,000 patient trial soon, and Luxembourg, Denmark, Switzerland, and Holland all have recreational on the agenda even if in a trial stage. That said, all are tiny domestic experiments even in comparison to most developed U.S. state markets. It is mom and pop sales still in other words, with industrial, expensive pharma if not EU food standards – even in Germany to date. That will change, but don’t expect 10X on a cultivation play here. The margins are deliberately being kept as low as possible for what is going to be a fairly generic, low-cost medication within the next decade.

Investing In Stocks Based on Cultivation Elsewhere. This has already proved tricky once (see the German-Luxembourg drama), but that is unlikely to pop up again in Europe in quite the same way. The bottom line, if the stock is listed on your national exchange, even if it is for a company that buys and sells cannabis elsewhere, you can invest in the same. This side of the Atlantic however, the equity market is a far different beast. Expect lots of pessimism in the German equity market for Canadian cannastocks, particularly of late. 

Investing In Other Parts of The Supply Chain. Apart from cultivation, distribution has been a popular target for cannafinance in Europe of late (the last 24-36 months). International distribution is clearly a “thing” in Europe. However, financing futures in this market is still a dodgy proposition. A distribution license in Germany will set you back 1 million euro just to set up shop and get out of the gate. 

Other Kinds of Cannabis Financing and Business

This is still in its infancy and can range from M&A to arranging financing for foreign deals via a range of creative ways (from f/x swaps to futures financing). While the supposed “worth” in total of the regional market is frequently described in glowing numbers, the truth, in fact, is harder to weasel out because of a lack of volume and the extreme specialization in a still niche but clearly evolving market.

For a current overview of the world of European cannabis finance and market opportunities, do not miss 2020’s International Cannabis Business Conference lineup in Berlin, Barcelona, and Bern!

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CBD Furor Hits Finland

Written by Marguerite Arnold on . Posted in Business.

In an ongoing development in the saga for normalization and regulation of the CBD biz in the EU, the Finnish Food Authority has instructed shops to pull certain kinds of CBD products off the shelves. The products were unlicensed to be sold as foodstuffs, at least according to authorities. The reasoning used by Fimea was that those foods containing cannabinoid extracts must be classified as novel food in the EU and therefore may not be used as foodstuffs without a novel food license.

Nutritional supplements containing CBD have been sold in health food stores across the country, although in Finland, CBD oil is classified as medication. That is a very interesting distinction of course, and also guarantees that all medical CBD must also be GMP compliant.

What does this mean in the short term? Smart producers will stick with edibles that use oil rather than extracts. No matter the medical designation. This is also territory that will not change any time soon.

Novel food at heart is about the regulation of two things – the source of the plant and how it is tolerated by human beings au naturel and when processed (and how). This fight also, and just as obviously is in the room, whenever “recreational” reform involving THC also hits.

This is also one of the more nuanced announcements to be made about the topic of late. This also undoubtedly means that this language is being honed by advocates and policy geeks alike.

Whatever the future holds in other words, for the CBD part of the industry in Europe, it will be regulated, one way or another, by international, cross-region regulation that is clearly changing, albeit with the times.

What Does This Mean For Investors In Euro CBD?

Go slow and with extreme caution, but if Finland is making this kind of gesture right now, look for an evolving discussion, at a federal and international level across the region for the next 12-24 months.

For food, supplements, and medication, at least for the short term, going with an oil-based CBD ingredient is also the safest course for the short term.

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See Leading Cannabis Industry Expert Alan Brochstein At The International Cannabis Business Conference In San Francisco

Written by Johnny Green on . Posted in International CBC San Francisco.

Leading cannabis industry expert Alan Brochstein is the founder of 420 Investor, an online community featuring ideas, research, and conversation about stocks in the cannabis industry.

Brochstein is also the co-founder of NCV Media, which is the company behind the popular cannabis industry media outlet New Cannabis Ventures, a publicly facing curated content aggregation site focusing on the most promising companies and investors in the cannabis space.

Alan possesses over 20 years of experience in fixed-income and stocks, and started his independent consulting firm, AB Analytical Services, in 2007 in order to offer independent, unbiased, and customized research to institutional clients. Brochstein is also a regular contributor at Seeking Alpha.

Navigating the cannabis industry, which is constantly evolving at a rapid pace, can be very difficult for investors. To make matters worse, not all companies in the cannabis space are upfront about their shortcomings and exert a lot of effort to over-hype their investment opportunities.

No one in the cannabis space does a better job of cutting through the chaos and investor misinformation to separate the facts that are vital from those that are not than Alan Brochstein. 

In an industry where credible investor information is often lacking, Alan has proven himself over several years to be a tremendous resource for cannabis industry investors from all backgrounds and levels of experience.

The International Cannabis Business Conference is very excited to announce that Alan Brochstein will be moderating the Mergers and Acquisitions Panel at our upcoming event in San Francisco on February 6-7. You do not want to miss this opportunity!

A VIP reception on February 6th will kick off the networking at International Cannabis Business Conference San Francisco, as speakers, sponsors, and attendees gather at the Hilton Union Square Hotel. This will be a stellar opportunity for attendees to make connections with cannabis entrepreneurs and policymakers from all over the globe.

On February 7th the conference schedule will kick-off after an overview from Alex Rogers, CEO and Director of the International Cannabis Business Conference.

Conference topics will include:

  • California Cannabis industry regulations
  • How to succeed in the emerging CBD industry
  • Forming strategic partnerships in the cannabis space
  • Cannabis industry mergers and acquisitions
  • International cannabis import/export opportunities
  • Distributing cannabis in a constantly evolving industry
  • How technology is revolutionizing the cannabis industry

Following the conference curriculum, the International Cannabis Business Conference will host one of its famous after-parties. After-party entertainers and conference speakers will be announced soon.

California’s cannabis market is the largest in the nation and the state has long been a cannabis public policy leader. California was the first state to legalize cannabis for medical use (1996) and has had a vibrant cannabis community for decades.

Adult-use cannabis was legalized by California voters in 2016 and since that time the state has worked towards fully implementing a regulated adult-use cannabis industry. With the fifth-largest economy on the entire planet, the opportunities in California have enormous profit potential.

To learn the latest about California, and about other domestic and international cannabis industry opportunities, join us in beautiful San Francisco on February 6-7, 2020. Network with leading cannabis industry entrepreneurs and lawmakers from all over the world.

Tickets can be purchased at: https://www.eventbrite.com/e/international-cannabis-business-conference-san-francisco-2020-tickets-56096475067

***

About the International Cannabis Business Conference

International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the planet. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on LinkedIn, Twitter, Facebook, YouTube, and Instagram.

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Exclusive Interview With Nick Kovacevich, CEO Of KushCo Holdings

Written by ICBC Staff on . Posted in Business.

By Alex Rogers, Founder of the International Cannabis Business Conference

In the cannabis industry, you will be hard-pressed to find a company that is as experienced and respected as KushCo Holdings, Inc. 

KushCo (OTCQX: KSHB) is a publicly-traded company that serves as the parent company to a diverse group of business units that are transformative leaders in the cannabis space. KushCo brands include:

  • Kush Supply Co., the nation’s largest distributor of vaporizer products, packaging, supplies, and accessories
  • Kush Energy, which provides ultra-pure hydrocarbon gases and solvents to the cannabis industry
  • The Hybrid Creative, a premier creative design agency for cannabis brands 
  • Koleto Innovations, the research and development arm of KushCo that aims to drive intellectual property development and acquisitions in the cannabis space

The parent company was originally founded in 2010, and has now sold more than 1 billion units and regularly services more than 6,000 legally operating cannabis dispensaries, cultivators, and producers across North America, South America, and Europe. 

I recently linked up with Nick Kovacevich, CEO of KushCo Holdings, to discuss his company and some of the major issues and trends from the cannabis space:

 

AR: Your company is almost a decade old. What has been the highlight for the company during that time?

NK: The biggest highlight for us has been being a part of the growth and transformation of the industry in such a short period of time. In the four years that we have been a public company, we have more than doubled our revenue every single fiscal year, generating $149 million in fiscal 2019. We’re talking about an industry that is “emerging from the shadows” and to be able to be a part of it from the very early days is truly an impressive accomplishment. Today, KushCo is one of the largest companies in the industry in terms of quarterly revenue and is proud to boast a deep network of more than 6,000 customers who constantly rely on us to power their brands, their products, and their supply chains.

 

AR: Cannabis policy and industry regulations have evolved a lot since your company started. What change/evolution has been the biggest surprise in your opinion, and why?

NK: Perhaps the biggest surprise has been how slowly many of the states have been rolling out their legal adult rec use programs. There simply are not enough licenses to service the significant demand in most states, nor is there the proper enforcement to crack down on the black market. That being said, we have to keep in mind that no industry has really taken off without its share of challenges. So, these issues are not so much of a surprise as they are challenges that we have to work through to grow and thrive as an industry.    

 

AR: What is the biggest hurdle/issue facing the cannabis space today?

NK: The biggest hurdle today is the lack of access to capital for many industry participants, as well as a resilient and established black market that makes it challenging for the industry to thrive. We do believe these issues will correct themselves over time, but it’s certainly not happening at the accelerated timelines that a lot of people initially thought it would. 

 

AR: Why is proper cannabis packaging important for the regulated cannabis space?

NK: Packaging in the cannabis industry can mean the difference between the success or failure of a brand. Not only do brands have to be extremely cognizant of making sure their packaging is compliant with each of the different state and federal regulations, but they also have to balance this compliance mindset with an eye toward creativity and adopting packaging that is unique, proprietary, and able to attract consumers. Having been in this industry for nearly 10 years, we’ve seen nearly every form of state and provincial regulation as it relates to packaging, and have been working with our customers to help them navigate this constantly evolving regulatory landscape. Our innovation arm Koleto has developed a reputation as a trusted provider of hyper custom packaging that many of our customers, especially the larger ones, are migrating toward to differentiate their brands.

 

AR: What common issues do entrepreneurs/companies experience when it comes to cannabis packaging, and how can they mitigate those issues?

NK: Some of the issues cannabis entrepreneurs and companies experience when it comes to packaging is underestimating the difficulties of managing their supply chain and being more than just a packaging provider. We recognized early on that providing child-resistant packaging was just not going to be enough for our customers, which is why through organic and inorganic initiatives, we have significantly expanded the business to include a wide variety of complementary products and services, including vape hardware, energy and natural products, papers & supplies, retail services, anti-counterfeiting and authentication labels, and hemp trading. 

 

AR: How do you see the cannabis space changing over the course of the next 5 years?

NK: It’s hard to say where the industry will be in the next five years, given how quickly and unpredictably the industry is evolving, but we expect to see some sort of broader legalization and/or de-scheduling to occur, including the potential for federal legalization or the passage of something like the STATES Act, which will significantly expand the adult rec use market. We also expect for there to be more consolidation as companies look to scale and drive efficiencies in their business, while working to get to or expand profitability. In addition, we expect capital sources to gradually open up, and we expect the industry to look more and more like a CPG industry, with the successful brands being the ones that are most recognizable, have the strongest value propositions and customer appeal, and have the deep balance sheet and access to capital to scale.

 

AR: What tips/advice would you give an aspiring cannabis entrepreneur?

NK: Be resilient, fearless, and willing to take initiative and adapt. This is a dynamic industry that requires thinking on your feet and constantly coming up with creative solutions to difficult problems. We started out with a simple child-resistant pop top bottle but have prioritized a deep commitment to our customers to evolve with the industry and build the sector’s most valuable ecosystem of products, services, and clients. 

 

AR: What exciting things does KushCo Holdings have planned in the near future?

NK: What excites us most is that we’re constantly innovating and working to drive value for our customers, partners, and shareholders. Our core business continues to grow nicely and is positioned to expand further with new products and new markets coming online. Supplementing that is the launch of some of our newer initiatives to expand our ecosystem, strengthen our competitive moat, and drive higher margins. These initiatives include the recent launch of our Retail Services business and our hemp trading business, which along with our packaging, energy and natural products, complete our CBD ecosystem from “seed to sale.” Further, we have an elevated focus on getting to adjusted EBITDA profitability and being in a position to control our own destiny. We believe that with the growth in our current business, expansion of newer and higher-margin services, as well as our operational restructuring and cost-cutting initiatives, that we have a clear pathway to achieve this objective.

***

Alex Rogers is the Owner and CEO at International Conferences Group LLC, the parent company of the International Cannabis Business Conference series. International Cannabis Business Conference events are the premier cannabis events for entrepreneurs across the planet. With events in Canada, the United States, Switzerland, Spain, and Germany the International Cannabis Business Conference is where the world meets cannabis. Find out more at InternationalCBC.com and on LinkedIn, Twitter, Facebook, YouTube, and Instagram.

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How Much Legal Adult-Use Cannabis Has Sold In Michigan And Illinois?

Written by Johnny Green on . Posted in Business.

United States adult-use cannabis legalization started in the West when voters in Colorado and Washington State approved initiatives in 2012.

Legalization then spread to the East Coast when two years later voters in Washington D.C. approved an adult-use initiative. Unfortunately for D.C. residents, the initiative did not legalize adult-use sales and legal adult-use sales are still prohibited in the district.

The newest frontier for legalization in the United States is in the Midwest, where legal adult-use industries have launched in recent months.

Michigan launched legal adult-use sales last month and Illinois did the same at the start of the year.

Decades of Activism Result in Legal Adult-Use Sales in Michigan

Michigan is home to one of the oldest and most well-established cannabis communities in the nation. Activists have fought extremely hard for many years to get legalization passed.

Those efforts culminated in an Election Day victory in Michigan in 2018. Previous attempts to get an initiative on the ballot were thwarted by political special interests in Michigan.

Thankfully, political sabotage proved not to be enough to stop Michigan activists from achieving success, which is a testament to the unwavering dedication of Michigan’s cannabis community.

Legal adult-use sales launched in Michigan in December 2019 in a limited number of markets. First-month sales totals are now available.

According to sales data licensed adult-use retail outlets in Michigan sold roughly $6.5 million worth of cannabis products in December.

The per-month sales total will likely rise in subsequent months and years as more retail outlets open up and supply shortages become less common.

Illinois Makes History

The state of Illinois was not the first state to legalize cannabis for adult use. Illinois was not the first state to legalize cannabis for adult use via legislative action (Vermont was first).

However, Illinois still made history when it became the first state to ever legalize a regulated adult-use cannabis industry via legislative action.

Illinois also made history by becoming the first state to launch a regulated adult-use industry that resulted from legislative action.

That’s significant because not every state has a citizen initiative process, and as Vermont demonstrated, not every legislature is prepared to legalize adult-use sales.

What happens in Illinois will largely impact the opinions of state lawmakers in non-legal sates. So how are things going in Illinois?

According to sales data, licensed retail outlets in Illinois sold a whopping $3.2 million dollars worth of cannabis products – on the first day.

Cannabis consumers in Illinois were obviously very excited to take advantage of legal adult-use cannabis options on New Year’s Day, with reports of long lines everywhere sales were allowed.

Why Success in Illinois and Michigan is so Important

Only a handful of states in the West have refrained from legalizing adult-use cannabis sales, and while legal sales prohibition is still largely the norm on the East Coast, momentum is very strong in the region.

Lawmakers in many states in the Midwest are, for whatever reason, reluctant to pass a legalization measure that includes industry regulations.

That political stance will likely prove to be harder to cling to with consumers from surrounding states flooding into Michigan and Illinois to make a legal purchase, and with it, generate tax revenue for those states.

How long can lawmakers in the region watch cannabis consumer dollars go out of state, and with it the jobs that the economic activity creates before they get on the right side of history?

That largely depends on how successful legal sales prove to be in Michigan and Illinois. If the industries there shine it will increase momentum in other Midwestern states.

If you are part of the legal industry in Michigan or Illinois, know that you are operating under a microscope so proceed appropriately and cautiously. Other states are counting on you!

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Italy’s Supreme Court: Cannabis Cultivation For Personal Use Is Legal

Written by Johnny Green on . Posted in Politics.

Italy’s Supreme Court has ruled that cultivating cannabis for personal use is not illegal. Italy’s current cannabis prohibition policies were first enacted in the 1990s.

In its ruling, Italy’s Court determined that the crime of cultivating cannabis should exclude “small amounts grown domestically for the exclusive use of the grower.” Per Independent:

The court’s logic behind the decision has not yet been made public and a thorough, in-depth ruling will not be released for weeks or even months.

As such, it is not clear what quantity of cannabis constitutes “small-scale cultivation”, but the ruling comes from a case where the offender possessed two plants.

The court decision established case law that is in favor of cannabis consumers that wish to cultivate their own cannabis for personal use, however, a lot of dust is still in the air regarding the court’s decision.

Before people start cultivating cannabis in their areas of Italy, it would be wise for them to contact local law enforcement agencies to see how cultivation laws will be enforced. Just because a court decision was rendered does not mean that arrests will instantly stop.

It’s quite possible that law enforcement could still bust people and make them pursue legal remedies in order to get charges dropped, which puts a huge burden on the alleged cultivator.

What ultimately needs to happen is lawmakers in Italy need to pass legislation that makes it abundantly clear what is legal and what is not, including plant cultivation limits.

The decision in Italy follows a similar court decision in Mexico from late 2018 in which Mexico’s Supreme Court ruled cannabis prohibition was unconstitutional and tasked lawmakers in Mexico with passing legislation to implement clear legalization policies. To-date Mexico’s lawmakers have failed to follow through, however, they are working to meet the mandate.

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Access To CBD Products Is Spreading Across Europe

Written by Marguerite Arnold on . Posted in Business.

For all the delay and all the obfuscation about all things cannabis, even in Germany, there are signs this Christmas that things are changing faster (at least unofficially) than anyone could really predict.

Cannabis reform has come to the European continent this year in a big way, even if the first initial gains were small. There are more patients than ever before and in more countries, and even though “CBD” still remains a dirty word to some, there are clearly signs afoot that the market for these products is happening whether regulators want it or not.

CBD stores are opening in Germany, and even advertising on the sides of streetcars. In Frankfurt (far from the hipness of Berlin) two opened this fall in the middle of the city.

Right before Christmas hemp rum was found in a mainstream German grocery store, and imported to Germany not from Jamaica, but from the UK.

Such unusual hybrids are also still the norm in this market.

It probably won’t be much before 2021 that Germany again takes up the question of recreational reform. But in the meantime, other products are finding their ways in, slowly but surely.

Beyond streetcars, medical cannabis advertisements are appearing in medical-only publications, and even further for generic, white-label kinds of medication. The battle for pharmacists and doctors is clearly on.

The Battle For The Soul And Market Entry Of Cannabis Is On In Europe

For all the drama, and all the noise, it is clear so far that the cannabis industry has barely broached the continent, on any front. That said, it has made landing.

2020 may not bring any great strides forward, but don’t knock slow and steady progress, which is happening just about everywhere.

There are also clearly markets that will drive others. Germany will continue to be a powerhouse, on all fronts, just because of the insurance question and its economy. With Britain brexiting, look for all kinds of experiments on the recreational front, although don’t expect the NHS to massively step up on reimbursements beyond GW Pharma product any time soon.

With 2021 clearly on the agenda however as a turning point year, the industry in Europe has, for all the retrenchments of the Canadians this fall, only one way to go. Up.

It is also clear, from the products now making their way onto German shore shelves, at least, that the creativity and entrepreneurial juice is just beginning.

Be sure to book your tickets to the International Cannabis Business Conference in Europe next year!

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European Cannabis Outlook 2020 (And Farewell 2019)

Written by Marguerite Arnold on . Posted in Business.

As 2019 comes to a close, what happened of note this year in Europe in regards to cannabis and what does this bode for next year? 

For all of the doom and gloom, if not scandals, on the Canadian cannabis front, it is clear that the cannabis industry has at least established itself in Europe in the last three years, albeit via niche rather than mainstream market entry strategies. Next year, while it is unlikely to see any “blockbuster developments,” it will be a building period yet again.

Scandals Were Inevitable

With laxly enforced, if not changing, regulation and Health Canada regulators overwhelmed, it is not surprising that there were both disasters and scandals this year, beyond any deliberate “bad actors” (although there were clearly those in the room too). That said, although the response from official sources has, so far, been slaps on the wrist, do not expect that to continue. 

In Germany, as of the end of the year, cultivation bid winner Aurora had zero cannabis in the country thanks to a GMP investigation at the source by German officials. This trend, and in countries far from Deutschland is likely to be a dominant theme in 2020.

In Europe at least, it is not just rules about cannabis that are changing. Harmonization of food and medical standards, which includes discussions about everything from pesticides to labeling, are in the room next year across the region because of European law and international harmonization.

Brexit will throw more questions into the mix.

Cannabis Europe, in other words, is set to have another growth year in 2020 – and in equally strange, one step forward, two steps backward kinds of ways.

The timetables for reform of greater kinds are now in the room, however, there is clearly a holding pattern too which is shaping up, as previously widely predicted, to be at the end of 2021. That is when Luxembourg is expected to allow the first national recreational market in Europe outside Holland.

With this stake in the ground, both non-EU countries of Denmark and Switzerland, also are likely to move in tandem but with probably not too much ahead.

In the meantime, smaller distribution deals are afoot, even in Europe’s most conservative markets.

Also, local producers, not backed or affiliated in any way with large companies (of either Canadian or even European extraction) are eyeing a clearly opening market, no matter the pain, stutters, and retrenchments that still inevitably will be found along the way.

Be sure to book your tickets for International Cannabis Business Conference Europe in 2020 in Berlin, Barcelona, and Bern!