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Minister In Sri Lanka Wants To Legalize Medical Cannabis Exports

Written by Frank Schuler on . Posted in Business, Policy.

Sri Lanka may not be the first place that you think of when it comes to cannabis reform and the emerging cannabis industry, however, the nation is trending in the right direction, albeit slowly. Adult-use cannabis is illegal in Sri Lanka while medical cannabis is legal in certain limited instances.

The cannabis plant has a long history in Sri Lanka, with local populations using it for centuries for religious purposes. A new push is underway in Sri Lanka to legalize medical cannabis exports, with the nation’s Minister of Indigenous Medicine leading the charge. Per Colombo Gazette:

Medical cannabis to be legalised for export, State Minister of Indigenous Medicine Sisira Jayakody said.

The State Minister has instructed the relevant officials to prepare the legal documents for this purpose.

He said that Sri Lanka can earn around USD 3 billion through the export of indigenous medicine.

It is no secret that Sri Lanka’s economy is in ruins right now. Roughly a decade ago Sri Lanka had one of the fastest growing economies in the region, however, in May the country defaulted on its debt for the first time in history, and it has been all down hill from there.

Legalizing medical cannabis exports may not fix every economic problem that Sri Lanka has, yet it could definitely help to some degree. In addition to legalizing exports the government in Sri Lanka also needs to embrace cannabis domestically and ensure that every suffering patient in the country is afforded the same level of safe access as found in many other countries.

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New Zealand Approves Sale Of Domestic Cannabis Products

Written by Marguerite Arnold on . Posted in Business, Policy.

The island nation has relied on exports to treat patients so far. Allowing the dispensation of domestically cultivated cannabis will help the nascent industry grow and lower overall costs

Last week, New Zealand officials approved the beginning of the domestically sourced medical cannabis market. The Department of Health began allowing local producers to supply patients as of September 9. This has, of course, created new opportunities for domestic companies which have already established themselves in hopes of exporting to other countries.

Under the 2020 New Zealand Medical Cannabis Legalization Act, licensed doctors can prescribe cannabis to any patient and for any medical condition. However up until now, all of this had to be imported – mostly from Australia and Canada.

Two medicines have already been approved for local dispensation.

The first New Zealand cannabis company to achieve global GMP standards only happened last year.

A Shorter Supply Chain (and Lower Costs)

Unlike Germany, which only has three producers and, thanks to the highly stringent language of the first medical cultivation bid, imports the vast majority of the same, most of the medical cannabis in the New Zealand market will begin to be sourced domestically. It is unclear whether legalization of recreational cannabis will change that. In the meantime, Germany has been one of the top targets of New Zealand producers so far, as has South America.

That said, given the aftermath of Covid, with its disrupted supply chains, not to mention the much higher costs of energy, New Zealand’s decision may be replicated elsewhere – including countries in Europe.

Will a Switch to Domestic Supply Move Reform Forward?

It is highly likely, in addition to lowering costs – and expanding domestic patient numbers, that the decision to source domestically will also drive the “other” cannabis discussion forward too. This has been the case in many other places as medical use expanded. Indeed, in Germany, public support for recreational cannabis reform has increased steadily for the past five years since full medical reform became reality.

In 2020, the recreational discussion was narrowly defeated in New Zealand, when it was put up for a referendum vote during the last national election by 51-48%.

However, with more patients, and greater awareness of the efficacy of medical cannabis at home, attitudes are likely to continue to shift in support of full legalization.

Patients and their advocates are obviously ecstatic about the victory, which has, like everywhere else, been a long time in coming.

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Success Of Bahamas Cannabis Industry Hinges On Banking Acceptance Says AG

Written by Frank Schuler on . Posted in Business, Policy.

The Bahamas are located in the Caribbean which is a region that is seeing increased cannabis industry activity, and for good reason. After all, it is no secret that the cannabis plant grows very well naturally in the region.

As the island nation’s cannabis industry continues its quest to become a regional industry leader, a major hurdle facing the industry in the Bahamas is banking access. It’s something that elected officials in other Caribbean nations have expressed concerns about, and you can now add the Bahamas’ attorney general to that list. Per Eyewitness News:

Attorney General Ryan Pinder yesterday said that banks need to demonstrate less resistance to the digital asset and cannabis industries, noting that they play a key role in the survivability of those industries.

Pinder spoke with Eyewitness News on the sidelines of the Association of International Bank and Trust Companies (AIBT) Nassau Conference.

The legal cannabis industry in the Bahamas is still very young, with many rules and regulations still being crafted. With that in mind, it will be awhile before the nation’s industry actually comes up against banking access issues in a significant way.

Yet, just the threat of a banking issue has proven to be enough to derail reform and industry efforts in other countries, as cannabis opponents point to it repeatedly in an attempt to delay said efforts.

Hopefully that doesn’t prove to be the case in the Bahamas and that locals will recognize that the cannabis industry is thriving elsewhere despite ongoing international and domestic banking headaches.

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Committee Approves Cannabis Regulation Measure In Colombia

Written by Frank Schuler on . Posted in Business, Policy.

The cannabis industry is on the move at the global level, and there are few places on earth where that is as evident as in Colombia. The South American country is undergoing a transformation at a steady pace and taking its rightful spot as an international cannabis powerhouse.

So far, Colombia’s industry is based on the medical cannabis industry. Adult-use legalization is a tougher sell in Colombia due to stigma regarding the ongoing drug war, however, as we previously reported support for regulation is building among Colombia’s citizens.

Support for adult-use regulation is also increasing in political circles as well, as evidenced by a recent vote in Colombia. Per Infobae (translated to English):

This Wednesday, September 14, the First Committee of the House of Representatives approved, in the first debate, the constitutional reform project that seeks to regulate cannabis for adult use in Colombia. Juan Carlos Losada, representative to the Chamber of the Liberal Party, was the author of the project that seeks to become a law of the Republic.

The congressman celebrated this first step on his Twitter account. In the social network he assured that he will send a formal invitation to President Gustavo Petro so that the Government joins the discussion, “since he will be in charge of regulation.”

The successful committee vote is just one of the many hurdles that needs to be overcome in order for adult-use cannabis legalization to become a reality in Colombia. With that being said, it’s still cause for celebration, albeit tempered celebration.

To date the only countries that have legalized cannabis for adult-use at a national level beyond just low-THC cannabis are Uruguay, Canada, and Malta.

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BDSA Forecasts $57 Billion Cannabis Market By 2026

Written by Frank Schuler on . Posted in Business, Policy.

A new report from BDSA, an international cannabis industry data company, was published this week which provided new projections and estimates for the emerging global cannabis industry.

“The report projects annual global cannabis sales to grow from $30 billion in 2021 to $57 billion in 2026, a compound annual growth rate (CAGR) of almost 13%.” a press release from BDSA stated.

“Despite an inflationary environment and concerns about recession that dampened consumer spending, legal cannabis sales in the U.S. will reach $27 billion by the end of 2022, a jump of 7% over 2021 sales of $25 billion.” the release went on to state.

“The ‘hockey stick’ trend of sales growth seen in the early years of legal cannabis has passed, and economic and regulatory headwinds are exerting pressure on legal cannabis markets,” said Roy Bingham, CEO of BDSA. “Still, our updated forecast predicts that steady gains in developing U.S. markets will continue to drive single-digit annual growth in total U.S. legal sales in 2022, with continued growth prospects out to 2026.”

As with all cannabis industry projections, the main factor at play is politics. After all, a regulated cannabis industry cannot exist in the first place without cannabis reform. Thankfully, more and more jurisdictions are getting on the right side of history when it comes to cannabis policy.

With 2023 right around the corner, this particular report from BDSA essentially involves a three year window. A lot can happen in the next three years for the emerging global cannabis industry, not the least of which will hopefully be the launch of a regulated adult-use industry in Germany.

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Switzerland Adult-Use Cannabis Pilot Program Delayed By ‘Quality Issues’

Written by Frank Schuler on . Posted in Business, Policy.

Switzerland has worked to launch a pilot adult-use cannabis program in various jurisdictions, including in Basel where the country’s first pilot program was set to launch today. A pilot program involves making cannabis commerce legal for adult-use purposes for some people in limited instances.

The goal of pilot programs, which are popping up in Europe, is to help countries gain insight into adult-use cannabis policies and regulations at a local level in order to be better suited to craft laws and regulations at the national level.

Denmark already has pilot programs in place and is working to expand pilot programs to more markets within its national borders. The Netherlands also has plans for launching a pilot program, however, that program has experienced a number of setbacks. Unfortunately, it appears that the pilot project in Basel, Switzerland is also experiencing delays. Per Swiss Info:

The ‘Weed Care’ experiment in the city of Basel was supposed to launch on September 15. But it has been put on hold because traces of pesticides were found in some of the supposedly organic plants.

Basel’s health department said on Friday that the delay could last several weeks or even months as products must now be analysed again by an independent body.

On one hand, it would obviously be nice to see the pilot program launching today. Yet, on the other hand, no one wants to consume tainted cannabis products, so a delay is warranted. It is worth noting that Switzerland has allowed the legal sales of low-THC cannabis products nationwide since 2017.

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Members Of German Bundestag Travel To North America To Examine Cannabis Legalization

Written by Marguerite Arnold on . Posted in Business, Policy.

Eight members of the Bundestag’s Health Committee head to North America to educate themselves about how reform works in both California and Canada

A delegation of eight members of the Bundestag’s Health Committee have landed in North America to examine cannabis legalization as it is done in the US and Canada. The group will be there between September 10-17.

Cannabis legalization will, however, only be part of the discussion. The delegation will also look at how the different countries have dealt with the Pandemic, the healthcare of underprivileged people and digitalization efforts.

The delegation consists of members of the Greens, the CDU/CSU, the SPD, the FDP, Die Linke, and one member of the AfD.

A Coordinated Strategy to Move Forward on Legalization

The move comes as the Bavarian Health Minister and another CSU member of the Bundestag’s health committee have commissioned, and are now promoting, a report from (very conservative) Bundestag lawyers, saying that cannabis legalization will violate EU law.

It also comes as a new Ipsos poll shows that an amazing 61% of Germans surveyed believe that cannabis reform should be legal.

One thing is clear. It is not likely that the current government will shrink from its current course, no matter the political opposition.

The German Vanguard

Internationally, the move to full legalization in Germany, the world’s fourth largest economy, is going to have a knock-on effect just about everywhere – which includes countries far from Europe’s borders.

The reason is that those tasked with reform on a federal level are also grappling, both domestically, and with other countries now on the verge of the same, about how to create a carve-out for cannabis in both European and International law.

On one front this should be relatively easy as the EU has already ruled that CBD at least, is not a narcotic. This means that most of the EU is out of compliance with new EU policy on the same. It also shows a path to legalize higher THC flower.

However, with Germany, Malta and Luxembourg moving forward within the EU (plus Holland and presumably at least Portugal), this will create an international push to address much larger issues – including how to carve cannabis out of international drug control treaties.

There is no way this process is going to be fast enough for patients, recreational users or even the cannabis industry itself. But the good news is that the train has left the station, and there is no turning back.

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Attend CanEx Jamaica Business Conference And Expo September 15-17th, 2022

Written by Johnny Green on . Posted in Business, Entertainment, Policy, Science.

The fifth installment of CanEx Business Conference and Expo is taking place in Montego Bay, Jamaica from September 15-17, 2022. The CanEx Jamaica Business Conference and Expo is an annual business-to-business (B2B) event that brings together global cannabis industry experts.

The conference will provide insight into the global direction of the industry and will feature a mix of high-level discourse and practical opportunities led by global experts with real-life applications in the cannabis industry. Presenters will discuss opportunities for investment, medical advances and uses, and the current legal landscape of the emerging global cannabis industry.

Event attendees can look forward to numerous networking events that will host robust panel discussions on such topics as:

  • Cannabis for All: Ensuring Equitable Cannabis Regulation
  • Psychedelics: Transforming Mental Health Options
  • Developing A Dynamic Cannabis Industry in Jamaica
  • Understanding Today’s Cannabis Investment Climate
  • Reggae Music, Cannabis Culture, and Embracing the NFT Opportunity

Leading up to the event, organizers interviewed the conference’s four keynote speakers – Founder and CEO of Simply Pure Wanda James, President and CEO of the Marijuana Policy Project Toi Hutchinson, renowned cell biologist Dr. Annabelle Manalo-Morgan, and President and CEO of Bhang Inc. Jamie L Pearson. Below is what the speakers had to say about CanEx Jamaica:

“I’ve always wanted to contribute to cannabis research in the Caribbean. My husband Gramps Morgan and the Morgan Heritage family are from the beautiful hills of St. Thomas Jamaica which has the ability to grow incredible organic cannabis, so Jamaica is very dear to me. I have always heard about Canex bringing experts in from all over the world to share their knowledge. That collaborative effort that Canex works hard to portray is what helps drive this industry forward. Cannabis is global and we need to come together and talk. Canex provides us with that platform!” stated Dr. Annabelle Manalo-Morgan.

“CanEx offers an unparalleled opportunity for aspiring entrepreneurs, investors, policymakers, and advocates to shape the future of cannabis legalization in the Caribbean and beyond. Anyone looking to advance the growing cannabis movement in the region and worldwide should attend to learn, connect, and grow.” stated President and CEO of the Marijuana Policy Project Toi Hutchinson.

“The incredible quality of both education and experience. You’ll have outstanding content, fun downtime events where the networking magic happens, The Who’s Who of the industry to network with, and all set in a beautiful location that has a burgeoning cannabis market which makes the intensive work of participating wholeheartedly in a conference both more enjoyable and also incredibly productive. When you invest precious resources (ie time and money) to attend an event like CanEx, getting so much out of these four days is awesome!” stated President and CEO of Bhang Inc. Jamie L Pearson.

“It gives me great pleasure to bring the world to Jamaica to hear about the cannabis industry, the potential for wealth, and the potential Job creation. It gives me great pleasure to invite the mostly white legal industry to a Black country. I believe Canex Jamaica is an amazing intersection of how large the industry can become, and the exploration and education of the
culture of ganja.” stated Founder and CEO of Simply Pure Wanda James.

A limited number of tickets to CanEx Jamaica are still available. Find out more at: canexjamaica.com

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German Insurers Begin To Take New Tact On Medical Cannabis

Written by Marguerite Arnold on . Posted in Business, Policy.

AOK has begun a new program with German Society for Pain Medicine to decrease approval complexity, while Barmer has just issued a new digital section on its website on the medical efficacy of cannabis. Has the tide turned on insurer resistance to medical underwriting of cannabis claims?

There is clearly something afoot with German health insurers when it comes to medical cannabis this fall. Perhaps it is the change in political winds on a national level with pending draft legislation on recreational use – which will ensure that cannabis is a part of the wellness if not healthcare discussion permanently. Perhaps it is that patients have refused to stop suing their health insurers – or that doctors have not stopped prescribing.

Whatever the driver, there have been two interesting developments on the cannabis front in the past week from two of the largest statutory health insurers in Deutschland.

AOK Enters a Pilot Program to Make Approvals Easier

In a major development for German patients – initially at least in the first trial area – AOK has agreed to cooperate with the German Society for Pain Medicine. The group is comprised of doctors who are pain specialists. Last week, the group announced in an online press conference that they are calling for the approvals process for medical cannabis to be simplified. To that end, they have entered into a contract with AOK in Rheinland/Hamburg to roll out a new kind of approvals process where doctors, not the insurer or regional approver, will have the deciding voice in whether a patient can obtain medical cannabis.

This is a huge development – and will be closely watched across the rest of the country.

Barmer Issues a New Cannabis Specialty Web Presence

One of the other top three health insurers to approve cannabis claims (by number), Barmer, has also stepped into the discussion with an interesting new series of educational web pages about cannabis. It appears that it is an effort to educate patients about how to obtain the drug – and goes to great lengths to describe cannabis as a medicine of last resort. Interestingly, they also quote data gathered by the Association of Cannabis Supplying Pharmacies (or VCA) to demonstrate what kinds of patients (and conditions) cannabis was being successfully prescribed for.

The pages also specifically try to discourage patients from obtaining their cannabis from the black market and discusses the issue of cannabis withdrawal, while admitting it is less serious than other drugs.

It appears to be communication from the health insurer in response to a growing interest from their members about the drug. There is nothing on the information provided that Barmer is going to do anything differently in terms of approving claims faster – or in a different way.

The Insurance Question

Holland’s insurers stopped covering medical cannabis claims the same month that the German government agreed to proceed on such a program in 2017.

It is unlikely that such a development will occur in Germany. That said, how the legalization of recreational use cannabis will impact such coverage, but it is unlikely that insurers will be able to step out from this responsibility. There is too much evidence in Germany of medical efficacy – even if the drug remains, sadly, a drug of last resort for most and further, unbelievably difficult to access via legal, medical channels.