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Yelp Chooses To Discriminate Against Cannabis Businesses

Written by Johnny Green on . Posted in Business.

Yelp is one of the most popular websites in the United States. Yelp is a website and mobile app which houses reviews about businesses. Yelp also provides a reservation service called Yelp Reservations.

For many businesses, a positive footprint on Yelp can mean the difference between thriving or failing because of how many consumers rely on reading reviews on the platform when making their purchasing decisions.

Unfortunately for cannabis businesses that are licensed in legal states, the Yelp platform chooses to discriminate against cannabis companies on its platform, as recently covered by Marijuana Moment:

Yelp is no longer offering two key advertising features to marijuana-related businesses, the company confirmed to Marijuana Moment.

Two cannabis businesses have shared an email from Yelp announcing the policy change. It states that the company had “unfortunate news” and that it will be removing both the “Business Highlights and Portfolio advertising options for cannabis-related businesses, effective immediately.”

We have come a long way as a cannabis movement and industry, however, as this latest development clearly demonstrates, we still have quite a ways to go. Cannabis might be going mainstream, however, as long as this type of discrimination against the industry exists, we clearly have not reached the finish line.

Hopefully, Yelp restores its previous policy. Legal cannabis businesses deserved to be treated equally with other businesses that are legal at the state level in so many states.

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Calling Dutch Growers: Government Tenders Up For Grabs

Written by Marguerite Arnold on . Posted in Business.

It sounds like a dream job, right? Grow cannabis (legally) in Holland.

Here is the good news: The Dutch government is opening up ten slots for aspiring cultivators between July 1 and 28. Like Willy Wonka factory tour tickets, this has been a cherished (and long-secret) process that has been in various stages of “strategic leaking” for at least the last year.

Just to put this into perspective, the last kind of tender held by the government was on the medical side (for two lots and which closed a year ago last week).

This time, ten municipalities will participate in a government-led experiment to better regulate the Dutch cannabis industry better, generally. The entire vertical has long been a grey zone, although for the last decade, a remarkably if more gradually regulated and legit one.

A total of 26 municipalities signed up for the experiment, although the larger cities (including Amsterdam, Rotterdam and the Hague) refrained from participating based on conflicts between existing city policies and the procedure of the new “experiment.” Indeed, based on the flourishing of the industry in particularly Amsterdam, it is curious if not a clearly politically sticky wicket in an already strange world. 

Regardless, the federal plan is proceeding and, despite COVID, on schedule (which is more than can be said about the German distribution tender which has now been delayed for the third time). Conditions, regulations and requirements for the entire value chain of growers, owners, municipalities, packagers have been produced by the government over the last months. 

Here is the interesting news. Unlike the German cultivation bid for medical cannabis, this application requires that successful applicants are Dutch residents, with a business that already exists and a certificate of good conduct. Application forms can be found here (all in Dutch).

The experiment will undoubtedly begin to regulate a complex supply chain nationally. This will also put undoubted pressure on the larger cities to at least cooperate. Given the looming spectre of recreational reform in at least one if not two European countries outside Holland in the next few years (beyond Switzerland), there is zero way the federal government will put this on a slow burner. 

The lower house of the Dutch parliament (the Tweede Kamer) approved the plan for a test of regulating the Dutch cannabis market in January 2019.

For more up to date information on the European cannabis industry, be sure to attend the International Cannabis Business Conference’s Berlin conference when it returns to Europe.

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Irish-French Alternative Investment Fund Launched In Search Of Long-Term Cannabis Returns

Written by Marguerite Arnold on . Posted in Business.

Óskare Fund – a joint venture between Irish and French firms (Crossroads Capital Management and Óskare Capital) is an alternative fund now seeking investors and longer-term returns in the industry (no small feat). Neither is its existence. This is the first such fund to be domiciled in Ireland, approved by the Central Bank only last month.

In January, a (separately managed) exchange-traded fund (ETF) was first listed on the Irish exchange.

Private investors in the Óskare Fund must be able to invest at least €100,000 in portfolios based on the development and sale of medical-only cannabinoid-based products. The first round of the fund seeks €30 million in its first tranche, however, managers said that they sought up to €120 million more in successive rounds.

The prospectus describes the fund this way: “A long-term, potentially high-risk investment which is suitable only for sophisticated institutional and high-net-worth investors which are able to bear the risk.” A good start for sure in a niche that is already known for high volatility (see the Canadian public market if not the U.S.)

Investment strategy is to invest primarily in unlisted cannabis-related companies with broad and global exposure to the industry. This includes those firms involved in R&D in the medical space (including the development of pharmaceutical products and extracts) and all things (from production to equipment) on the hemp side of the equation.

The fund will seek stakes and boardroom representation in early-stage start-ups across the medical vertical, but not directly in cultivation. The investments will also be weighted in favour of Europe.

The fund, named after the Mohawk Indian name for cannabis, believes that this region offers the best regulatory environment for innovation, research and development of cannabinoids used for medical purposes.

Why Is This Interesting To Foreign Investors?

One of the more difficult aspects of investing in the European space is language barriers. The second is all the Brexit-related financial and compliance issues that go with the divorce. For that reason, Dublin, where the fund is located, is a hotbed for “alternative” investments if not cannabis (yet). Give it time.

The reason? There are financial incentives on both sides of the Brexit barrier, for one, that those in Ireland are well used to navigating (and far from just the cannabis front specifically). With feet in both the UK and Europe, in other words, this fund, as well as others, if properly managed, stands to play an increasingly important role in a Euro-market hungry for access to equity and a British market that is full of potential but still way behind with money sloshing around looking for “foreign” adventures.

For the latest on European cannabis developments, including financing and investing, be sure to attend the International Cannabis Business Conference when it returns to Europe.

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Rumbles In The German Cannabis Distribution Jungle

Written by Marguerite Arnold on . Posted in Business.

As Germany opens up its economy again, cautiously, of course in the aftermath of the first COVID-19 scare, there are certainly moves afoot in the cannabis industry on the B2B side.

Most of this is also due to shake out this year as events beyond the Pandemic continue to develop in a predictable path.

Here are the broad, general outlines:

  1. The German distribution contract for all German grown cannabis has been delayed YET AGAIN. For those who missed it, the contract bid was issued by the Federal Institute for Drugs and Medical Devices (BfArM) earlier this year, and like the original cultivation contract that kicked off the entire shebang, this too has been delayed several times (now to June 23). This tender competition is seeking the fairest cannabis distributor of them all to deliver the entire domestically cultivated crop to any pharmacy in the fair (German) land who places an order for any kind of it. This fairy tale is also likely to go down to the same kinds of shenanigans seen during the cultivation bid except that this time there are a few more sources available. Look for an established Mittelstand to take the bid this time. This ain’t start-up territory.
  2. In an act of remarkably well-timed (or badly timed) government interference in the market, the Dutch government, home of Bedrocan, has recently announced a change in policy. Namely, it will be limiting the number of German importers it will sell medical product to. As of late, this had gotten to be fairly ridiculous territory. Namely that any qualified German distributor could show up and get an equal share of the regular allotment. This led (predictably) to smaller and younger distributors in the market reselling their Bedrocan product to others, also predictably driving up the cost of Dutch medical cannabis in the German market.

Both developments spell a period of intense competition in the domestic distribution market for cannabis. There are according to recent reports, 40 cannabis distributors who were showing up for Bedrocan product although even this is not the entire picture. All one needs to do to distribute the drug is to have a general narcotics license (not a cannabis license specifically). This means, predictably also that there will be a shakeout in the entire landscape – and in the works now. The larger producers have established a bulwark with both flower and extract. But the only way to survive, as the most nimble of the distributors have already discovered, is to source product from several different international supply chains.

The International Cannabis Business Conference will be returning to Europe soon!

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Where Goes The Canadian-German Export Market?

Written by Marguerite Arnold on . Posted in Business.

For the past several years (since 2016), Canadian exporters have sent ever-larger amounts of medical cannabis to Germany. The amount grew from a mere 44 kilograms to 3,740 by the end of last year according to Health Canada.

But will this exponential growth continue?

The answer is largely no, and for a variety of market-driven reasons although savvy Canadian exporters should be paying especially close attention now:

  1. German grown cannabis is coming (finally), with a few bumps and hitches, and expected to be here by the end of 2020. While this will not be nearly enough to meet the growing demand here, it will clearly put a damper in Canadian sales especially because:
  2. The Dutch government is getting more efficient with cannabis distribution – namely, it is beginning to limit the number of distributors it will work with. This downward pressure on the market in terms of the competition will also create German distributors in desperate search of product, but that is another issue.
  3. As popular as Germany has been as a destination (on the medical market), there are no other countries which regularly import as much Canadian product as Germany.
  4. There are other factors which will now impact the medical market, namely the growth of legitimate cannabis cultivations around Europe and the entry of Israel into the cannabis market globally.

One thing is for sure. The market will never “be the same” as it was in 2016 and 2017. That period has morphed into one where deep-pocketed cannabis companies approach the entire proposition as a medical product. That is a world, so far (major pharma) that the Canadian market with a few major exceptions has not jumped into, namely because there is so far little need to for domestic sales. The market there may be driven by medical sales, but the recreational question changed the entire conversation.

Here, while that may also happen too, as the next decade countries all over Europe will be grappling (as Israel is currently) with the recreational question, it will almost certainly happen more slowly.

However the change will not be fast enough to save many of the newer, exclusively cannabis focussed wholesalers unless they develop tactics that take them outside of just Germany, or perhaps beyond this one drug.

The distributor market, in other words, is about to go through a series of mergers and buyouts just as the first German cultivated product hits the shelves. Canadian producers who are smart and savvy would do well to look for hungry distributors no longer getting products from across the Dutch border.

Find out more about trends on the ground in Europe’s largest cannabis market when the International Cannabis Business Conference returns to Europe this fall.

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Top Seven Benefits Of Virtual Cannabis Events

Written by Johnny Green on . Posted in Business.

Participating in a cannabis event is one of the best things that someone can do to get educated and network with other like-minded people in the cannabis industry. Whether you are a seasoned cannabis industry veteran, someone trying to find out more information regarding the cannabis space, or somewhere in between, you will greatly benefit from participating in a cannabis event.

In-person events might be on hold right now, but entrepreneurs, business professionals, and cannabis enthusiasts of all backgrounds can still attend virtual cannabis events, including and especially the upcoming International Cannabis Business Conference Virtual Global Cannabis Symposium on June 9th. Virtual cannabis events provide a lot of unique benefits to attendees. Below are the top seven benefits of attending a virtual cannabis event (in no particular order).

1. Save Time and Money on Travel Costs

Traveling can be fun, however, it can also be expensive and time-consuming. Virtual cannabis events do not require any traveling except traveling from your couch to your computer. If you have a laptop or tablet, you don’t even have to leave the couch!

2. The Comfort of Your Own Home

As the saying goes – there’s no place like home. When you attend a virtual cannabis event, you can be surrounded by all of the comforts of home, while learning from people and experts from all over the world.

3. Eat What You Want

Quality cannabis events typically provide amazing food, however, that’s not always the case. Even with events that do provide fantastic food for attendees, the food may not be enticing to a particular attendee for one reason or another. When you attend a virtual cannabis event, you can provide whatever catering options that your heart (or stomach) desires.

4. Lower Carbon Footprint

In addition to a reduction in carbon footprint due to eliminating the need to travel, virtual cannabis events also have a lower carbon footprint compared to in-person events because event materials do not need to be printed, such as banners and handouts. Everything is digital, which is great news for the environment.

5. View at Your Own Pace

With virtual cannabis events, you can view the event at your own pace. You can use the restroom at your leisure, grab a snack when you want to, and/or whatever else you want to do since you are viewing it from your own home. Attendees have much more control over the flow when it comes to virtual cannabis events.

6. No Need for Business Cards

One burdensome task of attending an in-person event is getting business cards printed and remembering to keep them handy while walking around and networking. With virtual cannabis events, no business cards are needed. Providing a contact is as easy as sending an e-mail, text message, or some other form of electronic communication while the attendee is already on their laptop or tablet.

7. Savings Are Passed Along to Attendees, Sponsors, and Exhibitors

Virtual cannabis events do not cost as much to produce as in-person events, and those savings can be passed along to attendees, sponsors, and exhibitors so that they can get more bang for their buck!

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Zimbabwe Flips Cannabis Policy To Create Total Privatization Of The Market

Written by Marguerite Arnold on . Posted in Business.

As South African lawmakers miss a deadline to change the law, finally enshrining cultivation, possession and consumption as a constitutional right (set by the Constitutional Court in 2018), neighbouring Zimbabwe has moved forward on a new course of its own.

Namely, full privatization of the industry.

In an abrupt turn of events, the country’s Health Ministry has just announced that all local and foreign investors who enter into the production of cannabis (known locally as mbanje), will be allowed to own 100% of their farms and the necessary licenses.

The logic? Competitiveness.

The Zimbabwean government-approved medical cannabis production in 2018. By last year, 37 entities had expressed interest in owning a license. However at least some firms had subsequently entered into a private-public partnership with the government. Those agreements are now  being voided, giving the original investors full control and ownership of any projects.

Initial licenses will be good for five years before requiring a renewal.

This is, of course, a vast improvement. Formerly production and possession of the plant were illegal and could be sentenced for up to 12 years in jail.

It also seems like Zimbabwe is now actively trying to compete with the developing market just south of its border in South Africa if not Lesotho.

Where And Why Is African Cannabis Relevant?

So far, the continent’s legal market has been as problem strewn as just about anywhere else. Delays and amendments if not “exceptions” have been the hallmark of development in Africa, even if they are slightly different in form than anywhere else.

However, there are clearly developing pockets of cannabis activity, with an eye to three markets: domestic consumption, and export somewhere else – either within the continent, or, beyond. At least one German distributor has successfully completed an import from South Africa and there are likely to be more. Israel recently imported from Uganda.

However, the Africa trade itself is not insubstantial and on both the medical and recreational front.

This continental market, in other words, is starting to get going, and in some interesting ways, no matter how laggard the imposition of the final regulations are. That is true just about everywhere.

For an in-depth summer update on the state of the cannabis industry globally, be sure to catch the International Cannabis Business Conference’s first-ever global convention on June 9.

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Cannabis: The Ultimate “Cure?”

Written by Marguerite Arnold on . Posted in Business.

The COVID-19 Pandemic will absolutely divide our sense of history into “before” and “after.”

2020 was the year the global economy shut down for months as scientists and governments raced to find first “stop gap” measures to limit the spread, and then of course, began to focus on finding “the cure.”

As the world begins to unclench from the months-long lockdown, however, it is also clear that cannabis is front and centre in several discussions, right as the global discussion about how to treat the plant finally brings all such issues firmly into the global limelight.

Economic Stimulation From Ending Prohibition

There are many who are now calling for an end to global prohibition of cannabis and arguing that this is just the ticket for economies reeling from COVID related economic hits. The logic is that the industry creates jobs, if the drug is a safe medicine, it can also be used recreationally with little harm, and the industry is already considered “essential.” Not to mention a jobs and revenue creator.

There are a few places in the world (see Greece and the British Isles) where cannabis is beginning to be taken seriously as an economic development tool. This is likely to increase in the months to come as whole countries and regions try to chart a new economic pathway forward. But will this be enough to create federal recreational reform in places like say, the U.S. or the European Union? 

One thing is for sure. It won’t hurt.

Cannabis As COVID “Cure?”

There are several intriguing studies that seem to indicate that cannabis can frustrate the spread of the virus by causing cell immunity and or at least resistance to infection. It also may be useful in helping people tolerate any “cure” on the horizon (much like it helps AIDs patients).

As research progresses, expect to see converts jumping on the bandwagon, just from the medical side. 

In addition, the World Health Organization (WHO) is widely expected to reschedule cannabis globally as at least a “Schedule II” in the fourth quarter of the year, effectively ending criminal prosecution in many jurisdictions for mere possession, especially for medical use. That said, few believe that this change in status is safely in the bag (the decision has already been delayed twice), much less that this alone will end the debate about recreational reform.

Regardless, there are many signs afoot that not only is “medical” use about to hit mainstream stride, but the next conversation, ending prohibition for rec users, is finally, almost around the corner.

Be sure to check out the International Cannabis Business Conferences’s first global digital conference on June 9 for an update on the cannabis industry just about everywhere it currently exists!

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Virtual Global Cannabis Symposium Early Bird Ticket Pricing Expires Wednesday

Written by Johnny Green on . Posted in Business.

Join us for our streamlined and power-packed International Cannabis Business Conference Virtual Global Cannabis Symposium on June 9th. Stay connected with the top cannabis industry leaders from around the globe and keep up to date with the current state of the cannabis industry during these unique and changing times.

In addition to renowned international travel expert Rick Steves, the International Cannabis Business Conference Virtual Cannabis Symposium will feature leading cannabis advocates, industry experts, and celebrities, including:

Actor and musician Tommy Chong
National Cannabis Industry Association co-founder and Executive Director Aaron Smith
4-time NBA Champion John Salley
Peter Homberg, partner at leading international law firm Dentons
Comedian Doug Benson
Nic Easley, CEO of 3C Consulting and CEO & Managing Director of Multiverse Capital
Hip hop legend DJ Muggs
Lorenza Romanese, Managing Director at the European Industrial Hemp Association
Legendary cannabis activist and entrepreneur Debby Goldsberry
John W. Conroy QC of Conroy & Company
Leading cannabis industry investment expert Alan Brochstein
Graham Dallas, Head of Business Development for TMX Group
Simón Pablo Espinosa, CEO of En Volá

Check out the video below for a glimpse of what to expect at the virtual symposium. You can purchase your early bird tickets at this link here, but you better hurry before prices go up!: