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The Five Best Online And Virtual Cannabis Industry Events

Written by Johnny Green on . Posted in Business.

By Alex Rogers, CEO and Executive Producer

The history of the cannabis movement is a history of innovative people constantly facing hurdles, and consistently overcoming those hurdles. That is true of cannabis reform efforts, that is true of cannabis industry pursuits, and that is especially true when it comes to cannabis events.

Cannabis events have become extremely popular in recent years. They take on all types of forms and come in different sizes and areas of focus. Historically, most cannabis events and conferences have involved in-person attendance. Unfortunately, that changed due to the ongoing pandemic, with in-person events being canceled or rescheduled all over the globe.

I started the longest-running cannabis B2B event in California back in 2014, and have since launched cannabis B2B conferences in 5 different countries on two different continents. My team and I have always been very proud to organize the conferences, which focused on cannabis policy, industry education, networking opportunities, and our notoriously fun after-parties featuring world-class entertainers.

When the pandemic hit and we had to reschedule our conferences, I wasn’t sure what to do in the meantime. Obviously, the demand for cannabis educational opportunities wasn’t going away given the fact that the cannabis reform movement is stronger than ever and the industry is extremely popular among entrepreneurs and investors. We decided to meet that demand in the form of our first-ever Virtual Global Cannabis Symposium.

Virtual events may never take the place of in-person events, however, we are extremely excited to bring our blend of policy, advocacy, industry, and entertainment to attendees in virtual form. Our symposium is taking place on June 9th, and it will feature celebrities like Rick Steves, Tommy Chong, John Salley, and DJ Muggs in addition to policy and legal experts from around the world.

Many virtual cannabis events are popping up right now, however, not all of them are created equal. A lot of the events appear to have been put together in haste, and don’t seem to be offering much value to attendees. Below are virtual cannabis events that we have identified that we think are going to be fantastic and that potential attendees should check out, in addition to our Virtual Global Cannabis Symposium.

International Cannabis Business Conference Virtual Global Cannabis Symposium

Attendees of the first-ever International Cannabis Business Conference Virtual Global Cannabis Symposium will be able to tap into our enhanced virtual networking app and connect with virtual exhibitors and directly connect with the International Cannabis Business Conference network. We are able to offer tickets to the virtual conference for a very affordable price and attendees can check it out from the comfort of their own homes.

Additionally, the presenters participating in the symposium will also be remoting into the event, which will make for a really unique experience for everyone. People have seen our presenters on TV and/or on stage, however, it’s likely that most people haven’t gained a glimpse into how those people live when they are at their homes. Early bird pricing expires on June 3rd, so get your tickets now at a reduced rate!

Food Labs / Cannabis Labs Conference

The Food Labs / Cannabis Labs Conference is one complimentary conference serving the food and cannabis laboratory markets with two separate tracks and overarching plenary presentations, taking place June 2-5. The Food Labs Conference will address regulatory, compliance and risk management issues that companies face in the area of testing and food laboratory management. The Cannabis Labs Conference With a particular focus on science, technology, regulatory compliance and quality management, the event enables attendees to engage in conversations that are critical for advancing careers and organizations alike.

“We made the tough decision to pivot this program to a virtual event months ago once the COVID-19 crisis emerged. Now, we’re offering attendees free access to the virtual program” said Aaron G. Biros, Editor/Publisher of the event’s organizer, Cannabis Industry Journal. “There are a lot of similarities in the food testing and cannabis testing markets. By bringing the Cannabis Labs and Food Labs Conferences together in one space, we are providing attendees with information on regulatory compliance, best practices and technology to both industries, all from the comfort of their home or office.”

Prohibition Partners LIVE

Prohibition Partners LIVE will provide one single digital platform that will host five separate conferences with over 4,000 delegates attending to experience thought-leading content, high-quality networking, engaging experiences, and entertainment, all without the risk of travel.

It will take place on 22-23 June, featuring live-streamed keynotes and panel talks from over 150 CEOs, policymakers, and cultural leaders across five virtual stages.

“The demand for cannabis is skyrocketing under lockdown as regulators deem it an essential good while consumers and patients stockpile supplies in response to isolation measures. Unprecedented legal cannabis sales internationally are demonstrating that global regulatory changes are inevitable in a post COVID-19 economy and despite a pending recession, cannabis will remain one of the few true growth industries. As a result, we’re delighted to take our five industry-leading conferences online at Prohibition Partners LIVE, helping to connect the ever-widening global audience of operators, entrepreneurs and new entrants to the cannabis industry to share learnings, fuel ideas and collectively shape the future of cannabis.” said Stephen Murphy, Group Managing Director of Prohibition Partners.

NCIA Cannabis Caucus (Cyber) Series

NCIA’s Cannabis Caucus Series is an exclusive opportunity for NCIA members and their guests to connect with each other, learn about regional issues from influential guest speakers and get the latest news about NCIA’s federal policy work. Cannabis Caucus events ensure that NCIA’s growing members stay connected, get informed and take action to protect our industry and your business. The events will take place from June 16-23, with each event focusing on a particular geographical region of the United States.

“As we navigate the new realities of this pandemic including the temporary hold on all in-person events across the world, we must find new ways to keep with our members and keep them connected to each other. NCIA’s Cannabis Caucus Cyber events are going to be an exclusive opportunity for our members to stay informed and engaged with our advocacy work and to receive the latest updates from their local region while enjoying a unique networking experience — just as our in-person caucus events have successfully done in previous years. I hope to see all of our members in ‘cyberspace’ this June!” says NCIA Co-founder and CEO Aaron Smith.

Emerge Virtual Cannabis Conference & Expo

The Emerge Virtual Cannabis Conference & Expo will feature the first-ever cannabis industry virtual job fair, the largest-ever investor pitch contest, and six concurrently-running subject tracks with over 40 speaker sessions. Co-produced by Cannabis & Tech Today and cannabis industry connector, Andre Bourque, the event is a collaboration with a premier alliance of organizations, publishers, and event producers.  

“Using our best-in-class 3D platform, we will deliver greater and more data-measurable sponsor and exhibitor ROI than traditional in-person events, as well as deliver high value and participation opportunities to attendees,” said Charles Warner, CEO of Cannabis & Tech Today. “This will be the largest virtual cannabis conference the industry has ever seen.”

Emerge is set to take place on July 22nd and 23rd, 2020. Subscribe for event updates here: bit.ly/EmergeUpdates

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The European Court Of Justice Throws Down On Hemp

Written by Marguerite Arnold on . Posted in Business.

Apart from the Herculean task of normalization of cannabis generally, the battle for regulatory definitions over hemp has definitely taken some strange twists and turns of late. May the Hemp Be With You. Certainly within the EU.

After regulators in Brussels last year declared the hemp plant (leaves and flowers) to actually be “novel,” (which the British Food Safety standards, sadly seem to indicate they will follow), a bevy of lawsuits began appearing in all the strangest places. The proverbial “Little Gaulish Village” was determined to fight.

This May, it appears that one legal skirmish may have actually (excuse the pun) born fruit. If not challenged the (Brussels) “Evil Empire.”

The Legal Skinny

Here is the overview. A company named Kanavape, whose CBD was extracted from hemp in the Czech Republic (in accordance with both Czech and EU law), exported their products to France in 2014. They were prosecuted in a country where the only thing that is legit is the plant’s fiber and seeds (products made from the entire plant or flower are outlawed and have been even before regulators in Brussels changed the catalogue for Novel Food, apparently to reflect the French interpretation of the same as of 2019).

However, like the plucky Gaulish village of the resistance (Asterix anyone?), these Czech cannapreneurs have appealed all the way through the French court of Appeals in Aix-en-Provence, to the European Union’s Court of Justice. The principle at stake? Whether France’s restriction on hemp products violated the free movement of goods principle – a critical part of the EU covenant itself.

Ding, Ding, Knockout For CBD?

According to the Court of Justice’s advocate general’s decision last week, hemp-derived CBD (even from the flowers and leaves of the plant) is not a narcotic. Ergo, it is protected by the EU’s free movement principle. Per the Advocate General Evgeni Tanchev, the French CBD ban is not appropriate or proportionate for the purpose of protecting public health.

While Tanchev’s opinion, like in fact, all of the dictates on Novel Food of late from Brussels, are not “legally binding,” this case may in fact, finally normalize if not overturn the increasingly tortured legal logic on the same emanating from Brussels. Namely that hemp, a plant used in Europe for thousands of years, is somehow “novel.” At least when its flowers and leaves are used in anything edible. Seeds apparently are still excluded?

Stay tuned. This case may in fact have a huge and positive effect on the overall hemp industry, as well as rolling back some very strange decisions of late at nosebleed, regional levels and finally reinvigorate a hemp industry that is, along with being a rather vital potion, ready to bust out all over.

For an update on the moving target that is the EU’s hemp industry, be sure to book your tickets to the International Cannabis Business Conference Virtual Cannabis Symposium that is taking place on June 9, 2020

International Cannabis Business Conference To Host Virtual Global Cannabis Symposium June 9th

Written by Johnny Green on . Posted in Business.

The International Cannabis Business Conference is excited to announce that we are hosting a virtual cannabis symposium on June 9, 2020. The International Cannabis Business Conference’s in-person events are known worldwide for providing unparalleled information from true experts in the cannabis industry and important public policy information from leading regulators and elected officials.

International Cannabis Business Conference’s Virtual Global Cannabis Symposium will offer the same world-class experience for attendees, but this time it will be provided virtually (including an enhanced virtual networking platform) so that attendees can enjoy the event from the comfort of their own homes.

Renowned travel writer, author, activist, and television personality Rick Steves will provide the keynote address for the Virtual Global Cannabis Symposium. Steves is one of the most recognizable and beloved individuals on earth and is also a longtime cannabis advocate. In addition to hosting his acclaimed travel shows, Rick Steves has endorsed and publicly campaigned for numerous cannabis reform efforts. We are very proud to have him as part of our virtual event.

In addition to Rick Steves, the International Cannabis Business Conference Virtual Cannabis Symposium will also feature other 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

The International Cannabis Business Conference Virtual Global Cannabis Symposium will cover a range of topics, including international cannabis policy updates, industry trends, emerging industry opportunities, and much more.

Early bird pricing ends June 3rd, and prospective attendees are encouraged to take advantage of the discounted rate before early bird pricing expires. No other virtual cannabis event has featured as many leading experts and celebrity personalities, and you do not want to miss the International Cannabis Business Conference Virtual Global Cannabis Symposium. Get your tickets today!

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Could Cannabis Reform Be Part Of The Post Covid “Green New Deal”

Written by Marguerite Arnold on . Posted in Business.

While governments are still struggling to deal with the economic fallout from the global pandemic, one question continues to float through the entire conversation. Could domestic cannabis production be part of a massive infrastructural, if not economic, reboot? Especially because this also shortens and better secures global supply chains?

That question is clearly on the table in the U.S. right now, as states declare the industry “essential,” and lawmakers begin to consider whether to include the industry in the coming bailout packages.

In Europe, many are asking the same question.

But what could this mean, really, for economies who are literally flying in migrant workers to begin harvesting regular crops during the pandemic?

Here are a few of the trends that seem to indicate that this idea will be at least considered, if not is already in the cards.

Hemp Production Is Clearly Increasing – In almost every European country and the UK right now, hemp production is on the rise. Lobbying efforts have begun to place CBD at the forefront of the discussion about reform (just as in the U.S.). This means that recreational reform does come, hemp farmers who have managed to survive will be in the forefront of cultivation of the “other” kind.

Medical Cannabis User Numbers Continue To Rise: While it is still a fight to get access to cannabinoid treatments, patients in many European countries are continuing to rise – even if “all” they can get, for now, is dronabinol, the generic synthetic.

Cannabis Production Continues To Go Forward: While GMP certification and licensing have clearly slowed during the pandemic, there are still producers and distributors who are getting licenses. By next year, Spain, Portugal and Greece are expected to have product ready to flood European markets. Italy has already changed its laws to allow limited home grow. And don’t forget about North Macedonia.

Regional Reform Is In The Cards: Within two years, as most in the industry have predicted, the question at the table is not if but when reform is instituted on an EU wide basis. This will almost certainly happen in tandem with reform in the U.S. and after the UN changes global regulations on cannabis. The reason? International trade agreements that have come into force in the last several years. This means that individual European countries will finally be free to make their own decisions about legalization. 

Bottom line? It is clear that cannabis reform, starting with increased tax revenues sure to flow to overstressed economies thanks to the Great Covid Recession, is on track in Europe, even on an extended schedule. And given the massive blow the global economy thanks to the current pandemic, all such sources of revenue will clearly be welcome, just about everywhere that cannabis reform has so far stalled.

To keep abreast of the latest legislative changes if not rapidly moving business regulations in Europe, be sure to attend the International Cannabis Business Conference when it returns to Europe this summer.

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Ontario’s Decision To Allow Cannabis Delivery And Pickup Is The Right One

Written by Johnny Green on . Posted in Business.

The coronavirus pandemic has affected virtually every facet of almost every industry on earth in one way or another. Companies are being forced to adapt their business practices if they want to continue to operate, and that includes companies in Canada’s emerging cannabis industry.

Earlier this month Premier Doug Ford put out a list of ‘non-essential’ industries which resulted in those industries having to close temporarily until the pandemic subsides. Unfortunately, cannabis outlets were on that list.

Initially, it looked like cannabis outlets were going to have to close completely, however, Premier Ford reversed his decision days after the initial list went out and will now allow cannabis outlets to continue to sell cannabis via deliveries and curbside pickup. Per CBC:

On April 3, Premier Doug Ford expanded the province’s list of non-essential business to include cannabis stores.

Four days later, the province issued an emergency order allowing those stores to both deliver and offer curbside pickup from Monday to Sunday, between 9 a.m. and 11 p.m.

“This change was made to allow cannabis retailers to have the same opportunities as other non-essential businesses that are permitted to operate remotely if they can provide goods for pickup and delivery.” said Jenessa Crognali, spokesperson for the Attorney General of Ontario.

The reversal in Ontario was the right decision. Countless patients use cannabis for medical purposes throughout Ontario, just as they do in every other part of Canada. For some of them, ordering cannabis online is sufficient, however, many patients prefer to acquire their cannabis through brick and mortar outlets.

Allowing deliveries and pickup services obviously benefits adult-use consumers as well. There are safe ways for consumers to purchase legal cannabis from licensed outlets, and allowing retail outlets to facilitate consumer cannabis purchases via deliveries and pickup will help those businesses stay open.

If outlets were forced to close it’s not as if it would have resulted in consumers choosing to go without cannabis, but rather, it would have resulted in consumers seeking cannabis from unregulated sources which would have no doubt resulted in social distancing practices being ignored. That is the last thing that Ontario needs to happen right now.

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Shortages, Price Increases Are The Snapshot Of The Euro Industry During The Covid 19 Pandemic

Written by Marguerite Arnold on . Posted in Business.

If there is one thing that is clear during the current Pandemic, it is this – policymakers from a national and international level have not only dropped the ball on cannabis but are contributing to patients suffering unnecessarily.

Here is just a snapshot of the pain in Europe:

In France, black market prices, the realm of the desperate in a country which has shamefully lagged on any real reform, have doubled. The reason? Border controls to contain the virus have shut down “normal” supply routes from the Netherlands, Belgium as well as Morocco. This means that patients not only risk arrest in trying to meet dealers, but in a world where paychecks for most have been shrunk if not are non-existent, many cannot afford to buy a drug whose price has skyrocketed in the last month. This situation is even leaving the police worried about what comes next. Rivalries between gangs competing for products may lead to public disorder. Lockdowns, particularly in crowded accommodations, will get much more difficult to enforce. 

In Spain, most of the cannabis clubs have had to shut, due to a lack of regulatory decision making to keep them open or declare them “essential” as seen in the U.S. and Canada.

And in Germany, pro-cannabis associations, like the Branchenverband Cannabiswirtschaft (BVCW) have begun to warn not only of impending drug shortages but also the danger to patients from being forced to go to both doctor’s offices and apothekes to obtain the drug. Or worse, fall into the black market again.

BVCW has started calling for the Ministry of Health to implement telemedicine options like online doctor prescriptions and of course home delivery.

The reality of course, is that the entire industry was dealt a painful blow by the UN’s decision to delay a vote on rescheduling right before declaring a global pandemic for another 9 months.

In the meantime, the industry is being hit on all sides by a lack of regulatory guidance, bailouts, or basic legitimacy, and in a situation where cannabis patients are a subset of the most vulnerable.

That said, it is also clear that the industry is also gearing up to respond. It is unlikely, as a result, that international if not more regional and country-wide reform will be left on the table after the end of the year.

In the meantime, the industry is adapting, as it has before, to the next challenge, with the hope that it will finally see international recognition and regulation by the end of the year.

For updates on the latest regulatory changes across a now global industry, be sure to attend the International Cannabis Business Conference in Germany later this summer.

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Far Fewer Incidences Of Vaping Illness Reported In Legal Cannabis States According To Study

Written by Johnny Green on . Posted in Business.

In the midst of the coronavirus pandemic, many people forget about a previous health crisis that was sweeping across the globe and was particularly bad in North America – the vaping crisis.

For many weeks reports were popping up of people experiencing illnesses after consuming vape pen cartridges, and in some cases, the suffering individuals died, which is extremely unfortunate. Cannabis opponents pounced on the crisis and pointed to it as ‘proof’ that cannabis reform was failing.

Cannabis advocates were quick to point out that a vast majority of the vape pen cartridges involved were unregulated, and that the best way to address the crisis was via more cannabis regulation, and not less, which is essentially what cannabis opponents were calling for.

A recent press release from NORML provides further proof that cannabis advocates are right. See the press release from NORML below:

Incidences of the vaping-related lung illness EVALI (e-cigarette or vaping product use-associated lung injury) are primarily concentrated to jurisdictions where adult-use cannabis consumption is prohibited, according to data published in the Journal of the American Medical Association (JAMA) Network Open.

Commenting on the findings, NORML Executive Director Erik Altieri said, “These findings come as little surprise. In jurisdictions where cannabis is legally regulated, consumers gravitate toward the above-ground retail marketplace where they can access lab-tested products manufactured by licensed businesses.” He added, “Just like alcohol prohibition gave rise to the illicit production of dangerous ‘bathtub gin,’ marijuana prohibition provides bad actors, not licensed businesses, the opportunity to fulfill consumers’ demand – sometimes with tragic results.”

According to the US Centers for Disease Control and Prevention, nearly 3,000 people have sought hospitalization because of the illness, which peaked last September, and nearly 70 people died as a result of it. In November, the CDC publicly identified vitamin E acetate – a diluting agent sometimes present in counterfeit, unregulated vape pen products – as a primarily “culprit” in the outbreak.

Writing on Monday in the journal JAMA Network Open, researchers affiliated with Indiana University reported that last year’s sudden outbreak of EVALI cases was not driven by either state-level differences or prevalence in e-cigarette use. Rather, they reported that cases “were concentrated in states where consumers do not have legal access to recreational marijuana dispensaries. … One possible inference from our results is that the presence of legal markets for marijuana has helped mitigate or may be protective against EVALI.”

A previous analysis of EVALI prevalence in legal cannabis markets versus illegal markets by Leafly.com drew a similar conclusion.

In a statement to the online news site MedPageToday.com, the study’s lead author said that the team’s findings are “consistent with the hypothesis that people have demand for marijuana products, and in states where they don’t have access to them in this regulatory fashion, they end up purchasing them elsewhere.”

Full text of the study, “Association of state marijuana legalization policies for medical and recreational use with vaping-associated lung disease,” appears in JAMA Network Open. An accompanying editorial, “Marijuana legislation and electronic cigarette- or vaping-associated lung injury,” also appears online here.

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NORML’s mission is to move public opinion sufficiently to legalize the responsible use of marijuana by adults, and to serve as an advocate for consumers to assure they have access to high-quality marijuana that is safe, convenient, and affordable.

Find out more at www.norml.org and read our factsheets on the most common misconceptions and myths regarding reform efforts around the country at www.norml.org/marijuana/fact-sheets

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Are Prices Going To Fall On Domestically Grown Cannabis In Germany?

Written by Marguerite Arnold on . Posted in Business.

With the world in lockdown and the race for “The Vaccine” if not “The Cure” what does this bode for cannabis pricing and availability in Europe, and specifically Germany?

For now, pharmacies are absolutely in lockdown, preventive medicine mode.

But there is hope on the horizon. A new tender bid for a domestic distributor for cannabis grown in Germany has now been issued by BfArM (the German FDA). To be considered, applications must be filed electronically by April 28.

This distribution contract will run from September 2020 for several years (until 2025).

BfArM will still technically “own” the cannabis, although distributors must pick up the product at the three locations in Germany where this is grown and deliver it to pharmacies as well as store it if necessary.

The winning distributor, who must have experience in narcotics distribution, although not necessarily cannabis, will be required to have experience, insurance, and the ability to prove their track record with good distribution practices. 

The agency believes that the floss will be bundled in 50-gram containers, which the distributor will then deliver to the pharmacies.

What Will Happen To Pricing?

BfArM has set pricing at €2.3 euros a gram. With a mark-up for administrative management costs at BFArM, plus a distributor mark-up, the total price to pharmacies is expected to beat the current price they are paying (about €10 per gram). By law, pharmacies are required to mark up everything by statute, although what this overhead will be is in discussion between insurers and pharmacies right now.

The good news, however, is that for the first time since the cultivation bid was offered, pharmacies will be able to sell the drug at a price considerably less than the current prices. And this is good for everyone.

What About Imports?

There is a lot of discussion about the pricing of imports right now. Clearly, the price to beat is German domestically produced cannabis. However, everyone also knows there is not enough being grown in the country. How much insurers (to start with) will be tolerant of large deviations from the price of domestically produced cannabis is unknown. However, this development alone begins to shed light on a price band for imports that is clearly developing.

Be sure to attend the International Cannabis Business Conference in Berlin this summer for more developments on the German cannabis market.

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What Kind Of Cannabis Is Being Dispensed In German Pharmacies?

Written by Marguerite Arnold on . Posted in Business.

According to the latest figures from the statutory health insurers, there are now five different kinds of cannabinoids being dispensed and covered in Germany.

What are the trends, and where is this going in 2020?

Unprocessed Flower Is Still A Big Deal – The dispensation of unprocessed flower has steadily increased at German pharmacies for the last year. Between January and December, insurers increased their payments from €3.7 million euros to €5.5 million euros, an increase of just over 48%. That is good news for the raw flower market.

Cannabinoid Preparations Are Also Increasing – Cannabinoid preparations, which have now been reclassified into three different categories (cannabinoid preparations, flower used in preparations and full-spectrum extracts) have also increased from €2.9 million at the beginning of the year to €5.6 at the end of 2019 (a 93% increase).

Pharmaceutical Cannabinoids Hold Steady – Interestingly, finished pharmaceutical products increased the least in the last year (from €1.4 million at the beginning of January to €1.8 million by December). This is only a 28% increase, suggesting that patients are requesting, and insurers are covering, floss and floss based preparations at the pharmacy.

Trends For 2020

Overall reimbursements for cannabis as medicine are also increasing. In sum €123 million worth of cannabis was reimbursed in 2019, an uptick of 67% over the €74 million worth of cannabinoids that was reimbursed in 2018. 

That said, overall prescriptions did not increase in the same proportion – namely there was a 44% increase in the number of prescriptions processed year over year between 2018 and 2019 (267,348 over 185,370). This appears to indicate that doctors are writing prescriptions for larger quantities of cannabis, not necessarily that there are more patients.

All of this data is also based only on statutory health insurers (public healthcare). Data from private insurers is still not included.

The other issue in the room and in a big way, is that many early adopter patients have given up on legitimate prescriptions due to the hassle, if not fights with their insurers. This population, which is also largely untracked for obvious reasons, is either growing their own again, or obtaining it from the black market. In many parts of Europe, however, due to border closures caused by the Covid-19 epidemic, the difficulty of obtaining the drug in the first place may yet encourage many patients to go back into the legal system again or to look again, for a prescribing doctor.

Be sure to attend the International Cannabis Business Conference in Berlin this summer to understand the latest trends on the ground in the largest cannabis importing market.