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Tag: Marijuana Business Daily

German Pharmacists Support Medical Cannabis, See Market Growth

Written by Anthony Johnson on . Posted in Berlin, Business, Medical, Vancouver.

The German cannabis patient community has grown by leaps and bounds since the program was approved a few years ago and the International Cannabis Business Conference is so pleased to have witness the growth firsthand, holding our first annual conference in Berlin just after medical legislation was approved. Despite a lot of bureaucratic red tape (that has loosened over time), there are now about 50,000 cannabis patients and that number could easily increase to hundreds of thousands in the coming years as cannabis goes more mainstream and prices drop.

The robust growth of Germany’s medical cannabis program isn’t only evident by the increase in the number of patients, but in clear signs that the future growth of the program is very bright. First, the increase in exports has surged dramatically as the European Union powerhouse has imported nearly as much cannabis from Canada and the Netherlands in the first six months of 2019 as it did in all of 2018. Also, very tellingly, licensed German pharmacists, those actually dispensing the medicine, not only support medicinal cannabis, but three-fourths see the market growing, as reported by Marijuana Business Daily:

According to the paid report, the majority of pharmacists in Germany generally favor medical cannabis – as long as they’re the ones responsible for dispensing it.

Three-quarters believe the German medical cannabis market will continue to grow, and among that group, 15% said growth will be strong.

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About half the pharmacists believe they are well informed about medical cannabis, but fewer than 5% responded they are “very well” informed. The rest said they were poorly or very poorly informed.

With cultivation companies in Germany now getting licensed, with homegrown cannabis expected to be on pharmacy shelves in 2020, prices will come down, variety will increase, and local lobbying efforts will strengthen. With the industry growing, as German pharmacists and virtually everyone expects, advocates will become more influential with policy makers, and the bureaucratic hurdles slowing the medical program will start to be removed. Eventually, the lobbying effort and public support will garner enough votes to legalize cannabis for all adults. When they do, will German pharmacists still be the sole dispensers, or will the market open up to more retail outlets? Only time will tell.

The International Cannabis Business Conference is THE industry event to learn the latest and to network with top investors and entrepreneurs. Next up: Vancouver, British Columbia, Canada, this September 15-16. Purchase discounted early bird tickets by August 21st to save.  

Canada Brings in $186 Million in Tax Revenue as Sales Continue to Increase

Written by Anthony Johnson on . Posted in Business, Vancouver.

It’s no secret that cannabis sales in Canada have gotten off to a relatively slow start as the government has taken a rather conservative, cautious approach to licensing, as government officials’ public safety concerns have been given top priority. Regulatory hurdles have hindered efforts to open up brick and mortar stores, caused supply chain issues, and completely prohibited the sales of any extracts, concentrates, or infused products. Thankfully, more stores are opening up, the supply chain is improving, and Canadian consumers will finally be able to by hash, oils, edibles, beverages and other cannabis products by the end of the year, so overall sale numbers should continue to climb. And sales are already improving as the federal government collected $186 million in tax revenue when legalization started last October, through March of 2019.

Revenue collection is set to only get better as adult-use cannabis sales jumped up to $19.6 million in Ottawa alone in April, after averaging just under $9 million the previous 5 months as Marijuana Business Daily reported:

Adult-use cannabis sales in Canada’s largest consumer market more than doubled in April on the back of new store openings, representing “powerful evidence” of pent-up demand for regulated marijuana after months of stagnation, according to experts.

Receipts of recreational-use cannabis products in Ontario totaled 19.6 million Canadian dollars ($15.1 million) in the month, recent data from Statistics Canada shows, up from CA$7.6 in March and CA$7.5 million in February.

April’s receipts consider the first monthly sales at fewer than two-dozen physical stores in the province.

Global News covered the overall tax revenue numbers:

The provinces took the lion’s share of that money, with $132 million in combined sales tax and excise tax revenue; the federal treasury took in $55 million.

Governments face a dilemma taxing cannabis, says Brock University business professor Michael Armstrong.

“It’s a tradeoff — the more you increase taxes the more revenue you get, but that increases prices and makes you less competitive with the black market.”

While it is admirable for the Canadian government to place officials’ health and safety concerns over the desire to raise revenue, it is clear to those with a lot of experience with cannabis, that a too burdensome approach isn’t needed. The sky hasn’t fallen in Canada and it won’t fall, as the fear mongering nonsense spouted by Reefer Madness prohibitionists gets proven wrong time and time again. Slowly but surely, regulators, politicians, and policymakers are learning the truth about cannabis and they are easing regulations. You can give more freedom to adult consumers in cannabis, the freedom to choose a safer alternative to alcohol and tobacco, while creating more jobs and revenue. As has been seen in Ottawa, and other provinces, build the cannabis retail stores, and consumers will come. And the sky will still remain high above the Great White North.

The International Cannabis Business Conference in Vancouver this September 15-16 is the industry event to learn the latest and to network with top investors and entrepreneurs. Secure your spot and save by purchasing discounted, early bird tickets by August 21st.