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U.S. Mid-Term elections bodes well for cannabis market. Cannabis stocks buoyed by U.S. election results. Wholesale prices continue to fall driven by over-supply in many U.S. states. Strong global demand for GMP certified CBD extracts, weaker demand for low-THC biomass. Industry gearing up for all-important meeting of the UN Commission of Narcotic Drugs (CND) in Vienna on December 5-6 where the scheduling recommendations of the World Health Organization on cannabidiol and cannabis in all forms will be received and reviewed.
Cannabis Benchmarks U.S. Spot Index declined by 0.9% last week to settle at $1,060 per pound, in the process establishing a historic low for the national composite rate for the second week in a row. Still, the U.S. Spot exhibited greater stability over the course of October this year than it did in the same period last year. Read full report here
According to a new report released by New Frontier Data, the total addressable cannabis market in Oceania currently stands at $5 billion USD. The projection is extrapolated from the estimation of there being 2.8 million consumer users of cannabis in Oceania. Much of the demand is driven by Australia and New Zealand, the countries with both the highest rates of cannabis use and the highest GDP per capita levels in Oceania. Read full report here
Sales Commence For First FDA Approved CBD Drug Sales have commenced for the first CBD drug approved by U.S. Food and Drug Administration. EPIDIOLEX® (cannabidiol) oral solution CV is now available in the U.S. for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome in patients two years of age or older. EPIDIOLEX, which was approved by the U.S. Food and Drug Administration (FDA) on June 25, 2018, is the first prescription pharmaceutical formulation of highly purified, plant-derived cannabidiol (CBD), a cannabinoid lacking the high associated with marijuana, and the first in a new category of anti-epileptic drugs. The drug was developed by GW Pharmaceuticals plc (Nasdaq: GWPH). Read press release here
Michigan voters approved an adult-use cannabis initiative making the state the first in the Midwest to pass adult-use marijuana legalization. Marijuana Business Daily estimates that the Michigan’s recreational cannabis market will generate $1.4 billion-$1.7 billion in annual sales within several years of launching, making it one of the largest in the nation. Read the full story here
Voters passed Amendment X, which calls for removing the definition of “industrial hemp” from the Colorado Constitution and allowing the state to use the definition found in either federal law or state statute. The measure needed 55 percent of votes to pass. When Coloradans passed Amendment 64 in 2012 to legalize recreational marijuana, the definition of industrial hemp was also added to the state's constitution. This required state legislature to create laws on how hemp is cultivated, processed and sold. It also spurred the creation of the Industrial Hemp Regulatory Program in the Colorado Department of Agriculture. Read full story here
U.S Attorney General Jeff Sessions, has been forced out by President Trump. There is speculation that the move could ease industry concern regarding the current federal regulatory environment for cannabis however much will depend on the eventual replacement of Sessions. Sessions is renowned for overturning the Obama-era protections for state-legal cannabis business. Read full story here
Mexico’s Supreme Court ruled Oct. 31 – for the fifth time since November 2015 – that a total prohibition of recreational marijuana consumption is unconstitutional. The ruling doesn’t allow commercialization, but it does permit personal possession and home growing. The positive momentum could be complimented by the incumbent new government under Andres Obrador who has signaled potential support for drug reform in Mexico. Read full story here
Following recent sales contract announcements, Canadian-based producer, Wayland Group, has entered into a definitive agreement to acquire 100% of the outstanding shares of Colma Pharmaceutical SAS (“Colma”), a licensed producer of THC cannabis in Colombia, holding four licenses for cultivation and processing. Read press release here. Read full press release here
Green Growth Brands ("GGB") announced that it has closed an additional private placement investment of approximately C$30.5 million with a strategic partner. The subscriber further intends to exercise, prior to completion of the Transaction, approximately C$24.5 million of common share purchase warrants of GGB issued under the private placement, with each exercisable on the same consolidation price of C$2.00 per share. Assuming exercise of and full payment for the warrants, the total funds raised by GGB following the announcement of the Transaction will exceed C$140 million. Read the full press release here
Canadian based Terra Tech Corp (OTCQX: TRTC), a vertically integrated cannabis-focused agriculture company, has signed a non-binding letter of intent (the “LOI”) to merge with Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) a cannabis company with cultivation, production and retail operations built around recognized brands. If all pre-conditions are met the merged entity will comprise 41 Permits across cultivation, manufacturing, distribution and retail spanning across Oregon, California and Nevada, in Addition to 21 pending permit applications in multiple jurisdictions throughout the United States.Read full press release here
Fire &Fire & Flower Inc., an independent Canadian corporate cannabis retailer, and Cinaport Acquisition Corp., a capital pool company listed on the TSX Venture Exchange (CPQ: TSX-V), announced that Fire & Flower has completed a previously announced private placement resulting in aggregate gross proceeds of C$36.5m. The net proceeds will go towards capital expenditures related to the expansion and build-out of its stores in provinces that permit private cannabis retail, for working capital and for general corporate purposes.Read full press release here