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While the world is battling with COVID-19, there have been number of reassuring developments for the cannabis sector. Cannabis has been designated as essential service in Canada and US states which alleviated customers concerns about its access. Consumers have been bulk-buying cannabis from dispensaries, leading to record-breaking sales for cannabis companies. In Europe, Bedrocan Management reassured about the stability of cannabis supply chain despite the world’s pandemic. At the same time, UK eased the import restrictions for medical cannabis, which now allows licensed wholesalers to import larger quantities of medical marijuana.
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The Latest News
Regulatory updates
UK eases import restrictions for medical cannabis. The United Kingdom is easing import restrictions for medical cannabis, a move that is expected to improve the dismal numbers the market has seen to date. Licensed wholesalers of medical marijuana are now able to import larger quantities of cannabis-based products and hold supplies for future distribution. To read more
Deadline extended to apply for Germany’s cannabis distribution tender. The deadline to apply to be the distributor of domestically grown medical cannabis in Germany was extended from April 28 to May 26. The Federal Institute for Drugs and Medical Devices (BfArM) revealed the new deadline Tuesday. To read more
Canada classifies medical cannabis ‘essential’ amid COVID-19 pandemic. Canada’s federal government has deemed medical cannabis production “essential” to the country’s critical health-care infrastructure during the COVID-19 pandemic. The designation is intended to assist provinces, municipalities and businesses in their decision making around the types of employees considered essential for the health, safety, security and economic well-being of the country. To read more
Market updates
Bedrocan CEO: European medical cannabis supply chain stable despite COVID-19 crisis. The Netherlands-based company is the sole commercial supplier of medical cannabis flower to the Dutch Office of Medical Cannabis. The agency supplies domestic pharmacies in the Netherlands and exports products to Germany, Italy and other countries. Erkelens believes production in the Netherlands remains solid for the foreseeable future. To read more
Insurance-covered cannabis in Germany sets fourth-quarter record, pushing 2019 total to 123 million euros. Insurance reimbursements for medical cannabis in Germany reached a new high during the October-December period, propelling total reimbursements last year up nearly 70% from 2018, according to new data from the German National Association of Statutory Health Insurance Funds. Despite some supply issues toward the end of 2019, reimbursements for medical marijuana reached 36.6 million euros ($40 million) in the fourth quarter of 2019. To read more
Columbia Care Sets Weekly Revenue Records in Eight States. On 19 of March, Columbia Care reported that amidst the global COVID-19 health crisis, the company achieved record high weekly revenues (in eight of its operating US markets) and YTD sales of US$23.6M (ended March 14) that are 2.3x higher than the same period in 2019. To read more
Toronto's New Ketamine Clinic Offers Treatment by Tripping Through K-Holes. Field Trip, a company devoted to alternative psychedelic therapies, opened its first ketamine clinic in Toronto. Up next: Los Angeles and New York City. To read more
Research and Development
Cannabis Can Decrease Risk of Digestive Disorders In Those with Schizophrenia. A new Danish research study, recently published in the Psychological Medicine journal, found that cannabis can reduce the risk of digestive disorders and inflammatory bowel disease (IBD) among individuals diagnosed with schizophrenia. To read more