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The economies across the world start to resume after the dramatic events of Covid-19, the cannabis industry is not an exception. Danish Medicines Agency has restarted onsite inspections after putting most of the cannabis inspections on hold three weeks ago. It has also been a positive shift in the UK, where the government, due to ongoing lockdown, published emergency legislation allowing patients to continue accessing controlled drugs for the duration of the pandemic, from local pharmacies, without a prescription. On the market side, despite the Covid-19, the global cannabis industry sets out for steady growth and expects to reach $89b by 2024.
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The Latest News
Regulatory updates
Medical cannabis access eased amid lockdown in the UK. Patients have begun receiving medical cannabis through the post, as the coronavirus pandemic has left them unable to access the drug any other way. On Wednesday, the government published emergency legislation allowing patients to continue accessing controlled drugs for the duration of the pandemic, from local pharmacies, without a prescription. A Home Office official said the measures would "relieve pressure on our healthcare system and encourage people to stay at home". To read more
Danish Medicines Agency ‘gradually resuming’ on-site cannabis inspections. The Danish Medicines Agency is set to gradually resume on-site inspections and laboratory controls, including for medical cannabis producers. The Danish Medicines Agency put most inspections on hold one month ago because of the COVID-19 pandemic, though “a few already scheduled inspections were carried out as office-based assessments” in the interim, a spokesman for the regulator said. The Agency issues certificates for medical cannabis producers to confirm compliance with regulations. To read more
Lebanon legalizes medical cannabis production. The Lebanon vote – taken this week, Reuters reported – apparently puts Lebanon on track to be the first Arab nation to legalize cannabis in some form. The law was voted on amid demonstrations against “worsening economic and social conditions in the country.” The law allows the cultivation of cannabis with only up to 1% THC – in other words, “types of cannabis plants that have not traditionally been cultivated in Lebanon,” according to Al Jazeera. To read more
Market updates
German wholesalers of Dutch medical cannabis under pressure as competition grows, margins shrink. The number of cannabis wholesalers in Germany is growing rapidly, but the amount of cannabis shipped from the Netherlands is steady – resulting in decreasing product available per wholesaler and, likely, an eventual consolidation in the market, according to local industry officials. A record 30 companies effectively imported flower from the Netherlands in April, and more than 50 companies already have an import authorization granted by the German government to do so. That means the number of importers will likely keep on increasing at least in the short term. To read more
Global Cannabis Industry Expected to Hit $89 Billion by 2024, despite COVID-19 chaos. On Wednesday, Mordor Intelligence, an international marketing insights firm, projected that the cannabis market would soar due to its intersections with other industries, such as cosmetics, nutraceuticals, pharmaceuticals, agriculture, food, and beverage. “Mordor Intelligence says that the medicinal properties of cannabis, increasing the legalization of cannabis, and increasing advances in genetic development and intellectual property of cannabis are and will be the drivers in the market,” Financial News Media reported. To read more
Cannabis sales surge during pandemic spurs Hightimes deal. The owner of the High Times cannabis magazine is branching out into the main street with an $80m deal to buy Harvest Health & Recreation’s California dispensaries as it looks to get access to the fast-growing retail marijuana market during a difficult time for publishing. Hightimes’ acquisition of the dispensaries come at a time when California has classified marijuana as an essential product, alongside milk and toilet paper, under the state’s Covid-19 stay-at-home orders — a move that allows the retailer to sell pot when many other stores have been forced to shut down to contain the spread of coronavirus. Sales of cannabis have risen 159 percent in California by mid-March compared with the same period in 2019, according to data by Headset, a pot-industry research company. To read more
Research and Development
Clinical Trials for Treating COVID-19 with Cannabis Begin in Israel. Israeli researchers suspect that cannabis’s anti-inflammatory properties could prevent deaths caused by COVID-19. Two Israeli companies have started clinical trials to see if CBD combined with other drugs could save lives threatened by COVID-19. To read more
Ease rules on research into psychedelic drugs, urges David Nutt. Restrictions on the use of psychedelic drugs in research should be relaxed to help find new treatments for conditions including mental health disorders, the former government adviser Prof David Nutt has said. To read more