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It will take some time for the cannabis industry to resume to the full extent. In an effort to curtail the financial impact of COVID-19 we have noted that Mexico is aiming to legalise recreational cannabis. Despite little growth of England’s medical cannabis market in early 2020, we have noted a number of positive developments including new import rules and securing supply from Khiron for UK patients participating in Project Twenty21.
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The Latest News
Regulatory updates
Mexico is aiming to legalise cannabis to soften the economic blow of coronavirus. With millions of people out of work due to the pandemic, Congressional leaders in Mexico want to go green and cash in on legalisation. A new bill filed in Mexico’s federal legislature would legalise adult-use cannabis nationwide in an effort to curtail the financial impact of COVID-19 and kickstart a new revenue stream, both for individuals, and the country as a whole. To read more
Australia's medical cannabis approvals are steady as COVID-19 grips country. Approvals of medical cannabis prescriptions in Australia held steady as the country hunkered down for its battle with the COVID-19 pandemic. The Therapeutic Goods Administration approved more than 7,300 Special Access Scheme Category B (SAS B) cumulative applications in March and April. That compares with approximately 6,700 total approvals for January and February – before the pandemic slammed the global economy. To read more
Danish medical cannabis scheme ends 2019 on low note. Approximately 333 patients accessed Denmark’s medical cannabis pilot scheme in the final quarter of 2019, according to recently released data from the Medicines Statistics Register. That is two-thirds off the program’s peak just two quarters prior. It is also the second-straight quarter with a decline greater than 40%. Denmark’s latest decline is largely attributable to supply issues as domestic production continues to see delays. To read more
New York Lawmaker Files Bill To Decriminalize Psychedelic Mushrooms. A New York lawmaker recently introduced a bill to decriminalize psilocybin mushrooms by removing the main active ingredient from the state’s list of controlled substances. Assemblywoman Linda Rosenthal (D) is sponsoring the proposal, which is one of a small handful of psychedelics reform bills that have been filed in state legislatures across the U.S. amid a national grassroots push to decriminalize entheogenic plants and fungi. To read more
Market updates
GW Pharma trims loss to $8 million, warns virus could hit sales. GW Pharmaceuticals lost $8 million in its latest quarter – an improvement over the previous three-month period – but the United Kingdom-based medical cannabinoid company warned the COVID-19 pandemic could impact sales if fewer patients visit their doctors. Revenue in the quarter ending March 31 reached $120.6 million, up from $91 million and $109.1 million in the third and fourth quarters of 2019, respectively. To read more
Khiron receives first medical cannabis prescriptions for UK patients participating in Project Twenty21. Khiron is the exclusive LatAm supplier to Project Twenty21, Europe's first and largest national medical cannabis registry study in November 2019. Project Twenty21 aims to enroll 20,000 patients by the end of 2021, creating the largest body of evidence for the effectiveness and tolerability of medical cannabis – with an aim to demonstrate to policymakers that medical cannabis should be as widely available, and affordable, as other approved medicines for patients who would benefit from them. To read more
England’s medical cannabis market shows little growth as of early 2020. England’s medical cannabis market has barely gotten off the ground since launching about 19 months ago, with a two-tier system in which few patients access products through legal channels while most resort to illicit suppliers. Looking ahead, however, some industry insiders are hopeful that recently implemented import rules could boost the number of legal medical cannabis prescriptions from the currently low levels. To read more