BUSINESS OF CANNABIS: NY
Axel Bernabe tells Business of Cannabis: New York that first recreational dispensaries could be approved in weeks
New York’s Cannabis Control Board (CCB) is expected to meet on November 21 to potentially approve the first set of Conditional Adult Use Retail Dispensary (CAURD) licenses, reports Marijuana Moment.
Chair of the CCB, Tremaine Wright, said at a Business of Cannabis New York panel that New York is “on target” to open the first cannabis storefronts this year, with offciails suggesting they will be selecting 150 applicants in total before expanding the application pool.
Additionally, officials said that Governor Kathy Hochul’s (D) US$200 million private-public social equity fund will help the state achieve market parity.
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FOREIGN INVESTMENT
Interest in South America for multinational cannabis companies
As legalization advances in South America, cannabis exports are often portrayed as the golden ticket to solving development challenges, writes Benzinga, such as attracting foreign direct investments, gaining liquidity in foreign currency and adding value to their production.
This poses concerns for craft cannabis growers, who are wary of multinational cannabis companies taking over the local market.
Analyst for Cantor Fitzgerald, Pablo Zuanic, says there are certain key factors that could contribute to this including:
- Domestic markets and exports
- Integration across the value chain
- Quality standards and strategic regulations
- Target markets for South American cannabis
SLOW GROWING
Adult use sales growth in Canada slowing faster than expected
Sales of adult-use cannabis in Canada are slowing more quickly than expected, writes MJ Biz Daily, with retail sales growing an estimated 7.7% year-over-year in September – the lowest since legalization occurred in 2018.
Frederico Gomes of ATB Capital Markets has attributed the deceleration in sales to price compression and declining sales volume growth of unique items sold, while MJ Biz points out contributing factors such as government-owned businesses taking an unfair margin and a massive oversupply of cannabis.
Gomes said: “This trend indicates a market that is growing slower – and therefore is smaller – than previously anticipated. While the slowdown can be partially attributed to price compression at the LP and retail levels – so far dodging inflation, here – we believe the long-term trend reflects a maturing market.”
BUSINESS CANN
Czech adult-use bill, further Dutch delays, Portuguese police’s hemp horror, Italian CBD in court, and UK watchdog warning
BusinessCann reports on the latest developments in European cannabis. The publication highlights that:
- Further delays to the Dutch adult-use cannabis trial look likely after the selected growers told the Government the proposed timeline is unfeasible.
- Moves to establish an adult-use market in the Czech Republic are set to be launched by the end of the year.
- Three Italian trade associations are taking the Government to court over its classification of hemp flowers and leaves as medicines, thereby contravening the
- 2020 Kanavape judgement which deems them to be non-narcotic.
- In the UK Blessed CBD has been warned by the Advertising Standards Authority not to make misleading claims on the health benefits of its products.
