CANOPY GROWTH
Canopy Growth looking at the US market due to the increased competition in Canadian adult-use market
The Motley Fool reports that Canopy’s sales in the second quarter of fiscal 2023 were reported as CAD$118 million, down 10% year over year.
The publication reports that the company cited increased competition in the adult-use cannabis market in Canada as a primary reason for the decline, and since the report’s publication, announced it would be divesting its Canadian retail locations.
Canopy will now be looking south of the Canadian border, seeing the US as a potential USD$50 billion annual market for cannabis.
JAMES COMER
New GOP lawmaker James Comer planning to speak to the FDA commissioner over the lack of action on CBD and hemp
Key GOP lawmaker Rep. James Comer (R-KY) says he plans to take FDA officials to task over their failure to enact regulations for hemp-derived products like CBD in the marketplace, writes Marijuana Moment.
Comer will be using his authority as the new chairman of the House Oversight and Accountability Committee to speak to the FDA commissioner over the lack of action with respect to CBD and hemp.
He stated: “We’ve got an agency here that has a big budget, they have a lot of employees, but it doesn’t seem like they’re getting a lot of their work done, and they have a huge backlog. So I want to bring them in and ask them what the problem is.”
CAMPAIGN FUNDING
95% of the recent legalization campaign funding came from cannabis industry businesses
Cannabis companies provided nearly all the money behind the five legalization initiatives in last November’s midterm elections, writes MJ Biz Daily.
The publication highlights that this is a dramatic shift from a decade ago, when cannabis reform’s principal bankrollers were advocacy groups and wealthy individuals.
According to MJ Biz Daily, at least $19.05 million – 95% of the total campaign funding – came from cannabis industry businesses, reflecting the growing financial heft of the $33 billion US cannabis industry.
Toi Hutchinson, the president and CEO of the Washington DC-based Marijuana Policy Project (MPP), which was one of the chief forces behind Colorado’s landmark 2012 legalization campaign, told the publication: “We’re moving into a time period where this is no longer about whether to tax and regulate cannabis like alcohol. Now we have a burgeoning industry that exists.”
EUROPEAN STOCK UPDATES
Khiron Life Sciences share price skyrockets and other European cannabis stock updates
BusinessCann provides the latest roundup of European stocks, this week exploring Khiron, Apollon and Seach Medical.
This week saw the share price of Khiron Life Sciences skyrocket over 60% following the passing of Resolution 2808 by the Colombian Ministry of Health which now requires every insurance provider in Colombia to cover the costs of medical cannabis prescriptions for patients. The company also signed a contract with Colombia’s largest public insurance company Capital Salud EPS, which is owned by the city of Bogota and insures more than 1.2m people.
Israeli medical cannabis operator Seach Medical also signed a major deal this week, resulting in a 20% spike in its stock price.
In contrast, Apollon Formularies saw its share price drop by double digits on Thursday.
