This report covers the main developments impacting the cannabis industry this quarter, including regulatory updates for all major markets and industry and market updates from new players through to new product development in the cannabis space. We also cover top-performing companies in the cannabis market as well as deep dive into companies operating in the South African industry.
This report comes in PPT.
In August, New York’s Office of Cannabis Management announced the application process for dispensary licences. The licences will be valid for four years, with preference given to those with a prior cannabis conviction, in an attempt to rectify past discrimination based on the use of the drug. There were 150 licences available during the first application round, with over 900 applicants paying a USD2,000 filing fee. The first dispensary is expected to open by the end of 2022.
On 8 September 2022, Maine lawmakers enacted regulations on the delivery and pick-up of cannabis within the state. These regulatory additions require cannabis transactions of this nature to be recorded in full, while making use of facial recognition to confirm the buyer and seller. This has faced significant criticism, as it is seen as an invasion of privacy and contradicts a law passed in 2021, which prevents government departments from using facial recognition systems.
On 20 September 2022, Canadian lawmakers began an assessment of the impact of recreational cannabis, after being delayed for more than a year. The key elements of the review include assessing if current legislation has been successful, the effectiveness of its administration, as well as a review of sale limits, taxation and advertising of cannabis. Additionally, the review will consider the impact of cannabis legalisation on communities and indigenous persons. There is also concern that government-owned companies are the most profitable, with the private sector running at a loss.
In June, Luxembourg approved the draft cannabis bill. Under the current bill, consumption and cultivation are to be decriminalised, with people able to grow up to four plants in a private space. The draft bill also decriminalises the possession and use of small amounts of cannabis, along with its transportation in public spaces. However, the sale of cannabis remains strictly prohibited.
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