There has been a great deal of change going on in the global cannabis industry with important news updates from the U.S., Canada, and multiple European countries this week.
In the United States – big box retailers like Walmart and Target have been doing market research for their future endeavors in the CBD industry, congress is telling the DEA to get moving on medical cannabis research, and a well-known payment processor is no longer accepting Visa. Our neighbors to the north are finalizing big deals between major players in multiple industries. Across the pond in Europe – the Italian government is waging a war on cannabis shops all while the EU is proposing an increase in the legal THC limit for hemp. As you can see, it’s been yet another busy week.
Thanks in part to a renewed belief in right-wing politics throughout Europe, Italian Interior Minister Mattea Salvini decided he’s going to take on the cannabis industry. Salvini – a conservative politician with widespread support in Italy’s recent elections – told reporters his goal was to shut down all legal cannabis shops in the country “one by one”. Click here to read the full story.
Sales at Cronos, Canada’s third largest cannabis company, have nearly doubled after they received a $2 billion dollar investment form Altria – the makers of Marlboro cigarettes. According to Cronos’ CEO, Mike Gorenstein, this investment has sparked a newfound interest in the industry that’s expected to result in “significant growth and value creation”. Click here to read the full story.
A proposal to increase the legal levels of THC in European-grown cannabis would allow farmers to increase CBD ratios and would give Europe the footing to compete in global CBD markets. Should these changes be approved, European cannabis will then have 0.3 percent THC content instead of the current 0.2 percent. It will be a tremendous improvement for farmers, patients, and investors. Click here to read the full story.
Multiple large chain stores across the country are prepping their shelves for the day that all the red tape surrounding the CBD industry is cut and they can freely sell supplements, edibles, and topicals. Walmart was among the first, signing a deal with New Age Beverages a few weeks ago. Now, Target, Kroger, Safeway and other stores are following in their footsteps. Click here to read the full story.
The pressure is on for the DEA to figure out the best way to efficiently review and approve applications for medical cannabis research. So far, nearly 30 respected members of the House of Representatives, plus several democratic candidates, wrote a letter regarding the issue. It was addressed to both the Drug Enforcement Administration and the Department of Justice. Click here to read the full story.
Popular payment processor, Evalon, recently notified all of their e-commerce customers who sell CBD that they will no longer be able to accept Visa at the end of the month. Although some companies have already stopped accepting Visa on their websites, others were given until May 31st to find a new payment processor, which can be rather difficult in this industry. Click here to read the full story.