Welcome back to the end of the week wrap up where we compile and share the latest cannabis news.
One thing that was evident for our team this week is the value of collaboration. Every week, we speak to different business owners and executives in the industry and the most fruitful conversations are the ones that come from a place of collaboration.
Through these conversations, new ideas and strategies are born and if you get a chance to speak with any of us on the team, we give these ideas away freely without asking for anything in return.
Why not? There’s an abundance of growth in cannabis. When you take the time to connect and collaborate with people who share similar values and mission - you create magic.
Operating with these set of core values and mentality has helped us greatly over the last 12 months and we don’t plan on stopping anytime soon!
With that said, here are some of the top articles we discovered this week on everything cannabis:
- The Cannabis Act has been in place since cannabis sales officially began in Canada in 2018, and requires that the government create a report with recommendations for changes.
- The Expert Panel will provide an independent, inclusive and evidence-informed review of the Cannabis Act and its economic, social, and environmental impacts, as well as the progress that’s been made displacing the illicit cannabis market.
- Five members of the panel will work on the report, with a goal to engage with the public, governments, Indigenous peoples, youth, marginalized and racialized communities, cannabis industry representatives, and people who access cannabis for medical purposes.
Key Takeaway: Although there’s one panel member who has several peer-reviewed publications exploring cannabis use, there isn’t a single member who actually has experience IN cannabis.
- Curaleaf said the cuts were a part of an effort to control costs and drive efficiencies in the face of economic uncertainties ahead.
- In the current environment with inflationary pressures, increased competition and slowing growth, it's incumbent on us to be more efficient.
- From public giants to small startups, cannabis companies are falling on hard times.?
- The industry is facing its challenges — like the price of wholesale cannabis falling — as well as heavy regulations, taxes, and federal illegality that make doing business uniquely challenging.
Key Takeaway: This is just the beginning and is happening in every major industry. As many companies choose to retreat and lean down their business during an economic downturn, there are going to be companies who see this as a major opportunity to add better talent and experienced individuals to their organisation.
- The global CBD pet market was estimated at $125m in 2020. With the CBD market for humans increasing, could pets be the next cash cow for the sector?
- While there is less data available for pets, studies show CBD can relieve osteoarthritis in dogs, with some able to come off medication for chronic pain.
- Cannabis has a foothold in European veterinary practice. In France, the seed oil has been used to treat sores in dogs’ ears and in Italy it has been used for colic and urinary pain.
- While safe dosages for human use have been assessed and calculated, the safe dosages for the various species and sizes of animals have not been determined.
Key Takeaway: Although this may be an emerging market in the sector, we must learn from past mistakes. Ensuring quality and safety is of utmost importance for our beloved pets. As humans, we can communicate about our experiences with CBD. Pets can not.
- With a majority in parliament there is a strong possibility the Czechia’s ruling right-leaning coalition will overtake Germany and become the first European country to create a commercially-based, adult-use cannabis market.
- Czechia, with a population of over 10 million, is one of the most liberal-minded European countries when it comes to cannabis.
- A first draft of Czechia’s path out of prohibition focuses on harm reduction, removing the illicit market and protecting public health. It recommends establishing licensed production and sales as well as self-cultivation and the potential to form cannabis social clubs.
- Evidence of a co-ordinated European approach to cannabis emerged earlier this year when a handful of countries – Germany, Czechia, Malta, Luxembourg and the Netherlands – met to develop a joint approach to reform.
Key Takeaway: One significant issue which every country will have to tackle is aligning with the international drug conventions.
- “I had witnessed first-hand just how much cannabis was relieving the suffering of my 24-year-old son who was dying from stage-four bowel cancer”
- “Medicinal cannabis became regulated via the Special Access Scheme and it was put into the approved-yet-unapproved pigeonhole - a regulatory limbo that meant that it was tightly controlled, access was restricted and full costs were to be borne by the patient.”
- “Almost seven years later, the predicted problems of that political move are playing out for all to see, and the many patients who could benefit the most are frequently left behind due to unaffordability.”
Key Takeaway: Nothing will ever beat a mother’s love for their child.
This concludes our weekly wrap-up!
Each week, even if it’s 1%, we work to grow our businesses by analysing and implementing what we learn from the articles shared. The lessons help us come up with improved ideas and solutions and we hope it helps you too!
Let us know what you think!
Disclaimer: All articles shared are credited to its rightful owners. Information shared on this page is for educational purposes only. We are not here to promote the use of cannabis. If you do intend to consume cannabis, we advise you to speak to your local general practitioner for more information and guidance.
