Welcome back to the end of the week wrap up where we compile and share the latest cannabis news and education.
Just want to give a quick apology for the late newsletter this week. It’s been quite an eventful week as our team winds down for a few days for the holiday seasons. We’re sure you are as well so let's get into it!
Here are some of the top articles we discovered this week on everything cannabis:
- While industrial hemp does not have any intoxicating properties, the lack of a clear legal distinction means that it remains a controversial plant in many countries.
- Because of its versatility and its functional characteristics, the industrial hemp market holds vast potential in agriculture, textiles, recycling, automotive, furniture, food and beverages, paper, construction materials and personal care
- By exploiting all parts of the hemp plant, developing countries could build sustainable production chains that contribute to growth in rural areas and boost economic diversification.
Key Takeaway: Hemp and cannabis plants come from the same species, the only difference legally is the tetrahydrocannabinol (THC) content. There is a massive opportunity to do more to help the world with this plant beyond treating medical conditions.
- The Cannabis Act in Canada was written with a preponderance of focus on risk — not environmental risk, not sustainability risk, et cetera, but really risk that that product would fall in the hands of a kid.
- Between October 2018 and August 2019, between 5.8 million and 6.4 million kilograms of plastic cannabis packaging ended up in Canadian landfills.
- Health Canada regulations don't allow consumers to reuse these containers, so they are often tossed into recycling bins.
Key Takeaway: This topic on waste management has been a frequent discussion within the team. As the industry continues to grow, how can we create sustainable packaging that is GMP compliant?
- The acquisition of VIVO will add established Australian and German medical cannabis brand Beacon Medical, an industry-leading medical cannabis clinic business Harvest Medicine, and a longstanding Canadian medical sales platform Canna Farms Medical.
- The pro-forma Combined Company is expected to provide fulsome Canadian market coverage with cultivation and manufacturing expertise, and a full suite of dried flower & derivative products with both established medical and adult-use wellness distribution channels.
- Transaction is expected to accelerate MediPharm Labs' path to profitability, with the possibility to reach positive EBITDA(5) and cash flow targeted in the first half of 2024.
Key Takeaway: About a month ago we said that during an industry consolidation or shake-out, many companies acquire, merge or fail. Organisations with strong foundations and focus on improving quality, processes, and systems will eventually win. MediPharm acquiring VIVO is a prime example of what is currently happening in the industry.?
- Companies relying on imported product and compounding pharmacists have been warned to “tread with care” after the health regulator clarified changes to the rules governing standards of medicinal cannabis.
- If companies are found not to have met their requirements as a sponsor, then the full weight of the law will land on them.
- From 2023, imported medicinal cannabis products that are used as ingredients by compounders, who have a TGA exemption, must be manufactured with appropriate GMP approvals as set out in the updated TGO 93
Key Takeaway: Get your house in order. If you’re going to play this game, know what you’re doing and fulfil your obligations as a business.
- Industry leaders must put its own house in order when it comes to regulatory compliance or risk alienating stakeholders and incurring the wrath of the Therapeutic Goods Administration (TGA)
- The call comes amid fears of an advertising ‘wild west’ where companies play fast and loose with the rules in a bid to get a competitive advantage while the TGA struggles to keep up.
- While legal cannabis companies’ educational efforts are being put under the microscope, unregulated operators are heavily targeting potential patients with misinformation and products – with little to no consequences.
Key Takeaway: Organisations focusing on ‘putting their house in order’ are in it for the long game. As mentioned in previous newsletters, it’s about building trust and credibility with patients. If you’re serious about helping people - help. Butt if you’re in it for the money, it can be very noticeable from the outside looking in.
That concludes our weekly wrap up. Our team wishes you all a wonderful holiday season and new year!
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.
