« …more than 120 million people use its website annually… »
Leafly
Cannabis marketplace Leafly is raising $30 million in a fresh funding round, it said in a filing on Wednesday, as the world’s biggest pot-related website taps strong investor appetite for companies in the burgeoning U.S. marijuana industry, report Reuters.*
Seattle, Washington-based Leafly has said more than 120 million people use its website annually, with an exponential rise in popularity over the last year as several more U.S. states legalized medical or recreational use of marijuana.
Investor appetite for U.S. cannabis companies has also been supported by prospects of federal reforms, including full legalization of marijuana, after last year’s coronavirus lockdowns led a record number of people to take up cannabis use for medical or entertainment purposes.
Privately owned Leafly has raised almost $23 million of the total $30 million offering of convertible debt and equity in the latest fundraising, the company said in a filing here. It raised around $17 million in a fundraise in October 2020.
The company runs a pickup and delivery service, helps consumers find the right cannabis strain for different medical application, runs a dispensary locator and posts reviews on different cannabis products. Industry news forms a small part of its business.
Founded in 2010, Leafly was owned between 2012 and 2019 by Privateer Holdings, a cannabis-focused private equity group, and now operates as an independent business.
« In the past, like many employers, we’ve disqualified people from working at Amazon if they tested positive for marijuana use. »
consumer boss Dave Clark
Amazon.com Inc said on Tuesday it supports a proposed U.S. legislation to legalize cannabis at the federal level, and would drop weed-testing requirements for some recruitments, report Reuters.*
The e-commerce company’s public policy team will be actively supporting The Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act), which seeks to legalize marijuana at the federal level, its consumer boss Dave Clark said in a blog post.*
Amazon will also no longer screen its job applicants for marijuana use for any positions not regulated by the Department of Transportation, Clark added.*
While many U.S. states have legalized marijuana use, employers have so far largely refused to work with the industry as cannabis is still a classified substance at the federal level.*
“In the past, like many employers, we’ve disqualified people from working at Amazon if they tested positive for marijuana use,” Clark said. “However, given where state laws are moving across the U.S., we’ve changed course.”*
Amazon was hit with a proposed class action suit, which claimed that the company was violating a New York City law by testing applicants for jobs at local facilities for marijuana, according to a Westlaw report.*
The company does not allow marijuana sales on its platform.*
Amazon also said it is tweaking its worker productivity tracking tool, “Time off Task.”*
“Starting today, we’re now averaging Time off Task over a longer period to ensure that there’s more signal and less noise—reinforcing the original intent of the program,” Clark said.*
Canadian medical cannabis producer Materia won European Union certification for its Malta facility to produce and export cannabis flower across the continent, allowing product supply in Germany, one of the largest cannabis markets in the world, report Reuters.*
Several countries across the globe have been legalizing or relaxing laws on recreational use of cannabis, but Europe has remained a difficult market due to strict regulatory requirements, slowing growth.*
Most European countries require the ‘European Union Good Manufacturing Practices’ (EU GMP) certification for companies to import and export cannabis goods.*
Despite Malta being a hub due to its government’s progressive view on the sector, Materia’s facility is only the third in the country to get the coveted certificate.*
For Materia, Germany has been its immediate focus. It also has a production and distribution network spanning Germany, Malta, Denmark and the United Kingdom among others.*
“The reality is Germany is larger as a market today than all other European markets combined… For us, Germany is markets one, two and three,” Nick Pateras, managing director, Europe, said.*
Medicinal marijuana prescriptions have been broadly available in Germany since 2017, but all supplies to date have been imported.*
“Becoming EU GMP certified in Malta represents our most significant milestone since we embarked on this project,” Chief Executive Deepak Anand said.*
The company, founded in 2018 by pharmaceutical and industry veterans, said it took over two years to develop its facility and prepare it for inspection by the government authorities. It also intends to apply for a licence amendment to process cannabis extracts shortly.*
“(When) Credit Suisse pulled custodian (services) on cannabis stocks, a number of large investors in the space lost their ability to custodian the stocks.”
The Swiss lender was among a handful of banks that had been willing to buy and sell marijuana-related stocks for clients in the United States and hold those shares as a custodian, report Reuters.*
The Swiss lender was among a handful of banks that had been willing to buy and sell marijuana-related stocks for clients in the United States and hold those shares as a custodian.*
Credit Suisse declined to comment.*
Cannabis remains illegal under U.S. federal law, even though many states have legalized its use. This represents a legal risk for investment banks working for companies that produce or trade the drug.*
Credit Suisse’s compliance and risk management procedures have come under scrutiny from investors and analysts after it lost at least $4.7 billion from the collapse of Archegos, an investment firm dedicated to managing the fortune of hedge fund veteran Bill Hwang, as well as the suspension of funds linked to insolvent supply chain finance company Greensill.*
The MSOS exchange-traded fund , which tracks U.S. marijuana stocks, has fallen by more than a fifth since early February. Several market players said they believed Credit Suisse’s actions played a role in the selloff.*
“(When) Credit Suisse pulled custodian (services) on cannabis stocks, a number of large investors in the space lost their ability to custodian the stocks,” said Abner Kurtin, Chief Executive Officer of newly-floated marijuana grower Ascend Wellness Holdings Inc (AAWHu.CD).*
“That led to a significant selloff.”*
A custodian bank holds customers’ securities for safekeeping, to prevent them from being stolen or lost, while also collecting dividends and handling other corporate actions. It plays an important role in helping many investors to hold shares in companies.*
The weed industry has boomed over the last three years, as Canada and a succession of U.S. states, including most recently New York and New Jersey, legalized recreational use.*
Credit Suisse shares are down over 20% so far this year, and the bank has said it is cutting its prime brokerage business, which caters to hedge fund clients, by about a third.*
“We are moving forward in a way that promotes equity, provides a clean slate to those with prior convictions, and reinvests in the communities harmed by over-criminalization”
Virginia Governor Ralph Northam
Virginia Governor Ralph Northam signed a bill that legalises the simple possession of marijuana, making the state the first in the U.S. south to allow the drug’s recreational use, the governor said, report Reuters.*
In a bid to tackle racial disparities in the prosecution of marijuana-related crimes, the state accelerated to July 1 its timetable to pass the legislation, rather than waiting until 2024.*
“Seventy-one days from now, Virginia will no longer police adults possessing small amounts of marijuana,” Northam said at Wednesday’s ceremonial signing of the bill.*
Northam cited a report by the Joint Legislative Audit and Review Commission that showed Black residents were more than three times as likely to be arrested for possessing small amounts of the drug.*
“We are moving forward in a way that promotes equity, provides a clean slate to those with prior convictions, and reinvests in the communities harmed by over-criminalization,” he said on Twitter.*
The legislation, signed a day after the informal April 20 pot holiday, also known as 4/20, allows anyone aged 21 or more to possess up to one ounce (28.4 grams) of marijuana.*
People in the state can cultivate up to four cannabis plants per home for personal use.*
NORML, a pro-marijuana group, celebrated the decision as an “extraordinary victory for cannabis justice” in the state.*
The timeline for the state to adopt provisions licensing commercial cannabis production and sales is July 1, 2024.*
On Monday, the U.S. House of Representatives passed legislation that lets banks provide services to cannabis companies in states where it is legal, a step towards levelling what analysts call a barrier to the development of a national industry.*
“What this means is that we have authorisation to export our products as an API into Germany and the wider European market. We expect to start in June.”
MG Health chief executive Andre Bothma
Lesotho start-up MG Health has become the first African cannabis-grower to win European Union permission to export cannabis flower for medicinal use – which can range from relieving chronic pain to treating spasms caused by multiple sclerosis, report Reuters.*
Lesotho has helped pioneer the nascent legal cannabis sector in Africa which could be worth more than $7.1 billion annually by 2023 if new laws are introduced, the African Cannabis Report said two years ago.
Launched in 2017, MG Health has its cultivation and modern processing facilities at a secluded location some 2,000 metres above sea-level in mountainous Lesotho, which is completely surrounded by South Africa.
MG Health chief executive Andre Bothma said the firm had received certification to export cannabis flower as an active pharmaceutical ingredient (API) under the EU’s Good Manufacturing Practices (GMP) protocol.
“What this means is that we have authorisation to export our products as an API into Germany and the wider European market. We expect to start in June,” he said on the sidelines of a media event with his Munich-based import partner, Drapalin Pharmaceuticals.
Besides the EU and Germany, Bothma said they also planned to enter the UK and Australian markets.
A growing number of countries around the world are either legalising or relaxing laws on cannabis as attitudes towards the drug change. They include several in Africa, such as South Africa, Rwanda, Morocco and Malawi. read more
MG Health currently produces around 250kg of packed cannabis flower a month on a pilot-scale production footprint of 5000 square meters. As soon as exports start, another 10,000 m2 of greenhouse space will be added, officials said.
“Our contract is for a minimum of two tonnes for the first year,” Bothma said.
“The legalization of marijuana is a racial and criminal justice imperative, and today’s vote is a critical step towards a fairer and more just system”.*
New York Attorney General Letitia James
New York Governor Andrew Cuomo signed a bill on Wednesday to legalize adult use of marijuana, making it the 15th U.S. state to allow recreational use of the drug, while Virginia moved to legalize possession of small amounts by July, reports Reuters.*
Cuomo said the bill, which was approved by the state Assembly late on Tuesday night, would also wipe the slate clean for many people previously charged with marijuana crimes.
“The bill creates automatic expungement of previous marijuana convictions that would now be legal,” Cuomo wrote on Twitter, announcing that he had just signed the legislation. “This is a historic day.”
Earlier on Wednesday, Virginia Governor Ralph Northam proposed moving up the legalization of simple possession of marijuana to July rather than wait until 2024.
Northam said racial disparities in prosecution of marijuana-related crimes prompted him to accelerate the timetable. He cited a report by the Joint Legislative Audit and Review Commission which found that Black residents were more than three times as likely to be arrested for possessing small amounts of the drug.
“Our Commonwealth is committed to legalizing marijuana in an equitable way,” Northam said in a statement.
NORML, a pro-marijuana group, earlier welcomed the news from New York state, saying that tens of thousands of New Yorkers were arrested every year over petty marijuana offenses, and that most were young, poor, and people of color.
“The legalization of marijuana is a racial and criminal justice imperative, and today’s vote is a critical step towards a fairer and more just system,” New York Attorney General Letitia James said in a statement.
New York state’s official website recently projected that tax collection from the adult-use cannabis program would reach $350 million annually and also create 30,000 to 60,000 new jobs across the state.
The validity of the pilot project section of the Narcotics Act is limited to ten years. Apart from the pilot tests, the general ban on non-medical cannabis remains in force throughout Switzerland.*
Federal Council
The Federal Council adopted, at its meeting of March 31, 2021, the ordinance on pilot tests for the controlled release of cannabis for non-medical purposes. The text specifies the strict conditions under which the studies may be carried out. The aim of these trials is to provide a solid scientific basis for future decisions on the regulation of cannabis, reports the Federal Council’s communications service.
As of May 15, 2021, requests for the implementation of pilot trials on the consumption of cannabis for non-medical purposes can be filed with the Federal Office of Public Health. These studies should help to increase knowledge about the advantages and disadvantages of controlled access to cannabis. In particular, they will make it possible to assess and document, in a scientific framework, its effects on the health of users and on consumption habits, but also to measure its impact on the local illicit drug market as well as on the protection of young people. and on public safety.*
Controlled products and risk awareness*
As part of the pilot tests, consumers will be able to legally acquire various cannabis products. The proposed cannabis must meet high quality requirements and be organically grown. As supply chains are followed and tightly controlled from seed to product distribution, the black market will be bypassed. In addition to product information, participants will be made aware of the risks associated with consumption by point of sale staff who will be trained accordingly.*
Strictly supervised pilot tests*
Pilot tests will be rigorously supervised. Strict youth and health protection requirements as well as a total advertising ban will be applied. The quantity of cannabis that participants can buy per month will be limited, its resale prohibited, as will its consumption in public places. Only adults who already use cannabis will be able to participate in a study, minors will be excluded. Participants must also reside in the canton where the pilot test is set up. Finally, their state of health will be monitored throughout the study.*
The validity of the article on pilot projects of the Narcotics Act is limited to ten years. Apart from the pilot tests, the general ban on non-medical cannabis remains in force throughout Switzerland.*
Though growing cannabis is currently illegal in Morocco, it has long been tolerated and the North African kingdom is among the top global producers.*
U.N. drug agency
Morocco plans to allow the farming, export and domestic sale of cannabis for medical and industrial use, the government said on Thursday, a move it hopes will help impoverished farmers in the Rif mountains amid a growing legal global market for the drug, report Reuters.*
Past attempts to legalise cannabis farming in Morocco have failed, but the co-ruling PJD party, the largest in parliament, dropped its opposition after the U.N. drug agency removed the plant from its list of most tightly controlled narcotic drugs.*
The bill, which the cabinet is expected to approve next week, aims to improve farmers’ incomes, protect them from drug traffickers who now control the trade in cannabis and gain access to the booming legal international market for the drug.*
Cannabis is mostly grown in the northern Rif mountains, which in recent years have seen protests over economic inequality.*
The draft law, seen by Reuters, envisages a national agency to monitor production, transportation and sales. The recreational use of cannabis in Morocco would still be banned.*
Parliament, where the moderate Islamist PJD is the biggest party, must still approve the plan.*
Though growing cannabis is currently illegal in Morocco, it has long been tolerated and the North African kingdom is among the top global producers, according to the U.N. drug agency.*
Morocco reduced the amount of land where cannabis is cultivated from 134,000 hectares in 2003 to 47,000 hectares six years ago, the Interior Ministry has said.*
In December, the U.N. drug agency’s member states narrowly voted to remove cannabis from the most tightly controlled category of drugs, following the World Health Organization’s recommendation to make research into its medical use easier.*
Morocco was among the countries backing the change.*
“Not everyone responds to cannabinoids. Some people have a favorable clinical response and will be relieved, while others will not”*
Head of clinic HUG, Déborah Lidsk-Haziz
The Council of States confirmed on Monday the desire to lift the ban on therapeutic cannabis in Switzerland. Currently issued under authorization, the change of law will avoid this administrative step. However, the treatments will not be reimbursed by LaMal, reports Radio Télévision Suisse.*
Les médecins pourront prescrire du cannabis à des fins médicales sans autorisation. Après le National, le Conseil des Etats a accepté lundi à l’unanimité la modification de la loi sur les stupéfiants. Les malades auront ainsi plus facilement accès à ces médicaments.*
Doctors will be able to prescribe cannabis for medical purposes without authorization. After the National, the Council of States unanimously accepted the modification of the law on narcotics on Monday. Patients will thus have easier access to these drugs.*
Authorized export
According to the Minister of Health Alain Berset, the administrative obstacles and the costly procedure push some patients to obtain supplies directly on the black market. The law will therefore make it possible to better adapt to the current system.*
The cultivation, manufacture and marketing of cannabis for medical use will be possible under the authorization and control system provided by Swissmedic. The commercial export of cannabis for medical use will also be allowed. On the other hand, there is no question of growing your own plants for personal use.*
Medical caution
Despite the growing popularity of the treatment, caution remains in the Primary Medicine Service of HUG. “Not everyone responds to cannabinoids. Some people have a favorable clinical response, will be relieved, while others will not, “explains clinic manager Deborah Lidsk-Haziza. *
She continues, “So there is a variability in the therapeutic response that cannot be explained. This is the reason why it is important not to present it as a miracle cure. However, in some patients it significantly reduces pain associated with, for example, chemotherapy when opioids fail. Prescribed in the second line, it can thus promote sleep while reducing opioids and improving quality of life.”*
The head of clinic nonetheless emphasizes that these drugs do not replace conventional treatments and remain narcotics, which can have significant side effects.*
The law change does not take into account the reimbursement of cannabis-based treatments by compulsory health insurance.*
To date, only one cannabis-based drug, used to relieve the effects of multiple sclerosis, is recognized by Swissmedic and reimbursed by insurance.*
Despite the change in the law, other treatments costing 2 to 300 francs per month can only be reimbursed by LaMal at the request of doctors and at the goodwill of insurance companies, according to the explanations of the Federal Office of Health. public.*
A report from the Federal Department of Home Affairs on the effectiveness of cannabis-based medicines, with a view to possible reimbursement, is expected in 2021.*
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