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During the first week of March 2019, the cannabis industry had some considerable events that are mostly positive for cannabis enthusiasts and investors. As a Europe-focused cannabis publication, we will first take a look at three major European cannabis news that happened this week and, after that, we will also cover three stories from all around the globe. Let’s dive right in.
European Cannabis News
Bloomberg report: Bankers Are Circling Europe’s Growing Cannabis Market
As reported by Bloomberg, cannabis investment firms and venture capitalists from North America are currently eyeing new investments in the European cannabis market. Cannaccord Genuity, the world’s biggest cannabis investment service provider, that manages cannabis assets worth about €40 billion, is seeing a significant increase of interest in cannabis stock market listings on the European continent.
Tristan Gervais, a London-based Canaccord banker who is in charge of Canaccord’s European cannabis investments, told Bloomberg that ‘a lot of companies from all over the world are looking to raise capital in London’. Gervais sees a general enthusiasm for investing in the European cannabis market, as he can see ‘huge appetite from a wide range of investors’.
First medical cannabis clinic opens in the UK
After the government of the UK passed a bill to legalise cannabis for medical purposes in October last year, the company European Cannabis Holdings decided to open Britain’s first cannabis clinic, called The Medical Cannabis Clinic. The cannabis hospital is a private environment that is working with medical cannabis to treat chronic pain conditions, neurological conditions such as epilepsy, Parkinson’s and Alzheimer’s disease and psychiatric problems including depression, post-traumatic stress disorder and anxiety.
According to Manchester Evening News, the cost to see a doctor will be around £200, whereas private prescriptions of cannabis will cost between £600 to £700. Nonetheless, the clinic stated that the service is targeted at people who have ‘exhausted all existing treatment options’.
Israel-based company receives first license to grow medical marijuana in Greece
The Greek government issued licenses to the Israeli company Tikun Olam that allow the enterprise to set up facilities for cultivating, processing and marketing industrial and medicinal cannabis in the Corinth area.
As stated by Greek City Times, Tikun Olam received a five-year license for a factory plant in an area of approximately 4.02 hectares and will invest about €9 million in the process.
Global Cannabis News
First cannabis exchange-traded fund returns 50% in 2 months
The world’s first exchange-traded cannabis fund (ETF) has risen about 50 percent in January and February 2019. The ETF is therefore considered to be the second most profitable ETF in its home country Canada. According to Financial Times, the Horizons Marijuana Life Sciences Index fund has risen to $1.3bn worth in cannabis assets, in spite of some serious complications this year, making it the 18th biggest Canada-based ETF.
New Mexico House legalises recreational marijuana
After a wave of cannabis legalisations in several U.S. states in 2018, the New Mexico House of Representatives passed a bill on the adult-use of cannabis on Thursday evening. Although the original proposal has been lowered in multiple aspects, the passed bill still allows the possession of up to one ounce of marijuana for adult citizens. However, home cultivation of cannabis has been limited to medical patients only — cannabis may not be privately cultivated for recreational purposes.
As the New Mexico House of Democrats posted on its Twitter account, the legalisation campaign is estimated to generate about 11,000 jobs and over $70 million in tax revenue during 2019.
— NM House Democrats (@NMHouseDems) March 8, 2019
Martha Stewart partners with Canopy Growth
Martha Stewart, a popular businesswoman and U.S. television personality, is moving into the cannabis industry. The retail executive established a partnership with the Canadian cannabis behemoth Canopy Growth in order to develop a new product line of CBD wellness products. As stated on USAToday, Stewart will be an advisor to the company for marketing and selling CBD products for both humans and animals.
‘I am delighted to establish this partnership with Canopy Growth and share with them the knowledge I have gained after years of experience in the subject of living’, Stewart said in an interview with CBNC. ‘I’m especially looking forward to our first collaboration together, which will offer sensible products for people’s beloved pets’.