Hazel Norman, Author at International Cannabis Chronicle

hemp cannabis flower plant garden outdoor

Agreement Reached In Spain For Future Regulation Of ‘Cannabis Light’

Written by Hazel Norman on March 25, 2023. Posted in Archives, Business, Policy.

Spain is home to one of the most unique approaches to cannabis policy out of any nation on the planet. The nation has one of the most robust and vibrant cannabis communities on earth, yet the cannabis public policies in Spain are very outdated.

Anyone with internet access and the ability to use a popular online search engine can see that private cannabis clubs are located throughout Spain, with huge clumps of them being located in Barcelona in particular. Unfortunately, Spain’s laws and regulations are such that all of those clubs operate in a legal grey area versus being licensed and outright accepted.

Cannabis advocates inside and outside of Spain were hopeful that the start of 2023 would see a cannabis regulatory measure finally reach the finish line and get the nation’s laws to match reality, however, that has yet to materialize.

What has materialized is an agreement in Spain’s Congress to, eventually, regulate low-THC cannabis. Low-THC cannabis is often referred to as ‘cannabis light’ and is very popular in many European nations. Perhaps someday Spain will join those nations in regulating such products. Per Europa Press (translated to English):

The PSOE has agreed on an initiative in Congress with Unidas Podemos, Esquerra (ERC) and Bildu that opens the door to a future regulation of non-psychoactive cannabis, that whose percentage of tetrahydrocannabinol (THC), the euphoric drug, is less than 1% .

Unidas Podemos and the two pro-independence allies of the Government presented an initiative this Wednesday in the Congressional Agriculture Commission demanding the regulation of the production and commercialization of this crop in order to offer legal certainty to producers and marketers.

It will be interesting to see if 1) this type of reform actually gets adopted in the near future, and 2) if it will have any meaningful impact on Spain’s cannabis industry. To be clear – providing this type of reform to the nation’s emerging cannabis industry is helpful, although, exactly how helpful it would be is open for debate.

What Spain really needs is a comprehensive cannabis policy and regulatory overhaul. Cannabis products containing all types of THC percentages, including concentrates that contain large amounts of THC, are being consumed every day in Spain. It’s a reality that lawmakers and regulators ignore at a cost to public health.

Consumers and patients in Spain deserve safe access to tested cannabis. Entrepreneurs in Spain deserve to operate in a business landscape that affords them every reasonable opportunity to supply the nation’s demand in a way that boosts public health and generates revenue for public coffers.

Spain

Brazil Judge Allows NGO To Cultivate Medical Cannabis

Written by Hazel Norman on March 25, 2023. Posted in Archives, Policy.

The public policy avenue that most people are familiar with when it comes to legalization efforts is when lawmakers approve a reform measure in a particular jurisdiction. After all, people are elected or appointed to make laws, and legislative action is the most straightforward way to codify something into law.

However, there are other means by which public policy is changed, including public policies that pertain to cannabis. One such way is via a citizen initiative or referendum. Italy, for example, has this political process in which ordinary citizens can gather a certain number of signatures to force a vote on something.

Another avenue that many people don’t seem to always consider is the courts. Legal decisions handed down by courts also create laws, particularly when it’s a nation’s top court that has the final say and there are no further appeal options.

Brazil is a nation that seems to have quite a bit of cannabis policy being set by its courts, with a recent example of that coming via a case involving an NGO that wants to cultivate medical cannabis. Brazil’s industry is currently built around importing cannabis products, but thanks to a recent legal decision, that could be changing. Per excerpts from The Brazilian Report:

A federal judge in the northeastern state of Sergipe on Wednesday authorized an NGO to grow cannabis and manufacture medicinal products for its associates. Although similar authorizations have been granted in Brazil for producing cannabis oil, this is the first time such approval has included the plant’s flowers, extracts, and edible products.

Lawyer Paulo Henrique Thiessen, who represents the NGO Salvar, celbrated the decions as “wonderful news.”

Cannabis reform is sweeping the globe, particularly in South America. The continent is famously home to the world’s first legalized nation, Uruguay, which passed an adult-use legalization measure back in 2013.

Several South American countries have reformed their medical cannabis policies in recent years, with Brazil, the continent’s largest country, being much slower to pass and implement meaningful medical cannabis reform measures compared to its continental peers. Hopefully this recent legal decision will inspire lawmakers and regulators in Brazil to pick up the pace.

brazil

Prime Minister Trudeau: Time To “Catch Up” With The Cannabis Industry

Written by Hazel Norman on March 21, 2023. Posted in Archives, Business, Policy.

Canada remains the only country on earth where anyone of legal age can make a legal adult-use cannabis purchase regardless of residency status. The only country to legalize cannabis for adult use prior to Canada doing so in 2018 was Uruguay back in 2013.

Unlike in Canada, Uruguay limits adult-use sales to residents only. Malta is the only other country on the planet right now that has also passed an adult-use legalization measure, however, the only way to legally purchase cannabis in Malta will be via licensed non-profit cannabis clubs, and no licenses seem to have been issued thus far. Malta started accepting applications for clubs late last month.

Until legal sales to non-residents become a reality elsewhere, Canada will continue to be in a league of its own. Canada’s legalization model and related policies are obviously not perfect, although, they are still exponentially better than prohibition.

The industry has succeeded by many measures despite it operating on a playing field that is far from level compared to other legal industries of its size in Canada. Prime Minister Justin Trudeau made comments recently that suggest a leveling of the playing field may be on the horizon. Per excerpts from initial reporting by StratCann:

Prime Minister Justin Trudeau acknowledged the need for the government to “catch up” with the cannabis industry’s concerns around issues like high taxation in a recent public event.

In his response, Trudeau first brought up the government’s historical public-health focussed messaging around legaization, but noted that now that the legal system is established, the government has a need to take a look at ensuring those businesses who “stepped up” in this new industry can survive.

“Now that we’ve got the public health and safety stuff out of the way, or on the way, I think you’re absolutely right that we should absolutely take a much closer look at ‘okay, what do we do then to make sure that this is a beneficial industry?’

As we previously reported, the legal cannabis industry in Canada had created roughly 151,000 jobs as of February 2022. Additionally, the emerging legal cannabis industry is responsible for generating over $15 billion since legal adult-use sales launched in late 2018.

Deloitte estimates that the legal cannabis industry in Canada has contributed over $43.5 billion to the nation’s GDP since the start of legalization. Cannabis companies have directly invested roughly $4.4 billion into Canada’s economy, with the remaining boost to GDP coming from “indirect” economic contributions, and “induced” contributions according to Deloitte.

As impressive as those statistics are, they come from an era in which Canada’s cannabis industry faced needless hurdles, many of which are still in place today. Hopefully Prime Minster Trudeau puts actions behind his recent words and does everything in his power to help his nation’s emerging cannabis industry reach its full potential.

Canada

Calls For Cannabis Reform Are Picking Up Steam In Australia

Written by Hazel Norman on March 19, 2023. Posted in Archives, Policy.

Back in February, Australia‘s Parliamentary Budget Office (PBO) released a report that presented two options for legalizing adult-use cannabis in Australia. The first option involves the creation of a new entity, the Cannabis National Agency. The agency would be the sole wholesaler between producers and licensed retailers, and it would set wholesale prices and issue all licenses.

Under the first option, the legal age for adult-use cannabis would be 18. Additionally, adult households would be able to cultivate up to six plants, and legal sales via licensed retailers would be permitted for non-residents in addition to residents.

All licensed sales would be “subject to the Goods and Services Tax (GST) as well as a 25% excise duty on sales including the GST”. The second option that was part of the PBO report contains all of the previously mentioned provisions, with the exception of a lower excise rate (15%).

Several lawmakers in Australia are touting the recommendations of the report, including Greens Senator David Shoebridge. Per The Guardian:

Australia’s cannabis industry could be earning the black market $25bn a year and, rather than policing it, we could be gaining revenue from it by legalising it, Greens senator David Shoebridge has said.

“Law enforcement is spending billions of public dollars failing to police cannabis, and the opportunity here is to turn that all on its head by legalising it,” he said.

Shoebridge indicated that he intends to introduce a legalization bill that will be somewhat modeled on Canada’s adult-use cannabis policies. Canada became the second country to legalize cannabis for adult use in 2018, with Uruguay being the first in 2013.

Unlike Uruguay, which limits legal sales to residents only, Canada permits legal sales through various licensed channels to anyone of legal age, regardless of what country they are a resident of. As such, Canada is a top international cannabis tourism destination. With any luck, Australia will join them.

australia

Cannabis Production Identified As A Top Investment Opportunity In Rwanda

Written by Hazel Norman on March 13, 2023. Posted in Archives, Business, Policy.

Rwanda’s economy ranks 171st on earth according to World Data, making it one of the poorest countries on the planet. Rwanda’s economy is still largely agrarian, with many citizens living in rural, undeveloped areas.

Years of conflict, particularly in the 1990s, ravaged the African nation and negatively impacted the already-dim economic prospects within its borders. Needless to say, any and all reasonable boosts to Rwanda’s economy are surely welcomed.

The emerging international cannabis industry is creating jobs, generating revenue for governments, and providing boosts to local economies at an ever-increasing rate around the globe as more and more countries reform their cannabis policies. If certain leaders in Rwanda have their way, their country will join the list of international cannabis industry leaders. Per The New Times:

Rwanda is looking to attract at least Rwf19 billion (about $17.5 million) investment in the production of cannabis, also known as a high-value therapeutic crop, The New Times has learnt.

The development was recently ranked among the country’s top 100 investment opportunities, during the Invest Rwanda Forum held last week.

According to the Rwanda Development Board (RDB), global cannabis production is projected to grow from the current $28.3 billion raked in 2021, to $197.7 billion in 2028 at a compound annual growth rate of 32 per cent.

Whether or not the projection offered up by the RDB proves to be accurate is anyone’s guess. And exactly to what extent the cannabis industry may help Rwanda’s economy specifically is unclear at this time, particularly since it involves many factors.

However, if Rwanda’s government and business community can develop its domestic cannabis industry, and especially if that industry can make meaningful inroads in the export market, amazing things could happen.

rwanda

India Is Working To Legalize Industrial Medical Cannabis Cultivation

Written by Hazel Norman on March 5, 2023. Posted in Archives, Policy.

India has one of the oldest connections to cannabis out of any nation on earth, particularly for sacramental purposes. According to Psychology Today, “The earliest mention of cannabis has been found in The Vedas, or sacred Hindu texts. These writings may have been compiled as early as 2000 to 1400 B.C.”

A common form of cannabis in India is bhang, which is a drink infused with various levels and types of cannabis. Bhang is reportedly common in many parts of India, even though it is technically illegal.

According to section 20 of India’s Narcotic Drugs and Psychotropic Substances Act (1985), ‘the sale/purchase, transportation, interstate import/export or any other commercial activity of cannabis’ is a punishable offense.

Cannabis use is largely tolerated in India, although there are definitely instances of people receiving harsh punishments for simple possession. Medical cannabis use is legal to some degree, with the Centre telling the Delhi High Court in January 2022 that the use of cannabis is ‘not completely banned’ and that ‘medical and scientific use of cannabis is allowed under the law.’

Uttarakhand became the first state in India to allow commercial cultivation of hemp crops back in 2018, and in 2019 the Madhya Pradesh government followed suit. In February 2020 India permitted its first medical cannabis clinic to open in Bengaluru.

Yet, large-scale cultivation of medical cannabis nationwide has remained out of reach. That could be changing soon. Per The Tribune:

Chief Parliamentary Secretary (CPS) Sunder Singh Thakur said today that the state government was working to legalise the cultivation of cannabis for medicinal and industrial purposes. The government would formulate a policy for cannabis cultivation so that farmers could get additional income, he added.

He presided over the inaugural ceremony of the three-day training workshop of the Himalayan Forest Research Institute (HFRI), Shimla, at the Atal Bihari Vajpayee Institute of Mountaineering and Allied Sports, Manali.

How long it will take for such reforms to be fully implemented is unclear at this time. What is clear is that if India succeeds in its pursuits, it will move closer to taking its rightful spot as an international cannabis industry powerhouse.

india

Uruguay’s Medical Cannabis Industry To Expand Via Authorization Of ‘Master Formulas’

Written by Hazel Norman on March 5, 2023. Posted in Archives, Business, Policy, Science.

Uruguay was the first country to ever pass and implement a national adult-use legalization measure. Lawmakers initially passed a legalization measure back in 2013, and regulated adult-use sales via pharmacies began in 2017.

Since that time Uruguay’s emerging legal adult-use industry has garnered significant international attention and generated considerable headlines, and rightfully so. After all, what Uruguay did and continues to do on the adult-use front is truly historic.

However, Uruguay’s cannabis industry and policy are not limited to just adult-use cannabis. Uruguay’s medical cannabis program, which receives far less attention, is set to undergo a fairly substantial expansion thanks to a recent authorization by the government. Per Montevideo (translated to English):

The government established through a decree the expansion of access routes to products made from medical cannabis, by regulating a procedure to be able to carry out treatments through master formulations prescribed by treating doctors and made in authorized pharmacies.

The decree enabled access to “master preparations based on cannabis extracts or standardized cannabinoids, from companies authorized by the Department of Medicines for the production of plant raw material with pharmacological activity.” “These master preparations may exclusively contain active principles derived from cannabis,” added the second article of the regulations.

This new authorization will hopefully help some of the most suffering patients in the South American nation, who historically have had to rely on less-sophisticated forms of medical cannabis. This is not to say that raw flower and rudimentary preparations are not sufficient, as those options can clearly help many people. Yet, for some suffering patients, they are not the best option.

Depending on a suffering patient’s condition(s), certain consumption methods are not as viable as others. Additionally, particular conditions and individual cases respond better to certain formulations for various reasons, so patients in Uruguay having more options to consider is a great thing from that perspective.

uruguay

Report Estimates Global Legal Cannabis Sales To Reach $59.6 Billion By 2027

Written by Hazel Norman on February 24, 2023. Posted in Archives, Business.

These are truly exciting times for the emerging international cannabis industry. After decades of prohibition policies dominating the globe, more and more countries are getting on the right side of history and legalizing medical and/or adult-use cannabis to some degree.

In addition to preventing people’s lives from being needlessly ruined, cannabis reform is helping suffering patients and ushering in a new era for an industry that has long operated in the shadows.

Legal sales will continue to increase for the foreseeable future, as reflected by a new report from cannabis data company BDSA. Below is more information about the report via a news release:

LOUISVILLE, Colo., Feb. 22, 2023 (GLOBE NEWSWIRE) — BDSA, the leading provider of market intelligence for the cannabis industry, today released its updated five-year global legal cannabis market forecast. Global legal cannabis spending grew 4.8% to $32 billion in 2022 and forecasts a compound annual growth rate (CAGR) of 13.2% from 2022 to 2027, resulting in a market size of $59.6 billion by 2027. Despite economic uncertainty and rising inflation, BDSA expects legal U.S. cannabis sales to grow 14% by the end of 2023.

“Legal cannabis spending slowed significantly in 2022 due to rapid price declines across all markets,” said Roy Bingham, Co-Founder and CEO of BDSA. “Despite this, our updated forecast predicts strong growth in the U.S. driven by developing markets, particularly the adult-use markets of Missouri, New Jersey and New York. Additionally, four of the top five U.S. markets—Florida, Illinois, Massachusetts and Michigan—will increase by a combined 9.5% in 2023, adding nearly $770 million in new spending.”

While legal cannabis sales saw rapid growth during the height of the pandemic, 2022 marked the first overall spending contractions in many mature markets throughout the U.S., with the mature adult-use markets of California, Colorado, Nevada and Oregon suffering a combined spending decline of 16.5%. While BDSA expects to see a return to growth for most mature markets in 2024, mature markets in the U.S. are expected to grow slower during the forecast period. However, several newer markets accomplished a strong expansion in 2022, and growth in new and emerging markets is expected to ramp up in the coming years. New Jersey and Montana, which launched adult-use sales in 2022, saw approximately 140% growth last year, while Missouri grew by 84% in its second full year of medical-only sales.

By 2027, adult-use sales are forecasted to contribute 78% of the total global legal cannabis spend, up from 64% in 2022. U.S. legal cannabis spending is expected to grow at a CAGR of 11.3%, from $26.1 billion in 2022 to $44.5 billion in 2027, driven primarily by the New York, Florida, New Jersey and California markets. BDSA forecasts the launch of several new adult-use markets by 2027, including Maryland and Oklahoma in 2024 and Florida and Ohio in 2025. New adult-use markets in Hawaii and Minnesota are also possible. Although BDSA does not expect any comprehensive U.S. federal regulations on cannabis in this timeframe, there is a possibility of partial reform, such as cannabis banking, within the next few years.

Globally, cannabis markets beyond the U.S. and Canada are forecast to grow at a CAGR of 40% to $9.5 billion in 2027, up from $1.8 billion in 2022. BDSA forecasts the Canadian market will see 12% overall growth this year, becoming a $5.7 billion market by 2027 at a CAGR of 6.3%. New adult-use markets and Germany and Mexico are the primary drivers of global growth, and current limited medical cannabis programs are expected to expand, primarily within the European Union and Latin America.

BDSA will cover the new market forecast report in a webinar on March 7 at 11 a.m. MT. The free webinar will explore cannabis industry growth throughout 2022, what the industry will look like by 2027, and what factors are driving growth in the U.S. and beyond. To register, visit here.

About BDSA
Headquartered in Louisville, Colorado, BDSA helps businesses improve revenues, reduce innovation risk and prioritize market expansion with accurate and actionable cannabis market intelligence, consumer research and advisory services. The company provides a holistic understanding of the cannabis market by generating insights from point-of-sale data, wholesale data, consumer research and market forecasts. To learn more, please visit bdsa.com.

Media Contact
Leah Stapleton
UPRAISE Marketing + PR for BDSA
415-397-7600
bdsa@upraisepr.com

bdsa

A Missed Opportunity In Spain

Written by Hazel Norman on February 22, 2023. Posted in Archives, Policy.

Yesterday was a potentially big day for cannabis policy reform in Spain, however, a bill that would have set up long-needed medical and adult-use regulations failed to pass in Parliament on Tuesday. For now, the status quo remains.

As we have reported several times in recent months, Spain’s emerging cannabis industry is in desperate need of reform in order to reach its full potential. Reform would, in turn, help consumers and patients across the country.

Unfortunately, that will not happen in the immediate future, although the fight to reform Spain’s cannabis laws is far from over. Still, yesterday’s vote was indeed unfortunate, with blame being warranted towards those that voted in support of prohibition. Per Noticias Sin (translated to English):

A comprehensive legalization of cannabis, both for therapeutic and recreational use , was rejected this Tuesday in the Spanish Parliament.

The socialist party PSOE, which is part of the coalition government in Spain with the left-wing formation United We Can, was one of those who voted against it , along with part of the right-wing opposition.

His partner in the Executive supported the initiative along with other leftist forces or formations such as the liberals of Ciudadanos, in their vote in the Congress or lower house of the Spanish Parliament.

Yesterday’s vote was definitely a missed opportunity, however, cannabis advocates will never give up. Hopefully certain reasonable tweaks can be made to proposed legislation in order to get it to the finish line.

Meanwhile, the unregulated market continues to thrive in Spain. Cannabis laws may not be as bad in Spain as they are in other countries, yet even lukewarm prohibition is still prohibition, and as long as people are being harmed by Spanish prohibition there will always be a need for reform.

Spain

Lawmakers In Spain To Debate Cannabis Regulation On Tuesday

Written by Hazel Norman on February 20, 2023. Posted in Archives, Business, Policy.

When it comes to cannabis reform efforts there are various speeds at which jurisdictions move, ranging from a rapid pace like we saw in Thailand in the last couple of years all the way to places like China where cannabis prohibition is clung to at all costs and they are seemingly somehow finding new ways to ramp up prohibition efforts.

Somewhere in between on the spectrum is Spain. As with many other things, Spain moves at its own pace when it comes to cannabis reform. Medical cannabis is legal in Spain, however, current licenses are geared towards research and exports.

Adult-use cannabis is quasi-legal in private settings in Spain, which has created a loophole of sorts that private cannabis clubs take advantage of. What Spain truly needs is domestic cannabis regulations to take away the uncertainty and help Spain’s emerging cannabis industry reach its full potential.

Fortunately, lawmakers in Spain are considering such reform, with a debate scheduled for tomorrow. The measure being considered would reportedly go beyond medical cannabis regulations. Per Infosalus (translated to English):

The Plenary of the Congress of Deputies will debate this Tuesday the Proposal for a Law of Esquerra Republicana (ERC) to regulate cannabis in an “integral” way, that is, both its therapeutic and recreational use.

One of the objectives of the Law, which ERC presented at a press conference in September 2021, is to “decriminalize” cannabis and consider it a medicine that can be accessed with a prescription.

In this way, the consumption of marijuana would be legalized in places where tobacco smoking is allowed, this would include the ability to consume cannabis outdoors and on private property.

The measure would permit for the cultivation of up to six plants within an adult residence, with a reported limit of ‘producing up to 480 grams per year.’ For context, one harvested plant cultivated using advanced techniques can yield more than 480 grams of dried cannabis flower.

Additionally, the measure would mandate that certain funds be earmarked for ‘resources to combat addiction’ and to ‘increase the awareness of the negative effects of cannabis.’ Hopefully people in Spain are already aware of the harms of prohibition, and continue to demand a more sensible approach to cannabis policy in Spain.

Spain

European Commission Refers Hungary To The Court Of Justice Over Cannabis Vote

Written by Hazel Norman on February 20, 2023. Posted in Archives, Policy.

Last week the European Commission announced that it referred Hungary to the Court of Justice of the European Union (CJEU) for voting against the European Union’s position on removing cannabis from Schedule IV of the Convention on Narcotic Drugs at a meeting back in December 2020. Below is more information about it via a news release from the European Commission:

Today, the European Commission decided to refer Hungary to the Court of Justice of the European Union for f voting against the position of the Union on the World Health Organization (WHO) recommendations on scheduling cannabis and cannabis-related substances, as outlined in the Council Decision (EU) 2021/3.

On 2 December 2020, at the reconvened 63rd session of the United Nations (UN) Commission on Narcotic Drugs, Hungary voted against the Union position twice during the vote on the WHO recommendations in the listing of the substances under international control. Under EU law, the decisions on the international scheduling of substances under the Single Convention on Narcotic Drugs of 1961, as amended by the 1972 Protocol, and the Convention on Psychotropic Substances of 1971, fall under the exclusive competence of the European Union. Hence, the Council decision determining the Union position is binding on the EU Member States in line with the Treaty on the Functioning of the European Union.

The Commission therefore launched the infringement procedure against Hungary with a letter of formal notice sent on 18 February 2021, followed by a reasoned opinion on 12 November 2021. As the reply from the Hungarian authorities to both the letter of formal notice and reasoned opinion was unsatisfactory, the Commission has decided to refer Hungary to the Court of Justice of the European Union for failing to fulfil its obligations under the Council decision and acting in breach of the exclusive external competence of the Union as well as of the principle of sincere cooperation.

Background

On 24 January 2019, the World Health Organization presented six recommendations concerning the rescheduling of cannabis and cannabis-related substances under the UN Single Convention on Narcotic Drugs of 1961, as amended by the 1972 Protocol, and the UN Convention on Psychotropic Substances of 1971.

On 23 November 2020, the Council adopted Council Decision (EU) 2021/3 on the position to be taken, on behalf of the European Union, at the reconvened 63rd session of the Commission on Narcotic Drugs, on the scheduling of cannabis and cannabis-related substances under the Single Convention on Narcotic Drugs of 1961, as amended by the 1972 Protocol, and the Convention on Psychotropic Substances of 1971. The decision was addressed to the Member States in accordance with the Treaties and, according to Article 288 TFEU, was binding in its entirety for the Member States who were called upon to vote in the Commission on Narcotic Drugs.

The vote in the Commission on Narcotic Drugs concerning the WHO recommendations took place on 2 December 2020. Hungary voted against those recommendations. In addition, Hungary made a statement in the Commission on Narcotic Drugs strongly contradicting the EU position.

For More Information

Council Decision (EU) 2021/3

WHO Recommendations on cannabis and cannabis-related substances

Infringement decisions database

EU infringement procedure

Link to February 2023 infringements package

hungary

Canadian Banks Sued By The Cannabis Industry Over ‘Financial Discrimination’

Written by Hazel Norman on February 14, 2023. Posted in Archives, Business, Policy.

One of the most hotly-debated topics in the cannabis industry relates to banking access for companies. Many companies over the years have experienced banking issues related to cannabis prohibition around the world, and yet, many other countries have had no issues.

Understandably, there are people in the cannabis industry that think banking reform is a top priority, while others don’t seem as concerned about it for one reason or another. Many advocates are not necessarily opposed to banking reform, but rather, do not want to see it tied to social justice and equity efforts and simply decided on its own merits. Conversely, there are also others that do wish to tie the two together.

Certain members of Canada’s cannabis industry are apparently no longer interested in debating in the ‘public square’ and have taken their fight to the court system. Below is more information about it via a news release from Groupe SGF:

Groupe SGF (Cannabis Legal Advisors and Consultants) announces the launch of a class action lawsuit on behalf of Mr. Gabriel Bélanger (Founder of Origami Extraction Inc.) against the Desjardins Federation, National Bank, Royal Bank, Bank of Montreal, TD Bank, and CIBC. The lawsuit alleges that the named banks have engaged in financial discrimination against actors in the legal cannabis industry in Canada.

The legal cannabis industry in Canada faces financial discrimination

The plaintiff, Gabriel Bélanger, is determined to expose to the Superior Court all he has suffered as an actor of the legal cannabis industry in relation with the defendants. The main allegations involve denials of opening bank accounts, sudden closures of current bank accounts, and denials of access to various financial tools such as mortgage loans and credit lines for legal cannabis industry businesses.

Class Action: Justice for industry actors

The class action includes all individuals or corporations that, directly or indirectly, do business with the major defendant banks and who are involved in the legal cannabis industry since October 17th, 2018.

For more information on the class action, please visit Groupe SGF’s website at https://groupesgf.ca/action-collectives-banques.

Quote

“For far too long, Canadian banks have treated the cannabis industry like pariahs, as if it was still completely illegal. By doing so, they are depriving the Canadian, but especially the local economy of developing a promising market.”

Me Maxime Guérin, Lawyer, Groupe SGF – Cannabis Legal Advisors and Consultants

About Groupe SGF – Cannabis Legal Advisors and Consultants and the Plaintiff

Groupe SGF is a Quebec law firm specializing in the cannabis industry. The company represents the interests of industry actors facing legal and financial challenges.

The plaintiff, Gabriel Bélanger, engineer, is the founder and main shareholder of Origami Extraction Inc., a cannabis micro-processing company located in Beauce.

SOURCE Groupe SGF – Conseillers juridiques et consultants en cannabis

For further information: Maxime Guérin, Lawyer, 418-476-2906 (dedicated line), 1-866-782-5910 (toll-free), max@groupesgf.ca

Canada

Author: Hazel Norman

Agreement Reached In Spain For Future Regulation Of ‘Cannabis Light’

Brazil Judge Allows NGO To Cultivate Medical Cannabis

Prime Minister Trudeau: Time To “Catch Up” With The Cannabis Industry

Calls For Cannabis Reform Are Picking Up Steam In Australia

Cannabis Production Identified As A Top Investment Opportunity In Rwanda

India Is Working To Legalize Industrial Medical Cannabis Cultivation

Uruguay’s Medical Cannabis Industry To Expand Via Authorization Of ‘Master Formulas’

Report Estimates Global Legal Cannabis Sales To Reach $59.6 Billion By 2027

A Missed Opportunity In Spain

Lawmakers In Spain To Debate Cannabis Regulation On Tuesday

European Commission Refers Hungary To The Court Of Justice Over Cannabis Vote

Canadian Banks Sued By The Cannabis Industry Over ‘Financial Discrimination’

NEWS FROM AROUND THE GLOBE

BROUGHT TO YOU BY THE ICBC