Italy Archives - Green Market Report

StaffSeptember 22, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min2590

The Daily Hit is a recap of cannabis business news for Sept. 22, 2022.

ON THE SITE

License Winners Sue Illinois Over Ownership Rules

Two winners of retail marijuana licenses who previously sued Illinois over alleged flaws in its application process are suing again. Having won retail licenses in lotteries, they’re suing the state Department of Financial & Professional Regulation over rules that forbid licensees to sell those licenses or equity stakes in them until they build out their dispensaries and win final approval. Read more here.

Seattle Paves Way For Social Equity With Free Cannabis Licenses

Seattle residents who live in areas with high poverty or have been directly affected by the war on drugs are now eligible for zero-dollar cannabis licenses to do business in the city. Under the new rules, a social equity applicant must have at least 51% controlling ownership in the business. Read more here.

Tilray Gets Green Light for Italy

Tilray Brands (Nasdaq: TLRY) announced that FL Group S.R.L., a division of Tilray Medical in Italy, received approval from the Italian Ministry of Health to import and distribute Tilray’s medical cannabis oral solution THC25 across the country. Read more here.

C21 Revenue Falls Despite Healthy Balance Sheet

C21 Investments (CSE: CXXI) (OTCQX: CXXIF) posted results late after the market closed on Wednesday that showed slimming revenue in a state that has seen less tourist and local spending as wallets get tighter. The company posted revenue of $7.2 million – down 4% sequentially. Read more here.

Agrify Honored For Best Cultivation Tech At Green Market Report Tech Awards

A provider of advanced cultivation and extraction solutions for the cannabis industry, Nasdaq-listed Agrify brings data, science and technology to the forefront. Proprietary micro-environment-controlled vertical farming units enable cultivators to produce high-quality products with unmatched consistency, yield and return on investment at scale. The Green Market Report Tech Awards were presented following the first-ever Green Market Report Tech Summit on Sept. 8 at The Pearl event space in San Francisco. This week, we’ll be providing a closer look at the honorees. Read more here.

IN OTHER NEWS

Canada to Review Impact of Cannabis Legalization

Canada on Thursday launched a review of the country’s legalization of recreational cannabis use four years ago to evaluate its impact on youth, indigenous minorities and others, and analyze its effect on the economy and the illegal marijuana market. Read more here.

Two Companies Given OK to Produce Medical Cannabis in Georgia

After a long legal slog, two companies have been given the green light to grow and produce medical cannabis — specifically, low-THC oil — in Georgia. Botanical Sciences LLC and Trulieve Georgia Inc. — two of the original winners of the process — were officially awarded licenses by the state’s medical marijuana commission. The unanimous decision follows more than a year of protests from rejected applicants. Read more here.

Connecticut Announces Cannabis Retailers and Microcultivators Selected in General Lottery

The Connecticut Department of Consumer Protection Adult-Use Cannabis program has notified applicants for retail cannabis establishments and micro-cultivators that they were selected in a general lottery. The six retail applicants and two micro-cultivator applicants have been informed they can proceed with the next steps in the licensure process. Read more here.


Debra BorchardtJuly 18, 2019
shutterstock_571746823.jpg?fit=1200%2C780&ssl=1

4min1380

Italy has chosen Canadian-based Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) as the sole winner of the Italian government’s public tender to supply medical cannabis in Italy. The contract is expected to be signed in September 2019.

Five companies entered the competition for the contract, but only Aurora emerged as the winner of three lots to supply the Italian market. It will be a two-year contract in which Aurora will provide 400 kg of medical marijuana from its Canadian facilities. The product will travel to Italy through Aurora’s wholly-owned subsidiary Aurora Deutschland.  Then the Agenzia Industrie Difesa will distribute it to local pharmacies.

Aurora was already sending medical marijuana to the country having won a separate contract back in 2018. The other competitors were rejected for being unable to meet Italy’s strict requirements.

“We’re committed to building a successful, long-term medical cannabis market in Italy,” said Neil Belot, Aurora’s Chief Global Business Development Officer. “We want to continue to build our connection with patients and pharmacies in the Italian market, who have come to know and appreciate our products over most of the past two years. I’m extremely proud of our team. This win reflects our ability to navigate complex international regulations and work with governments around the world to establish ourselves as a trusted partner.”

Cannabis Light

According to the National Farmers Association Coldiretti and The Independent, in 2016, the “cannabis light” Law 242/16 removed the need for authorization to plant certified cannabis seeds with levels of THC below 0.2%, while the detection of THC levels between 0.2% and 0.6% during field inspections is still considered acceptable, when it can be attributed to natural causes. The law also requires farmers to keep the certification receipts for up to one year, however, the use of cannabis leaves and inflorescences for edible products is still prohibited. The potential revenue from the sale of cannabis light in Italy is estimated to be more than 40 million euros, and by 2018 hundreds of new businesses started growing cannabis in several Regions.

Axel Gille, Managing Director of Aurora Deutschland GmbH, added, “The well-being of our patients is our top priority and we’re dedicated to ensuring they have access to a consistent supply of safe, high-quality medical cannabis. We look forward to expanding our presence in Italy and continuing to work with other international regulators to ensure patients around the world have access to our high-quality medical cannabis.”


Davide FortinApril 6, 2018
shutterstock_614445500.jpg?fit=960%2C466&ssl=1

3min1230

The “hemp flower-rush” has reached Italian soil, and is not driven by patient demand. Of course, strains of Canadian cannabis are exported to Italy through Germany, but this is secondary news. A more prevalent phenomenon is happening within the hemp market, and it is not merely driven by those who want to get high. A reform implemented last year has boosted Italy’s fledgling hemp industry, with an expected 80% increase in acres of cultivated land.

The new legislation has resulted in a de facto removal of substantial red tape from hemp production. Any farmer can now grow legal cannabis with a level of Tetrahydrocannabinol (THC) superior to most European countries (except Switzerland).

Although most Italian hemp is grown to produce seeds or fiber these outputs are not the engine of market growth. The trigger of change is the de facto liberalization of the market for hemp flowers. In 2017, the supply could not keep up with the demand, making it the most profitable crop sold within the Italian market. Often called “cannabis light”, consumer interest is driven by its large percentage of Cannabidiol (CBD), which induces a more sober feeling of relaxation.

The pioneers in this industry are EasyJoint, a company responsible for both opening the market and acting as a major supporter of the entire supply chain. They supply farmers with seeds and cuttings to re-buy the flowers, which are then packed and sold to the final customer. This business model appears to be functioning extremely well, and its founder, Luca Marola has declared revenues of over two million dollars within the first nine months of activity. Besides enriching shareholders, this has significant repercussions on the primary sector, providing jobs for over 700 Italian farmers.

The future looks bright for cannabis light, with large exports of flowers and derivatives expected to other EU countries in the coming months. This phenomenon comes in a very hot period for Italian politics, just after the election where comedian Beppe Grillo’s pro-legalization party won the largest share of Italian votes. It may be difficult to predict the future, but soon hemp may not be the only type of cannabis exported out of Italy.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 11 mins

Florida Medical Cannabis to Launch New Licensing Round, First Expansion Since 2017

@GreenMarketRpt – 19 mins

High Times Could End up With Chicago Lawyer Stephen Kunkle

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.