Could Asia be a potential gold mine for Canadian cannabis producers?
As cannabis companies eye expansion in European and South American markets, Asia is poised to be a new frontier for some major Canadian pot players. The continent is poised to see its marijuana market grow to as much as US$5.8 billion by 2024, according to a recent report. That’s caught the attention of some Canadian cannabis players including Canopy Growth, Aurora Cannabis and Aphria, who are all looking to establish operations throughout Asia in the future. Canopy has about a dozen members enlisted on its Asia-Pacific team and is working with government partners on how to properly create a legal framework that would permit medical marijuana to be prescribed by doctors in those countries. Meanwhile, China is emerging as a potential global leader in the hemp space and is producing nearly 500,000 kilograms of it for export purposes.
Alberta pot regulator lifts retail application suspension, will award five new licences weekly
Alberta’s cannabis regulator said Thursday it has lifted the moratorium on accepting new cannabis retail applications and will once again begin issuing new licences in the province. Alberta Gaming, Liquor and Cannabis said it will now issue five new retail licences every week and will continue to monitor supply levels to ensure retailers have enough inventory to operate. BMO Capital Markets said the move is a “modest positive” for the cannabis industry. “It appears that industry supply is beginning to improve sooner than we had anticipated,” BMO Capital Markets analyst Tamy Chen said. Meanwhile, in Ontario, the province “continues to monitor the supply situation,” a spokesperson for the Finance Minister told BNN Bloomberg in an email.
Ben & Jerry’s ups stoner appeal with plans to infuse CBD in ice cream
Ben & Jerry’s are no strangers to cannabis culture, but now, they’re looking to really get involved with the pot business. The ice cream-maker is now looking to produce CBD-infused ice-cream as soon as the plant extract is legalized at the federal level. The company’s stance comes a day ahead of the U.S. Food and Drug Administration’s closely-watched hearing on the future of the U.S. CBD industry. The Guardian reported that Ben & Jerry’s, which has submitted comment on the issue, is encouraging fans of its products to contact the FDA during a public consultation period on the use of CBD in food now through July. “We’re doing this for our fans,” said Ben & Jerry’s CEO, Matthew McCarthy.
Goldman Sachs discloses US$1.7M stake in cannabis-focused ETF
Goldman Sachs is dipping its toe into cannabis sector investing after the U.S. investment bank disclosed it took a stake in a pot-related exchange-trade-fund. Goldman spent about US$1.7 million for 51,536 shares into the US$1.2 billion cannabis-focused ETFMG Alternative Harvest ETF, the company disclosed in a Form 13-F filing that was first reported by the Daily Marijuana Observer. Prior to its investment in the ETF, Goldman advised Constellation Brands on its multi-billion dollar investment in Canopy Growth and participated in a US$350 million financing raise for GW Pharmaceuticals in October.