Today’s global marijuana industry headlines

Global cannabis sales are expected to reach $105 billion by 2026

A new report titled The Global Cannabis Report: Second Edition has revealed promising statistics on what experts are predicting for the cannabis industry post-pandemic.

The report states that the cannabis industry was able to bounce back in 2021 after the outbreak of the pandemic in 2020. There have been record-breaking sales of recreational and medicinal cannabis, and multiple mergers and acquisitions and several capital increases by big-name companies. Last year, global cannabis and CBD sales in the US reached $37.4 billion, which could easily reach $105 billion in 2026.

Additionally, it states that the recreational markets in the United States and Canada are still the most important in the world when it comes to marijuana sales. However, we can expect to keep an eye on Israel, Germany and Australia, which will do well in the coming 5 years.

Fiji takes steps for hemp research

Fiji’s economy minister, Aiyaz Sayed-Khaiyum, says the Fijian government is working with the United Nations Office on Drugs and Crime to ensure the island nation is not blacklisted and that they follow the rules to grow it correctly of industrial hemp follow.

Before launching a public consultation, they want to make sure they are following all the rules. One of the steps they are taking towards hemp research and cultivation is drafting legislation and once that is done they will be consulting with the public who can share their feedback.

“We’ve looked at a number of issues, such as what laws need to be changed, how they should be changed, what products actually grow well, and which hemp strains grow well in the industry. All of those boxes need to be ticked before we get into the space of providing members of the public with some form of concrete framework that they can then comment on,” Sayed-Khaiyum said, reporting FBC News.

Cannabis coffee shops in Amsterdam hit hard by pandemic

CNN Travel publishes a report on how the COVID-19 pandemic has affected Amsterdam’s famous cafes.

The absence of international tourists has hit these businesses hard financially, as it’s travelers who have contributed most of the coffeeshop’s revenue, they report. Although these Dutch cafes have not had to close during the pandemic as they were listed as essential services, industry officials fear they may have to close.

A worker at one of the cafes, nicknamed Nick, says, “It’s been devastating for the business.” Before the pandemic, the cafe was typically packed with a vibrant atmosphere. Customers would chat while smoking a joint. But in early February, the cafe only had one customer drinking coffee, smoking a joint, and working on a laptop. “It was very empty and boring in my coffee shop,” Nick said. “But other cafes outside the center are busier than ever due to take-out demand. During the coronavirus everyone sits at home and smokes.”

More than half of the 167 coffee shops in Amsterdam are located in the city center, making them heavily dependent on tourism, explains Joachim Helms of the Association of Coffee Shop Owners. “The cafes in the center have really been in survival mode for the last two years,” he explained. The government provided them with financial aid to help them survive, although this was only sufficient for rent and staff salaries.

However, some coffee shops were able to benefit more from the take-away business.

Victoria lawmakers are set to propose a drug decriminalization bill, despite opposition

Fiona Patten, leader of the Reason Party, wants to make possession of illegal drugs a matter of education instead of crime. She wants to introduce a new bill that will soon reach the state parliament and decriminalize all drugs for dealers and consumers.

If the plan is approved, it means anyone caught with low levels of drug possession, or who has even used illicit drugs, will be referred to a treatment or drug education program instead. Victoria Police would also look into compliance. She explains that drug policy reform will help treat addiction and save lives. “The current drug law kills innocent people and causes untold damage, wastes billions of taxpayers’ money, fuels organized crime and squanders scarce health and law enforcement resources, and Members of the Victorian Parliament know it,” Patten said.

“This is not a claim, but a fact supported by national and international experience,” reports Triple M.

Patten has long advocated reform of the drug war.

“Failure to make this change would be willfully ignorant to the point of negligence because so many lives depend on it and the quality of life of so many people and communities and families can so easily be improved through harm reduction.”

Colombia gives the green light to the use of cannabis in food, beverages and textiles

The Pledge Times reports that Colombian President Ivan Duque has announced a new law that would regulate the use of cannabis in food, beverages and textiles, while allowing the export of dried cannabis flower. Resolution 227 of 2022 was issued by the government and regulates licenses and quotas related to the safe use of cannabis and its derivatives.

“This resolution authorizes, defines and establishes all mechanisms and procedures for the industrial use of marijuana in areas such as food, beverage and also textile applications, of course defining these uses as having to do with the non-psychoactive component,” explained Duque.

He adds that with the new regulation, the country will be “at the forefront of regulating the use of medical marijuana in Latin America and the Caribbean, and of course its industrial use.”

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