Author: Matt Lamers

[ad_1] Aurora Cannabis has acquired the remaining 90% equity interest of MedReleaf Australia it didn’t already own, giving the Canadian marijuana producer a bigger foothold in one of the world’s biggest federally regulated medical markets. Aurora paid 50 million Australian dollars ($43.7 million), including AU$9.45 million in cash and the rest via the issuance of common shares, the Edmonton, Alberta-based company said in its Thursday announcement. In an interview with MJBizDaily, CEO Miguel Martin said he sees a lot of upside in the Australian market as regulations become more progressive and the country’s industry continues to expand. “Australia has grown…

[ad_1] MediPharm Labs Corp.’s facility in Barrie, Ontario, received Good Manufacturing Practice (GMP) certification from Brazil’s National Sanitary Surveillance Agency for the production of finished cannabis goods. The agency, also known as ANVISA, is the governing body of Brazil’s pharmaceutical industry. In a Wednesday news release, MediPharm said the certification strengthens its position to manufacture both active pharmaceutical ingredients and end products for Brazilian medical cannabis patients. “This GMP certification from Brazil strengthens MediPharm’s position as one of the most pharmaceutically focused medical cannabis companies in the world,” CEO David Pidduck said in a statement. “Whether it is the production…

[ad_1] German medical cannabis company Avextra closed a funding round totaling more than 20 million euros ($21.5 million). The Bensheim, Germany-based business said in a Wednesday news release that the funding round was comprised of equity instruments and convertible loan notes, all of which have been converted into common shares, giving the company a valuation of 100 million euros. Avextra is a vertically integrated manufacturer and developer of pharmaceutical-grade, cannabis-based medicines. The privately owned company said the funding will accelerate clinical trials for certain medical cannabis treatments and help to expand its European distribution channels. “The continued support from our…

[ad_1] Curaleaf International has acquired Polish medical cannabis operator Can4Med, giving the London-based company a foothold in one of Europe’s most promising medical marijuana markets. The financial terms of the deal were not disclosed. Can4Med, based in Wroclaw, specializes in the acquisition, registration and distribution of medical cannabis, according to a Tuesday news release. Curaleaf International, a subsidiary of New York-headquartered multistate operator Curaleaf Holdings, said the strategic acquisition underscores its commitment to growing patient access to medical cannabis products across Europe. “This acquisition represents a significant step forward for Curaleaf International,” Curaleaf Holdings CEO Matt Darin said in a…

[ad_1] A panel of experts scrutinizing Canada’s federal Cannabis Act is on schedule to release its review and recommendations this spring, the country’s national regulator told MJBizDaily. Cannabis industry officials will be watching closely for recommendations related to the economic, social and environmental impacts of the Cannabis Act, which could lead to reform that has ramifications for the heavily regulated industry. The 2018 Cannabis Act required the formal review to examine the law’s impact on public health, consumption patterns and effect on Indigenous communities. It was subsequently broadened to cover: The law’s economic and environmental impacts. Progress toward providing access…

[ad_1] International medical cannabis company Akanda Corp. has entered into an amended nonbinding letter of intent to sell RPK Biopharma Unipessoal, its Portuguese subsidiary, to Somai Pharmaceuticals. London-based Akanda said its original deal with Somai has been amended to reflect a lower price – $2 million – down from $2.7 million. Akanda didn’t say when the original nonbinding deal was struck with Portugal-based Somai or why it was amended. The deal includes all current liabilities of RPK, which amount to approximately 4 million euros ($4.3 million), Akanda said in a news release. A $500,000 deposit has been placed in an…

[ad_1] New rules implemented in January by Israel’s Ministry of Health to ease the path for physicians approving medical cannabis – along with further regulatory changes later this year – are expected to spur growth in the nation’s industry, local experts told MJBizDaily. The Ministry of Health is giving specialist physicians broader discretion when administering medical cannabis and removing some restrictions that had been in place. The changes “help increase the medical autonomy of the specialist physicians while also improving availability and reducing bureaucracy for patients who require medical cannabis,” the ministry said in a statement announcing the changes. The…

[ad_1] Malta’s first adult-use “cannabis club” is fully operational, a little more than two years after the European Union country adopted a law that liberalized its marijuana rules. The Maltese cannabis association, KDD Society, said more than 150 members had joined in the first two days, the Times of Malta newspaper reported. Malta doesn’t allow adult-use marijuana stores. Instead, consumers must join a nonprofit cannabis association, such as the KDD Society, where they can purchase a maximum of 7 grams of marijuana per day and up to 50 grams per month. Another Maltese publication, Malta Today, said KDD Society had…

[ad_1] George Smitherman, the longtime executive director of the Cannabis Council of Canada, is stepping down, and the organization is immediately commencing a search for his replacement. The Cannabis Council, known as C3, is Canada’s largest cannabis lobby group and the national and international representative of Canada’s licensed producers and processors. Treasurer Tamara Lovi and Secretary Elisabeth Sieber will serve as acting co-executive directors. C3’s board will initiate a comprehensive search for a new executive director. “George has played a pivotal role in advancing the profile and objectives of C3, leaving an indelible mark on our organization,” the organization said…

[ad_1] Cannara Biotech, a vertically integrated cannabis producer based in Montreal, reported record sales of 19.5 million Canadian dollars ($14.6 million) for the three-month period ended Nov. 30. The company’s fiscal first-quarter 2024 revenue marked an 89% increase compared to the CA$10.3 million it recorded in the same period one year earlier, according to a financial report released Tuesday. Cannara Biotech’s net income for the September-November quarter was CA$2.1 million, compared with almost CA$3,000 in the first quarter of 2023. “As we build on this momentum in 2024, our roadmap is clear, continued execution with excellence, cost efficiencies and product…

[ad_1] Village Farms International has started building an indoor cannabis production facility in Drachten, Netherlands, which will supply the country’s cultivation and distribution experiment that started in December. The Vancouver, British Columbia-headquartered company has one of the Dutch licenses via its majority-owned subsidiary, Leli Holland, permitting Village Farms to legally produce and distribute recreational cannabis. Village Farms is planning to start production in the fourth quarter of 2024. The company said it’s financing the build-out of the facility from cash on hand, and Leli Holland plans to sell flower and hash products in various formats, including pre-rolls. “As a limited…

[ad_1] Canadian producer Aurora Cannabis said it’s planning to consolidate its shares to restore compliance with the Nasdaq’s minimum bid-price requirement and ensure continued access to a range of institutional investors. Aurora’s board of directors approved the plan to consolidate outstanding common shares on the basis of one share for every 10 shares currently outstanding, subject to regulatory and stock exchange approvals, the Alberta-based company said in a Wednesday news release. The proposed plan would cut Aurora’s outstanding shares from 475,903,822 to 47,590,382. Aurora expects the share consolidation to be effective around Feb. 20. “We will continue to exercise financial…