Weed Week: Cannabis tourists are officially testing Amsterdam’s patience
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The city of Amsterdam has always been well-known for its unique cannabis laws.
Weed isn’t technically legal for the most part, but you are allowed to buy it from select “coffee shop” distributors (which aren’t allowed to advertise their product).
As any tourist would attest, a visit to said coffee shops is almost a prerequisite when stopping by the ‘dam.
But as any local would attest (wherever you happen to live), tourists can be pretty annoying.
And particularly in this case, where Amsterdam’s legal-weed outlets and red light district are often the only things on the itinerary for thousands of pothead backpackers aged 18-35.
A recent survey of tourists in that age bracket showed the majority highlighted coffee shops as an important reason for their visit.
And the city council is now considering various measures to give residents a break from the
yobbos and dickheads stream of tourist activity that often creates bottlenecks in sections of the city.
Starting April 1, new measures will be introduced to increase restrictions around large groups visiting the red light district and hanging out late in certain areas.
And at the more extreme end, proposals have been raised to ban tourists from visiting coffee shops altogether.
The idea isn’t a new one, although previous attempts to tighten the rules were met with concerns that falling tourism would be a net-negative for the city.
The southern city of Maastricht is currently the only place in the country that imposes a residents-only coffee shop rule.
Back to local stocks, and the next cannabis bull market still looks a long way off if last week’s price action is anything to go by.
Of the 32 companies tracked by Stockhead, just five posted a gain while seven were unchanged and 20 lost ground.
Below is a summary of weekly and annual price performance for ASX-listed cannabis stocks.
Scroll or swipe to reveal table. Click headings to sort.
While that can sometimes be a good thing, it’s often viewed as negative for the share price if the placement is valued below the current trading level and is used to fund items such as operating expenses and working capital.
Leading the pack this week was medicinal cannabis company AusCann Group (ASX:AC8), which jumped sharply on Tuesday after announcing it had completed manufacturing and testing for a new range of cannabinoid capsules in low-dose batches.