Weed Week: Cannabis trade shows and Europe imports medicinal marijuana
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Virginia is the latest US state to legalise marijuana and they’re celebrating with the first annual CannaFest VA cannabis trade show on September 19.
The event will feature a concert, and a custom car and motorcycle exhibition but no, you can’t smoke weed at the event.
In California, Papa & Barkley have just released a line of cannabis-infused sleep aids in what the company ‘guarantees’ will deliver consumers one more hour of sleep every night.
And in Canada, Aurora Cannabis have announced the delivery of its initial shipment of medical marijuana to France for use in the country’s pilot program.
Aurora CEO Miguel Martin said the delivery will support the de-stigmatization of medical cannabis in France.
“If successful, this pilot program could lead to one of the largest regulated medical cannabis markets in Europe,” he said.
On our side of the pond, Australian-based medicinal cannabis producer Cannim has just completed the first-ever legal commercial export of Jamaican cannabis flower to Germany.
“Germany represents a huge opportunity for Cannim,” chief commercial officer Stuart March said.
“Our ability to cultivate high quality, medical-grade Jamaican cannabis that meets the strict standards of the German Pharmacopoeia is testament to the professionalism of our teams in Jamaica and Australia.”
The biggest weed winner on the ASX this week was IDT Australia (ASX:IDT), up 36% off the back of news it managed to turn its FY20 loss into a profit in FY21.
IDT’s full year net profit after tax came in at $2.1m, compared to a $0.8m loss in FY20.
Plus, the company has also developed its own proprietary medicinal cannabis products – several of which are now commercially available.
Next up was Incannex Healthcare (ASX:IHL) which jumped 29% after announcing plans to pursue listing US Nasdaq exchange under the ticker IXHL.
The idea is access to larger pools of capital with investors who are experienced in psychedelics and medicinal cannabis.
And Murray River Group (ASX:MRG) was up 22% on no news.
It was followed by Live Verdure (ASX:LV1) up 9% after releasing its annual report highlighting revenue increased by 52.4% to $607,531 (compared to $398,673 in the previous corresponding period).
The company said the increase was a result of an increase in online sales of hemp products and customer growth.
Trailing the pack was Avecho Biotech (ASX:AVE) which rose 7% after releasing its half yearly report, which detailed revenue increased 35% to $265,898, with losses of $1,737,551.
The company said the loses were primarily related to the development of its pharmaceutical CBD soft-gel product.