Rising Legal Cannabis Sales in British Columbia

British Columbia, Canada, has witnessed a staggering 40.9% surge in legal cannabis sales, marking a total of 33,879,347 grams sold by the end of the third quarter of 2023. However, this growth is accompanied by a challenging 11.7% decline in average prices, as competition in the market intensifies.

Key Points:

• Market Growth: British Columbia reports a substantial surge in legal cannabis sales, indicating an impressive 40.9% increase in grams sold.
• Price Pressure: Despite the sales surge, average cannabis prices witness an 11.7% year-over-year decline, impacting overall revenue growth.
• Competition Rise: The British Columbia Liquor Distribution Branch (BCLDB) notes an 8.4% increase in legal cannabis stores in the province over the past year, totaling 490.
• Consumer Behavior Shift: Household budget constraints during the pandemic have led consumers to purchase in bulk for discounts, affecting sales frequency and product choices.
• Taxation Challenges: High taxes pose obstacles for legal cannabis businesses to compete with the illicit market, impacting profitability.

Despite these challenges, significant industry players such as OrganiGram Holdings Inc (OGI), Rubicon, Village Farms International Inc (VFF), and Cronos Group Inc (CRON) are actively shaping the dynamics of B.C.’s cannabis market.

Regulatory Changes in the Asia-Pacific Cannabis Market

The Asia-Pacific cannabis sector is witnessing regulatory shifts, particularly in Australia, as the Therapeutic Goods Administration (TGA) undergoes a major overhaul in medicinal cannabis advertising guidelines.

Notable points include:

• TGA’s Overhaul: The TGA’s comprehensive rewrite clarifies advertising rules for medicinal cannabis under the Therapeutic Goods Act 1989.
• Contextual Emphasis: TGA underscores the crucial role of context in determining advertising, cautioning against subtle promotion of medicinal cannabis via references such as ‘plant-based medicine’.
• Health Services Advertising: New guidelines discourage health service advertisements referencing prescription-only medicines, urging clinics to focus on services like pain management.
• Exclusive Health Professional Promotion: TGA permits advertising exclusively to health professionals, with restricted public access to such materials.

In a related development, Clever Leaves Holdings Inc (CLVR) has obtained Australian Good Manufacturing Practice (GMP) certification for its Colombian facilities from TGA, further expanding the global cannabis regulatory landscape.

Call for Legislative Review in Antigua and Barbuda

The Effect of Marijuana Committee in Antigua and Barbuda is conducting a comprehensive review of marijuana’s impact, with a specific focus on its effects on the youth, as reported by The Gleaner.

• The committee, comprising professionals from diverse backgrounds, is aiming to propose revisions to the government, addressing challenges following the substance’s decriminalization in 2018.
• Key areas for reconsideration include the 15-gram allowance, provisions for growing four plants, and regulations limiting marijuana smoking to private residences.
• The committee anticipates releasing its findings within nine months, intending to inform and guide the government’s approach to cannabis legislation on a global scale.

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