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Canadian CBD-Focused Pharma Co. Gets Green Light To Produce Medical Marijuana In Brazil

By Jelena Martinovic
February 7, 12:05 PM
Canada's MediPharm Labs has received a GMP certification from the Brazilian governing body, ANVISA. The approval allows for the production of active pharmaceutical ingredients (APIs) and end products for the Brazilian medical cannabis market. MediPharm has already received GMP certifications from the US FDA, the European Union, and Australia's TGA, and holds a drug establishment license from Health Canada. The Brazilian medical cannabis market is projected to reach CAD380m (USD282m) by 2025, according to industry forecasts. MediPharm Labs, which already produces two medical cannabis products with full ANVISA authorization for the Brazilian market, is potentially set for further product authorizations through the regulatory body, according to reports.

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California Cannabis Co. Blum Reports $33M In 2023 Revenue After Wrapping Up Restructuring

By Jelena Martinovic
February 6, 11:59 AM
Unrivaled Brands, Inc. has released unaudited financial results for its fiscal year and quarter ended December 31, 2023. The company reported revenue of $33 million from continuing operations for fiscal year 2023. In 2023, the company underwent a restructuring and strategic reorganization, culminating in the formation of a new holding company, Blum Holdings, Inc. The process was completed in early January, along with a reverse stock split of its common stock. The company reported that quarter-over-quarter retail revenue remained consistent with the previous quarter, decreasing slightly from $8.4 million to $8 million. The gross profit margin for the quarter was 53%. Total transactions in 2023 increased by 5% compared to the previous year. The CEO of Blum Holdings, Sabas Carrillo, stated that the company is focused on strategic growth initiatives, retail opportunities, margin growth through in-house brands, debt reduction, and operational efficiency in 2024.

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Cannabis Giant Curaleaf Expands In This European Country Via New Acquisition

By Jelena Martinovic
February 6, 11:51 AM
Curaleaf International has acquired Can4Med, a pharmaceutical wholesaler specialising in cannabinoid medications, to expand its operations in Poland. The deal will also improve patient access to medical cannabis products across Europe. Poland's National Agricultural Support Center implemented rules last year that increased the THC level permitted in industrial hemp from 0.2% to 0.3%, facilitating a more streamlined permitting process for farmers and buyers. In August 2022, Curaleaf International registered its extract-based medicines in Poland through a partnership with local firm CanPoland. Last year, Poland saw a significant increase in the adoption of medical cannabis, with over 3,000 kg distributed. Curaleaf CEO Matt Darin called the acquisition a "significant step forward" for his company, as Poland's medical cannabis market expands rapidly.

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Rock Star Travis Barker Joins California Cannabis Market With Customized Products, Here’s Where To Find Them

By Jelena Martinovic
February 6, 11:24 AM
Travis Barker, the drummer for rock band Blink-182, has launched his own cruelty-free cannabis brand. Barker Canna Co. offers vegan products including prerolls, edibles and vape cartridges. A hardware partnership between the company and cannabis firm TILT Holdings has been announced. Currently, Barker Canna products are available at The Syndicate dispensary in California. Tim Conder, CEO of TILT, stated: "Jupiter's established reputation as an innovative, trusted supplier of inhalation products made this partnership with Barker Canna Co. a natural fit." Other famous musicians and celebrities have launched their own cannabis brands in California, including Carlos Santana, Willie Nelson and Berner.

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NBA Legend Isiah Thomas Says Colombia’s ‘Regulatory And Political Hurdles’ Are Not Affecting His Cannabis Business

By Jelena Martinovic
February 5, 11:00 AM
The legalization of marijuana in Colombia has been delayed after the Senate members put a halt to its implementation. The decision is expected to prompt lawmakers to start the legislative process again if they wish to continue with the proposed reforms to legalize cannabis. However, the lack of regulatory changes in marijuana laws is not affecting One World Products' operations or business prospects. The company recently agreed a deal to manufacture the Smokiez Gummies for distribution in the US, Europe and South America. It also signed an agreement with Kx Family Care to produce and distribute its CBD-enriched product range in Colombia and other Latin American countries. One World said both agreements are on track and will undergo production and commercialization soon. Further attempts will be made to legalize marijuana in Colombia within the next six months.

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CBD-Focused Avicanna Taps Into European Market Via Exclusive Pharma Supply Deal

By Jelena Martinovic
February 5, 10:41 AM
Canadian cannabinoid-based biopharmaceutical firm Avicanna will supply two proprietary topical products to an unnamed multinational pharmaceutical firm in six European countries in 2024. The deal will commercialise Avicanna's RHO Phyto brand in Europe for the first time. The company praised its own proprietary patent-protected technologies being entered into "the European market without competition" as testament to its "scientific and technical leadership in the cannabinoid clinical and commercialisation field", highlighting the deal's strategic nature and geographic position, as well as the expected rapid expansion into other European countries. The unnamed pharmaceutical company manufactures and markets a wide range of pharmaceuticals across four continents and has established a commercial infrastructure in Europe. These manufacturing plants will produce Avicanna's Ultra-CBD cream and CBG Transdermal Gel in 2024.

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Medical Cannabis Pioneer cbdMD Secures $1.2M To Fund Rollout Of Functional Mushroom Products

By Jelena Martinovic
February 5, 10:06 AM
Medical cannabis producer cbdMD has secured $1.25m in financing from five institutional investors to support the national rollout of its new ATRx Labs functional mushroom products. North Carolina-based cbdMD will use the proceeds for working capital as well. The news comes after the company launched two new products--Apple Cider Vinegar (ACV) and Immunity Gummy Pouches-through grocery chain Sprouts Farmers Market. Sprouts chose cbdMD to be a leading brand in its CBD section. The institutional investors will receive a senior secured original issue discount convertible promissory note, which matures 18 months from the date of issue. At that point, the notes can be converted into shares at a rate of $0.684 per share.

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Canadian Company Lifeist Says Farewell To Cannabis Business Unit, Turns To Nutraceuticals

By Jelena Martinovic
February 2, 1:15 PM
Canadian wellness company Lifeist has agreed to sell its CannMart cannabis subsidiaries to 1463663 B.C. for $3.72m. The deal, which is expected to improve cash flow and operational costs, will see all shares of the CannMart Group transferred to the buyer. The consideration of $5m plus adjusted inventory will be paid to Lifeist as follows: $500,000 cash will be paid upon the transaction's completion, with a further $4.5m in a senior secured vendor takeback loan paid through monthly repayments. Additionally, Lifeist will receive equity warrants to acquire 9.9% of Tierra Corp's equity, as parent company of 1463663 B.C. Once the deal is finalised, Lifeist will be freed to operate in the nutraceutical sector, with North America's $88.3bn predicted to grow to $118.7bn by 2028, according to the company.

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