A US-based multi-state operator (MSO) announced it has set aside a new company division that will pursue the European cannabis market.
Also this week, a cannabis research firm revealed that cannabis now holds a position as one of the most highly valued crops in the US.
Keep reading to find out more cannabis highlights from the past five days.
Curaleaf Holdings (CSE:CURA) announced that its subsidiary EMMAC Life Sciences Group will now operate as Curaleaf International and will target opportunities in the burgeoning European cannabis market.
“The landscape in Europe is changing and we can see similar clear patterns to the progress in North America for adult use cannabis,” Antonio Costanzo, CEO of Curaleaf International, said in a statement to shareholders.
The company said it expects the value of the entire European cannabis market to sit at 3.2 billion euros by 2025.
Boris Jordan, founder and executive chairman of Curaleaf, has been a heavy proponent of the European opportunity and its role in the growth of MSOs beyond the US. He recently joined the board of the Bloomwell Group, a German cannabis company.
Earlier this year, Jordan tipped his hand about his level of interest in the European opportunity.
“The Europeans are taking a more careful approach to this and a far more pharmaceutical medical approach than the United States did,” Jordan said during an online cannabis event.
According to a new dataset from market researcher Leafly Holdings (NASDAQ:MCMJ), cannabis is now the fifth most valuable crop in the US market, beating cotton, rice and peanuts.
Cannabis is worth US$6.2 billion in annual wholesale value, the report indicates. Corn stands alone as the most valuable crop, represented by a US$61 billion value line.
David Downs, lead author of the report and Leafly’s California bureau chief, described the return from cannabis as “mind-boggling,” and highlighted the need for cannabis federal reform.
“This plant is helping generate wealth, employment, and community investment around the country, and our legislators need to recognize the opportunity cannabis presents for Americans — today,” Downs said.
The study was completed in partnership with Whitney Economics.
- Canopy Growth (NASDAQ:CGC,TSX:WEED) released the financial report for its fiscal Q2 2022 period. The company reported $131.4 million in revenue, a decrease from last year, while also posting a loss of $162.6 million for its EBITDA. “In new industries where the potential is immense, progress is rarely a straight line,” CEO David Klein said.
- Avicanna (TSX:AVCN,OTCQX:AVCNF) confirmed the receipt of Good Agricultural and Collection Practices (GACP) certification in Colombia for its subsidiary Santa Marta Golden Hemp. “Coupled with the new regulatory framework in Colombia which would authorize the export of flower; we will now deliver GACP and organic certified flower from our greenhouse and outdoor modalities to the global market,” Lucas Nosiglia, president of Avicanna LATAM, said.
- Columbia Care (NEO:CCHW,CSE:CCHW,OTCQX:CCHWF) completed an acquisition worth US$42 million to obtain vertically integrated Colorado-based cannabis company Medicine Man.
- Organigram Holdings (NASDAQ:OGI,TSX:OGI) issued a corporate update to shareholders in which it outlines recent events for its product presence in Canada. “Our industry-leading market share growth really highlights the continued momentum that Organigram is experiencing in the market,” Beena Goldenberg, CEO of Organigram, said.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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