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European Cannabis Q1 2024 Quarterly Update
May. 31, 2024 by SOMAÍ Pharmaceuticals
2024 ushered in one of the most reformatory changes that the global medical cannabis community has ever witnessed. The EU market received a massive spotlight on the potentially explosive growth coming and the much-needed injection of investors entering back to the sector.
Shifts
The first major shift that was announced came for the US HHS/FDA who begrudgingly released a 252-page report declaring that cannabis was not only safe but also good for at “least” 15 indications. This is the first time that any major and especially the biggest health regulatory agency in the world has reversed course and made a declaration of its kind. The HHS sited studying the results of 6,000,000 patients and 30,000 prescribing physicians when drawing the conclusions as to the safety and benefits of cannabis.
The second major shift was the country of Germany passing and implementing their first pillar which amongst other things removed cannabis from the list of narcotics. The impact on doctors being able to prescribe cannabis freely with no stigmas and rules around narcotics distribution was felt immediately with a surge in prescriptions and demand. In addition, other European countries that will follow similar or at least more medical paths has started and will likely continue exponentially.
The third major shift, which is still ongoing, was started by the HHS sending a letter to the US DEA to reschedule cannabis from Schedule I narcotic which means no medical benefit to a Schedule III. The President and Vice-President have regulatory touted the shift and have recently put the final decision in the DOJ for a legal opinion guided by the science and findings of the HHS. The shift from DEA to DOJ is not surprising since the DEA most likely doesn’t want to be the agency to reclassify drugs as they are fighting bigger issues like Fentanyl and doesn’t want to mix signals. It seems highly likely that the US will reschedule given the administration is pushing for the DOJ to be the final check mark in the process.
The Latest Countries
The three shifts make up 3 pillars for a global change in regulatory framework around the world. Already 2024 has been met with major announcements from countries that are moving forward with cannabis reform that is “more in line with global standards.” France has declared that they are moving away from the pilot and will begin a full access medical program that is restricted to extracts only and will allow for finished dosage cannabis products to be registered in 2024 for launch in 2025. Spain has also announced that they have moved to public debate for an extract only market that will be geared similar to Germany’s past access as magisterial products for now. And Brazil, another extract only market has opened to not just CBD products but also products containing THC. Czechia has submitted 2 proposals to the government for debate, and the result may look and resemble Germany of today when finally finished. Japan has moved forward with the first reform in 75 years, and by summer or end of year will announce concrete rules that may resemble products like Epidilox as well as CBD products with under 0.2% THC plus non-psychoactive cannabinoids like CBG and CBN. Israel has loosed its rules on prescribing cannabis which has led to a surge in flower demand. And more are expected to be announced this year, especially if the US reschedules and ignites a global regulatory explosion.
M&A and Raises
One of the most significant deal to start 2024 was the Somai Pharmaceuticals acquisition of the Lisbon, Portugal indoor grow RPK Bioscience from NASD-listed Akanada making Somai one of 5 true EU global verticals and only privately held fully owned vertical in the EU. Along with the purchase, Somai Pharmaceuticals raised an additional 4 million euros to complete the purchase and pay down their debt. Avextra raised 3.3 million euros internally to take out part of the Seed Innovations investment, yet still relies on contract manufacturing by a related manufacturing site not completing a real vertical. And there are still a slew of raises going on that have yet to land completed in 2024.
There is much to cheer about starting 2024 and investors are expected to pick up infrastructure investment dramatically. Partially fueled by Germany as an inflection point, but more so all the countries that have and will be opening. Companies like Artemis Growth Partners have teamed up with Tenacious Labs to create what they call “Europe’s Largest Cannabis Investment Platform”. The amount of infrastructure needed to supply Europe, which will be the second-largest cannabis market in the world, is massive. 2025 production could be far lower than the demand as it may take years to get new supply online, worrying insiders that lower-quality products will flood the market to fill the gaps. Investors see the potential growth of Europe that will be the second largest cannabis market and early investors are getting a much need valuation boost with these inflection point achievements like Germany.
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ICBC Berlin 2022 B2B Conference Panels Day 2 | Cannabis In Biotechnology
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Disposable Vapes Are An Environmental Concern But Producers Won’t Stop Making ’til You Stop Buying
Benzinga Annual cannabis vape sales continue to grow across many major markets–fueling demand and a growing eco-footprint. Rising consumer demand...
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SAFE Banking Act Dropped From China Competition Bill
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Switzerland Removes Medical Marijuana Access Limitations As Demand Rises
Benzinga The Swiss government confirmed that it will remove limitations on medical marijuana use, starting August 1st, 2022. Medical marijuana...
Switzerland set to lift medical cannabis restrictions
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Thailand removes cannabis from narcotics list, decriminalises growing plants at home
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Germany’s legalisation push has lit up the European cannabis market
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Michael Sassano & Antonio Guedelha: GMP #11: Stock Management in GMP Manufacturing
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Sequire Cannabis & Psychedelic Conference 2022 – Somai Pharmaceuticals
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CannaList Conversations with Michael Sassano, CEO and Chairman for Somai Pharmaceuticals
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“Positive shock waves”: Germany accelerates process for cannabis legalisation
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CPhI North America 2022: Pharmaceutical Cannabis Global Marketplace
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Michael Sassano & Antonio Guedelha: GMP Article 10: Production Cost Calculation Systems in GMP
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MGC Pharma, Cansativa Group & Somai Pharmaceuticals announced among Cannabis Europa sponsors
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European Cannabis Q1 2022 Quarterly Update
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How to Invest in Marijuana
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Michael Sassano: GMP Article No 9: Bringing New Products to GMP Facility
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The European Cannabis Report: 7th Edition | Expert Opinions: Michael Sassano (page 34)
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3 Reasons Cannabis Sin Stocks Stay Strong in Volatile Markets
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Inflation: is it affecting the cannabis market?
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The case for improving absorption for cannabinoids using ethosomes
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Opinion: 2022 could be the year for pharmaceutical marijuana
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SOMAÍ Pharmaceuticals + Huge Gage Cannabis News!
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Karma Koala Podcast Episode 67: This Week Michael Sassano, Inesa Ponomariovaite & Our Regular Segment From Dentons German Cannabis Head, Peter Homberg
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Innovations in Dosing Technologies: Getting an Accurate Hit, Every Time
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Safety and Culture at Forefront of Cannabis Social Club vs. Dispensary Debate
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Synthetic Cannabinoids versus Plant-Derived Products
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Spotlight Interview with Michael Sassano, CEO and Chairman of the Board for Somai Pharmaceuticals
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How Germany Can Enter The Adult-Use Cannabis Market Successfully
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How Germany Can Enter The Adult-Use Cannabis Market Successfully
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Portugal Is Highly Likely To Legalize Recreational Cannabis
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Michael Sassano – Somai Pharmaceuticals – Conforming to the Highest Pharmaceutical Standards
Valiant CEO Michael Sassano is well known as one of the original investors in the cannabis industry. He is celebrated...
Uber Eats to Offer “Baked Goods” with Canadian Cannabis Partnership
Marketscale “Every move that standardizes cannabis into the distribution and sales is a step to combatting the black market. Not...
Croptober – Navigating the Business of Cannabis Cultivation and Sustainability – Michael Sassano
YouTube - Somai Pharmaceuticals On Thursday, October 28 Excelsior College hosted a cannabis webinar, Croptober: Navigating the Business of Cannabis...
Cannabis Europa London 2021 – Michael Sassano
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Which Countries Will Likely Legalize Cannabis In 2022 And Why Isn’t The US Among Them?
Benzinga Cannabis reform is heating up across the nation. With it comes a booming multinational market, including a projected $102...
Michael Sassano, Renowned Pharmaceutical Expert, and Founder and CEO of Somai Pharmaceuticals LTD Zoom Interviewed
EIN Presswire Michael Sassano, Renowned Pharmaceutical Expert, Founder & CEO of Somai Pharmaceuticals LTD Zoom Interviewed for The DotCom Magazine
DotCom Magazine Interview of Michael Sassano, CEO & Founder of Somai Pharmaceuticals LTD
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How SOMAÍ is Bringing ‘Peak Efficiency’ and ‘Peak Profitability’ to the European Cannabis Market
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Cannabis Investment: 7 Best Marijuana Stocks to Buy for 2022
WTOP (Washington DC News) These seven marijuana stocks are on sale. Investors had high hopes for the legal marijuana industry...
Michael Sassano: GMP Series #8: Manufacturing Startup
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Few Medical Cannabis Licenses in Portugal Have Been Awarded
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Cannabis Co. Receives $3M ‘Innovative Products’ Grant From Government, EU In Portugal
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SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
BusinessCann SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant of 2.7 million euros by the Portugal 2020 committee....
Projeto Nº POCI-02-0853-FEDER-179647
SOMAÍ Pharmaceuticals Unipessoal LDA has officially opened its new state-of-the-art pharmaceutical EU-GMP facility in Portugal.
EU: Cannabis company receives €2.7 million grant
MMJ Daily Somaí Pharmaceuticals has received a €2.7 million grant from the Portugal 2020 committee.
SOMAÍ Pharmaceuticals Erhält Im Rahmen Von Portugal 2020 Fördermittel In Höhe Von 2,7 Mio. Euro
TechiLive LISSABON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) — SOMAÍ Pharmaceuticals Unipessoal LDA hat vom Portugal 2020-Komitee Fördermittel für innovative...
SOMAÍ Pharmaceuticals bénéficie d’un financement de 2,7 millions d’euros de Portugal 2020
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Somai Pharmaceuticals: SOMAÍ Pharmaceuticals erhält im Rahmen von Portugal 2020 Fördermittel in Höhe von 2,7 Mio. Euro
Finanz Nachrichten LISSABON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA hat vom Portugal 2020-Komitee Fördermittel für...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
Yahoo Finance LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
AP News LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
Opera News LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
Profiles in Legalization LISBON, Portugal — SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant of 2.7 million euros...
SOMAÍ Pharmaceuticals bénéficie d’un financement de 2,7 millions d’euros de Portugal 2020
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Somai: The Global Story of Cannabis
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These Are The Cannabis Industry’s Biggest Tricks and Treats So Far
Benzinga Halloween is almost here. As costumed revelers prepare for a weekend of celebrations, the cannabis industry readies for the...
Michael Sassano: GMP Series #7: Personnel Recruitment
Cannabis Law Journal No matter what you build or which equipment you purchase, your business cannot be successful without hiring...
Michael Sassano: GMP Series Part 6 – Quality Assurance Implementation
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Why Germany is Not the Future Leader of European Cannabis
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Michael Sassano CEO and Chairman Somai Pharmaceuticals: GMP Series #5: ERP Implementations
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The Advantages of Ethanol Extraction
Extraction Magazine Extraction technology is constantly evolving each year, which helps drive down associated costs, increase output volumes, and improve...
Does Big Business Provide A Better Look Into Cannabis Reform Than Capitol Hill?
Business Insider Operators in various sectors of cannabis feel that the industry provides a better insight into regulatory needs and...
Does Big Business Provide A Better Look Into Cannabis Reform Than Capitol Hill?
The Fresh Toast Operators in various sectors of cannabis feel that the industry provides a better insight into regulatory needs...
Does Big Business Provide A Better Look Into Cannabis Reform Than Capitol Hill? Operators Believe So.
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Cannabis Stocks Next Big Wave Is Coming Late August
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Michael Sassano and Antonio Guedelha: GMP Series Part 4: Laboratory Set-Up
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GMP Series Part 3: Process Equipment Procurement
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Could Drug Store Giants Eventually Sell THC? It’s Possible, But Many Hurdles Remain
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European Cannabis is Starting to Look Like the US Market 10 Years Ago
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CANNA WORLD EXPO EUROPEAN UPDATE SOMAI PHARMACEUTICALS CEO MICHAEL SASSANO
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Beyond CBD, THC: ‘Minor’ Cannabinoids Flood Market — Lack of data is concerning, even for practitioners who believe in medical cannabis
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Why GMP is the Future of Quality Control for the Global Industry
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SOMAÍ Pharmaceuticals Bringing The Future Of European Cannabis Market
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SOMAÍ Pharmaceuticals Bringing The Future Of European Cannabis Market
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Morocco: Cannabis Legislation but the Devil in the Details
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Low-Cost Pot Stocks To Consider, According To SOMAÍ Pharmaceuticals CEO Mike Sassano
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Cannabis Revival and Year of the SPAC’s: What’s To Be Expected the Rest of 2021?
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SPAC Mania: The Biggest Cannabis Boom Is Yet To Come
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GMP Series Part 2: Building and Design – Authored By: Michael Sassano and Antonio Guedelha
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Benzinga Cannabis Capital Conference | February 25-26, 2021 | Michael Sassano
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Cannabiz: How to Invest in This Growing Industry
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GMP & Compliance: GMP SERIES #1: “Starting Your GMP Approval Process for Cannabis Correctly”
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PREDICTIONS | Want to know the future? There are two ways: a crystal ball or really smart people (pages 74-75)
B2B Wholesaler Magazine Mike Sassano, CEO and Chairman of Somai Pharmaceutical: “2021 is shaping up to be the most explosive...
Ingenious Cannabis Entrepreneurs to watch in 2021
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These Are The Top European Cannabis Companies
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9 Things to Consider When Raising Capital for Startups in Europe
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Tantalizing Terpenes Boost Cannabinoid Blends For The European Market (pages 20-21)
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UK to see largest medical cannabis market growth in Europe 2020 to 2025
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Desert Oasis | Solaris Farms is capitalizing on a prime location and plenty of Nevada sunshine (page 58-61 November issue)
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Cannabis Top 20: North America’s Largest Commercial Grows
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Real Deals – Michael Sassano
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Best practices for securing your cannabis grow operations and supply chains
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Cannabis Terpenes: What Growers Need to Know
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Opening the Pot: Vegas Cannabis Industry Moving Ahead Amidst COVID
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California joins push to let cannabis businesses use banks as part of coronavirus relief
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Cannabis company executives speak to the industry’s trying times
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Why Large-scale cannabis producers are turning to Hybrid Greenhouses
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Lawmakers Look to Include Cannabis Banking Reform in Next COVID-19 Stimulus Bill
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COVID-19 Is Leaving Its Mark On The Cannabis Industry, Insiders Say
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Why Cannabis Will Boom During the “New Normal”
Nisonco "In the future, the entire cannabis industry will benefit from not only it’s essential medicine title, but also hundreds...
Cannabis Do-Gooders: These Companies Are Lending A Helping Hand Against COVID-19
Benzinga “Creating a safe environment while cannabis is deemed 'essential' added tremendous positive energy for our team, while at the...
Cannabis Do-Gooders: These Companies Are Lending A Helping Hand Against COVID-19
Yahoo finance "Recently, in-order to give back to the community and create outward good will, Solaris Farms reduced pricing to...
Hemp Companies Step Up To Help During Pandemic
Hemp Market Report “Although our first priority is to the safety of our employees and doing our part to slow...
Cannabis Pros Sound Off On How Coronavirus Pandemic Will Affect Industry
Forbes Michael Sassano, founder and CEO of Solaris Farms, a Las Vegas-based greenhouse for growing cannabis, is filtering the turmoil...
CannaBusiness Tips For Coronavirus Times
Benzinga "Don’t panic, but it’s time to look at a slow down in all businesses, including cannabis sales. Recently, I...
Cannabis Executives on Turbulent Markets: “Don’t Panic”
Equities “I’m a believer in letting the flood gates open. But I see things from a well established position. The...
Michael Sassano: the man bringing US cannabis know-how to Europe
Cleanroom Technology The focus of the marketplace is on CBD, Sassano admits, noting regulation is developing. "Places like Switzerland have...
Michael Sassano: the man bringing US cannabis know-how to Europe
NBR A US native, Sassano believes a more liberal approach to the use of cannabis will take some time for...
Michael Sassano: the man bringing US cannabis know-how to Europe
Manufacturing Chemist "This declassification is more symbolic than ground-breaking," tells me Michael Sassano, Founder and CEO of Solaris Farms, a...
New Cannabis Products: Kiva’s Camino CBN Line, Solaris x Cannabis & Culture’s Line And A Topical Cream
Yahoo finance "With over $100,000 in sales the first week of launch, it’s clear that Culture and Cannabis’s reach means...
New Cannabis Products: Kiva’s Camino CBN Line, Solaris x Cannabis & Culture’s Line And A Topical Cream
Benzinga Michael Sassano, CEO of Solaris, told Benzinga, "The merger of the Culture and Cannabis media group with Solaris Farms...
European Union Urges Member Nations to Vote for World Health Organization’s Cannabis Rescheduling Recommendations
Cannabis Business Times “The 1961 Narcotics Act of Europe is similar to [the Drug Enforcement Administration’s (DEA)] Schedule I in...
“Marijuana is a global trend that can no longer be stopped.”
Incrussia The largest marijuana market in Europe is now Germany ($100 million). The American market is estimated at about $10...
Which European Countries Cannabis Investors Should Watch in the New Decade
Equities Europe is at the crawling stage of cannabis development and starting their first awkward steps with medical acceptance. -...
Solaris Farms & Tech-Driven Growing
Culture & Cannabis The cultivation is relatively new, springing up in the summer of 2016. Despite its age, Solaris Farms...
‘Big Cannabis’ Technologically Ahead Of Its Times, But Post-Harvest Automation Remains Elusive
Forbes “The tech is getting closer but we’re not there yet,” said Michael Sassano, CEO, Solaris Farms, a cannabis cultivator...
U.S. leads in cannabis innovation, but cedes global market to Canada
The Denver Post The genetics and sophistication underlying the U.S. cannabis industry lead to better-quality and higher-potency flowers for those...
American pot is the gold standard. But Canada leads the export game — for now
Salon The genetics and sophistication underlying the U.S. cannabis industry lead to better-quality and higher-potency flowers for those who smoke...
American pot is the gold standard. But Canada leads the export game — for now
Kaiser Health “The world wants that technology,” said Michael Sassano, CEO of Solaris Farms, the largest cannabis hybrid greenhouse in...
From Seed to Sale Nevada’s Cash Crop Cannabis Industry
Nevada Business Initially, no one thought growing cannabis in the Southern Nevada desert would take. But Solaris Farms is growing...
America’s marijuana growers are the best in the world, but federal laws are keeping them out of global markets
Washington Post Federal prohibitions are getting in the way of efforts to grow the U.S. marijuana business into a global...
What Should Investors Take Away From MJBizCon 2019?
Equities Marijuana Business Daily’s annual MJBizCon is the largest conference and convention in the global legal cannabis industry. This year's...
How to Do Cannabis Cultivation Business Planning for Growth
B-Plans Developing a cannabis cultivation business requires significant planning, dedication, and focus. Initially, you’ll need to develop a solid plan...
“5 Things I Wish Someone Told Me Before I Started Leading a Cannabis Business”, with Michael Sassano and Len Giancola
Medium The cannabis business is a complete dedication and you must make large sacrifices for it. It is very fast...
Key trends when investing in the Cannabis industry in Opportunity Zones
Opportunity Zone Cannabis land development is growing and gaining traction in Opportunity Zones (OZ). Not only has a large amount...
Vegas Hybrid GreenHouse Dominance by Mike Sassano – page 20
Vegas Cannabis magazine
The Cannabis Cultivation Costs by State
MG Retail Magazine To the outside world, the legal cannabis industry appears to be one big cash machine. While it’s...
Mike Sassano: Increasing Potency with Greenhouse Technology
Ganjapreneur Michael Sassano is the CEO and founder of Solaris Farms, one of three large greenhouse cannabis cultivators in Nevada....
OZ WRITERS COUNCIL DIRECTORY
OZ WRITERS COUNCIL DIRECTORY The Council is an invitation-only group of executives and professionals with experience in the Opportunity Zone...
Are cannabis hand-trimmers an endangered species?
Leafly Many people in the cannabis industry start out as trimmers. Wearing “sticky gloves” is a way to learn the...
Automation and sensors in hybrid greenhouses
AgTechTomorrow Solaris is a high tech hybrid greenhouse designed specifically for desert environments. It was the first ground up hybrid...
Desert Greenhouse Cultivation
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Five Diverse Questions With Michael Sassano, Founder: Solaris Farms
Forbes I was born and raised in Cleveland, Ohio before attending Boston University. I graduated Cum Laude with Distinction in...
Automation is the Future of Cannabis
Equities As industries evolve, the companies within them consistently work to implement new methods that update their processes so they...
How Solaris Farms’ Michael Sassano Works: Cannabis Workspace
Cannabis Business Times In this installment, CBT presents an up-close look at the tools and habits behind the Nevada-based cultivator’s...
Federal Court Orders DEA to Explain Inaction on Cannabis Cultivation Applications
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Federal Court Orders DEA to Explain Why It Has Ignored Cannabis Cultivation Applications
Cannabis Business Times A federal court has ordered the Drug Enforcement Administration (DEA) to explain why it has not responded...
Soma Pharmaceuticals Reveals Plans for Ireland’s Medical Cannabis Market
Cannabis Business Times As cannabis policy reform continues to sweep the globe, Ireland has launched a medical cannabis pilot program,...
What Technology Will Most Impact The Cannabis Industry? 24 Experts Share Their Insights
Disruptor Daily Cannabis legalization is gaining serious steam, and the industry is coming to a crossroads as nationwide demand for...
Solaris Farms Tackles Desert Heat with Global Tech
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What Trends Are Shaping The Cannabis Industry In 2019? 25 Experts Weigh In
Disruptor Daily Considering the topic of this article, you'd be forgiven for wondering whether it's 4/20 yet. It's not, but...
What’s The Future Of The Cannabis Industry? 28 Experts Share Their Perspectives
Disruptor Daily Bob Dylan once said that the times are a-changin', and no industry echoes that message like the cannabis...
CANNABIS INTERVIEW – MICHAEL SASSANO – FOUNDER SOLARIS FARMS
Cannabis Magazine Want to know more about one of the world’s largest greenhouses for growing cannabis? We sat down with...
Mike Sassano – A Cannabis Business in the Opportunity Zone
BuzzSprouts Mike Sassano's eclectic career has taken him from Cleveland to Wall Street, to Monaco and now Las Vegas. As...
Define “Organic”: The Cannabis Movement Is Stuck On Labeling
Dope Magazine Michael Sassano of Nevada’s Green Cross of America said all cannabis grown in the state is done without...