Connect with us

Cannabis News

Cannabis Startup Demecan Raises €7m in Series A Funding

Jordan Webber

Published

on

Cannabis Startup Demecan Raises €7m in Series A Funding

German cannabis startup company Demecan raised €7 million in the recent Series A Funding round. Demecan is the only German company in the country which has been allowed by the government to manufacture medical cannabis.

Tech investor btov Partners led the Series A Funding round. Apart from the btov Partners, the other investor for the round includes a German entrepreneurial family office named Single Office Family. Single Office Family hails from a consumer goods industry, notes Der Brutkasten.

In a statement, spokesperson Jennifer Phan of btov Partners said “Demecan operates in a very attractive market at the right time. Germany currently represents the third-largest market for medical cannabis in the world and is on a growth path. We believe that the company has a first-mover advantage in a highly regulated market environment, especially as it is the only German manufacturing and trading company in the European market.”

The cannabis law in Germany allows the use of medical marijuana but with certain medical context. Patients who have sought a doctor and “have no therapeutic alternative” can use MMJ. Recreational use of cannabis is illegal.

Demecan’s Plan to Expand it’s Medical Cannabis Market

Through its funding, the German startup revealed they “are now focusing on further growth and the start of production in 2020,” says co-founder Dr. Constantin von der Groeben. In the same way, the business expressed excitement over the support and partnership of the tech investor. Another co-founder of Demecan, Dr. Adrian Fischer, states that having reliable partners is essential for their success in the field.

Demecan’s financing and government approval entail the company will be legally allowed to manufacture at least 2,400 kilograms of dried cannabis flowers for medical purposes within the next 4 years, reports Tech Crunch. The contract for production came from the Federal Institute for Drugs and Medical Devices (BfArM) in Germany.

Part of the funding will be geared towards the improvement and expansion of their production facilities. Meanwhile, some of the financing raised by the company will go towards its wholesale distribution in Germany.

Starting in 2020, the company will start its production and supply of medical marijuana in partnership with the Federal Republic of Germany. According to EU Startups, the cultivation and processing site of these cannabis flowers are located near Dresden.

Apart from being granted permission to produce dried cannabis flowers for the medical industry, Demecan will also be allowed to distribute and sell medical cannabis within the nation.

Besides the German cannabis startup company, two other companies from Canada obtained contracts from the government last May 2019 to produce and provide medical marijuana in the country.

The demand for medical marijuana increased after it was legalized in the country last 2017.

Cannabis News

Cannabis Sales in Illinois Reaches an All-Time High

Carissa Stevens

Published

on

Cannabis Sales in IL

As businesses have slowly been opening around the globe, one of the industries that have greatly benefitted from this is the cannabis industry. In Illinois, the report from the Illinois Department of Financial and Professional Regulation showed that marijuana dispensaries in the state have reached a massive revenue for June, with more than $47.6 million worth of products sold.

Following this, NBC Chicago states that Illinois sales set an all-time high record within the state. Prior to Illinois’ current record, the previous record held by the region during May 2020 was $44.3 million.

According to the Daily Herald, approximately 994,545 marijuana items were sold, with around $48 per purchase. Marijuana Moment says monthly sales have risen by 5,000 more in June.

The increase of cannabis sales in the state was largely attributed to the out-of-state residents driving by to make purchases. NBC Chicago revealed that individuals who lived outside of state contributed a whopping $12.3 million worth of sale for the month of June alone.

Meanwhile, the Daily Herald reports that $35.2 million of the $47.6 million sold by the dispensaries come from in-state residents.

Patch states that sales in Illinois significantly rose by more than 21 percent. Meanwhile, the state’s pre-tax spending rose by less than 3.5 percent.

When asked about Marijuana Moment about the rising sales, the Office of Economic Analysis said in May that, “Expectations are that some of these increases are due to temporary factors like the one-time household recovery rebates, expanded unemployment insurance benefits, and the shelter in place style policies.”

Tax revenues will reportedly be released later this month by the Department of Revenue. The state is slated to make around $13 million in marijuana taxes and associated sales.

Currently, the state of Illinois imposes taxes on marijuana products based on its level of potency. THC products ranging sold in marijuana dispensaries are taxed accordingly with anywhere from 10 percent to 25 percent depending on its potency. According to the Daily Herald, these taxes go to a variety of dedicated coffers.

Among the groups that will benefit from the tax revenue distribution is the state’s general funding with a 35 percent allocation, communities affected by the war on drugs with 25 percent of funding, and 20 percent will go to substance abuse and mental health programs in the state. Meanwhile, 10 percent will be given to the overall bill backlog of Illinois.

Since its legalization in January 2020, marijuana dispensaries in the state of Illinois have successfully amassed $239.1 million worth of cannabis products. Patch reveals that more than $52.5 million was garnered by the state within the first five months of legalization.

Continue Reading

Cannabis Legalization

Hobo Cannabis Wants Delivery Service to be Legal in BC

Carissa Stevens

Published

on

Cannabis store chain Hobo Cannabis is urging legislators to make delivery service legal in British Columbia, said CBC. This call is a step toward stopping illegal dealing in the province. The licensed dispensary, along with other certified vendors, argued that they are “at a disadvantage against unlicensed competitors who deliver weed.” The report emphasized that BC does not have cannabis laws allowing the delivery of cannabis products.

This issue has been a concern for many licensed vendors for a long time, said Harrison Stoker, vice president of Donnelly Group, the company that owns Hobo Cannabis. However, the illicit delivery of cannabis products has become more rampant over the past few months because of the virus pandemic, as customers choose to get their products delivered to protect themselves from the public health risk.

According to Stoker, “The illicit market [in BC] is very intelligent, very strategic and very mature in their business models.” He also said that the pandemic was a prime time for the illegitimate industry. Stoker asserts that legalizing delivery services can help them compete with such illegal sellers. It could also help fight the black market.

The CBC report noted that consumers can have their products legally delivered through mail by going through the government-operated BC Cannabis Store. However, packages take a few days before they arrive, as opposed to delivery options that could be same-day.

The article also cited Weedmaps, a cannabis-focused website, which offers a list of delivery services in the Lower Mainland. It even guarantees quick delivery, usually within one hour. Stoker argues that modern times call for a more updated approach as “people expect these kinds of modern retail features.”

By allowing licensed stores to deliver, customers do not have to opt for black market products. Instead, they can choose among authorized products just like what happens in Saskatchewan, Manitoba and Ontario, where delivery is legal.

Meanwhile, the province’s Ministry of Public Safety said that it is now evaluating the possibility of legalizing deliveries. It has also been taking steps to crack down on the illicit industry, despite facing significant challenges because many of them operate online. The Ministry is in charge of the legal cannabis program in the province.

Mark Haden from the UBC School of Population and Public Health with experience in writing about drug regulation said that legalizing deliveries is a great short-term move. The better action in the long-run is to “bring the illegal sector into line with the law.”

Continue Reading

Cannabis Legalization

Louisiana to Provide Wider Access to MMJ Via New Law

Stacey Wellington

Published

on

mmj expansion bill

Louisiana Governor John Bel Edwards officially signed the expansion of the state’s therapeutic cannabis program into law last week. Edwards announced his action Monday evening, June 15, 2020. Under this, the in-state medical marijuana program will recognize an array of maladies and conditions beyond the initial set list approved by the legislature.

Slated to take effect by August 1, 2020, the new law would reportedly allow doctors to recommend medical marijuana-based treatment for any condition they see fit. Likewise, this would also take away the previous restrictions on cases which doctors can recommend this treatment.

The MMJ expansion bill was introduced and sponsored by Representative Larry Bagley. According to Marijuana Moment, Bagley initially only included traumatic brain injuries, as well as concussions, as part of the list. The bill, however, was amended to include what a doctor “considers debilitating to an individual patient.”

Moreover, ABC News reports that doctors will no longer have to sign up and register for a license to authorize or recommend cannabis treatment from the Louisiana State Board of Medical Examiners.

Prior to this amendment, only licensed cannabis specialists are allowed to provide cannabis-based recommendations to their patients based on the 16 serious health conditions found under the legislature-approved list, reports Fox 8.

Despite these changes, Fox 8 states that physicians are still required to uphold the state reporting requirements that seek to support the Louisiana State University (LSU) and Southern University in its respective research efforts. Both universities are the only two institutions that are recognized and authorized to grow cannabis within the state.

mmj bill

Apart from signing the bill into law, Governor Edwards also signed another legislation that protects banks and credit unions catering to cannabis businesses from being penalized by state regulators, reports Marijuana Moment.

The Louisiana governor has also signed another bill that extends legal protection to medical professionals and doctors, as well as medical facilities, who opt for a medical marijuana-based treatment program and who have respective cannabis patients under their care and jurisdiction, notes Marijuana Moment.

The approval and signing of the aforementioned bills come after lawmakers brought the cannabis bills to Edwards’ office earlier this June. A hemp and CBD regulation proposal has yet to be approved or acted upon accordingly by the state governor.

In an interview with Fox 8, war veteran and medical cannabis user Gary Hess said that the recent legislation in Louisiana may serve as a model for nationwide implementation. However, Hess believes that this is only possible if stakeholders truly express vigilance and care for their patients, and if the state addresses the stigma surrounding the plant.

Continue Reading
Advertisement cbd oil
Cannabis Sales in IL
Cannabis News4 days ago

Cannabis Sales in Illinois Reaches an All-Time High

Cannabis Legalization2 weeks ago

Hobo Cannabis Wants Delivery Service to be Legal in BC

mmj expansion bill
Cannabis Legalization3 weeks ago

Louisiana to Provide Wider Access to MMJ Via New Law

Cannabis Legalization4 weeks ago

IL Delays Issuing of Licenses for Minority Business Owners

Racial Disparity in Marijuana Searches and Arrests
Cannabis Legalization4 weeks ago

Racial Disparity in Marijuana Searches and Arrests Still Persists, Studies Reveal

Cannabis Reforms Legislation
Cannabis Legalization1 month ago

Israel to Enact Cannabis Reforms Legislation

Green Growth
Cannabis News1 month ago

Canada OKs Green Growth Asset Sale Plan

Kratom 4 Reasons Why It’s Worth Exploring
Cannabis News2 months ago

Kratom: 4 Reasons Why It’s Worth Exploring

CBD Products
Cannabis News2 months ago

How to use CBD Oil for Pain – 2020 Quarterly Review

Milpitas Council Mulls Over Cannabis Sales Tax in Ballot
Cannabis News2 months ago

Milpitas Council Mulls Over Cannabis Sales Tax in Ballot

New Cannabis Strain, Leo Bridgewater and Harmony Dispensary
Cannabis News2 months ago

Harmony Dispensary, Leo Bridgewater Comes Out with New Strain

Arts & Culture2 months ago

10 Famous athletes who support the use of Cannabis

biden marijuana decriminalization plan for blacks
Cannabis News2 months ago

Biden’s Plan for Black America Includes Cannabis Reform

San Francisco Govt Gives Cannabis in A Harm Reduction Effort
Benefits of Medical Marijuana2 months ago

San Francisco Govt Gives Cannabis in A Harm Reduction Effort

Life in Quarantine Coping with CBD, Cannabis
Cannabis News2 months ago

Life in Quarantine: Coping with CBD

Here’s How to Use CBD Safely Amid COVID-19 Pandemic
Arts & Culture2 months ago

Here’s How to Use CBD Safely Amid COVID-19 Pandemic

Cannabis News2 months ago

Treating Neurodegenerative Diseases with The Help of Cannabis

Cannabis Use Increased in March in Light of Pandemic
Cannabis News2 months ago

Survey: Cannabis Use Increased in March in Light of Pandemic

DC Opens Marijuana Dispensaries
Benefits of Medical Marijuana3 months ago

DC Opens Marijuana Dispensaries to Out-of-State Patients

Cannabis Jobs
Cannabis News3 months ago

Top High-Paying Jobs in the Cannabis Industry

20 CBD Gummies for Sleep
Cannabis Recipes2 weeks ago

Hot Products: 20 CBD Gummies for Sleep

Cannabis Recipes2 weeks ago

How To Make CBD Cookies [VIDEO]

Cannabis Recipes2 weeks ago

Introducing CBD Water – What Is It and Should You Try It?

cannabis beverages
Cannabis Lifestyle3 weeks ago

Cannabis Beverages as a Refreshing Option for Consumers

Cannabis Cooking, CBD Recipes to Try While on Quarantine
Cannabis Recipes2 months ago

Quarantine Cooking: Cannabis Recipes to Tide You Over

CBD Recipes to Try Over the Weekend
Cannabis Recipes2 months ago

Top 3 CBD Recipes to Try Over the Weekend

CBD Infused Drink
Cannabis News6 months ago

Cann Social Tonics Gains $5m in Funding

Cannabis Kitchen Essentials to Have This Holiday Season
CBD Drinks and Edibles7 months ago

4 Cannabis Kitchen Essentials to Have This Holiday Season

Thanksgiving Turkey
Cannabis Recipes8 months ago

Best Cannabis Recipes To Serve This Thanksgiving

Halloween Horror Movies
CBD Edibles9 months ago

Fright Night: 5 Horror Movies to Match with your CBD Snacks

CBD Edibles for Your Halloween Party
Cannabis Recipes10 months ago

3 CBD Edibles for Your Halloween Party

Cartoons to Watch with CBD Edibles
CBD Drinks and Edibles10 months ago

Top 7 Cartoons to Watch with CBD Edibles

Cannabis Cookbooks
Cannabis Recipes10 months ago

The Best Cannabis Cookbooks To Have

US-Restaurants that Serve CBD Food and Drinks
Cannabis Lifestyle11 months ago

5 Restaurants That Serve CBD Infused Food and Drinks

Arizona Iced Tea
Cannabis News11 months ago

Maker of Arizona Iced Tea to Enter Cannabis Industry

Cannabis Drinkables
Cannabis News11 months ago

Big Alcohol Companies to Develop Cannabis Drinks

Cannabis-Infused Multi-Course Meals
Cannabis News1 year ago

Yellowknife Chef to Develop Cannabis-Infused Multi-Course Meals

4th of July Celebration
Cannabis Recipes1 year ago

Cannabis Recipes To Try this 4th of July

Ben & Jerry's CBD Ice Cream
Cannabis News1 year ago

Ben and Jerry’s Intends to Make CBD Ice Cream, Enter Cannabis Industry

Marijuana Books
Arts & Culture1 year ago

Reading Literature: 5 Marijuana Books to Add on Your Must-Reads

CBD for my anxiety
Benefits of Medical Marijuana2 days ago

Should I take CBD for my anxiety? – BBC Stories [VIDEO]

Benefit of CBD
Benefits of Medical Marijuana7 days ago

The Inside Story of Cannabidiol – What are the Benefits of CBD? [VIDEO]

how cbd can help
Benefits of Medical Marijuana3 weeks ago

Here’s How CBD Can Help You While Stuck in Quarantine

treatment for fibromyalgia
Benefits of Medical Marijuana3 weeks ago

CBD as Treatment for Fibromyalgia: Is it Effective?

CBD to address insomia
Benefits of Medical Marijuana1 month ago

Using CBD to Address Insomnia: Is it Effective?

Kratom
Benefits of Medical Marijuana1 month ago

Kratom – Benefits, Uses, and Dosage

Benefits of Medical Marijuana1 month ago

Cannabis Mixed with Dung Found at Ancient Israeli Shrine

CBD as an Aid in Treating and Managing Asthma
Benefits of Medical Marijuana1 month ago

CBD as an Aid in Treating and Managing Asthma

Ways How CBD Is Changing the Health Industry
Benefits of Medical Marijuana2 months ago

5 Ways How CBD Is Changing the Health Industry

Why Consume CBD for Backpain Caused by the Pandemic
Benefits of Medical Marijuana2 months ago

Why Consume CBD for Backpain Caused by the Pandemic

Cannabis Use Increased in March in Light of Pandemic
Benefits of Medical Marijuana2 months ago

Can Cannabis Help In The Fight Against Anxiety?

Arts & Culture2 months ago

10 Famous athletes who support the use of Cannabis

San Francisco Govt Gives Cannabis in A Harm Reduction Effort
Benefits of Medical Marijuana2 months ago

San Francisco Govt Gives Cannabis in A Harm Reduction Effort

Cannabis and Pets
Benefits of Medical Marijuana3 months ago

Pot for Pets: Benefits of CBD Oil for Furry Friends

DC Opens Marijuana Dispensaries
Benefits of Medical Marijuana3 months ago

DC Opens Marijuana Dispensaries to Out-of-State Patients

cannabis
Benefits of Medical Marijuana3 months ago

CBD Help Guide: How to Manage Anxiety During Health Crisis

CBD Oil and Sleep Benefits
Benefits of Medical Marijuana4 months ago

3 Excellent Sleep Benefits with Using CBD Oil

PrestoDoctor Snags Top Cannabis Telemedicine Award
Benefits of Medical Marijuana4 months ago

PrestoDoctor Snags Top Cannabis Telemedicine Award

Seniors Using Cannabis On The Rise
Benefits of Medical Marijuana4 months ago

JAMA Study: Number of Seniors Using Cannabis On The Rise

Medical Marijuana in Alabama
Benefits of Medical Marijuana5 months ago

Alabama Senate Committee OKs Bill to Legalize Medical Cannabis

Trending Articles