Cannabis Goes Global: Czech Republic, Australia, Nepal, Costa Rica And Canada Updates

Czech Government Reverses CBD Ban, Prioritizes Research & Clear Regulations

"We have agreed that the upcoming measure regulating the sale of CBD will not come into force now," stating that a dedicated working group has been established to develop "clear and predictable rules," said Prime Minister Petr Fiala reported by Hemp Today. The move comes in response to industry pushback and concerns raised by users and entrepreneurs. Recognizing CBD as a food, the government plans to review naturally occurring cannabinoids as traditional food and has proposed a three-tier safety system based on CBD concentration. With a commitment to finding a balanced solution benefiting all stakeholders, the government aims to navigate the CBD landscape with thorough research and well-defined regulations.

Legalizing Cannabis In Western Australia Could Generate $243.5 Million Annually

Legal weed could generate a staggering $243.5 million per year in the first five years, revealed a report, which provides a comprehensive analysis of the potential revenue. 

Nepal: Gandaki Province Chief Minister Champions Marijuana & Liquor Legalization 

Surendra Raj Pandey, who suggested that if marijuana has medicinal properties it should be established as a medicine, also highlighted the potential for hemp cultivation and domestic liquor production to boost the local economy and provide employment opportunities. He acknowledged that the legalization of marijuana and domestic liquor would require discussions with the central government to initiate appropriate legislation.

Costa Rica Grants Authorization To Azul Wellness for Medical Cannabis Cultivation

Minister of Agriculture and Livestock (MAG), Víctor Carvajal signed a resolution granting authorization to Azul Wellness S.A. to cultivate and process cannabis for medical purposes. Backed by the family of José Álvaro Jenkins, president of the Costa Rican Union of Chambers and Associations of the Private Business Sector (UCCAEP), Azul Wellness plans to establish a large cannabis production facility in Guanacaste, per The Tico News. Partnering with Merida Capital Holdings, a U.S. private equity fund, the company aims to export the produced material. With favorable regulations and a promising climate, Costa Rica has the potential to become a major player in the global medical cannabis market, benefiting both the economy and patients in need of therapeutic treatments.

Canadian Cannabis Producers Face Mounting Pressure from Tax Agency as Excise Debts Soar

Canadian cannabis producers face increasing pressure from the Canada Revenue Agency (CRA) as it becomes more aggressive in pursuing outstanding excise debts, exacerbating the financial struggles of companies already grappling with overproduction and high taxes. The CRA is considering measures such as garnishment, liens on property and equipment, and legal action. In the 2021-2022 fiscal year, the Canadian government collected CA$ 1.5 billion in cannabis taxes and profits, while the total duty assessed on producers reached CA$ 752.5 million, reported MjBizDaily. The intensified efforts by the CRA could potentially push some companies into insolvency, highlighting the urgent need for solutions to address the excise debt issue in the industry.

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