The European Cannabis News Update

European Cannabis News Update

Danish Pot Firm Becomes First European IPO

StenoCare, a Danish cannabis company, is getting ready to list shares in the Copenhagen stock exchange by next month, making them the very first European company to launch an IPO. The company is expected to benefit from an uptick in investor interest due to the growing awareness of cannabis’ therapeutic benefits in treating a wide range of illnesses including chronic pain, chemotherapy-induced nausea, multiple sclerosis, and more, reports Reuters.

StenoCare is the first company in Denmark to obtain permission for producing, selling, and importing cannabis oil in the country. They intend to raise capital in order to build their own production facility to cater to the Danish market as well as export to other markets around Europe.

Denmark legalized cannabis for medicinal use on January 1 of this year. They are one of the few countries in the continent that have legalized local production. Together with Italy, the Czech Republic, Britain, and Germany; it’s legal in Denmark to prescribe cannabis oil.

“There are concerns in Germany and other countries about security of supply, because the global production capacity is not big enough to meet demand,” Thomas Skovlund Schnegelsberg, StenoCare Chief Executive disclosed to Reuters. “In order to secure supply to Denmark and other European markets, we need to have our own production,” he adds.

For now, StenoCare is importing their supply from CannTrust, a Canadian firm. The first deliveries will be sent to hospitals and pharmacies in Denmark this month.

Recreational cannabis use is still illegal in Denmark, although Christiana, the famous capital and hippie center of Denmark, is known for its public use and selling of cannabis. However, the cops aren’t cracking down on this activity as it isn’t a priority.

USA Eclipses Amsterdam’s Cannabis Market

Amsterdam has long been known as one of the world’s best destinations for stoners. One could easily walk into a “coffee shop”, as it’s known locally, to buy and consume cannabis legally due to the tolerant policies of the Dutch. However, producing their own cannabis has always been an issue, reports CNBC.

“The most difficult thing about having a coffee shop in the Netherlands is that it’s allowed to sell it, but it’s not allowed to buy it,” revealed Joachim Helms, chairman of the Dutch Cannabis Retailers Association and co-owner of Green House Coffeeshops in Amsterdam.

Recreational use markets in Canada and the USA seem to be eclipsing the Dutch market, at least if they don’t catch up. “The coffeeshop, that whole thing, is organized really well and it really has a lot of benefits, but the back door, that’s where the weed is coming in, that’s not organized,” Helms adds.

Even though the Netherlands took on a tolerant policy towards cannabis and other soft drugs, there are strict regulations that coffee shops need to follow in order to stay in business. One of these is the fact that coffee shops can sell a maximum of 5 grams of pot to each customer, and stay at least 250 meters away from a school.

To address the ongoing issues, the Dutch government has planned a trial with legalizing cannabis production, which takes place in select municipalities.

Cannabis Is Most Popular Illegal Drug In Ireland

A recent report entitled “Reducing Harm, Supporting Recovery – a health-led response to drug and alcohol use in Ireland 2017-2025” reveals that cannabis is the drug of choice for most Irish, albeit illegal. Data shows that 75% of Irish believe it should be allowed for medicinal use, but many still disagree when it comes to recreational use.

The report found that around 1/5 of Irish adults have admitted to using opiates in the last month; 43.4% admitted to doing so within the last year, while 61.5% have used it sometime in their lives. It also revealed that cannabis is the most commonly used illegal drug, with 24% admitting to use it in their lifetime, 6.5% in the last year, and 3.7% within the last month. Additionally, 24.3% of the people who consumed cannabis in the last year called themselves dependent.

According to Health Promotion Minister Catherine Byrne, the study is an important landmark in highlighting how necessary it is to lead a person-centered approach towards drug and alcohol use. The report recommends preventative measures primarily focusing on the youth.