Are you as excited as spring as us? Birds chirping, bees buzzing, fresh outdoors crops being planted. This have certainly been blooming when it comes to cannabis news. The budget was announced this week, — spoiler: it mentions cannabis — cannabis education is teaming up with augmented reality, and more.
Shake off that seasonal depression and stay updated with The ‘Bis weekly cannabis news roundup.
Digital cannabis education company, Cannvas MedTech reached a deal with augmented reality developers NexTech AR Solutions to create the an “AR ecosystem” for their digital cannabis education kiosks across Canada.
“Working with NexTech allows Cannvas the opportunity to create a first-to-market AR-based cannabis learning program and lead the way for the digital evolution of education as it continues to intertwine with technology to generate new and exciting ways for people to take in information,” said Steve Loutskou, Chief Operating Officer, Global Markets, Cannvas MedTech, in a press release.
NexTech’s goal is to make more AR available to a wide audience through its own AR ecosystem, and focuses on creating e-commerce solutions for websites, as well as AR learning and education and AR live streaming for events. It boasts creating AR interfaces for Shopify, WordPress and Magento, and its e-learning platform “edCetra” has been used by Fortune 500 companies such as Imperial Oil, Bombardier and Staples, as well as the Library of Congress for training.
The Government of Canada released its Budget 2019 on Tuesday, outlining their plans for spending in the coming year. A small section of the over 400-page document addressed a coming tax on edibles. October 17, 2019, is the current date that new cannabis products like concentrates and edibles will be added to the list of approved items in the Cannabis Act. As such, the government has come up with its method to tax the new products. The new model would focus on taxing the intoxicant in cannabis rather than just the mere quantity of flower.
“Budget 2019 proposes that edible cannabis, cannabis extracts (including cannabis oils) and cannabis topicals be subject to excise duties imposed on cannabis licensees at a flat rate applied on the quantity of total tetrahydrocannabinol (THC),” the budget reads. The current rates for cannabis flower, seeds and seedlings, will be unaffected by the coming change. The document says that the “combined federal-provincial-territorial THC-based excise duty rate for cannabis edibles, cannabis extracts (including cannabis oils) and cannabis topicals is proposed to be $0.01 per milligram of total THC.”
The goal, according to the budget, is to make cannabis taxation a simpler process for licenced producers. “The proposed THC-based rate would alleviate compliance issues that producers have encountered with respect to the tracking of the quantity of cannabis material contained in cannabis oils, and would allow producers and administrators to more easily calculate and verify excise duties for cannabis edibles, extracts and topicals,” it says.
American media outlet NPR is reporting on a new study in the The Lancet Psychiatry that links daily cannabis use to increased chances of a psychotic episode. According to the report, The study considers the use of what it defines as “high-potency cannabis” to be products with more than 10% THC. A growing concern, as the products become more abundant.
“The study also shows that three European cities — London, Paris and Amsterdam — where high-potency weed is most commonly available actually have higher rates of new cases of psychosis than the other cities in the study,” according to the article. The researchers identified 901 people aged 18 to 64 who were diagnosed with their first episode of psychosis between May 2010 and April 2015, at a mental health facility anywhere in 11 cities, including London, Paris, Amsterdam, Barcelona, other cities across Europe and one site in Brazil.
Analysis by FinancialNewsMedia is saying that while cannabis revenue estimates are varying, their expected to continue to climb. “The marijuana industry could be much bigger than you realize,” the analysis quotes from an unnamed publication. “The total cannabis market could generate as much as $75 billion in gross annual sales by 2030, up from a previous forecast of $50 billion by 2026.”
Another analyst had a higher number estimating: “A $90 billion market size in 2028, if legalized soon enough for that market to be “mature” – say if legalized by ~2023.”
It also echoed the opinion of fool.com in their belief that cannabis “stocks by market cap have seen their share prices soar by more than 1,000% over the trailing-two-year period.”The concept of a $75 to $90 billion US marijuana market by 2030 seems tantalizing, especially if Canadian companies can find a way to move deeper south.