The legalization of medical cannabis in Ukraine and the expansion of cannabis stores in California are among the main topics this week in the cannabis industry. Here’s what happened recently.
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Ukraine: A Step Forward in the Medical Cannabis Law
Ukraine has joined the growing list of European countries embracing cannabis reform, with President Volodymyr Zelensky recently signing a law on medical cannabis. This move makes Ukraine the last country to legalize the use of cannabis for medical purposes
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The law was proposed to provide relief to millions of Ukrainians suffering from conditions such as cancer and post-traumatic stress disorder caused by the war against Russia. After several phases of negotiations and amendments to address opposition concerns, the bill was finally approved, taking effect six months after its official publication
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The new law applies only to the medical use of cannabis, with the health minister in charge of defining the diseases and conditions that qualify for cannabis treatment. In addition, strict regulations on cultivation and sale will be applied, with all operations subject to
continuous surveillance.
Quarterly results of the Société Québécoise du Cannabis
The Société Québécoise du Cannabis (SQDC), the government-owned cannabis retailer in Québec, recently released results for the third quarter of 2023, reporting an increase in sales and profits. The company recorded a net profit of 33 million euros and an increase in sales compared to the previous year.
With the opening of six new stores, SQDC has achieved its goal of 98 retail outlets in Québec, following its strategic plan for the period 2021-2023.
Blüm’s expansion to California
Blüm Holdings has announced plans to acquire three cannabis stores in California, thus expanding its presence in the Sacramento market. The agreement, worth 9.7 million euros, aims to generate additional revenues for the company and to increase its penetration in the local market
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Blüm’s press release highlighted the advantages of the new locations and introduced a new brand, Turkey Bag Heroes, designed for consumers looking for a premium experience.
Progress in the U.S. Virgin Islands and Virginia
The U.S. Virgin Islands is making progress in implementing the legalization of recreational cannabis, with the approval of proposed rules and regulations. Meanwhile, in Virginia, the Senate and House of Delegates have passed separate bills to regulate the sale of recreational cannabis, marking a significant step toward creating a regulated market in the state
