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Happy Friday! Nicolás Rodríguez and Patricio Liddle here, wrapping up cannabis news for you as you head into the weekend. Stocks are making waves this afternoon. Innocan Pharma (OTC: INNPF), Vext Science (OTC: VEXT), and Agrify (NASDAQ: AGFY) posted results. Meanwhile, Germany's medical cannabis imports surged to 20.1 tons in Q3 2024, with significant room for market growth as the sector remains underdeveloped, representing less than 0.3% of the population.

Friday Roundup: Innocan, Vext, and Agrify Make Waves

Innocan Pharma (OTC: INNPF) posted a strong 174% YoY revenue boost, reaching $24M for 2024, while Vext Science (OTC: VEXT) saw a 165% YoY jump in adjusted EBITDA, posting $2.9M in Q3. Agrify (NASDAQ: AGFY) raised $25.9M via a private placement at $22.30 per share, with plans to use the funds for corporate purposes and growth within cannabis and hemp. Decibel (OTCQB: DBCCF) reported Q3 2024 net revenue of $17.2 million, a 12% year-over-year decline, but achieved a gross margin of 53%, up from 44% in Q3 2023, and generated positive free cash flow of $1.8 million, a 75% increase year-over-year.

Federal Lawmakers Demand Clemency, States Push Regulation Forward

There's been a lot happening on the regulatory front for cannabis and psychedelics! First up, 67 Democratic lawmakers are urging President Biden to fulfill his promise and grant clemency to non-violent federal cannabis prisoners before his term ends. They highlight that around 3,000 people are still behind bars for cannabis offenses, even though it's legal in many states.

In Indiana, a GOP-backed group called Safe and Regulated Indiana is pushing lawmakers to tax and regulate cannabis for adults 21 and over. Focusing on regulation over legalization, they aim to generate tax revenue, reduce illegal sales, and improve public safety. Indiana has lagged behind neighboring states in cannabis reform.

Over in Alabama, a court has allowed a lawsuit against the Alabama Medical Cannabis Commission. Jemmstone Alabama, a medical marijuana operator, is challenging the state's licensing process, which could further delay the already stalled medical cannabis program.

Finally, Georgia lawmakers are considering psychedelic-assisted therapy for veterans with PTSD and brain injuries. A bipartisan panel recommended allocating up to $5 million to study substances like MDMA and psilocybin, offering new hope for veterans seeking alternative treatments.

German Cannabis: 20 Tons, 10M Grams—And That’s Only 0.3% Of The Market

Germany’s medical cannabis imports hit 20.1 tons in Q3 2024, up significantly from prior quarters, following the revision of its narcotics law in April. However, with medical cannabis users still representing less than 0.3% of the population, there’s massive room for growth. Canada remains the top supplier, exporting 8.1 tons, but its market share has fallen from 59% to 40%. 

Portugal, Denmark, Spain, and Uruguay have gained ground, while the Netherlands’ share shrank. Despite a 40% rejection rate on imports, pharmacies acquired between 10 and 11 tons, reflecting the market’s early-stage potential and optimism for future expansion. Denmark is making waves by proposing to make its medical cannabis program permanent. Since 2018, their trial has been a hit, helping folks with cancer and multiple sclerosis. Both nations showcase Europe’s growing commitment to cannabis regulation.

Seed Of Innovation

Looking for some weekend reading? Dive into Nico's fascinating piece on Dutch Passion Seeds—the cannabis biotech you didn't know you needed. Discover how this Amsterdam-based pioneer revolutionizes the industry with reliable, traceable seeds and decades of genetic perfection. From expanding into emerging markets like Thailand and Germany to learning lessons in Canada, Dutch Passion is setting the gold standard for cannabis cultivation.

Weekend Weed Reads:

• What's Happening With Canopy Growth: Is It Time To Buy?

• Kentucky Gov. Beshear: 'Go Online And Find' Your Medical Marijuana Practitioner On Dec. 1

• Can Idaho Lead The Hemp Industry? Only If Regulations Change

• Long-Term Study Reveals Cannabis May Slow Cognitive Decline: Everything You Need To Know

• Get Certified And Jump In: Online Cannabis Program Trains Future Workers

• Study Reveals Psychedelic Ritual Cocktail In Ancient Egyptian Mug

Our Writers Today

Nicolás holds a B.A. in International Relations, an M.A. in International Affairs, and an M.Phil in Public Policy. He is a doctoral student in Public and Urban Policy at The New School in New York City. After working for the United Nations in 2014, Nico pivoted his research to studying the relationship between the cannabis industry and economic development.

Patricio is a development economist with extensive experience in IT, finance, and banking. He writes about the economic and social opportunities obscured by over half a century of failed drug prohibition. Beyond his professional expertise, Pato is a committed advocate for social change, passionately working to promote harm reduction and reform drug policies.

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