ANOTHER COMPETITOR IN ISRAEL
CRON has a new competitor in Israel. Yesterday Organigram signed a multiyear supply agreement with Israeli cannabis firm Canndoc, pending receipt of regulatory approvals from Health Canada and the Israeli Ministry of Health. According to the terms of the deal, OG will supply Canndoc with "a guaranteed 3,000 kg of high-quality, indoor-grown dried flower product" by Dec. 31, 2021. The cannabis will be processed and distributed in the Israeli medical market. Canndoc has an option to receive another 3,000 kilograms over the same period. "The Agreement also contemplates, among other things, an opportunity for Organigram to launch branded medical products with Canndoc in the Israeli and EU markets, and grants exclusivity and related rights to Canndoc within the Israel market for approximately 7.5 years."
BERMUDA
Bermuda legalized medical cannabis in 2016. The government also decriminalized marijuana for recreational use in 2017. Now, the government wants to expand its legal cannabis market. On June 3, the government released a draft bill for establishing a legal marijuana market in the country. A Marijuana Moment article discussed the provisions included in the draft bill:
- Adults 21 and older can possess and purchase up to seven grams of cannabis from licensed retailers.
- The Cannabis Advisory Authority, a regulatory body, will be in charge of issuing licenses and market regulation.
- Seven types of licenses will be issued for cultivation, retail, research, import, export, transportation, and manufacturing.
- The fees for the licenses would be designed to ensure to help the economy but also not be expensive.
BRUCE ALMIGHTY
Bruce Linton, the ex CEO of CGC, has been fired again, this time by the Vireo Health. While the statement said, it has "elected to terminate its employment agreement with Bruce Linton as executive chairman, on an entirely without-cause basis, effective immediately." Its clear Linton was a loose cannon when he said, "I like the company and pushed it hard, obviously a little too hard for everyone's enjoyment. I'm not everyone's favorite flavor. If I invest and bring people's money along, I'm a pretty demanding guy." "We wish Bruce well in his future endeavors," said Kyle Kingsley, chief executive officer and founder of Vireo.
