Germany’s recreational cannabis market may be months, or even years, from coming online, but the country is still on the way to importing a record amount of weed.
Germany imported nearly 10,487 kilos (11.6 tons) of dried flower and extracts through the first six months of 2022, 6.1% higher than the first half of the year. The country of 83 million imported 9,840 kilos last year.
In 2021, Germany imported 20,589 kilos of cannabis for medical and scientific purposes, much higher than the 13,346 kilograms in 2020, the German Federal Institute of Drugs and Medical Devices said, according to MJBizDaily.
Germany gets the majority of its weed imported from Canada, with licensed producers shipping 6,493 kilos of medical cannabis flower and extracts to Germany. About a third of Germany’s imports come from Canada.
But the country’s share of imports has fallen since it was above 38% in 2017.
Denmark accounts for 18.1% of imports, Netherlands 18%, and Portugal 11.7%.
Illinois Passes Billion Dollar Mark
Illinois sold more than $1 billion in recreational cannabis by the end of August, the Department of Financial and Professional Regulation reported.
The state sold $1.02 billion worth of weed through the first eight months of the year. The total marks a 16% year over year increase.
The state reported adult-use cannabis revenue of $129.4 million in August, a 4.6% sequential decline that was still 6.2% ahead of the market this time a year ago.
More than two thirds of the revenue came from in-state residents, but $41 million came from visitors to the state.
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Illinois is on track for its third straight year of sales increases after launching its adult-use market in 2020.
The state sold $669 million worth of weed in 2020. That total nearly doubled to $1.38 billion in 2021. So far this year, Illinois has already sold over a billion dollars with four months left to report.
Growth is slowing as the market becomes more mature, but there is seemingly still plenty of room to run.
Hexo’s Mike Tyson Deal On The Ropes
Hexo Corp.’s (HEXO) rollout of Tyson 2.0 is off to a rough start after provincial wholesalers in Quebec and Alberta said that they won’t sell the brand.
Canada’s law prohibits promotions through endorsements or depictions of people, so the recreational weed bearing the former heavyweight boxing world champion is unwelcome in the country.
However, a spokesperson for Quebec’s monopoly wholesaler and retailer told MJBizDaily that the organization “didn’t want to be associated with this image,” a possible reference to Tyson’s checkered past.
Hexo announced the Tyson partnership last month to produce cannabis products in Canada. The company makes pre-rolls, edibles, and vapes.
Earlier this year, Tilray (TLRY) closed its previously announced strategic partnership with Hexo.
Tilray made a $155 million investment in Hexo in April in what the two companies say is a partnership between two of the players in the Canadian cannabis space.
“Refinancing our balance sheet and funding future growth has been a top priority. Finalizing this agreement accomplishes both objectives, placing Hexo on solid financial footing and increasing shareholder value,” Hexo CFO Julius Ivancsits said.
