New cannabis users flock to legal pot market, but prefer flower above all 

It turns out going legal has drawn some new customers to the cannabis market. A new report from Brightfield Group found that "newbies," or those who have only consumed cannabis since the drug was legalized in late 2018 are representing an increasingly-larger share of the legal market, a sign that it is garnering increased consumer interest in Canada. That's likely due to the recent advent of cheaper products, better known as the "value" segment, priced to compete directly with the illicit market. Meanwhile, the survey also found that dried flower products were the most popular for new cannabis users, with 43 per cent of "newbies" polled purchasing pot in that fashion, outpacing its other defined categories; gummies, chocolate and vapes. 

Vermont governor mulls signing cannabis legalization bill

Vermont could be in line to legalize the sale of cannabis while automatically expunging convictions related to possession after the state's Senate voted on two separate bills that now only need the Governor's signature to become law. Marijuana Moment reports that the legislation will soon be sent for Gov. Phil Scott to sign, although the governor hasn't indicated yet whether he will approve the bills. “I don’t know when we’ll get the bill, but we’ll take a look,” he said. Scott previously vetoed an early version of a legalization bill before signing a revised version that included several passages he requested, Marijuana Moment reports.   

MediPharm to supply Brazilian medical market after striking two-year deal with local distributor

Canadian cannabis extractor MediPharm Labs said it will supply the Brazilian medical marijuana market with its GMP-certified products to a local distributor, the company said Tuesday. MediPharm said in a statement that it will work with Rio de Janeiro-based XLR8 Brazil to supply the firm with several THC- and CBD-related products through a two-year supply deal. XLR8 will be responsible for obtaining the necessary licensing from Brazil's health regulator to distribute MediPharm's products, the company said. Analysts expect Brazil's cannabis market to grow to as much as US$12 billion by 2028. 

London firm aims to raise $100M for new cannabis-focused investment fund

A London-based investment firm is looking to raise US$100 million for its Verdite Capital Fund, a move that would make it Europe's biggest dedicated fund to cannabis, the Financial Times reports. Chrystal Capital Partners aims to focus on medical marijuana, cannabis-derived drugs and so-called CBD investments, with half of its assets focused in North America, the newspaper reports. The firm will avoid investing in companies that operate in the recreational market, the paper said. The fund will be one of a handful of such investments outside of North America that plays in the cannabis space, and its capital will likely be sorely needed given the lack of major institutional investment in the industry. 

DAILY BUZZ

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