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Germany Leads EU in Cannabis Oil Imports…and Exports

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In 2019, Germany led the EU in both cannabis oil imports and exports, and not by small numbers. The Germans are proving themselves to be big cannabis users, and big cannabis producers as well.

When it comes to the cannabis market, the EU is a large and growing market of consumers which doesn’t produce as much as it uses. It also still has several parts which haven’t legalized cannabis under any circumstances, medical or otherwise, leaving the door open for future expansion as laws loosen up across Europe in the next few years.

Right now, while some European countries like Slovakia, Sweden, and Denmark are still pretty rigid with their cannabis laws, other countries like Spain, Italy, and Portugal are not. As of 2019, the biggest importer of cannabis oils of the EU member States was Germany, as well as being the biggest exporter of cannabis oils to other countries.

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Cannabis oil imports 2019

Truth be told, no other country is even remotely close to matching the US in terms of cannabis oil imports. According to worldstopexports for the year of 2019, the US imported in the neighborhood of $893 million worth of cannabis oil which was followed in second place by Germany at $240 million worth imported. Third place went to South Korea which only instituted its medical program in 2018, but which is picking up the slack with $207 million worth of imports of cannabis oil for 2019. The next European country to show up on the list is France, which clocked in at number five, with $152 million worth of cannabis oil imports for that year, nearly $100 million behind Germany.

According to the same report, the total spent internationally on cannabis oil for the year of 2019 was $3.1 billion, which is an increase of 38.6% since 2015. Though the US took the top spot for a single country importing, the whole of the European Union amounts to $1.1 billion, which is 35.9% of the total, which eclipses the US’s 28.7% of the market. Germany, for its part, accounted for 7.8% of the cannabis oil import market last year.

Cannabis oil exports 2019

It’s a different story when it comes to cannabis oil exports for 2019. Germany leads the EU, coming in at fourth place with approximately $230 million worth of exports, or 8% of the exported cannabis oil for the year. In this category, China tops the list by even more of a margin, exporting just under $1 billion worth of cannabis oil, accounting for 33.4% of the exported oil for last year. India came in second, exporting around $320 million for the year, followed by the US which exported $309.7 million for 10.7% of the total cannabis oil exports. Germany beat out Spain, the next EU country on the list, by $40 million in sales.

The global total for cannabis oil exports for 2019 was $2.9 billion, which is a 23.3% increase since 2015. It should be remembered that these analyses – both imports and exports – are only concerned with cannabis oil, which does not include other cannabis-related products, and they are looking at the legal market only.

Israeli Medical Cannabis Exports Delayed By Internal Politics

Who really exports the most?

Legal markets show part of the story, but much of the cannabis story takes place below board. In fact, it is the size and scope of this black market that gives hope to its legal counterpart. As recreational legalization becomes more of a thing, taking hold of that illegal black market will be a big part of the total legal cannabis market, but for now, most importing and exporting is done for medical cannabis only.

When it comes to all exports of cannabis, legal and otherwise, Morocco is the leading provider for Europe, and the leading exporter in the world, even dwarfing China. Morocco’s illegal cannabis export market is worth approximately $8.8 billion. While an illegal market should never be compared to a legal one, as it’s essentially comparing apples and oranges, it does show just how much this industry is worth, and just how much can be made if this income stream is redirected to a legal one.

Cannabis in Germany for residents

As the lead cannabis importer and exporter of the EU, its implied that Germany allows for cannabis production and that it also allows for cannabis use of some kind too. Let’s take a closer look:

According to the German Federal Narcotics Act, possession of cannabis is illegal and comes with up to five years imprisonment. On the other hand, using cannabis is not stated as an offense, and therefore people caught using are generally subject to some kind of programming over prison time if caught with small amounts. Germany has a slightly different approach then other countries in determining what a ‘small amount’ is, and actually judges the size of the amount based on the amount of the intoxicating agent THC, not just the quantity of the drugs. A ‘small amount’ also has a different definition in different parts of Germany, and can account for anywhere from 6-15 grams.

Cultivating and supplying cannabis are both illegal for private residents. Supply crimes can earn an offender anywhere from 1-15 years depending on the severity of the crime, and any extenuating circumstances like minors being around or supplied to, the quantity of the cannabis, if weapons were around, and other factors.

Technology in Cultivation – Smart Farming Innovations For Hemp and Cannabis

Cannabis in Germany for business

In 2019, upon realizing the economic value of growing cannabis, Germany legalized the production and export of cannabis and cannabis products for medicinal use. As of early 2019, as many as 79 bidders were already submitting their offers to grow medical marijuana. The structure to govern cannabis cultivation in Germany includes the following:

  • Under the Federal Ministry of Health is the Federal Institute for Drugs and Medical Devices (BfarM), the regulatory body to govern licensing and procedure for cultivating cannabis in Germany.
  • Cannabis is grown on behalf of the Cannabis Agency, which operates as part of BfarM.
  • Cannabis must be cultivated under the guidelines of “Good Practice for the Collection and Cultivation of Medicinal Plants”, and in accordance with any other relevant guidelines.
  • Private companies will carry out cultivation after receiving a contract and licensing.
  • The Cannabis Agency will purchase cannabis from said private companies in accordance to the United Nations Convention on Narcotic Drugs 1961, and set a manufacturer’s selling price.

In order for a company to export to Germany, it must comply with the following:

  • Cannabis can be imported by countries that grow medical cannabis under state control, where there is a guaranteed pharmaceutical quality, and the product meets the legal requirements of the UN Convention on Narcotic Drugs 1961.
  • As per EU regulation, products being imported to Germany cannot have above .2% THC.
  • Companies that want to import cannabis to Germany can apply to BfarM which will make sure the country that the company comes from is compliant with the UN Convention.
  • The exporting company is required to follow all EU GMP requirements (Good Manufacturing Practices).
  • Exporters must obtain the correct export licensing for their location.
  • Exporters must comply with Germany’s provisions concerning irradiation of products containing cannabis, the same as with pharmaceuticals. Companies must hold the correct licensing for treatment of products with radioactive or ionizing radiation.

Germany’s Medical Cannabis Market Attracts Trio of Canadian Deals

That’s a lot of medical cannabis

After having a medical program since only 2017, and since only just starting to legally grow, Germany managed to skyrocket to the top of the EU market for cannabis oil sales. Considering there is no importing or exporting for recreational use, that’s a pretty strong medical program. In fact, according to BfarM, Germany imported approximately 6,700 kg of cannabis flowers in 2019, most of which went directly to pharmacies. In 2018, about three tons were imported making for over double that amount a year later.

Conclusion

Germany is the biggest EU market for medical cannabis, and is growing rapidly. With the initiation of private companies providing the supply chain within the country, it will be interesting to see where Germany falls in the years to come concerning their cannabis imports and exports.

Thanks for stopping by CBDtesters.co, your hub for all things legal-cannabis related. Stop by frequently and subscribe to the Medical Cannabis Weekly Newsletter to stay in-the-loop.

The post Germany Leads EU in Cannabis Oil Imports…and Exports appeared first on CBD Testers.

Source: https://cbdtesters.co/2020/06/15/germany-leads-eu-in-cannabis-oil-importsand-exports/

Blockchain

I Disagree With Armostrong: Ripple CEO on Coinbase Apolitical Policy

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Ripple CEO Brad Garlinghouse is the latest popular individual to criticize the apolitical approach recently taken by the cryptocurrency exchange Coinbase. Just the opposite, Ripple has offered employees paid time off to vote and volunteer in the upcoming US Presidential elections.

Ripple CEO Disagrees With Coinbase CEO

Brian Armstrong, the Chief Executive Officer of the veteran US-based digital asset platform Coinbase, raised lots of controversies recently after a blog post. He argued that his company should remain laser-focused on its mission to ascend as a cryptocurrency exchange and its employees need to avert from any political discussions or endeavors.

This so-called “apolitical” approach received reactions from people within and outside of the cryptocurrency space. Most, such as Twitter’s CEO Jack Dorsey, criticized Armstrong’s actions.

The latest to join the “I don’t agree with Armstrong bandwagon” is Brad Garlinghouse – the CEO of the payment protocol Ripple. He asserted that technology companies have the “obligation” to assist with solving social issues.

“We think about our mission as enabling an internet of value, but we seek positive outcomes for society. I think tech companies have an opportunity – but actually an obligation – to lean into being part of the solution.”

Ripple CEO Brad Garlinghouse. Source: Fortune
Ripple CEO Brad Garlinghouse. Source: Fortune

He called some of these social problems “exacerbated” by the tech sectors. As such, Ripple has decided to take the precisely opposite approach. The Silicon Valley-based company will offer its employees paid time off to volunteer and vote in the upcoming US Presidential elections.

It’s worth noting that Coinbase has seen at least 5% of its staff leaving following Armstrong’s apolitical urge. The exchange offered “generous exit packages” to all that disagreed with its politics.

Garlinghouse On The Ongoing YouTube Legal Battle

As CryptoPotato reported in April, Ripple filed a lawsuit against the most widely used video-sharing platform – YouTube. Ripple claimed that the Google-owned giant hadn’t done enough to fight the growing number of fake giveaways impersonating company executives and duping thousands and thousands of dollars from victims.

During the CNBC interview, Garlinghouse used the opportunity to criticize YouTube and its lack of appropriate actions once more. He doubled-down that Ripple doesn’t do such giveaways, and people need to be extremely cautious when they see one, even if it’s on a trusted platform.

“We didn’t need to do that [giveaways]; it doesn’t help Ripple. But what it highlights is that platforms need to take ownership of the problems they are contributing to.”

Featured Image Courtesy of VOX

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Source: https://cryptopotato.com/i-disagree-with-armostrong-ripple-ceo-on-coinbase-apolitical-policy/

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The PayPal Effect: Billionaire Chamath Palihapitiya And Libra’s Chief Believe Banks Will Support Bitcoin

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PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya.

Banks Will Follow PayPal, Says Marcus

Arguably the most significant piece of news recently came last week when the giant online payment processor PayPal announced it will soon enable its US-based customer to purchase, sell, and store several cryptocurrencies, including Bitcoin and Ethereum. Clients based outside the US will have this option available next year.

Apart from the immediate price reaction the news had on the cryptocurrency market, the community also accepted the announcement as a significantly bullish development.

In fact, most believe that this is just the beginning, and more centralized and trusted establishments, such as banks, will follow suit. Co-creator and board member of Facebook’s future cryptocurrency Libra, David Marcus, also weighed in on the news.

He asserted that the cryptocurrency industry is “turning a corner” as banks will pursue Bitcoin and stablecoins support.

Bitcoin Is No Longer Optional

Another famous individual to comment on the PayPal developments was the Social Capital CEO and former Facebook executive, Chamath Palihapitiya.

Being also a vocal supporter of Bitcoin, Palihapitiya, similarly to Marcus, highlighted that “every major bank is having a meeting about how to support Bitcoin. It’s no longer optional…”

Palihapitiya recently said that his first BTC purchase came at the start of the previous decade. He bought one million bitcoins for $80. Later on, he outlined the primary cryptocurrency as his best investment bet.

Social Capital’s CEO has also urged the public numerous times to allocate at least 1% of their investment portfolio in Bitcoin. He said that having such allocation helps him sleep “soundly at night.”

He also advised that people should avert from short-term price actions. Instead, he focuses on the long-term, knowing that Bitcoin’s fundamentally different attributes will protect him against the falling current financial infrastructure.

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Source: https://cryptopotato.com/the-paypal-effect-billionaire-chamath-palihapitiya-and-libras-chief-believe-banks-will-support-bitcoin/

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BTC Price Analysis: Bitcoin Weakens As Wall Street In Deep Red, Is $14K Target Intact?

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Bitcoin’s price remains stuck under the key 0.618 Fibonacci level at $13,360 going into this week after little bullish momentum arrived during the opening of the US traditional markets. Wall Street, meanwhile, is painted in red.

Over shorter timeframes, it’s clear that the general sentiment is still bullish as the leading asset continues to print higher lows. However, trading volumes are beginning to decline, and there’s a growing divergence between the RSI and price action, which suggests things may turn bearish soon.

Since the Paypal news broke on October 21, over $33 billion has flooded back into the crypto space and helped the leading asset’s market dominance break back over 61% for the first time since August 2, 2020.

Price Levels to Watch in the Short-term

On the weekly BTC/USD chart, we can see that the main resistance area (red shaded zone) standing in the way of Bitcoin right now is the aforementioned Fibonacci level and the June 24, 2019 high at $13,950.

This top price point also overlaps with the upper resistance of the broadening wedge pattern (yellow lines) that BTC has been tracking inside of since April 27, which makes it a particularly strong level for bulls to overcome.

If momentum picks up again, however, and bulls manage to set a new 490+-day high, then the next likely areas of resistance will probably lie somewhere around the psychological $14K mark, the $14,400 level, and $14,600.

If the strong bearish divergence on the 4-hour timeframe plays out (light blue lines), we should expect the first area of support at the 50 EMA at $12,600, followed by the first major support zone (green shaded area) between $12,300 and $11,950. Under that, we also have the 0.5 Fibonacci level at $11,400 and the support line of the broadening wedge pattern approximately around $11K to catch any dips if prices decline further.

Total market capital: $401 billion
Bitcoin market capital: $243 billion
Bitcoin dominance: 60.5%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

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BTC/USD chart via Tradingview.

Bitstamp BTC/USD 4-Hour Chart

Bitcoin trading BTC
BTC/USD chart via Tradingview.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/btc-price-analysis-bitcoin-weakens-as-wall-street-in-deep-red-is-14k-target-intact/

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