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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/

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Breaking: Visa Partners With Ethereum Based U.S. Dollar Coin [USDC]

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Visa known for its credit cards today announced a partnership with U.S. Dollar Coin [USDC] built on ethereum [ETH] blockchain. This announcement comes just few days after ethereum completed its much awaited ETH 2.0 update. Many crypto experts are seeing this as a bullish sign for crypto industry.

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60 Million Merchants on Visa’s network to use U.S. Digital Coin [USDC]

The news was shared by Forbes journalist Michael Del Castillo, in his articles he mentioned the digital currency USDC is now valued at 2.9 Billion. The digital currency was developed by circle internet financial and has raised over $270 Million so far. The partnership will allow selected Visa credit card issuers to integrate with USDC allowing them to send and receive payments in USDC.

It is to be noted that Visa currently has 60 Million merchants onboard and this can be seen as a huge boost to the entire ethereum ecosystem raising the credibility of the blockchain multifold. Ethereum 2.0 Beacon chain update recently went live and is expected to compete with likes of Visa and paypal.

From the Beacon Chain, onwards: Phase 0 launches the proof-of-stake network with multiple technical additions coming down the pike.

What you think will be the impact on Eth Price, let us know in the comments below?

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To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Sunil Sharma




Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

Source: https://coingape.com/visa-partners-ethereum-eth-based-us-dollar-coin-usdc/

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First Mover: Short Shrift for XRP Token’s 169% Price Surge as Traders Obsess Over Bitcoin

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Bitcoin was higher, in an indecisive-looking market swinging between about $18,300 and $19,300. Prices have failed to push higher after surging to a new all-time high of $19,920 earlier this week.  

“Expect additional short-term volatility,” Katie Stockton, a technical analyst for Fairlead Strategies, told CoinDesk’s Daniel Cawrey. 

In traditional markets, European stocks slipped and U.S. stock futures pointed to a lower open as lawmakers discussed new economic-stimulus measures and traders awaited new data on U.S. jobs growth during November. Gold strengthened 0.7% to $1,827 an ounce. 

The 10-year U.S. breakeven rate, representing inflation expectations as implied by bond markets, rose to 1.81% on Tuesday, the highest since July 2019.

Market Moves

As bitcoin dominated headlines in November with its rally toward an all-time high, one of the most prominent alternative cryptocurrencies, XRP, quietly jumped 169% during the month to top the performance rankings among digital assets in the CoinDesk 20.

The move left XRP, the payments token used in Ripple’s global payments network, up 225% in 2020, versus the older and larger bitcoin’s 165% gain. XRP has a market capitalization of $21.4 billion, a fraction of bitcoin’s roughly $350 billion.

The frenzy may be driven by a looming airdrop of free “spark” tokens to anyone who holds XRP, some digital-markets analysts told CoinDesk last month

There’s also the possibility that some first-time cryptocurrency buyers are unaware that it’s possible to buy a fraction of a bitcoin (BTC, +0.35%) – divisible up to the eighth decimal, instead of a whole token. For the novice investor, XRP, currently changing hands at 62.3 cents, looks a lot cheaper on a price table than bitcoin’s $19,087. 

“As the digital asset space has seen renewed interest in the second half of 2020, a new wave of investors are looking for ways to get exposure,” said Brian Mosoff, CEO of the publicly traded Canadian investment fund Ether Capital. “Ripple appears to offer exposure in their portfolio, and a quick Google search may result in some users believing XRP is cheap and likely to become a product banks utilize for cross-border settlement.”  

Stellar (XLM, +1.21%), another payments token founded by Ripple co-founder Jed McCaleb, was the second-best performer in November among the CoinDesk 20, gaining 153%. It’s up 313% on the year.  

For comparison, bitcoin rallied 40% in November while ether, the native cryptocurrency of the Ethereum (ETH, +1.43%) blockchain, rose 56%.

– Bradley Keoun

chart-5-3

CoinDesk 20 Asset Returns for November
(CoinDesk)

Bitcoin Watch

godbole-dec-2

Bitcoin daily price chart showing market pause after surge to all-time high.
Source: TradingView/CoinDesk

Token Watch

Ether (ETH): Price correlation with bitcoin holds strong during latest rally.  

Bitcoin (BTC): Larry Fink, CEO of money management giant BlackRock, tells former Bank of England Governor Mark Carney at Council on Foreign Relations that bitcoin has “caught the attention” of many people and could “evolve” into a global asset

USD Coin (USDC): Centre, overseers of standards for dollar-based stablecoin USDC, hires former CLS, JPMorgan, State Street executive David Puth as first CEO.

What’s Hot

  • Institutional bitcoin shop NYDIG raises $150M for twin crypto funds (CoinDesk
  •  Not so fast! CoinMarketCap says bitcoin prices haven’t yet topped the all-time high based on its own records, at $20,089 in December 2017 versus CoinDesk’s old $19,783 (and now $19,920) using the Bitcoin Price Index (CoinMarketCap)
  • Almost 20% of PayPal users have used app to trade bitcoin, Japanese securities firm Mizuho says (CoinDesk
  • Russia says digital ruble will be only token allowed as form of payment in country, with law banning use of cryptocurrencies for payment set to take effect in January (CoinDesk)
  • Blockchair lead developer Zhavoronkov mounts campaign to stop Taproot upgrade on Bitcoin network (CoinDesk)  
  •  Libra Association rebrands to “Diem” in effort to distance itself from Facebook-led stablecoin push that brought international regulatory backlash (CoinDesk)   
  •  Cryptocurrency derivatives platform ErisX launches cash-settled contracts after physically settled futures fall flat (CoinDesk
  • “We have built money for a world that’s geographically divided, but that’s not the word we live in anymore,” Ajit Tripathi writes in op-ed (CoinDesk Opinion)
  •  BlockFi announces early 2021 launch for bitcoin rewards credit card (CoinDesk
  •  Hottest debate on Wall Street is whether to buy bitcoin or gold (Bloomberg)  
  • Australian crypto exchange BTC Markets accidentally exposes personal data of 270K users (CoinDesk

Analogs

The latest on the economy and traditional finance

European Central Bank chief economist privately gave dovish assurances to Goldman Sachs, JPMorgan, Citigroup, UBS, Deutsche Bank, BlackRock after ECB President Lagarde publicly made comments on Italian bond market, economy’s health that were seen by investors as hawkish (WSJ)

Bipartisan group of U.S. senators introduce new stimulus proposal worth about $908 billion (Washington Post

In global markets, “everyone already expects everything to be really fantastic,” implying the optimism is already priced in, columnist James Mackintosh writes (WSJ

Japan wants to attract foreign talent in the financial sector by slashing income taxes (Nikkei Asia Review)

Huawei Technologies gets foothold in Southeast Asia after partnering with Indonesian government (Nikkei Asia Review)

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Source: https://www.coindesk.com/first-mover-xrp-price-surge-traders-obsess-bitcoin

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Visa May Issue USDC Credit Card After Adding Circle to ‘Fast Track’ Program: Report

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Visa Wednesday announced it’s linking its payments network of 60 million merchants to the U.S. Dollar Coin (USDC) digital currency developed by Circle Internet Financial on the ethereum blockchain, according to Forbes.

This story is developing and will be updated when more information is available.

Source: https://www.coindesk.com/visa-connecting-global-payments-network-to-circles-usdc-on-ethereum-blockchain

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