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420 with CNW — German Cannabis Imports Grow to Record Levels

Germany shipped an unprecedented 25,000 kilos (27.6 tons) of medicinal and experimental cannabis last year, up 19% from 2021, per the Federal Drug Institute and Medicinal Devices (BfArM). But it also represents the smallest increase since BfArM started disclosing information on cannabis imports in 2018.

Due to the potential for inferior products or re-exportation to various nations, a sizable fraction of the shipments may have failed to reach patients. The German National Association of Statutory Health Insurance Funds claims that the increase in imports is also at odds with the constant state subsidies for medical marijuana products, which have been steady since 2020.

Industry sources also assert that the quantity of cannabis sent to pharmacies is far less than that which is shipped into Germany. Only eight tons of medicinal cannabis had been shipped to pharmacies in Germany as of September 2022, a significant decrease from the 19 tons shipped during the comparable period the year prior.

Demecan’s boss, Constantin von der Groeben, thinks that the import statistics accurately depict the increasing development trend of the entire German medicinal cannabis market. Finn Hänsel, creator and executive director of Sanity Group, believes there is a compelling reason for continuing to import marijuana because cannabis grown outside of Germany is of a similar grade and is more affordable.

However, due to probable market uncertainty, projecting beyond a year can be difficult. Given that a sizeable portion of imports might end up being re-exported to various European markets, the import figures might not provide an accurate depiction of the marijuana industry in Europe’s biggest economy.

Additionally, the volume of cannabis shipped to dispensaries is far less than what is imported, and state reimbursements for medicinal cannabis goods have not increased at the same rate as imports. The German trade’s fastest-growing segment was cannabis extracts, which had a 26% trade share in October 2022 (up from 21% the year before).

The modest increase in growth in 2022 and the difference between the quantity imported and the proportion delivered to drugstores, while Germany’s marijuana import industry looks to be expanding, point to future market concerns. Concerns also exist regarding the imports’ eventual resting place and product quality. However, there is a compelling argument for continuing imports given the reduced cost base of foreign marijuana and its similar quality to locally produced cannabis.

It is notable that Germany currently allows the use of cannabis for medical purposes. This recognition of the therapeutic value of marijuana has given rise to several for-profit entities such as IGC Pharma Inc. (NYSE American: IGC) that are going a step further to develop pharmaceutical-grade formulations from this plant.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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