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IM Cannabis Faces NASDAQ Delisting for Second Time

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Business of Cannabis writes

International medical cannabis operator IM Cannabis has now received its second warning from NASDAQ regarding its share price, months after pushing through a share price consolidation to remain on the exchange.

Last week IM Cannabis, which now operates in Israel and Germany, received a written warning from the exchange that it ‘is not in compliance with the minimum bid brice requirements’.

It comes as IM Cannabis’ stock price fell below $1 in June and remained below the minimum threshold for over 30 days.

In order to prevent being delisted, it has until January 31, 2023 to bring its share price back above $1 for ten consecutive days.

Business of Cannabis reported last July that IM Cannabis had received its first minimum bid price warning from NASDAQ, with the company forced to resort to a 1:10 reverse stock split in November force its share price back above the threshold. 

Like its NASDAQ stablemate Akanda, which also resorted to a reverse stock split to artificially boost its share price and remain listed, its value has continued to decline ever since, leaving both companies facing the prospect of delisting a second time.

Unlike Akanda however, IM Cannabis may benefit from positive investor sentiment towards Israeli cannabis operators over the past week, which has seen a number of local operators’ share prices spike (as reported below).

At the time of writing, IM Cannabis’ share price is sitting just below $1, falling from a high of $1.03 last week.

Aside from external regulatory changes driving up Israeli cannabis stock prices, IM Cannabis is also engaged in an ongoing cost cutting drive which has already seen it pull out of Canada, and may yet help encourage more positive sentiment from investors.

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https://businessofcannabis.com/im-cannabis-faces-nasdaq-delisting-for-second-time-despite-stock-consolidation-israeli-stocks-spike-on-reform/



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South Africa: Stop arresting cannabis users, Human Rights Commission urges police after complaints about arrests from Rastafarian community.

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The SA Human Rights Commission (SAHRC) has written to national police commissioner Gen Fannie Masemola to express concern over the ongoing arrests of cannabis users and Rastafarians despite a law permitting the private cultivation and use of cannabis by adults.

The private use, possession and cultivation of cannabis by adults was decriminalised in 2018, with President Cyril Ramaphosa signing the Cannabis for Private Purposes Act on May 28 this year.

However, the SAHRC has received complaints about arrests from cannabis users and the Rastafarian community.

“As the festive season approaches, the SAHRC reminds law enforcement, in particular the SA Police Service and the National Prosecuting Authority, that the arrest and/or prosecution of adults for the private use, possession or cultivation of cannabis, as well as making assumptions about dealing, is inconsistent with the law and national operational directives. Such arrests and/or prosecutions could lead to human rights violations being perpetrated by law enforcement,” the SAHRC said.

Since August last year, a directive issued by Masemola titled “Arrests by the SA Police Service for Cannabis — Related Matters” recognised legislation did not prescribe the quantity of the cannabis in possession of or cultivated by an adult to presume it was the unlawful dealing of cannabis.

“Therefore, as things stand, the directive directs that adults may not be arrested on the presumption of dealing in cannabis,” the SAHRC said.

The SAHRC urged the department of justice and constitutional development to consult with the Rastafari and other cannabis-using communities to draft regulations for the Cannabis for Private Purposes Act. This includes advice on a specific commencement date for the act, which has yet to come into effect.

https://www.timeslive.co.za/news/south-africa/2024-12-24-stop-arresting-cannabis-users-sa-human-rights-commission-urges-police/



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Press Release: Health Canada releases new data on cannabis use in Canada – “18% of people who had used cannabis in the past 12 months reported driving after cannabis use, a significant decline from 27% in 2018.”

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The 2024 Canadian Cannabis Survey provides important insights into Canadians’ knowledge, attitudes and behaviours on cannabis use

December 6, 2024 | Ottawa, Ontario | Health Canada

An important part of the Government of Canada’s public health approach to legalizing and strictly regulating cannabis is ongoing and comprehensive surveillance, data collection and evidence gathering. The results from the annual Canadian Cannabis Survey provide a snapshot of public health and public safety data on cannabis in Canada.

Today, Health Canda published the 2024 Canadian Cannabis Survey (CCS) results. The data was collected from April 4th to July 2nd, 2024.

Since 2017, Health Canada has conducted the annual Canadian Cannabis Survey to better understand attitudes and knowledge regarding cannabis, as well as patterns of cannabis use in Canada. Through the information gathered, Health Canada can better understand where support is needed the most and develop program initiatives that will help educate and raise awareness around the use of cannabis.

Findings from the 2024 survey include:

  • The proportion of people in Canada who report smoking cannabis continues to decline. That said, smoking remains the most common method of consuming cannabis (69%), followed by eating (57%) and vaporizing with a vape pen or e-cigarette (37%).
  • The number of respondents who reported getting cannabis from a legal source in 2024 was 72% – an increase from 37% in 2019 to 72% in 2024, with legal storefronts being the most common source since 2019. A smaller proportion reported accessing cannabis through illegal sources (3%) compared to 2019 (16%).
  • 18% of people who had used cannabis in the past 12 months reported driving after cannabis use, a significant decline from 27% in 2018.
  • There was no change in rates of cannabis use among youth (age 16-19) over the past year. Past 12-month cannabis use among youth aged 16-19 was 41%, similar to several previous years (44%, 44%, and 43% in 2019, 2020 and 2023 respectively).
  • Overall, the proportion of respondents who said they used cannabis and reported daily, or almost daily use has been stable since 2018 (approx. 25%), including among youth (approx. 20%).
  • The percentage of people in Canada who said they use cannabis who are ‘at high risk’ of developing problems from cannabis use has remained stable since 2018 (approx. 3%).

Health Canada has made significant investments to educate youth and young adults about the health risks of cannabis, as they are at an increased risk of experiencing adverse effects from cannabis use since the brain continues to develop up until around the age of 25. These efforts include the Spring 2022 Reduce your risk: Choose legal cannabis public education campaign, the Prevention of Accidental Paediatric Cannabis Poisonings among Children campaign in Spring 2023, and the Pursue Your Passion: A Teen Cannabis Education Program, which was re-launched in March 2023 as a virtual program to educate youth and young adults about the health effects of cannabis. The department has also produced public education material that emphasizes the importance of storing cannabis securely away from children and pets.



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Marijuana Moment: GOP Leaders Blocked Schumer’s Push To Include Cannabis Banking Reform In Government Funding Bill, Senate Source Says

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Republican House and Senate leadership “openly and solely blocked” Senate Majority Leader Chuck Schumer’s (D-NY) attempt to include bipartisan marijuana banking legislation in a government funding bill, a Senate source familiar with the negotiations tells Marijuana Moment.

As bicameral lawmakers have worked to put together a continuing resolution to keep the government funded, Schumer repeatedly urged colleagues across the aisle to incorporate the Secure and Fair Enforcement Regulation (SAFER) Banking Act, to no avail. Senate Minority Leader Mitch McConnell (R-KY) and House Speaker Mike Johnson (R-LA) killed that prospective deal, the source said.

“Schumer pushed for SAFER Banking at the negotiation table in the CR multiple times. This week, both Speaker Johnson and Leader McConnell strongly rejected it,” they said. “For years some Republicans have done a dance telling marijuana businesses that they supported SAFER, while Republican leadership has openly and solely blocked it at every turn.”

GOP Leaders Blocked Schumer’s Push To Include Marijuana Banking Reform In Government Funding Bill, Senate Source Says



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