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Even though the European cannabis scene has not yet witnessed unexpected large-scale shifts, markets like the U.K., Germany, Denmark, Portugal and the Netherlands have been growing in terms of diversity of products and players.
While Canadian cannabis giants like Canopy Growth Corporation (NASDAQ:CGC), Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) and Tilray Brands Inc (NASDAQ:TLRY) already have their fair share of the European market, other players in the space are seizing the European opportunity as well.
On Tuesday, Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) said it has sent its first shipment of bulk dried flower to the medical division of German cannabis company, Sanity Group.
Under the terms of the deal, which was first announced in 2023, the Toronto-based Organigram agreed to provide high-quality, indoor-grown dried flower products to Sanity Group and grant Sanity Group strain exclusivity on certain genetics. The inaugural shipment contains the company's Super G Citra strain, a sativa-dominant hybrid delightful blend of aromas and flavors including Gas, Lemon, Herbal, and Pine.
In Germany, the Bundestag is yet to review and decide on the proposed cannabis legalization initiative. If it approves the measure, cannabis will no longer be considered a narcotic in Germany starting April 1.
In the meantime, Vancouver-based Village Farms International, Inc. (NASDAQ:VFF) has kicked off the build-out of its first indoor cannabis production facility in Drachten, Netherlands.
Through its majority-owned (85%) subsidiary, Leli Holland, Village Farms holds one of 10 licenses permitting it to legally produce and distribute recreational cannabis in the Netherlands under the “Dutch Program.”
The company plans to start production in the fourth quarter of 2024. Leli Holland plans to sell flower and hash products across consumer-preferred formats, including pre-rolls. Village Farms plans to fund the build-out of the Drachten facility from cash on hand.
OGI Price Action: Organigram's shares traded 2.75% higher to closed at $2.24 on Wednesday.
VFF Price Action: Village Farms' shares closed 2.71% lower at $0.85 on Wednesday.
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Now Read: EXCLUSIVE: Decoding Michigan’s Cannabis Boom – Record Sales Of $3B And $457M In Taxes In 2023
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