Reported July 15, 2024
https://quantisnow.com/insight/leaked-documents-czech-republic-plans-to-set-up-legal-recreational-cannabis-market-5607855
TLDR: Why It Matters- Cannabis operators have been ramping up their presence in the Czech Republic in anticipation of these very regulatory changes.
Canadian cannabis giant Tilray Brands, Inc. (NASDAQ:TLRY) (TSX:TLRY) announced in 2023 that its medical cannabis division, Tilray Medical, has expanded its European footprint across the Czech Republic through a new export and distribution partnership with Cansativa Group.
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Summary of Article
The Czech Republic seems to be considering a fully legal commercial adult-use cannabis market as part of its ‘Cannabis Management Act,' according to leaked documents.
The news, reported by Business of Cannabis, follows the resignation of the National Drug Coordinator‘s decision to resign from his position in order to continue to serve on the project in an advisory role. Jindich Voboil, tasked by the Czech government to prepare a law that would regulate cannabis, previously completed two separate versions of the measure.
The measure seeks to set up a cannabis market much like Canada’s and certain US states. It has yet to be reviewed internally and by the European Commission.
In January, one of the draft version of the bill made headlines. The Czech Pirates party, which backs cannabis reform, said at that time the draft is a “compromise version” that they intend to negotiate further to include issues such as a pilot testing of a regulated market. That draft bill came some nine months after the Czech Cabinet announced it would abate addiction problems.
The legislation also seeks to set up a licensing and seed-to-sale tracking system, similar to one underway in Switzerland and to in Germany’s cultivation associations.
"From the point of view of the National Drug Policy Coordinator, this proposal is insufficient and I consider the Cannabis Management Act, which contains three pillars: self-growth, delegation and a regulated cannabis market, to be effective in minimizing the illicit cannabis market," the bill reads.
The bill seeks to decriminalize up to 10 grams of cannabis for personal use or more precisely "cannabis dry matter, cannabis extract and tincture or another form of the processed cannabis plant, in aggregate equivalent to not more than 10 grams of cannabis dry matter containing 10 % of substances of the tetrahydrocannabinol group."
Those seeking to become license holders would be eligible to hold one of the following three types of licenses:
1.Cultivation for personal use 2.Registered members of cannabis associations 3.Users who obtain cannabis in specialized establishments