Demand has met and surpassed supply for the recently legalized adult cannabis market in Uruguay.
It took all but one day for the cannabis supply to run out in Uruguay. According to local press, on the first day of full legalized adult-use consumers were left with nothing in the capital city of Montevideo, which hosts four pharmacies allowed to sell cannabis. There are 16 total licensed pharmacies in all Uruguay.
“I was left with no stock,” Sebastian Scaffo, the owner of one of the four licensed pharmacies in Montevideo told La Nacion. “[I] couldn’t call to get my stock replenished.”

Pharmacies in the capital had to request more product almost immediately

Ecos reported nearly 35 kilograms have been sold through the rigorous system in Uruguay since legalization kicked off on July 19.
“After a week of sales of cannabis in the country, the four pharmacies in Montevideo had to replenish for a third time,” the online website wrote.
According to Ecos, between 10 and 12 new pharmacies have shown interest in applying for the sale license. The number of licenses for people also saw an increase following the beginning of sales, up to the first day of legal sales 6,797 people had registered, in the past week, 1,200 applied.
On an account of the first day of sales in the country, El Observador reported the much anticipated day saw a variety of issues for consumers including long lineups and faulty computer recognition systems, which forced pharmacies to turn away people for whom the system didn’t recognize, yet claimed to have registered with the government in advance of the date.
“According to El Pais, cannabis ran out in the course of the day for all four licensed pharmacies in Montevideo,” El Observador wrote.
The restrictions put in place for the cannabis market in Uruguay, limit consumers to buy a monthly maximum of 40 grams. Currently, vendors are only allowed to sell 5-gram container bags, priced at $1.30 per gram. However, CNBC reported 10-gram containers are expected.
I think the situation in Uruguay is going to be heavily watched, it won’t be ignored,” Emilio Ruchansky editor of THC magazine, a cannabis lifestyle and culture publication told Resumen Del Sur.

Investor Takeaway

The situation in Uruguay has been closely followed by the Canadian market as it hopes to also legalize the sale of cannabis next year. However, the shortage experienced in the country is another example of a rush boom through legalization, a similar shortage is expected in Canada.
Don’t forget to follow us @INN_LifeScience  and @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

Keep reading... Show less

The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

Keep reading... Show less

Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

Keep reading... Show less

HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

Keep reading... Show less

CFN Enterprises Inc. (OTCQB: CNFN) (CFN Media) partners with FMW Media Works LLC to produce a regular series on the global cannabis markets to air on major financial news networks across the US. Initial segment features leading cannabis analyst and US Multi-State Operator (MSO)

CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the leading media network dedicated to the global legal cannabis, CBD and psychedelics industries, today announced that its inaugural news segment on the cannabis markets, “Cannabis Market Outlook for 2021,” will air on Bloomberg, Newsmax and Fox Business.

Keep reading... Show less