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.”

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

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.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (CSE: TRUL) (OTCQX: TCNNF), a leading and top-performing cannabis company in the United States today announced the appointment of Marcum LLP (“Marcum”) as its independent registered public accounting firm, effective July 5, 2021 . Marcum was appointed following the resignation of MNP LLP (“MNP”) as the Company’s independent registered public accounting firm effective July 5, 2021 .

“We would like to thank MNP for their guidance and expertise over the past two years and we look forward to working with Marcum as the Company’s new independent registered public accounting firm,” stated Chief Financial Officer, Alex D’Amico.

Keep reading... Show less

Cannabis-infused beverages are not a new product concept, but this summer Canadian drink makers hope consumers will discover them for the first time.

Recreational cannabis beverages have beguiled Canadian producers through different avenues, and many continue to make investments. The promise of these drinks lies in the potential of a more welcoming option for new consumers who may be out of their depth with rolled-up dried flower.

Keep reading... Show less

In the news release, BioHarvest Sciences Inc.‘s First Cannabis Cell Reservoir Produces Ongoing Flowering Stage Cannabinoid Cells For 2 Years, issued 07-Jul-2021 by BioHarvest Sciences Inc. over PR Newswire, we are advised by the company that an incorrect version of the release was issued inadvertently. The complete, corrected release follows:

BioHarvest Sciences Inc.‘s First Cannabis Cell Reservoir Produces Ongoing Flowering Stage Cannabinoid Cells For 2 Years

Keep reading... Show less

Trulieve is the first medical cannabis operator to start planting in the state

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 that it commenced operations in West Virginia . The Company has begun cultivation at their 100,000 square foot size facility in Huntington, West Virginia .

Keep reading... Show less

– The Company demonstrates the efficiency and reliability of its BioFarming technology by reducing production cycle time for Cannabis from 14-23 weeks to 3-4 weeks.

– The Company’s BioFarming technology will allow the Company to harvest 13-17 cycles per year versus 2-4 cycles per year for conventional Cannabis agriculture.

Keep reading... Show less