German Opposition Official Against Recreational Marijuana Legalization Plan

A senior opposition official has lobbied the executive branch of the European Union to block Germany's legalization efforts. According to the Associated Press, Klaus Holetschek, the health minister in Bavaria's conservative-led state government, met with the EU's director general for migration and home affairs in Brussels on November 16, urging the EU to veto the proposal of legalization in Germany.

As the Cannabis Business Times reported, “the German government’s planned cannabis legalization doesn’t just endanger health, but I am convinced that it also violates European law,” Holetscheke told EU official Monique Pariat.

He also said that two EU agreements oblige Germany and other member countries to criminalize the production and sale of drugs such as cannabis.

If The Measure Becomes Law…

The proposal would allow adults to purchase and possess up to 20 to 30 grams of cannabis for personal use, in addition to legalizing the production, supply, and distribution of cannabis within a state-regulated and controlled framework. Moreover, adults could grow up to three plants at home, and specialty shops and pharmacies would be licensed to sell cannabis products.

What’s Next? The German government must now submit its cannabis legalization plan, which was submitted by German Health Minister Karl Lauterbach to the cabinet of Chancellor Olaf Scholz, to the European Commission for approval before formal legislation can be tabled in the German Bundestag or Parliament.

The First MMJ Company On the Frankfurt Stock Exchange: Meanwhile, a Berlin startup recently became the first medical cannabis company to list on the Frankfurt stock exchange. With the ticker symbol “HIGH,” shares of the Berlin-based company HIGH, +200.93% rose as high as €19.70 Euros after the IPO was priced at €6.48 per share. One Euro equals $1.04 US dollar.

Cantor Fitzgerald's Pablo Zuanic noted that Canadian cannabis giants Tilray Brands Inc.(NASDAQ: TLRY) and Aurora Cannabis Inc. (NASDAQ: ACB) are well-positioned to benefit from cannabis legalization in Germany.

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