Cannabis News Around The World: Hong Kong Outlaws CBD, France And Australia Push For Legalization

Hong Kong Bans CBD

Hong Kong is seeking to ban cannabidiol, or CBD, starting on February 1, 2023, reported AP News. Even though CBD is not psychoactive, authorities say it is inseparable from tetrahydrocannabinol or THC.

“Starting from February 1, cannabidiol, aka CBD, will be regarded as a dangerous drug and will be supervised and managed by the Dangerous Drugs Ordinance,” said customs intelligence officer Au-Yeung Ka-lun. “As of then, transporting CBD for sale, including import and export, as well as producing, possessing, and consuming CBD, will be illegal.” 

Penalties include from Hong Kong $5 million ($638,000) in fines for importing, exporting or producing CBD to life imprisonment. While those who possess CBD could receive a sentence of up to seven years and Hong Kong $1 million ($128,000) in fines.

Last year, the government announced the legislative amendment that would add cannabis to the list of over 200 criminalized drugs, or the Dangerous Drugs Ordinance.

A Proposal To Discuss Cannabis Legalization In France

The French Economic, Social and Environmental Council (CESE), a consultative constitutional assembly, recently proposed to the government to discuss cannabis legalization.

According to its website, the CESE Commission presented a draft opinion on public policies regarding the use of cannabis during a plenary session following last year's Temporary Cannabis Commission meeting with several personalities including the Deputy Secretary General of the UNSA Police to the Director of the French Observatory of Drugs and Addictive Tendencies (OFDT).

In France, 45% of 15-64-year-olds have already used cannabis, which is a level of consumption well above the average for EU countries, which is 27%.

Plan To Legalize Marijuana In Australia

Following the Canadian success, the Greens in Australia, the party behind the first national plan to legalize cannabis, commissioned the Australian Parliamentary Budget Office (PBO) to calculate the revenue that could cause by legalization in the country, reported NZ Herald.

In the first decade after legalizing cannabis, the country could generate an estimated AU$ 28 billion in taxes in government revenue, according to the Australian PBO.

Under the Greens’ plan, Australians could grow six plants at home, though it would remain a crime to sell pot to anyone underage.

“We know that legalizing cannabis reduces harm by keeping people out of the criminal justice system, this report shows how it will also bring in tens of billions of dollars of public revenue as well," said Greens Senator David Shoebridge, the party’s justice spokesman. “With the revenue generated from legalized cannabis, we can build new public housing for a quarter of a million people or lift JobSeeker by AU$80 a fortnight. This is an opportunity for some serious investment in social justice.” 

The Benzinga Cannabis Capital Conference Is Back!

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A start, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices are going up soon.

Image by El Planteo

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Posted In: CannabisGovernmentNewsRegulationsMarketsAu-Yeung Ka-lunAustralian Parliamentary Budget OfficeCannabis In Hong KongCBDFrench EconomicGlobal Cannabis UpdateGreens Senator David ShoebridgeSocial and Environmental Council (CESE)
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The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on – Prices will increase very soon!