DanCann Pharma A/S: Germany makes historic move towards cannabis reclassification and legalization
COPENHAGEN, Denmark, 28 February 2024 – DanCann Pharma A/S (SS: DANCAN) ("DanCann Pharma" or the "Company"), a Danish company powered by cannabinoids, welcomes the German Bundestag's decision to reclassify cannabis and legalize its use. This landmark decision, passed with a vote of 407 to 226, marks a significant milestone for the cannabis industry, impacting not only Germany but also setting a precedent on a global scale.
On Friday, 22 February 2024, the German Bundestag, in a historic vote, positioned Germany as the first major European Union country to legalize the possession and purchase of small amounts for recreational cannabis use. The law, passed by a coalition of Social Democrats, Greens, and Free Democrats with a vote of 407-226 and four abstentions, was championed by Health Minister Karl Lauterbach as a strategy to combat the black market and overturn what he described as a failed cannabis prohibition policy.
The implementation of this legislation removes cannabis from both the narcotics and the official list of banned substances in Germany, introducing a new chapter for the nation's cannabis industry. This transformation substantially eases the prescription process for patients in need of cannabis-based treatments and for healthcare professionals aiming to prescribe such treatments, thereby enhancing patient care, and expanding treatment options within the field of medicinal cannabis.
Germany's decision to legalize cannabis stands as a guiding light for progressive reform in drug policy, illustrating the capacity to beneficially impact the cannabis market, reduce the influence of the illicit drug trade, and address the deficiencies of previous cannabis regulations. This legislative change is set to unlock new opportunities for innovation and growth within the sector, highlighting the importance of adaptable and forward-thinking approaches to cannabis regulation.
First and second pillar
The next phase for the decriminalization legislation involves its review by the Bundesrat, which consists of representatives from Germany's regional states. Should the Bundesrat raise no objections, the initial segment of the legislation, aimed at legalizing cannabis possession, is slated for enactment on April 1.
This legislation represents the first phase of a broader strategy to fully legalize marijuana within the country, described as the "first pillar." Following the passage of the decriminalization bill, the plan's "second pillar" will initiate, proposing the establishment of municipal five-year pilot programs. These programs are designed to facilitate the sale of state-regulated cannabis through licensed retail stores and distributors, marking a significant step towards the comprehensive legalization and regulation of cannabis in Germany.
About DanCann Pharma A/S
DanCann Pharma A/S (SS: DANCAN) was founded in 2018 and is a Danish biopharmaceutical Company powered by cannabinoids. DanCann Pharma A/S (SS: DANCAN) is listed on the Spotlight Stock Market in Copenhagen/Stockholm.
For more information, visit: www.dancann.com
For further information, please contact:
Jeppe Krog Rasmussen, CEO
E-mail: [email protected]
Forward-looking-statement:
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology.
Forward-looking statements are subject to several risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, to obtain sufficient financing to execute the Company’s business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company’s research strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this presentation are made as of the date of this presentation and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
