High Times has just bought the Spannabis European Cannabis Festival in a $7 million deal. This is a great deal for the company, as it allows them to increase their presence in the legal cannabis seeds market in Europe.
Albania is the new Eldorado for cannabis traffickers
Albania is now a narcotics transit hub, according to European law enforcement officials. The country is one of the major providers of cannabis to the EU.
Drug trafficking is a problem in Albania, particularly in the countryside. It is a lucrative business. The country borders Greece, Italy, Serbia, Montenegro, Kosovo, and North Macedonia. The drug trade is facilitated by the weak rule of law.
The United States State Department has named Albania as a “transit country” for cocaine and heroin. The drug traffickers in Albania are also threatening media outlets that report on their trade.
The Albanian government, led by Prime Minister Edi Rama, has launched a three-year fight against drug cultivation. The government says it is making progress. In early March, it adopted an anti-cannabis action plan tasked with local authorities. The plan includes a sweeping eradication of cannabis plants, a nationwide investigation, and the arrest of 15 alleged traffickers.
The Albanian government has been able to seize 2.5 million marijuana plants in the last year. This was enough to generate an estimated $4 billion in revenue each year.
Illicit cannabis cultivation is not new to Western Europe
In the 1990s, resin from Afghanistan and Lebanon dominated the European cannabis market. Small-scale outdoor grows persisted. These were eventually disrupted by the dismantling of a “criminal cooperative” of cannabis nurseries in France.
The Dutch “Hemp Task Force” curbed production in 2004, but the criminal networks continued their activities in other parts of Europe. In the Flemish Region of Belgium, for example, they moved plantations and installed equipment.
Organized crime groups (OCGs) were able to expand their cultivation operations in other European countries, such as Denmark and Sweden. In the Netherlands, the majority of criminal networks involved in synthetic drug production, such as ecstasy, but they also installed cultivation equipment in the south of the country.
Despite these efforts, local production of herbal cannabis remained relatively low. In the UK, for instance, two-thirds of the cannabis plants discovered were owned by Sino-Vietnamese criminals. Nevertheless, the role of these networks is declining.
In addition, the French cannabis market is undergoing rapid changes. Several studies have been conducted in France and elsewhere to analyze the trends.
Legal advice is offered to its participants
Spannabis is one of the biggest cannabis festivals in the world. It’s the perfect place for growers to show off their wares and innovations.
It also provides a platform for the cannabis industry to come together. This three-day celebration brings together thousands of professionals from around the globe. It is a chance to learn about the latest trends, get legal advice, and find the best products and services.
It’s also the ideal opportunity for companies to display equipment, merchandise, and innovations. The festival will host several events, including a stage and free music performances.
This is the second time High Times has expanded its operations into Europe. The company’s first foray into the continent was the highly successful Cannabis Cup.
Now the company is planning to expand its portfolio with the addition of the Spannabis European Cannabis Festival. It’s billed as the largest marijuana industry event in the European Union.
According to the Spannabis website, it’s a “cannabis-focused trade and consumer event”. It’s produced by Feria Del Canamo, S.L., a Spanish SME. Its aim is to bring together tens of thousands of international consumers, industry leaders, and growers. The event will be held in Barcelona, Spain, from March 15 to 17.
The deal also comes with a $3 million cash payment and $4 million worth of High Times common stock. The company is also offering two milestone payments in 2020 and 2021.
Event cancellation due to Covid-19 epidemic
Spannabis is Europe’s largest cannabis industry event, attracting thousands of industry professionals and consumers each year. It has been held in Barcelona for the last 16 years. The annual festival was recently acquired by American group High Times.
The two-day expo features over 125 exhibitors and over 90 speakers. It also includes an awards ceremony honouring those in their fields.
It’s expected that the event will attract tens of thousands of international industry professionals and consumers. The organizers aim to make it the biggest marijuana event in the European Union.
The deal involves three million dollars in cash and $4 million in High Times common stock. It’s expected to close in Q1 of 2019, but the transaction is subject to customary closing conditions.
The deal marks High Times’ second foray into Europe. The company bought Spain’s Spannabis conference in January. The deal also includes two milestone payments in 2020 and 2021.
The deal has been praised by the CEO of Spannabis, Carlos Palomino, who calls it a “game changer”. The purchase came after a crowdfunding campaign that raised millions of dollars from investors.