Cannabiz Report: Compass Lifestyle Clinics closes doors after ‘arrangement’ falls through

Cannabiz Report: Compass Lifestyle Clinics closes doors after ‘arrangement’ falls through

They write Read more (paywall). It appears they have forgotten to take down their site Linked In Profile is still live   Here were their big plans as spruiked by Austrade Compass Cannabis moves into Australia with first internationally operated clinics Compass Cannabis operates one of the longest-running networks of holistic medicinal cannabis clinics in Canada. The company is zooming in on Australia’s burgeoning medicinal cannabis market. Founder of Compass Cannabis, Dave Martyn, predicts an ‘explosive’ period of growth in the Australian medicinal cannabis sector over the next 7–8 years. He pinpoints why Australia is one of the best international markets outside of North America for Compass’s expansion: Positive regulatory environment, including eased conditions for over-the counter sales of medicinal cannabis products. Strong patient growth – up from 30,000 active patients in 2020 to 45,000 in early 2021. Gateway to the Asia-Pacific region. The company has launched two Compass Lifestyle Clinics in Sydney and the Blue Mountains as part of its A$2 million investment in Australia. Further expansion is in the pipeline. Employee headcount is now over 20 and primed to grow. Budding industry with enormous growth potential Australia made landmark changes to the Narcotic Drugs Act 1967 in 2016. This simplified the administration of the medicinal cannabis scheme and cut barriers to developing the industry. ‘Since the medical cannabis reform of 2016, Australia has become one of the fastest-growing markets globally,’ says Martyn. ‘Australia’s cannabis regulatory processes are some of the most business-friendly in the world. We see strong opportunities, especially with the reclassification of medicinal cannabidiol (CBD) products.’ Australia’s Therapeutic Goods Administration (TGA) approved over-the-counter sales of certain low-dose CBD preparations in 2020. Previously, they had been prescription-only medicines. ‘Over-the-counter CBD has already found big markets in the US and UK. There is no reason we won’t see the same in Australia,’…

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Source : Cannabiz Report: Compass Lifestyle Clinics closes doors after ‘arrangement’ falls through

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