Iceland: Market and regulatory data analysis of the cannabis sector

23rd October 2023: Iceland: A proposal from the leader of the Pirate Party (a minor opposition party) to decriminalise possession of narcotics, including cannabis, in quantities suitable for purely personal use was approved last week in a first reading. It will now move on to a second reading. If the bill is passed, it will be up to the Ministry of Health to determine what those suitable quantities are.
4th October 2023: Iceland: The proposal for a parliamentary resolution to impel the Ministry of Health to draw up a bill enabling companies to apply for licences to produce and distribute medicinal cannabis, previously introduced in May 2023, has been reintroduced for discussion. The whole framework would be embedded in a four-year pilot programme, starting on 1st January 2025. The Ministry of Health’s bill would need to be proposed by 1st June 2024.
15th September 2023: Iceland: The Consumer Agency has fined two companies, Adotta CBD Reykjavik and Healing Iceland, ISK100,000 (€688) each for promoting their CBD-containing cosmetic products on their respective websites as having medicinal effects. The companies have also been reminded that advertising medicinal properties of cosmetic products that have not been registered as medicines in the country is not permitted. The agency believes that the promotional statements could cause consumers to make a decision they would not have made otherwise, and that the claims are therefore likely to significantly distort consumers’ financial behaviour.
5th July 2023: Iceland: The Consumer Agency has fined a company marketing CBD-containing cosmetic products ISK100,000 (€669) for claiming CBD could suppress some symptoms in specific types of diseases for which conventional medicines had not been successful. The agency said the products “provided false information about their main characteristics”.
23rd May 2023: Iceland: A proposal that a Ministry of Health working group draws up a bill enabling companies to apply for licences to produce and distribute medicinal cannabis was debated last week by Parliament. Its approval was postponed to another session. The bill would need to be presented by the ministry by 31st December for a four-year pilot programme to begin on 1st January 2024.
30th January 2023: Iceland: An amendment to the narcotics list was issued last week to include hexahydrocannabinol (HHC) and THCO as controlled substances, making them subject to the narcotics regime.
19th January 2023: Iceland: The Ministry of Health yesterday notified to the EU TRIS system a bill to add the cannabinoids THCO and HHC to the list of controlled substances, making them subject to the narcotics regime. The ministry invoked emergency rules, ending the standstill period today, in order to remove the substances from the market immediately.
13th December 2022: Iceland: An amendment to regulation no. 233/2001 has been published in the Official Gazette, adding synthetic cannabinoid BZO-4en-POXIZID to the list of addictive and other controlled substances.
29th September 2022: Iceland: A bill to decriminalise possession of narcotics, including cannabis, in quantities suitable for purely personal use, has been submitted to parliament, the Althingi. If the bill is passed, it will be up to the Ministry of Health to determine what those suitable quantities are.

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