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TDR’s Top 7 Cannabis Developments For The Week Of October 2

Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of October 2. Aside from presenting a synopsis of news events, interviews and…

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Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of October 2. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies.

7. Verano Receives Conditional Approval To List On The Cboe Canada

Verano Holdings Corp. has received conditional approval from Canada’s Neo Exchange Inc., operating as Cboe Canada, to list its Class A subordinate voting shares. Upon listing the Shares on Cboe Canada, the company plans to delist the Shares from the Canadian Securities Exchange.

The transition to Cboe Canada does not require the company to recapitalize or undertake any corporate restructuring. The shares will continue trading in Canada on the Cboe Canada under the same symbol “VRNO” and in the U.S. on the OTCQX under the same symbol “VRNOF.” Trading of the Company’s securities is not expected to be disrupted in any way and current shareholders do not need to take any action.

6. Poll Affirms, Again, Most Ohioans Plan to Vote ‘Yes’ on November’s Rec Cannabis Measure

A poll commissioned by the Coalition to Regulate Marijuana Like Alcohol (CRMLA)—the campaign supporting the ballot initiative—and conducted by FM3 Research surveyed likely November voters in mid-August, specifically asking about their stance on ushering in recreational cannabis laws for the Buckeye State.

The results found that roughly three out of five Ohio voters support the cannabis legalization measure set to appear on the November ballot, and nearly two-thirds of respondents said that they believe adult-use cannabis legalization in Ohio is “inevitable.”

5. Lubbock Could Become Texas’s Most Populous City To Decriminalize Marijuana, With Activists Nearing Ballot Signature Submission

The campaign to decriminalize recreational marijuana in Lubbock is the latest in a long struggle for cannabis supporters in the Lone Star State, which, unlike neighboring states, has long resisted legalizing the drug. If the suggested change becomes local law, Lubbock would be the largest Texas city to decriminalize the drug through the petition process.

Without statewide legalization for recreational use, some Texans have sought to at least decriminalize it. Residents in Denton, Killeen, Elgin, San Marcos and Harker Heights all approved ballot measures banning arrests and citations for carrying less than four ounces of marijuana in most instances. However, the local city councils have declined to put the voter-approved rules in place. And Bell County, which includes Killeen, has sued to block the change from going into effect.

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Chart Of the Week — Capital Raises Exceed $1.6 Billion So Far In 2023

Source: Viridian Capital Advisors

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Interview Of the Week — Winning in a Rising Interest Rate World

Anthony Coniglio, the founder President and CEO of NewLake Capital Partners (OTCMKTS: NLCP), explains the potential impact of rising interest rates in a rapidly growing cannabis industry

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Widely Held MSOs & LP Weekly Performance

CompanySymbolPrevious Week CloseEnd Of Week Close% Change On Week
AdvisorShares Pure Cannabis ETFMSOS7.947.08-10.83
Aurora CannabisACB0.58500.5672-3.04
Ayr WellnessAYRWF2.291.82-20.52
Canopy GrowthCGC0.78280.7048-9.96
Cresco LabsCRLBF2.031.66-18.22
Curaleaf HoldingsCURLF4.524.22-6.63
Green Thumb IndustriesGTBIF11.1210.12-8.99
High Tide Inc.HITI1.851.65-10.81
Marimed Inc.MRMD0.43560.3904-10.37
TerrAscend Corp.TSNDF2.051.84-10.24
Tilray BrandsTLRY2.392.06-13.80
Trulieve CannabisTCNNF6.095.15-15.43
Verano HoldingsVRNOF4.554.08-10.32

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4. New York Opens Marijuana Business License Application Period As Governor Highlights Efforts To Combat Illegal Market

New York opened the application period for hundreds of new marijuana business licenses on Wednesday, marking the beginning of a massive expansion of the state’s legal cannabis system. So far only about two dozen retailers have opened statewide since adult-use sales began last December.

Gov. Kathy Hochul (D) announced the launch of the new application period on Wednesday, at the same time emphasizing her administration is “ramping up” law enforcement efforts to go after unlicensed marijuana businesses, which have proliferated amid delays to the state’s legal rollout.

Applications will be open until December 4, and regulators are expected to begin awarding the new licenses early next year.

In the news…

Air Force is granting more than three times as many enlistment waivers to recruits who test positive for marijuana than it anticipated when it first launched an effort to give people who have consumed cannabis another shot to join the service.

American Council of Cannabis Medicine (ACCM) announced that a major insurance industry and member-based group will kick off open enrollment.

Arkansas’s recently enacted law permitting medical cannabis patients to obtain concealed carry gun licenses “creates an unacceptable risk,” and could jeopardize the state’s federally approved alternative firearm licensing policy, the ATF says.

Aurora Cannabis announced the closing of its previously announced bought deal offering of 53,187,500 common shares of the company at a price of C$0.73 per Offered Security, for aggregate gross proceeds to Aurora of approximately C$38,826,875.

Canopy Growth has completed the sale of its Hershey Drive facility in Smiths Falls, Ontario, in connection with the previously announced agreement with Hershey Canada, Inc. for cash consideration of approximately CAD$53 million.

Cresco Labs announced the opening of Sunnyside Altoona in the Commonwealth of Pennsylvania.

Curaleaf Holdings announced the closing of its previously announced marketed offering of subordinate voting shares for total gross proceeds to the company of C$16,200,000.

Doctors for Cannabis Regulation (DFCR) has rebranded itself to reflect a growing focus on “a wider range of drug policy issues beyond cannabis,” including psychedelics and broader harm reduction matters.

Green Thumb Industries announced it will release third quarter 2023 financial results after the market closes on Wednesday, November 8, 2023.

Greenway Greenhouse Cannabis Corporation announced the results of the Annual General Meeting held on September 26, 2023.

Grown Rogue International has signed a definitive agreement with an option to acquire 70% of ABCO Garden State, LLC , pending regulatory approval from the New Jersey Cannabis Regulatory Commission. ABCO has a conditional cultivation and manufacturing license already issued by the CRC and anticipates receiving its annual cultivation license shortly.

Hawaii made minor history last month by completing the first legal inter-island transfer…

Heritage Cannabis Holdings announced its financial results as at and for the three- and nine-month periods ended July 31, 2023.

Illinois marijuana retailers sold nearly 3.7 million adult-use cannabis products in September, according to newly posted state sales data. That’s more products than during any other month since recreational sales launched in January 2020.

Jones Soda Co. crossover cannabis brand Mary Jones is now available at dispensaries in Washington state.

Kentucky Update: Medical marijuana will not be legal until Jan. 1, 2025, but during a Thursday afternoon news conference, Gov. Andy Beshear gave a progress report on the preparations that are currently under way.

Lowell Farms Inc. has repurchased all of the $22,157,417 aggregate principal amount of outstanding Senior Secured Convertible Debentures of its subsidiary, Indus Holding Company, together with the related warrants to purchase 106,274,830 subordinate voting shares of the company and 43,248,450 common shares of Indus.

MariMed Inc. announced Betty’s Eddies and Nature’s Heritage were the top two brands in terms of awareness in a study of Massachusetts cannabis brands conducted by leading market research company Brightfield Group.

MariMed Inc: Betty’s Eddies announced a collaboration with the Keep A Breast (KAB) Foundation to advance breast cancer awareness education and support the millions of people affected by the disease.

Maryland cannabis operators rung up nearly $90.5 million in cannabis sales for September, coming just shy of the $91.7 million in sales from August, according to the state’s Cannabis Administration.

Massachusetts Cannabis Control Commission suspended Chair dropped her lawsuit seeking to block the suspension after being granted a hearing over the matter.

MediPharm Labs has entered into a settlement agreement on September 29, 2023 to resolve a claim in connection with a commercial agreement dispute, for a total consideration value of $9,000,000.

Michigan will stop drug testing most prospective government employees for cannabis, per a rule change that took effect Sunday. The changes also provide people who’ve already been denied jobs over positive THC drug tests an opportunity to get the sanctions retroactively rescinded.

Michigan: Bipartisan legislation that would allow state-licensed marijuana businesses to conduct trade with tribal cannabis entities located in the state won approval from the full House of Representatives this week. The bills, passed by the Senate in June, next proceed to Gov. Gretchen Whitmer (D).

Minnesota’s Legislative Auditor will dig into the short-circuited appointment of the Office of Cannabis Management director. 

Missouri has awarded 48 cannabis microbusiness licenses to “marginalized or under-represented individuals.

New Jersey Economic Development Authority (NJEDA) Chief Executive Officer, Tim Sullivan, and Chief Community Development Officer, Tai Cooper, joined Bloomfield Mayor, Michael J. Venezia, along with representatives of the New Jersey Cannabis Regulatory Commission (NJCRC) to announce the awarding of $12 million of grant funding to 48 cannabis businesses.

New Mexico: Legal marijuana retailers sold more than $47 million of combined adult-use and medical marijuana products in September, according to new data from the New Mexico Regulation & Licensing Department.

New York judge Kevin Bryant on Friday issued a pair of brief court orders, signaling that at least two of the 400-some cannabis retailers that are on pause will now be allowed to open for business.

New York Senate cannabis committee is inviting members of the public to apply to testify at an upcoming hearing on challenges facing the state’s legal marijuana industry

Pennsylvania House approves 280E tax cut for marijuana businesses over GOP objections: Republicans have blasted the reform as giving “special privileges for marijuana growers.”

PharmaCielo Ltd. announced that it has closed another tranche of the non-brokered private placement that was announced on June 29, 2023. Under the New Offering, to date, PharmaCielo issued 3,900 debenture units, for aggregate proceeds of $3,300,000,

Planet 13 shelf prospectus filed…

SAFE Banking Act vs. SAFER Banking Actwhat’s the difference for the marijuana industry?

SAFER Banking Act new amendments revealed.

Tilray Brands has closed its all-cash previously-announced acquisition of eight beer and beverage brands from Anheuser-Busch (NYSE: BUD), including the breweries and brewpubs associated with them.

Tilray CEO Irwin Simon discusses the company’s medical cannabis and craft beer segments post-earnings…

Trulieve Cannabis announced Steve White is stepping down as the company’s President, effective as of October 1, 2023. Mr. White will continue to serve as a strategic advisor to the company until his anticipated retirement at the end of this year.

Trulieve Cannabis CEO Kim Rivers on Fox News to discuss SAFER Banking.

U.S. Congress members are calling on President Joe Biden to release American Indian Movement activist Leonard Peltier from prison.

U.S. Health and Human Services Department (HHS) is being sued to release a letter at the center of the Biden administration’s recent recommendation that the Drug Enforcement Administration (DEA) reschedule marijuana.

USDA says genetically modified hemp plant ‘may be safely grown and bred’ in the United States.

Verano Holdings announced the opening of MÜV Apopka on Friday, October 6, the Company’s 71st Florida dispensary and 133rd retail outlet nationwide.

Vext Science announced the execution of a letter of intent with the members of Big Perm’s Dispensary Ohio, LLC to acquire two cannabis dispensaries located in Ohio owned by Big Perm, as well as all licenses and assets related to the business of the dispensaries.

Vext Science has completed the previously announced acquisition of Appalachian Pharm Processing, LLC, an Ohio limited liability company, together with its subsidiaries and affiliated companies.

Xzibit’s new ‘Lasagna Ganja’ podcast explores layers of the cannabis industry.

3. Tilray Brands Reports Q1 2024 Financial Results

Tilray Brands reported financial results for its first quarter fiscal year 2024 ended August 31, 2023. Highlights included:

  • Record Q1 Net Revenue of $177 Million, Representing 15% Growth Year over Year
  • Increased #1 Cannabis Market Share Position in Canada to 13.4%
  • Grew Canadian Cannabis Revenue by 16.5% and International Cannabis Revenue by 37%
  • With Closing of Acquisition of Eight Craft Beer and Beverage Brands, Creating 5th Largest U.S. Craft Beer Brewer with 5% Market Share in Growing Craft Market

On guidance: For its fiscal year ending May 31, 2024, the company is reiterating its adjusted EBITDA target of $68 million to $78 million representing growth of 11% to 27% as compared to fiscal year 2023. In addition, the company expects to generate positive adjusted free cash flow.

2. A Landmark Cannabis Bill Is Headed To The Senate Floor

The Senate Banking Committee approved a historic marijuana banking bill last week that breaks barriers between financial institutions and cannabis companies.

The Secure and Fair Enforcement Regulation (SAFER) Banking Act, which aims to resolve a longstanding financial deadlock that forced cannabis-related companies to operate using only cash, will now make its way to the Senate floor. Iterations of this bill have been presented in committee since 2015, but this is the first time the bill has received a yes vote and made its way to the Senate at large.

As the marijuana market flourishes across the US, federal legal ambiguity has hindered its full potential, making transactions an all-cash, risky affair.

1. SAFER Banking Trajectory In Question As Kevin McCarthy Ousted As House Speaker

Following the successful Senate Banking Committee markup vote last week, the prospects for bicameral SAFER Banking Act legislation appeared positive in both legislative branches of government. However, the prospects thereof took a unforeseen twist yesterday as Kevin McCarthy, a known supporter of cannabis banking legislation, was ousted as the House Majority Speaker. His impending replacement will be critical in regards to where SAFER is prioritized on the Republican House agenda—assuming it passes the Senate first.

In the United States Congress, the passage of a bicameral bill is a multi-step process dictated by Article I, Section 7 of the U.S. Constitution. Initially, a bill can be introduced in either the House of Representatives or the Senate, after which it undergoes committee hearings and revisions within its originating chamber. If it garners majority approval in the chamber where it was introduced, it proceeds to the other chamber for consideration.

The post TDR’s Top 7 Cannabis Developments For The Week Of October 2 appeared first on The Dales Report.

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Four burning questions about the future of the $16.5B Novo-Catalent deal

To build or to buy? That’s a classic question for pharma boardrooms, and Novo Nordisk is going with both.
Beyond spending billions of dollars to expand…

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To build or to buy? That’s a classic question for pharma boardrooms, and Novo Nordisk is going with both.

Beyond spending billions of dollars to expand its own production capacity for its weight loss drugs, the Danish drugmaker said Monday it will pay $11 billion to acquire three manufacturing plants from Catalent. It’s part of a broader $16.5 billion deal with Novo Holdings, the investment arm of the pharma’s parent group, which agreed to acquire the contract manufacturer and take it private.

It’s a big deal for all parties, with potential ripple effects across the biotech ecosystem. Here’s a look at some of the most pressing questions to watch after Monday’s announcement.

Why did Novo do this?

Novo Holdings isn’t the most obvious buyer for Catalent, particularly after last year’s on-and-off M&A interest from the serial acquirer Danaher. But the deal could benefit both Novo Holdings and Novo Nordisk.

Novo Nordisk’s biggest challenge has been simply making enough of the weight loss drug Wegovy and diabetes therapy Ozempic. On last week’s earnings call, Novo Nordisk CEO Lars Fruergaard Jørgensen said the company isn’t constrained by capital in its efforts to boost manufacturing. Rather, the main challenge is the limited amount of capabilities out there, he said.

“Most pharmaceutical companies in the world would be shopping among the same manufacturers,” he said. “There’s not an unlimited amount of machinery and people to build it.”

While Novo was already one of Catalent’s major customers, the manufacturer has been hamstrung by its own balance sheet. With roughly $5 billion in debt on its books, it’s had to juggle paying down debt with sufficiently investing in its facilities. That’s been particularly challenging in keeping pace with soaring demand for GLP-1 drugs.

Novo, on the other hand, has the balance sheet to funnel as much money as needed into the plants in Italy, Belgium, and Indiana. It’s also struggled to make enough of its popular GLP-1 drugs to meet their soaring demand, with documented shortages of both Ozempic and Wegovy.

The impact won’t be immediate. The parties expect the deal to close near the end of 2024. Novo Nordisk said it expects the three new sites to “gradually increase Novo Nordisk’s filling capacity from 2026 and onwards.”

As for the rest of Catalent — nearly 50 other sites employing thousands of workers — Novo Holdings will take control. The group previously acquired Altasciences in 2021 and Ritedose in 2022, so the Catalent deal builds on a core investing interest in biopharma services, Novo Holdings CEO Kasim Kutay told Endpoints News.

Kasim Kutay

When asked about possible site closures or layoffs, Kutay said the team hasn’t thought about that.

“That’s not our track record. Our track record is to invest in quality businesses and help them grow,” he said. “There’s always stuff to do with any asset you own, but we haven’t bought this company to do some of the stuff you’re talking about.”

What does it mean for Catalent’s customers? 

Until the deal closes, Catalent will operate as a standalone business. After it closes, Novo Nordisk said it will honor its customer obligations at the three sites, a spokesperson said. But they didn’t answer a question about what happens when those contracts expire.

The wrinkle is the long-term future of the three plants that Novo Nordisk is paying for. Those sites don’t exclusively pump out Wegovy, but that could be the logical long-term aim for the Danish drugmaker.

The ideal scenario is that pricing and timelines remain the same for customers, said Nicole Paulk, CEO of the gene therapy startup Siren Biotechnology.

Nicole Paulk

“The name of the group that you’re going to send your check to is now going to be Novo Holdings instead of Catalent, but otherwise everything remains the same,” Paulk told Endpoints. “That’s the best-case scenario.”

In a worst case, Paulk said she feared the new owners could wind up closing sites or laying off Catalent groups. That could create some uncertainty for customers looking for a long-term manufacturing partner.

Are shareholders and regulators happy? 

The pandemic was a wild ride for Catalent’s stock, with shares surging from about $40 to $140 and then crashing back to earth. The $63.50 share price for the takeover is a happy ending depending on the investor.

On that point, the investing giant Elliott Investment Management is satisfied. Marc Steinberg, a partner at Elliott, called the agreement “an outstanding outcome” that “clearly maximizes value for Catalent stockholders” in a statement.

Elliott helped kick off a strategic review last August that culminated in the sale agreement. Compared to Catalent’s stock price before that review started, the deal pays a nearly 40% premium.

Alessandro Maselli

But this is hardly a victory lap for CEO Alessandro Maselli, who took over in July 2022 when Catalent’s stock price was north of $100. Novo’s takeover is a tacit acknowledgment that Maselli could never fully right the ship, as operational problems plagued the company throughout 2023 while it was limited by its debt.

Additional regulatory filings in the next few weeks could give insight into just how competitive the sale process was. William Blair analysts said they don’t expect a competing bidder “given the organic investments already being pursued at other leading CDMOs and the breadth and scale of Catalent’s operations.”

The Blair analysts also noted the companies likely “expect to spend some time educating relevant government agencies” about the deal, given the lengthy closing timeline. Given Novo Nordisk’s ascent — it’s now one of Europe’s most valuable companies — paired with the limited number of large contract manufacturers, antitrust regulators could be interested in taking a close look.

Are Catalent’s problems finally a thing of the past?

Catalent ran into a mix of financial and operational problems over the past year that played no small part in attracting the interest of an activist like Elliott.

Now with a deal in place, how quickly can Novo rectify those problems? Some of the challenges were driven by the demands of being a publicly traded company, like failing to meet investors’ revenue expectations or even filing earnings reports on time.

But Catalent also struggled with its business at times, with a range of manufacturing delays, inspection reports and occasionally writing down acquisitions that didn’t pan out. Novo’s deep pockets will go a long way to a turnaround, but only the future will tell if all these issues are fixed.

Kutay said his team is excited by the opportunity and was satisfied with the due diligence it did on the company.

“We believe we’re buying a strong company with a good management team and good prospects,” Kutay said. “If that wasn’t the case, I don’t think we’d be here.”

Amber Tong and Reynald Castañeda contributed reporting.

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Petrina Kamya, Ph.D., Head of AI Platforms at Insilico Medicine, presents at BIO CEO & Investor Conference

Petrina Kamya, PhD, Head of AI Platforms and President of Insilico Medicine Canada, will present at the BIO CEO & Investor Conference happening Feb….

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Petrina Kamya, PhD, Head of AI Platforms and President of Insilico Medicine Canada, will present at the BIO CEO & Investor Conference happening Feb. 26-27 at the New York Marriott Marquis in New York City. Dr. Kamya will speak as part of the panel “AI within Biopharma: Separating Value from Hype,” on Feb. 27, 1pm ET along with Michael Nally, CEO of Generate: Biomedicines and Liz Schwarzbach, PhD, CBO of BigHat Biosciences.

Credit: Insilico Medicine

Petrina Kamya, PhD, Head of AI Platforms and President of Insilico Medicine Canada, will present at the BIO CEO & Investor Conference happening Feb. 26-27 at the New York Marriott Marquis in New York City. Dr. Kamya will speak as part of the panel “AI within Biopharma: Separating Value from Hype,” on Feb. 27, 1pm ET along with Michael Nally, CEO of Generate: Biomedicines and Liz Schwarzbach, PhD, CBO of BigHat Biosciences.

The session will look at how the latest artificial intelligence (AI) tools – including generative AI and large language models – are currently being used to advance the discovery and design of new drugs, and which technologies are still in development. 

The BIO CEO & Investor Conference brings together over 1,000 attendees and more than 700 companies across industry and institutional investment to discuss the future investment landscape of biotechnology. Sessions focus on topics such as therapeutic advancements, market outlook, and policy priorities.

Insilico Medicine is a leading, clinical stage AI-driven drug discovery company that has raised over $400m in investments since it was founded in 2014. Dr. Kamya leads the development of the Company’s end-to-end generative AI platform, Pharma.AI from Insilico’s AI R&D Center in Montreal. Using modern machine learning techniques in the context of chemistry and biology, the platform has driven the discovery and design of 30+ new therapies, with five in clinical stages – for cancer, fibrosis, inflammatory bowel disease (IBD), and COVID-19. The Company’s lead drug, for the chronic, rare lung condition idiopathic pulmonary fibrosis, is the first AI-designed drug for an AI-discovered target to reach Phase II clinical trials with patients. Nine of the top 20 pharmaceutical companies have used Insilico’s AI platform to advance their programs, and the Company has a number of major strategic licensing deals around its AI-designed therapeutic assets, including with Sanofi, Exelixis and Menarini. 

 

About Insilico Medicine

Insilico Medicine, a global clinical stage biotechnology company powered by generative AI, is connecting biology, chemistry, and clinical trials analysis using next-generation AI systems. The company has developed AI platforms that utilize deep generative models, reinforcement learning, transformers, and other modern machine learning techniques for novel target discovery and the generation of novel molecular structures with desired properties. Insilico Medicine is developing breakthrough solutions to discover and develop innovative drugs for cancer, fibrosis, immunity, central nervous system diseases, infectious diseases, autoimmune diseases, and aging-related diseases. www.insilico.com 


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Another country is getting ready to launch a visa for digital nomads

Early reports are saying Japan will soon have a digital nomad visa for high-earning foreigners.

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Over the last decade, the explosion of remote work that came as a result of improved technology and the pandemic has allowed an increasing number of people to become digital nomads. 

When looked at more broadly as anyone not required to come into a fixed office but instead moves between different locations such as the home and the coffee shop, the latest estimate shows that there were more than 35 million such workers in the world by the end of 2023 while over half of those come from the United States.

Related: There is a new list of cities that are best for digital nomads

While remote work has also allowed many to move to cheaper places and travel around the world while still bringing in income, working outside of one's home country requires either dual citizenship or work authorization — the global shift toward remote work has pushed many countries to launch specific digital nomad visas to boost their economies and bring in new residents.

Japan is a very popular destination for U.S. tourists. 

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This popular vacation destination will soon have a nomad visa

Spain, Portugal, Indonesia, Malaysia, Costa Rica, Brazil, Latvia and Malta are some of the countries currently offering specific visas for foreigners who want to live there while bringing in income from abroad.

More Travel:

With the exception of a few, Asian countries generally have stricter immigration laws and were much slower to launch these types of visas that some of the countries with weaker economies had as far back as 2015. As first reported by the Japan Times, the country's Immigration Services Agency ended up making the leap toward a visa for those who can earn more than ¥10 million ($68,300 USD) with income from another country.

The Japanese government has not yet worked out the specifics of how long the visa will be valid for or how much it will cost — public comment on the proposal is being accepted throughout next week. 

That said, early reports say the visa will be shorter than the typical digital nomad option that allows foreigners to live in a country for several years. The visa will reportedly be valid for six months or slightly longer but still no more than a year — along with the ability to work, this allows some to stay beyond the 90-day tourist period typically afforded to those from countries with visa-free agreements.

'Not be given a residence card of residence certificate'

While one will be able to reapply for the visa after the time runs out, this can only be done by exiting the country and being away for six months before coming back again — becoming a permanent resident on the pathway to citizenship is an entirely different process with much more strict requirements.

"Those living in Japan with the digital nomad visa will not be given a residence card or a residence certificate, which provide access to certain government benefits," reports the news outlet. "The visa cannot be renewed and must be reapplied for, with this only possible six months after leaving the countr

The visa will reportedly start in March and also allow holders to bring their spouses and families with them. To start using the visa, holders will also need to purchase private health insurance from their home country while taxes on any money one earns will also need to be paid through one's home country.

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