pledging to legalize adult-use marijuana in the state this year, news about a medical marijuana legalization measure making it to the November ballot in Mississippi, and South Dakota announcing its Secretary of State Steve Barnett has approved a proposed constitutional amendment that would legalize adult-use cannabis and make the state legislature enact a hemp cultivation law.” data-reactid=”18″>Week two of 2020 was an exciting one, with New York Gov. Andrew Cuomo pledging to legalize adult-use marijuana in the state this year, news about a medical marijuana legalization measure making it to the November ballot in Mississippi, and South Dakota announcing its Secretary of State Steve Barnett has approved a proposed constitutional amendment that would legalize adult-use cannabis and make the state legislature enact a hemp cultivation law.
Commenting on the latter, Matthew Schweich, deputy director of the Marijuana Policy Project told Benzinga, “The majority of South Dakota voters support legalizing, regulating, and taxing marijuana for adults. Elected officials in the state have not taken action to effectuate the will of the people, so the only recourse for advocates is to bring this issue to the ballot for voters to decide.”
In Illinois, the Department of Financial and Professional Regulation disclosed sales of recreational marijuana had almost hit $11 million in their first week, while Chicago’s O’Hare International Airport and Midway Airport installed boxes for passengers to dispose of any cannabis they might have before boarding an airplane in the wake of the legalization of recreational marijuana in Illinois on Jan. 1.
In Kansas, Gov. Laura Kelly revealed two of the most important goals for the year, one being the expansion of Medicaid, and the other, medical marijuana legalization.
Meanwhile, the Argentine province of Chubut announced a government sponsored cannabis event, at the same time as Mexico prepares for its final debate around the regulation of legal cannabis. The Senate now has till April 30 to make a decision on the regulation of the use of recreational weed in the country.
https://tinyletter.com/javierhasse” data-reactid=”23″>If you want to get this news recap in your email inbox every week, please subscribe to https://tinyletter.com/javierhasse
In the scientific realm, researchers discovered two new cannabinoids in the cannabis plant: tetrahydrocannabiphorol (THCP) and cannabidiphorol (CBDP). The latter is believed to have similar properties to those of CBD, while the former is thought to be similar to THC, although 30 times stronger in potency.
OSTK), as its new CEO, following the departure of Kraig Fox less than one year into his tenure. The company also announced it will be developing a physical and virtual cannabis distribution businesses.
Cannabis Tech Companies On Restrictions At CES: ‘Lots Of Room For Growth Ahead’ ” data-reactid=”26″>See Also: Cannabis Tech Companies On Restrictions At CES: ‘Lots Of Room For Growth Ahead’
CGC) announced it will be working in conjunction with 10 Ontario retail license holders to open new Tokyo Smoke-branded retail cannabis stores across the province.
HUGE) started trading on the Nasdaq.
CRLBF) completed its acquisition of CannaRoyalty Corp (OTC: ORHOF), doing business as Origin House.
“This is a transformational deal for Cresco and represents the culmination of the better part of a year’s work for both the Cresco and Origin House teams,” Charlie Bachtell, Cresco’s CEO and co-founder, said in a statement.
HRVSF) filed a lawsuit against an R&D and brand development company, Falcon International. The former is seeking to terminate a merger.
here.” data-reactid=”32″>“The federal lawsuit is a petition to compel arbitration between the companies, and Harvest said it will seek both restitution and the appointment of a receiver for Falcon’s business and assets,” explained Benzinga’s Dustin Blitchok. Check out the full story here.
Debra Borchardt, CEO of Green Market Report, told Benzinga, “We continue to see cannabis deals unwind and this week’s termination between Bhang and Origin House is the latest. However, Origin House did note that its deal with Cresco Labs is still on and looks to close pretty soon. The cannabis industry has taken a beating when it comes to valuations and most companies are focused on profitability and not expansion at this point, so I expect we’ll hear of fewer deals in the 2020.”
Cannabis stocks posted moderate losses this week, dragging ETFs down. Over the last five trading days:
HMLSF) (TSE:HMMJ) was down 3.64%.
MJ) lost 1.97%.
YOLO) dropped 3.45%.
THCX) tumbled 2.83%.
CNBS) declined 3.44%.
SPY) closed the period up 1%.
More News From The Week
“The launch of Illinois Adult Use program was a historic moment, many of the licensees had planned for that day over five years ago. We are proud to have played a critical role in ensuring a successful roll-out and laying the critical infrastructure for the massive cannabis pipeline that will emerge in the coming year,” Dr. Moe Afaneh, COO of Biotrack, told Benzinga.
“Research and innovation are were Canada can provide a value-add to the global cannabis industry. With Canada leading in the legalization of cannabis products, our the country is well-positioned to be a leader in the new fields of plant medicine,” Barinder Rasode, CEO and Co-Founder of Grow Tech Labs, told Benzinga.
“As marijuana enthusiasts, we have waited for this moment for most of our adult lives,” said Jeff Radway, CEO of GPI. “Being part of this exploding industry in Michigan is just the icing on the cake for us. We’re eager to bring our fun and inviting retail experience to medical and recreational customers around the state.”
“Acella’s Cannabis Construction Team met the challenge of creating a facility that combines numerous manufacturing elements, a laboratory, offices and an employee locker room in one aesthetically pleasing and functional structure, while ensuring all state regulations were met,” said TBI Co-Founder Angela Brown.
As a leader in the cannabis marketing space, Cheyne Nadeau brings over 15 years of global marketing experience to ALT, most notably from his previous role at Red Bull where he sat on global culture marketing teams.
SPRWF) appointed Colin Moore as interim president and CEO, following the departure of its previous CEO. Moore previously worked as president of Starbucks Corporation’s (NASDAQ: SBUX) Canadian division.
STMH) (CSE: STEM) announced a joint venture with the vertically integrated Massachusetts company Community Growth Partners. Per the agreement, Stem will acquire 49% of CGP’s common stock, and provide the company with a line of revolving credit for its Massachusetts expansion efforts. The plans for the joint venture call for Stem to license and market CGP’s Rebelle line in four states: California, Oregon, Oklahoma and Nevada.
HRVSF), a vertically integrated cannabis company, said it’s in negotiations to acquire Interurban Capital Group Inc, the owner and operator of Have a Heart. The preliminary terms of the deal stipulate an acquisition valued at about $87.5 million.
KSHB) reported fiscal first-quarter revenue of $35 million, compared to $25.32 million in the same quarter of the prior year. KushCo posted a net loss of $12.51 million or 12 cents per share versus a net loss of $8.58 million and 11 cents per share in the corresponding period in 2018.
SOLCF) and Goldstream Minerals Inc (NEX:GSX.H) announced that Goldstream and CannCure Investments Inc, a portfolio company of SOL Global, have entered into a letter of intent that would have Goldstream acquire a 100% interest in CannCure, resulting in a reverse takeover of Goldstream by the shareholders of CannCure.
“Wana’s entry into Oklahoma solidifies our Midwest expansion,” said Wana CEO Nancy Whiteman. “We have been impressed with Oklahoma’s leadership in developing an effective regulated medical marijuana industry, and we look forward to providing Wana products as a consistent option to patients in the state.”
“It’s more than matching companies with candidates. The goal is to be a trusted partner that helps elevate businesses to build out the industry as it should be,” said Art Massolo, partner at Hunter + Esquire. “We want to build partnerships with companies who want long term success.”
“We’re very proud and excited to kick off 2020 by bringing hemp-wellness and our knowledge about the plant to the people of Athens, GA,” Franny Tacy, Owner of Franny’s Farmacy, said.
APHA), but trimmed his price target from CA$10.40 ($8.02) to CA$9.90 ($7.63) ahead of the company’s Jan. 14 second-quarter report.
OGI) ahead of its first-quarter report on Jan. 27. Zuanic maintained an Overweight rating on Organigram, and cut the price target from CA$13.30 ($10.25) to CA$9.50 ($7.32).
STZ)’s potential buyout bid for Canopy Growth Corp (NYSE: CGC) (TSE: WEED), which he believes remains “more likely than not.”
here.” data-reactid=”77″>Piper Sandler analyst Michael Lavery downgraded Aurora Cannabis Inc. (NYSE: ACB) from Neutral to Underweight and lowered the price target from $3 to $1. Meanwhile, BofA Securities analyst Christopher Carey downgraded the stock from Neutral to Underperform and trimmed the price target from CA$4 ($3.07) to CA$1.50. See details from both reports here.
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- 5 Drivers Of The Correlated Growth Of Cannabis, Herbal Medicine
- What Is Weed Wine, How It’s Made, And Which Ones Are Worth Trying
- How To Get A Medical Marijuana Card In Illinois
- How CBD Got Into The World Of Mixed Martial Arts (MMA)
- Can CBD Affect How Your Body Processes Medication?
- Constellation Brands CEO Talks Beer, Seltzer, Canopy Investment With Cramer
The conference, which takes place at the Fontainebleau Miami Beach, creates an ideal setting for attendees to learn from the individuals and experts driving the cannabis space forward amid regulation, legalization and industry changes.