Below is a recap of the main news related to the cannabis industry and markets for the week of October 25, 2021.
- Policy & Social Equity
- Earnings Reports
- Celebrity News
- Science & Data
- International News
- Other News
- Executive Moves
- Top Stories Of The Week
Stocks traded down this week. Over the five trading days of this week:
- The ETFMG Alternative Harvest ETF MJ: lost 5.2%.
- The AdvisorShares Pure Cannabis ETF YOLO: tumbled 4.7%.
- The AdvisorShares Pure US Cannabis ETF MSOS: fell 5%.
- The Cannabis ETF THCX: was down 4.3%.
- The Amplify Seymour Cannabis ETF CNBS: declined 4.8%.
- The SPDR S&P 500 ETF Trust SPY closed the week up more than 1%.
Policy & Social Equity
- As the opioid crisis in the U.S. reaches alarming numbers, resulting in roughly 100,000 overdose deaths in the past 12-month period, a massive surge from a year earlier – federal health officials are willing to try new approaches to stem the tragedy. This week, Secretary of Health and Human Services (HHS) Xavier Becerra revealed the Biden administration’s strategy to deal with the epidemic, which could include allowing supervised consumption sites.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
- Eaze opened applications for its Momentum business accelerator to encourage and cultivate underrepresented cannabis businesses nationally.BIPOC, women, LGBTQ+ and military veterans nationwide can apply to the company's award-winning program.
- The People’s Group (TPG), led by Christine De La Rosa, has launched a $50 million nationwide fund. The fund will invest in BIPOC and women-led cannabis businesses with the goal of breaking the pattern of oppression and creating a representative future for the growing industry. TPG is led, directed and advised by BIPOC women, queer people, the differently-abled, veterans and people with chronic illness as a catalyst for community empowerment. The fund will draw attention to the lack of social equity, capital and investment opportunities within the field. It also will work toward eliminating the barriers of prosperity and unlocking efficient pathways to profitability.
Find all the details on these and other earnings reports on Benzinga Cannabis’ Earnings Center.
Science & Data
A new study published last month is shedding light on the cannabis plant’s therapeutic potential.
While a bipartisan group of federal lawmakers only recently introduced a bill to remove federal barriers for conducting research on marijuana, researchers have come up with creative ways to study the plant’s effects on the general population by conducting observational studies.
The paper, published in the peer-reviewed journal, Frontiers In Psychiatry, found that medical cannabis use was associated with lower self-reported depression as well as decreased anxiety in adults. The research was conducted by Johns Hopkins University in association with the Realm of Caring Foundation.
A study undertaken by the San Francisco-based cannabis delivery platform Eaze found an increasing crossover between cannabis use and off-the-couch activities including work, fitness and intimacy, reported Adweek.
“It may sound counterintuitive, but cannabis for responsible adults does exist,” said Elizabeth Ashford, vice president of communications at Eaze.
As more states pass laws allowing adult use of cannabis, concerns that legalization would make marijuana more accessible to young people arise.
A recently released poll from the National Survey on Drug Use and Health (NSDUH) found that there has been a significant drop in cannabis usage among teenagers, aged 12-17, pointed out the National Organization for the Reform of Marijuana Laws (NORML).
Past-year cannabis use among the young population nationwide declined from 13.2% to 10.1% from 2019-2020, according to recent data gathered by the Substance Abuse and Mental Health Services Administration (SAMHSA).
However, for those aged 18 to 25, past-year marijuana use percentages remained almost unchanged, dropping only slightly from 35.4% to 34.5% over the same period.
Poke A Bowl selected its first brick-and-mortar dispensary chain to retail its products in the Canadian market. ERBN Green, a female-founded company with multiple locations in Ontario and 2 new ones coming soon to British Columbia, has agreed to stock the full line of Poke A Bowl products.
“This is very exciting for me,” Creagen Dow, CEO and founder of Poke A Bowl said. “Through one partner, our products become available in two of Canadas largest cannabis markets Ontario and British Columbia. Also, this is sort of a coming home for me since my family originates from Canada.”
Tilray, Inc. TLRY TLRY was chosen by the Luxembourg Ministry of Health as a supplier of medical cannabis products for the country’s recently announced medical cannabis program.
The Canadian cannabis giant will supply Luxembourg with a variety of its pharmaceutical-grade and Good Manufacturing Practice-certified medical marijuana products. These will include extracts and dried flower with different degrees of THC and CBD for patients with varying medical conditions.
These prescription-based medical cannabis products will be administered to qualifying patients in Luxembourg under the supervision of physicians.
Agrify Corporation AGFY signed a definitive agreement with its first Arizona-based customer, Olive El Mirage Partners LLC.
And an NFT game that allows the user to build a cannabis business from scratch and grow rare strains while participating in a competitive economy was launched this week. This wonderful invention, specifically geared towards fans of the plant and crypto, is called Cryptobuds and will be available soon.
MedMen Enterprises Inc. MMEN MMNFF promoted Roz Lipsey to chief operating officer, succeeding Tim Bossidy, who served as an interim COO since 2020.
Lipsey has been part of the company's executive management team since 2020. Prior to the promotion, she served as senior vice president of business operations.
Find out all about the latest executive moves at:
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
Top Spanish Stories
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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