Cannabis Countdown: Top 10 Marijuana Industry News Stories Of The Week
Without further ado, let’s get started.
With the fall of Italy’s far-right government, advocates are hoping the path may be cleared now for the country to become Europe’s first to formally legalize cannabis.
Meanwhile, thanks to a loophole in the law, low-THC varieties are sold openly in shops across the country.
The vaping illness that has claimed at least eight lives and hospitalized hundreds across the U.S. has finally appeared in Canada. And for Canadian weed businesses, that’s incredibly bad news.
Until authorities figure out what’s causing the deadly vaping epidemic, Canadian regulators may put this winter’s debut of legal weed vapes on indefinite suspension.
The CBD market is growing fast and consumer demand is on the rise, but big changes are coming.
Five broad changes could have significant effects on the entire CBD industry in both the short-term and long-term. Let’s take a closer look at each one.
Ontario is exploring the possibility of no longer running the province’s wholesale cannabis distribution business, according to several people familiar with the matter, a move that could substantially lower prices of legal pot in the province.
Ontario will begin consultations with various industry members to pursue a Saskatchewan-like distribution model where licensed cannabis producers will ship directly to retailers, the sources said.
Cannabis retail sales in Canada rose to about $104 million in July, according to Statistics Canada.
It’s the first time that cannabis retail sales surpassed the $100 million mark since the government legalized cannabis in October 2018.
Illinois’ medical marijuana program is experiencing its most significant and sustained period of growth yet, nearly three years after sales began in the state. From August 2018 to August 2019, patient counts in the state nearly doubled, from approximately 44,000 to more than 83,000.
Through the first eight months of 2019, sales of medical cannabis in the state totaled nearly $150 million – already topping sales recorded for the entirety of 2018 – and are on pace to break $240 million by the end of the year.
Former investment bankers from JPMorgan Chase & Co (NYSE:JPM) and Deutsche Bank are launching a new cannabis-focused asset manager, betting that the recent plunge in pot stocks is a good entry point to make loans and do private equity deals in the sector.
Silver Spike Capital plans to raise between $500 million and $1 billion for a direct lending fund in the fourth quarter, followed by a private equity fund of the same size.
NBC News commissioned California based CannaSafe, one of the United States’ top cannabis testing facilities and had them test 18 different THC vape cartridges.
Some cartridges from the legal market and some from the black market. What they uncovered was pretty shocking.
On September 25, 2019, history was made in the U.S. House of Representatives, as the SAFE Banking Act became the first-ever standalone cannabis reform bill to be passed by the House or Senate, with a dominant 321-103 vote margin.
But before the historic bill becomes law, it faces an arguably more difficult hurdle: it must be passed by the Republican-controlled U.S. Senate.
The House of Representatives officially passed cannabis banking legislation in a historic vote. The Secure and Fair Enforcement (SAFE) Banking Act passed the House vote by a lopsided 321-103 margin.
The bill is now on it’s way to the Senate floor where it will attempt to climb over its final hurdle before being written into law by President Trump.
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