Cannabis Countdown: Top 10 Marijuana Industry News Stories of the Week
Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 marijuana industry news stories for the week of November 18th – 24th, 2019.
Without further ado, let’s get started.
10. New Video Surfaces Allegedly Showing CannTrust’s Illegal Grow Room in Action
Yahoo Finance Obtains Exclusive Footage of CannTrust’s Largest Illegal Grow Room in Operation
The same whistleblower that originally brought the CannTrust TRST CTST Health Canada scandal to light is making headlines once again after releasing new video footage allegedly showing the company’s largest unlicenced cultivation room in operation.
9. Canada Racks Up 400-Tonne Cannabis Mountain After Production Binge
Pot Price Falls and Inventories Grow as Legal and Illicit Markets Compete for Customers
Warehouses in Canada are piled high with unsold marijuana after cannabis producers overestimated demand for the drug, which was legalized a year ago.
READ FULL CANNABIS INVENTORY ARTICLE
8. All the Excuses Cannabis Companies Are Making for an Ugly Crop of Earnings
Slow Rollout of New Pot Stores in Canada Overwhelmingly Blamed for Lackluster Sales, But Don’t Forget About Europe
In a flood of earnings reports from cannabis companies such as Canopy Growth CGC, Aurora Cannabis ACB, Cronos Group CRON and Tilray TLRY released just ahead of the mandated deadline for quarterly updates, these Canadian pot stocks proved that they have not been very good at figuring out how to grow, package, distribute and sell the long-illegal plant.
READ FULL EARNINGS EXCUSES ARTICLE
7. California Cannabis Industry “Stunned and Outraged” by Tax Increase
California’s Licensed Cannabis Businesses Left “Stunned and Outraged” by State’s Decision to Increase Marijuana Taxes
The California Department of Tax and Fee Administration announced that the cannabis mark-up rate and cultivation tax would go up from Jan. 1, 2020.
READ FULL CALIFORNIA TAXES ARTICLE
6. Trump Proposes Minimum Age of 21 for Buying Vaping Products
President Trump Said His Administration Would Propose a Minimum Age of 21 for the Purchase of E-Cigarette Products
The president made the comment during a robust “listening” session at the White House with vaping industry executives, public health advocates, as well as some members of Congress and the Administration.
5. Senators Push USDA to Adopt Five Changes to Proposed Hemp Regulations
The Letter Listed Five Issues With the Regulations and Suggested Potential Fixes
Sens. Ron Wyden (D-OR) and Jeff Merkley (D-OR) sent a letter to the head of the U.S. Department of Agriculture (USDA) on Wednesday, requesting a series of changes to draft rules for hemp that the department released last month.
4. Ancillary Marijuana Businesses Can Avoid Banking Hurdles by Turning to Smaller Financial Institutions
Ancillary Companies Have a Number of Options Throughout the Country That Will Take Accounts
Though the majority of U.S. financial institutions remain hesitant to offer accounts and loans to non-plant-touching cannabis companies, there are steps those businesses can take to land a banking partner.
READ FULL CANNABIS BANKING ARTICLE
3. Headwinds and Tailwinds for the Cannabis Industry in 2020
We Expect That the Bottom is in and That We Can See a Modest Recovery Over December and Into the Next Year
Indeed, the market rallied after making a new low on Monday, and it is positioned to possibly break a string of seven consecutive monthly declines as we end November this week.
READ FULL CANNABIS INDUSTRY ARTICLE
2. Ontario Mulls Overhauling Pot Shop System in 2020 as Sales Lag
Relief May Finally be Coming for Cannabis Producers That Have Been Stymied By the Lack of Retail Stores in Ontario
The Ontario government is considering a plan that would abandon the maligned lottery process that has left it with only two-dozen legal pot shops and instead pivot as early as January to a system that could lay the groundwork for up to a thousand stores in the province, according to a person directly familiar with the matter.
READ FULL ONTARIO CANNABIS ARTICLE
1. Congressional Committee Approves Historic Bill to End Federal Cannabis Prohibition in the U.S.
The MORE Act Becomes First Bill Created to End U.S. Cannabis Prohibition to Be Approved by a Congressional Committee
The House Judiciary Committee voted in favour of the Marijuana Opportunity, Reinvestment and Expungement Act.
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