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 January 20th – 26th, 2020.
Without further ado, let’s get started.
New cannabis indices have been released by S&P Dow Jones and the TMX Group which feature a mix of Canadian and international Pot Stocks.
Move over cannabis — decriminalized Psilocybin, Ayahuasca and Peyote may be on the way.
Medical marijuana companies in Canada interested in exploring business opportunities overseas are eligible to receive financial aid and other forms of support from the federal government through Canada’s Trade Commissioner Service (TCS).
Alaska became the first state to allow onsite cannabis consumption Thursday when regulators granted dispensaries the ability to offer the service by a narrow 3-2 vote.
Oversupply, falling prices and the slow rollout of brick-and-mortar stores, particularly in Ontario, has contributed to low revenues for most licensed cannabis producers in the past year. Another hurdle to profitability for some Canadian cannabis companies is a wave of class-action lawsuits launched in U.S. courts. At least nine are targeting Canopy Growth (TSX:WEED) (NYSE:CGC) (FRA: 11L1), HEXO (TSX:HEXO) (NYSE:HEXO) (FRA: 74H) and Aurora Cannabis (TSX:ACB) (NYSE:ACB) (FRA: 21P).
Virginia senators advanced a bill to decriminalize marijuana in the state on Thursday, voting in favor of a measure to remove the threat of incarceration for simple possession.
New York Gov. Andrew Cuomo has revived the prospects for legalizing recreational marijuana sales in 2020 through the state’s Legislature, but cannabis businesses are taking a tentative approach after legalization efforts failed a year ago and similar sticking points remain.
Analysts expect a strong performance from pot shop chains in 2020, as producers seek to wedge pricier products into limited store space. However, the capital crunch of 2019 may haunt those without deep pockets. Fire & Flower Holdings (TSX:FAF) (OTCPK: FFLWF), Meta Growth (TSXV:META) (OTCPK: NACNF) (FRA: 1HV) and High Tide (CSE:HITI) (OTCQB:HITIF) (FRA: 2LY) collectively oversee more than 100 stores, and they all plan to grow their retail footprints in 2020.
Medical cannabis patients in Florida have embraced the addition of smokable products to their purchasing options, with more than 22,000 pounds of the product sold in less than six months. More than three-quarters of the total smokable marijuana sold between July 12, 2019, and Dec. 31, 2019, was through three licensed operators: Trulieve Cannabis (CSE:TRUL) (OTCQX:TCNNF), Liberty Health (CSE:LHS) (OTCQX:LHSIF) (FRA: S6UQ) and Curaleaf Holdings (CSE:CURA) (OTCQX:CURLF).
President Trump’s impeachment trial, the upcoming elections, Iran and trade wars. That’s a lot of distractions for federal lawmakers. And they represent some of the big reasons why prevailing wisdom might suggest major cannabis reform at the federal level – which would open up massive new opportunities for marijuana businesses nationwide – is dead for 2020. But is it?
Image Sourced from Pixabay
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.