The Week In Cannabis: Bloomberg Moves Forward, Trump Stays Put, And More On Markets
In a relatively slow cannabis news week, we saw Democratic presidential candidate Mike Bloomberg issue share a criminal justice reform plan, which included proposals for the decriminalization of cannabis possession and the expungement of criminal records concerning cannabis convictions.
“Mike believes that further scientific study is required to assess the health effects of marijuana. In the meantime, he believes that no one should go to jail for smoking or possessing it,” the plan read.
On the other hand, Marc Lotter, President Donald Trump’s director of strategic communications said the federal government has no intention in legalizing marijuana. “I think the president has been pretty clear on his views on marijuana at the federal level. I know many states have taken a different path,” he voiced in an interview.
In Colorado, the Department of Revenue said cannabis sales were close to $1.75 billion in 2019. This translated into more than $300 million in tax revenue.
Meanwhile, Ken Shamrock joined the Board of Advisors of cannabinoid-focused biopharmaceutical company C3 International, and Amsterdam Mayor Femke Halsema came out saying she is looking for ways to reduce the number of tourists visiting the city for weed-related reasons alone.
Beauty and personal care giant Avon launched its first CBD-infused clean facial oil, Green Goddess Facial Oil; and MediPharm Labs Corp. (TSX:LABS) (OTC:MEDIF) was chosen by Shoppers Drug Mart to provide premium cannabis concentrates products to medical patients across Canada.
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Hightimes Holding Corp., the parent company to High Times Magazine, Dope Magazine, the High Times Cannabis Cups and more, announced Friday it has received clearance from the Financial Industry Regulatory Authority (FINRA) to list on the public markets. And Glass House Group, a California-based vertically integrated cannabis and hemp company, announced it has completed its 355,000 square feet greenhouse expansion, bringing the company’s total greenhouse capacity to 505,000 square feet.
Down in Latin America, the only medical cannabis product offered to patients in Peru has sold out less than three months after its market debut, MJBizDaily’s Alfredo Pascual reported.
"At the Northeast Cannabis Business Conference this week, there was lots of depressing talk about the challenges the industry was going through," Debra Borchardt, CEO of Green Market Report, told Benzinga. "However, I also heard lots of stories of companies who have seized this moment to find opportunities. Traders have always loved volatility because then they can make money. This bear market will eventually end and the winners will shine brightly."
ETFs posted mixed performances this week. Over the last five trading days – including last Friday:
- The Horizons Marijuana Life Sciences Index ETF (OTC:HMLSF) (TSE:HMMJ) was down 0.29%.
- The ETFMG Alternative Harvest ETF (NYSE:MJ) gained 0.3%.
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO) lost 1.14%.
- The Cannabis ETF (NYSE:THCX) dropped 0.67%.
- The Amplify Seymour Cannabis ETF (NYSE:CNBS) tumbled 1.62%.
- The SPDR S&P 500 ETF Trust (NYSE:SPY) closed the period down 1.19%.
More News From The Week
NewAge Beverages Corporation (NASDAQ:NBEV), the Colorado-based healthy products company, announced the launch of its CBD beverage Noni+CBD in Japan through their network of more than 50,000 independent distributors.
22Red, the Los Angeles-based cannabis company founded by System Of A Down bassist Shavo Odadjian, expanded its footprint to the Arizona medical cannabis market. 22Red is partnering with Curaleaf Holdings Inc (OTC:CURLF) to bring its top shelf product to patients throughout the state.
Vermont-based Sunsoil, earned the USDA Organic certification for its full-spectrum CBD oils. Starting this month, the USDA Organic Seal will appear on its portfolio of oil drops and coconut oil products, furthering the brand’s commitment to producing quality CBD products. Following its organic hemp certification from the Northeast Organic Farming Association (NOFA) in 2019, Sunsoil is now one of the largest CBD producers certified organic from seed to shelf.
“The USDA Seal is one of the highest standards for quality,” said Jacob Goldstein, Co-Founder and VP of Agriculture at Sunsoil. “It’s an indicator of our constant efforts to elevate our farming and production processes and supports our mission to make the highest quality CBD for the most people.”
Extract Labs, a combat veteran-owned CBD company based in Boulder, Colorado, which has offered a veteran discount to give back to those who have served their country, announced an expansion to its program. The veteran program started as a small 15% nod to CEO Craig Henderson’s brothers and sisters in arms.
Now, Extract Labs is going all out to put American-made CBD within reach for the consumer. Recently, the company announced that its veteran program would be raised to 50% off, with the program starting to take applications from law enforcement officers, firefighters, EMT’s, and from individuals on disability or with low income.
“More and more hard-working Americans are looking towards CBD to help them feel well,” said Craig Henderson. “So many people are living in pain both mentally and physically, and the only thing they want is to feel well again. For many, the answer has become CBD. We are proud to offer our new discount program as a way to help these individuals obtain their plant-based wellness goals without having to make sacrifices in other areas of their lives.”
Exactus Inc announced Derek Du Chesne as the company's chief growth officer. Prior to joining Exactus, Derek was responsible for the explosive growth of EcoGen Laboratories and their transition from a small extractor of cannabinoids to a major international producer with over 200 employees helping it become the largest vertically integrated manufacturer and producer of specialty hemp-derived ingredients in the United States.
“Derek joining Exactus in a pivotal role is a testament to the direction we are taking as a company," said Bobby Yampolsky, Chairman of the Board of Exactus. "His immense experience in the hemp industry will be of great value at this time following our harvest and entering our supply agreement with Hemptown. There is exciting growth around other cannabinoids such as CBG, and Derek will have the tools in place to help Exactus exceed its goals.”
TILT Holdings Inc (OTC:TLLTF) doubled down on its leadership team and announced that Mark Scatterday was appointed CEO, removing his interim title, and Tim Conder was named president and chief operating officer.
"We are focusing on our technology and innovation businesses," said Scatterday. "Today, we are one of the largest providers of hardware, software, and services to the global cannabis industry and we are confident this is the right business model for long-term success."
Hello Again, an all-natural line of cannabis-infused menopause care products, officially announced the launch of their first retail products. The "Everyday" and "Sleep" vaginal suppositories are now available in select Southern California dispensaries, including The Pottery and The Farmacy.
"The initial idea for Hello Again came out of our own challenges in navigating the experience of menopause without access to powerful holistic remedies," said co-founders Carrie Mapes and Patty Pappas. "Once we learned about the cannabinoid system and its role in achieving and maintaining homeostasis in the body's systems, we immediately realized that cannabis was uniquely suited to address the symptoms of menopause and aging. We were fortunate to be supported and informed by numerous doctors and professionals in the fields. As a result, Hello Again has been specifically formulated to help women in every phase of menopause."
Nextleaf Solutions (OTC:OILFF) was granted its 13th patent by the Canadian Intellectual Property Office. This newly granted patent covers "a proprietary closed loop chilled solvent feed apparatus for cannabinoid extraction." The company looks to continue obtaining patents in the cannabis sector throughout the U.S. and Canada.
Paul Pedersen, CEO of Nextleaf Solutions, commented "Given the oversupply of lower-grade dried cannabis in legal markets, we believe extractors that are able to efficiently process biomass into distilled THC and CBD oils at scale will be well-positioned as the industry moves into cannabinoid-infused products. Through our patented technology, we figured out a system that is both efficient and effective as we look to turn oversupplied lower-grade cannabis into revenue."
After receiving clinical registrant designation by the Pennsylvania Department of Health, Curaleaf has acquired the ability to open up to six dispensaries and a cultivation and processing facility. In addition to being vertically operated in the state, Curaleaf will participate in Pennsylvania’s medical cannabis research program.
“Pennsylvania’s mandated research program is significantly important for patients and the medical cannabis industry and we are honored to be able to contribute to this vital research,” said Joe Lusardi, Chief Executive Officer of Curaleaf. “Pennsylvania will be the 15th state where Curaleaf operates. In addition to our high quality products, we will bring over a decade of cannabis experience to patients in the state.”
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- 30-Year Industry Veteran From Constellation Brands Joins Cannabis Wine Maker House Of Saka
- Martha Stewart Will Launch CBD Products For Animals: Here's What You Need To Know
- Tim Seymour Compares Aurora Cannabis And Canopy Growth, Sees Path To Profitability
- Here's How Much Investing $100 In The 2018 Debut Of Aurora Cannabis Would Be Worth Today
- THCV Is A Cannabinoid That Helps Suppress Appetite: Here Are 5 Cannabis Strains With High Levels Of THCV
- From Berner And Snoop To B-Real And Drake: A Timeline Of The Rappers With Their Own Weed Brands
- Study Reveals The Impact Of Marijuana Legalization And Increase In Consumpion On Heart Health
- Study Reveals The Impact Of Marijuana Legalization And Increase In Consumpion On Heart Health
- 2 Leading Cannabis Companies Open Up About Their Successful Partnership
- A Snapshot Of America's Medical Marijuana Markets: California
- Biggest Cannabis Investing Conference To Hit Florida Begins Next Week
- Kentucky House Passes 'Tightest Medical Marijuana Bill In The Country'; Now It's Up To The Senate
- CBD: A Year In Review And A Look Ahead
Check out these and many other cannabis stories on Benzinga.com/cannabis
Feb. 24-25: The premier gathering of cannabis entrepreneurs and investors in North America, the Benzinga Cannabis Capital Conference, is heading to Miami in 2020 for its sixth installment. 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.
March 13-22: SXSW disembarks in Austin, Texas, once again, with its second year featuring a CannaBusiness track. Check out details here.
April 17-18: The 10th CannaGrow Expo, the ultimate event dedicated to the art and science of growing cannabis, is coming to Chicago, Illinois, featuring more than 25 cultivation-focused educational sessions led by world-class growers over two action-packed days, endless networking with cultivators from around the globe, and a 115+ vendor expo hall packed with the latest tools and technology for growing and extracting cannabis. “A big difference between CannaGrow Expo and other industry events is our focus on quality in-depth education for cannabis producers. Many conferences review industry basics or pitch products and services, but CannaGrow provides education that supports the leading growers, breeders, and manufacturers,” says Jessi Rae, COO of CannaConnections, producers of CannaGrow, DispensaryNext and Science of Cannabis Summit.
May 1-3: The CBD Show returns to the UK with 3 full days of content, more than 50 speakers, specialized workshops, and 100+ exhibitors from around the globe. Hosted at London Olympia, days one and two of the event are dedicated to the business side of things. Day 3 is open for the public sector to explore the latest offerings on the CBD market. Register for your tickets here.
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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