Cannabis Industry Update: Legalization, Riots, & Biblical Smoke-Outs
ELEVATOR BRIEF
This week in the cannabis industry, a poll showed that two-thirds of Arizona voters support a marijuana legalization ballot measure, and the New Mexico senate shows interest in adult-use legalization (the green wave continues!). Organized thieves across America use protests as cover to raid weed dispensaries (High Crimes and Misdemeanors?) and the Drug Enforcement Agency has been given permission to investigate people protesting George Floyd’s murder. In other news, proof of marijuana use has been discovered at an ancient biblical site in Israel for the enhancement of spiritual experiences (biblical smoke-outs sound lit ).
INDUSTRY SPOTLIGHT
The tragic death of George Floyd sits heavy on the hearts of many. The intense pain and loss goes beyond saying every time you view the video. The Cannabis industry is the US #1 growing job sector. The industry’s foundation can be linked back to social injustice and social inequity towards people of color. Stand now in solidarity with Black men and women who are more likely to be racially profiled….who are more likely to be incarcerated for cannabis….who are more likely to get passed over for a job in this industry…who are more likely to be killed by those who are supposed to protect us. This affects us all. Together we can be the change that makes a difference… #standtogether because we are #strongertogether.
CANNABIS STOCKS
Major Cannabis Industry Stocks are up +0.09% for the day after a tumultuous week for cities across America. Most cannabis companies were viewed in a favorable light after the reopening of America after the peak of COVID-19, but Canopy Growth stock (CGC:+1.20%) announced a massive quarterly $1.3 Billion Net Loss. Other cannabis companies in America were looted, ransacked, and all but burned down because of opportunists who exploited the peaceful protests over the killing of George Floyd.
POLITICS
Trump Reelection Campaign Attacks Biden As ‘Architect’ Of The War On Drugs
President Trump’s re-election campaign is seizing on presumptive Democratic presidential nominee Joe Biden’s record as a chief sponsor and champion of punitive anti-drug laws that have contributed to mass incarceration. In a blog post on Tuesday, the campaign attacked Biden as a “typical Washington career politician who spent decades building up America’s mass incarceration system and poisoning the public discourse with race-baiting, divisive and inflammatory remarks.” Biden’s role in authoring bills ramping up the war on drugs during his time in the Senate is also being featured in a Trump 2020 video ad—signaling that the president is angling to present himself as the drug policy reform candidate as the November election approaches. However, Trump recently proposed to remove medical marijuana protections in the 2021 fiscal budget. So it’s unclear where he will stand on the issue in the upcoming election.
>>> Louisiana Lawmakers Send Medical Marijuana Expansion And Cannabis Banking Bills To Governor’s Desk
>>> The Missouri DHSS has approved 51,168 patients and caregivers for Medical Marijuana as of last week
>>> Two-Thirds Of Arizona Voters Support Marijuana Legalization Ballot Measure, Poll Shows
>>> The White House Is Reviewing CBD And Marijuana Research Guidance From FDA
FINANCE
Three Under-The-Radar Cannabis Stocks Ready to Bounce
The cannabis sector generally took a step back after Canopy Growth stocks (CGC) reported a disastrous quarter last week. The Canadian cannabis giant set the sector back after cannabis was generally seen in a positive light coming out of the economic shutdown due to the coronavirus. While the U.S. cannabis space is poised for a strong 2H of the year, the sector wasn’t completely unscathed during the coronavirus shutdown. A few states such as Massachusetts and Nevada closed stores during the virus outbreak hitting revenues hard in those states. While some of the large multi-state operators (MSOs) have rallied near pre-virus highs, the smaller MSOs are just now starting to rally. These stocks all trade with market values far below $1 billion and could eventually become acquisition targets from Canadian operators or new entrants into the space.
>>> Canopy Growth Q4 Sales Slip 13% Sequentially to $108 Million and $1.3 Billion Net Loss
>>> Aurora Cannabis Sells Out of Stake in Alcanna
>>> ,Organized Thieves Use Protests As Cover to Raid Weed Dispensaries
>>> Federal Financial Regulatory Agency Head Says Marijuana Banking Among Most Challenging Issues
CANNABIS TRENDS
Lawsuits filed against PetSmart over hemp products sold without FDA OK
Two similar federal lawsuits against PetSmart accuse the company of false and deceptive practices for selling hemp products for pets that are unapproved by the U.S. Food and Drug Administration. The lawsuits in federal court in Broward County, Florida, were filed on behalf of two individual customers, but seek class-action statuses. The lawsuits say the customers bought products that were marketed as intended to treat, mitigate, or prevent disease, as well as provide calming, stress, and anxiety relief for dogs.
>>> MedMen Temporarily Closes All Locations And Condemns Looting In Internal Memo
>>> The DEA Has Been Given Permission To Investigate People Protesting George Floyd’s Death
>>> California wants to hire more cannabis cops to get a handle on black market marijuana
>>> Leafs By Snoop Is Most Recognizable Brand Says New Study
MISCELLANEOUS
High Times Launches Cannabis Delivery in California Starting July
High Times plans to launch delivery of cannabis from dispensaries in California beginning in July, a service designed to accommodate the need for social distancing that has accelerated the shift to e-commerce across the retail sector. Formally known as Hightimes Holding Corp., the company will begin with coverage areas spanning Los Angeles and the Bay Area, with plans to quickly expand service across the rest of the state.
>>> Proof Of Marijuana Use, Discovered At Ancient Biblical Site In Israel
>>> Cannabis Control Commission investigating after 3 Boston marijuana shops impacted during violent protests
>>> Rapper Berner Who Owns Looted Marijuana Dispensary Says Justice Is More Important Than Business
>>> THC-Infused Semen Can Be A Side Effect Of Frequent Marijuana Use, Study Finds
How Can Point Seven Group Help?
The team of cannabis consultants and professionals at Point Seven Group have worked extensively in the U.S. and international cannabis markets and are familiar with the unique challenges of the cannabis industry. Follow us on social media to stay up to date with more cannabis industry updates!
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