Cannabis Industry Update: Regret, Psilocybin, & Bees
ELEVATOR BRIEF
This week in the cannabis industry, the New Mexico Governor expressed regret over not legalizing marijuana as the tax revenue could have offset coronavirus’ economic hit. Dr. Bronner’s Soap Company donates $1 Million to Oregon Psilocybin Therapy Legalization Campaign. High Times announces acquisition of 13 California retail assets from Harvest Health and Recreation. Study finds bees don’t just love cannabis — it can also help save their dying populations. In other news, California will establish and enforce comparable-to-organic cannabis standards, the first in the country.
CANNABIS INDUSTRY SPOTLIGHT
Iconic Medical Group (IMG) comprises 60+ people, 8 factories, local governments, and countless businesses working together around the clock to manufacture life-saving medical supplies. Our capabilities include logistics and distribution, industrial manufacturing of polymer parts, rapid fabrication of molds, and production of chemical products needed to combat the COVID-19 epidemic.
CANNABIS INDUSTRY STOCKS
Cannabis Stocks are down -3.38% for the day, ending another week of lackluster stock performance. Despite being labeled as essential in most states and an initial spike in sales, the cannabis industry is feeling the tightening economy’s effect on the supply chain. Future uncertainty is at an all-time high but there are some analysts that say the worst is happening right now.
POLITICS
New Mexico Governor Says Legal Marijuana Revenue Could Have Offset Coronavirus’s Economic Hit
The Governor of New Mexico is voicing regret that the state did not legalize marijuana this year because, she says, its eventual revenues could have helped to offset economic damage imposed by the coronavirus outbreak. During a press conference last week, Gov. Michelle Lynn Lujan Grisham (D) was asked what her plan is to address the financial uncertainty that’s emerged amid the COVID pandemic. While she said recovery efforts will largely involve coordination with oil and gas companies that account for a sizable share of the state budget, she also regretted that legislators were unable to approve cannabis legalization, which would’ve represented another source of income for the state.
>>> Top New York Lawmaker, Wants To Pass Marijuana Legalization This Year Despite Coronavirus
>>> Oregon Therapeutic Psilocybin Legalization Campaign Has A New Signature Strategy Amid Coronavirus and Dr. Bronner’s Soap Company Donates $1 Million To Oregon Psilocybin Therapy Legalization Campaign
>>> Could Cannabis Reform Be Part Of The Post Covid “Green New Deal”?
>>> Kansas Governor Says Medical Marijuana Still On The Table In 2020 Despite Coronavirus
FINANCE
High Times Announces Acquisition of 13 California Retail Assets from Harvest
Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, announced the execution of a definitive agreement to acquire certain equity and assets with respect to 13 planned and operational California dispensaries from Harvest Health & Recreation Inc. (CSE: HARV, OTCQX: HRVSF) (“Harvest”). The mostly stock-based transaction, upon successful closing, will allow Hightimes Holding Corp. to enter the retail sector and enable Hightimes Holdings to become one of the largest branded cannabis retailers in California overnight.
>>> Financing activity in the cannabis sector starting to show signs of life
>>> Canopy to lay off another 200 amid latest cost-cutting measures
>>> Canadian Mushroom Company Grows its Business to a New Level
>>> BudTrader To Go Public In Reverse Takeover
CANNABIS TRENDS
Study Finds Bees Don’t Just Love Cannabis — it Can Also Help Save Their Dying Populations
Humans aren’t the only ones who seem to gravitate towards the marijuana plant. Turns out, even bees love the buzz, but for a slightly different reason. A new study by researchers at Cornell University published in the journal of Environmental Entomology finds that bees are super attracted to the cannabis plants because they can’t get enough of its sweet, sweet pollen. This study supports the results of a similar one conducted by Colorado University last year and opens up options for scientists to save the depleting bee population around the world.
>>> Marijuana Seems To Reduce Opioid Use Among Chronic Pain Patients, Meta-Study Finds
>>> Civil Rights And Racial Justice Groups Ask Congress To Let Marijuana Industry Access COVID Funds
>>> Scientists Create New Method To Store Marijuana Pollen On A Long-Term Basis
>>> Former Chief of Honduran National Police Charged With Drug Trafficking and Weapons Offenses
MISCELLANEOUS
Is Cannabis the Safest Option for Treating Migraines?
It is estimated that as many as 1 billion people across the globe suffer from migraines. If you are one of those people, then you know exactly how debilitating a migraine headache can be. Many more people experience painful headaches that, while not being considered the same pain level as migraine, are still very painful and can limit life activity. No one should have to live with headaches and migraines if there is a proven medicine that can help. According to a recent study, cannabis may be able to provide much-needed relief.
>>> California Landlord Stuck With $6M In Fines For Illegal Pot Shops
>>> CIA Says People Who Use Marijuana And Other Drugs Aren’t Necessarily ‘Bad’ Or ‘Unworthy’
>>> Study: Smoking Cannabis Can Cause Bronchitis and is Associated With Changes in Lung Function
>>> California Will Establish and Enforce Comparable-To-Organic Cannabis standards
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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