This past trading week (October 23-27) saw the announcement of another province’s business plan when it comes to the full legalization of cannabis in Canada. The state of Nevada reached a major sales milestone and company news completes the cannabis weekly roundup.
Over the five-day period, the Investing News Network (INN) reported on Canopy Growth’s (TSX:WEED) announcement of, through a partnership, entering the Jamaican market.
“We look forward to contributing to a successful Jamaican cannabis market with the addition of Tweed JA,” Bruce Linton, chairman and chief executive officer of Canopy said. Canopy will hold 49 percent of the share capital for the new company, Tweed JA.
The province of New Brunswick released the plan it intends to follow when it comes to the full legalization and business operation of cannabis. The local government will setup local subsidiaries of the liquor commission and allow experienced staff to guide customers, according to a report by the Canadian Press.
“NB Liquor has the experience in the retail market selling a regulated substance, and we believe their knowledge and expertise will provide for a smooth transition into this new territory,” Finance Minister Cathy Rogers said.

Nevada reaches $33 million in cannabis sales

Since legalizing recreational cannabis the state of Nevada has experienced a roller coaster of announcements regarding the industry. Now a report from the Las Vegas Review-Journal indicates the state has reached a major sales milestone.

Nevada dispensaries sold more than $33 million in recreational marijuana and the state pulled in nearly $5 million in total taxes in August, according to numbers released by the Nevada Department of Taxation Monday.

A local executive told the Las Vegas Review-Journal projections for the market are “fairly conservative” and said he expected the market to continue to grow over the next months.
The Canadian marijuana ETF experienced a minor decrease this past trading week. Over the five-day trading period, the Marijuana Life Sciences Index ETF (TSX:HMMJ) saw a 1.01 percent decrease. As of 11:39 a.m. EST on Friday, the ETF traded at $9.80. Since its inception earlier this year, the index has dropped 4.39 percent.
Don’t forget to follow us @INN_LifeScience and @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

** This article is updated each week. Please scroll to the top for the most recent information**

Cannabis Weekly Round-Up: TMX Shares Update on Doing Business in the US

October 20 – By Bryan Mc Govern
This past trading week (October 16-20) saw a new development from the TMX Group, which is in charge of the Toronto Stock Exchange regarding the viability of companies listed on their exchange conducting businesses activities in the US because of the illegal nature of cannabis. A variety of market news and the week’s biggest gainers complete the Cannabis Weekly Round-Up.
This past week the Investing News Network (INN) reported on a staff notice sent discouraging cannabis businesses trading on the TSX from conducting any activity in the US market, since cannabis is still illegal on a federal level. Aphria Aphria (TSX:APH) was one of the first to respond negatively against this announcement due to what their chief executive officer Vic Neufeld called an extremely broad notice lacking clarity.
“[W]e believe the TSX’s recent staff guidance… does not properly apportion the weight and context that must be applied to the current split between U.S. Federal and state laws,” Neufeld said in a statement.
Reuters reported the potential of sanctions could reach delisting for some stocks, depending on their compliance.

Management shakeup at MassRoots

This week saw the development of MassRoots’ (OTCQB:MSRT) chief executive officer and founder Isaac Dietrich getting removed from his position by the company’s board.
CannaRegs, a company in the process of being acquired by MassRoots told Business Insider it was backing out of the deal “after MassRoots’ CEO was abruptly fired by the company’s board on Tuesday,” the report indicated.
“I had no idea what the hell was going on with the board,” chief executive officer for CannRegs Amanda Ostrowitz told Business Insider. “We’re pulling the plug.”
The Canadian marijuana ETF experienced a minor decrease this past trading week. Over the five-day trading period, the Marijuana Life Sciences Index ETF (TSX:HMMJ) saw a 2.46 percent decrease. As of 1:50 p.m. EST on Friday, the ETF traded at $9.91. Since its inception earlier this year, the index has dropped 3.32 percent.
Don’t forget to follow us @INN_LifeScience and @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.