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.

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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.

US Election 2020 and Cannabis

 
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** 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.

PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (“PharmaTher”) (CSE: PHRM) and a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals, is pleased to provide a corporate update on its psychedelic pharmaceuticals program. Since its inception, the Company has built a unique product pipeline for novel uses of ketamine, psilocybin and undisclosed psychedelics. PharmaTher is positioning itself to partner its psilocybin program and panaceAI™, and focus on advancing its novel ketamine product pipeline in Parkinson’s disease, depression and pain via the U.S. Food and Drug Administration (“FDA”) regulatory pathway.

“We have made tremendous progress over the last several months that saw our product pipeline evolve to focus on the massive opportunity and potential of ketamine, an FDA approved drug with a known safety profile, to treat significant unmet medical needs for Parkinson’s disease, depression and pain,” said Fabio Chianelli, CEO of PharmaTher. “With our focus on ketamine through repurposing, combining it with an FDA approved drug and delivering it with our novel microneedle delivery system, we are now positioned to expedite our clinical development objectives by taking advantage of the FDA’s 505(b)(2) regulatory pathway and commercializing disruptive ketamine treatments for mental health and pain disorders.”

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Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Tilray, Inc. (NASDAQ: TLRY), Icanic Brands (OTC: ICNAF) (CSE: ICAN), Aurora Cannabis (NYSE: ACB)(TSX: ACB), and Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED).

Cannabis leaders are focusing on innovation in premium branding, global expansion, and tight operational execution in the drive towards profitability. Wall Street Reporter highlights the latest comments from industry thought leaders:

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Chemesis International Inc. (the “Company”) (CSE:CSI)(OTCQB:CADMF)(FRA:CWAA

The Company announces that its (former) subsidiary, Natural Ventures PR, LLC (“NVPR”), has sold all of its cannabis assets, and assigned all related liabilities, licenses and permits, to Puerto Rico Industrial Commercial Holdings Biotech Corp. (“PRICH”) in exchange for immediate net cash proceeds to the Company, in respect of its 80% interest in NVRP, of US$450,000. The Company notes that, in connection with, and as a condition to, this transaction, it will cease to be a shareholder of NVPR.

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Progressive Planet Solutions Inc. (TSXV: PLAN) (“PLAN” or “Progressive Planet”), an emerging leader in reducing the carbon footprint of cement products using natural pozzolans, is pleased to announce it has sold and optioned a combined total of 10 million of its 10.5 million shares of Snow Lake Resources.

The sale and option agreements were made with two arms-length purchasers. The first sale was for 1,700,000 shares at $0.04 per share for a total of $68,000 and includes an option granted by PLAN entitling the same party to purchase an additional 4,966,666 shares at $0.04 per share until May 11, 2021 . The second sale was for 1,250,000 shares at $0.04 per share for a total of $50,000 and includes an option granted by PLAN to such party to purchase an additional 2,083,334 shares until August 14, 2021 . As at the date of this news release, PLAN has received $116,000 and will receive another $284,000 if the remaining shares are purchased under the option agreements.

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First Products to Hit California Shelves in Q2 2021

 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (” 4Front ” or the ” Company “) is pleased to announce that its fully funded state of the art 185,000 square foot production facility in Commerce, California is nearing completion and will be ready to serve the $3b California cannabis market in Q2 2021. The project is on target to be completed in April 2021 with the Company planning for the first of its full line of edibles, tinctures and vape products to be on California retail shelves by May.

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