During the past trading week (September 23 to 27), a beneficial bill for the marijuana industry became the first approved cannabis-related legislation in US Congress.

Also making headlines was a cannabis producer that may be gaining following the biggest scandal in the Canadian market, as well as highlights from the recent MoneyShow event in Toronto.

Here’s a closer look at some of the biggest cannabis news over the last week.

SAFE Act gains House support, now faces Senate

After months of political process, on Wednesday (September 25) the US House of Representatives approved the Secure and Fair Enforcement Banking Act of 2019, known as the SAFE Banking Act.

This vote has moved the bill to the Senate, where it is expected to face a steep battle towards approval.

“I think the market realizes that one of the biggest hurdles remains — the Senate — and there’s nothing really concrete there yet,” Matthew Pallotta, equity research analyst at Echelon Wealth Partners, told the Investing News Network (INN).

MoneyShow highlights

The latest edition of the MoneyShow conference in Toronto gave investors a chance to take stock of the landscape for cannabis, as a variety of critical developments loom in the horizon. Investors who missed the event can catch up with our dispatch on the talks from the show.

A joint talk between CIBC Capital Markets’ John Zamparo and Horizons ETFs Management (Canada) CEO Steve Hawkins explored the relationship between the Canadian and US cannabis investment markets.

Zamparo identified the upcoming legalization of edibles and infused products in Canada as a potential driver for the market, while in the US, the catalysts for the stock market are attached to the development of critical bills that would help the overall industry.

Pitfalls open the doors for other producers in Canada

Canadian cannabis producer Aleafia Health (TSX:ALEF,OTCQX:ALEAF) recently announced it has reached 10,000 active patients. The firm told INN it has been able to take advantage of the failings of its peers.

“We’re extremely focused on our patients and making sure that they get the product that they deserve, so if another (licensed producer) is not able to deliver that to them, we want to make sure that we give them the opportunity to continue their care, and we’re well positioned for that,” said Benjamin Ferdinand, CFO of Aleafia Health.

Cannabis patients in Canada were rocked when CannTrust Holdings (NYSE:CTST,TSX:TRST) admitted to unlicensed growing in July. The firm served 68,000 patients in the country.

Aleafia Health told INN it has experienced exponential growth in its patient count during August and September.

Skateboarding retailer embraces CBD products

This past week, the acceptance of CBD products for consumers in the US increased thanks to a new partnership between 1933 Industries (CSE:TGIF,OTCQX:TGIFF) and Zumiez (NASDAQ:ZUMZ), a specialty retailer selling clothing and skateboards.

The partnership will bring the introduction of Canna Hemp X, a CBD sports recovery cream. More products will be made available later on, according to the two companies.

In a statement, Paul Kobriger, brand manager for Canna Hemp X, said Zumiez has a special approach to the marketing of products for customers interested in action sports.

“Zumiez offers unique, emerging and trending brands that reflect a passion for an active lifestyle.”

Market updates

Multi-state operator Ayr Strategies (CSE:AYR.A,OTCQX:AYRSF) announced it will buy back a portion of its public shares as a way to take advantage of its current valuation.

“We think … (Ayr) should be trading at a much higher multiple relative to the comparables, and so, given the price action, we think this is a great time to be buying back what we think is one of the cheapest stocks in the sector,” Jennifer Drake, Ayr’s chief operating officer, told INN.

According to Jonathan Sandelman, CEO of Ayr, the firm will be able to conduct this purchase thanks to a recent uptick in cash flow generated from operations.

A company planning a future public listing announced the launch of a new credit card program for US cannabis consumers. Thomas Gavin IV, CEO of CannaCard, told INN his company aims to offer some relief to the cash-only options available to dispensaries and consumers.

The card is only available in Colorado, but the firm is planning a national expansion starting in October.

CIBC Capital Markets issued new research notes for players of the Canadian marijuana industry. On Monday (September 23), the bank kicked off its coverage of Aurora Cannabis (NYSE:ACB,TSX:ACB), The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) and Organigram Holdings (NASDAQ:OGI,TSXV:OGI).

The firm awarded Supreme Cannabis and Organigram “outperformer” ratings, while Aurora obtained a “neutral” rating for its stock.

The marijuana market was well represented as part of a new best-performing stocks list from the Toronto Stock Exchange (TSX). The TSX30 list was designed to highlight companies with the best stock performance over the past three years. Below are the cannabis-related stocks that made it and their rankings on the list:

  • Canopy Growth (NYSE:CGC,TSX:WEED) — First place
  • Shopify (NYSE:SHOP,TSX:SHOP) — Second place
  • Village Farms International (NASDAQ:VFF,TSX:VFF) — Third place
  • Aphria (NYSE:APHA,TSX:APHA) — Sixth place
  • Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) — Eighth place

Don’t forget to follow us @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.

Editorial Disclosure: 1933 Industries is a client of the Investing News Network. This article is not paid-for content.

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

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The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

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Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

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HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

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CFN Enterprises Inc. (OTCQB: CNFN) (CFN Media) partners with FMW Media Works LLC to produce a regular series on the global cannabis markets to air on major financial news networks across the US. Initial segment features leading cannabis analyst and US Multi-State Operator (MSO)

CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the leading media network dedicated to the global legal cannabis, CBD and psychedelics industries, today announced that its inaugural news segment on the cannabis markets, “Cannabis Market Outlook for 2021,” will air on Bloomberg, Newsmax and Fox Business.

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