Officials of the top American baseball league are telling players to be mindful of the new restrictions surrounding cannabis use and promotion.
In a memo sent to players by Major League Baseball (MLB), first reported by ESPN, Deputy Commissioner Dan Halem said players are still capable of facing discipline for use or possession of the drug.
According to the report, the memo is warning players of league sanctions in the case of anyone who may appear under the influence of the drug during “games, practices, workouts, meetings or otherwise during the course and within the scope of their employment.”
Despite the forwardness in its policy, MLB is not promoting the use of cannabis by its players. “Club medical personnel are prohibited from prescribing, dispensing or recommending the use of marijuana or any other cannabinoid,” the memo indicated.
In December, the league and the players’ association announced a new drug agreement in which cannabis would be removed from the prohibited substances list and the league would entirely remove the rigid suspension attached to cannabis use in its minor league system.
“It was a part of a larger conversation that was reflective of the attitudes changing in many parts of the country,” Tony Clark, executive director of the player’s union, told the Associated Press in reference to the grassroots expansion of cannabis legalization across the US. At a federal level, the drug remains a controlled substance despite the legalization effort from multiple states for medical or recreational purposes.
This change represents one of the latest in the adoption of the overall cannabis industry by professional athletes and leagues.
Golf has become famous for adopting the use and sponsorship of cannabidiol (CBD). A variety of retired football players have praised the effects of CBD products as a way to recover from long-standing injuries and ailments from their time on the field, as well.
Players in baseball, however, can’t yet participate in the promotion of the industry. The memo from the league said players are not allowed to make investments or “commercial arrangements” with companies in the space.
Some CBD companies have gained attention in the market thanks to the involvement of certain athletes as a spokesperson.
Abacus Health Products (CSE:ABCS,OTCQX:ABAHF) made a big splash in the market when it was able to sign former NFL player Rob Gronkowski to a sponsorship deal. Gronkowski has promoted the company via speaking engagements, clothing and advocacy for the use of CBD products.
Similarly, CV Sciences (OTCQB:CVSI) became the first US CBD company to get a sponsorship opportunity for its PlusCBD Oil brand at this year’s Farmers Insurance Open, an official PGA Golf-affiliated tournament that is part of the professional tour.
The 2020 baseball season will officially kick off on March 26 with a full slate of games on Opening Day.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Aion Therapeutic Inc. (CSE: AION) (” Aion Therapeutic ” or the ” Company “) today announced that it has retained KCSA Strategic Communications (” KCSA “), a leading New York City -based communications firm.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), today announced the closing of its previously announced marketed public offering of 5,000,000 subordinate voting shares in the United States and Canada (the “Offering”) at a public offering price of C$50.00 per share ( $39.63 per share after giving effect to the conversion rate published by Bloomberg at 4:30pm ET on April 7, 2021 to convert Canadian dollars to U.S. dollars). In connection with the closing of the Offering, the underwriters exercised in full their option to purchase an additional 750,000 subordinate voting shares. As a result, the gross proceeds from the Offering, before deducting underwriting discounts and commissions and offering expenses payable by Trulieve, were C$287.5 million (or $227.9 million after giving effect to the conversion rate denoted above).
The Offering was conducted through a syndicate of underwriters led by Canaccord Genuity, as sole book-running manager, and included Cormark Securities Inc., as co-lead manager, as well as ATB Capital Markets Inc., Echelon Wealth Partners Inc., Eight Capital and PI Financial Corp. All of the shares in the Offering were sold by Trulieve. Trulieve intends to use the net proceeds from the Offering primarily to fund Trulieve’s business development and for general working capital purposes.
Ayurcann Holdings Corp. ( CSE: AYUR ) (the “ Company ” or “ Ayurcann ”), is pleased to announce that the Company intends to complete a non-brokered private placement (the “Financing” ) of up to 2,645,503 units (the “Units” ) at a price of $0.189 per Unit. Each Unit will consist of one common share ( “Common Share” ) of the Company and one-half of a common share purchase warrant ( “Warrant” ), with each whole Warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.38 per Common Share for a period of 36 months from the closing date ( “Closing Date” ) of the Financing, for gross proceeds of up to $500,000 .
The Company will have an option, prior to the closing date, to upsize the offering with the sale of an additional 25% of Units, accounting to aggregate proceeds of up to $625,000.
Lobe invites individual and institutional investors as well as advisors and analysts to attend its real-time, interactive presentation at the Emerging Growth Conference
Nextleaf Solutions Receives Amendment to Standard Processing Licence to Allow for Direct to Province Sales
Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) (“Nextleaf”, “OILS”, or the “Company”), the world’s most innovative cannabis processor, is pleased to announce that its wholly-owned subsidiary, Nextleaf Labs Ltd. (“Nextleaf Labs”), has received an amendment to its existing Standard Cannabis Processing Licence from Health Canada (the “Amendment” or the “Amended Licence”) that authorizes the sale of cannabis extracts, edibles, and topical products, directly to provincially-authorized distributors and retailers across Canada.