In a heated midterm election voting day in the US on Tuesday (November 6), marijuana policy found its way to victory in the ballot of three states.
Michigan, Missouri and Utah all passed legislation to regulate the use of marijuana.
Michigan legalised adult-use while the other two states approved laws for the medical implementation of the drug.
Jeffrey Hank, an East Lansing attorney leading the charge for the legalization in Michigan, told the Detroit Free Press the vote in favor is not going to be have an immediate “earth-shattering change,” as legal sales won’t likely start until 2020.
The legislation, while still facing critics, will most likely set up a business model favorable for public multi-state operators to jump in once it becomes open.
Following the win of Democrats for the House of Representatives and Republicans for the Senate, marijuana policy took the spotlight as more states approve the use of the drug despite the existing federal laws.
On the eyes of the federal system, cannabis remains an illegal substance in the US, even though several states in the country have legalized its medical or recreational use.
“We hope the results of this election will inspire Congress to finally start addressing the tension that exists between state and federal marijuana laws in our nation,” Steve Hawkins, executive director of the Marijuana Policy Project, said in a statement.
Despite these wins for the marijuana industry, one state failed to join the legalization movement as North Dakota’s cannabis policy lost with 59.5 percent of voters against it.
Combined with the global movement towards legalization, more states opening up potential for cannabis markets shows the need for overall policy in the US to change.
In an interview with the Investing News Network (INN) George Scorsis, CEO of Liberty Health Sciences (CSE:LHS) said he expects cannabis legislation to become a hot topic for the upcoming 2020 presidential elections.
The multi-state operator play has become a popular area for cannabis investors as it gives exposure to key to the US market.
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.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario