This past trading week (September 18-22) in the world of cannabis saw the potential inclusion of another South American country into the medical cannabis business, a new report detailing the price that Ontario may be going with for a gram of recreational cannabis, market news and a look at the biggest gaining stocks of the week complete the Cannabis Weekly Round-Up.
It seems another major South American country may be getting closer to entering the legal cannabis business. Peru has introduced a bill that would “allow the production and importation of medical marijuana.”
The medical benefits of cannabis seem to be playing a part in the idea of letting the drug enter the country legally. As reported by Leafly, Congressman Alberto de Belaunde told Peruvian newspaper La Nacion, the benefit of this bill would be for patients with ailments like cancer, epilepsy and Parkinson’s disease, among others.
Hydropothecary (TSXV:THCX) announced this past week it had received a kosher certification from the Ottawa Vaad HaKashrut, a not-for-profit Kashrut certification agency, for a variety of its cannabis products.
“What this certification shows is the value placed on proper etiquette for kosher and for being able to care for people,” Vaad HaKashrut director Rabbi Levy Teitlebaum said of the announcement.
In the development stream from the government of Ontario, related to their plans for the business model it intends to put in place for the legalization of recreational cannabis, CBC reported the province is evaluating a $10 per gram for the drug.
The Canadian Securities Exchanges launched, this past week, a new index called the CSE25 which amounts the largest companies on the exchange, among the top of the list were several cannabis stocks like Liberty Health Sciences (CSE:LHS) CannTrust Holdings (CSE:TRST) Alternate Health (CSE:AHG).
A new report by The Georgia Straight took a closer look at the criticisms from Vancouver Kingsway MP Don Davies in regards to the Liberal government’s cannabis legalization bill. Davies took particular problem with the process the federal government was following and the timing for hearings of the bill.
“From the beginning, I felt that their whole strategy was to minimize exposure and comment and criticism of this bill,” Davies said.
“This is the first step in unlocking future potential markets in the EU of several hundred million people,” said Neil Belot, chief global business development officer for the company.
In other European market news, Canopy Growth (TSX:WEED; OTCMKTS:TWMJF) announced it plans to enter Denmark through a newly formed strategic partnership with Danish Cannabis ApS. This deal for medical cannabis supply will be based on the model established beforehand.
“Our approach is clear: establishing the brands, infrastructure, and people in a systematic manner to ensure success across numerous federally-legal geographies,” chairman and chief executive officer for Canopy Bruce Linton said.
Canopy’s OTC Markets Group stock was closely evaluated this past week by Insider Financial. As part of this report, it was indicated the medical market for the company was still expanding, still without the added possibility of what the recreational market will amount to for Canopy.
The Canadian marijuana ETF kept seeing growth this past trading week. Over the five-day trading period, the Marijuana Life Sciences Index ETF (TSX:HMMJ) saw a 1.31 percent increase. As of 11:38 p.m. EST on Friday, the ETF traded at $9.26. Since its inception earlier this year, the index has dropped 9.66 percent.
Which also this past week added MedReleaf (TSX:LEAF) to the list of weighed companies. Neil Closner, chief executive officer of MedReleaf said the inclusion to the Horizon’s Medical Marijuana Life Sciences ETF will give investors a new method to be active in the company’s growth.
Some of the biggest winners this past trading week included Tetra Bio-Pharma (TSXV:TBP; OTCQB:TBPMF), Cronos Group (TSXV:MJN) and Supreme Pharmaceuticals (TSXV:FIRE), which saw a 14.75, 7.44 and 7.09 percent increased gain respectively.
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.