Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 Marijuana and Psychedelics industry news stories for the week of March 16th – 22nd, 2020.
Without further ado, let’s get started.
Many marijuana delivery services and retail shops have seen a sharp rise in sales as a result of the Coronavirus pandemic. Red White & Bloom (RWB), is an example of a large multi-state operator (MSO) that offers cannabis delivery services. RWB has 10 stores in Michigan where adult-use cannabis is legal, many of which are set up to offer the option of home delivery.
Following the opening of the United States’ first legal Psychedelics clinic in New York City, interest in exploring the health benefits of psychedelic substances like Psilocybin (Magic Mushrooms) continues to grow. Lawmakers in Hawaii are beginning to explore the potential therapeutic uses of psychedelic mushrooms (i.e. Psilocybin).
Late Thursday evening, Max Cherney of MarketWatch reported that Cronos Group (TSX: CRON) (NASDAQ: CRON) (FRA: 7CI) is the subject of an SEC inquiry. According to documents viewed by MarketWatch, Cronos staff were allegedly asked to preserve records related to deals with 4 Canadian Pot Stocks.
A campaign to legalize Psilocybin mushrooms in California is asking the state to allow online signature gathering for their ballot petition, arguing that the Coronavirus outbreak necessitates an alternative means to put the Psychedelic reform measure before voters in November.
As Congress scrambles to reach a consensus on how to help Americans caught in the financial fallout of COVID-19, a coalition of marijuana industry trade groups is urging federal lawmakers not to forget about the hundreds of thousands of workers in state-legal cannabis industries.
Bruce Linton, formerly the CEO of cannabis behemoth Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) and now Director of MindMed (NEO: MMED) (OTC: MMEDF) (FRA: BGHM) sat down with The Green Rush podcast. Since his departure from Canopy in 2019, Bruce has since moved onto several new ventures within the cannabis and Psychedelics spaces but is still the unquestioned face of the industry.
Canadians and tourists have been lining up for several days at pot shops and flooding online cannabis retailers’ sites to stock up on the mood-altering drug.
Under a clarification document Gov. Gavin Newsom issued late Friday, all licensed marijuana businesses in California can continue with business as usual during an effective statewide lockdown implemented in response to the coronavirus outbreak.
Champignon Brands (CSE: SHRM) (OTC: SHRMF) (FRA: 496) announced that on March 18, 2020, the company signed a definitive agreement to acquire Novo Formulations Ltd. Champignon Brands plans to leverage the Novo Formulations deal to pursue Psilocybin and MDMA formulations.
More people stuck at home has led to a higher demand for cannabis, and Aphria (TSX: APHA) (NYSE: APHA) (FRA: 10E) is one of the best-positioned companies to take advantage of that trend, an analyst at Bank of America said. Carey also raised Organigram (TSX: OGI) (NASDAQ: OGI) (FRA: 0OG) to neutral from underperform, leaving his price target at $2.50.