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 23rd – 29th, 2020.
Without further ado, let’s get started.
Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) founder Bruce Linton and Billionaire “Mr. Wonderful” Kevin O’Leary from Shark Tank, are going all-in on what they think is a much bigger opportunity than the Cannabis Boom. Investors who missed the last bull market in Weed Stocks or got in too late should start researching the “Shroom Boom” immediately.
The Drug Enforcement Administration (DEA) is finding itself in court over marijuana again after scientists filed a lawsuit against the agency, requesting “secret” documents that they allege DEA used to delay action on expanding cannabis research.
The cannabis sector is on fire, and the majority of Pot Stocks are posting gains like we haven’t seen in a long time. Since reaching new lows during the stock market’s massive Coronavirus correction, most Cannabis Stocks have reversed sharply and are now soaring at a time no one could have predicted.
As hospitals across Canada scramble to find new protective gear for healthcare workers who are on the front lines of the COVID-19 outbreak, some are getting fresh shipments from an unlikely source: licensed cannabis producers. Several major Canadian licensed producers (LPs) such as Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) and HEXO (TSX: HEXO) (NYSE: HEXO) (FRA: 74H) have provided hospitals with personal protection equipment (PPE) such as face masks, gloves, and bodysuits, drawing from their own excess inventory.
Aleafia Health (TSX: ALEF) (OTCQX: ALEAF) (FRA: ARAH) is launching its last-mile medical cannabis home delivery service. It will provide patients next-day, direct-to-home delivery on medical cannabis orders made in Ontario’s Greater Golden Horseshoe Region, home to over 9 million people.
In Michigan, people are lighting up. According to a Twitter survey conducted by the health blog bodynutrition.org, Michigan residents are smoking marijuana more than any other state during the ongoing coronavirus pandemic. Analysts used trends software with direct access to geotagged twitter data to arrive at the conclusion.
Rather than looking to reduce headcounts, Curaleaf (CSE: CURA) (OTCQX: CURLF) announced that it is looking to hire more employees after receiving essential service designation in a number of markets in which it operates.
How would legal cannabis companies hold up in a severe downturn? Fairly well, said several industry experts. And alcohol sales might be a good barometer.
While all agree that grocery stores and emergency services are required to keep the masses fed and cared for, a few unsuspecting sectors of the economy have been placed on lists of services vital to Canadians getting through the coronavirus pandemic, including cannabis.
In state after state, governors and public health officials are deeming cannabis businesses “essential” operations that can stay open amid coronavirus-related forced closures and stay-at-home mandates. People might not be able to go bowling or see a movie in theaters, but they can still stock up on marijuana.