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 30th – April 5th, 2020.
Without further ado, let’s get started.
Wisconsin-based resident psychiatrist Dr. Morgan Campbell is calling on the U.S. Food and Drug Administration (FDA) to temporarily approve Psychedelic therapies which would allow psychiatrists and therapists to immediately begin administering Psychedelics such as Psilocybin (Magic Mushrooms), MDMA and LSD to help aid struggling patients of the COVID-19 pandemic.
Echelon analyst Andrew Semple has one overarching message for investors: be opportunistic but also be careful. The Echelon Wealth Partners report addressed six key themes: Cannabis as an Essential Business, Market Movements, Demand Drivers, Capital is Critical, The Supply Situation, and Regulatory Risks.
Since Nevada‘s cannabis industry temporarily switched to delivery-only purchases, retailers have cut short purchasing windows, grown their delivery vehicle fleets and set priority times for medical patients.
Most of Canada’s top cannabis producers have replaced their CEOs or CFOs over the past year after failing to meet customer and investor expectations. Some left on their own volition, and others were forced out. Most notably, Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) fired its founder and long time CEO Bruce Linton last year and more recently, Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) founder and CEO Terry Booth “retired.” What went wrong?
For Psychedelics activists in Washington DC, there’s bad news and there’s good news. The bad news: the COVID-19 pandemic has forced them to cease gathering signatures in person. The good news: they’re not ready to give up the fight.
Illinois‘ third month of sales were on par with the first two despite a stay-at-home order being in place for 11 days in March. Preliminary numbers show statewide adult-use cannabis sales in March totaled $35.9 million, according to a news release Thursday from the Illinois Department of Financial and Professional Regulation.
Most state governments around the nation have deemed medical marijuana companies “essential” during the coronavirus pandemic, meaning the vast majority can keep doing business after residents were told to stay at home and many businesses were ordered to scale back or close their operations.
Cannabis stores across Ontario will have to close as of Saturday night after the provincial government removed them from their list of essential businesses.
As this develops, the potential of a legal cannabis industry to provide recession-proof jobs and taxes will become increasingly attractive to governments across the world.
As COVID-19 continues to sweep across North America, a growing number of U.S. states and Canadian provinces have declared the cannabis industry as an essential service. Here’s a rundown of the states and provinces that are currently working to ensure cannabis remains accessible for millions of individuals.