Welcome to the Cannabis Countdown. In This Week’s Edition, We Recap and Countdown the Top 10 Marijuana and Psychedelics Industry News Stories for the Week of May 4th – 10th, 2020.
Without further ado, let’s get started.
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Building off the recent AltMed deal, which saw Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496) acquire the Health Canada licensed CRTCE clinic, Champignon intends to open/acquire at least 5 new clinics in 2020. The Psychedelics leader disclosed that it continues to hold discussions with revenue-generating clinics in New York, California, Florida, Pennsylvania, Texas and Missouri.
For certain consumers, cannabis–once likely considered a discretionary purchase—has fast been added to the list of necessities, fueling an unprecedented green rush with record-breaking sales since lockdown went into force in March.
Recently, for example, robbers have invaded retail cannabis stores and medical marijuana dispensaries in Bozeman, Montana, Chicago, Sacramento, California, and Seattle. Theft at retail cannabis stores is especially bad in Denver, which experienced a three-year high after six related armed robberies in 2019. All of which begs the question: What’s the best way for marijuana retailers to protect their goods and property?
Approved recreational cannabis retailers in Nevada will be allowed to conduct in-store sales starting Saturday as part of the governor’s broader plan to open up the state amid the COVID-19 pandemic.
The Washington, D.C. Board of Elections approved a petition to decriminalize Psychedelics on Wednesday, officially clearing the campaign for signature gathering.
Legal weed sales during Illinois’ first full month of coronavirus lockdown amounted to almost $37.3 million, surpassing every month of recreational marijuana sales in Illinois so far except January.
As the Founder, CEO and Chairman of MediPharm Labs (TSX: LABS) (OTCQX: MEDIF) (FRA: MLZ), McCutcheon was instrumental in creating one of the cannabis sector’s only profitable Pot Stocks. McCutcheon’s capital raising expertise, leadership skills and business acumen will be valuable assets for Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496) as it begins to accelerate its North American expansion of new Psychedelic clinics.
In short, Psychedelics may change the way we look at medicine – and significantly help improve the health and mental state of millions of people around the world. If that’s the case, a market value estimate of $5 billion may be at the very low end. As the growth story unfolds, some of the companies to keep an eye on include: Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FRA: 496), MindMed (NEO: MMED) (OTC: MMEDF) (FRA: BGHM), GW Pharma (NASDAQ: GWPH) (FRA: GW2A), Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF) (FRA: 31R) and The Yield Growth (CSE: BOSS) (OTCQB: BOSQF) (FRA: YG3).
A coalition of marijuana advocacy groups sent a letter to House leadership on Friday, asking that they incorporate language allowing the cannabis industry to access banking services in upcoming coronavirus relief legislation. The banking restriction means that many cannabis businesses accept only cash for purchases, rather than contactless options such as credit cards or remote payment, which hampers recommended social distancing practices.