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 9th – 15th, 2020.
Without further ado, let’s get started.
The emerging sector recently gained global media attention as two new Psychedelic Stocks went public. Champignon Brands (CSE: SHRM) (FRA: 496) was the first company to IPO, followed by MindMed (NEO: MMED) (OTC: MMEDF) (FRA: BGHM) a day later. While MMED garnered the majority of the media attention thanks to its backers Kevin O’Leary and former Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1) CEO Bruce Linton, it was SHRM that took home the honours as the week’s top-performing new Psychedelics IPO.
As Canadian cannabis companies monitor developments with the Coronavirus (COVID-19) pandemic, most major licensed producers (LPs) are still operating their cultivation facilities. Spokespeople from Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1), HEXO (TSX: HEXO) (NYSE: HEXO) (FRA: 74H), Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P) and Tilray (NASDAQ: TLRY) (FRA: 2HQ) each told BNN Bloomberg that the companies have reduced business travel and given staff the option to work from home in light of advisories issued by the World Health Organization (WHO) regarding the Coronavirus outbreak.
The Canadian government touted the benefits of its legal, regulated marijuana market in comments to the United Nations recently, saying that since legal sales began in the country a year and a half ago, “the illegal market has already lost 30% of its market share” and “rates of use have not changed among youth and young adults.”
Mindbloom, a guided and legal psychedelic therapy centre, has officially opened its doors on New York City’s famed 5th Avenue. The newly opened centre offers clinician-prescribed and science-based guided ketamine therapy in a modern, spa-like environment. Costs range from between $150 – $250 per session.
Narbe Alexandrian, CEO of Canadian licensed producer (LP) Canopy Rivers (TSX: RIV) (OTC: CNPOF), sat down with TCI host Alyssa Boston (Miss Universe Canada 2019 + Cannabis Crusader) to discuss the current state of the business as well as the company’s plans for 2020 and beyond. The company has a strategic partnership in place with Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1), the world’s largest cannabis company.
Ontario, Canada-based cannabis producer Canopy Growth’s (TSX: WEED) (NYSE: CGC) (FRA: 11L1) announced production cuts could help ease the nation’s oversupply issues as well as offer lessons for other operators on how to compete in a newer market.
The pace of dealmaking in the already embattled cannabis sector is expected to slow even further, industry watchers say, as companies and investors retreat from risk amid recent turmoil in the equity markets.
After hours of tense debate, the Alabama Senate voted on Wednesday to pass a bill to legalize medical marijuana in the state.
A pair of Hawaii lawmakers is pushing to explore the therapeutic potential of Psychedelic mushrooms, introducing legislation that could one day make Psilocybin-based products available to medical patients in the state.
More than a dozen major trade groups and advocacy organizations sent a letter to the chair of the Senate Banking Committee on Thursday, asking that he advance a bill protecting financial institutions that service state-legal marijuana businesses from being penalized by federal regulators.