Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 marijuana industry news stories for the week of November 25th – December 1st, 2019.
Without further ado, let’s get started.
GOP Congressman Matt Gaetz Mocks Top Trump Advisor’s Out of Touch Views on Marijuana
“OK boomer. That’s a very boomer approach to marijuana, if for no other reason than it’s actually THC, not TCH.”
There Are a Few Things That Still Keep Aurora CEO Terry Booth Up at Night
While the stock of Aurora Cannabis (TSX: ACB) (NYSE: ACB) has indeed suffered, trading down 51% over the past year, Terry Booth continues to remain optimistic about the company’s prospects. Booth highlights how the U.S. remains a crucial market for its CBD product ambitions while reiterating a firm focus on governance and managing its finances to retain investor confidence in an industry beset by steep losses.
The Changes Were Part of Emergency Rules Announced By the State’s Marijuana Regulatory Agency
Michigan regulators have temporarily paused the sale of marijuana vaping products as they implement new safety standards spurred by an outbreak of lung injuries. Also, regulators banned on Friday the use of vitamin E acetate, an additive that’s been linked to the injuries, in the vaping products.
72% of All the 2019 Cultivation in the U.S. Has Been From Illicit Growers
In New Frontier Data’s The U.S. Cannabis Cultivation Report: 2019 Legal and Illicit Output by State, the estimated cultivation output in the U.S. for 2019 is forecasted to reach 29.8 million pounds, and expand to 34.4 million pounds by 2025.
Question of Legalizing and Regulating Sales is Now Expected to go Before Voters as a Referendum on the 2020 Ballot
New Jersey Gov. Phil Murphy (D) announced on Tuesday that he will be working with lawmakers to advance legislation to decriminalize marijuana possession after the legislature failed to produce a passable bill to more broadly legalize cannabis.
News of a Weakening Cannabis Industry Sent Chills Through Some Residents, But Officials Say There is No Need to Worry
Smiths Falls-based Canopy Growth (TSX: WEED) (NYSE: CGC) struggled to meet its earnings goals over the past few quarters, with the company citing a lack of accessibility to legal weed in Ontario – the country’s largest market – as a major problem. Canopy is in an “amazing” position compared to other cannabis companies because it has an “incredibly strong cash balance sheet.”
DEA Initially Proposed 2020 Production Quotas in a Notice Published in the Federal Register in September
The Drug Enforcement Administration (DEA) finalized its plans to authorize the cultivation of 3,200,000 grams of marijuana for research purposes next year—a 30 percent increase from 2019’s quota.
President Trump Seemed to Acknowledge the Failure of Policies Prohibiting Drugs During a Meeting on Vaping
“When you watch prohibition, when you look at the alcohol, you look at cigarettes, you look at it all, if you don’t give it to them, it’s going to come here illegally,” said Trump. “That’s the one problem I can’t seem to forget.”
FDA Issued 15 New Warning Letters Yesterday to Cannabis Companies They Believe Are Illegally Selling CBD
The U.S. Food and Drug Administration (FDA) is back in the spotlight after the regulatory body issued 15 new warning letters yesterday to cannabis companies. The FDA sent warning letters to the following companies:
2 Midwestern States Are Breaking Into the Recreational Marijuana Market and Dispensaries Are Expecting Huge Crowds
Legal weed sales began Sunday in Michigan, where a handful of dispensaries in Ann Arbor planned to be open for business. In Illinois, sales are expected to begin New Year’s Day. The states are the 10th and 11th nationwide to allow recreational marijuana sales.
Images source: Shutterstock
Move Over Curaleaf, There’s a New MSO in Town and it’s Set to Hit The Street Soon
Get the full details here so you don’t miss out on the next potential 10 bagger.