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 January 20th – 26th, 2020.
Without further ado, let’s get started.
10. TSX and S&P Launch New Cannabis Indices
Here’s the Full List of Constituents From Each Index
New cannabis indices have been released by S&P Dow Jones and the TMX Group which feature a mix of Canadian and international Pot Stocks.
READ FULL CANNABIS INDICES ARTICLE
9. New Bill to Decriminalize Psychedelics in the Green Mountain State Signals Growing Reform Trend
Vermont’s New Reform Legislation Aims to Decriminalize Psychedelics
Move over cannabis — decriminalized Psilocybin, Ayahuasca and Peyote may be on the way.
READ FULL PSYCHEDELICS ARTICLE HERE
8. Canadian Medical Cannabis Firms Eligible for Federal Government Funding
The Medical Cannabis Industry Has Been Pushing for More Government Support for Years
Medical marijuana companies in Canada interested in exploring business opportunities overseas are eligible to receive financial aid and other forms of support from the federal government through Canada’s Trade Commissioner Service (TCS).
7. Try Before You Buy: Alaska Becomes First U.S. State to Approve Onsite Cannabis Consumption
Other Cities Have Allowed Dispensaries to do This, But Alaska is the First to Provide State-Level Approval
Alaska became the first state to allow onsite cannabis consumption Thursday when regulators granted dispensaries the ability to offer the service by a narrow 3-2 vote.
6. Cannabis Companies Could Go Bust in 2020, Industry Insiders Predict
2 Canadian Companies Sought Creditor Protection Last Month
Oversupply, falling prices and the slow rollout of brick-and-mortar stores, particularly in Ontario, has contributed to low revenues for most licensed cannabis producers in the past year. Another hurdle to profitability for some Canadian cannabis companies is a wave of class-action lawsuits launched in U.S. courts. At least nine are targeting Canopy Growth (TSX: WEED) (NYSE: CGC) (FRA: 11L1), HEXO (TSX: HEXO) (NYSE: HEXO) (FRA: 74H) and Aurora Cannabis (TSX: ACB) (NYSE: ACB) (FRA: 21P).
READ FULL INDUSTRY INSIDERS ARTICLE
5. Virginia Lawmakers Approve Marijuana Decriminalization Bill
The Senate Judiciary Criminal Law Subcommittee Passed the Legislation in a Voice Vote
Virginia senators advanced a bill to decriminalize marijuana in the state on Thursday, voting in favor of a measure to remove the threat of incarceration for simple possession.
4. Cannabis Firms Cautiously Optimistic New York Could Legalize Adult-Use Sales This Year
If Approved, it’s Expected to Create a Multibillion-Dollar Recreational Market
New York Gov. Andrew Cuomo has revived the prospects for legalizing recreational marijuana sales in 2020 through the state’s Legislature, but cannabis businesses are taking a tentative approach after legalization efforts failed a year ago and similar sticking points remain.
3. Buy the Shop, Not the Pot: Cannabis Retail Chains May Outshine Producers
Canadian Retail Chains See Themselves as the Kingmakers of Brands, and the Growth Engine of the Sector
Analysts expect a strong performance from pot shop chains in 2020, as producers seek to wedge pricier products into limited store space. However, the capital crunch of 2019 may haunt those without deep pockets. Fire & Flower Holdings (TSX: FAF) (OTCPK: FFLWF), Meta Growth (TSXV: META) (OTCPK: NACNF) (FRA: 1HV) and High Tide (CSE: HITI) (OTCQB: HITIF) (FRA: 2LY) collectively oversee more than 100 stores, and they all plan to grow their retail footprints in 2020.
READ FULL CANNABIS RETAIL ARTICLE
2. Florida Sales of Smokable Marijuana Topped 22,000 Pounds in Less Than Six Months
By Comparison, Florida Sold Over 3x More Than Ohio During its First 12 Months of Sales
Medical cannabis patients in Florida have embraced the addition of smokable products to their purchasing options, with more than 22,000 pounds of the product sold in less than six months. More than three-quarters of the total smokable marijuana sold between July 12, 2019, and Dec. 31, 2019, was through three licensed operators: Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF), Liberty Health (CSE: LHS) (OTCQX: LHSIF) (FRA: S6UQ) and Curaleaf Holdings (CSE: CURA) (OTCQX: CURLF).
1. U.S. Federal Cannabis Reform Outlook
Progress Expected in 2020, But Distractions, High Hurdles Persist
President Trump’s impeachment trial, the upcoming elections, Iran and trade wars. That’s a lot of distractions for federal lawmakers. And they represent some of the big reasons why prevailing wisdom might suggest major cannabis reform at the federal level – which would open up massive new opportunities for marijuana businesses nationwide – is dead for 2020. But is it?
READ FULL CANNABIS REFORM ARTICLE
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Also Read: Cannabis Countdown: Top 10 Marijuana Stock News Stories of the Week
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