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 16th – 22nd, 2020.
Without further ado, let’s get started.
With the Rise of COVID-19, Demand for Cannabis Delivery Has Increased as More Turn to Pot to Cope
Many marijuana delivery services and retail shops have seen a sharp rise in sales as a result of the Coronavirus pandemic. Red White & Bloom (RWB), is an example of a large multi-state operator (MSO) that offers cannabis delivery services. RWB has 10 stores in Michigan where adult-use cannabis is legal, many of which are set up to offer the option of home delivery.
READ FULL CANNABIS DELIVERY ARTICLE
9. Hawaii to Study Magic Mushrooms with Goal of Psilocybin Legalization
Resolutions Introduced Would Seek to Eventually Legalize Psilocybin Products in Hawaii for Medical Use
Following the opening of the United States’ first legal Psychedelics clinic in New York City, interest in exploring the health benefits of psychedelic substances like Psilocybin (Magic Mushrooms) continues to grow. Lawmakers in Hawaii are beginning to explore the potential therapeutic uses of psychedelic mushrooms (i.e. Psilocybin).
READ FULL HAWAII PSILOCYBIN ARTICLE
8. Cronos Group Faces SEC Inquiry Over Revenue Recognition Practices
SEC Inquiry Related to How Cronos Recognized Revenue for Certain Bulk-Resin and Wholesale Deals
Late Thursday evening, Max Cherney of MarketWatch reported that Cronos Group (NASDAQ: CRON) is the subject of an SEC inquiry. According to documents viewed by MarketWatch, Cronos staff were allegedly asked to preserve records related to deals with four Canadian pot stocks.
READ FULL CRONOS GROUP ARTICLE
7. California Psilocybin Legalization Activists Request Online Signature Gathering Amid Coronavirus
Decriminalize California and its Campaign Partners Are Requesting an Emergency Policy Change
A campaign to legalize Psilocybin mushrooms in California is asking the state to allow online signature gathering for their ballot petition, arguing that the Coronavirus outbreak necessitates an alternative means to put the Psychedelic reform measure before voters in November.
READ FULL CALIFORNIA PSILOCYBIN ARTICLE
6. Marijuana Industry Pleads for Access to Federal Coronavirus Business Relief
Legal Marijuana Employs Roughly 240,000 People in the U.S., But Cannabis Still Remains Federally Illegal
As Congress scrambles to reach a consensus on how to help Americans caught in the financial fallout of COVID-19, a coalition of marijuana industry trade groups is urging federal lawmakers not to forget about the hundreds of thousands of workers in state-legal cannabis industries.
READ FULL CANNABIS INDUSTRY ARTICLE
5. Bruce Linton on Psychedelics, Listing on the NEO, and the Difference Between ‘Going Public’ and ‘Being Public’
Bruce Sat Down with the Green Rush Podcast to Discuss What He’s Been up to Since Leaving Canopy
Bruce Linton, formerly the CEO of cannabis behemoth Canopy Growth (NYSE: CGC) and now Director of MindMed (OTC: MMEDF) sat down with The Green Rush podcast. Since his departure from Canopy in 2019, Bruce has since moved onto several new ventures within the cannabis and Psychedelics spaces but is still the unquestioned face of the industry.
READ FULL BRUCE LINTON ARTICLE
4. Cannabis Sales Soar as Canadians Hunker Down to Stop Coronavirus
To Manage Stress in the Face of the COVID-19 Pandemic or Just to Pass the Time Under Quarantine
Canadians and tourists have been lining up for several days at pot shops and flooding online cannabis retailers’ sites to stock up on the mood-altering drug.
READ FULL CANADA CANNABIS SALES ARTICLE
3. Amid Coronavirus Pandemic, California Gov Classifies Cannabis Industry as ‘Essential’ During State’s Effective Lockdown
Decision to Categorize Cannabis Firms as “Essential” Provides an Economic Lifeline to the Industry
Under a clarification document Gov. Gavin Newsom issued late Friday, all licensed marijuana businesses in California can continue with business as usual during an effective statewide lockdown implemented in response to the coronavirus outbreak.
READ FULL CALIFORNIA ARTICLE
2. Champignon Brands to Expand Psychedelics IP Portfolio Through Novo Formulations Acquisition
Novo is a Specialty Biotech Firm Currently Working with Ketamine, Anaesthetics and Adaptogenics
Champignon Brands (OTC: SHRMF) announced that on March 18, 2020, the company signed a definitive agreement to acquire Novo Formulations Ltd. Champignon Brands plans to leverage the Novo Formulations deal to pursue Psilocybin and MDMA formulations.
READ FULL CHAMPIGNON BRANDS ARTICLE
1. Pot Sales Jump as More People Stay at Home: Bank of America
This Implies That Pot is a Defensive Category, Like Alcohol and Tobacco
More people stuck at home has led to a higher demand for cannabis, and Aphria (NYSE: APHA) is one of the best-positioned companies to take advantage of that trend, an analyst at Bank of America said. Carey also raised Organigram (NASDAQ: OGI) to neutral from underperform, leaving his price target at $2.50.
READ FULL CANNABIS SALES ARTICLE
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