hold the key to legalization in the country.” data-reactid=”18″>New York Gov. Andrew Cuomo signed a bill to decriminalize cannabis use and expunge all criminal penalties for possession of 2 ounces or less of marijuana. Meanwhile, Sen. Mike Crapo (R-ID) came out in support of federal banking protections for state legal cannabis businesses, a federal court ordered the DEA to explain its delays in approving applications for cannabis research; Fox’s Jeanine Pirro joined the board of directors of SOL Global Investments Corp (OTC: SOLCF) subsidiary HeavenlyRx; and top aides of the new UK Prime Minister Boris Johnson reportedly could hold the key to legalization in the country.
APHA) took the stage as the stock spiked 30% following a favorable earnings report, including the first ever profitable quarter reported by any Canadian cannabis company. On the other end of the spectrum was CannTrust Holdings Inc (NYSE: CTST), which saw its stock recuperate a bit after firing key execs following a massive licensing scandal, but still announced it would consider a sale of the entire company to a bigger player.
“The misdeeds of some of the market’s cannabis companies has weighed on the entire group,” said Debra Borchardt, CEO of Green Market Report. “CannTrust says it’s for sale now; but if the company loses its licenses, then really what is it worth?”
https://tinyletter.com/javierhasse” data-reactid=”21″>If you want to get this news recap in your email inbox every week, please subscribe to https://tinyletter.com/javierhasse
SVVTF), which had to restate its filings this week.
“It isn’t that hard to be transparent, but it seems these companies struggled with that. The only good part is that with the sector selloff, there are good prices on stocks these days,” Borchardt said.
Ohio Gov. Mike DeWine signed Bill 57, allowing for the cultivation and commercialization of hemp and hemp-derived CBD products. The Ohio Department of Agriculture is now in charge of writing the necessary regulation to begin implementing the state’s hemp programs.
420 In 2020: Every Democratic Presidential Candidate’s Cannabis Position” data-reactid=”25″>Story of the week: 420 In 2020: Every Democratic Presidential Candidate’s Cannabis Position
Over the last five trading days:
HMLSF) (TSE:HMMJ) gained 2.16%.
MJ) tumbled 1.01%.
YOLO) was up 2.26%.
THCX) rose 3.09%.
CNBS) was up 2.25%.
SPY) closed the period down 3.03%.
KR) into five new states. The company also added presence in additional stores in existing states totaling more than 400 new stores. The combined additional distribution will now feature Veritas Farms topical products in a total of 22 states and 1,350 locations across the Kroger Family of Stores.
CWBHF) also said Kroger will start carrying Charlotte’s Web topical products in 22 states.
Podcast: Cannabis Finance And International Opportunities With Benzinga’s Javier Hasse ” data-reactid=”38″>Related Story: Podcast: Cannabis Finance And International Opportunities With Benzinga’s Javier Hasse
CRLBF) announced the launch of its new dispensary brand Sunnyside.
“Since 2017, our team of scientists, researchers, and doctors has been on a mission to give real hope to people with real challenges. Our work is fueled by a relentless pursuit to create the best environment for the body to heal itself,” said co-founder and EVP Alex Rullo.
GTBIF), owner of the Rise and Essence retail stores, opened its 27th location nationwide, Rise Cleveland. This is the third Rise store in Ohio, and Cleveland’s first cannabis retail store. Rise Lorain and Toledo earlier this year in Ohio and the company is building out two stores in nearby Lakewood with plans to open later this year. GTI has opened nine stores so far year to date in Florida, Ohio and Pennsylvania and currently has licenses for 95.
The company’s Chief Strategy Officer Jennifer Dooley told Benzinga, “The team is diligently executing on our retail expansion plans and thrilled to open Rise in the heart of downtown Cleveland – our 27th store in the country and third store in the state of Ohio. Along with exciting progress in the retail business, we continue to scale distribution of our branded products, all of which we look forward to discussing during our upcoming earnings call on August 28.”
IIPR) announced it has acquired a property in Holyoke, Massachusetts for $3.5 million, which includes around 150,000 square feet of industrial space from Trulieve Cannabis Corp. (OTC: TCNNF).
MRMD) in a licensing deal. The partnership will see Binske’s line of concentrates, edibles and topicals reach 52% of the legal consuming American public across 11 states, totaling 52.4 million people between 21 and 61 years old, according to the company.
HLIX), a provider of critical infrastructure services to the legal cannabis industry, has been identified for the second time in a row as the leading provider of point of sale software in the U.S. based on market share, through its seed to sale software solution, BioTrackTHC. Holding 24% total market share, the report also states the company is among the top three providers in both of the two largest emerging U.S. cannabis markets, California and Oklahoma.
“We are establishing a unique competitive advantage through significant market share in retail dispensaries, in addition to our leading position in the cultivation and manufacturing verticals,” said Zachary L. Venegas, Executive Chairman and CEO of Helix TCS, Inc. “As we expand our offerings, we look forward to capitalizing on our continued growth and sustained market share dominance.”
Jay Hartenbach, Medterra CEO, told Benzinga, “The opportunity to work with Baylor is an extension of our dedication to providing the most powerful CBD products to our consumers. With the studies being performed at Baylor, we are determining the efficacy of our products on a variety of conditions and testing new formulations against our existing products. Early results have been very promising and we expect to publish the studies in academic journals.”
Leaf Brands Inc. released its operating and financial report for the fiscal year ended March 31. The company reported record annual revenue of CA$2.3 million, up by 65% from the comparable period. Its fourth-quarter sales were up 54% year over year, reaching CA$595,251. The revenue growth was achieved through broadening its total retail distribution to 3,500 stores across North America and Europe, the company said.” data-reactid=”56″>True Leaf Brands Inc. released its operating and financial report for the fiscal year ended March 31. The company reported record annual revenue of CA$2.3 million, up by 65% from the comparable period. Its fourth-quarter sales were up 54% year over year, reaching CA$595,251. The revenue growth was achieved through broadening its total retail distribution to 3,500 stores across North America and Europe, the company said.
PLNHF) announced new edible and chocolate brands and an update about the major Phase II expansion at its world’s largest dispensary, located in Las Vegas within walking distance of the world famous Vegas Strip.
“We’re very excited to announce that HaHa Gummies and Dreamland Chocolates will be produced in our new 15,000 sq.-ft. customer facing Phase II production facility that includes 115 feet of windows where visitors can watch and learn what goes into the creation of individual products,” said Larry Scheffler, Co-CEO of Planet 13. “Edibles, especially premium sativa-based edibles, have been very popular with our tourist customer base.”
SRUTF) on released its financial report for the first quarter.
The company declared a cash position of $3.85 million as of May 31, and disclosed signing a definitive agreement to form a joint venture with Moosehead Breweries Ltd.’s affiliate, OCC Holdings Ltd.
VLRX) shared traded up following a pre-clinical data readout from the medical technology company. Valeritas, which makes the V-Go – Wearable Insulin Delivery Device using its proprietary h-Patch technology, announced positive results from a preclinical pharmacokinetic study of cannabidiol subcutaneous infusion with two dosing regimens delivered using its proprietary h-Patch wearable drug delivery device.
YCBD) announced a new partnership with retired NFL players Steve Smith, Sr. and Jonathan Stewart.
KAYS) announced it has entered into an agreement with The Franchise Academy, a dominant company in the Canadian franchise development and sales industry.
TPB) released its financial report for the second quarter. The company disclosed net sales of $93.3 million, and gross profit record of $41.2 million, both up by 15.1% year-over-year. Its adjusted EBITDA was up 6% to $18.3 million, while adjusted diluted earnings per share were of 53 cents, compared to 51 cents in the same period last year.
DYMEF), announced an exclusive distribution agreement to make Woah Candy Co.’s cannabis-infused caramels and chocolate edibles available to consumers in California.
SDEC), a “next-generation, consumer-based LED and CBD algorithm innovator,” said it’s listingits common shares on the OTC Markets under the ticker symbol “SDEC.”
TWTR) and Snapchat (NASDAQ: SNAP) are the only two big names in Silicon Valley’s social media alley willing to provide a space for cannabis companies to show ads in Canada. According to a MarketWatch report by Max Cherney, this willingness to accommodate cannabis businesses could result in punishment by Canadian law.
View more earnings on APHA” data-reactid=”70″>View more earnings on APHA
CHOOF) announced the appointment of Corey Gillon as President, effective Aug. 16. Gillon joined the company to develop and expand Choom’s retail strategy before the launch of Cannabis 2.0, strengthening Choom’s management team as they prepare for future growth.
TPCO), said it reached an agreement with cannabis content provider The Fresh Toast to provide reliable cannabis information on its platform.
CRON) announced it reached an agreement to acquire a CBD company with exposure to the United States.
CURLF)’s former vice president of Dispensary Operations and Development, Gretchen McCarthy, has joined Acreage Holdings Inc (OTC: ACRGF) as vice president of Retail Operations.
MJNA) subsidiary Kannaway entered a strategic partnership with Endocanna Health, a research and development biotechnology company specializing in endocannabinoid DNA testing and personalization.
AXIM), a company conducting cannabinoid research and development, launched its AXIM Wellness division that will be focused on bringing consumers premium cannabinoid-based nutraceutical products.
“We have a mission to help change lives through health and wellness,” said John Flanders, CEO of CBD Emporium. “I feel it is important for inner city kids to have a chance to learn how to swim to improve their confidence, safety and health. Saving just one life, makes it all worth it.”
Designed to be a resource for the canna-curious and medical cannabis patients, the Sol Flower Wellness Center will provide a diverse curriculum of educational classes on alternative healthcare. The Café will offer an additional gathering space for patients and the public offering a healthy menu of non-medicated breakfast and lunch items.
“Sol Flower Tempe will be a resource for patients to explore alternative healthcare and tap into our team of dedicated wellness experts,” said Allie Marconi, Director of Marketing at Copperstate Farms.
“Our strategy was to build a following with our Wana Disposable Vapes, which was a complete success and now ranks as the top disposable vape in the intensely competitive Colorado market according to BDS Analytics. Now we’re leveraging that success by launching our 510 line in all ratios and classes. This is exciting for Wana Brands because the 510 cartridge market is so much larger than the disposable vape market,” said Wana CEO Nancy Whiteman.
Here are some of the most interesting cannabis-related stories from this week.
Unearthing Cannabis Roots To Support Future Growth ” data-reactid=”89″>• Unearthing Cannabis Roots To Support Future Growth
What To Know About The Senate Hearing On Hemp ” data-reactid=”90″>• What To Know About The Senate Hearing On Hemp