This week, lawmakers, cannabis entrepreneurs, investors, and other influential people gathered in Washington D.C. for KCSA’s Congressional Cannabis Day Forum. Speakers included Rep. Earl Blumenauer, CNBC’s Tim Seymour, Rep. David Joyce, Rep. Barbara Lee and Rep. Don Young.
possible use of cannabis by players to treat pain; the Canadian government announced it is setting aside about CA$25 million ($18.5 million) to fund cannabis research; and Bulgaria became the first European Union country to issue a Free Sale Certificate for CBD products, setting an important precedent for the region.” data-reactid=”19″>In other big news, the National Football League and the NFL Players Association reached an agreement to study the possible use of cannabis by players to treat pain; the Canadian government announced it is setting aside about CA$25 million ($18.5 million) to fund cannabis research; and Bulgaria became the first European Union country to issue a Free Sale Certificate for CBD products, setting an important precedent for the region.
confirmed that it has a pilot program underway to allow select hemp-derived CBD products on its platform. “Square is currently conducting an invite-only beta for some CBD products," a Square spokesperson told Benzinga.” data-reactid=”20″>On the financial front, Square Inc (NYSE: SQ) confirmed that it has a pilot program underway to allow select hemp-derived CBD products on its platform. “Square is currently conducting an invite-only beta for some CBD products,” a Square spokesperson told Benzinga.
approved to trade on the same exchange soon, although the exact date “won’t be set until the SEC formalizes the 40-F registration statement,” Green Market Report CEO Debra Borchardt told Benzinga.” data-reactid=”21″>OrganiGram Holdings (NASDAQ: OGI) listed on the Nasdaq and The Flowr Corporation (OTC: FLWPF) was approved to trade on the same exchange soon, although the exact date “won’t be set until the SEC formalizes the 40-F registration statement,” Green Market Report CEO Debra Borchardt told Benzinga.
“This is definitely a sign that the NASDAQ is easing up on its resistance to cannabis companies. In addition to that, the exchange has also begun to allow Green Market Report to interview these listed companies as the barriers toward cannabis-focused media begin to fall. It’s great to see this warming relationship to the industry.”
https://tinyletter.com/javierhasse if you want to receive links to this recap every week.” data-reactid=”23″>Subscribe to https://tinyletter.com/javierhasse if you want to receive links to this recap every week.
FB), the social media behemoth held a product policy meeting to review its stance on cannabis. The company ultimately decided to maintain its stance against marijuana advertising on its social media platforms.
Marijuana Stocks & ETFs
Over the last five trading days:
HMLSF) (TSE:HMMJ) lost almost 0.5 percent.
MJ) tumbled 0.65 percent.
YOLO) lost 0.7 percent.
SPY) closed the period down 0.94 percent.
Top marijuana stocks with a market cap above $500 million trading on U.S. exchanges performed as follows over the last five trading days:
ACRZF): up 2.8 percent
APHA): up 7.6 percent
ACB): down 4.3 percent
CTST): down 4.35 percent
CGC): down 0.4 percent
CRON): up 3 percent
CURLF): down 6.2 percent
GGBXF): down 9.6 percent
TGODF): up 4.9 percent
GGBXF): down 9.6 percent
GWPH): up 4.9 percent
HEXO): down 1.7 percent
HRVSF): down 1.1 percent
ITHUF): down 6.6 percent
MRMD): down 5.9 percent
MMNFF): down 9.7 percent
OGRMF): down 6.1 percent
SMG): up 1.2 percent
TLRY): down 3.9 percent
In Other News
The notes have a maturity date of May 22, 2022 and will bear interest from the date of issue at 12 percent per annum. With this financing, GTI has the option to borrow an additional $45 million over the next six months.
“GTI continues to be a first-mover — this time in the capital markets with a debt offering that drives down the cost to finance the business. This capital puts us in a solid position to execute on our business plan while minimizing dilution for our shareholders,” said Andy Grossman, GTI’s head of capital markets.
Ranging from Super Bowl champions and Olympic medalists to Stanley Cup winners and NBA All-Stars, athletes including Mike Tyson, Anna Symonds, Anna Valent, Riley Cote, Nate Jackson, Marvin Washington and Kaitlyn Verfuerth signed a letter promoting the health, wellness and pain relief benefits of cannabis. Athletes for CARE submitted the letter to WADA on behalf of its 150-plus members and kicked off a Change.org petition for other fans and supporters to join the campaign. The petition garnered almost 2,000 signatures within 24 hours.
The Texas Senate approved an expansion of the state’s medical cannabis program to include more qualifying conditions and make the process easier for patients.
“The bill had previously passed in the House and now awaits final legislative approval before heading to Gov. Greg Abbott’s desk for his signature,” Brendan Bures explained in this article.
“We are thrilled to have gotten our license and to be part of California cannabis history,” said founder and CEO Dr. Robert Flannery.
“We cannot wait to enter the next phase of Dr. Robb Farms — being able to harness our proprietary technology and best-in-class, science based cultivation practices that will truly allow us to share the highest quality flower with our California consumers.”
Based on the reported figures, total adult use sales rose by 92 percent year-over-year, from $213 million in the first quarter of 2018 to $409.3 million for the first quarter of 2019.
“Most of the growth is attributed to ‘preregulated’ inventory that was sold through in the first quarter of 2018 but not taxed,” Matt Karnes, founder and managing partner of GreenWave Advisors, told Benzinga.
GreenWave Advisors estimates medical marijuana sales to be roughly 40 percent of total sales, meaning total cannabis sales in the first quarter of 2019 should have hit $682.2 million.
Green Peak Innovations — which in December received a total of more than 30 licenses covering medical cannabis cultivation, processing and provisioning in Michigan — rolled out its North Cannabis Company brand. Full story here.
This is the first-ever partnership between GLAAD and a cannabis brand. For the entire month of June, buyers of the Pride Pack will receive Rodriguez’ poster as a gift, and 10 percent of the sale will go to GLAAD.
TRSSF) reported first-quarter revenue of CA$14.6 million ($10.8 million) and reiterated its full-year guidance. Full results here.
CVSI), a supplier and manufacturer of hemp CBD products, announced its full support of the California Assembly’s Appropriations Committee’s unanimous passage of Assembly Bill 228 last week. Authored by Assembly member Cecilia Aguiar-Curry (D-Winters), Assembly Bill 228 would expressly permit the retail sale of hemp-derived CBD in food, supplements and topical applications. The legislation now heads to the full Assembly for approval this week.
“If the lawsuit succeeds, illegal operators will succeed,” said alliance member Eric Sklar. “When restrictions are placed on legal cannabis, the illegal market grows.”
Created with the intention of helping retailers and their suppliers better understand consumer behavior, the report examines spending patterns by analyzing the items customers purchase in a single visit — a “basket”.
The report uses data from Washington, California, Nevada and Colorado; some interesting takeaways include:
- Millennials make up approximately 50 percent of the cannabis market, while Gen X and Baby Boomers each hold around 24 percent.
- Although Gen Z holds a negligible percentage of the market overall, they’ve more than tripled their share in the past year, and as more of them turn 21, the demographic’s share of themarket is expected to trend upward.
- Baskets consisted of mostly flower (49 percent) and pre-rolls (27 percent), as well as concentrates (15 percent), vape pens (15 percent) and edibles (9 percent). Beverages, tinctures and sublinguals held only about 1-2 percent of the basket share, despite the trendiness of these products.
- About a quarter of customers are “loyal,” meaning they return to dispensaries four or more times.
- Average basket sizes by state were: $68.70 in California, $62.11 in Nevada, $59.45 in Colorado and $31.16 in Washington.
- The average number of items per basket is rising, meaning customers are now purchasing more than two items per shopping trip — a major improvement from early legal cannabis buying patterns, according to Headset.
Learn more and read the full report on Headset’s website.
MDCL) showed higher revenue and a higher net loss in its first-quarter report, and the cannabis company’s CEO is eyeing potential catalysts ahead, including legislation with a direct impact on the Colorado company. Full story here.
IIPR) is strengthening its presence in Pennsylvania through the acquisition of a property in the city of Saxton. Full story here.
The recreational market is expected to lead the charge — at least in 2019 — delivering 33-percent growth driven by a variety of factors including the stabilization of the market in California and new adult-use markets coming online.
The Brightfield Group, a predictive market intelligence services provider for the CBD and cannabis industry, last year predicted the hemp-derived CBD market will hit sales of $22 billion by 2022.
FSDDF), a company engaged in development of medical cannabis and research on cannabinoid-based treatments, announced the addition Monday of three major cannabis researchers to its scientific advisory board. Full story here.
“Women and seniors are two demographics that are significantly underrepresented in this industry. Their wants and needs are different from more traditional cannabis users, and there is just not a resource focused on their needs,” said CEO Skip Alden.
“Trust, education and access are of the utmost importance to them and that’s what Foli is designed to provide.”
MPXOF) completed the acquisition of Swiss-based HolyWorld SA, which operates under the HolyWeed brand. Full story here.
The newly formed joint venture, Ignite Distribution, will have access to the Ignite’s recognizable goat skull logo. The company will also serve as Ignite’s fulfillment partner on its existing e-commerce platform.
Available at over 140 locations across Pennsylvania, Sheetz is the first convenience store to sell CBD at this magnitude.
BMMJ) closed its previously announced private placement offering with M. Partners Inc for 11,780,904 units of the company at a price of CA$1.25 (93 cents) per unit. Full story here.
Find out more about this and other cannabis news with our friends at Marijuana Money.
More From Benzinga Cannabis
The following are some of the most interesting cannabis-related stories from this week.
Thinknum Media shared a look into the blooming cannabis industry, including charts, maps and more.
Former Labor Secretary Robert Reich released a video explaining why marijuana should be legalized.
SOLCF)’s $30-million hemp biomass investment with CEO Brady Cobb.
Omnica Biotech founder Olga Chernoloz wrote an op-ed: “Pain, Placebo, Genes And CBD: We Know What We Don’t Know.”
John Roulac, founder of RE Botanicals, explained “4 Things You Need To Know About Buying CBD.”
The Fresh Toast’s Brendan Bures looked into “The Surprising Way Trump’s US-China Trade Dispute Hurts Marijuana Users.”
Mazakali shared a look at “Seven Avoidable Investment Mistakes” for cannabis investors.
Events Calendar
Attendees will connect firsthand with industry leaders offering tangible ideas and practical applications for all areas of cannabis extraction and analytical science. The conference is a two-day immersive event offering exclusive content and keynote seminars alongside vetted exhibits and interactive experiences.
“We look forward to amplifying our message of cannabis legalization, inclusion and equality here in our nation’s capital,” Macias said.
“Being steps away from the U.S. Capitol, where we have witnessed an influx of women assuming leadership positions, is sure to inspire our community as a whole to connect, educate and empower female leaders in this space.”
“I look forward to sharing my knowledge and experience in the lifestyle space with this tailored audience,” Stewart said.
“As I begin to collaborate on products for the CBD market, and as the demand for these types of product grows, I’m very interested in the conversations and connections at this event.”
Stewart will join Civilized publisher Derek Riedle and Bruce Linton, the founder, chairman and co-CEO of Canopy Growth, onstage in a fireside chat June 18 to close the conference. Read more about it here.
The 2019 show will focus heavily on CBD products and CBD brands with a presence in health grocery stores, luxury retailers, pet stores and other retail categories that carry hemp-derived products.
The three days will focus on six main pillars: medical, business, research, legislation, regulatory and fintech. The event will host Malta’s top policymakers, international regulatory experts and global business leaders.
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