Business

Cannabis Market in Illinois Grows, Challenges Remain

The cannabis market in Illinois has shown tremendous potential. The state legalized recreational cannabis in January. In the first two months, there was a surge in sales. However, the COVID-19 pandemic hit. Luckily, Illinois deemed cannabis as an essential item amid the pandemic, which didn’t hamper sales. The state recorded drastic sales in April and May. However, there are still some challenges for the cannabis market in Illinois.

Aurora Cannabis to lay off 700 staff, expects $60M charge, plans to close 5 facilities

Aurora Cannabis (ACB.TO)(ACB) plans to close five facilities, lay off roughly 700 workers, and expects a $60 million charge in the coming quarter, the company said Tuesday.

The Edmonton-based cannabis producer said the moves are part of its business transformation plan announced in February, which resulted in the loss of about 500 jobs at the time and a $1 billion writedown.

Marijuana Stocks Could Soar If Canopy Growth's "Magic Number" for U.S. Cannabis Legalization Is Right

The Canadian cannabis producer's CEO has a specific year in mind for U.S. legalization. And he just might be right.

Canopy Growth (NYSE:CGC) CEO David Klein has a "magic number" in mind for when the U.S. will legalize cannabis. In an interview with CNBC's Jim Cramer last week, Klein said that he expects cannabis will be legalized at the federal level in the U.S. in 2022.

L.A. proposes overhaul of ailing legal marijuana market, including social-equity programs

A Los Angeles City Council committee Tuesday approved a series of changes to reset the city’s troubled legal marijuana market, including bolstering programs intended to help operators who suffered during the nation’s long-running war on drugs.

Los Angeles was once seen as a potential showcase for the industry, but that has never squared with the reality on the street: illegal shops continue to flourish, while licensed companies complain that just about everything costs too much and takes too long when dealing with City Hall.

3 High Growth U.S. Cannabis Markets Investors Need To Have On Their Radar

The cannabis industry has been a beneficiary of the COVID-19 pandemic as consumers have been purchasing more cannabis than prior to the outbreak. Several states still have restrictive policies in place for restaurants, bars, gyms, and shopping malls. The closures and the limitations have made it easier for people to stay inside and this is a trend that we expect will benefit the cannabis industry over the next year.

Cannabis companies facing proposed class-action lawsuit over alleged mislabelling

Some major cannabis companies in Canada are facing a multi-million dollar proposed class-action lawsuit over allegations the potency of their products is “drastically different” than advertised.

The statement of claim filed in Calgary on Tuesday accuses the companies of failing to properly label their products and alleges negligence on their part.

The plaintiffs are seeking a $500-million judgment — “or such other amount as may be proven at trial” — along with punitive damages of $5 million from each of the defendants.