When looking for stocks to light up a portfolio, the cannabis sector might not be the first place that comes to mind. Those following the industry have seen the situation go from bad to worse, with high tax rates and supply issues bogging down the U.S. market.
It’s no secret investing in the cannabis space has been like navigating a minefield in the last year, but some of the top investors in the sector believe the downturn in the Canadian cannabis market in the past year has created opportunities in the U.S. market.
Tim Seymour, CIO of Seymour Asset Management and co-host of CNBC's "Fast Money," hosted a panel of cannabis investors Monday at the Benzinga Cannabis Capital Conference in Miami Beach to discuss the cannabis investing landscape.
It has now been more than a year since cannabis was legalised in Canada, and while 2019 sales fell short of most expectations, 2020 is in a much better position to succeed. In October 2019, cannabis edibles were made available to patients and the public.
Maine wants to “harmonize” its medical and adult-use marijuana programs, but small growers, edible makers and retailers say the state’s proposed changes would drive them out of business and leave rural, cash-strapped patients without affordable medicine.
The Office of Marijuana Policy told state lawmakers Wednesday that it wants the medical and adult-use programs to abide by the same state rules whenever possible. It introduced a bill to apply the same plant size restriction, labeling rules, manufacturing safety and background checks to both programs.
Marijuana consumption is still a taboo, but it seems like the millennial generation is working hard to change this fact. They are the pioneers of recreational weed usage and the major reason why nine states decided to legalize marijuana since 2012.
Less than three months into Illinois’ new legal adult use cannabis market, the state says its tax revenue is already exceeding expectations.
Data released by the Illinois Department of Revenue reveals that Illinois cannabis sales generated more than $10 million in taxes in January 2020, the month when cannabis retailers opened their doors in the state (often leading to very long lines).
Last year was supposed to when marijuana stocks put the pedal to the metal and proved to Wall Street that they were wholly deserving of their premium valuations. The stage certainly appeared set with Canada selling adult-use cannabis and on track to launch derivative pot products later in the year, and a number of U.S. states leaning in favor of legalization.
California’s largest marijuana association is in a bind after powerful labor unions accused the organization of distributing an anti-union document and asked Democratic politicians to “refrain from engaging with” the group in a display of organized labor’s immense political muscle at the state Capitol.
Cannabis stocks haven't exactly shone over the last year. Capital constraints, weak internal controls, overaggressive management teams, regulatory bottlenecks, exceedingly high tax rates, a thriving black market, and unrealistic expectations have all played a part in bringing the industry to its proverbial knees since the end of the first quarter of 2019.
With Utah’s new medical marijuana program set to start Sunday, a bill making a number of last-minute fixes sailed through the state Senate Monday, 24-0, and is headed to the House.
