As impeachment hearings transpired across the hall in the Capitol on Wednesday afternoon, the House Judiciary Committee, by a vote of 24-10, advanced a bill that could make use of marijuana legal.
Cannabis stocks rallied for a second day Wednesday, buoyed by a historic congressional committee passage of a bill that aims to lift the federal ban on weed, as well as strong gains for Curaleaf after it posted a narrower-than-expected third-quarter loss.
Curaleaf’s U.S.-listed shares CURLF, +15.23% CURA, +15.07% were last up 15%, as investors shrugged off its revenue miss.
Cannabis has been legal in Canada for more than a year now, and according to industry players, there are still some kinks in the system.
Earlier this month, the Cannabis Council of Canada sent a letter to Prime Minister Justin Trudeau urging the federal government to consider recommendations to relieve “pain points” in the legal pot framework.
Here’s what the organization wants the government to act on:
ANN ARBOR, MI -- In a couple weeks, residents 21 and up will be able to walk into a store and purchase marijuana, a plant that’s long been illegal in Michigan and that remains illegal federally.
Michigan on Tuesday, for the first time ever, sanctioned the commercial sale of marijuana beginning Dec 1.
The devil is in the details. It’s a common but important refrain. It reminds us how even the smallest facets of plans, processes and situations can derail large-scale efforts.
Such is the case facing Canada’s cannabis industry. The federal government currently requires that all cannabis products carry excise stamps — proof the appropriate taxes have been paid by the licensed producer — like those attached to tobacco packaging. These stamps are also unique to each province and territory.
Paying employees who work for a cannabis employer should be no different than any other employer, with one exception. One BIG exception. Marijuana is still a Schedule I drug, on par with heroin and LSD and a violation of the federal Controlled Substances Act (CSA), making many companies nervous about doing business with this industry. This includes banks, insurance companies and payroll processing services such as ADP, Paylocity, and Paychex.
Cannabis stocks were a sea of red again on Monday, with Aurora Cannabis tumbling another 15% following disappointing earnings and MedMen down 23% on news of job cuts and asset sales.
The ETFMG Alternative Harvest ETF MJ, -4.35% was last down 4% with 26 of its 36 member stocks trading lower. The ETF has fallen for six straight days and is now down 35% in the year to date.
Flow Kana, which bills itself as “California’s No. 1 selling cannabis flower brand,” is cutting up to a fifth of its workforce and its chief executive is faulting the state for failing legal marijuana companies.
The company, which is based in California’s Emerald Triangle — Humboldt, Mendocino and Trinity Counties — is cutting “non-core” staff, CEO Mikey Steinmetz said. He did not disclose a specific number of layoffs.
A bingo-like lottery will be held Friday morning at City Hall to determine where existing cannabis firms can open Chicago’s first recreational pot shops.
Eligible patients in Georgia may soon be able to reap the benefits of medical marijuana with the initiation of the Georgia Access to Medical Cannabis Commission.
Gov. Brian Kemp, Lt. Gov. Geoff Duncan and House Speaker David Ralston announced their appointments to the seven-member board on Tuesday. The members will oversee the issuance of licenses to grow and sell marijuana oil for the treatment of a variety of illnesses. The commission was enacted through Georgia's Hope Act, signed by Kemp in April.
