Marijuana social equity advocates expected a big year at the Colorado State Capitol. At the start of the session, legislators all but promised a bill proposing the expungement of past low-level marijuana crimes, and there was growing support for additional measures creating marijuana business opportunities for communities harmed by the War on Drugs.
Then COVID-19 happened, and now social equity proponents are nearly back to square one.
Exactly why pollinators are attracted to hemp isn’t entirely understood, but at least one thing is clear: it’s not because they’re getting high.
Not only does hemp contain minuscule amounts of THC, the psychoactive compound in cannabis, but insect brains don’t have the receptors affected by the substance.
In fact, pollinators take little interest in the female cannabis flower, which is cultivated for THC in marijuana and cannabidiol, or CBD, in hemp.
States still searching for the best path forward in balancing economic and health concerns amid the continuing coronavirus outbreak also face another challenge once businesses reopen: recovering billions lost in state tax revenue, as well as millions of lost jobs.
Retailers in Massachusetts will be allowed to offer curbside pickup sales starting next Monday as part of Phase 1 of Gov. Charlie Baker’s reopening plan — and that includes marijuana retailers.
Government aid is still not on the cards for cannabis companies, so investors are looking at the balance sheets for cash. At the same time, the majority of banks don’t offer loans to the cannabis industry. Since the outbreak of the coronavirus pandemic, overseas cannabis companies are converting and relying on delivery, ordering cannabis online with all innovative aspects from app to drone.
For the second-straight month, Oregon broke sales records for legal marijuana.
There is one bright spot in the economy: marijuana sales.
In April, Oregon saw $89 million in legal marijuana sales. The Oregon Liquor Control Commission reports marijuana sales were up 45% in April, compared to last year, making April 2020 the largest month on record for the state.
Canadian cannabis company Tilray Inc. (NASDAQ: TLRY) has turned around in recent weeks. While the stock is down 50% year to date, it’s up 26% for the last month. It’s been a volatile year for marijuana stocks so far.
Tilray closed at $8.16 Tuesday, up 2.51%. The S&P 500 closed down 1.05%. Tilray’s consensus 12-month price target is $17.88.
Former Vice President Joe Biden, the presumptive Democratic nominee for president, still opposes federal marijuana legalization — putting him at odds not just with the majority of Democrats but also Americans overall.
Aurora Cannabis Inc. stock rampaged Monday, with U.S.-traded shares surging nearly 53% in a continued response to better-than-expected earnings last week.
Shares of Aurora closed up $5.90 to $17.10.
Aurora has made strides in its reorganization plan announced in February, according to Ladenburg Thalmann analyst Glenn Mattson.
For more than two months now, the coronavirus disease 2019 (COVID-19) pandemic has disrupted economic activity to a degree we've never previously witnessed. All told, the U.S. unemployment rate is nearing 15%, which is a level unseen since the Great Depression.
