Welcome to the Cannabis Countdown. In this week’s rendition, we’ll recap and countdown the top 10 marijuana industry news stories for the week of November 4th – 10th, 2019.
Without further ado, let’s get started.
Multi-Platinum Recording Superstar Drake and Canopy Growth Announce New Cannabis Partnership
Foggy Conditions Forced Flight AC 125 to Land at Seattle Airport with Some Passengers Carrying Cannabis and CBD
One legal expert gives advice to Canadians on how to handle an extraordinary situation like this.
That Legislation Proposed Rules Limiting Foreign Ownership, Vertical Integration and License Resale
Mexico’s Supreme Court gave Congress another six months to approve legislation that legalizes all forms of cannabis, postponing until the end of April the deadline for when the Latin American country would create the world’s largest adult-use market by population.
Investors Have Sent a Clear Message They Want Companies to be More Prudent in Their Spending
One of the largest cannabis companies in the world, Canopy Growth (TSX: WEED) (NYSE: CGC), is restructuring its overseas operations by laying off 15% of its workforce in Latin America, reflecting the slow pace at which revenue-generating opportunities and regulatory structures are evolving in the region.
The Agency’s Biggest Concern is Whether CBD is Safe to Consume in Food and Supplements
A top official for the U.S. Food and Drug Administration (FDA) said the agency is concerned that developing a legal exception for supplements containing CBD could send the wrong message, both to companies interested in entering the market and consumers.
So Far, Ontario Has Used a Botched Lottery System to Award Licenses to Open Recreational Marijuana Stores
A group comprised of cannabis industry leaders and experts is calling on Ontario’s government to provide a more complete timetable for when retail stores will be permitted through an open allocation of licenses.
State Regulators Expect the First License to be Issued Before the End of November
Marijuana regulators in Michigan received 52 recreational cannabis business license applications on the first day of the application period.
Cannabis Sales in Canada Expected to Double Next Year to $3.16 Billion
Canaccord Genuity cannabis analyst Matt Bottomley expects revenue in Canada’s legal pot sector to more than double next year despite slower-than-expected growth. Bottomley said in a research note to clients that Canada’s cannabis industry should expect $3.16 billion in revenue in 2020, up from the $1.46 billion forecast for 2019.
Supporters Hope Similar Protection for Recreational States Will Be Included in Final Version Sent to President Trump
The U.S. Senate passed a spending bill extending a provision that protects medical cannabis states from federal interference. It’s unknown if the broader House approved protections for adult-use state cannabis programs will be included in the final version of the bill that’s passed along to President Trump.
Vitamin E Acetate Linked to THC May Be to Blame
Vitamin E acetate, an additive sometimes used in THC and other vaping products, may be to blame for a national vape crisis of e-cigarette-related lung injuries that’s linked to dozens of deaths, according to U.S. Centers for Disease Control and Prevention officials.