This was a bad week for markets in general, and cannabis was no exception.
Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE:MJ): lost more than 6%
- The AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was down almost 9%
- The Cannabis ETF (NYSE:THCX): dropped 9%.
- The Amplify Seymour Cannabis ETF (NYSE:CNBS): lost 7.5%.
- The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 3.4%.
We also saw the AdvisorShares Pure US Cannabis ETF (NYSE:MSOS) start trading on Wednesday, becoming the first U.S.-listed active ETF focused solely on American cannabis companies, and Item 9 Labs Corp. (OTC:INLB) begin trading on the OTCQX on Monday.
Cannabis SaaS platform Headset secured $3.2 million in financing through a bridge round led by Canopy Rivers Inc. (OTC:CNPOF).
AeroPay teamed up with Safe Harbor Private Banking on a payments service for CBD, cannabis and non-plant touching ancillary service businesses.
Payment processing company Hypur announced a new partnership with leading credit union GFA Federal Credit Union to provide consumers with digital, contactless payments for in-store cannabis orders, including curbside pickup and deliveries in Massachusetts.
Columbia Care Inc. (CSE:CCHW) (OTC:CCHWF) closed its acquisition of The Green Solution. The transaction includes Columbia Care’s 33.2 million shares valued at C$4.35, as well as US$15 million in secured debt, and a US$15 million seller’s note.
Over the last three years, Canada significantly trimmed imports of cannabis.
According to Marijuana Business Daily, the country legally imported around 20 kilograms (44 pounds) of dried cannabis and 200.35 milliliters (6.8 ounces) of cannabis oil.
Innovative Industrial Properties Inc. (NYSE:IIPR) finalized the acquisition of a property in Michigan for $6.2 million, excluding transaction costs.
The Brazilian Chamber of Representatives’ Special Commission in charge of regulating cannabis-based medicines held an online meeting in the form of a public hearing.
The objective of the assembly was to analyze a new bill (PL 399/2015) regarding cannabis-based medicines. This new piece of legislation would allow for the research, processing, production, and commercialization of pharmaceutical drugs and medicinal products containing parts of the Cannabis Sativa plant.
The text also contemplates the cultivation of cannabis by legal entities in specific situations.
It’s been three years since Colombia issued Decree 613, regulating cannabis for medical and scientific use across the country. Now, a group of lawmakers is pushing for the next step: the legalization of adult-use cannabis in Colombian soil.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
MediPharm Labs Inc. inked a supply agreement with Cann Farm Peru S.A.C. Under the agreement, MediPharm opted to provide the Lima-based producer and distributor for Peru and Latin American markets with cannabis oil.
After months of stalling and delaying granting recreational marijuana licenses to cannabis entrepreneurs in Illinois, dispensary permits will be awarded in a lottery in the weeks to come.
According to the Chicago Sun Times, a total of 21 applicants qualified for the 75 new licenses.
XS Financial Inc. (OTC:XSHLF) which provides equipment leasing solutions to U.S.cannabis and hemp companies, tripled its revenue over the year, reaching around $1.3 million in the second quarter.
On the heels of receiving a new retail license, Planet 13 Holdings Inc. (CSE:PLTH) (OTC:PLNHF) reported a 35% year-over-year drop in revenue. It amounted to$10.8 million in the second quarter of 2020.
Bluma Wellness Inc. (CSE:BWEL) saw a 190% increase in revenue in the second quarter of this year, reaching $2.12 million.
4Front Ventures Corp. (CSE:FFNT) (OTC:FFNTF), which recently debuted in Massachusetts, revealed its system wide pro forma sales (excluding divested non-core assets) amounted to $19 million in the second quarter.
Find all the details on the results on Benzinga Cannabis’ Earnings Center.
After a successful Series B fundraise, Dutchie partnered with Surfside to create targeted consumer marketing.
“We feel that the synergies between e-commerce tools and cannabis consumer data have yet to be explored in great detail,” said Jon Lowen, co-founder of Surfside. “Our work with Dutchie is ultimately rooted in our desire to help companies drive measurable results. This partnership illustrates the growing need for cannabis brands to leverage the information available to them in order to acquire and retain customers through strategic marketing efficiencies.”
California cannabis delivery platform Eaze announced Wednesday a major menu expansion in Los Angeles, featuring Black and POC-owned brands. In addition, the company launched its Social Equity Partners Program, designed to assist and elevate equity license holders.
To help cultivators avoid financial hardship caused by the newly enacted testing regulations, Willow Industries launched its on-site cleaning and remediation services in Oklahoma.
“As of July 1, 2020, dispensaries across Oklahoma are only permitted to carry products that have been tested by an Oklahoma Medical Marijuana Authority-licensed laboratory,” said Jill Ellsworth, CEO and founder of Willow Industries. “As we have seen in the early stages of other states’ markets, contaminated harvests often lead to a great deal of destroyed product or pricey retesting fees. Our product technicians are trained in the compliant handling of cannabis and sampling procedures, and are adept at offering clients advice on best practices to avoid product contamination in the future."
AltMed Enterprises is expanding into Ohio, securing a licensing agreement with Main Street Health for its MÜV Medical Cannabis products. “The demand for medical cannabis in Ohio is growing exponentially and we look forward to serving patients with our award-winning therapies,” said Mike Smullen, Chairman and CEO of AltMed Enterprises.
Vangst partnered with 70 Million Jobs, a national, for-profit employment platform built specifically for people with criminal records. The strategic alliance aims to facilitate the employment of people with records in the growing cannabis space by expanding their access to job opportunities, networking forums and expungement programs through Vangst’s network of industry partners and clients.
Current laws in states where adult-use has been legalized prevent applicants with felonies from working in plant-touching roles at cannabis companies. These laws, coupled with mandatory background checks in certain states, prevent people with felonies from earning jobs in a legal industry that sent many to prison in the past.
The partnership will be a fee-sharing arrangement that allows social-equity-committed clients to draw from 70 Million Jobs’ pool of applicants to fill both temporary and permanent positions in the cannabis industry. This news follows the launch of Vangst’s social equity hiring program, which helps people negatively impacted by the War on Drugs find jobs in the cannabis space.
New podcast The Syndicate explores how black market growers and dealers have evolved their tactics in states with legal cannabis.
The series, which launched Aug. 11, follows the rise and fall of a group in Colorado which hid in plain sight within the state's regulated market, while actually shipping tens of thousands of pounds of black market cannabis to surrounding states using skydiving planes.
"I wanted to show how this group of college friends and family members made millions by gaming the system," said the show's host, Chris Walker. "Beyond all the flashy moments, this story highlights the challenges that the regulated cannabis industry still faces in stamping down on illegal operatives undercutting their business.”
Green Point Research's pilot project to sell premium hemp seeds, seed starts, and clones was approved.
“We are pleased to have the opportunity to provide farmers with high-quality pilot project approved genetics from Green Point Research," said Green Point CEO David Hasenauer. "Farmers across the region can now proactively take the required next steps to begin their fall hemp plantings and plan for future grow seasons of quality plants expected to yield high-quality CBD and CBG."
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
- Psyched: Compass Joins Nasdaq, Field Trip Goes Public, MindMed Begins Trials, ATAI Launches MDMA Subsidiary
- Benzinga Cannabis Hour Recap: From SSO To MSO — Mission Dispensaries Exec Chats 4Front Deal
- Millennial Traders Are Making Risky Bets — Here's Why
- Legal Weed? What's That About?
- Holy Smokes! Meet The Nuns Who Grow Weed
- J French, Kanye's Cousin, Released A New Album And It's An Ode To Cannabis
- 3 Methods To Help Cannabis Growers Stay Profitable While Practicing Sustainability
Top Spanish stories:
- Todo Sobre el Aceite de Rick Simpson o RSO
- Marihuana para Dormir: Todo lo que Necesitas Saber
- El Primer Parque Industrial Cannábico de Argentina: Hablamos con el Intendente de San Pedro
- Argentina: Luego del Provocador ‘Plantitagate’, Santa Fe Discute el Cannabis Terapéutico
- Innovación y Comunidad: Cómo la Industria Gastronómica se Adapta a la Realidad del COVID-19
- ¿Por Qué las Compañías de Psicodélicos se Están Fusionando con Mineras en Canadá?
- Entrevistamos a Albina Cabrera, Productora de Contenidos Latinoamericanos en KEXP
Lead image by Ilona Szentivanyi. Copyright: Benzinga.