WeedLife News Network

Marijuana stocks’ performance is often subject to what is happening in the cannabis industry. In the last couple of years, the cannabis industry has seen significant change and innovation both in the U.S. and internationally. 

Currently, more than half of U.S. states have legalized marijuana in some form, and the more legalization occurs, the more advancement can be had in the industry. 

However, with the rise of inflation and disturbance that have hit the Nasdaq, pushing stocks officially into bear territory, marijuana stocks also lost a lot of ground. The three primary players on average lost 77% of their market cap in the last 12 months.

Massachusetts Governor Charlie Baker is expected to sign into law S.3096, a measure aimed at supporting the 900 people harmed by the War on Drugs that have been enrolled in the commonwealth's social equity program as well as future members of the program.

The measure sets aside 15% of the revenue in the state's marijuana regulation fund generated by cannabis businesses to provide capital to social equity licensees. Cities and towns would have to prioritize equity applicants. The measure also includes language to pave the way for municipalities to incorporate social consumption lounges into communities for the first time.

Among the 177 issued conditional adult-use cannabis dispensing licenses announced recently by Gov. JB Pritzker were three Springfield-based operations looking to open their doors in the coming months.

Herban Quality Control, Dealership LLC, and Bolden Investments III LLC now have 180 days to find a physical storefront before being issued a full license which permits the sale of cannabis to Illinoisans age 21 and older.

Now the Illinois Department of Financial and Professional Regulation only has eight remaining conditional licenses to grant. A total of 185 licenses were allowed after a Cook County judge lifted a legal stay in May.

CATOOSA COUNTY, Ga. — A new lawsuit in Georgia seeks a court order declaring that a chemical related to the main intoxicating ingredient in pot is legal under state law.

Owners of two shops in northwest Georgia are hoping to get a court to order a local sheriff and a drug task force to let them sell chemicals containing hemp that are now considered legal by the federal government.

The shops issued a motion requesting an emergency injunction and temporary restraining order, which would prevent Catoosa County Sheriff Gary Sisk and the Lookout Mountain Judicial Circuit Drug Task Force "from conducting any arrests or civil asset seizures against individuals or businesses based on the sale or possession of products containing hemp extracts," which includes Delta products.

Hummingbird Labs is opening on Division Avenue Southeast, to make sure cannabis products are safe before being sold in stores.

A man has been jailed for more than four years after £30,000 worth of cannabis was found at the scene of a house fire in Stafford.

Denver's tax revenue from marijuana sales increased 3 percent in 2021 to $72.4 million, according to the city's annual marijuana tax report. 

The figures come as Colorado's marijuana industry is facing a slowdown. So far this year, more than $759 million of marijuana has been sold in Colorado compared to the $962 million sold around the state in the first five months of 2021, according to data from the Colorado Department of Revenue. 

Overall marijuana sales in Denver are down despite the increased tax revenue, with more than $167 million sold so far in 2022 compared to over $222 million sold between January and May 2021. 

State agencies also won't cooperate in any out-of-state investigations into lawful marijuana conduct that occurs in Colorado.

Gov. Jared Polis last week vowed by executive order that Colorado will not hold out-of-state convictions for most marijuana-related offenses against people applying for professional licenses here.

The Boulder Democrat wrote in his order, “There is a workforce shortage in Colorado. Employers are having difficulty recruiting and retaining qualified employees, many of whom need professional licenses. The exclusion of people from the workforce because of marijuana-related activities that are lawful in Colorado, but illegal in other states, hinders our economy and our state.”

Earnings season is just getting started for the cannabis sector and we hope to see a positive response from the market to company results.

Last week, Statistics Canada announced that $292.1 million (USD) (C$375.8 million) of recreational cannabis was sold in May. This amount is less than 1% higher than the amount of sales in April and we are favorable on the increase. Statistics Canada also updated the amount of recreational cannabis sales from April to be CA$373.3 million, which is slightly higher than the amount that was previously reported. (Technical420)

Breaking Down Performance by Province

New findings presented at the 2022 AACC Annual Scientific Meeting.

As the cannabis derivative delta-8-THC grows in popularity, it's important for drug tests to be able to detect and differentiate it from delta-9-THC—the primary psychoactive ingredient in cannabis. Breaking research showcased at the 2022 AACC Annual Scientific Meeting & Clinical Lab Expo demonstrates that common drug testing methods can do just that.

Unity Rd., the national cannabis dispensary franchise from Item 9 Labs Corp., is opening medical cannabis establishment, in South Dakota on July 27 with local entrepreneurs, B.J. Olson and Adam Jorgensen.

The new shop is located in the Sioux Falls suburb of Hartford at 404 West Opal Lane. (Benzinga)

In an inflationary period where the prices of most products are on the rise, why is it that cannabis seems unaffected? The question surrounding this is, “Is cannabis inflation-proof or are there other factors in play?” Historically, the price for a gram of cannabis has been around the $10 and $20 range, and on up. Nowadays, consumers can find cannabis for around $5 per gram depending on how much they purchase.

Hero Technologies a cannabis company focused on a "seed-to-sale" vertical integration strategy, has migrated its banking operations from traditional financial institutions to banks that specialize in marijuana-related businesses (MRB). The company expects that the move to MRB banks will facilitate its compliance with state and federal financial regulations and help it manage cash and financial risk as it grows. (Benzinga)

Banking for MRBs is challenging due to the varied regulations across the U.S., the cash-intensive nature of the marijuana business, and the explosive growth of the cannabis industry.

Flora Growth Corp. (NASDAQ: FLGC) (“Flora” or the “Company”), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced today that the Company met with the author of a new bill to legalize recreational cannabis on the day the legislation was introduced to Congress.

Flora’s Chairman and CEO Luis Merchan met with Colombian Sen. Gustavo Bolivar prior to the bill's introduction to Congress on July 20. Bolivar, the key author of the bill, and Merchan discussed the top tenants of the bill, the bill’s implications for companies such as Flora in Colombia and what legalization means for the country’s burgeoning domestic and international cannabis markets.

Highlights of the discussion include:

Meat alternatives are on the rise globally. Could hemp take the lead as cannabis reform drives agricultural production?

Meat consumption is rising globally (starting with the U.S.). The American market alone is worth about $270 billion annually, out of a market worth about $1.5 Trillion dollars globally. Unfortunately this is also a vertical which is increasingly unsustainable from the climate change perspective—forget the moral issues involved. As Mr. Rogers famously said, he could not eat anything that had a mother.

Ghost Drops, Canada's Most Notorious Cannabis Brand, announces "The League" – a new brand platform created to propel the best brands from the legacy realm into the legal market.

Legends. Icons. Innovators. This is The League.

Designed to elevate more trailblazing cannabis names from the shadows into the spotlight, The League is another example of Ghost Drops' commitment to the cannabis community. With the launch of The League, Ghost Drops continues to execute its core business strategy: the mass conversion of legacy consumers to legal market consumers, while also delivering on its promise of "No Ghost Left Behind."

Legendary boxer turned cannabis entrepreneur Mike Tyson has expanded distribution of his namesake marijuana to four more states, including medical marijuana dispensaries in Maryland.

The expansion, through medical marijuana cultivation and distribution company Columbia Care, will also be available in Arizona, Ohio and Pennsylvania. His pot is called Tyson 2.0.

The expansion to medical marijuana dispensaries in Maryland also comes ahead of a ballot referendum in Maryland this fall that could legalize recreational use of marijuana.

Tyson launched Tyson 2.0 cannabis products, including flower, vaping and pre-rolled products, with Columbia Care last fall. It is currently available in nine markets.

The government is looking at legalizing industrial hemp production in Fiji by sourcing hemp seeds from Canada.

Minister for Economy, Aiyaz Sayed-Khaiyum says industrial hemp is a lucrative and largely untapped resource in the global economy due to misconceptions about what it really is.

Sayed-Khaiyum says they will be engaging with the United Nations office on drugs and crime to arrange for the Fiji National University and its Agriculture School to grow these industrial hemp seeds, following which the seeds will be distributed to local farmers.

“We require many of the same types of machinery and outfitting — strong security systems, clean rooms, testing facilities, laboratories."

Vireo Health International, Inc. leased a former Pfizer site in Barceloneta, Puerto Rico to set up cannabis cultivation and processing operations several years back, seemingly one of the earlier weed companies to recognize it’s not always necessary to reinvent the wheel.

Per Fierce Pharma, a Pfizer spokesperson reported the company had earlier sold a site in Cruce Dávila to another company, while a Vireo Health official suggested pharma facilities are solid options for cannabis operations.