Weekly Newsletter: April 11 - April 17, 2020
This week, House Speaker Nancy Pelosi wants marijuana banking access included in the next Coronavirus Relief Bill. MedMen creditor seeks to seize cannabis firm’s former executive homes due to default on loans. The Drug Enforcement Agency announced that they seized more marijuana plants in 2019, but the number of arrests actually fell. Meanwhile, the San Francisco Mayor tweeted a video of her expressing that 4/20 will not be tolerated this year under any circumstances, and any violators will be ticketed or arrested.
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Cannabis Industry Stocks are up +2.76% for the day, another mediocre increase that can be dismissed as a normal market correction to the stark declines earlier this week. CannTrust Holdings stock , the first cannabis cultivator to be listed on the Canadian stock exchange, loses its listing rights on the Toronto Stock Exchange and New York Stock Exchange. Canopy Growth, Altria, and Aurora Cannabis all announce further closures, employee layoffs, and more drastic measures to avoid bankruptcy.
Pelosi Wants Marijuana Banking Access Included In Next Coronavirus Relief Bill, Congressman Says
A congressman says he’s working to include provisions to allow marijuana businesses to access banking services in an upcoming COVID-19 stimulus package. The proposal from Rep. Ed Perlmutter (D-CO) also has the support of top congressional leadership, including House Speaker Nancy Pelosi (D-CA), he said. The congressman brought up the measure—a revised version of the Secure and Fair Enforcement (SAFE) Banking Act—during a Democratic caucus meeting last week. That bill, which cleared the House along largely bipartisan lines last year, has been the subject of ongoing negotiations since it advanced to the Senate Banking Committee.
>>> COVID-19 Pandemic Delays Launch of Adult Use Marijuana in Maine
>>> Feds Promote Funding For Studies On Marijuana As Pain Treatment Alternative To Opioids
>>> Could Sanders Convince Biden To Back Legal Marijuana With New Joint Working Group?
Greenbits Raises $23 Million in Series B Funding Led by Tiger Global and Casa Verde
Greenbits, the nation's largest cannabis retail platform, announced today that it has raised $23 million in its Series B financing round. Coming at a time of economic uncertainty, the investment reinforces Greenbits' position as the leading technology company in the legal cannabis industry. Tiger Global Management, a New York-based investment firm focused on growth-oriented internet, software, consumer and payments, co-led the round with Casa Verde, a Los Angeles-based cannabis investment fund. DNS Capital and several prominent industry executives with experience in software and payments also participated in the round.
>>> $75M weed giant Caliva ditches Eaze, launches delivery
>>> Cease Trade Order Issued to CannTrust Holdings by Ontario Securities Commission
>>> MedMen creditor seeks to seize cannabis firm’s former execs’ homes
>>> Canopy Growth Cuts Global Operations, Closes Canadian Facility, Lays Off 85
DEA Seized More Marijuana Plants In 2019, But Arrests Fell
The Drug Enforcement Administration (DEA) seized more than four million marijuana plants last year, according to a new annual report from the agency. That marks a nearly 43 percent increase from 2018 figures. However, while that change is significant, it doesn’t necessarily reflect an expansion of DEA’s Domestic Cannabis Eradication/Suppression Program (DCE/SP), as the number of arrests made and grow sites targeted declined.
>>> San Francisco Mayor: 4/20 will not be tolerated this year
>>> Cannabis May Ease Opioid Withdrawal Symptoms, Johns Hopkins Study Finds
>>> Orthogonal Thinker Takes Steps Towards Patenting Psilocybin Product
>>> Staying Safe While Delivering Weed in the Pandemic
How To Celebrate The 4/20 Marijuana Holiday Virtually This Year Amid COVID Social Distancing
The marijuana holiday 4/20 is going to be a little different this year as the world grapples with the coronavirus pandemic, prompting orders to avoid public gatherings and take social distancing measures. But that doesn’t mean the celebration can’t go on. A host of organizations have announced that they’ll host virtual events where individuals can listen to live musical performances and hear about reform plans from lawmakers while consuming cannabis from the safety of their own homes.
>>> DMT Researchers Advise Maintaining 6-Foot Distance From Own Body
>>> Worker Fired By Amazon For Medical Marijuana Wins Key Decision In Federal Court
>>> Understanding motivations for large US cannabis firms' participation in the cannabis space
>>> 4Front Ventures Partners with Last Prisoner Project to Supply Liquid Disinfectant to Vulnerable Prison Population