Weekly Newsletter: April 18 - April 24, 2020
This week, California marijuana regulators announced on Tuesday that the state will be providing $30 million in grant funding for cannabis entrepreneurs from communities disproportionately impacted by the drug war. Lebanon passes legislation legalizing medical marijuana cultivation as economy struggles amid coronavirus fallout. US Government stimulus checks show boost in cannabis sales, indicating strong consumer demand in the face of economic turmoil. In other news, Ben & Jerry’s uses 4/20 to promote marijuana reform while other brands market off the holiday.
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Cannabis Industry Stocks are down -0.11% for the day, slumping further down as supply chain shortages and the realities of the pandemic sit in. Lawsuits, executive turnover, employee layoffs, facility closures, and decreased revenue are all realities of the corona-economy. Some cannabis industry companies are trying to get creative in their capital raising or debt payback in order to avoid the embarrassment of bankruptcy and closure.
California Announces $30 Million Grant Program To Promote Marijuana Industry Social Equity
California marijuana regulators announced on Tuesday that the state will be providing $30 million in grant funding for cannabis entrepreneurs from communities disproportionately impacted by the drug war. The state Bureau of Cannabis Control and Governor’s Office of Business and Economic Development teamed up for the initiative, which is designed to support equitable business development in local jurisdictions throughout the state.
>>> Mexican Supreme Court Again Extends Marijuana Legalization Deadline
>>> Plans for Scotland’s first cannabis farm approved
>>> Lebanon Passes Legislation Legalizing Medical Marijuana Cultivation As Economy Struggles Amid Coronavirus Fallout
>>> Lawmakers Push Congressional Leaders To Include Marijuana Businesses In Coronavirus Relief Bill
Organigram seeks to raise $49M via newly-established equity program
Organigram Holdings’ (OGI) (TSX:OGI) reported Wednesday that it has established an at-the-market equity program directed at raising as much as $49 million. OGI says it plans to use proceeds from the program to help fund capital projects for general corporate purposes and to repay debt. Raymond James analyst Rahul Sarugaser said Organigram's move to issue shares will help the company improve its liquidity while adding cash without taking on further debt. Shares of Organigram were largely unmoved at the end of Wednesday's trading day.
>>> Stimulus Checks Boost Cannabis Sales to New Highs
>>> SEC Charges Central Florida Resident for Fraud Targeting Cannabis Retail Investors
>>> Inner Spirit Holdings Announces Corporate Updates and Additional Strategic Investment
>>> Canadian cannabis market on track to hit nearly $2B in sales
Majority Of Americans Think Marijuana Legalization Is A Successful Policy, Poll Finds
A majority of Americans believe that state marijuana legalization laws have been a success, according to a new survey. YouGov asked more than 27,000 adults about states where cannabis has been legalized for recreational purposes and whether they “think the legislation has been a success or a failure.” Fifty-five percent of respondents in the poll, released on Monday, said that regulated marijuana markets are either complete successes or more of a success than failure. Thirteen percent said they were more of a failure than success, and just six percent said they were total failures.
>>> Virtual 4/20 in 2020: We’re Living the Future of Cannabis Cross-Promotion
>>> Police Departments In Legal And Illegal Marijuana States Play Into 4/20 With Jokes And Puns
>>> Ben & Jerry’s Uses 4/20 To Promote Marijuana Reform While Other Brands Market Off The Holiday
>>> Here’s What Celebrities And Organizations Are Saying About Marijuana On 4/20
Changing Habits: How Team Members Are Rallying during COVID-19
This week, in part two of a two-part series, we’re following up on our discussion with cannabis executives about how COVID-19 has changed operations. This installment focuses on how their team members are responding. The greatest coronavirus strategy response plan in the world is not worth all that much if your team does not buy-in. For George Sadler, president at Platinum, coordinating new plans with his team starts with the basics. “We keep open lines of communication with our team,” Sadler told mg. “We regularly talk to them about the situation and their response has been very positive.”
>>> Michigan Judge invalidates 15 medical marijuana dispensary licenses in Warren
>>> Medicine Man Technologies, Inc. Announces Corporate Brand Change to Schwazze
>>> Australian cannabis company completes first export to UK
>>> On 4/20, ACLU Highlights Racist Marijuana Enforcement In New Report