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The Week In Cannabis: Jay-Z Joins Caliva, Congress Holds Marijuana Hearings, CannTrust Gets Smoked, And More
Javier Hasse
- Beyoncé’s husband Jay-Z entered the cannabis industry this week, announcing he’d be joining the California brand Caliva as chief brand strategist.
- “Jay-Z entering the cannabis space reaffirms that effective brands will drive the future of the cannabis industry.
We applaud his efforts to be a part of the solution in righting the disproportionate impact that the war on drugs has had on minority communities. Jay personifies the perfect mix of celebrity, entrepreneur and true brand,” said Kraig Fox, CEO of High Times, which first reported the news.Â
On the policy front, Hawaii decriminalized the possession of small amounts of marijuana, and the U.S. Congress held a landmark hearing regarding cannabis legalization and the need to reform. Here’s what legalization advocates had to say. In addition, the FDA said it was “expediting its work to address the many questions about cannabidiol (CBD),†and Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Kamala Harris (D-CA) introduced bills in Congress that seek to ensure that people with low-level drug convictions are still able to access public housing, reported Kyle Jaeger on Marijuana Moment.
We also saw a new ETF debut on the NYSE this week. The Cannabis ETF (NYSE: THCX) launched by Innovation Shares claims to be the only pure-play cannabis ETF, with no exposure to tobacco or alcohol.
The fund has lower fees than its NYSE peers and differentiates itself from others on the back of its monthly rebalancing strategy, versus a more standard quarterly rebalancing approach, fund adviser Jon Najarian told Benzinga.
CannTrust Holdings Inc (NYSE: CTST) got smoked after Health Canada discovered one of its facilities was non-compliant with regulations. Later in the week, it was reported that illicitly produced cannabis had been not only sold in Canada but also exported to Denmark.
“420 Investor” Alan Brochstein told Benzinga he thinks CEO Peter Aceto should apologize for violating Health Canada rules and resign.
Debra Borchardt, CEO of Green Market Report, said the CannTrust scandal shows that public cannabis companies can’t always be trusted to do the right thing.
“This company grew plants in an unlicensed room and figured they’d get away with it, which is a sign of incredibly poor judgment since this is such a highly regulated industry. They also admitted to storage problems at another facility and have since stopped sales,” she said.
The poor decision-making by company leaders hurts patients and shareholders alike, Borchardt said.
“Hiring a quality control officer after the fact just shows this company did too little too late.â€
We invite you to check out our story of the week: “From Coffee To Cannabis: Colombian Legislators To Move For Adult-Use Legalization.”
Source: https://finance.yahoo.com/news/week-cannabis-jay-z-joins-190322597.html
Tags: Cannabis, CBD, CSE, Hemp, Marijuana, stocks, tsx, tsx-v, weed