The Week In Cannabis: Jay-Z Joins Caliva, Congress Holds Marijuana Hearings, CannTrust Gets Smoked, And More – Yahoo Finance

announcing he’d be joining the California brand Caliva as chief brand strategist.” data-reactid=”18″>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. 

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.” data-reactid=”20″>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.” data-reactid=”21″>If you want to receive this news recap in your email inbox every week, please subscribe to

no exposure to tobacco or alcohol.” data-reactid=”22″>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. 

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.”

We invite you to check out our story of the week: „From Coffee To Cannabis: Colombian Legislators To Move For Adult-Use Legalization.” 

Also check out our new cannabis stocks screener. You can sort, filter, search and much more.

Cannabis ETFs

Over the last five trading days:

HMLSF) (TSE:HMMJ) lost 8.16%.

MJ) tumbled 6.87%.

YOLO) was down 7.89%.

THCX) lost 6.59%.

SPY) closed the period up 1.24%.

In Other News


James Whitcomb, who has served as CFO since the company’s founding, will become executive director of corporate development and continue serving on Surterra’s board. 

„Fareed’s global, large company CFO experience perfectly aligns with Surterra’s needs at this particular time in the company’s evolution as we continue to expand through thoughtful M&A, best-in-class partnerships and a focus on organic growth and execution,” said Surterra Chief Executive Officer and Chairman William “Beau” Wrigley Jr. 

This follows an announcement that the company obtained a receipt for its final prospectus filed in connection with a completed special warrant offering for gross proceeds of around CA$22.1 million ($16.9 million).

The raise was led by Sprott Capital Partners and included other investors like Paradigm Capital, valuing the company at an estimated CA$170 million ($130 million).

„Approval to list on the Toronto Stock Exchange senior board as an R&D issuer is a major milestone in Avicanna’s development and provides validation of our focus on responsible research and development of cannabinoid-based products,” Avicanna President Setu Purohit told Benzinga.  

„The TSX is one of the world’s largest exchanges and will provide Avicanna and its shareholders with greater reach and visibility to an international audience and investor base.”

IILBF) launched in the U.K. this week, coinciding with its presence at the Europe CBD Expo 2019 in London.

“We were delighted to have teamed up with Ignite. The U.K. has been keeping a very close eye on their movements from across the Atlantic and we are excited that our visitors will be the first to get their hands on Ignite’s CBD range,” said Housam Nasr, chief operations officer for the Europe CBD Expo. 

„Israel has embraced cannabis research and development for decades and cannabis-related technology available in that country is among the best in the world. As a dual U.S.-Israeli citizen, I was able to tap into a deep network of Israeli investors and entrepreneurs who understand the value of cannabis today and in the future as we sought like-minded partners for From The Earth,” From The Earth CEO Dan Zaharoni said in a statement. 

The journal will cover all aspects of pharmacy including clinical, social, administrative and economic angles, and provides a platform for researchers, academics and practitioners to share new evidence, concerns and perspectives. The journal hopes to advance the cannabis medical field by presenting new findings and research that will influence the way cannabinoid medicine is practiced.

CLSH) announced its financial and operational results for June, showing another month with more than $1 million in revenue, a figure that’s higher by 250% year-over-year. The company’s Oasis dispensary continues to serve a record number of over 16,500 customers, which is an 88% increase from this time last year. The branded product division saw similar increases in revenue from this time last year.

„As the Nevada cannabis market continues to mature, we are seeing record results month-over-month. This is not a coincidence as we have spent tireless hours to get to this point pre and post our acquisitions of Oasis dispensary and our seed-to-sale brand, City Trees,” Andrew Glashow, COO of CLS Holdings, told Benzinga.

“I am honored to be named market leader of Los Angeles and look forward to empowering other minorities to enter this emerging industry,” Hwang said. 

The historic announcement coincides with a growing pro-cannabis legislation movement in Asia. South Korea’s groundbreaking law to legalize medical cannabis went into effect in March.

CNPOF) portfolio company TerrAscend (OTC: TRSS) announced it has received the green light from Health Canada to begin selling its cannabis oils through its online health marketplace Solace Health. The company was also recently granted a Good Manufacturing Practice certificate in accordance with rules governing medical products in the European Union; and inked a sales and distribution agreement with iuvo Therapeutics GmbH, a German pharmaceutical wholesaler.  

“Cannabis oil is gaining popularity in Canada, the United States and in other emerging global medical markets. With Health Canada approval and new channels developing in legislated international markets, TerrAscend is now well-positioned to meet this growing demand,” said Canopy Rivers CEO Narbe Alexandrian.

Earlier this week, authorities in Montpelier, Vermont, got a call about a visitor’s discovery of various cannabis plants among the flower beds around the State House. A total of 34 immature plants were discovered without determining whether they are marijuana or hemp plants, according to CNN.

For a total purchase price of CA$10 million, HeavenlyRx will acquire 100% of the outstanding membership interests in Airganics.

SOLCF) portfolio company.

The company said its revenue for the quarter ended May 31 surged by 221% on the year and amounted to a record $41.5 million.

Despite the revenue growth, the company’s net loss on a GAAP basis slightly widened from $9.2 million a year ago to $10.6 million. Nevertheless, the net loss per share of 12 cents was lower than the 14-cent loss in the third quarter of fiscal 2018.

Illinois-based Revolution Enterprises announced Wednesday that Tony Hunter is the new chairman of the company’s board of directors. Hunter is known for his expertise in the media world, as he worked for Chicago Tribune Co. for 20 years, including eight years as publisher. 

BNGI) announced Friday that it was one of the first companies to be issued an industrial hemp production license in the state of Michigan.

MJBizDaily will work with Headset to develop exclusive content as part of its Annual Marijuana Business Factbook and provide more content and information at its MJBizCon, MJBizConNEXT and MJBizConINT’L events. 

It’s a critical, missing capability that researchers lack in order to effectively uncover the data that will lead to prescribable cannabis medicines, the company said.

The study is expected to last through the fall.

“Our system allows for true consistency and control,” said Gofire Peter Calfee.

“Our vaporizer doesn’t function like the current standard products. We want to shift the whole paradigm of inhalable medicine and offer people the same dosing precision they expect for any other kind of medication, whether it’s a prescription they receive from their doctor or an over-the-counter remedy.”

„We are excited to be pioneering this cultural paradigm shift where cannabis is no longer perceived to be a black market product for stoners and hippies but is enjoyed responsibly by mainstream Americans for its lifestyle and wellness benefits,” Alkhemist CEO and co-founder Conrad Yun told Benzinga.

„By investing in state-of-the-art technology for our indoor cultivation infrastructure, such as highly energy-efficient Octo LED lights and integrated environment controls, we are committed to creating ultra-pure, pesticide-free organic products that customers can enjoy with confidence.”

“2019 has been a thrilling year for Apex Extractions and we are so proud of our eight Cannabis Cups wins,” said Scott Benson and Ted Hicks, co-CEOs at Apex Extractions. “Now that we are officially on the map, we plan to double our efforts to get our award-winning products in the hands of cannabis connoisseurs across California.”

TCNAF) announced a definitive agreement to acquire The GoodFellas Group, LLC. GoodFellas specializes in branding, sales and marketing in the cannabis and hemp industries.

„We are fully dedicated to our core mission — to help cannabis farmers thrive — and we continue to execute on that mission. Through smart investments in research and development, we improve plant quality, leading to greater production efficiency and product differentiation for farmers,” said CEO Dan Grace.

„Phyx is an ideal product for consumers who want a controlled low-dose experience,” said Spherex founder Niccolo Aieta.

“Many edibles have a tendency to take effect after an unpredictable amount of time and last much longer than the average consumer desires. Through proprietary nano-encapsulation technology, PHYX is absorbed through the tongue and throat, allowing consumers to feel its effects within minutes. Each serving produces a cannabis experience that lasts approximately one hour.”

More From Benzinga Cannabis

The following are some of the most interesting cannabis-related stories from this week.

• At The Half Of 2019, Some Trends Loom Large In The Legal Cannabis Game

• Harvard Researchers To Explore Cannabis As Medicine For Less-Affluent Nations

• RegTalk: Michigan’s Adult-Use Regulations Will Shape A Robust Industry

• RegTalk: Municipal Risk Alert – Santa Barbara County, California To Address Cannabis Cultivation Concerns

• Diversity In Cannabis: Making Sure Everyone Benefits And 'Not Just A Privileged Few’

• The State Of Cannabis Funding: 'You Cannot Just Go Down To Your Local Bank’

• Flowhub’s Kyle Sherman Discusses Ending 'Jack Of All Trades, Master Of None’ Approach To Cannabis

• More Growth, Consolidation, And M&A Expected For Hemp Industry In 2019

• EFSA’s CBD Novel Food Classification

• Cramer Talks 'Unrealistic Expectations’ Among Cannabis Investors

• The Main Hurdles For Cannabis Companies, State By State

Events Calendar

July 28: Susan Hwang will host the first Women Grow “Meet and Greet” in Asia from 6-9 p.m., on Sunday, July 28 at Kookmin University, 77 Jeongneung-ro, Jeongneung-dong, Seongbuk-gu, in Seoul, South Korea.

International cannabis entrepreneurs and prospective stakeholders are invited to attend the historic event, which will include a presentation on CBD, hemp businesses, and practical application. Hwang will lead the discussion alongside Women Grow CEO Dr. Chanda Macias and National Program Director Parisa Rad.

The event features more than 150 exhibitors, along with a substantial lineup of speaker presentations, panel discussions, demos and workshops from experts in the research, production, globalization, distribution and sale of CBD products. CBD Expo MOUNTAIN will focus on the themes of compliance and regulation and investments and business. 

The awards aim to pay homage to the nation’s top budtenders and the many facets of cannabis culture. The two-day event offers panel discussions, a product and service expo, a closing night performance, awards show and after party culminating in a performance by Cypress Hill.

The 2019 show will focus heavily on CBD products and CBD brands with a presence in health grocery stores, luxury retailers, pet stores and other retail categories that carry hemp-derived products.

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