Cannabis stocks turned mixed in late trade Monday, March 25th, as investors just digested the news of a keynote on legalization in New Jersey being postponed, while simultaneously awaiting quarterly earnings from Cronos Group Inc.
According to media reports, Gov. Phil Murphy went on to work throughout the weekend to raise the votes needed to support the bill however, those efforts proved in vain as State Senate President Steve Sweeney stated that he was unsuccessful in mustering enough support.
According to the Associated Press, Sweeney vowed he would continue to try to win over lawmakers.
In a statement Sweeney, D-Gloucester, Cumberland and Salem said, “This fight is not over, the Senate was very close to 21 votes and, with more advocacy and education, I believe we will make sure we to see this legislation all the way through.”
As per reports, given that the bill includes provisions to ensure access to the legal market for communities that received convictions for nonviolent cases and were more harshly punished for cannabis-related crimes, it is viewed as promising a more progressive regime in comparisons to other states.
On Friday, March 23rd, Senator Cory Booker, who is a candidate for the 2020 Democratic presidential race said that he supports the bill as Legislators have already agreed upon a $42–an-ounce tax on adult-use products.
According to Cory Booker, the Junior Senator of the United States from New Jersey, “New Jersey is the first state in USA to couple decriminalizing marijuana with strong criminal justice reform measures for readdressing the decades of immense harm inflicted by an unfair system.”
Booker further added, “All too often, communities of low-income and color individuals are unjustly impacted by our broken drug policies, however by implementing measures to expunge records and reinvest in the communities affected the most, our state is presented with the opportunity to lead in prioritizing social justice.”
Meanwhile, according to Marijuana Moment, a website working with industry representatives, activists and policymakers on trends affecting cannabis, “provisions requiring the federal government to ensure that women-owned and minority-owned businesses have access to financial services have been added by the sponsor of a cannabis banking bill that is expected to be voted on by a congressional committee on Tuesday.”
Known as the Secure and Fair Enforcement (SAFE) Banking Act, the bill aims to protect banks that serve companies in states that have legalized cannabis for recreational or medical use from being penalized by federal regulators.
Medical Cannabis Brand Aphria bags Top Canadian Cannabis Award
Aphria, all of their medical and recreational brands, as well as Broken Coast Cannabis named Head Grower were recognized at the 6th Annual Canadian Cannabis Awards hosted by Lift & Co.
A panel of experts awarded Broken Coast’s Head Grower Kevin Anderson ‘Master Grower’ and Aphria’s Solei’s CBN Renew Oil ‘Innovation of the year’ title. The company won 7 awards in total. With the vote of over 31000 Canadians, the adult use brands Solei, RIFF, Good Supply, Broken Coast, and the medical brand Aphria received top honours in each category.
Aphria Inc. is a leading global cannabis company headquartered in Leamington, Ontario. It has been setting the standard for the low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible. They focus on introducing latest technologies and innovation to the global cannabis market. Aphria Inc. drives sustainable long-term shareholder value through a diversified approach to innovation, strategic partnerships and global expansion, with a presence in more than 10 countries across 5 continents.
Irwin D.Simon said: “We are thrilled to have not only all five of our brands across our medical and recreational portfolios – Solei, RIFF, Good Supply, Broken Coast and Aphria – recognized by thousands of Canadians but to have our Solei Renew CBN oil win ‘Innovation of the Year’. These awards speak to the quality of our products and strength of our brands, as well as our commitment to innovation and continuously setting the bar higher to deliver products we believe meet the needs of our patients and consumers.”
Simon further showed his appreciation and gratitude to the hard work of Kevin Anderson who is a Head Grower at Broken Coast honoured. “Broken Coast’s superior craft quality is just one reason why it continues to receive accolades and remains one of the most sought-after brands on the market; another key factor is Kevin’s expertise, leadership and direction. We congratulate Kevin, and the teams in British Columbia and Ontario for the award-winning work they continue to deliver. Aphria’s success will continue to be driven by our incredible employees, and compelling and differentiated portfolio of brands and products.”
The company won 2 awards in the ‘Judged Category’
Innovation of the Year – Solei Renew CBN Oil by Aphria
‘Top Master Grower’ – Kevin Anderson, Head Grower, Broken Coast Cannabis
In the ‘Consumers’ Choice’ category, the honours achieved by all five of the Company’s brands are as follows:
Top Hybrid Flower – Ruxton (Sour OG) by Broken Coast Cannabis
Top High CBD Bottled Oil – CBD 25:1 Oil by Aphria
Top Sativa Dominant Pre-roll – Jean Guy Pre-roll by Good Supply
Top Indica Dominant Pre-roll – Subway Scientist Pre-roll by RIFF
Top Hybrid Pre-roll – Sense Pre-roll by Solei
The Revolution of Cannabis and CBD based products attracting Discerning Customers
Over the time the cannabis market has grown quite a lot. It was legalized for adult-use and since then the sales have spiked. With this, the market value of other products like edibles is getting a lot of attention. According to a research conducted by Brightfield Ground, the worth of hemp-derived CBD market is expected to hit USD 23.7 billion by 2023.
The 2018 Farm Bill was passed by the U.S. which legalized hemp. CBD is obtained through hemp plant. Hemp belongs to the cannabis family but it does not induce psychoactive effects. People were hesitant in trying CBD products due to a common misconception that it includes THC. After conducting numerous trials, it was proven that CBD does not induce any psychoactive effects, but instead it promises many health benefits. CBD helps with quitting smoking and reducing the withdrawal symptoms.
The research shows that CBD helps with minor headaches and also help with chronic medical illnesses. Once the misconception was out of question many new products containing CBD made their way into the market like CBD chewing gum, shampoo, coffee, fitness nutrition, and deodorant. To keep up with the hype, Goldleaf Founder Charles McElroy said “It is certainly growing, because CBD products boast no intoxicating effects and lots of medical potential, many people are getting involved all over the country, especially in states where cannabis is still illicit. It’s a good way to get your foot in the door in a growing industry, while I know it to be a wonderful product, currently there’s a race to grab market share in a space quickly becoming oversaturated.”
Several big names from health industry have entered the cannabis market and are working to make it an even bigger deal; Smart Decision Inc. researches and develops algorithms for the consumers for markets like CBD. Their aim is to help the consumer pick the right products in the first purchase. This way, the product image remains positive and product returns are cut down. They announced a collaboration “We’re excited to have the opportunity to work with HempAmericana.”
New Age Beverages Corporation, a Colorado based company that commercialized the use of CBD products. This mainly includes a line of Marley beverages infused with CBD. Senior Director in Japan for New Age said: “New Age is proud to introduce our lineup of CBD products to Japanese consumers and to be first with CBD in Japan. We have been working intensively with the Japanese Narcotics Control Division and the Ministry of Health for the past eight months to meet all of their stringent testing and requirements. This week, we finally cleared those hurdles, the first major company in the country to do so.”
Medmen Enterprises Inc. is another North America’s premium cannabis retailer founded in 2010. This company is licensed and has 35 retail stores. The aim of this company is to promote safe use of cannabis for adults over 21.
Another licensed producer of cannabis in Canada Emerald Health Therapeutics is working with a new supplier for medicinal cannabis in Denmark. Their aim is to introduce products like CBD oil, THC oil, THC+CBD oil for Danish Medical Cannabis Pilot Program.
Cannabis Report 2019-2023 – Complete Guide for Investors
The cannabis market has a recent report of its progress in the US and there is a forecast released for the years 2019 to 2023 that will help newcomers in the market. The cannabis report provides extensive detail regarding the cannabis market in the United States of America that includes an intricate description of the market growth rate and size.
This report will be giving an analysis of the market in the United States of America regarding cannabis by depicting its values and segmentation. Moreover, the report has an in-depth analysis of all cannabis-derived products in the cannabis market through the product and the channel for product distribution.
Cannabidiol is the non-psychoactive component of cannabis that is available in both marijuana and hemp. These two are the types of the original plant.
The extraction of cannabidiol compounds is possible through giving heat or decarboxylating the CBD acid. The resultant product CBD does not induce and intoxication in the user and the user does not feel any high.
This compound found in the medical strains has many therapeutic benefits that help relieve chronic pain and is useful for a number of physical as well as psychological diseases.
Moreover, some studies suggest it to be helpful even for pets regarding anxiety and pain. That is the reason why many Americans are now bringing cannabis products home and making it a part of their daily routine.
In addition to these factors, the fact that cannabinoid also helps in the endocannabinoid system, it is rendered good for the immune system in humans.
It slows down the whole disease progressing state according to some studies. The strain is available in many different forms with varying THC and CBD content and their ratios if both are meant to be present in the same product.
The cannabidiol market has high hopes of becoming one of the most flourishing industries in the US market during these years.
Various growth-enhancing factors like aging population growth and cannabis culture getting promoted and advocated among millennials, increasing chronic pain diseases like arthritis and other diseases are some causes why cannabis is flourishing in the domestic as well as the international market.
Moreover, the removal of the hemp substance from the list of Controlled Substances Act has given it a legal edge due to which people are not avoiding the product from the fear of showing positive test results.
On the other side, the market is not yet marked safe from risks and challenges of any kind that hinder the progress of the crop. These issues include a vague legal framework and policy regarding cannabis cultivation and use and products that are not regulated.
The report regarding cannabis will be assessing the opportunities in the industry and outline the factors that would drive the growth of the industry. The growing cannabis market in the US in cultivating terms has also been forecasted in this report.
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