The Week In Cannabis: Amazon Supports Legalization, NY Expands Its Medical Program, Stocks Underperform And More

Beneath is a recap of the principle information associated to the hashish trade and markets for the week of January 24, 2022.

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Amazon Helps GOP’s Legalization Invoice

The large information merchandise this week associated to Amazon.com, Inc. (NASDAQ: AMZN), which introduced its assist for a Republican-backed congressional invoice that might legalize hashish on the federal stage and permit states to determine how and whether or not to ban or regulate it.

Congresswoman Nancy Mace’s (R-SC) State Reform Act, launched in November, would take away hashish as a Federal Schedule I substance and introduce a 3% federal tax on it. Because it was the primary invoice issued by the Republicans, it created fairly a stir on the time.

Now, Amazon, which already supported hashish legalization, has expressed assist for the GOP invoice.

In a tweet on Tuesday, Amazon’s public coverage division mentioned, “We’re happy to endorse @RepNancyMace’s States Reform Act. Like so many on this nation, we consider it’s time to reform the nation’s hashish coverage and Amazon is dedicated to serving to lead the trouble.”

Mace mentioned Amazon was possible motivated to approve her invoice as a result of authorized points with marijuana might make hiring troublesome.

Benzinga Hashish’ content material is now out there in Spanish on El Planteo.

“They see it from a employee’s perspective,” Mace mentioned, based on Forbes. “The ban on the federal stage really impacts their workforce.”

New York Relaxes Medical Guidelines

The New York State Workplace of Hashish Administration (OCM) introduced on Monday the launch of a brand new medical hashish certification and registration system that won’t solely be far simpler to make use of however will increase eligibility standards for sufferers who can profit from medical hashish.

This system, the primary of its type nationally, will permit the certification of a affected person by a practitioner for any situation that the practitioner believes could be handled with medical hashish, reported native CBS Information outlet WRBG Albany. A precedent could be present in Argentina’s REPROCANN program.

Practitioner’s discretion in certifying sufferers was basically granted with the passage of the Marijuana Regulation and Taxation Act (MRTA), which legalized hashish final March.

Really useful learn: [Chart] Cannabis Stocks: Is There Any Port In This Storm?

The brand new certification and registration system brings the system below the total management of the state’s OCM and continues the work of increasing this system, pursuant to the MRTA.

Markets

Shares have been down this week. Over the 5 buying and selling days of this week:

The ETFMG Different Harvest ETF MJ: misplaced 2%.

The AdvisorShares Pure Hashish ETF YOLO: tumbled 5.2%.

The AdvisorShares Pure US Hashish ETF MSOS: fell 5.6%.

The Hashish ETF THCX: was down 4.2%.

The Amplify Seymour Hashish ETF CNBS: slipped 4%.

The SPDR S&P 500 ETF Belief SPY was up 1.3%.

M&A

Icanic Manufacturers Firm, Inc. ICAN (OTCQB: ICNAF), a multistate hashish operator in California and Nevada, introduced it has entered right into a definitive settlement to amass California extraction firm LEEF Holdings for $120 million.

Jupiter Wellness, Inc. JUPW revealed plans Monday to dividend its wholly-owned subsidiary, SRM Leisure to its stockholders with Jupiter’s merger with Subsequent Frontier Prescription drugs, Inc. Every Jupiter Wellness stockholder will likely be entitled to roughly one share of SRM Leisure frequent inventory for each 4 shares of Jupiter Wellness frequent inventory owned. Along side the inventory dividend, Jupiter Wellness intends for SRM Leisure to lift as much as $10 million by way of its personal fairness providing and search the itemizing of its frequent inventory on Nasdaq.

Schwazze, (OTCQX: SHWZ) accomplished a transaction to amass the belongings of BG3 Investments, LLC dba Drift, which consists of two hashish dispensaries situated in Boulder, Colorado, growing the corporate’s dispensary footprint to twenty. Consideration for the Drift acquisition was $3.5 million, paid as $1.9 million in money and $1.6 million in frequent inventory.

BevCanna Enterprises Inc. BEV BVNNF (FSE:7BC) introduced Friday that it has closed its beforehand introduced acquisition of solventless hashish extraction and supply expertise supplier Embark Well being Inc. Pursuant to the amalgamation, BevCanna issued to holders of frequent shares of Embark an combination of 54.93 million frequent shares of BevCanna as consideration for the acquisition worth of $21 million, plus an estimated closing working capital adjustment of $3.72 million.

Financings

Jushi Holdings JUSHF closed a non-brokered personal placement providing of an combination of two,717,392 subordinate voting shares at $3.68 per share to Graticule Asset Administration Asia for gross proceeds of $10 million.

Agrify Company AGFY introduced a $27.3 million personal placement. The corporate signed a securities buy settlement with an institutional investor and different accredited traders in a non-public placement transaction. Below the agreements, Agrify will difficulty and promote 4.02 million shares, in lieu of frequent inventory, pre-funded warrants and accompanying warrants exercisable six months from closing to purchase as much as 3.02 million shares for a interval of 5 years at an train worth of $7.48 per share. Shares and warrants will likely be bought at a mixed buy worth of $6.80.

Chicago Atlantic Actual Property Finance, Inc. REFI funded $10 million because the preliminary advance of a brand new $25 million senior secured credit score facility to Sanctuary Medicinals LLC to assist the corporate’s retail and cultivation growth in Florida.

Marijuana model TSUMo Snacks raised $4 million in a seed spherical led by Snoop Dogg’s Casa Verde Capital funding fund. TSUMo Snacks is targeted on altering the way in which folks devour THC, providing its revolutionary salty & savory cannabis-infused snacks.

Trulieve Hashish Corp. TRUL TCNNF accomplished the second tranche of its beforehand introduced personal placement of 8% senior secured notes due 2026 for complete gross proceeds of $75 million. Mixed with the primary providing of notes, which closed on October 6, 2021, Trulieve has issued notes totaling combination gross proceeds of $425.0 million.

Earnings Stories

Excessive Tide Inc. HITI HITI (FSE:2LYA) launched its year-end unaudited 2021 monetary outcomes Thursday, with yearly income of CA$181.1 million ($141.9 million), up by 118% from the earlier yr. For the fourth quarter, the corporate disclosed revenues of CA$53.9 million, up by 117% year-over-year.

Discover all the small print on these and different earnings studies on Benzinga Cannabis’ Earnings Center.

First Cookies Dispensary In Canada

Michigan-based marijuana model Gage Development Corp. GAGE GAEGF will open a flagship Cookies dispensary within the coronary heart of Toronto, Canada on Jan. twenty ninth. A preferred hashish model will likely be situated at 278A Queen Road West, providing Cookies and Gage branded merchandise cultivated by their unique collective manufacturing companion, NOYA Hashish Inc.

This marks the twelfth dispensary in North America operated by Gage and the primary Cookies retailer in Canada.

Weed Weddings In Vegas

{Couples} can now say “I do” at Planet 13 (OTCQX: PLNHF) and have a Las Vegas ‘Weed Marriage ceremony’ on the world largest hashish dispensary SuperStore.

Or, for those who’re feeling inexperienced, you possibly can trade vows at a Planet 13 cultivation facility simply steps from the Las Vegas Strip.

The weed wedding ceremony planners are providing {couples} a number of hashish packages to select from, which embody both the venue of their selection and the officiant charge.

Intelligent Leaves Enters US

Intelligent Leaves Holdings Inc. (NASDAQ: CLVR) has formally entered the U.S. CBD market by way of the launch of its consumer-oriented CBD line JoySol.

JoySol, the U.S. nutraceutical division of Intelligent Leaves, which is produced by Natural Manufacturers, Inc., an Arizona-based client items producer and a wholly-owned subsidiary of Intelligent Leaves.