MedMen Dispensary in Las Vegas
Javier Hasse – https://www.instagram.com/javierhasse/
This week came with a mixed bag of cannabis, hemp, CBD and psychedelics-related news.
In the corporate world, we saw Sundial Growers and MedMen lose their CEOs – with the former also saying goodbye to its COO. To the surprise of few investors, the departure of MedMen’s CEO Adam Bierman (found here discussing South Park’s brutal parody) spurred a spike in the company’s stock price on Friday, closing the day up more than 9 percent.
The company had been struggling for a while and had recently announced a significant restructuring of its operations and 40 percent reduction in its workforce, as it transitions into a new era focused on profitability. MedMen named Ryan Lissack, who already served as COO and CTO, as its interim CEO.
Ilera Holistic Healthcare
In other big news, we saw The Southern University and A&M College, the largest historically black university in Louisiana, which had been serving African-American students since before the Civil Rights Act of 1964 was passed in the U.S., launch its own hemp-derived CBD product line, ALAFIA, in partnership with Ilera Holistic Healthcare. Check out the full story here.
- Hemp company EcoGen Laboratories closed a $40 million funding round;
- Jushi Holdings also closed a round of its own, valued at $47 million;
- NUG debut new greenhouses dedicated to social equity partners;
- Berner’s Cookies brand opened a new dispensary at 8 Mile road in Detroit, Michigan – the street made famous by Eminem;
- Wana Brands entered the Maryland market;
- Cresco Labs sold a property to Innovative Industrial Properties for roughly $10.5 million;
- MediPharm Labs filed a lawsuit against Hexo Corp for failing to pay outstanding debt of almost $10 million;
- Driven Deliveries signed a letter of intent to acquire Humboldt Heritage; and
- TerrAscend got a medical cannabis processor license in Utah;
In the capital markets world, stocks were mostly down, both in and beyond cannabis. The S&P ended the week down more than 2 percent, while major U.S.-traded ETFs, the Horizons Marijuana Life Sciences Index ETF (HMLSF), the ETFMG Alternative Harvest ETF (MJ), the AdvisorShares Pure Cannabis ETF (YOLO), the Cannabis ETF (THCX), and the Amplify Seymour Cannabis ETF (CNBS), all lost between 3 and 6 percent of their value over the 5-day period.
Psilocybe cubensis – four fresh magic mushrooms in soil with a black background
Finally, in the policy space, we got some good news as Santa Cruz, California, moved to decriminalize psychedelic mushrooms, joining Denver, Colorado, and Oakland, California. Australia launched its new cannabis laws, allowing people to grow their own weed and hold up to 50 grams of dried flowers, but maintain the sale of adult use cannabis prohibited.
In Argentina, public officials met with activists to advance on regulations for the home growing of cannabis and the sale of medical cannabis oils. In Jamaica, authorities launched a plan to include small, illicit cannabis farmers in the legal industry. In Mexico, the president announced a new group was being formed to advise on recreational marijuana regulations. In India, HempCann Solutions said it will be opening its first medical cannabis dispensary this month. And lastly, in Israel, BOL Pharma completed its first medical cannabis export into the U.K.
Did I miss any big news items? Tell me about them on Twitter.
For a full recap of this week’s events in the cannabis, hemp, CBD, and psychedelics space, check out my “The Week In Cannabis” column on Benzinga. This week’s recap also includes news from the Florida Hemp Council, Airgraft, Silverware, Canopy Growth, Nabis Holdings, Panaxia Pharma, Vireo Health, Viridian Capital Advisors, BPCM, Sproutly Canada, Sun+Earth Certified, Socati, Canonic, Evogene, Aleafia Health, and more.
Disclosure: I don’t own any shares of any of the companies mentioned above or director competitors.