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Below is a recap of the main news related to the cannabis industry and markets for the week of January 24, 2022.
Contents
The big news item this week related to Amazon.com, Inc. (NASDAQ: AMZN), which announced its support for a Republican-backed congressional bill that would legalize cannabis at the federal level and allow states to decide how and whether to ban or regulate it.
Congresswoman Nancy Mace's (R-SC) State Reform Act, released in November, would remove cannabis as a Federal Schedule I substance and introduce a 3% federal tax on it. As it was the first bill issued by the Republicans, it created quite a stir at the time.
Now, Amazon, which already supported cannabis legalization, has expressed support for the GOP bill.
In a tweet on Tuesday, Amazon’s public policy department said, “We’re pleased to endorse @RepNancyMace’s States Reform Act. Like so many in this country, we believe it’s time to reform the nation’s cannabis policy and Amazon is committed to helping lead the effort.”
Mace said Amazon was likely motivated to approve her bill because legal issues with marijuana could make hiring difficult.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
“They see it from a worker’s point of view,” Mace said, according to Forbes. “The ban at the federal level actually affects their workforce.”
The New York State Office of Cannabis Management (OCM) announced on Monday the launch of a new medical cannabis certification and registration system that will not only be far easier to use but will expand eligibility criteria for patients who can benefit from medical cannabis.
The program, the first of its kind nationally, will allow the certification of a patient by a practitioner for any condition that the practitioner believes can be treated with medical cannabis, reported local CBS News outlet WRBG Albany. A precedent can be found in Argentina's REPROCANN program.
Practitioner's discretion in certifying patients was essentially granted with the passage of the Marijuana Regulation and Taxation Act (MRTA), which legalized cannabis last March.
Recommended read: [Chart] Cannabis Stocks: Is There Any Port In This Storm?
The new certification and registration system brings the system under the full control of the state's OCM and continues the work of expanding the program, pursuant to the MRTA.
Stocks were down this week. Over the five trading days of this week:
High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE:2LYA) released its year-end unaudited 2021 financial results Thursday, with yearly revenue of CA$181.1 million ($141.9 million), up by 118% from the previous year. For the fourth quarter, the company disclosed revenues of CA$53.9 million, up by 117% year-over-year.
Find all the details on these and other earnings reports on Benzinga Cannabis’ Earnings Center.
Michigan-based marijuana brand Gage Growth Corp. (CSE:GAGE) (OTCQX:GAEGF) will open a flagship Cookies dispensary in the heart of Toronto, Canada on Jan. 29th. A popular cannabis brand will be located at 278A Queen Street West, offering Cookies and Gage branded products cultivated by their exclusive collective production partner, NOYA Cannabis Inc.
This marks the 12th dispensary in North America operated by Gage and the first Cookies store in Canada.
Couples can now say “I do” at Planet 13 (OTCQX: PLNHF) and have a Las Vegas 'Weed Wedding' at the world largest cannabis dispensary SuperStore.
Or, if you’re feeling green, you can exchange vows at a Planet 13 cultivation facility just steps from the Las Vegas Strip.
The weed wedding planners are offering couples several cannabis packages to choose from, which include either the venue of their choice and the officiant fee.
Clever Leaves Holdings Inc. (NASDAQ: CLVR) has officially entered the U.S. CBD market through the launch of its consumer-oriented CBD line JoySol.
JoySol, the U.S. nutraceutical division of Clever Leaves, which is produced by Herbal Brands, Inc., an Arizona-based consumer goods manufacturer and a wholly-owned subsidiary of Clever Leaves.
Check out the top stories on Benzinga Cannabis this week:
Top Spanish Stories
· Crypto Cannabis Club Lanza Marca de Marihuana con Beneficios para Propietarios NFT
· Por Qué el Cannabis Puede Darte Ansiedad (y Cómo Combatirla)
· The Unusual Suspects: 12 Líderes Latinxs de la Escena Cannábica para Seguir en 2022
· Cómo Hacer una Desintoxicación de THC
· EEUU: Amazon Apoya Proyecto Republicano de Legalización del Cannabis
· Cine Argentino versus Marihuana (Parte 1)
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· Más, Por Favor: Nike Lanza Dos Nuevas Zapatillas de Cáñamo ¡Para Grandes y chicos!
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· ¿Cuánto Tiempo Permanece la Marihuana en tu Sistema?
Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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