Kaitlin Domangue
It’s time for your Daily Hit of cannabis financial news for October 30th, 2019.
On the Site
Bernie Sanders Has A Plan For Cannabis
Bernie Sanders has released his cannabis legalization plan if he wins the presidential election in 2020. The senator has always been outspoken on his pro-cannabis views. His main points are to legalize marijuana in the first 100 days with executive action, vacate and expunge all past marijuana-related convictions, ensure that revenue from legal marijuana is reinvested in communities hit hardest by the War on Drugs, ensure legalized marijuana does not turn into big tobacco.
Liberty Health Sciences Turns In Solid Second Quarter Earnings
Liberty Health Sciences Inc. (CSE: LHS) (OTCQX: LHSIF) reported net sales of $10,627,656 for the second quarter ending August 31, 2019, versus $2,219,290 for the quarter for the same time period in 2018. Liberty Health delivered net income for the quarter of $22,884,261, turning the corner over last year’s net loss of $5,605,355 and besting many cannabis companies that only seem to deliver net losses.
OTC, CSE Investors Looking For Green Swan
The OTC Markets Group and the Canadian Securities Exchange held an Investor Day in New York City on October 30. Richard Carleton, CEO of the Canadian Securities Exchange and Jason Paltrowitz, Executive Vice President of Corporate Services at the OTC Markets Group fielded questions from investors about the sector’s bear market and what they thought could turn things around. Of course, these executives can’t convince investors to start writing buy tickets and it doesn’t seem as if a “Green Swan” moment will occur in the near term to swing stocks back to the past meteoric rises.
The event featured presentations from Trulieve Cannabis Corporation (OTCQX: TCNNF; CSE: TRUL), Flower One Holdings Inc. (OTCQX: FLOOF; CSE: FONE), Ayr Strategies Inc. (OTCQX: AYRSF; CSE: AYR.A), TerrAscend Corp. (OTCQX: TRSSF; CSE: TER), Planet 13 Holdings Inc. (OTCQX: PLNHF; CSE: PLTH), Cresco Labs Inc. (OTCQX: CRLBF; CSE: CL) and iAnthus Capital Holdings, Inc. (OTCQX: ITHUF; CSE: IAN).
In Other News
Michigan begins taking applications for first recreational marijuana businesses Friday (source: https://www.mlive.com/news/2019/10/michigan-begins-taking-applications-for-first-recreational-marijuana-businesses-friday.html)
Michigan’s state licensing office, called the Marijuana Regulatory Agency, is set to begin accepting recreational marijuana business applications at 12:01 a.m. on Nov. 1. Hand-delivered applications may be dropped off at the agency beginning at 8 a.m. on Friday. The Marijuana Regulatory Agency expects to issue the first recreational licenses to businesses that are already approved to grow, sell, process, test or transport medical marijuana by late November, agency spokesman David Harns said.
Mexico to miss deadline to legalize marijuana, including recreational use (source: https://mjbizdaily.com/mexico-to-miss-deadline-to-legalize-cannabis-including-recreational-use/)
Citing “unprecedented” pressure from companies trying to influence Mexico’s cannabis legislation, voting on a bill to completely legalize marijuana – including its recreational use – will be delayed, according to media reports. Ricardo Monreal, president of the Senate’s Political Coordination Board (Jucopo) – a governing body of the chamber – told Milenio the bill “won’t be voted on this week, as was planned. “It was the intention to approve it on Tuesday,” he continued, “but that’s not going to happen.” Monreal said the bill will be discussed in “the first weeks of November,” La Jornada reported.
