Debra Borchardt
It’s time for your Daily Hit of cannabis financial news for August 19, 2019.
On The Site
MidAtlantic States
New Jersey May Renew Push to Legalize Marijuana in 2019
Recent comments from Governor Phil Murphy and Senate President Steve Sweeney suggest one final legislative effort to legalize marijuana in 2019.
“I think I’ve been consistent that I hoped we could have one more shot at this,” Murphy told reporters last week. “Getting something to happen sooner, if we have a real shot at that, I’d be all in. … Count me all in to try and work toward that.”
The New York legislature passed a decriminalization bill in June. Governor Andrew Cuomo signed the bill into law in late July. The law both expunges many past convictions for marijuana possession and reduces penalties in the future. Advocates initially proposed full legalization but shifted strategy after it became clear they lacked enough votes.
“It does do two good things,” said Emma Goodman, a staff attorney in Legal Aid Society’s special litigation unit. Goodman worked with legislators to lobby for legalization.
Florida’s Medical Marijuana Program Part 9
Through late July, the 2019 Cannabis Crusade saw daily cannabis-related news and a literal state of medical marijuana commotion. A timeline of Florida’s battle for solid ground has been outlined in depth throughout my previous articles.
While the strong Florida medical marijuana Crusaders marched forward, the state itself and the legislators who comprise the Rear Battalion lost some footing.
On July 11, 2019, a Florida Appellate Court ruled in the highly-publicized Florigrown lawsuit that the state’s vertical integration was unfair and unconstitutional.
Further explanation and clarity was offered by Beau R Whitney, Vice President and Senior Economist at New Frontier Data, with his insightful Florida Court Rules Vertical Integration Unconstitutional: So, What Now? :
In Other News
CannTrust
CannTrust Holdings Inc. (TSX: TRST)(NYSE: CTST) has received a notice from the Ontario Cannabis Store, the Crown corporation in charge of wholesale distribution of cannabis products to licensed cannabis retailers in Ontario and the operator of Ontario’s online recreational cannabis store, advising the company that the OCS has determined that some of CannTrust’s products sold to the OCS are Non-Conforming Products under the terms of the Master Cannabis Supply Agreement between the Company and the OCS has elected to return these products to the Company. Under the terms of the Master Agreement, any product that does not comply with applicable law is considered to be Non-Conforming Product and the OCS may elect to exercise its right, among others, to return such product to the Company at the Company’s expense.
The products listed in the OCS return notice constitute all or substantially all of the Company’s products currently held at the OCS and are valued at approximately $2.9 million in the aggregate. The Company intends to fully perform its obligations under the Master Agreement. The OCS operates independently of Health Canada. Health Canada has not ordered a recall in respect of any of the Company’s products.
Kona Gold
Kona Gold Solutions, Inc. (OTC Pink: KGKG) said it has beat Second Quarter projected revenue of $400,000 by $329,000 on revenue of $729,000. Sales from the Company’s Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters beat Company estimates by a huge margin.
Valens GroWorks
Valens GroWorks Corp. (TSXV: VGW) (OTCQX: VGWCF) has qualified to trade on the OTCQX® Best Market in the U.S. The Company’s shares will begin trading, at market open today, on OTCQX under the ticker symbol “VGWCF”. Quotes and market information are now available at: www.otcmarkets.com/stock/VGWCF/quote
“We are excited to begin trading on the OTCQX Best Market. Access to trading on OTCQX, combined with the current work underway to finalize the Company’s DTC eligibility, will increase Valens’ presence with United States investors, providing increased liquidity to the Company’s growing shareholder base,” says Tyler Robson, Valens CEO.
