Staff
It’s time for your Daily Hit of cannabis financial news for January 22, 2020.
On The Site
Oregon
With all the attention heaped upon new legal states like Illinois and Michigan, it’s easy to forget about the OG Oregon. The Bulletin reported earlier this week that Oregon’s cannabis sales continue to climb higher. The Oregon Liquor Control Commission reported that sales for 2019 totaled $793 million, which was $150 million more than in 2018.
According to the article, the sales generated more than $110 million in tax revenues. These sales are also expected to reach one billion dollars for 2020.
Multnomah County is home to Portland, which explains why its sales were so much greater than other counties. The article also noted that the smaller counties of Baker and Malheur were growing quickly due to their proximity to the state of Idaho, which has not legalized recreational marijuana.
Lawsuits
The NERA Economic Consulting (www.nera.com) recently published a report that noted a trend in cannabis class action lawsuits being filed for 2019. The report wrote, “Between July and December 2019, six cases were filed on behalf of investors in the cannabis industry alleging either (1) failure to disclose weak demand for the product or the expected decline in revenue and profits or (2) misrepresentations related to quality of the product, the status of inventory, or markup on biological assets.”
These are the companies in which cases were filed in the 2nd Circuit Court:
India Globalization Capital, Inc. Filed on: 02 Nov 18 Pending
CannTrust Holdings Inc. Filed on: 10 Jul 19 Pending
Sundial Growers Inc. Filed on: 25 Sep 19 Pending
HEXO Corp. Filed on: 26 Nov 19 Pending
Trulieve Cannabis Corp. Filed on: 30 Dec 19 Pending
In the 3rd Circuit Court were:
Canopy Growth Corporation Filed on: 20 Nov 19 Pending
Aurora Cannabis Inc. Filed on: 21 Nov 19 Pending
THE EVOLUTION OF FARM TO TABLE FOR CANNABIS & HEMP
Niko Uman Borrero is the founder and Chief Executive Officer of Green Bee Farms, a holistic based cannabis consultant agency that specializes in helping cattle ranchers change their hayfields into hempfields and manage their cattle using high-intensity grazing practices. His mission is to “run a biodynamic farm that offers a variety of beneficial products to the community and helps teach people about the benefits of holistic sustainable living.”
In Other News
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) said that Judy Schmeling has been appointed Chair of the Board of Directors and Jim Sabia has been appointed in principle as a member of the Company’s Board of Directors. Mr. Sabia will act as an observer to the Board as he and Canopy complete the standard Health Canada processes associated with the appointment.
Aphria Inc. (TSX: APHA and NYSE: APHA) today announced that it has received its European Union Good Manufacturing Practices certification as an active substance manufacturer in accordance with Art.111 of Directive 2001/83 EC from the Malta Medicines Authority at the Company’s Aphria One facility in Leamington, Ontario. This marks Aphria’s second EU GMP certified facility, following the previously announced certification at the Company’s subsidiary, ARA – Avanti Rx Analytics.
South Carolina medical professionals, patients, and veterans will gather in the Capitol rotunda for a press conference to call on the legislature to adopt a compassionate medical cannabis program in 2020. On Tuesday, a subcommittee of the House Medical, Military, Public and Municipal Affairs Committee held a hearing on legislation that would establish a medical cannabis program in South Carolina to allow patients with debilitating medical conditions and a doctor’s certification to access medical cannabis from regulated facilities. The South Carolina Compassionate Care Act is sponsored by Rep. Peter McCoy in the House (H. 3660) and Sen. Tom Davis in the Senate (S. 366). A subcommittee of the Senate Medical Affairs Committee advanced the bill in 2019, and the full committee is expected to take up S. 366 in the coming weeks.
