CV Sciences Inc (OTC: CVSI), a supplier and manufacturer of hemp CBD products, announced its full support of the California Assembly’s Appropriations Committee’s unanimous passage of Assembly Bill 228 last week. Authored by Assembly member Cecilia Aguiar-Curry (D-Winters), Assembly Bill 228 would expressly permit the retail sale of hemp-derived CBD in food, supplements and topical applications. The legislation now heads to the full Assembly for approval this week.
Californians for Equal Access, a statewide alliance of legal cannabis businesses, launched and announced opposition to a lawsuit threatening cannabis delivery. The alliance said the lawsuit, brought against the state by 24 cities and one county, endangers the legal market.
“If the lawsuit succeeds, illegal operators will succeed,†said alliance member Eric Sklar. “When restrictions are placed on legal cannabis, the illegal market grows.â€
Horizons ETFs Management (Canada) Inc. launched a leveraged marijuana ETF and an inverse cannabis fund. The BetaPro Marijuana Companies 2x Daily Bull ETF (TSX: HMJU) and the BetaPro Marijuana Companies Inverse ETF (TSX: HMJI) debuted Friday. Full story here.
New Frontier Data’s recent report on the outlook for the African hemp and cannabis industry estimated that Africa’s cannabis market is $37.3 billion in size, making up more than 11 percent of the global market. The report looks at 13 nations in the continent with a population of 565.4 million people and said 42.8 million of these individuals use cannabis annually.
MediPharm Labs Corp. (TSXV: LABS) (OTC: MEDIF), which specializes in research-driven cannabis extraction and cannabinoid isolation, announced Wednesday that its subsidiary MediPharm Labs Australia Pty. Ltd. received its cannabis manufacturing license from the Australian Office of Drug Control. Full story here.
Cannabis data analytics service provider Headset recently released an industry report, "Breaking Down Topline Sales Data By The Baskets 2019."
Created with the intention of helping retailers and their suppliers better understand consumer behavior, the report examines spending patterns by analyzing the items customers purchase in a single visit — a "basket".
The report uses data from Washington, California, Nevada and Colorado; some interesting takeaways include:
Learn more and read the full report on Headset's website.
Tilray announced that its wholly owned subsidiary Tilray Portugal Unipessoal Lda. received a standard manufacturing license for its Cantanhede, Portugal-based Biocant Park facility. Full story here.
Canopy Growth is expanding in the wellness industry with the acquisition of London-based skincare and well-being company This Works. Full story here. The company also appointed its executive vice president of finance Mike Lee to its executive leadership team as acting chief financial oifficer effective June 1.
Medicine Man Technologies, Inc. (OTC: MDCL) showed higher revenue and a higher net loss in its first-quarter report, and the cannabis company's CEO is eyeing potential catalysts ahead, including legislation with a direct impact on the Colorado company. Full story here.
Cannabis real estate investment trust Innovative Industrial Properties Inc (NYSE: IIPR) is strengthening its presence in Pennsylvania through the acquisition of a property in the city of Saxton. Full story here.
Aurora Cannabis and Ultimate Fighting Championship announced an exclusive, multiyear, multimillio-dollar partnership. The deal aims to advance clinical research surrounding hemp-derived CBD products and athlete wellness and recovery. Full story here.
A new report projects the cannabis market in the United States will reach $22.7 billion in sales by 2023. The estimates in the Brightfield Group report imply a compound annual growth rate of 20 percent over the next four years.
The recreational market is expected to lead the charge — at least in 2019 — delivering 33-percent growth driven by a variety of factors including the stabilization of the market in California and new adult-use markets coming online.
The Brightfield Group, a predictive market intelligence services provider for the CBD and cannabis industry, last year predicted the hemp-derived CBD market will hit sales of $22 billion by 2022.
FSD Pharma Inc (OTC: FSDDF), a company engaged in development of medical cannabis and research on cannabinoid-based treatments, announced the addition Monday of three major cannabis researchers to its scientific advisory board. Full story here.
Craft 1861 will be the first CBD company to sponsor a team on the track in Indianapolis. The company will sponsor the Carlin IndyCar race team at the Indy 500 race following months of collaboration. Full story here.
Caliva, a vertically integrated cannabis company in California, announced its acquisition of plant-based beverage maker Zola, which was acquired by the private equity firm KarpReilly in 2016. Full story here.
Foli Media launched a new cannabis lifestyle platform, Foli, designed specifically for women and baby boomers.
“Women and seniors are two demographics that are significantly underrepresented in this industry. Their wants and needs are different from more traditional cannabis users, and there is just not a resource focused on their needs," said CEO Skip Alden.
"Trust, education and access are of the utmost importance to them and that’s what Foli is designed to provide.â€
Global cannabis company MPX International Corp (OTC: MPXOF) completed the acquisition of Swiss-based HolyWorld SA, which operates under the HolyWeed brand. Full story here.
Ignite International signed a joint venture agreement with MMS Distribution for the distribution of CBD in the United States. MMS is an American-owned wholesale distribution company and is the leading distributor of vape and e-cig products nationwide.
The newly formed joint venture, Ignite Distribution, will have access to the Ignite's recognizable goat skull logo. The company will also serve as Ignite’s fulfillment partner on its existing e-commerce platform.
Sheetz, a major Mid-Atlantic restaurant and convenience chain, launched an extensive line of premium CBD products that includes both isolate and full-spectrum products such as topical rubs and patches, tinctures, vape pens, oral pouches, capsules, pet products and more.
Available at over 140 locations across Pennsylvania, Sheetz is the first convenience store to sell CBD at this magnitude.
The BDS Analytics Consumer Price Index, an index of consumer cannabis prices from four of the biggest U.S. legal cannabis markets, said consumer cannabis sales rose by an average of 15 percent from February to March of this year. March sales were 14-percent higher year-over-year. Compared to the trailing month, all categories recorded an average decrease in prices, with the exception of cannabis topicals.
A former Taco Bell restaurant was transformed into a MÃœV Medical Cannabis Dispensary by AltMed Florida. The store opened its doors Friday.
Leune presented two new vape flavors: Sol Berry and Piña Dream. The launch took place at the Chateau Marmont in Los Angeles.
Multistate cannabis operator Body and Mind Inc (OTC: BMMJ) closed its previously announced private placement offering with M. Partners Inc for 11,780,904 units of the company at a price of CA$1.25 (93 cents) per unit. Full story here.
Investment and operating platform Northern Swan Holdings announced the appointment Monday of Joe Crowley, a former U.S. Representative from New York's 14th congressional district, to its board of advisors. The company also appointed former Senate Majority Leader Tom Daschle. Full story here.
Find out more about this and other cannabis news with our friends at Marijuana Money.
More From Benzinga Cannabis
The following are some of the most interesting cannabis-related stories from this week.
Thinknum Media shared a look into the blooming cannabis industry, including charts, maps and more.
Former Labor Secretary Robert Reich released a video explaining why marijuana should be legalized.
We had a chance to discuss SOL Global Investments Corp. (OTC: SOLCF)’s $30-million hemp biomass investment with CEO Brady Cobb.
Omnica Biotech founder Olga Chernoloz wrote an op-ed: “Pain, Placebo, Genes And CBD: We Know What We Don't Know.â€
John Roulac, founder of RE Botanicals, explained “4 Things You Need To Know About Buying CBD.â€
The Fresh Toast’s Brendan Bures looked into “The Surprising Way Trump's US-China Trade Dispute Hurts Marijuana Users.â€
Mazakali shared a look at “Seven Avoidable Investment Mistakes†for cannabis investors.
Check out these and many other cannabis stories in our cannabis portal.
Events Calendar
May 28-June 1: The Cons is a gathering of three trade and fan shows the Cam Con, the Cannabis Con and the Inked Con — all under one roof at the SLS South Beach Hotel in Miami Beach, Florida. The Cons 2019 will offer a variety of seminars with top industry panelists, networking parties and performance displays to benefit the industry’s content providers, models and affiliates.
May 29: Ansell Grimm & Aaron's Cannabis Law Practice is hosting the CBD-A Conference. This seminar will focus on emerging issues and opportunities surrounding cannabis, blockchain and capital raising using Regulation D and Regulation A. Find tickets on Eventbrite under the name "CBD-A Conference.
May 30-31: The Concentration Expo is coming to San Diego. Concentration is a cannabis extraction conference and event assembling the entire specialty cannabis extraction and analytical science spectrum in one connected space that’s focused on providing real solutions with proven success.
Attendees will connect firsthand with industry leaders offering tangible ideas and practical applications for all areas of cannabis extraction and analytical science. The conference is a two-day immersive event offering exclusive content and keynote seminars alongside vetted exhibits and interactive experiences.
June 7-8: The Women Grow 2019 Leadership Summit is coming to the East Coast. Dr. Chanda Macias, the CEO of the woman-focused organization, will welcome multitudes to her hometown of Washington, D.C. for the largest cannabis event of its kind.
“We look forward to amplifying our message of cannabis legalization, inclusion and equality here in our nation’s capital,†Macias said.
“Being steps away from the U.S. Capitol, where we have witnessed an influx of women assuming leadership positions, is sure to inspire our community as a whole to connect, educate and empower female leaders in this space.â€
June 18: Martha Stewart will speak at the World Cannabis Congress (WCC) in Saint John, New Brunswick, Canada. Stewart is an example of big brands and high-profile personalities that are entering into the cannabis space as outdated stigma gives way to mainstream growth opportunities.
“I look forward to sharing my knowledge and experience in the lifestyle space with this tailored audience,†Stewart said.
“As I begin to collaborate on products for the CBD market, and as the demand for these types of product grows, I’m very interested in the conversations and connections at this event.â€
Stewart will join Civilized publisher Derek Riedle and Bruce Linton, the founder, chairman and co-CEO of Canopy Growth, onstage in a fireside chat June 18 to close the conference. Read more about it here.
June 25: MjMicro, an investor forum that seeks to connect “highly qualified investors with best-in-class and emerging publicly traded cannabis companies†will debut in New York at the Westin Grand Central. The event is set to be held four times a year, with future events scheduled for Beverly Hills, West Palm Beach and Seattle.
Oct. 23-24: Marijuana Venture Magazine’s Retail and Dispensary (RAD) Expo, a national trade show focused on the retail cannabis industry, will return to the Oregon Convention Center in Portland. The RAD Expo will feature presentations from industry veterans on successful entrepreneurship and topics including merchandising, partnership management, interior store design and retail operations.
The 2019 show will focus heavily on CBD products and CBD brands with a presence in health grocery stores, luxury retailers, pet stores and other retail categories that carry hemp-derived products.
Nov. 19-21: The Medcann World Forum 2019 will be held in the Mediterranean Conference Centre in Valetta, Malta, which dates to the 16th century.
The three days will focus on six main pillars: medical, business, research, legislation, regulatory and fintech. The event will host Malta’s top policymakers, international regulatory experts and global business leaders.
Picture by Javier Hasse.
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.