It is only around the next green bend. Hahahaha
Canada Legalization Is the Top Story in Today's Marijuana News
Marijuana stock prices popped Wednesday (June 20) after Canada's Senate approved a bill that would legalize cannabis across the entire country.
Canada is now the second country in the world – and first in the G7 – to fully legalize marijuana. Uruguay legalized cannabis production, consumption, and sales in December 2013.
Marijuana stock prices...
Markets anticipate companies will be able to sell marijuana legally by Labor Day weekend.
Shares of Canopy Growth Corp. (NYSE: CGC) climbed 4% on the day. Shares of Aurora Cannabis Inc. (OTCMKTS: ACBFF) added 2.6%, and Cronos Group Inc. (Nasdaq: CRON) added almost 5% on the day.
Now, let's take a look at three of the biggest cannabis stories in the news…
But there were plenty of other developments in the marijuana space generating buzz.
The mayors of both Denver and Thorton, Colo., are the latest members of a growing coalition of U.S. city leaders calling for decriminalization of marijuana at the federal level. This coalition aims to lobby to the Trump administration and U.S. Congress to press for greater local control of marijuana rules and regulations. These local leaders are pushing for a variety of changes, including improved banking access for marijuana companies and de-scheduling marijuana from the Controlled Substances Act.
One famous marijuana name is looking to pounce on the recent buzz on Wall Street around the legal cannabis movement. The ownership of High Times, a magazine centered on marijuana culture, said that it will launch an equity crowdfunding campaign before it applies for an initial public offering (IPO) later this year. High Times Holding Corp. is attempting to increase its valuation before it's publicly listed. The campaign would also provide non-institutional investors greater access to shares in the marijuana space than they would have in an IPO. The company said it will set a price of $11 per share. That figure is 10% below what it plans for its IPO price on the public markets.
Finally, the state of Massachusetts may grant its first recreational marijuana license. The Massachusetts Cannabis Control Commission will hold a hearing for an application for a cultivation facility in Milford, Mass. The company that is applying for the license, Sira Naturals, already grows medicinal marijuana at its facility.
What We Saw at the Biggest Weed Expo in This Hemisphere
By MICHAEL A. ROBINSON, Defense + Tech Specialist, Money Morning • @robinson_STI • May 30, 2018
Michael A. Robinson
MICHAEL A. ROBINSON
My team just got back to the States from the land of unlimited pot stock potential: Canada.
Organizers estimated some 15,000 growers, researchers, retailers, policymakers, industry insiders, and enthusiasts attended a "double-header" – a business conference and cannabis expo that proved to be the biggest single-day weed-centric event in Canada's history and the largest in North America today.
Eric Costen, director general of Canada's Cannabis Legalization and Regulation Secretariat, opened the proceedings with a bang when he said, "The eyes of the world are watching Canada," and reaffirmed Parliament's commitment to a June 7 legalization vote.
The bill, which has the enthusiastic backing of Canadian Prime Minister Justin Trudeau, is widely expected to pass with flying colors.
Once the Queen's representative, Gov. General Julie Payette, grants royal assent, it'll be official: Canada will have a fully legalized, regulated recreational marijuana market.
You see, I fully expect Canada's weed market to grow 20 times larger over the next decade. It's hard to overstate the potential for investment riches.
I've got good company: Statista estimates the Canadian cannabis retail sector – a relatively small chunk of the broader market – could top $2.8 billion by 2020.
In the "big picture," Deloitte expects the growers, value-added product markets, laboratories, security, tourism, exports, and all the other related segments could surge to $22.6 billion before much longer.
That's why we're watching this event so closely. It would've been unthinkable to miss out.