The big news this week was that Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) released the full text of their federal draft marijuana legalization bill called the Cannabis Administration and Opportunity Act. This massive piece of legislation is clocking in at a hefty 163 pages. In general, the legislation aims to deschedule cannabis, expunge prior records, fund equity programs, remove collateral consequences, and transfer regulatory authority for marijuana to the Food and Drug Administration and other federal agencies. Only consumers over the age of 21 would be allowed to buy legal cannabis and adults would be limited to purchases of up to 10 ounces. The bill would also impose a federal tax on marijuana products and put some of that revenue toward grant programs meant to support people from communities most impacted by prohibition who want to participate in the industry.
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) released its results for the third quarter ending May 31, 2021, with revenue growing 31% over last year to $29.1 million. This was an increase of 51% from the second quarter. The net loss fell 96% to just $4 million from last year’s $89 million
EVIO Inc. (OTC: EVIO) has entered into a Letter of Intent to acquire Leading Edge Pharms, Inc. (LEP) of Henderson, Nevada. LEP is a biotechnology company focused on the research, development, and commercialization of novel cannabinoid therapies and innovative drug delivery systems that provide safe and effective topical solutions for pain management.
High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) is buying a dispensary chain with six stores owned by 102105699 Saskatchewan Ltd. for C$2,900,000. High Tide will acquire a portfolio of six retail cannabis locations in Regina, Saskatchewan, out of which one is operational and five are in various stages of construction and development and are all expected to be operational by the end of 2021.
MJardin Group, Inc. (CSE: MJAR) (OTCQX: MJARF) said that it has decided to suspend construction and certain business activities at the company’s Warman facility effective July 12, 2021. Additionally, MJardin said in a statement that it has launched a Sales and Investment Solicitation Process related to the company, and all its Canadian and US assets.
Sacha Baron Cohen, the creator of the character “Borat” has sued privately-owned Massachusetts cannabis company Solar Therapeutics Inc. and the company’s President Edward Dow III for $9 million. Cohen is angry that his likeness as the character Borat was used without his permission on a billboard that was placed on a busy highway. The lawsuit claims that by using Cohen’s image it looks as if he is endorsing cannabis products.