It’s time for your Daily Hit of cannabis financial news for February 18, 2019.
Happy President’s Day. The markets were closed today and so there wasn’t any trading in stocks.
On The Site
Multiple news outlets have reported that Gov. Phil Murphy and state legislative leaders had reached an agreement with regards to legalizing adult use cannabis in the state of New Jersey. The state leaders had been negotiating about taxation for months after the newly elected Governor said he wanted to legalize adult use cannabis.
Legislative sources told the media that the rumored deal involved taxing cannabis by the ounce versus a sales tax, which seemed to be the point of contention. State Sen. Nicholas Scutari, D-Union, the prime sponsor of the legalization bill, said: “We don’t have a final deal.” Scutari told NJ Advance Media on Friday night. “There still are more details to be worked out, but the two sticking points (taxes and a commission regulating the industry), we are there. But we are not finalized.”
A landmark moment for the UK’s cannabis industry occurred this week when the first bulk shipments of marijuana were imported into Britain since legislation changed in November. Aurora Cannabis Inc. (ACB) announced Monday that it had completed its first commercial export of medical cannabis oil to the United Kingdom from a certified pharmacy.
The Canadian company, which is currently building out its UK operations, said the product was successfully dispensed from Canada under the UK’s new legal framework.
In Other News
Closed since March 2018, the legendary San Francisco cannabis dispensary Love Shack re-opens its doors this week in its original Mission Dolores location with a new name reflecting a new partnership: Love Shack by SPARC. Known for their dedication to customer service, legendary customer appreciation events, and loyal following, the Love Shack by SPARC was originally established by founder Chris Montana in 2002. It was one of the only onsite consumption dispensaries in San Francisco before adult use laws came online in 2018. The Love Shack by SPARC is one of California’s oldest operating cannabis clubs.