It’s time for your Daily Hit of cannabis financial news for March 12, 2020.
On The Site
Medicine Man Technologies Inc. (OTCQX: MDCL) become the first publicly-traded company to receive suitability approval by the state of Colorado. The Marijuana Enforcement Division (MED) has approved the company’s application for suitability.
“We are thrilled that Medicine Man Technologies is the first publicly-traded company to receive suitability approval. This is a huge milestone in our march to become the largest cannabis company in Colorado,” said Justin Dye, Chief Executive Officer. “We appreciate the responsibility of running a credible cannabis company and are laser-focused on merging Colorado’s leading cannabis companies into one organization with a true focus on consumers.”
Last year, the Colorado legislature passed, and the Governor signed House Bill 19-1090 which allowed publicly traded companies to own Colorado cannabis licenses. The state has a mandated review designed to ensure that companies are suitable to run an above-board and compliant cannabis company.
In Other News
The House Veterans’ Affairs Committee approved bipartisan bills that would increase access to state-legal medical cannabis for military veterans and expand research into the potential medical benefits of cannabis for conditions commonly diagnosed in veterans. The committee approved the Veterans Equal Access Act in a 15-11 vote and approved the VA Medicinal Cannabis Research Act in a voice vote with no opposition.
The Veterans Equal Access Act (H.R. 1647), sponsored by Rep. Earl Blumenauer (D-OR), would allow physicians and other healthcare workers employed by the Department of Veterans Affairs to recommend medical cannabis in compliance with state laws and fill out any forms necessary to certify patients for a state medical cannabis program.
The VA Medicinal Cannabis Research Act (H.R. 712), sponsored by Rep. Lou Correa (D-CA), would require the Department of Veterans Affairs to conduct clinical trials researching the health outcomes of using medical cannabis to treat chronic pain and post-traumatic stress disorder.
GrowGeneration Corp. (NASDAQ: GRWG) has officially opened its 2nd Tulsa operation. The ribbon-cutting, in order to signify that the store was officially opened for business, took place Saturday, March 7th at 10 a.m. at 5566 S Garnett Rd, Tulsa OK. 74146 This 40,000 square foot retail location will serve as the company’s central division’s hub for its rapidly growing Commercial, Retail and eCommerce business, as well as, the model store for our new Ecommerce pick, pack, and ship fulfillment center program that will be replicated 4 to 6 more times throughout the United States.