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In this week’s edition:
Cannabis Banking Bill has bipartisan support
Congressional Research Service clarifies 280E
New York comes to recreational cannabis agreement
Medical cannabis laws have no impact on adolescent recreational use, research finds
Federal
Cannabis Banking Bill Reintroduced in the Senate - US Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), along with 27 other cosponsors, have reintroduced the Secure and Fair Enforcement (SAFE) Banking Act. If enacted, SAFE would ensure that financial institutions could service cannabis business clients without facing federal penalties. At present, the threat of federal penalty has shut out many cannabis companies from working with many banks and credit unions. Now that Democrats control the Senate and the White House, many in the industry are optimistic about passage.
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Mastercard Inc. didn’t alert law enforcement after discovering card payments that appeared to go through sham businesses to an online marijuana marketplace, a company executive told a Manhattan federal jury on Thursday at the trial of two men accused of setting up the ruse.
The jury continued hearing testimony from Mastercard senior vice president John Verdeschi despite one of their members being excused after having tested positive for COVID-19. Verdeschi faced cross examination by lawyers for Hamid (Ray) Akhavan, 42, and Ruben Weigand, 38, who stand accused of duping banks into handling purchases made with credit and debit cards from Eaze Technologies Inc, a California-based marijuana delivery site dubbed the “Uber of weed.”
This week, cannabis stocks experienced quite a bit of volatility amid a slew of big news items.
On Monday, New Jersey Gov. Phil Murphy signed a trio of adult-use cannabis reform bills, making recreational marijuana legal and regulated for adults 21 years and older, while also decriminalizing the possession among all inhabitants of the state.
Following the news, Cantor Fitzgerald analyst Pablo Zuanic recommended investors to keep an eye on three companies with a large presence in the Garden State
Curaleaf Holdings Inc. (OTCQX: CURLF),
Green Thumb Industries Inc. (OTCQX:GTBIF) and
Columbia Care Inc. (OTCQX:CCHWF).
Also this week,
Parallel CEO and chewing gum billionaire William “Beau” Wrigley Jr. confirmed the company will go public via a $1.9 billion merger with
Over the last five trading days including last Friday, since markets were closed on Monday:
The
The
The
The
The
Verano Holdings Corp. (CSE:VRNO) started trading on the CSE after completing its merger with
AltMed, delivering a solid performance.
Commenting on the IPO, Green Market Report editor-in-chief Debra Borchardt told Benzinga that the market has shown there is still a strong appetite for MSOs. The price of the stock quickly shot up from C$10 to C$30, Borchardt said. Verano s combination with AltMed is going to make this company a strong competitor and now that it s a publicly-traded company it has quickly jumped to the head of the class.”