A shortened week came with no shortage of news.
In New York, Gov. Andrew Cuomo signed recreational marijuana into law on Wednesday, making the Empire State the 15th in the U.S. to legalize cannabis.
The legislation allows adults 21 and older to possess up to 3 ounces of cannabis or 24 grams of marijuana concentrates and to buy recreational cannabis from licensed retailers. The bill also permits the cultivation of up to three mature and three immature plants for personal use.
New Yorkers will be allowed to smoke marijuana publicly wherever tobacco is allowed.
On Friday, the New York State Office of Cannabis Management launched its website.
Stocks jumped following the news. Over the four trading days of this week:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 1.6%.
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): advanced 3.15%.
- The AdvisorShares Pure US Cannabis ETF (NYSE: MSOS): rose 1%.
- The Cannabis ETF (NYSE: THCX): was up 2.3%.
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): gained 3.3%.
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 1.7%.
Companies currently operating in the New York medical cannabis market were also spiking. Among the companies doing business in the state are Columbia Care Inc. (OTCQX: CCHWF), Curaleaf Hldgs Inc. (OTCQX: CURLF), MedMen Enterprises Inc. (OTCQX: MMNFF), Acreage Holdings Inc (OTCQX: ACRHF) and Vireo Health International Inc. (OTCQX: VREOF).
Under the agreement, KushCo will become a wholly-owned subsidiary of Greenlane. Following the completion of the transaction, KushCo shareholders should end up holding around 49.9% of the combined company, and Greenlane shareholders the remaining 50.1%.
If all goes according to plan, KushCo’s co-founder, chairman and CEO, Nick Kovacevich will become CEO of the joint company. Greenlane’s Bill Mote will be appointed as CFO, while its co-founder Aaron LoCascio will become president.
Starting in April, the platform will allow users to monetize material that “focuses on the purchase, manufacture or distribution of drugs.” With these changes, marijuana-related advertisers or brands could advertise on YouTube videos.
However, this relaxation of the rules does not mean that anything can be monetized. The new rules apply only to information presented in an objective, informative, educational and "non-glorified" manner.
The Canada Border Services Agency started issuing fines for travelers found crossing the border with undeclared cannabis products.
The New Mexico House and Senate voted Thursday for two separate cannabis-related measures. One measure proposes the legalization of cannabis possession, manufacturing, and sales, while the other aims to establish automatic expungement of records for low-level cannabis offenses.
Now, both measures await action from Governor Michelle Lujan Grisham, who is known for her open support of the reforms.
Virginia Governor Ralph Northam placed his signature on House Bill 1862 turning it into law. The new law, which takes effect July 1, protects the employment rights of state-registered medical cannabis patients.
Namaste Technologies Inc. (TSXV: N) (OTCQB: NXTTF) reported it has generated CA$8 million ($6.79 million) in gross revenue over the last three months of 2020, representing a year-over-year increase of 100%.
Clever Leaves Holdings Inc. (NASDAQ: CLVR) reported its fourth-quarter revenue increased 28% year-over-year to $3.3 million.
Greenlane Holdings (NASDAQ: GNLN) announced its fourth quarter and full-year 2020 earnings, with full-year revenue of $138.3 million, compared to $185.0 million in 2019.
Schwazze, previously known as Medicine Man Technologies …