The Week In Cannabis: Federal Research Bill, George Lopez, Brazil, Morocco, Columbia Care And More

As we near the end of the first half of 2021, we can see cannabis stocks traded mostly up by double digits, with the Amplify Seymour Cannabis ETF (NYSE: CNBS) delivering gains of more than 50% year-to-date.

This week, however, stocks posted mixed performances.

Over the five trading days of this week:

  • The ETFMG Alternative Harvest ETF (NYSE: MJ): gained 2.5%.
  • The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): advanced 0.66%.
  • The AdvisorShares Pure US Cannabis ETF (NYSE: MSOS): dropped 1.9%.
  • The Cannabis ETF (NYSE: THCX): was up 0.5%.
  • The Amplify Seymour Cannabis ETF (NYSE: CNBS): gained 2.5%.
  • The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the week up 0.39%.

On the policy front, a U.S. House Committee passed a bill that would enable researchers to analyze cannabis products from legal dispensaries. This new provision is part of a large transit bill, which has now passed the House Transportation and Infrastructure Committee, advancing to the full chamber for consideration.

Under the current law, scientists are allowed to use only limited amounts of cannabis formations that come from the only federally authorized source, the University of Mississippi. 

On the road to capturing the Latino market George Sadler, CEO of Platinum Vape, announced on Thursday’s Benzinga Cannabis Hour show that his company is partnering with comedian George Lopez to launch his cannabis brand Chingón.  

"George Lopez had called us about some of our products and about doing a brand,” said Sadler who naturally jumped at the chance. “So look for Lopez’s brand, Chingón, which is going to be coming out really soon.”

A special committee of the Brazilian Chamber of Deputies passed a bill that would enable cannabis cultivation for medicinal and industrial purposes.

After being postponed on several occasions, the passing of this project meant a defeat for the conservative pro-Bolsonaro ruling party, which, according to O Globo, was firmly opposed to the bill and acted accordingly. Indeed, the battle was a close one: with 17 votes in favor and 17 against, the tie had to be broken by the chairman of the special committee, deputy Paulo Teixeira (PT-SP).

Benzinga Cannabis’ content is now available in Spanish on El Planteo.

In Morocco, the upper house of Parliament approved a bill to the cultivation and commercialization of cannabis for medicinal and industrial uses.

With 41 votes in favor and 11 against, the upper house approved the bill, less than two weeks after the was voted in the lower house.

However, the Moroccan Minister of the Interior, Abdeluafi Laftit, recalled that "the illegal use and consumption of marijuana is still prohibited in the country."

Private equity firm Viridescent Capital Partners and its affiliate Viridescent Management LLC announced the closing of more than $125 million on its mREIT, Viridescent Realty Trust (VRT).

Acreage Holdings Inc. (OTC: ACRDF)’s founder, Kevin Murphy, launched Viridescent Capital Partners in 2020. He serves as the company's founder and chief investment officer.

CBD wellness brand Vybes teamed up with popular hip-hop artist Matthew Tyler Mustok, better known as Blackbear, as it launches its newest beverage in honor of the musician – Blackbear Hibiscus.

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) announced a strategic partnership between its Select brand and Rolling Stone. 

The partnership will leverage Select’s resources and experience creating progressive, industry-leading cannabis products alongside Rolling Stone, which has a legacy of celebrating this connection and a long history of reporting on the fight to legalize cannabis.

Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) will roll out three new proprietary cultivars under its adult-use cannabis brand San Rafael ’71. The three cultivars are dubbed Stonefruit Sunset, Lemon Rocket and Driftwood Diesel.

Policy, Science And Data

The Connecticut Senate passed a bill to legalize marijuana early Tuesday morning after a marathon debate that finally ended in a 19-17 vote. 

The legislation that will regulate and tax marijuana for adults 21 and older is now headed to the House of Representatives for final approval.

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