There hasn’t been any letup in cannabis articles a month into legalization. As always, we sift through all the stories and select those that are most likely to impact you, as a Canadian investor.
1. The ouster of U.S. Attorney General Jeff Sessions last week spurred cannabis stocks on expectations the move may pave the way for easing of a federal prohibition on pot.
The Horizons Marijuana Life Sciences Index ETF and other exchange-traded funds that track marijuana stocks jumped to new highs on the announcement last Wednesday, rising as much as 9.1 per cent.
Sessions was a major opponent of marijuana legalization. In January, he rescinded an Obama-era policy allowing states to make their own decisions on cannabis without interference from the federal government.
Tilray Inc. posted the biggest increase, climbing as much as 34 per cent. Other cannabis-related stocks in both the U.S. and Canada also advanced.
2. More than 4,000 cannabis buyers in Ontario have had some of their personal information improperly accessed.
A spokesperson for the Ontario Cannabis Store said the organization learned on Nov. 1 that some of its customers’ shipping data was accessed by an OCS customer through a Canada Post website.
That individual was able to obtain limited access to the names and addresses of OCS customers as well as their postal codes, the name of the person who signed for the package.
“The OCS has worked closely with Canada Post to identify the cause of this issue and to prevent any further unauthorized access to customer delivery information,” the spokesman said in a statement posted on the company’s blog.
3. Second Cup has pinpointed more than 20 Ontario locations that it aims to convert to cannabis shops, according to its chief executive officer.
Through its joint venture with National Access Cannabis Corp., Second Cup is already planning to convert two of its Alberta locations into cannabis stores. Its plans to open several more in Ontario starts with the submission of applications in December.
Cannabis sales in Ontario will remain exclusive to the Ontario Cannabis Store until March 31, 2019.
“As regulations are not yet finalized in Ontario, we do not know the number of potential dispensaries for us, but we have more than 20 locations identified for potential conversion,” CEO Garry Macdonald said in an email.
4. One of the country’s leading media outlet has invested in a company that runs a lifestyle website for “modern cannabis enthusiasts.” The investment is meant to help Postmedia gain a foothold at the forefront of cannabis content and solutions in Canada.
The company, which owns the National Post among other newspapers and digital publications, says it made a strategic investment in Prohbtd. Financial. The terms of the deal have yet to be disclosed.
“Our goal is to help close the gap for clients making sure that they are not only reaching the right audience but that their content is premium, relevant and dynamic,” said Andrew MacLeod, Postmedia president and CEO.
Prohbtd also offers cannabis companies services including original content, digital storytelling and premium marketing opportunities to help them reach and educate consumers about their products.
5. New research suggests nearly 70% of today’s legal marijuana supply in Oregon goes unsold, which may help to explain the millions in taxes the industry has failed to pay the state.
Unlike Colorado, when Oregon legalized recreational cannabis, it decided against giving the state’s existing medical marijuana growers priority over new applicants. According to the study by the Oregon-Idaho High Intensity Drug Trafficking Area, the state also decided against limiting the number of licenses it would issue.
At the same time, the Oregon Department of Revenue says the top 10 businesses with outstanding balances owe more than $600,000 each.
The problem is getting worse. Since July the total owed to the state has gone up by $3 million.
Since tax money is collected by the Department of Revenue and not the Oregon Liquor Control Commission, that regulatory agency is unable to immediately pull licenses like its counterparts in Washington and Colorado.
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