The Week In Cannabis: MedMen And Hexo See Big Losses, While Psychedelics And Hemp Thrive – Yahoo Finance
It was a tough week for cannabis, but a very good week for psychedelics and hemp. Four major cities took significant steps toward the decriminalization of psilocybin mushrooms and other psychedelic plants. Meanwhile, the United States Department of Agriculture released interim regulations for the production of hemp, opening a channel for the public to weigh in on them.
On the other hand, we saw a series of bad news coming out of major cannabis companies.
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“It was a rough week for cannabis companies like MedMen, DionyMed and Hexo Corp,” Debra Borachardt, CEO of Green Market Report said. “MedMen lost control of its board, DionyMed is going bankrupt and HEXO has stumbled badly on projected revenues. It’s the cannabis industry version of The Real World.
“Companies are being forced to reckon with unrealistic and expensive business strategies and get real with the actual money coming in and what can be spent. Investors have shown their displeasure with pie in the sky plans and want real results now.”
Cannabis ETFs delivered decent gains. Over the last five trading days:
“The change of symbol makes sense in the context of this business decision, as well as providing a more consistent recognition of the company as a whole, among public investors and stakeholders,” a spokesperson told Benzinga.
“We grow the ingredients so manufacturers don’t have to,” Brian Moore, President of One World Pharma said. “As legalization matures and the big CPG players get into the game, the rules will change. We’re preparing for that future today.”
“I have been fortunate to have assembled a team of talented and experienced professionals that share a common vision of enabling medical cannabis access across Europe,” Anand told Benzinga.
RYAH surveyed over 28,000 women over the past 20 months on their use of medical cannabis and found that the average female patient prefers strains that are high in CBD and THC to treat many of the same ailments treated by men, including mental health issues and pain relief. The surveyed women’s top three medical concerns were anxiety, depression, and stress and they preferred Indica and Sativa strains equally across the range of condition treated.
RYAH’s data also confirmed that women are more likely than men to use cannabis for the specific treatment of fibromyalgia, nausea, anorexia, irritable bowel syndrome and migraines.
“I believe that cannabis legalization is a massive catalyst for change, offering powerful benefits for individual health and well-being in addition to an opportunity to foster broader social change and healing. At Aeon Botanika we want to build an ecosystem around cannabis and wellness, in a beautiful, inspiring environment,” Nicole Fox told Benzinga.
Cannabis 2.0: The Future of Investing in the Industry – conducted by FTI Consulting – spoke with 660 retail investors with at least $250,000 in investable assets. 90% of Americans and 82% of Canadians who are currently invested in cannabis believe they’re “completely on track” to achieve their financial goals despite the recent slump in markets.
“What’s really striking is just how confident investors remain despite recent headwinds,” said Sturges Karban, chief executive officer of ManifestSeven. “We’ve come through the first wide-ranging industry shakeout, and as companies such as ours prepare to go public, we are seeing investors acknowledge the importance of allowing compliant operators to mature, and lead the next phase of industry growth.”
“As the market continues to grow, we are seeing expanded opportunities for retailers to be active in the cannabis industry,” said Tom Adams, Managing Director of BDS Analytics. “Cannabis retail stores have changed dramatically in recent years, but public-equity capital and professional retailers entering the business will transform the landscape even more in the coming years. The connoisseur culture of cannabis suggests there will always be a place for single-store independents to survive, but the frequency of these types of stores is expected to decrease.”
“We realized that there was a lack of data analysis when it comes to cannabis. GLI is currently one of the only business providing location-based, customer data insight and recommendation solutions for the cannabis industry. We think there are tremendous opportunities to help these businesses grow as the market expands,” Asif Khan, Founder and CEO, told Benzinga.
“The Production Facility offers an immersive experience to customers where they can watch and learn what goes into the creation of individual products,” said Bob Groesbeck, Co-CEO of Planet 13. “Interactive kiosks are available near the production viewing area to teach customers what goes into making their favorite product, offering Planet 13 a powerful branding opportunity.”
“We are thrilled to see so much interest from franchisees so quickly,” Founder Brian Bulman said. “I believe this proves our message resonates with people looking to get into the hemp space. The passion and intensity of our newest franchise partners is very refreshing
Check out the top stories on Benzinga Cannabis this week:
- NBA Vet Turned Cannabis Exec Al Harrington Talks M Funding Round, Social Equity
- ‘We Have A Responsibility’: Cannabis Execs On The Importance Of Branding, Development
- Police: B Worth Of Marijuana Found On California Hemp Fields
- How To Tell If Your Vape Cartridge Is Safe And Not Counterfeit
- 7 Organizations And Programs Helping Low-Income People Who Need Weed
- CBD Companies Failing On Compliance, Disclosure And Product Safety, New Report Finds
- Aurora Cannabis Launches ‘Ready For Edibles’ Campaign Ahead Of Canadian Rollout
- ‘Arguably The Fastest-Growing Business In The World’: 6 Investment Pitches From The Cannabis Capital Conference
- New Field Test Kit Can Differentiate CBD From THC, How Much Of Each Is In A Product
- New Cannabis Products: Tablets, Smart Storage, Holiday Kits, Softgels, Pre-Rolls, A Child-Resistant Vape
- A Chat With The Husband And Wife Duo Behind CBD Brand Greater Goods
- When Investing In Cannabis Stocks, Think Like A Banker: 5 Tips To Avoid Fraud
- Former E-Cig Exec: Here’s How We Fix the Cannabis Vaping Crisis
- What Warren G And ’90s Rap Taught Me About Marketing (Especially For Cannabis)
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