buy the rumor.... sell the news is the modis operendi on Wall Street... however this is good news for the future as the full Senate just might vote full approval later on... stock is still cheap... the short interest ratio also moved up to over 8% in advance of the vote today... so they will need to cover.. IMO, CGC has seen the lows, but any movement upwards will depend on company achievements... AIMO, only....Lodas
$CGC RED ON SENATE NEWS GO FIGURE
Form EFFECT - Notice of Effectiveness
September 27 2023 - 12:15AM
Edgar (US Regulatory)
SAFER Banking Act optimism sends shares of cannabis MSOs higher
Shares of cannabis multi-state operators (MSOs) rose on Monday on investor optimism around a key vote on marijuana banking reform this week.
The Senate Committee on Banking, Housing and Urban Affairs is holding a markup session on the bipartisan Secure and Fair Enforcement Regulation (SAFER) Banking Act at 9.30am on Wednesday, September 27.
Should the Committee approve the proposal, Senate Majority Leader Chuck Schumer has promised to bring it before the full Senate “with all due speed.”
The SAFER Banking Act is expected to be game-changing for cannabis companies, allowing easier access to capital as it removes penalties for banks and financial institutions providing services to legal cannabis-related businesses.
The proposal is expected to win the Committee’s approval, with Chairman Sherrod Brown (Democrat-Ohio) telling Ask a Pol’s Matt Lalso late last week that he expects a “strong majority” will support it.
Investors appear to agree, with Canopy Growth Corporation (TSX:WEED, NYSE:CGC) leading the gains among cannabis stocks on Monday, adding 18% at US$0.99.
Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) added 7.4%, Trulieve Cannabis Corp. (CSE:TRUL) gained 6.6% and Tilray Inc (NASDAQ:TLRY) added 6%,
Aurora Cannabis Inc (TSX:ACB, NASDAQ:ACB) was up 5.7%, Green Thumb Industries Inc. (CSE:GTII, OTCQX:GTBIF) gained 4.8%, Cronos Group Inc (NASDAQ:CRON, TSX:CRON) gained 4.5%, and Curaleaf Hldgs Inc. (CSE:CURA, OTCQX:CURLF) was up 4.2%.
Over 800 Banks file to allow Cannabis Businesses
The US Department of Treasury is getting hundreds more requests from banking institutions to work with cannabis businesses.
Banking institutions are in a race to allow cannabis businesses ahead of imminent changes in the way cannabis is classified at the federal level, according to federal data. Cannabis remains prohibited at the federal level, but the U.S. Health & Human Services Department (HHS) recommendation to reclassify cannabis from a Schedule I to a Schedule III changes everything.
NORML reports that there’s a spike in the number of banking institutions that are filing to work with cannabis businesses as the fear of repercussions subsides.
According to quarterly data provided by The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury, over 800 banks and credit unions have filed paperwork with the U.S. government acknowledging their relationships with licensed cannabis businesses.
FinCEN reports that 812 banks and credit unions reported that they are actively working with cannabis companies during the second quarter of the FY2023. That’s a record high since FinCEN first started tracking these numbers. It represents a significant rise from last year’s numbers, when they identified 553 banks—only 11 percent of all U.S. banks—and 202 credit unions.
FinCEN “issued guidance to clarify Bank Secrecy Act (BSA) expectations for financial institutions seeking to provide services to marijuana-related businesses (MRBs),” the report, which is available for download, reads. “This FinCEN guidance clarified how financial institutions can provide services to marijuana-related businesses consistent with their BSA obligations, and aligns the information provided by financial institutions in BSA reports with federal and state law enforcement priorities.”
FinCEN Types of Cannabis Businesses
“FinCEN’s 2014 Guidance specifies three phrases for describing a financial institution’s relationship to Marijuana-Related Businesses (MRBs) in SARs:
Marijuana Limited: means the financial institution provides financial services to an MRB that the financial institution reasonably believes, based on its customer due diligence, does not implicate one of the Cole Memo priorities or violate state law.
Marijuana Priority: means the financial institution provides financial services to an MRB that the financial institution reasonably believes, based on its customer due diligence, implicates one of the Cole Memo priorities or violates state law.
Marijuana Termination: means the financial institution deems it necessary to terminate a relationship with an MRB in order to maintain an effective anti-money laundering compliance program.”
NORML leaders discussed the topic with The Hill last May.
“No industry can operate safely, transparently or effectively without access to banks or other financial institutions and it is self-evident that the players in this industry (smaller and minority-owned businesses in particular), and those consumers that are served by it, will remain severely hampered without better access to credit and financing,” NORML Deputy Director Paul Armentano told The Hill.
According to survey data compiled last year by Whitney Economics, over 70% of cannabis businesses that were asked said that the “lack of access to banking or investment capital” is their top challenge.
FinCEN’s Marijuana Banking Update from March 2022 shows a steady increase in the number of banks and credit unions filing to cater to cannabis businesses. “As of 30 September 2021, FinCEN had received a total of 219,097 SARs using the key phrases associated with MRBs. Several of the SARs contain more than one key phrase, which accounts for the numbers for each key phrase being greater than the total,” the report reads.
“FinCEN received 172,501 SARs from filers using the key phrase ‘Marijuana Limited.’ FinCEN received 15,359 SARS from filers using the key phrase, Marijuana Priority. FinCEN received 42,791 SARs from filers using the key phrase ‘Marijuana Termination’.”
FinCEN began providing guidance to cannabis businesses in 2014 with the goal to to help banking institutions operate while cannabis remains illegal at the federal level.
Why Banks Are Changing Their Tune
Yahoo! News reported earlier this month that HHSrecommendation to reclassify cannabis from a Schedule I to a Schedule III drug could transform the cannabis industry and create new opportunities for banking institutions.
“Rescheduling cannabis to Schedule III may allow dispensaries to accept credit card payments,” Richard Laiderman, former head of global treasury for VISA and Co-Founder and chair of StandardC, said. Credit card payments may supplant cash transactions if this occurs, reducing the risks and costs associated with cash-only operations.”
Cannabis banking expert Robert Baron said, “While changes will inevitably occur, financial institutions looking to serve this market segment must implement risk management tools to evaluate and monitor cannabis businesses. This is where StandardC’s business underwriting & monitoring tools are perfectly suited to meet their Bank Secrecy Act and customer due diligence obligations.”
The HHS recommendation to reclassify cannabis from Schedule I to Schedule III would be a pivotal step—the first of its kind at the federal level—to make the cannabis industry safer for everyone.
Recreational marijuana: New study estimates up to $218 million of tax revenue in the first full year of sales
I can go to my local NY Indian Reservation and buy an ounce for $40 - $150. Next July ever NY'er can grow their own(unless state pulls a fast one). Why does the world need CGC, it costs almost nothing to grow weed outdoors in the summer. Just sayin
what you said applies to each company , this is a general statement ..... CGC is on market 7 years , for this time we can build not one but 10 Romes ...
here is a reason:.....Rome was not built in a day!!!!....it will take time for the MJ companies to get the right model going for continued success... who can argue that the industry is faced with monumental roadblocks, such as banking restrictions, high taxation by states, negative press, obstructions by lobbies of the cigarette and drug industries, and of course, the black market for MJ...any one of these conditions would kill any fledgling startup industry, but there is a huge demand for MJ world wide....when Prohibition of alcohol was the law in the 1930's, people flocked to MJ so much that the alcohol industry went almost extinct, except for the bootleggers...the government lost so much revenue in taxes to the black market, congress overturned Prohibition ...here is an example: Hansen Beverage was a soft drink maker that was struggling with their products and going nowhere, until it was bought out by MONSTER BEVERAGE!!!!... the rest is history.. the people who owned Hansen shares are wealthy now because of a simple company takeover... who is to say what lies ahead for CGC... private equity just pumped in 50 million dollars and took stock in return... they are not dumb.. they made the transaction on the eve of the SAFE Banking act, and at the low point in the stock price... who knows, maybe they were the ones that shorted CGC from 300 dollars, and now consider CGC a BUY... the Future lies ahead, not the past.. if CGC gets the business model right, it could be a big banger... Lodas
HHS Recommends Cannabis Move From Schedule 1 to Schedule 3, the Result Will Impact Opportunities for Drug Research
I fully understand investors who take advantage and , by shorting or day trading , make good money on CGC ....but I do not understand people who buy now hoping for a miracle in the future ... this company is done , ....and I have a request for people who do not agree with me : give me only one , good reason , why this company will make in near future ..
Where do you place CGC & the stockmarket corporations when the US legal cannabis states "Industry" is already in place and completely covering consumer Demand?????????? you must know this right?
Vermont's Cannabis marketplace has been open for a year and is generating millions
Very nice journalism. Positive times on the horizon!
Dead Wood .....with Cooked Books . Nice ; Very Classy !
Unfortunately it did not help CGC over the 50M private placement. I think it will recover in time so will hold my shares for a spell.
Biosteel is not a weed product, not many are buying there moldy flower, and they can't sell their weak drinks, If you are investing or buying commercial weed realize the only ones make money are the weed executives pocketing your money.
You believe everything the fat wallets say??? LOL Tweed/Weed/CGC can't compete with this, Why they are bankrupt.
2 ounces of mids + 1gram of hash from long time legacy growers for $112.00, the 1g hash bought free shipping
Congressional Report Predicts DEA ‘Likely’ To Approve Marijuana Reclassification
Praising a dud?
I’ve seen it all… 😂
Canopy Growth Corp. is ceasing funding of its BioSteel Canada subsidiary and plans to conduct a court-supervised sale of the business, the Ontario-based company said Thursday.
BioSteel, which makes sports nutrition beverages, obtained an initial order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from a Canadian court, according to a Canopy news release.
The 1 ligament CGC Brand that is actual selling is now broke and Your CEO is selling it.
But ya go fill the big wallets They Need You !!!
Where does CGC fit on the Maryland scenario overall?
Was doing well until B&A rating of underperform and .56 - .66 call. Expect that CGC will be heading North in the next 2-3 months. In any event, I will be holding to my 7.4K shares to see what it will be doing.
Maryland to launch Cannabis Business License Applications in November
More than 175 standard and micro cannabis grower, processor and dispensary licenses will be available in the first round exclusively for social equity applicants.
The application round will be open from November 13 to December 12.
The Administration has set out its definitions for a social equity applicant, with applicants having to have at least 65% ownership and control held by one or more individuals who lived or went to public school in an area disproportionately impacted by the criminalisation of cannabis to be eligble.
Alternatively, applicants may have attended a four-year institution of higher education in Maryland where at least 40% of enrollees were eligible for a Pell Grant.
Speaking at the time of the announcement, Maryland Cannabis Administration Acting Director Will Tilburg, stated: “Today’s announcement is another step forward in fulfilling Maryland’s commitment to building an equitable and inclusive cannabis industry.
“This application round will more than double the number of cannabis businesses in the State, and each award will be to a verified social equity applicant.”
The Office of Social Equity has also published the ZIP codes and public schools in Maryland that are within a disproportionately impacted area, and the qualifying four-year institutions of higher education.
Applicants that are eligible for the first round of licences will be placed in a randomised lottery based on license type and county or region for which the application was submitted, with the lottery beginning on or before 1 January, 2024.
The second round of applications is expected to launch after 1 May, 2024.
Canopy Growth’s stock sustains rally as it draws praise for BioSteel exit
Canopy Growth Corp.’s stock was rallying by about 12% on Friday to finish out an eventful week for the cannabis company, amid overall optimism in the sector.
TD Cowen analyst Vivien Azer said Canopy Growth’s CGC, 15.20% WEED, 13.53% move to file bankruptcy for its BioSteel sports drink unit will narrow the gap for the company’s adjusted losses moving forward.
“The improved profitability outlook is encouraging,” Azer said.
The stock is up 51% in the past five sessions despite cooling off earlier this week.
Cannabis stocks were on the rise overall on Friday, on fresh signs that the SAFE Banking cannabis bill could come to a vote in a Senate committee later this month.
The AdvisorShares Pure U.S. Cannabis ETF MSOS was up by 6.6% in recent trades. The ETFMG Alternative Harvest ETF MJ was up by 2.5%. Among individual cannabis stocks, Curaleaf Holdings Inc. CURLF, +4.08% was up by 4.8%, Green Thumb Industries Inc. GTBIF, +4.85% was up by 5.7%, Cresco Labs Inc. CRLBF, +3.87% was up by 4.3%, Trulieve Cannabis Corp. TCNNF, +5.35% was up by 5.6% and Verano Holdings Corp. VRNOF, 7.62% was ahead by 8.9%.
Cannabis banking measure may win approval in Senate, report says
The Secure and Fair Enforcement (SAFE) Act, also known as the SAFE Banking Act, will be voted on in committee by the end of the month and should have enough votes to pass the U.S. Senate, according to a report by NBC-TV. Three sources familiar with the talks told NBC-TV the Senate Banking, Housing, and Urban Affairs Committee plans to hold a markup meeting for SAFE Banking during the week of Sept. 25. It could then go before the full Senate for the first time since the measure was introduced 10 years ago. SAFE Banking has passed the U.S. House of Representatives in the past but it’s fate is less certain now because of GOP control of the chamber. The AdvisorShares Pure US Cannabis ETF MSOS, 5.90% was up 2.7% in premarket trading on Friday, on top of a 6% rise in regular trading in the previous session. The SAFE Banking Act is intended to make it easier for cannabis companies to transact business without the federal impediments that come with the plant’s current classification as a Schedule I drug with no medical uses under U.S. law.
CBC News is still reporting that Canopy is "the largest cannabis company in North America," but the truth is it isn't even the largest cannabis company in Ontario.
In terms of market share, Canopy is 8th in Canada among LPs.
The legal market is dead/dying. Stick to the old ways folks. Screw the government. Legal market product is trash anyways.
Republican Legislators Call on DEA To Reject Recommendation To Reschedule Cannabis
A group of 14 congress members wrote a letter stating that recommending cannabis to be rescheduled is “irresponsible.”
Why do you continue too post comments that are not based on facts ?
“The recommendation to remove marijuana from the DEA’s list of dangerous Schedule I drugs is not based on science—it’s based on an irresponsible pro-pot agenda,” Lankford wrote on social media and sharing the letter.
“We write to urge the Drug Enforcement Administration (DEA) to reject any petition or request to remove marijuana from Schedule I of the Controlled Substances Act (CSA). Any effort to reschedule marijuana should be based on proven facts and science—not popular opinion, changes in state laws, or the preferred policy of an Administration,” the letter states.
One of the letter’s arguments against rescheduling cannabis cites the National Institute on Drug Abuse (NIDA), stating that “30% of marijuana users have marijuana use disorder, who are severely addicted to the drug.” The authors mention the rise in THC in products today compared to 25 years ago. “These facts indicate that marijuana has a high potential for abuse and that the risk is only increasing,” they added. Last month, NIDA reportedly signed off on the HHS recommendation.
The letter authors also make claims that cannabis “does not have a currently accepted medical use.” While it mentions the single Food and Drug Administration (FDA)-approved cannabis-derived drug (Epidiolex), and three synthetic cannabis drugs (Marinol, Syndros, and Cesamet), the letter states that substances only have medical value if they are approved by the FDA. The authors also added that previously in 2016, the DEA rejected two petitions for cannabis rescheduling, and the HHS agreed. “The rejection letter stated, ‘At this time, the known risks of marijuana use have not been shown to be outweighed by specific benefits in well-controlled clinical trials that scientifically evaluate safety and efficacy,’” the letter stated. “We believe this analysis is still true today. In fact, HHS recommended at the time that DEA reject these petitions and that marijuana remain in Schedule I.”
Canadian medical cannabis registrations at lowest level since legalization
September 14, 2023
Active medical cannabis registrations and overall spending on the medicine in Canada fell to their lowest levels since before recreational marijuana was legalized in late 2018.
The number of active patient registrations with a federal license holder was 212,700 as of the end of March, according to the latest data from Health Canada and Statistics Canada.
That’s 38% lower than the 345,520 active registrations in October 2018, when Canada legalized marijuana for adult use.
The Health Canada figures are consistent with Statistics Canada data showing falling spending in the medical cannabis sector.
In the first half of calendar 2023, spending on medical cannabis amounted to 185 million Canadian dollars ($135 million), according to the StatsCan data, the lowest first-half total since 2016.
In calendar year 2022, Canadian patients purchased CA$410 million of cannabis products for medical use, 7.4% lower than in 2021, according to Statistics Canada.
Canada’s annual medical cannabis expenditures haven’t been that low since before 2017.
Sales were CA$279 million in 2016.
One reason for the trend is the increasing availability of non-medical cannabis via expanding legacy recreational storefronts across Canada.
No pharmacy dispensing. No need. Internet to the rescue. No fuss. No muss. No showing i.d. to a fat slob.
The Canadian government has been resisting calls to dispense medical cannabis in pharmacies, even though that’s generally where the product is prepared and sold in many European jurisdictions.
Shoppers Drug Mart, the largest pharmacy chain in Canada, had lobbied for years for approval to sell medical cannabis in its stores.
After it became evident the government wouldn’t make such an allowance, Shoppers dumped its medical cannabis business this year for only CA$2.6 million to Avicanna, which has its head office in Toronto.
Ken Weisbrod, who oversaw the creation of the cannabis portfolio for Shoppers, suggested the dramatic decline in the medical cannabis market highlights the fact that the Canadian government “does not appear to have any true interest in having a proper medical system” for the herb. Or a good rec model for that matter.
“Other countries around the world which are exploring medical cannabis understand the need for current existing health care systems and providers to be involved,” said Weisbrod, a licensed pharmacist in Canada and the United States, via email.
“Unfortunately, for the most part, retail pharmacy has been left out of the conversation and the medical (marijuana) industry has had to adhere to the ‘medical cannabis process’ rather than cannabis following the current existing processes and standards for all medicine.
“These lack of standards have only increased the apprehension of health care practitioners to use this medicine in their treatment of patients.”
Weisbrod said it begs the question, “Why has Health Canada abandoned its (pre-legalization) mantra of treating cannabis ‘like any other medicine’?”
The Canadian government’s commitment to taxing medical cannabis at the same rate as recreational marijuana is said to be another factor driving patients away from the medical system regulated by Health Canada.
“The fear that people will flock and abandon the adult-use market to avoid the tax is not credible given that in other jurisdictions which have a dual system of taxation for medical (i.e., not taxed or taxed at a lower rate) and adult use (e.g., Colorado) this issue has not occurred,” Weisbrod said.
Medical cannabis in Canada is generally shipped via mail directly from a licensed producer or is grown by patients, or someone designated to grow it for them – known as designated production registrations.
The number of approvals to grow medical cannabis, either personal or for someone else, has also fallen since 2018.
Folksno longer bother renewing their yearly licence, saving big $ in the process.
In October 2018, there were 25,945 such registrations. In March 2023, there were 19,076, or 26% fewer.
As domestic medical sales are falling, medical exports from Canada have been soaring.
In the 2022-23 fiscal year, Canada shipped medical cannabis products worth CA$160 million, a 50% increase over 2021-22’s CA$107 million.
When domestic sales are included with exports over the same time period, Canada’s medical cannabis market was worth a little more than CA$560 million last year.
Weisbrod, now a consultant in the international health care industry, suggested one potential solution is for provinces to implement their own medical systems outside Health Canada.
“Although this could be a good policy, Health Canada should lead the way by placing medical cannabis where it belongs – within a pharmacy and under the traditional framework for medicine,” he said.
By doing so, Weisbrod said, not only would certain standards be implemented, such as for chemical, microbial, toxicity and emissions testing, but the acceptance of cannabis by the traditional health care industry would increase.
Some experts are concerned that medical cannabis patients appear to be using recreational channels, which don’t have trained staff or pharmacists to talk about the drug’s interaction with other medicines.
But folks do not need trained staff. They know better… 😂
“Consuming cannabis like any other drug has pros and cons,” Weisbrod said.
“What we have in Canada is an unabated drug consumed mostly by smoking 90% of the time, mostly by people under the age of 30.
“We need to get our health care providers involved now so our young adults are aware and have the appropriate oversight on what they are consuming.”
Young adults don’t like to be told what to do by some lp ceo with a bad haircut but… lol
Congressional Research Service Foresees Potential DEA Endorsement Of Marijuana Rescheduling
So what i do is grow my own.
Bumper crop this year.
Fuck the D.E.A.
I’m not a yes man!
Lps are gona… 😂
They have no say in the matter… 😂
D.E.A rule them all suckers…
The 60’s are long gone and nobody wants to get shot… Ohio style.
Doomed in so many ways… 😂
One concern in the current marijuana labor market is that hourly employees and salaried workers will leave cannabis for other sectors because of the industry’s’ struggles and other sectors’ ability to offer attractive pay and benefits packages.
“Companies should retain as much of the exceptional talent we have in this industry,” Bradford said.
“I’m really worried about brain drain or talent drain, because as an industry we’ve spent so much time bringing in people from other industries and training these individuals, helping them understand cannabis and also learning from them about what best practices from other industries do and don’t work in cannabis.
“One of my biggest concerns is that we are losing talent to other industries, and we won’t be able to get them back.
“One big trend right now is attrition. It’s higher now than it’s ever been for hourly workers. … We’re competing for the same hourly worker talent as a lot of other industries right now.”
They are DOOMED
Selling under cost to make 💰 is a bad business model.
Not my style!
CGC is a subject of smart manipulations .... the company is almost dead but if you know how , you can make a lot of money on it today .... the future of CGS ?
I do not even see ONE GOOD REASON why CGC should survive ....