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Cannabis stocks were mainly down on Monday as investors veered off to wait for the fate of a bill to protect companies located in states that legalized the grass.
Representatives Earl Blumenauer, Dem-Oreg. And Barbara Lee, Dem. Calif., Will join the Minority Cannabis Business Association for a press conference Tuesday at 11:00 am Eastern Time, to discuss cannabis policy and the issue. inclusion of color businesses for people of color.
"Legislators and business leaders will discuss the way forward to end the ban on marijuana, restorative justice measures for victims of the war on drugs and ways to by which communities of color disproportionately affected by cannabis prohibition could benefit from the new industry. as owners, investors, managers and employees ", according to a media advisory.
Mr. Blumenauer is one of four legislators who introduced last week the Law on the Strengthening of the Tenth Amendment by the entry into force of the States, together with Sense. Elizabeth Warren, Dem-Mass. and Cory Gardner, R-Colo. And Dave Joyce, Rep-Ohio. The bill seeks to amend the federal law that continues to prohibit cannabis in order to include exemptions for businesses and individuals who comply with state laws.
Read now: The United States' Largest Cannabis Acquisition Agreement Helps Boost Marijuana Purchasing
Cannabis is still a Schedule 1 drug at the federal level, which ranks it alongside heroin and cocaine, preventing federally insured banks from providing business services sector.
In Canada, Toronto opened its second legal cannabis store on Sunday, according to the website Globalnews.ca. The store is the second to open in the city after the Hunny Pot Cannabis Cos. And one of five permits for the city approved by the Government of Ontario.
According to media reports, Israel has decriminalized cannabis for use by adults in a law that also puts an end to the punishment for possession of a local crop plant. Israeli citizens found in possession of cannabis in public without medical authorization will be liable to a fine and not a criminal procedure.
In Australia, the Asterion Cannabis website in Canada has been granted permission to build a site in Toowoomba, Queensland, capable of producing up to 20,000 plants in a single day, according to the CannabisRadar website. As part of Queensland's medical cannabis program, the substance is used to treat arthritis, epilepsy, nausea, multiple sclerosis and chronic pain.
CannTrust Holdings Inc., in company news, said that Health Canada had approved the last part of its Phase 2 expansion plan, which means that the entire greenhouse of 46,000 square feet of its perpetual harvesting greenhouse in Pelham, Ontario is permitted. The company is expected to operate at full capacity by the end of the second quarter.
The company expects to reach a total annualized capacity of 200,000 kg to 300,000 kg in the second half of 2020. Stocks surpassed the sector's negative trend on Monday, registering a rise of 0.5%.
New Age Beverages Corp.
NBEV, + 38.56%
a company that has ambitious plans for a range of CBD-based beverages under the Marley brand, which she acquired in 2017, also withstood the trend with a gain of more than 28 percent after the start. announcement of a distribution agreement with retail giant Walmart Inc.
WMT, + 0.40%
The company announced that it would start selling three flavors of Marley Mate, a yerba mate-based organic drink, that would not contain CBD. "This is only the first initiative we plan to do with them on the Marley brand and other New Age products that we are actively discussing," said Craig Thibodeau, vice president of key accounts for New Age, in a statement.
New Age's CBD projects were suspended after the adoption of the December Farm Bill, which legalized hemp, but not the CBD, which is now under the jurisdiction of the US Food and Drug Administration.
Read also: FDA recommends companies stop making "unfounded" claims about CBD treatment for cancer and Alzheimer's disease
This body stated that it did not allow the addition of CBD, a non-intoxicant ingredient of the cannabis plant, to foods, beverages or cosmetics. New Age has announced plans to launch a Marley Mellow Mood with CBD in the world in 2019. A spokeswoman said the company was considering fully complying with FDA rules. The FDA will hold discussions this month on how to regulate the CBD, which it considers a drug because it is part of the only cannabis-based drug to have received FDA clearance for treatment of severe forms of epilepsy in children.
Elsewhere in the sector, Canopy Growth Corp. stock
GSC -1.23%
CANNABIS, -1.90%
was down 1.9%, Aurora Cannabis Inc.
CBA -1.42%
CBA -2.36%
was down 1.3% and Cronos Group Inc.
CRON, -4.57%
CRON, -5.30%
was down 3.9%.
Tilray Inc.
TLRY, -4.80%
was down 4%, Hexo Corp.
hexo, -0.45%
down 1.1%, Aleafia Health Inc.
ALEF, -4.28%
ALEF, -4.28%
was down 3.9%.
Holdings OrganiGram Inc.
OGRMF, -1.04%
was down 0.6%, MedMen Enterprises Inc.
MMNFF, -0.31%
was down 0.6% and Cresco Labs
CRLBF, -5.53%
was down 2.1%.
Lily: The stock of Tilray increases after the company has shown that it can sell leisure pot
Also: Cannabis stocks climb after Tilray's earnings as New Jersey moves closer to legal grass
Horizons Marijuana Life Sciences ETF
HMMJ, -1.74%
down 1.8%, and ETFMG Alternative Harvest ETF
MJ -1.18%
was down 1%.
The Dow Jones Industrial Average
DJIA, -0.32%
was down by 04% and the S & P 500 index
SPX, + 0.10%
was down 0.1%.
See also: In Weed Country, California, forest fires burn both crops and crops
Cannabis Watch: All Cannabis Business Coverage by MarketWatch
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