GET BUSY BUYING
Billionaire investor calls out GTI’s insider buying deficiency
During the Green Thumb Industries first-quarter analyst call last Wednesday, billionaire investor Leon Cooperman demanded to know why he sees “pages” of insider selling on Bloomberg—but no insider buying, per BNN Bloomberg.
“Are we just waiting for legalization as the only lever to pull, to turn around sentiment, or basically are there things the company can do in their control,” Cooperman asked GTI CEO Ben Kovler. “I look at Bloomberg and I see two or three pages of insider selling. I see no insider buying. If you think this story is so good, why we’re not seeing any insider buying?”
CEO Ben Kovler denied there was any “real insider selling,” and encouraged Cooperman to use his influence to bring in more investment. “I take my battles with Elizabeth Warren and that’s about it,” retorted Cooperman, referring to Sen. Warren’s proposed wealth tax. “I’m not looking for more battles, but thank you and good luck.”
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WHO ARE THE 6?
Schumer says he has some Republican support for his legalization bill
Senate Majority Leader Chuck Schumer said he’s spoken to just six Republicans about his much-awaited federal cannabis legalization bill at a rally in New York, per Marijuana Moment.
“I have invited every U.S. senator—every Democrat, every Republican—to come meet with us and tell us why they won’t support the bill or whether they will, and I’m making good progress,” he said. “I’ve already met with six Republicans, so we can get 10 [and] we can get the 60 votes we need on the floor of the Senate to pass legislation that is so important.”
But as MM notes, Schumer may need more than 10 Republican senators to vote for his bill because it’s not guaranteed at this stage that every Democrat will support it.
BANKRUPT OR NO
Michigan cannabis files for bankruptcy, but there’s no guarantee they’ll get it
Master Equity Group LLC, a Kalamazoo, MI-based holding and management company for several businesses in the cannabis industry, filed for bankruptcy on April 20. (Ironic, really…) But because cannabis is federally illegal, if the US Bankruptcy Court grants it, the move would be precedent-setting, reports MIBiz.
“The U.S. Trustee’s office has taken the position for several years now that it is illegal for the bankruptcy courts to administer cases that involve marijuana companies even if they’re legal under state laws,” said Robert Hendricks, senior counsel for Warner Norcross+Judd LLP.
According to a Feb. 2020 story on MJBizDaily, some US cannabis companies have sought bankruptcy protection north of the border. But if they don’t have Canadian operations and aren’t listed on a Canadian exchange, they aren’t likely to get it.=
Canadian MP launches petition to expunge non-violent cannabis convictions
Matthew Green (Hamilton Centre) has launched a petition calling on Canada’s House of Commons to table legislation that would automatically expunge the criminal records of those with nonviolent cannabis convictions.
The petition notes that even though cannabis was legalized in 2018,
- Fewer than 1,000 cannabis-related pardons have been granted and approximately 50,000 Canadians still have convictions
- US states like New York have committed to expunging records and the MORE Act, which was approved by the House (but not the Senate) included a provision to expunge cannabis records
- Canada’s legal cannabis industry contributes $8 billion to the economy and would not exist without pre-legalization activity
“An act to provide a no-cost, expedited record expungement for nonviolent cannabis convictions is an essential first step for the federal government to recognize the impact of holding criminal records for something that is now legal and disproportionally affects marginalized communities that are trying to move on with their lives,” reads the petition.