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Fab 5 Freddy on New York, Hip Hop culture and cannabis

FAB 5 FREDDY

New York, Hip Hop culture and the normalization of cannabis 

As cannabis legalization spreads, Hip Hop artists are continuing their connection to the plant with brands such as Berner’s Cookies, Snoop Dogg’s Leafs and many more. 

Business of Cannabis sat down with artist and hip hop pioneer Fab 5 Freddy ahead of his session at Business of Cannabis: New York. 

Freddy discusses his thoughts on the evolution of hip hop and cannabis, its importance in New York culture and how New York’s legal cannabis market can draw from the cultural heritage of New York’s music scene.


Enjoy Cannabis Daily each morning at 7 a.m.

BROKEN PROMISES

Not a single federal prisoner has been released since Biden’s cannabis pardons

A protest at the White House calls attention to the thousands of federal cannabis offenders who remain incarcerated, reports Reason

In an letter to Biden, 16 drug policy reform groups noted that Biden’s cannabis conviction pardons “will not release a single one of the nearly 2,800 federal cannabis prisoners,” … ”including some life sentences, in federal facilities for conduct involving amounts of cannabis that are far less than what dispensaries routinely handle on a daily basis.” 

For people who do not meet the narrow criteria, expungement would require a new act of Congress. The Reason states: “…like freedom for federal marijuana prisoners and decriminalization of possession, the expungement Biden promised seems to have fallen by the wayside.”


SHARES JUMP

Canopy Growths announcement causes cannabis producers shares to rise

Shares of cannabis producers jumped on Tuesday, led by a rally in Canada’s Canopy Growth Corp, after it said it will create a holding company to fast track its entry into the United States, reports Reuters

  • Canopy ended up 27.1% at $2.91, and were among the biggest daily percentage gainers on Nasdaq. 
  • The stock also registered its biggest one-day percentage gain since Aug. 15, 2018. – Shares of Tilray Brands (TLRY.O) were up 13.3%. 
  • U.S.-listed shares of Aurora Cannabis were up 19.2%. 
  • SNDL Inc (SNDL.O) was up 9.4%. 

The publication notes that Canopy’s exposure to the U.S. market would be a plus, but Jessica Rabe, co-founder of DataTrek Research, told Reuters that, since public cannabis companies’ stocks are low-priced, “any move is amplified because markets expect little from these names,”


GERMAN UPDATES

Germany recreational cannabis winners and losers

Writing for Cannabis Wealth, Michael Sassano, CEO of SOMAÍ Pharmaceuticals Unipessoal LDA, shares his thoughts on recreational cannabis reform in Germany. 

A recent leak of a proposed draft legislation has given insight into the country’s plans for legalizing recreational cannabis. Sassano highlights that, while many cannabis advocates will be celebrating cannabis decriminalization, if one of Germany’s main objectives was to combat the unregulated market, the country may have missed the mark on the first go-around.

“All and all, this is very positive for cannabis and the fight to decriminalize its use. Germany is taking a bold and meaningful step to right the wrongs with cannabis. Whether medical or recreational, Germany still leads the way in the EU.”

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