Cannabis stock markets await US midterm results

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MIDTERM BALLOTS

Cannabis stock markets await US midterm results

Investors are focusing on the U.S. midterm elections, which could spur moves in everything from energy companies to cannabis stocks, reports Reuters

The midterms take place on Tuesday, 8 November and, Reuters highlights, so far analysts are expecting a split government with the outcome possibly hindering President Joe Biden’s agenda with traders appearing to be leaning toward a Republican win. 

Reuters writes that, with cannabis stocks such as Canopy Growth tending to move with regulatory headlines, a Democratic win will increase the odds of more progressive cannabis legislation.


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CREAM OF THE CROP

Cannabis is Massachusetts most profitable crop

Cannabis has officially passed cranberries as the top crop in Massachusetts according to the Leafly Cannabis Harvest Report 2022, reports Boston 25 News

The publication highlights the Leafly reports showed that: 

  • The annual wholesale value of cannabis is $362 million, cranberries is $66 million. – There are 340 adult-use cannabis cultivation licenses compared to 274 last year.
  • A total of 83 metric tons of cannabis has been harvested in 2022 compared to 52 metric tons in 2021. 
  • In 2022 consumers bought $1.45 billion of cannabis products in Massachusetts – a 44% gain in the value of the state’s cannabis harvest. 

TOBACCO GUIDANCE

Outcry from medical cannabis caregivers in Maine

New guidance from Maine’s cannabis regulator has “caused an outcry” as it prevents medical cannabis caregivers without physical retail locations from selling cannabis pre-rolls and vape products, reports MJ Biz Daily

The document states that Maine’s definition of a “tobacco product” includes cannabis pre-rolls as well as “electronic smoking devices” and their associated liquids, writes the publication, and that sales without a retail tobacco license are subject to “criminal charges, imprisonment, and fines.” 

However, Theory Wellness CEO Brandon Pollock said the guidance “won’t have an impact on adult recreational-use retailers because they’re already licensed for tobacco and there’s already an age limit of 21 for purchases.”


BREWING UP A DEAL

Tilray acquires New York’s Montauk Brewing Company

Tilray is expanding its alcohol division with the acquisition of Montauk Brewing Company, reports CTV News, 

The brewer will join Tilray’s roster of alcohol and beverage brands, and Tilray is planning on using the brands to make products with THC if America sees the legalization of cannabis at the federal level. 

“The cannabis company says the acquisition of the New York brewer will be accretive to Tilray’s adjusted EBITDA, but did not disclose the terms of the deal,” writes CTV News.

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