Midterm results see cannabis MSO stocks climb

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CLIMBING HIGHER

Midterm results see cannabis MSO stocks climb

Cannabis stocks in the US edged higher on Wednesday with Maryland and Missouri voting in favor of legalizing adult-use cannabis, reports Proactive Investors

The publication notes that five cities in Ohio and Texas also approved cannabis decriminalization measures, and three counties and five municipalities in Wisconsin approved not-binding advisory questions around cannabis legalization. 

Shares of multi-state operators were up including: 

  • Jushi Holdings by 2.8%. 
  • Planet 13 Holdings by 1.5%. 
  • Canopy Growth Corporation by 5.8%. 
  • Trulieve Cannabis Corp by 4.2%. 
  • Green Thumb Industries by 4.2%. 
  • Curaleaf Holdings Inc by 1.9%. 
  • Cresco Labs Inc by 0.9%.

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POSITIVE PREDICTIONS

Canopy Growth CEO is optimistic midterm results will push federal reform

The head of Canopy Growth Corp. has high hopes for the U.S. Senate and potential cannabis legislation after Tuesday’s midterm elections, writes Market Screener

CEO of Canopy Growth, David Klein, hopes that the results of the midterms will push the Senate to “act swiftly on cannabis reform during the lame-duck period.” 

The publication highlights that Canopy and other Canadian cannabis companies predicting the U.S. will deliver significant profits from cannabis and the midterms will indicate how serious the country is about federal legalization.


CANNABIS STARTUPS

Cannabis attracts new investments following two new legal states

Time reports that cannabis is now attracting new investments from entrepreneurs ready to cash in on its popularity. However, it highlights that, as brick and mortar stores proliferate, some entrepreneurs say the future of the industry lies online. 

In that vein, a number of startups are looking to become the Amazon of cannabis, with a number of tech startups launching apps and mobile websites, and others looking to replicate the Uber-Eats model or Airbnb by helping people to rent their homes to cannabis users. 

Alex Kreit, assistant law professor at Northern Kentucky University and director of Center on Addiction Law and Policy, told Time: “There are certainly potential legal difficulties with these new technology and business models. But a lot of these businesses will have an incentive to try to make their technology compliant with the law.”


EU LEGALIZATION

Switzerland ‘could well become the second european country after Germany to legalize recreational cannabis’

Astrasana recently announced a new venture with Solumedics AG which will enable the company to import and sell medical cannabis in Switzerland. BusinessCann speaks to Astrasana‘s CEO Yves Antoniazzi about his plans for the next year, and why now is the ‘perfect’ time to expand into the cannabis industry. 

Antoniazzi discusses how he came to the cannabis industry, Astrasana’s operations, plans for entering the medical and recreational markets and licenses, along with the latest developments in Switzerland. 

He told the publication: “Official Government figures estimate there are around 100,000

potential patients in Switzerland. I think in the cannabis business it’s all about being the first in line and securing as many clients as possible.”…. “What some people might not know is Switzerland could well become the second European country after Germany to legalize recreational cannabis.” 

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