Cannabis operator Canopy to be booted off S&P/TSX Composite Index
S&P Dow Jones has announced Canopy Growth will be removed from the S&P/TSX Composite Index, reports MJ Biz Daily.
It highlights that the S&P/TSX Composite Index requires a minimum float-adjusted market capitalization for securities to be included, but Canopy’s market capitalization has declined precipitously as its share price has declined.
Canopy’s shares closed at CA$1.14 on Friday, meaning the company is now valued at less than CA$600 million.
The announcement follows the recent layoffs by the company along with a major facility closure in February. However, Canopy also made the recent announcement that it will be acquiring a 19.99% stake in edible company Indiva.
Minnesota governor says Indian tribes could start selling cannabis before regulators approve standard licenses
Marijuana Moment reports that Minnesota’s tribal government may get a head start selling cannabis for the adult-use market before private businesses are approved by regulators.
The publication notes that While the Office of Cannabis Management (OCM) is expected to take more than a year to begin licensing cannabis shops, however, according to Governor Tim Walz (D), Indian tribes could begin operating sooner.
This is because language in the bill reads that the state: “acknowledges the sovereign right of Minnesota Tribal governments to regulate the cannabis industry and address other matters of cannabis regulation related to the internal affairs of Minnesota Tribal governments or otherwise within their jurisdiction, without regard to whether such Tribal government has entered a compact.”
And that: “Indian Tribes are not required to enter into compacts pursuant to this section in order to: regulate the cannabis industry, or engage in cannabis businesses or activities on Tribally regulated lands; or participate as a licensee in the state’s legal cannabis market.”
Black farmer cannabis bill passed in Florida
Harris Bricken reports that Black farmers in Florida stand to benefit from a medical cannabis bill – HB 837.
According to Bricken, the bill aims to give a second chance to farmers passed over during an earlier application process to award what is known as the ‘Pigford Black Farmer License’, noting that Pigford refers to a class-action lawsuits by Black farmers that claimed they had been unfairly denied loans and other benefits from the U.S. Department of Agriculture (USDA).
The new law:
- Provides for licensure by the Florida Department of Health (DOH) of all Black Farmer License applicants who had received an approval or denial notice from DOH, “which did not cite any deficiencies with the application…”
- Orders the licensure of Black Farmer License applicants who challenged the application process under Florida’s Administrative Procedure Act, provided they received a final determination from an administrative judge, “determining that the applicant met all requirements for licensure … regardless of the applicant’s final score.”
- Mandates a 90-day period for Black Farmer License applicants to cure any deficiencies in previously submitted applications.
- Requires the continuation of any administrative challenges initiated by a Black Farmer License applicant who subsequently passed away.