Could California bring the US closer to interstate cannabis commerce?
MJ Biz Daily reports that officials have laid out the legal argument for how California could sidestep federal obstacles if state officials decide to green light exports of cannabis across state lines.
The officials from the California’s Department of Cannabis Control (DCC) sent a letter to the office of California Attorney General Rob Bonta, asking him to issue an opinion on whether exporting cannabis to another state would “result in significant legal risk to California” under the federal Controlled Substances Act.
The publication highlights however, that the logistics of how it could work are unclear.
Graham Farrar, president of Glass House Brands, commented: “The fact that California – the fifth-largest economy on the planet and the largest cannabis economy in the world – is taking the bull by the horns and saying, ‘We want to make progress to get consumers what they want by growing plants in the right environmental place.’ … This is awesome.”
Two cannabis stocks you can buy and hold for the next decade
The Motley Fool writes that, despite the short-term woes of some cannabis companies, the future of the industry has nowhere to go but up.
Writing for the publication, Jim Halley suggests that booming future will belong to the survivors Trulieve Cannabis and Green Thumb Industries.
Halley says Trulieve is built for the long haul, with 19 consecutive quarters of positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), making it one of the more profitable MSOs, and that Green Thumb is its commitment to maintaining a strong balance sheet, having had 10 consecutive profitable quarters and says it is on track to slightly more than $1 billion in revenue in 2022.
Uruguay ships 1,000+ pounds of cannabis to the U.S.: country’s ambassador weighs in
CEND has completed its inaugural large-scale shipment of low-THC legal cannabis from Uruguay to the United States, reports Forbes.
The publication notes that the imported flower is commercially valued at approximately $2.5 million.
In an exclusive comment, the Ambassador for Uruguay in the U.S., Andrés Durán Hareau, told Forbes: “The partnership between companies in the United States and our burgeoning cannabis community is extremely valuable to our country, which has worked very hard to develop and manufacture some of the most premier hemp in the world.
“Being able to securely and effectively export our product to the U.S. market will help our country’s businesses grow, and also demonstrates how cannabis is truly a global movement.”