STAY SAFE
Cantor Fitzgerald weighs in on SAFE Banking
The only way for SAFE Banking to pass is if Senate Majority Leader Chuck Schumer allows it to be heard, go through committee and voted on, according to a memo by Cantor Fitzgerald and shared in a tweet by Insider’s Jeremy Berke.
“We assume Sen. Schumer would want some ‘add-ons’ to the current SAFE version in order to get behind it,” continues the memo. “But on the other hand, these add-ons cannot lead to a loss of Republican support.” The nature of those add-ons would be criminal record expungement, social equity provisions and/or research.
The most “politically expedient” way for the bill to be passed if it’s included in another bill, particularly if the larger-in-scope MORE and CAOA bills aren’t voted on. “…we believe the momentum/lobbying is stronger now; this is why we say the period from May to July would be the one to watch where SAFE (inside COMPETES) is going.”
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NO MO NANAIMO
Tilray sells Nanaimo facility
After its merger with Aphria last year, Tilray made its new headquarters in New York City and put its eight-year-old facility in Nanaimo, B.C., up for sale. Now, that building has sold, putting 170 locals out of work.
“There was nothing like it in Canada,” said Kim Smythe, the Greater Nanaimo Chamber of Commerce’s president. “We were the first. It was quite a coup at the time.”
“It is unfortunate for staff and others who would have lost their employment,” said Materia’s Deepak Anand. “Companies are either shuttering or closing facilities… The larger producers are not able to keep and maintain market share.”
LIKE MIKE?
Former Cronos CEO Gorenstein returns
After stepping down as CEO of Ontario-based Cronos in 2020, Mike Gorenstein is back at the helm, reports MJBizDaily. Former CEO Kurt Schmidt has retired.
In the last two years, Cronos lost an estimated USD $475.2 million and announced it is selling off its Peace Naturals Campus growing facility in Stayner, Ont.
In a statement, Gorenstein said he would focus on:
- Creating a more “agile” supply chain
- the U.S. cannabis market
- rare cannabinoids
- Cutting costs and increasing ROI
READY OR NOT
Dr. Reddy’s enters the European market
The fourth largest pharmaceutical company in India, Dr. Reddy’s, has entered the European cannabis market, reports BusinessCann.
With President Joe Biden signaling that the US will shift away from pharmaceutical imports, there could be more interest from India’s massive pharma sector in Europe.
As for Dr. Reddy’s, the company’s initial focus will be on Germany, which head of medical cannabis Ozan Temizkan says presents an ‘opportunity to meet unmet patient needs.’
