GIVE IT TO ME
Schumer solicits feedback on federal cannabis legalization bill
Senate Majority Leader Charles Schumer, Finance Committee Chairman Ron Wyden (D-Ore.) and Sen. Cory Booker (D-N.J.) have invited colleagues to help shape the final draft of their forthcoming federal cannabis legislation, reports The Hill.
“In order to appropriately address such a nuanced issue, we respectfully request the input, advice and guidance of Chairs and Ranking Members of relevant committees as well as senators who have dealt with the challenges and realities of legalization in their own states,” they wrote.
At a press conference last week, Schumer said the legislation will be introduced in April.
Begging the question: what have they been waiting for?
Enjoy Cannabis Daily each morning at 7 a.m.
DOWNHILL IN EDMONTON
Aurora Cannabis reports $75 million loss
Edmonton-based Aurora Cannabis lost $75.1 million in the last three months of 2021, reports BayStreet. Revenues dropped by 10%.
By the numbers
- Net revenue fell 48% year-over-year from $28.5 million to $14.8 million
- Medical cannabis was up 18% year-over-year, from $38.8 million to $45.7 million
- The company sold 14% fewer kgs of cannabis
- Prices dropped from $4.45 to $4.20 in the last year
The takeaway
Still, the latest losses aren’t as bad as the same period a year ago. From October to December of 2020, Aurora reported a $297.9 million loss.
BAD ALL AROUND
Limiting licenses hurts diversity and equity in cannabis: study
A new study by the Minority Cannabis Business Association warns that state regulations that limit the number of licenses available are hurting efforts to make the industry equitable and inclusive, reports MJBizDaily.
According to the report
- 27 states limit licenses
- Minority entrepreneurs are believed to lose expensive licensing opportunities to multi-state operators
- The 15 states with equity programs haven’t been successful
- Limited licensing is one of several barriers
The takeaway
“The best thing you can do for social equity is open up the market,” said MCBA executive director Amber Littlejohn.
EU ROUND-UP
Rounding up the latest in European cannabis news
Our friends at BusinessCann rounded up the latest in Europe’s accelerating cannabis industry.
Here are the highlights:
- With an up-coming general election in the near future, there were fears Malta’s National Party would veto the country’s recently passed cannabis legislation should they win. The party has now confirmed it will keep that legislation
- Albania’s government is consulting the public on medical cannabis legalization
- Following its launch in Germany, PepsiCo is bringing its hemp seed-infused energy drink to the US market
- Germany’s Cannabis Industry Association is fighting on behalf of several business owners who are being prosecuted for selling hemp products wrongly deemed to be used for intoxicating purposes
