LEGALIZATION BILL
U.S. Virgin Islands governor would be ‘foolish’ not to sign cannabis bill
The U.S. Virgin Islands (USVI) is set to become the next jurisdiction in the country to legalize marijuana, reports Marijuana Moment, with a bill awaiting imminent action from the pro-reform governor.
The publication says that Senator Janelle Sarauw (I) said it would be “foolish” of Gov. Albert Bryan Jr. (D) not to sign the bill, which aims to legalise adult use cannabis while substituting the medical cannabis law, given his repeated campaign pledges backing the reform – even if he differs on specific provisions.
Sarauw stated: “There are a lot of takeaways. What we’ve focused on in the government has been the good, the good, the good [of legalisation].” But, added that mistakes must be learnt from other states.
NEW BEGINNINGS
SNDL stocks rise after an acquisition
Canadian cannabis stock SNDL (formerly Sundial Growers) jumped more than 5% Tuesday morning after the company started a new chapter in its growth, holding onto a gain of 2.9% as of 3:05 p.m. EST, writes the Motley Fool.
The movement followed the company completing the acquisition of The Valens Company that could result in it generating more than USD$1 billion per year in revenue after it had taken a 10% stake in the company in late 2021.
The Motley Fool highlights that investors are hoping this marks a new beginning for SNDL’s business and share price in 2023.
NEW TO MARKET
New York sees the opening of it’s second cannabis retail store
MJ Biz Daily reports that the second licensed adult-use cannabis retailer – Smacked, in Manhattan – will open to the general public later this week under New York’s social equity programme.
The store is opening as a Conditional Adult-Use Retail Dispensary (CAURD) license holder.
The publication highlights that the New York regulated market has the potential to hit $1 billion in retail sales in 2023, however, the market’s retail potential in the early going has been stymied by a number of different factors, such as:
- An ongoing lawsuit challenging residency requirements that’s halted the issuance of dozens of licenses.
- Policy shifts regarding real estate, delivery services and state funding for CAURD license holders.
