Beyond the Michigan news and Illinois’ Senate voting for cannabis to be considered as an alternative to opioids, this was a relatively tranquil week for weed.
“It feels like the cannabis industry needed a quiet week to recover from 420,” said Debra Borchardt, CEO and co-founder of Green Market Report. “There was some slightly positive news out of Washington DC where AG Jeff Sessions seemed to indicate he was open to the idea of more research for medical marijuana but still made sure everyone knew he wasn't going soft on cannabis just yet.
“In the business world, the acquisitions continue to be big news as numerous deals were announced this week and a big private placement of $35 million went to AltMed, an investment of CannaRoyalty.”
Despite the good news, the United States Marijuana Index, which tracks 17 of the largest marijuana stocks in the U.S., lost 2.2 percent over the week. The North American Marijuana Index, which also includes Canadian stocks, posted losses of 4.8 percent.