New Jersey’s governor is teaming up with a coalition of major cannabis brands to launch a campaign meant to educate and encourage consumers about the risks of buying marijuana products outside of regulated markets.
The U.S. Cannabis Council (USCC) is leading the “Buy Legal” effort, which was announced on Thursday in New Orleans at the Black CannaBiz Expo.
The marijuana industry is fast-paced is more ways than you can imagine. Sure, growth estimates for the industry are through the roof, with various Wall Street estimates suggesting that global annual sales could grow to between $50 billion and $200 billion in roughly a decade's time. But this isn't the only dynamic aspect of legal cannabis.
Cannabis stocks sunk lower on Monday, continuing the sector's downward trend as investors reeled from a series of high profile setbacks in the industry. William O'Neil and Co. cannabis analyst Andrew Kessner said that although a loss of momentum in the cannabis sector could dissuade more tentative investors from diving into the space, tempered valuations ー particularly in the U.S. and in second tier Canadian cannabis stocks ー could prove attractive.
It took a big push by major corporations to bring a whole new industry- casinos- to New Jersey. Marijuana interests may need a similar boost.
While medical marijuana already has been legalized in the state, legislation allowing recreational use has run into stiff resistance even though pro-marijuana spending on lobbying rose nearly 319 percent to $1.4 million in 2018.
Governor Murphy and legislative leaders are continuing to hold meetings to try to rescue the bill, which Senate President Steve Sweeney gave only a 50-50 change of passage on April 29, 2019.
Few industries have been kicking tail and taking names more so than marijuana. Having long been considered an illicit substance that was cast aside by legislators around the globe, cannabis is now a legitimate business model. Globally, over 40 countries have given medical marijuana the green light, with two (Canada and Uruguay) also allowing the recreational sale of the drug.
- New Jersey legislators joined Democratic Governor Phil Murphy in announcing Tuesday a bill that would allow adult-use marijuana in the Garden State.
- The announcement included an outline of proposed taxes and an "expedited expungement process" for individuals convicted of low-level marijuana offenses.
- Many of the largest cannabis companies in the world rallied Tuesday following the announcement from the Democratic governor.
Cronos Group (NASDAQ:CRON) and MariMed (NASDAQOTH:MRMD) accomplished something in 2018 that most marijuana stocks didn't: They delivered positive returns. Both stocks crushed the performances of the top marijuana exchange-traded funds (ETFs).
MariMed was, by far, the bigger winner, with its stock skyrocketing 371% compared to Cronos Group's 34% gain. But which of these two high-flying marijuana stocks is the better pick for investors now?
Buy the big momentum or buy the big pullback? That's one question you might ask when it comes to deciding between Cronos Group (NASDAQ:CRON) and Scotts Miracle-Gro (NYSE:SMG). Shares of Cronos are up more than 45% so far in 2018, while Scotts stock has plunged around 40% year to date.
Altria Group Inc., one of the world's biggest tobacco companies, is diving into the cannabis market with a $2.4 billion buy-in.
The Marlboro cigarette maker is taking a 45% stake in Cronos Group Inc., the Canadian medical and recreational marijuana provider said Friday.
Altria will pay an additional $1.4 billion for warrants that, if exercised, would give Altria a 55% ownership stake in the Toronto company.
Marlboro cigarette maker Altria is in early stage talks to acquire Canadian cannabis producer Cronos, as it seeks to diversify its business beyond traditional smokers, people familiar with the matter told CNBC.
Cronos has not agreed to any deal and there is no certainty it will do so, the people said.