The Week in Cannabis: Canada Sales Start, Stocks Stumble & Save the Pumpkins
Canada Legalizes Recreational Cannabis SalesOf course, the big news is that Canada began legal sales of recreational cannabis across the nation on Wednesday, October 17th, becoming the second country in the world to do so, preceded by Uruguay. The first sale took place in Newfoundland moments after midnight. It won’t necessarily be smooth sailing as Canada strives for balance between regulation and a police force eager to crack down on any potential impaired drivers. But for now, the spirit in Canada is celebratory and all eyes are fixed on the Great White North as an example of what can happen when you legalize on a federal level.
CBD in Walmart?Retail giant Walmart is mulling over the idea of carrying cannabis products in its stores. Whether this seems like signs of victory or the apocalypse, it’s not as crazy as it sounds since the only locations under consideration are based in Canada. According to the High Times report, a representative of Walmart Canada, Diane Medeiros, confirmed that there has been talk about Walmart carrying cannabis-based products but nothing concrete. In addition, it seems that the products under consideration are largely CBD-based.
A Good Week for Canopy and a Drop Following Canada Sales
\Marijuana stocks are still a hot topic and look like they’ll stay that way for the foreseeable future. Stocks were trading down by 4% to 9% in the wake of Canada’s legalization on Wednesday. However, stocks have been holding much stronger than predicted by early analysts when cannabis first hit the Toronto Stock Exchange. Arguably, the big cannabusiness news this week focuses on Canopy’s acquisition of a Colorado-based hemp research company. CNBC reported that Canopy Growth agreed to purchase ebbu, the hemp researcher, along with all of its intellectual property, for a sum of 25 million Canadian dollars and 6,221,210 common shares. Canopy stocks saw a 9% surge following news of the acquisition.
The FDA Wants You To Tell Them About Your Cannabis ExperienceEver get the feeling that the government doesn’t care what you think? Well, the U.S. government is requesting the public’s opinion on cannabis. As Forbes reported, The Food and Drug Administration published their open enquiry on the federal register, specifically asking for feedback on “abuse potential, actual abuse, medical usefulness, trafficking, and impact of scheduling changes on availability for medical use.” Following Canada’s legalization, several countries are reviewing whether a federal legalization of recreational cannabis is feasible. Though, given the current political climate in the U.S., the request is bound to be met with its fair share of cynicism.
Could Cannabis Save the Great Pumpkin?
And finally, just in time for Halloween, a Bay area pumpkin farm may be getting a second chance thanks to California’s cannabis industry. Half Moon Bay will be voting on 5 separate cannabis regulations this November which could give local farmers an opportunity to enter the cannabis industry. After a steep decline in flower sales left agricultural pursuits unprofitable, many farmers in Half Moon Bay were left relying heavily on pumpkin sales. But, as third-generation farmer John Muller explained to CBS News San Francisco, two months of strong pumpkin sales cannot sustain a business for a full year. Half Moon Bay is noted for its agricultural industry with a focus on flowers, houseplants, Christmas trees and pumpkins. The question remains if they’ll have the votes to trade flowers for flower.