In comparison to other weeks, it's been a slow few weeks for the cannabis market. Quiet, but not inexistent.
Here's what's been happening in the cannabis sector as of late.
Cannabis Market: The Latest and Greatest
Perhaps what's garnering the most attention is the criminal justice reform plan, shared by Democratic presidential candidate Mike Bloomberg. The project includes proposals from everything from the expungement of criminal records around cannabis convictions. It also consists of a bid for the decriminalization of cannabis possession.
According to the criminal justice reform plan, Mike Bloomberg believes while additional scientific studies are required on cannabis, "no one should go to jail for smoking or possessing it."
Exciting news if it comes to anything, but we have our doubts: President Trump's director of strategic communications has outright said the federal government would not legalize cannabis. "I think the president has been pretty clear on his views on marijuana at the federal level," Marc Lotter explained.
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We've also had some major cannabis stock news in recent weeks. Many stocks have taken a hit due to the increasing fears over the coronavirus, which has created negative relationships between cannabis companies and Chinese manufacturers.
Also, several cannabis stocks were downgraded by Cowen on February 24, as analysts worry about how many companies are looking for Canadian licensed producers. Aurora Cannabis (TSX:ACB) (NYSE:ACB), Sundial Growers (NASDAQ:SNDL), and Tilray (NASDAQ:TLRY) all received a downgrade.
On the upside of things, Avon, a beauty and personal care company, launched its first CBD-infused clean facial oil, called Green Goddess Facial Oil. MediPharm Labs (TSX:LABS) (OTCQX:MEDIF) has also received some good news, after having been selected by Shoppers Drug Mart to provide cannabis products to medical patients in Canada.
The Week in the Cannabis Market So Far
With the coronavirus, we can't say it's been a good month or two for the cannabis market. Then again, there are a few positives to note. Avon releasing a CBD-infused facial oil will likely put the beauty and personal care market in a new category. Plus, if Mike Bloomberg's plan does come into effect, the quality of life for many will be improved.
Stay tuned.
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