10/11/18 - CannTrade "Trump Will Back Medical Marijuana Legalization After Midterms"
Representative Dana Rohrabacher said that President Donald Trump is still keen in backing up marijuana legalization after the midterm election. She added that he has been talking to people in the White House about ending cannabis prohibition. The details would be likely to unfold after November 6 but in the next legislative season.
MedMen Enterprises is set to acquire PharmaCann, a medical marijuana company, for $682 million. This is the largest acquisition deal in the cannabis industry to date. The acquisition will expand MedMen’s reach to 12 more states with 13 cultivation facilities and 66 retail stores.
According to the Congressional Budget Office, the fiscal impact of the marijuana research bill that was passed by the House a month ago would be negligible. With this legislation, the Department of Justice would be forced to issue more licenses to cannabis growers for scientific research. The CBO’s projection is that the legislation would not have a direct effect on spending for the next four 10-year periods.
Facebook will now allow marijuana-related searches on the platform, including all verified businesses with marijuana or cannabis in their names. This move is expected to help businesses that need to connect with customers through social media. The announcement was made just a week before Canada’s Legalization Day.
Canadian Securities Administrators warn marijuana companies to improve their disclosure practices and also address the risk of executives and employees crossing into the US. The CSA has found that many marijuana companies have inadequate, misleading, or inconsistent disclosures. The regulators also want these companies to tackle admissibility to the US as it might affect publicly-traded companies in Canada.
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