Cannabis Weekly Round-Up: Poll Shows Strong US Cannabis Support
A survey commissioned by a cannabis company indicates most Americans don’t think cannabis should be a federally restricted substance.
To showcase growing support for cannabis in the US market, a wellness product maker released the results of a poll showing how views on the drug are shifting.
In other news this week, two Canadian producers shared updates, with one discussing a particular advisor and the other commenting on the state of an outdoor growing operation.
Keep reading to find out more cannabis highlights from the past five days.
Neptune commissions polls on US cannabis sentiment
With the US presidential election approaching, Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) tasked OnePoll with surveying Americans on their stance on federal cannabis regulation in the country.
Overall, the study found that 71 percent of Democrats and 67 percent of Republicans surveyed think cannabis shouldn’t be a federally restricted substance.
Neptune is using the survey results as a way to promote its products and its ability to engage consumers.
“In preparation for potential nationwide US legalization, if a bill passes in the House and Senate, Neptune is proactively preparing for mass distribution into new markets,” the company said.
However, it’s worth noting that experts don’t think sweeping federal legislation is likely in the near future, regardless of if Donald Trump is re-elected or Joe Biden brings a Democratic shift in the White House.
Despite that sentiment, cannabis will be a big issue at the state level in November as five states will vote on different versions of legalization programs for their markets.
Aurora Cannabis parts ways with touted advisor
To much fanfare last March, Aurora Cannabis (NYSE:ACB,TSX:ACB) added Nelson Peltz as an advisor, saying he would guide the company in hunting big investments. Now he’s on his way out.
Peltz is the co-founder of Trian Fund Management, a New York-based multibillion-dollar asset management operation. Aurora confirmed Peltz’ official role ended last Friday (September 25) since he wants to “pursue other commitments.”
At the time of his hiring last year, Peltz was granted the option to secure 20 million shares of the company at an adjusted price of C$10.34 each.
“We believe he could be instrumental in facilitating discussions with large CPG companies,” Martin Landry, GMP Securities analyst, wrote in a note to investors following the Peltz appointment.
However, things have gone south for the company since Peltz joined given larger dips in the cannabis space. For Aurora, these losses represent a lower valuation and a significant share price drop.
Public grower anticipates largest outdoor crop in Canada
SpeakEasy Cannabis (CSE:EASY) is on the cusp of harvesting what it expects to be the biggest outdoor crop of cannabis — 70,000 kilograms picked up from 24 hectares — seen so far in the market.
“As far as we know, as best we can tell, this will be the largest harvest in Canadian history,” Marc Geen, founder of SpeakEasy, told CBC in anticipation of a crop set to be harvested over the next few weeks.
The company confirmed last Monday (September 21) that the harvest had begun.
“The harvest is expected to continue for the next 3-4 weeks and will yield flower and extract material suitable to make any concentrate the market demands,” the company told investors.
Cannabis company news
- iAnthus Capital Holdings (CSE:IAN,OTCQX:ITHUF) issued an update to shareholders on the status of a court ruling on an arrangement plan for a pending recapitalization transaction.
- Village Farms International (NASDAQ:VFF,TSX:VFF) told the market its cannabis producer subsidiary, Pure Sunfarms, has obtained a permit to sell cannabis extract, as well as edible or topical products developed by the company.
- Australis Capital (CSE:AUSA,OTCQB:AUSAF) appointed Sameer Kumar as the new director of its board. Kumar comes to the investment company with previous experience in the US cannabis space as the former COO of VIOLA Brands.
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) launched a new cannabis drink for the Canadian recreational market. The lemonade iced tea beverage, called Summit 10, contains 10 milligrams of THC and is sold in a 355 milliliter bottle.
- Avicanna (TSX:AVCN,OTCQX:AVCNF) confirmed its products will enter the US market. In particular, the company will develop hemp-derived cannabinoid-based products for an undisclosed US distributor. “We also take pride in being selected by world class partners to provide our technology and intellectual property which in turn provides additional sources of revenue in the form of royalties,” said Aras Azadian, CEO of Avicanna.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.