U.S. to delay MORE Act vote aimed at legalizing cannabis to after November election

U.S. Congress isn't planning to hold a house vote on an upcoming cannabis legalization bill until after Election Day, according to Politico. House Democrats officials told Politico that they will not be holding a vote on the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act next week, skirting previously announced plans after concerns were raised that legislative time should be better used for voting on COVID-related bills. The MORE Act would remove cannabis from the Controlled Substances Act and let states decide if they want to legalize the drug. 

Lift & Co. files for bankruptcy after failing to sell assets 

Lift & Co., a cannabis-focused event and technology company, has filed for bankruptcy, the company said late Wednesday. The Toronto-based company behind the Canadian Cannabis Awards said it made to move to file for bankruptcy after failing to reach a deal with its debt holders regarding a sale of some of its assets. As a result, all of its directors and officers have resigned, Lift said. Lift said it had plans to sell a stake in its events business prior to the pandemic, but the deal shortly failed sometime later. It is unclear what will happen to Lift's CannSell business, which Ontario retailers use to educate staff to sell cannabis, as well as its biannual events, which it recently announced plans to hold virtually later this year. 

Pot pickups: Curaleaf appoints new retail head, Cresco Labs hires new regional managers

U.S. cannabis giant Curaleaf said it appointed former Greenroots executive Talley Wettlaufer as its new senior vice president of retail, the company said Thursday. Wettlaufer, who also held executive positions at J. Crew, Abercrombie & Fitch, and Petco, replaces Chris Melillo, who has recently left the company. Meanwhile, Cresco Labs said Thursday David Gacom, Melissa Wagamon and Sean McAlister will be the U.S. pot operator's new regional presidents. The executives will be in charge of Cresco's West Region, Great Lakes and Emerging Markets/National Accounts areas, respectively. 

Shares of Zenabis slide after announcing plans to raise $6M in financing deal 

Zenabis Global continues to tap capital markets to help secure some liquidity, stating late Wednesday it plans to raise $6 million in a new "best efforts" overnight marketed offering. The Vancouver-based company said it will issue units priced at 8.5 cents each which will include one common share warrant valued at 10 cents a share that can be exercised over the next 60 months. The company said it plans to use the funds for general purposes as well as to help pay down some of its unsecured convertible debentures. Zenabis shares fell more than 26 per cent on the TSX Venture after the announcement, while its shares are down about 92 per cent over the past year. ​

DAILY BUZZ

20%
- The amount of Canadians aged 18 to 24 who admit that they have driven a vehicle while high on cannabis or been in a vehicle with a high driver, according to a survey released Thursday by the Canadian Automobile Association. 

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