Warren, Gardner introduce STATES Act to U.S. Senate
The push to liberalize cannabis federally in the U.S. took another step further after U.S. Senators Elizabeth Warren and Cory Gardner introduced the STATES Act in the Senate. The legislation would ensure states can decide for themselves whether to legalize marijuana, a bill that President Donald Trump is expected to sign, according to Gardner. Gardner told Politico that while the bill may have the president’s support, Senate Majority Leader Mitch McConnell may need some more convincing. However, given McConnell’s support for the recent U.S. Farm Bill that loosened cannabis restrictions, some industry insiders are hopeful the STATES Act will be embraced by the Kentucky senator as well.
Robust sales greet first day of business for Ontario pot stores
How did sales turn out for the first day of bricks-and-mortar pot stores in Ontario? Pretty good, it turns out. Seven out of the 10 Ontario pot stores that opened recorded an average of $50,913 in sales and 867 transactions on their first day of business, according to Cova, which provided an aggregate sales figure for the retail stores that use their software. That compares to an average of $4,976 sales per day per store and 111 average transactions over the first quarter of this year in the rest of Canada’s legal pot dispensaries that Cova tracks. Despite ongoing lineups outside the handful of open pot shops in the province, sales are expected to peter out over the next couple of weeks, Cova’s CEO told BNN Bloomberg.
Aurora, Aphria among winners of new lots to grow medical cannabis in Germany
German newspaper Handelsblatt reported on Wednesday that Aurora Cannabis, Aphria and Demecan, a German-based cannabis company, were all awarded lots to cultivate medical marijuana in Germany. MJBizDaily reported that the three companies were selected as winners of an application process by the German government to increase domestic cultivation of medical-grade pot, based on a points system focused on infrastructure, quality standard, security plans and price. However, unsuccessful bidders will now have 10 days to challenge the government’s decision before the contracts are signed with the winning bids.
Pot pickups: Aurora adds BMO banker to new corporate role; FSD Pharma appoints new scientific chair
Aurora Cannabis bolstered their executive team after hiring Carey Squires as its new executive vice president of corporate development and strategy. The title, part of a newly-created position, will focus on global growth, partnership strategies and investor development, the company said in a release. Interestingly, Squires comes to Aurora from the Bank of Montreal where he was managing director and co-head of the bank’s capital markets division and recently led the financing for Aurora's recent convertible notes offering. Meanwhile, FSD Pharma announced it has appointed Charles Pollack as chairman of its scientific advisory board where he will serve as a strategic guide and resource to the pot producer. Pollack founded The Lambert Center for the Study of Medicinal Cannabis and Hemp at Thomas Jefferson University, in Philadelphia, Pennsylvania, the only comprehensive academic resource for medicinal cannabinoids at a U.S. university.
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