Today in the world of cannabis: As more U.S. states approve cannabis legalization, cannabis stocks take a dive, Oregon becomes the first state in the nation to legalize medical magic mushrooms, and a Canadian cannabis producer launches a new line of canna-bath
Cannabis News Update November 9, 2020
Today in the world of cannabis: As more U.S. states approve cannabis legalization, cannabis stocks take a dive, Oregon becomes the first state in the nation to legalize medical magic mushrooms, and a Canadian cannabis producer launches a new line of canna-bath bombs.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what's happening within the cannabis industry.
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First up: In a report by Axios, share prices of cannabis stocks dropped the day after a handful of states approved either recreational or medical cannabis legislation following the ending of the voting period during the U.S. presidential election.
Arizona, Montana, New Jersey, and South Dakota are among the states that voted to legalize adult cannabis use, joining 11 other states and the District of Columbia. Due to the federal illegality of cannabis in the U.S., investors often have to invest in companies such as Aurora and Tilray, both of which are headquartered in Canada.
According to Axios: “Companies such as Canopy Growth, Aurora Cannabis, Tilray, and Cronos all saw declines of at least 8% Wednesday. Marijuana ETFs also tumbled, including the $600 million ETFMG Alternative Harvest ETF (MJ) by more than 3%, the AdvisorShares Pure Cannabis ETF (YOLO) by 0.65%, the Cannabis ETF (THCX) by 2.8%, [and] the Global X Cannabis ETF (POTX) by 4.2%.”
And next: Marijuana Moment reports that voters in Oregon have approved Measure 109, a first-in-the-nation ballot measure to legalize the adult use of psilocybin mushrooms for therapeutic purposes.
According to the legislation, licensed patients may obtain psilocybin in a medically controlled environment without any restrictions on the patient’s type of condition. State regulators will be responsible for establishing a system of licensing, manufacturing, and testing of products by January 2, 2023.
In August of this year, Representative Earl Blumenauer showed support for the ballot measure in an email blast.
“Measure 109 gives Oregonians who suffer from depression and anxiety the opportunity to overcome their mental health challenges through a program designed for safety and support,” the congressman said. “It’s healthcare policy done right, and it will help thousands.”
Last up: In a report by Globe Newswire, the cannabis producer Eve & Co has announced that it has begun to ship their first orders of cannabis-infused bath bombs, marking the company’s first cannabis product geared toward women.
“We are very excited to be officially launching our bath bomb products infused with full spectrum cannabis distillate. Our women-led team has worked very hard to create an exceptional product. We are proud to be the first company offering cannabis-infused bath bombs in Canada,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
Included in the product line are two types of bath bombs: The Boss, a lemon, grapefruit, and sweet orange “balanced formula [meant] to empower and take on the day with exceptional boldness,” and The Dreamer, a lavender and chamomile formula “meant to calm the soul and soothe the body at the end of a long day.”