Marijuana Business News

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Synonyms: 
stocks
business
Wed
18
Mar

Are Cannabis Stocks Worth Buying Right Now

The coronavirus has had a big impact on the world’s economy, and even more so on the financial cannabis market. While the S&P Index has seen a 17% drop, various marijuana companies have experienced a drop of 30% and more. Of course, this raises the question of whether it’s a good time to buy cannabis stocks right now, and if there’s any chance of finding a bargain.

Wed
18
Mar

Coronavirus Pandemic Closes Amsterdam’s Cannabis Cafes

As the outbreak of the novel coronavirus COVID-19 continues to spread across the United States and Europe, government officials in the Netherlands ordered the closure of schools, restaurants, bars, and other businesses including cannabis cafes. The announcement from the Dutch ministers of health and education on Sunday led to long lines outside the country’s famed ‘coffeeshops’ in Amsterdam and other cities as customers rushed to buy pot before they closed. The closures were ordered to begin at 6 p.m. Sunday and are expected to remain in effect until April 6.

Wed
18
Mar

Will legal marijuana stores close? Americans stock up on pot for coronavirus quarantine

Add marijuana to the list of essential supplies Americans are stocking up on as they prepare to confront the coronavirus outbreak.

"Apparently people need weed and toilet paper, that I am sure of," said a laughing Wanda James, 56, who owns the Simply Pure dispensary in Denver. "They are absolutely stocking up."

Tue
17
Mar

4 Cannabis Stocks You'll Regret Not Buying During This Correction

Batten down the hatches, because volatility has returned in a big way for the stock market. Over a 12-session stretch, ending this past Tuesday, March 10, the 123-year-old Dow Jones Industrial Average logged its three biggest single-day point gains in history, as well as six of its 11 largest single-day point drops of all time.

If you're a short-term trader, these moves have been nauseating. But if you're a buy-and-hold investor, this volatility has been an opportune time to buy great businesses on the cheap.

Tue
17
Mar

Cannabis lounges not 'very profitable,' says Colorado lounge owner

Cannabis cafes have been a bit of a disappointment in one of the cities which spearheaded the movement to legalize weed.

“We’re very happy to have them, they just aren’t profitable,” said Rita Tsalyuk, owner of The CoffeeJointCo, a cannabis cafe in Denver, Colo.

The cafes in that city currently operate on a bring-your-own weed model — they are not permitted to sell any cannabis products.

There is no smoking allowed but users can, “dab, use vape pens, and consume edibles.”

The experience in Colorado should raise concerns in Ontario where provincial officials are now conducting an online consultation designed to come up with rules for cannabis cafes and lounges.

Tue
17
Mar

Michigan temporarily allowing curbside marijuana pickup amid coronavirus concerns

In order to limit exposure to the coronavirus, Michigan is temporarily allowing curbside pickup at marijuana stores across the state.

Additionally, the state Marijuana Regulatory Agency in a statement issued Monday, March 16, encouraged medical marijuana patients and recreational marijuana customers to place delivery orders when possible. There are about 15 recreational marijuana retailers and 66 medical marijuana dispensaries approved for home delivery, according to the state licensing website.

Tue
17
Mar

The busiest pot shop in Massachusetts has halted recreational sales amid coronavirus outbreak

The busiest recreational marijuana dispensary in Massachusetts has halted sales to the general public, as others ban walk-in customers to comply with new rules aimed at slowing the spread of the coronavirus.

In response to Gov. Charlie Baker’s new restrictions on public gatherings, New England Treatment Access announced Monday that their store in Brookline will only be open to medical patients going forward — and that adult-use purchases would be “temporarily paused.”

Tue
17
Mar

Canopy Growth closing legal pot shops amid virus outbreak

Canopy Growth Corp. is temporarily shutting down its corporate-owned cannabis stores across the country Tuesday due to the COVID-19 outbreak, the company said in a statement. 

Canopy, which owns 23 legal cannabis stores in Manitoba, Saskatchewan and Newfoundland and Labrador, will close its stores for an undetermined period of time at 5 p.m. local.  It is also closing its visitors centre located at its headquarters in Smiths Falls, Ont. 

“We have a responsibility to our employees, their families, and our communities to do our part to ‘flatten the curve’ by limiting social interactions. For us, that means shifting our focus from retail to e-commerce," said David Klein, chief executive officer of Canopy Growth, in a statement. 

Tue
17
Mar

California Cannabis Brands Send Letter To State Requesting Exemption From Lockdown

Cannabis retailers in California haven’t had the easiest go of legalization. Issues such as illicit storefronts dotting Los Angeles as well as an ever-shifting set of regulations from the BCC have been the reality of California’s adult-use market. This past week the cannabis industry, along with the rest of North America, was hit with a new problem in COVID-19.

COVID-19, or Coronavirus, has taken the world by storm since first appearing in the Wuhan province of China more than 4 months ago. Now entering pandemic stages some states have taken drastic steps to help ‘flatten the curve’ or curb the ever-increasing infection rate. One of these steps to ‘flatten the curve’ has been social-distancing and event closures across the country.

Tue
17
Mar

Coronavirus Fears Drive Cannabis Delivery Sales Higher

The nation's rapid shift into social distancing and isolation has been lousy for most segments of the U.S. economy, but one niche seeing significant growth in recent days is the licensed cannabis sector, home to companies like Curaleaf (OTC:CURLF), and Cresco Labs (OTC:CRLBF). 

During the week that ended March 13, retail locations across the country's largest legal cannabis market, California reported increasing delivery sales. Employees at privately held Ganja Goddess, a delivery service provider operating in California, say they have seen a 10% increase in sales each week for the past three weeks.

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