Juneteenth Comments
On Monday, President Biden marked the holiday by promoting his cannabis pardons and rescheduling efforts. “I have taken action on marijuana reform by pardoning prior District of Columbia and Federal simple marijuana possession offenses and directed a review of marijuana scheduling,” Biden said on the federal holiday, which was established under legislation he signed in 2021. Biden previously commented that April is "Second Chance Month" for people who served in prison. This was a way to highlight the cannabis pardons, which were announced in October, and to celebrate them in the same month that gives us the unofficial cannabis holiday, 420. HHS & FDA are currently reviewing cannabis as a Schedule 1 drug and commented earlier in the month that they hope to have their opinion written out by the end of the year.
Nevada reform
Governor Joe Lombardo announced last week that they have approved a bill that makes several reforms to the state’s cannabis laws, including more than doubling the limit on adult-use cannabis possession and purchases and allowing all adult-use dispensaries to sell to medical patients. The new law makes several significant changes to Nevada’s laws governing marijuana. In 2001, the state legalized medical marijuana, followed by the legalization of adult-use cannabis with the passage of Question 2, a 2016 ballot measure that legalized recreational marijuana in Nevada for adults 21 and older. On another note, yesterday, state regulators approved the first three cannabis consumption lounges, paving the way for the state's first public spaces which allow cannabis use.
Canopy class action lawsuit
Yesterday, The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Canopy Growth Corporation (CGC). The securities class action alleges that Canopy made false and/or misleading statements and/or failed to disclose that: (1) there were material weaknesses in Canopy’s internal controls over financial reporting; (2) there were problems with Canopy’s reporting related to how it booked its BioSteel Sports Nutrition Inc. (“BioSteel”) sales; and (3) as a result of the foregoing, the Company overstated its revenue. Investors who purchased the Company's securities between May 31, 2022 and May 10, 2023, are encouraged to contact the firm before July 24, 2023.
