CGC BEVERAGES | SHORT BIAS
Canopy Growth CEO David Klein is focused on the beverage opportunity. The company’s recently launched cannabis beverages and apparently sales are off to a hot start. He said in a recent interview, “The drinks that we have in the marketplace are really good. “When we survey consumers who have tried them, over 75% of those consumers say that they would repurchase the product again, which is a very high repurchase rate.” The beverages, Tweed Houndstooth & Soda and Tweed Bakerstreet & Ginger, shipped in March and April, respectively. One of the first cannabis-infused beverages on the market from a major cannabis producer. Constellation Brands, (STZ | BEST IDEA LONG) is betting its new cannabis-infused beverages can grow to dwarf even the exploding hard seltzer industry by offering an even healthier alternative to beer. That is the hope anyway!
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ARIZONA LEGALIZATION?
A poll found that two-thirds of likely voters in Arizona would support a marijuana legalization measure if it were on the November ballot. That is a meaningful shift in voters since late last year when 54% of voters were in favor. The campaign behind the legalization effort said it had collected enough signatures in April to qualify for the ballot, but they are being verified by the state. Cannabis sales would be taxed at 16%.
CONNECTICUT MEDICAL EXPANSION
The Regulations Review Committee of the Connecticut General Assembly approved the Department of Consumer Protection (DCP) regulations that add two new conditions to the Medical Marijuana Program for adults only. These additions are based on recommendations made by the Medical Marijuana Board of Physicians. Additions to the program are Chronic Pain of at least 6 months duration associated with a specified underlying chronic condition refractory to other treatment intervention; and, Ehlers-Danlos Syndrome.
