Cannabis stocks jump after Wednesday’s debate
Cannabis stocks jumped yesterday after Wednesday night’s VP debate where Democratic vice president nominee Kamala Harris said, “We will decriminalize marijuana, and we will expunge the records of those who have been convicted of marijuana.” Marijuana ETF MJ rose 5.5%, having its best session since the beginning of June. CRLBF, CURLF, CCHWF, and GTBIF closed between 8.9% to 10.8% higher, while CGC, APHA, and ACB closed between 10.3% and 13.5% higher.
Harris has supported cannabis decriminalization even before joining Biden as his running mate. Harris is the lead Senate sponsor of the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act – the act sought to remove cannabis from the Controlled Substances Act and facilitate federal expungements for minor charges and incentivize state and local governments to do the same.
Recreational sales start in Maine today.
Following earlier news this week of Vermont legalizing recreational usage, recreational sales are set to begin in Maine today. Although Maine voters approved legal adult-use sales in 2016, the state only issued its first licenses last month. Those of legal age will be allowed to purchase up to 2.5 oz. of a combination of marijuana/marijuana concentrate.
So far, eleven states, most recently Vermont, and D.C. have legalized adult-use. With Maine included, ten states will have launched adult-use sales.
Curaleaf closes on Massachusetts’ acquisition.
Curaleaf announced that the Massachusetts Cannabis Control Commission (CCC) had approved the company's previously announced acquisition of Alternative Therapies Group ("ATG"). In August of 2018, Curaleaf agreed to acquire ATG's 53,600 square foot cultivation and processing facility in Amesbury, Massachusetts. In connection with the acquisition, ATG's dispensaries located in Amesbury, Salisbury, and Salem will be spun off and continue to operate under the ATG brand and supplied by Curaleaf. The closing of the ATG transaction is expected to be completed in the coming days. The company is vertically integrated in Massachusetts with licensed cultivation and manufacturing facilities and operating four dispensary locations.