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Nug News – Weekly Cannabis Update October 4, 2020

Cannabis News Update October 4

Weekly Cannabis News Update October 4, 2020

With New Jersey Set to Legalize Recreational Marijuana, Attention Turns to How to Profit

The support is sky high, pun obviously intended, for New Jersey voters to approve recreational marijuana in their state.  As November 3rd fast approaches, the cannabis industry in general is repositioning itself for another record breaking quarter.  In all legal states cannabis sales have exceeded even the most optimistic predictions.  This is particularly true since the lockdowns began and a new normal emerged for the way people live their lives, at home, with cannabis.  Large cannabis companies did quite well financially however others did not and the reasons are varied but most who went public too soon regretted not exercising a bit more patience.  New Jersey expects to not only make record profits from sales to people living in the state, they also expect to get a lot of out of state cannabis tourists from nearby states such as Pennsylvania and New York.  Currently investors are making the smart decision to diversify where they put their financial support, spreading it out to not only growers and sellers but also cannabis adjacent industries.  These often over looked but essential companies that support the recreational market are wise investment choices as New Jersey gets ready to go full steam ahead with recreational marijuana after the measure is approved.  Click here for more details.

Weekly Cannabis News Update October 4, 2020

Canopy Growth Co. is Going Big with a Line of Cannabis Drinks

One of the biggest companies in the cannabis industry, Canopy Growth Corporation is introducing a new line of cannabinoid drinks.  2020 has not been a good year for most people and for many companies as well.  Canopy Growth Co, was not immune to a challenging and unpredictable economy and following a 32% drop in their stock price, decided to make some changes.  Working with investors such as Constellation Brands, who happen to own Corona Beer, you really can’t make this stuff up, have announced an upcoming line of cannabinoid beverages.  Noting that with the impressive growth of the cannabis market, some consumers who prefer not to smoke their marijuana are feeling left out.  Rightfully so and in the edibles market, many people don’t have the knowledge or confidence to make their own edibles at home, mostly due to dosage concerns.  So far there are some cannabinoid beverages on the market however most are not selling well due to taste issues and lack of promotion by dispensaries.  Canopy Growth Co. plans to change that and they are not the only ones with this idea.  Former boxer Mike Tyson plans to get into the ring (yes it had to be said) as well with his own cannabinoid beverage business.  That is some serious competition!  How it plays out will largely depend on the quality and taste of the beverages and the companies’ ability to position their products well.  Stay tuned to see how Canopy does against Iron Mike.  Click here to read more about this topic.

Weekly Cannabis News Update October 4, 2020

Arkansas Medical Marijuana Industry Facing Product Shortages, Prices Climbing

Just as your economics professor told you, it’s all about supply and demand.  The Arkansas Medical Marijuana community is living proof of that principle.  Presently there are three cultivation facilities up and running and that is proving to not be nearly enough to meet the demands of not just Arkansas’s medical marijuana patients but those from some nearby states as well.  Arkansas allows out of state medical marijuana patients to obtain a temporary 30 day card and clearly many patients in nearby states, especially Missouri, have taken advantage of this opportunity.  Even with two more cultivation facilties scheduled to be up and running by year’s end, it is still not enough to keep up with the demand and the prices are rising as a result.  As with so many states that allow medical marijuana sales, recreational or both, the demand from patients and customers has shocked the industry.  More growers are needed in Arkansas and this may be the beginning of a trend nationwide as people prepare for what could be a long winter.  More details on the problem Arkansas medical marijuana patients and the industry are facing can be found here.

Be sure to check out: Marijuana Banking and Labeling Law Changes Approved by California Governor

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