Mexico looks to be closer than ever to cannabis reform, with the country releasing its regulation plans to make the drug legal in medical settings.
Meanwhile, despite the financial hardships seen recently in the Canadian cannabis market, CEOs in the country are still receiving top dollar, as per a new study.
Keep reading to find out more cannabis highlights from the past five days.
Mexico moves forward with medical cannabis
This past week, the Mexican health ministry showed its intentions when it comes to cannabis policy, publishing its regulations for the medical use of the drug.
A Tuesday (January 12) report from Reuters indicates the new policy was signed off on by Mexican President Andres Manuel Lopez Obrador.
“(The regulation) is not aimed at patients growing their own cannabis, it is aimed at pharmaceutical companies producing pharmaceutical derivatives of cannabis which are classified as controlled substances that need prescription,” Luisa Conesa, a pro-cannabis lawyer in the country, told Reuters.
According to Conesa, the regulations will be very strict. While product imports will be allowed in some capacity, cannabis exports from Mexico won’t be permitted.
In addition to the new medical rules, the country plans to move ahead with recreational cannabis use reform in the near future.
Cannabis CEOs among the highest paid in Canada
A new market research review from the Center for Policy Alternatives (CCPA) indicates that cannabis CEOs are seeing some of the biggest salaries across the board in Canada.
The study, first reported by Marijuana Business Daily, shows Canadian CEOs across all industries made 202 times what the average worker made in 2019; that’s down from 2018, when the difference was greater. The average pay for the nation’s top 100 CEOs in 2019 was C$10.8 million.
Irwin Simon, CEO of Aphria (NASDAQ:APHA,TSX:APHA), was the highest-paid cannabis CEO in Canada in 2019, repeating from 2018, with total compensation of C$18.4 million for the year.
The CCPA said it won’t know the numbers for 2020 until the spring, but projections are showing that leading CEOs continued to see high financial rewards.
Study author and CCPA Senior Economist David Macdonald said policymakers need to step up their efforts to guarantee that companies getting financial support from government sources don’t boost the capital gains of their executives.
Cannabis company news
- Village Farms International (NASDAQ:VFF,TSX:VFF) confirmed a new offering resulting in the sale of over 10 million shares in the company. It expects to see gross proceeds of US$135 million.
- TerrAscend (CSE:TER,OTCQX:TRSSF) finished the second stage of construction at its Boonton, New Jersey, cannabis facility, reaching approximately 80,000 square feet of indoor cultivation.
- Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) upped the size of a previously announced public offering. The company will now seek to collect C$60 million in gross proceeds from selling 8.5 million shares at a price of C$7 each.
- Ayr Strategies (CSE:AYR.A,OTCQX:AYRWF) laid out the details of a new equity shares offering that will secure the company gross proceeds of approximately C$137 million. The firm will offer 4 million shares at a price of C$34.25 each.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).