Grocery chain retailer Whole Foods Market has opened the door to the possibility of selling cannabis at a future date.
During a panel conversation with The Texas Tribune, John Mackey, CEO of Whole Foods, an Amazon (NASDAQ:AMZN) company, answered a question from an audience member about whether Amazon would ever sell edible insects by introducing the idea of cannabis sales.
“If cannabis is ever passed in Texas,” Mackey said, “chances are good that grocery stores will be selling that, too.”
In Canada already, a national retail brand has entered the cannabis sales market. Pharmacy retailer Shoppers Drug Mart, a Loblaw Companies (TSX:L) subsidiary, sells medical cannabis through an online portal.
This move was approved as the retailer obtained a sales license from the Canadian authority on cannabis regulation.
If Texas follows a similar legalization path to other peer states, licenses could become available for the sale of medical or recreational cannabis legally.
According to its list of stores by states, there are 34 Whole Foods Market stores in Texas.
The Austin-based grocery retailer was acquired by Amazon in June, 2017 for US$13.7 billion.
In a recent note to investors Vivien Azer, managing director and senior research analyst specializing in the beverage, tobacco, and cannabis sectors for Cowen (NASDAQ:COWN) raised her projection of total cannabis sales to US$80 billion by 2030 in the US.
State of marijuana laws in Texas
In March, Texas lawmakers moved forward with hearings for a bill seeking to remove criminal penalties for people caught with up to an ounce of marijuana.
This isn’t a full decriminalization policy, but a step on the path to it as a sweeping movement of legalization falls across the US.
Currently Texas has allowed for medical cannabis to be legalized for intractable epilepsy patients, according to Houstonia.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Pineapple Express Delivery Partners with CannTrust to Offer Same-Day and Next-Day Delivery for estoraTM Medical Cannabis Patients in Ontario
Ensuring estoraTMpatients have seamless access to their high-quality medical cannabis products
World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”) is pleased to announce that its subsidiary Pineapple Express Delivery Inc. (“Pineapple Express Delivery” or “PED”), a leading logistics technology company offering compliant and secure delivery of controlled substances and regulated products, has partnered with CannTrust Inc. to bring same-day and next-day delivery to estoraTM medical cannabis patients in Ontario
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.