Canopy Growth on Thursday launched a cannabis wellness company with rapper Drake, the latest weed-related tie-up with a celebrity, even as investor sentiment sours on the industry.
With pot illegal federally in the U.S., many companies in the industry struggled to find landlords willing to rent space and ended up owning property.
The North American Marijuana Index, which tracks the leading cannabis stocks in the U.S. and Canada, has fallen more than 52% in the past 12 months.
Amid the recent volatility in pot stocks, there is one group that appears to be capitalizing on the cannabis industry: the banks advising on a flourishing deal market for these companies.
Constellation Brands’ multibillion-dollar wager on Canopy Growth is huge – record setting even – but a much larger story is lighting up across the cannabis industry: Wall Street has arrived.
The start to 2019 looks to be much more promising for the cannabis industry than last year. If you'll recall 2018 began with then Attorney General Jeff Sessions rescinding the Cole Memorandum.
The 2018 Farm Bill Trump signed earlier this month allows for hemp cultivation and the transfer of hemp-derived products across state lines for commercial or other purposes.
Cannabis-related companies raised nearly $13.8 billion so far this year, compared to just $3.5 billion in 2017, according to data from Viridian Capital Advisors, a financial and strategic advisory firm for the cannabis industry.
*Marijuana remains illegal under federal law. The Federal Government does not recognize marijuana to have any medicinal values. Marijuana cultivation, possession, consumption, sales, and distribution are illegal under federal laws and also certain state laws. Please note that there are differences in marijuana laws from one state, county, or city to another.
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