Congress Will Again Debate Federal Marijuana Legalization this Week
Palm Beach, FL – January 14, 2020 — Cannabis is back in Congress. Just months after the House Judiciary Committee approved the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, cannabis legalization will be the subject of another debate in and Commerce Subcommittee, reports Marijuana Moment. “As public opinion continues to evolve and cannabis policies change at all levels of government, it’s important to bring federal agency officials together to discuss current and future federal cannabis policies,” Energy and Commerce Chairman Frank Pallone (D-NJ) and Health Subcommittee Chairwoman Anna Eshoo said. “We’re particularly interested in examining the implications of changing marijuana’s schedule listing, the potential of cannabis research, and federal efforts to review and approve cannabidiol products.” As excitement builds for potential rescheduling, it’s creating sizable opportunity for companies including Terrace Global Inc. (TSX-V:TRCE), OrganiGram Holdings Inc. (NASDAQ:OGI)(TSX-V:OGI), The Green Organic Dutchman (TSX:TGOD)(OTCQX:TGODF), Canopy Growth Corporation (TSX:WEED)(NYSE:CGC), and Charlotte’s Web Holdings Inc. (OTCQX:CWBHF) (CSE:CWEB).
Terrace Global Inc. (TSXV:TRCE) BREAKING NEWS: Terrace Global Inc. just announced that effective January 13, 2020, John Chou has been appointed as the Company’s Chief Financial Officer. John brings extensive expertise in financial reporting and in dealing with operations in emerging markets, having served in a number of senior roles in his over fifteen years of professional experience. Previously, John was the Vice-President, Finance of Gran Colombia Gold Corp., a leading gold producer with operations in Colombia. Prior to that John was the Vice-President, Finance of Frontera Energy Corp., a leading oil and gas producer in Colombia and previously a senior associate with Deloitte in Toronto. “We are very pleased to have John join our team. His global experience will be a key as for us as we grow our businesses internationally,” commented Francisco Ortiz von Bismarck. “We would like to thank Leon Dadoun for his time with the Company and wish him every success going forward.”
Other cannabis-related developments from around the markets include:
OrganiGram Holdings Inc. (TSXV:OGI)(NASDAQ:OGI) announced the first of its ‘Cannabis 2.0’ products have been released, including Trailblazer Spark, Flicker and Glow 510-thread Torch vape cartridges. Shipments of the custom-designed cartridges were sent to Manitoba, Saskatchewan, Ontario, New Brunswick and Nova Scotia, starting December 17, from the Company’s Moncton production campus. The first release from Organigram’s suite of vaporizer offerings affirms the Company’s commitment to supporting Canadians’ access to a variety of regulated recreational cannabis products. “As a company, bringing the next-generation of cannabis products to market without delay was important to us. We are proud to support access to tested, quality derivative-based products that we expect to help strengthen the regulated market and benefit those who prefer those product types over others,” said Greg Engel, CEO, Organigram. “Being one of the first licensed producers in the country ready to provide vape products, following the expiration of Health Canada’s 60-day notification period, illustrates that degree of focus and commitment. It speaks to an extraordinary effort by our internal teams who helped bring the Trailblazer Torch to market.”
The Green Organic Dutchman (TSX:TGOD)(OTCQX:TGODF) announced changes to streamline its leadership structure. The Company’s President, Mr. Csaba Reider, will be departing the organization. Mr. Reider’s duties will be assumed by the Company’s CEO, Brian Athaide. Mike Gibbons, Vice President of Sales, is also leaving the organization. Robert Gora, Vice President of Medical Commercialization, will assume the consolidated role of Vice President, National Sales, leading sales and revenue generation across medical and recreational channels. “The changes we announce today are part of a comprehensive review of our operations to reduce costs and improve cash flow. This will result in significant G&A savings and a leaner more efficient organization. We are also very focused on ramping up production, expanding our product portfolio with innovative organic products and gaining market share across the country.” commented Brian Athaide, CEO of TGOD.
Canopy Growth Corporation (TSX:WEED)(NYSE:CGC) announced that it will be working with a total of ten recently-announced Ontario retail license holders to open new Tokyo Smoke branded retail cannabis stores across the province. In addition to the five locations announced in November 2019, the following five locations are now progressing through the process to open doors in 2020: 1180 Queen Street West, Toronto, ON; 21 Bloor Street East, Toronto, ON; 235 James Street North, Hamilton, ON; 2257 Rymal Road East, Unit D-1, Stoney Creek, ON; 1000 Wellington Avenue Unit 101, Ottawa, ON. “With ten new stores set to open in the first half of this year, we are pleased with the momentum we’ve built and excited to bring the Tokyo Smoke experience to more Ontarians,” said Rade Kovacevic, President, Canopy Growth. “Increasing Tokyo Smoke’s presence across the province will expand access to high-quality cannabis products and education, continuing to migrate cannabis sales from the illicit to the regulated market.” Once licensed, this will bring the number of Tokyo Smoke branded retail cannabis stores in Ontario to a total of 12, joining Tokyo Smoke 333 Yonge at Dundas Square in Toronto, and Tokyo Smoke Oshawa. All ten of the new locations have been posted to the Alcohol and Gaming Commission of Ontario’s (“AGCO”) website and nine have completed the Public Notice period, progressing to the next stage in the licensing process.
Charlotte’s Web Holdings Inc. (OTCQX:CWBHF)(CSE:CWEB) announced that it has closed its previously announced underwritten public offering for aggregate gross proceeds to the Company of C$66,250,000. A total of 5,000,000 units of the Company, at a price of C$13.25 per Unit were sold pursuant to the Offering. The Offering was led by Canaccord Genuity Corp., together with a syndicate of underwriters including Cormark Securities Inc., Eight Capital, and PI Financial Corp. Each Unit was comprised of one common share of the Company and one half of one common share purchase warrant. Each Warrant will be exercisable to acquire one common share for a period of 2 years following the closing date of the Offering at an exercise price of C$16.50 per Warrant Share, subject to adjustment in certain events. Charlotte’s Web has also granted the Underwriters an option (the “Over-Allotment Option”) to purchase up to 750,000 additional Units of the Company on the same terms as the Offering, exercisable within 30 days of the closing of the Offering. Net proceeds from the Offering will be used primarily to fund the Company’s business development and for general working capital purposes. The Units were offered in each of the provinces of Canada, other than Québec, pursuant to the Company’s base shelf prospectus dated April 8, and were also offered by way of private placement in the United States to “qualified institutional buyers”. The terms of the Offering are described in a prospectus supplement dated November 27, 2019.
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