The 2018 Farm Bill will be filed next week and includes a provision to legalize the cultivation of industrial hemp, which, among many other things, can be used to produce CBD. We’ll be keeping a close eye on developments in this realm.
In other political news, Utah’s legislature passed a compromise medical marijuana bill.
This week was dominated by news out of Cronos Group Inc. CRON, +21.72% as speculation mounted around one of them being a potential partner for tobacco giant and Marlboro maker Altria Group Inc MO, -0.40%
In addition, Cresco Labs started trading on the CSE under the ticker CL, while TILT Holdings debut under the TILT symbol.
In the words of Debra Borchardt, CEO of Green Market Report, “This week was definitely a tale of two cannabis companies… Cronos Group won that relationship in a multi-billion deal, while Aphria came under a short seller attack.”
Related Link: Marlboro Maker Altria Takes 45% Stake In Cronos Group
“We’ve known for a long time that tobacco would want to get into cannabis, but we figured they would wait until it was federally legal,” Borchardt added. “Apparently they got nervous that by waiting they were going to lose out. So this wasn’t a surprising announcement. For Aphria, time will tell whether the short seller was correct in his analysis or not.”
Last weekend, the cannabis industry lost one of its most beloved people, Brett Roper, CEO of Medicine Man Technologies Inc MDCL, -2.90% Check out our tribute to this mentor, teacher, pioneer and activist: “How Medicine Man Tech’s Brett Roper Changed The Cannabis Industry For The Better—And Why He Will Be Missed.”
Over the week, the United States Marijuana Index, which tracks most of the largest marijuana stocks in the U.S., lost 8.4 percent, while the North American Marijuana Index, which also