House Veteran's Affairs Approves New Legislation, Tilray's 90 Million Dollar Cap Raise and Lebanon
By: Infinity Broadcast Network
In Michigan, the state's Marijuana Regulatory Agency is temporarily allowing curbside pickup at cannabis retail stores in an effort to limit social interaction during the coronavirus epidemic. They've also lifted the requirement that deliveries must be made only to the address on a customer's ID, as well as committed to expediting the processing of delivery service license requests.
In Maine, regulators award conditional licenses to 16 marijuana retail stores, 10 cultivation facilities, 4 manufacturing plants, and a nursery in preparation for the state's recreational cannabis sales launch, which was originally planned for March but is now expected in June. The winning businesses were chosen out of over 200 applicants.
In South Dakota, American Indian tribe the Oglala Sioux vote to legalize medical and recreational marijuana on the Pine Ridge Reservation. While the tribal council won't establish specific regulations until the end of the month, initial plans suggest that they'll license individuals for production and retail as well as establish a cannabis sales tax. If South Dakotans vote in favor of medical and adult use cannabis legalization measures on the November ballot, the tribe could benefit as the first growers and sellers in the state's cannabis market.
Tilray announces a 90 million dollar capital raise in which they'll offer shares at 4.76 dollars each, a twenty percent discount from the previous day's closing price. The Canadian cannabis giant intends to use the funds for general corporate purposes.
Also Zenabis Global downsizes by laying off 33 percent of corporate staff and 22 percent of its workforce overall. The company also announced plans to sell a 25,000 square foot cultivation and processing facility in Delta, British Columbia, in an effort to scale back operations after initially overestimating market demand.
Overseas, Lebanon's parliament is set to vote on a draft bill to legalize medical and industrial cannabis cultivation. The law, which would establish a licensing commission as well as a THC limit of one percent, is being promoted as a way to boost the country's economy and curb its illicit market. While government officials predict the Lebanese cannabis industry could generate up to a billion dollars annually, critics point out the bill's restriction on licensing those with past marijuana-related convictions.
Written by Jacqui Verdura and Micah Tatum