U.S. Agencies Seize Huge Narcotics and Acreage Holdings Pulls On MMJ Market

LOS ANGELES - June 17, 2020 - PRLog -- A significant seizure was made by Numerous U.S. agencies including The Dea, Homeland Security and the Coast Guard. The significant offload of cocaine and marijuana was seized in the Eastern Pacific Ocean and Caribbean Sea weighing a WHOPPING 33,000 pounds. Authorities estimate the drugs are worth 438.5 million dollars.  At Port Everglades in Fort Lauderdale, DEA Acting Administrator Timothy J. Shea, states the agency is "committed to bringing narco-traffickers to justice, and to dismantling their organizations across the nation and around the world."

In Vermont, a bill allowing for the automatic expungement of records for those with cannabis-related offenses passes the state senate by voice vote, paving the way for thousands of misdemeanor convictions to be cleared. The legislation also reduces the penalty for surpassing the legal personal possession and cultivation limit of an ounce or two plants, for up to two ounces or four plants, from possible jail time to a hundred dollar fine. The pending bill still needs to pass the Vermont house before heading to the governor's desk.

Acreage Holdings pulls out of the state's MMJ market, closing its manufacturing facility in Cedar Rapids. While the plant was closed for two months due to COVID-19, industry insiders are blaming Iowa's draconian program parameters. Now the sole manufacturer MedPharm said they have also struggled to get a footing in the state's market.

Shwazze is set to purchase 13 Starbuds dispensaries and a cultivation facility in Colorado for 118 million dollars in cash and stock. The deal continues Schwazze's 11-company buying spree, of which at least two acquisitions have fallen through. According to unaudited results, the 14 Starbuds locations collectively earned approximately 50 million dollars in revenue last year. The transaction is expected to close during the third quarter of 2020.

Organigram Holdings agrees to supply Israeli firm Canndoc with 3,000 kilograms of dried cannabis, with the option for an additional 3,000, by the end of 2021. The deal will significantly increase the amount of imported cannabis into the country, as only one kilogram was shipped from Canada last year. It also provides an expansion opportunity for Organigram, by allowing the companies to launch branded medical products together in the Israeli and EU markets over the next 7.5 years.

Bermuda lawmakers release draft rules for an adult-use cannabis program, which would legalize possession and sales of up to 7 grams for adults 21 and over. Guidelines would  establish a regulatory agency to oversee the program, expunge past cannabis-related convictions, and create seven different types of licenses including ones for cultivation, research, and international trade. The proposed legislation is part of broader reform efforts across the Caribbean, and is subject to public feedback until July 3rd.

Written by Jacqui Verdura

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