Cannabis Industry News
Cowen’s Cigarette & Cannabis Circular Highlights
THE COWEN INSIGHT
Our Cowen Cigarette & Cannabis Circular highlights important news in the tobacco and cannabis industry for the week ending 7/26/2019.
- Health Canada announced May dry cannabis volumes increased 7% QoQ while oil volumes increased 19.2%.
- Quebec will introduce rules to ban the sale of cannabis candies and desserts as well as topical products.
- House Judiciary Committee Chairman Jerry Nadler (D-NY) and Senator Kamala Harris (D-CA) introduced legislation to decriminalize cannabis at the federal level.
- According to a new Gallup poll, adults between 18 and 29 years old are more likely to smoke cannabis (22%) than cigarettes (14%).
- In a Senate Banking Committee hearing, Chairman Mike Crapo (R-ID) did not commit to supporting the SAFE Act. See our colleague Jaret Seiberg’s note here.
- New York lawmakers that sponsored the 2019 legislation to legalize cannabis vowed to renew their push for legalization in 2020.
- One of the new Thailand government’s top priorities will be to develop a medical cannabis market.
- IMB made a C$123 mm strategic investment in XLY. See our note here.
- CTST terminated CEO Peter Aceto with cause while its Chairman Eric Paul resigned at the request of the Board of Directors.
- CURA received a warning letter from the FDA for marketing CBD products with unsubstantiated claims.
- ATD made an investment in FAF, with warrants that could increase its ownership up to 50.1%.
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- The FDA announced the launch of its first e-cigarette prevention TV ads educating kids about the dangers of e-cigarette use.
- U.S. Representatives Rosa DeLauro (D-CT) and Kelly Armstrong (R-ND) introduced legislation to prevent online sales of e-cigarettes to minors.
- JUUL’s role in youth e-cigarette incidence was the subject of a two-day hearing in the House of Representatives Oversight and Reform committee. Separately, a Florida law firm filed a motion to ban the sale of JUUL across the U.S.