All posts tagged: Canada

Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks

Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks

Updated on
  • Colorado’s Gardner says he received assurances from president
  • White House spokeswoman says Gardner statement ‘accurate’

President Donald Trump endorsed letting states decide how to regulate marijuana, in a major boost for the legal pot industry.

Colorado Republican Senator Cory Gardner said that as a result of Trump’s assurances, he’ll end a blockade of Justice Department nominees. Gardner held up the nominees after Attorney General Jeff Sessions rescinded an earlier Justice Department memo that shielded marijuana operations in states like Colorado from enforcement of the federal ban on the drug.

"Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana," Gardner said in a statement Friday. “President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all.”

White House Press Secretary Sarah Huckabee Sanders said Gardner’s statement is “accurate.” She didn’t elaborate.

“The president did speak with Senator Gardner yesterday and again today,” Sanders told reporters Friday at the White House, adding, "the president is a firm believer" in states’ rights.

Marijuana is legal for medicinal use in 29 states and for recreational use in eight.

Marijuana stocks surged on the news, which removed the threat posed by Sessions’s decision in January to rescind an Obama-era policy that helped states legalize recreational pot.

Canada’s Canopy Growth Corp., the largest cannabis producer by market value, jumped as much as 11 percent in its biggest intraday advance since March 5. Medical-marijuana supplier Aphria Inc. climbed as much as 21 percent in Toronto trading.

Gardner said he’s lifting his hold and working with colleagues on legislation that would protect marijuana operations in states that have legalized the drug. The White House didn’t immediately respond to a request for comment.

Trump offered qualified support for legalization while on the presidential campaign trail, saying that medical marijuana “should happen” and that laws regarding recreational usage should be left in the hands of the states.

Sessions, on the other hand, has been an outspoken opponent of state marijuana laws.

The Justice Department under President Barack Obama created guardrails for federal prosecution of the sale and possession of cannabis, which remains illegal under federal law, and allowed legalized marijuana to flourish in states across the country. Under Sessions’s approach, U.S. attorneys in states where pot is legal were given approval to prosecute cases where they see fit.

Read more: http://www.bloomberg.com/

Marissa SafontTrump Backs State-Level Marijuana Regulation, Lifting Pot Stocks
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This Pot Company Posts Record Sales as CEO Eyes Deals

Medical-marijuana company Aphria Inc. posted a 39 percent jump in second-quarter revenue to C$8.5 million ($6.8 million), exceeding the most recently reported figures of larger peer Aurora Cannabis Inc. and giving it the second-highest quarterly revenue of pot-specialty companies globally. Aphria remains upbeat, even as the increased legalization of marijuana is called into question after a move by U.S. Attorney General Jeff Sessions to revoke policies that allowed its spread and warnings of a possible de-listing. At a conference in Toronto on Wednesday, Chief Executive Officer Vic Neufeld stated plans for several acquisitions that will target expansion in four more states.

    Read more: http://www.bloomberg.com/

    Marissa SafontThis Pot Company Posts Record Sales as CEO Eyes Deals
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    This Little Canadian Town Has Become the Nations Pot Capital

    All it took was a little marijuana to lift this Canadian town’s spirits.

    Smiths Falls, Ontario — population 8,885 — is seeing a revival of fortunes since medical marijuana producer Tweed Inc. set up shop four years ago in an abandoned Hershey Co. chocolate factory. The company, since renamed Canopy Growth Corp., has become the world’s largest publicly traded cannabis producer and is the town’s largest private-sector employer.

    “We’re recognized as the pot capital of Canada — and we’re proud of that,” Mayor Shawn Pankow said in an interview from the town hall, a two-story brick building erected in 1859 on the main street. “The local economy is certainly far better today than it was before Tweed came to town.”

    Smiths Falls is on the rebound, with more younger people relocating to this town 75 kilometers (47 miles) southwest of the capital in Ottawa. There’s renewed interest in commercial property, new businesses are arriving and there’s even the odd bidding war on homes.

    “We’re seeing positive impacts really across the economy,” said Pankow, 52, who also runs a financial advisory firm. “People are recognizing that Smiths Falls is a community that’s on the upswing.”

    Canopy has since become one of the darlings of the Canada’s benchmark stock exchange. It’s the S&P/TSX Composite Index’s best performer in 2017 with returns of more than 250 percent as of Friday at noon in Toronto, and is up 40 percent in the past week alone with pot stocks surging ahead of legalization both in Canada and in California.

    Town Welcome

    Tweed took over a former Hershey factory with ambitious plans to grow medical marijuana. Today, the firm has 360 employees — a well-educated workforce that runs the administration, research, growing operations, packaging and shipping from the facility that still has signage and other remnants of its chocolate past. Construction crews hammer away on the next expansion. The parking lot is packed.

    “Smiths Falls welcomed us and we appreciated that,” said Chief Executive Officer Bruce Linton, who says he’s tapping local labor, suppliers and businesses as much as possible as the business gears up for the legalization of marijuana in Canada next summer. “The effect is the town becomes more desirable, and as it becomes more desirable my ability to recruit people who are senior or worldly increases.”

    It’s a stark contrast from a decade ago, when Smiths Falls faced an industry exodus with the shutdown of a Stanley Tools Manufacturing facility and a shuttering of the Hershey plant. That followed months later by the closure of the Rideau Regional Centre for the developmentally disabled. The closures affected more than 1,500 people — one-fifth the population.

    Smiths Falls has faced ebbs and flows of industry throughout its history, stemming back about 190 years when crews came to build the Rideau Canal connecting Ottawa with Kingston. Decades later, the Canadian Pacific Railway arrived to provide a rail connection to the outside world, helping support commerce.

    Reinvents Itself

    “It’s a town that constantly reinvents itself,” said Leisa Purdonbell, 33, who oversees the historical collections in the basement of an 1860s-era house that doubles as a museum. “Businesses have come and gone.”

    Frost & Wood Co., which began making farming equipment in 1846, evolved into a munitions factory during the Second World War that once employed 1,200 people before it closed in 1955. Coca-Cola Co. bottler Rideau Beverages was around until the 1970s.

    RCA Victor, which came to town in 1954, helped introduce The Beatles to North America: the band’s vinyl single “Love Me Do” was pressed at the plant in 1963. RCA Victor, which employed 350 people at its height, left in 1978.

    Hershey came in 1963 and within 25 years had 750 workers and a bustling plant that drew thousands of visitors. At one point, the town’s water tower boasted an image of a Hershey bar and the slogan “Chocolate Capital of Ontario.”

    Low Point

    “When we received notification of Hershey’s leaving and pulling out, and then Rideau Regional quickly after that, we kind of hit that low point,” Purdonbell said. “Thankfully, at the moment, it seems that everybody’s changed their way of thinking into something more positive, and I think businesses see that as they’re coming into the community.”

    Four Degrees Brewing Co. recently opened. European canal boat operator Le Boat has occupied an 1840s-era Lockmaster’s House on the waterway that bisects town. It’s ramping up plans to bring 16 rental boats next summer for tourists to cruise the Rideau Canal, a UNESCO world heritage site.

    Linton, whose company has soared to a market value of more than C$4 billion ($3.1 billion), sees room to further improve Smiths Falls. He wants to expand a retail area at his plant to draw visitors — akin to days when busloads of tourists toured Hershey’s and bought broken chocolate bars on the cheap. Beyond that, he’d like to see more restaurants, meeting places and a hotel to make it a destination spot.

    Hotel Needed

    “What the town lacks is a really great place for people to actually stay,” Linton said.

    Aside from the hubbub over weed, Smiths Falls has another claim to fame: It’s the hometown of Brooke Henderson, the 20-year-old golfer who ranks sixth in earnings this year on the Ladies Professional Golf Association circuit. 

    “We’ve been to Ireland and people there are not familiar with Canopy Growth Corp. or Tweed, but they know who Brooke Henderson is,” Pankow said. “Brooke has been really the face of the community over the last few years, and I would say she still probably carries a bigger presence.”

      Read more: http://www.bloomberg.com/

      Marissa SafontThis Little Canadian Town Has Become the Nations Pot Capital
      read more

      Canadian marijuana advocate blasts hypocrisy of ex-police cashing in on cannabis

      Former public servants and police officers are finding opportunities in the countrys fledgling industry including some who were once adamantly anti-pot

      One of Canadas most prominent marijuana activists has taken aim at former police officers who have entered the countrys fledgling cannabis industry, saying it was hard to stomach that those who spent years sending people to jail for pot offences are now poised to profit as the country moves towards legalisation.

      Its a mix of hypocrisy and pure profiteering, Jodie Emery told the Guardian. They made a living off tax dollars for trying to keep people out of the cannabis business and now theyre going to position themselves to cash in.

      Her remarks come as legislation aimed at legalising recreational marijuana by 1 July 2018 was passed in the House of Commons. The bill will now head to the Senate, paving the way for Canada to become the first country in the G7 to fully legalise the drug.

      Former public servants, politicians and law enforcement officers have gravitated towards the sector, which analysts say could eventually be worth somewhere between C$5bn and C$10bn annually.

      The most controversial of these would-be entrepreneurs is Julian Fantino, a former Toronto police chief who once likened the decriminalisation of marijuana to legalising murder and, just two years ago, declared his complete opposition to legalisation.

      Julian
      Julian Fantino was opposed to legalisation but now is aiming to profit from the likely billion-dollar industry. Photograph: Steve Russell/Toronto Star via Getty Images

      Fantino recently announced that he would helm a company that connects patients to medical cannabis among other services. Medical marijuana is already legal in Canada.

      A former Conservative MP, Fantino was also part of a government that sought to crackdown on marijuana offences, passing legislation stipulating mandatory jail time for those caught with six plants or more.

      At the launch of his company, Aleafia, last month, Fantino waved off questions about his past views. Days gone by, we all had a certain attitude and certain perception of things being what they are and what they were, he told reporters.

      Fantino said he had embarked on a fact-finding mission after being approached by Afghan war veterans who wanted access to marijuana to treat post-traumatic stress disorder and pain. [I] learned a lot about this whole space and medical marijuana and that to me was the conversion, if you will, to enable us to be more helpful to people who are not presently attaining the kind of results from their medication, which is usually opiates. Fantino did not respond to a request for an interview with the Guardian.

      Emery described Fantinos message as deeply offensive. Im always happy to see our opponents admit that we were right by adopting our messaging and what weve been saying for so long, she said. But its hard to stomach when he isnt saying that hes sorry for arresting people for cannabis, hes not saying sorry for ruining lives and trying to prevent access to patients and veterans for all those years.

      Emery who along with her husband Marc own the Cannabis Culture brand, which at one point included more than a dozen marijuana dispensaries across Canada was arrested in March on charges of drug trafficking and possession.

      Her arrest came amid warnings by government and law enforcement officials that despite the legislation snaking its way through parliament, recreational marijuana remains illegal in the country.

      The charges bar Emery, who has been released on bail but faces life in prison, from participating in the marijuana industry once it is legalised. So its sad to think that not only are we not allowed to compete against the cops getting in the pot business, but were still forever branded criminals, she said.

      The government is currently mulling whether those convicted of minor drug offences should be allowed to work in the sector.

      Emery said at least 11 high profile former police officers were now tied to the pot industry, including a former second-in-command with the Royal Canadian Mounted Police who had joined forces with Fantino to head Aleafia.

      Others include a former West Vancouver police chief who has for years consulted for medical marijuana companies and a former deputy of the Toronto police who, after 38 years in law enforcement, began working with marijuana businesses in 2012. The Liberal governments plans for legalisation are being led by Bill Blair, another former Toronto police chief.

      Emery described the situation as unfair. They not only enforced the law against people in a way thats recognised as racially biased, targeting poor, marginalised people but they actively opposed reform to the law, she said. Its like a creationist being put in charge of teaching evolution in university.

      Read more: http://www.theguardian.com/us

      Marissa SafontCanadian marijuana advocate blasts hypocrisy of ex-police cashing in on cannabis
      read more

      This Pot Company Posts Record Sales as CEO Eyes Deals

      Medical-marijuana company Aphria Inc. posted a 39 percent jump in second-quarter revenue to C$8.5 million ($6.8 million), exceeding the most recently reported figures of larger peer Aurora Cannabis Inc. and giving it the second-highest quarterly revenue of pot-specialty companies globally. Aphria remains upbeat, even as the increased legalization of marijuana is called into question after a move by U.S. Attorney General Jeff Sessions to revoke policies that allowed its spread and warnings of a possible de-listing. At a conference in Toronto on Wednesday, Chief Executive Officer Vic Neufeld stated plans for several acquisitions that will target expansion in four more states.

        Read more: http://www.bloomberg.com/

        Marissa SafontThis Pot Company Posts Record Sales as CEO Eyes Deals
        read more

        This Little Canadian Town Has Become the Nations Pot Capital

        All it took was a little marijuana to lift this Canadian town’s spirits.

        Smiths Falls, Ontario — population 8,885 — is seeing a revival of fortunes since medical marijuana producer Tweed Inc. set up shop four years ago in an abandoned Hershey Co. chocolate factory. The company, since renamed Canopy Growth Corp., has become the world’s largest publicly traded cannabis producer and is the town’s largest private-sector employer.

        “We’re recognized as the pot capital of Canada — and we’re proud of that,” Mayor Shawn Pankow said in an interview from the town hall, a two-story brick building erected in 1859 on the main street. “The local economy is certainly far better today than it was before Tweed came to town.”

        Smiths Falls is on the rebound, with more younger people relocating to this town 75 kilometers (47 miles) southwest of the capital in Ottawa. There’s renewed interest in commercial property, new businesses are arriving and there’s even the odd bidding war on homes.

        “We’re seeing positive impacts really across the economy,” said Pankow, 52, who also runs a financial advisory firm. “People are recognizing that Smiths Falls is a community that’s on the upswing.”

        Canopy has since become one of the darlings of the Canada’s benchmark stock exchange. It’s the S&P/TSX Composite Index’s best performer in 2017 with returns of more than 250 percent as of Friday at noon in Toronto, and is up 40 percent in the past week alone with pot stocks surging ahead of legalization both in Canada and in California.

        Town Welcome

        Tweed took over a former Hershey factory with ambitious plans to grow medical marijuana. Today, the firm has 360 employees — a well-educated workforce that runs the administration, research, growing operations, packaging and shipping from the facility that still has signage and other remnants of its chocolate past. Construction crews hammer away on the next expansion. The parking lot is packed.

        “Smiths Falls welcomed us and we appreciated that,” said Chief Executive Officer Bruce Linton, who says he’s tapping local labor, suppliers and businesses as much as possible as the business gears up for the legalization of marijuana in Canada next summer. “The effect is the town becomes more desirable, and as it becomes more desirable my ability to recruit people who are senior or worldly increases.”

        It’s a stark contrast from a decade ago, when Smiths Falls faced an industry exodus with the shutdown of a Stanley Tools Manufacturing facility and a shuttering of the Hershey plant. That followed months later by the closure of the Rideau Regional Centre for the developmentally disabled. The closures affected more than 1,500 people — one-fifth the population.

        Smiths Falls has faced ebbs and flows of industry throughout its history, stemming back about 190 years when crews came to build the Rideau Canal connecting Ottawa with Kingston. Decades later, the Canadian Pacific Railway arrived to provide a rail connection to the outside world, helping support commerce.

        Reinvents Itself

        “It’s a town that constantly reinvents itself,” said Leisa Purdonbell, 33, who oversees the historical collections in the basement of an 1860s-era house that doubles as a museum. “Businesses have come and gone.”

        Frost & Wood Co., which began making farming equipment in 1846, evolved into a munitions factory during the Second World War that once employed 1,200 people before it closed in 1955. Coca-Cola Co. bottler Rideau Beverages was around until the 1970s.

        RCA Victor, which came to town in 1954, helped introduce The Beatles to North America: the band’s vinyl single “Love Me Do” was pressed at the plant in 1963. RCA Victor, which employed 350 people at its height, left in 1978.

        Hershey came in 1963 and within 25 years had 750 workers and a bustling plant that drew thousands of visitors. At one point, the town’s water tower boasted an image of a Hershey bar and the slogan “Chocolate Capital of Ontario.”

        Low Point

        “When we received notification of Hershey’s leaving and pulling out, and then Rideau Regional quickly after that, we kind of hit that low point,” Purdonbell said. “Thankfully, at the moment, it seems that everybody’s changed their way of thinking into something more positive, and I think businesses see that as they’re coming into the community.”

        Four Degrees Brewing Co. recently opened. European canal boat operator Le Boat has occupied an 1840s-era Lockmaster’s House on the waterway that bisects town. It’s ramping up plans to bring 16 rental boats next summer for tourists to cruise the Rideau Canal, a UNESCO world heritage site.

        Linton, whose company has soared to a market value of more than C$4 billion ($3.1 billion), sees room to further improve Smiths Falls. He wants to expand a retail area at his plant to draw visitors — akin to days when busloads of tourists toured Hershey’s and bought broken chocolate bars on the cheap. Beyond that, he’d like to see more restaurants, meeting places and a hotel to make it a destination spot.

        Hotel Needed

        “What the town lacks is a really great place for people to actually stay,” Linton said.

        Aside from the hubbub over weed, Smiths Falls has another claim to fame: It’s the hometown of Brooke Henderson, the 20-year-old golfer who ranks sixth in earnings this year on the Ladies Professional Golf Association circuit. 

        “We’ve been to Ireland and people there are not familiar with Canopy Growth Corp. or Tweed, but they know who Brooke Henderson is,” Pankow said. “Brooke has been really the face of the community over the last few years, and I would say she still probably carries a bigger presence.”

          Read more: http://www.bloomberg.com/

          Marissa SafontThis Little Canadian Town Has Become the Nations Pot Capital
          read more

          Canadian marijuana advocate blasts hypocrisy of ex-police cashing in on cannabis

          Former public servants and police officers are finding opportunities in the countrys fledgling industry including some who were once adamantly anti-pot

          One of Canadas most prominent marijuana activists has taken aim at former police officers who have entered the countrys fledgling cannabis industry, saying it was hard to stomach that those who spent years sending people to jail for pot offences are now poised to profit as the country moves towards legalisation.

          Its a mix of hypocrisy and pure profiteering, Jodie Emery told the Guardian. They made a living off tax dollars for trying to keep people out of the cannabis business and now theyre going to position themselves to cash in.

          Her remarks come as legislation aimed at legalising recreational marijuana by 1 July 2018 was passed in the House of Commons. The bill will now head to the Senate, paving the way for Canada to become the first country in the G7 to fully legalise the drug.

          Former public servants, politicians and law enforcement officers have gravitated towards the sector, which analysts say could eventually be worth somewhere between C$5bn and C$10bn annually.

          The most controversial of these would-be entrepreneurs is Julian Fantino, a former Toronto police chief who once likened the decriminalisation of marijuana to legalising murder and, just two years ago, declared his complete opposition to legalisation.

          Julian
          Julian Fantino was opposed to legalisation but now is aiming to profit from the likely billion-dollar industry. Photograph: Steve Russell/Toronto Star via Getty Images

          Fantino recently announced that he would helm a company that connects patients to medical cannabis among other services. Medical marijuana is already legal in Canada.

          A former Conservative MP, Fantino was also part of a government that sought to crackdown on marijuana offences, passing legislation stipulating mandatory jail time for those caught with six plants or more.

          At the launch of his company, Aleafia, last month, Fantino waved off questions about his past views. Days gone by, we all had a certain attitude and certain perception of things being what they are and what they were, he told reporters.

          Fantino said he had embarked on a fact-finding mission after being approached by Afghan war veterans who wanted access to marijuana to treat post-traumatic stress disorder and pain. [I] learned a lot about this whole space and medical marijuana and that to me was the conversion, if you will, to enable us to be more helpful to people who are not presently attaining the kind of results from their medication, which is usually opiates. Fantino did not respond to a request for an interview with the Guardian.

          Emery described Fantinos message as deeply offensive. Im always happy to see our opponents admit that we were right by adopting our messaging and what weve been saying for so long, she said. But its hard to stomach when he isnt saying that hes sorry for arresting people for cannabis, hes not saying sorry for ruining lives and trying to prevent access to patients and veterans for all those years.

          Emery who along with her husband Marc own the Cannabis Culture brand, which at one point included more than a dozen marijuana dispensaries across Canada was arrested in March on charges of drug trafficking and possession.

          Her arrest came amid warnings by government and law enforcement officials that despite the legislation snaking its way through parliament, recreational marijuana remains illegal in the country.

          The charges bar Emery, who has been released on bail but faces life in prison, from participating in the marijuana industry once it is legalised. So its sad to think that not only are we not allowed to compete against the cops getting in the pot business, but were still forever branded criminals, she said.

          The government is currently mulling whether those convicted of minor drug offences should be allowed to work in the sector.

          Emery said at least 11 high profile former police officers were now tied to the pot industry, including a former second-in-command with the Royal Canadian Mounted Police who had joined forces with Fantino to head Aleafia.

          Others include a former West Vancouver police chief who has for years consulted for medical marijuana companies and a former deputy of the Toronto police who, after 38 years in law enforcement, began working with marijuana businesses in 2012. The Liberal governments plans for legalisation are being led by Bill Blair, another former Toronto police chief.

          Emery described the situation as unfair. They not only enforced the law against people in a way thats recognised as racially biased, targeting poor, marginalised people but they actively opposed reform to the law, she said. Its like a creationist being put in charge of teaching evolution in university.

          Read more: http://www.theguardian.com/us

          Marissa SafontCanadian marijuana advocate blasts hypocrisy of ex-police cashing in on cannabis
          read more