Welcome to Insider Cannabis, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom.
It was a busy week for the cannabis team here at BI as we gear up for the election on November 3. We'll have a ton of great stories breaking down the cannabis policy implications of the vote, as five states — including that state right across the river from us, New Jersey — weigh various legalization measures.
We spoke with Compass Pathways CEO George Goldsmith in one of the company's first interviews since its IPO.
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Compass Pathways went public on the Nasdaq in September, and its stock popped over 70% on the first day of trading. It's now valued at well over $1.2 billion. The company is developing synthetic psilocybin — the chief psychoactive ingredient in "magic" mushrooms — to help alleviate treatment-resistant depression.
Harvest Health & Recreation raised 30 million Canadian dollars in a bought deal with Eight Capital and other underwriters. The cannabis MSO has a significant footprint in Arizona, which is voting on legalization on November 3.
Montana's Supreme Court rejected a lawsuit that sought to remove a pair of marijuana legalization initiatives from the ballot.
A group of marijuana companies and trade associations has sued the city of LA and its Department of Cannabis Regulation over what the groups call onerous delivery restrictions that don't let them obtain licenses until 2025, reports the AP.
THC focused stocks in 2020 have fared better than CBD ones, according to Viridian Capital Advisors, which compared a handful of cannabis company stocks in the first 40 weeks of 2020.
THC-first companies like Curaleaf, GTI, Harvest, and others have thrived on the market with increased revenues and better trading volume, according to the advisory firm, while CBD companies have been negatively affected by excess production and declining prices this year:
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