CBD Company Now Owns Large Chunk of Jones Soda
Consumer interest in CBD has exploded.
According to a Rabobank report, CBD has been entering food and beverage products – beer, coffee, jelly beans – at an “astounding pace.” And while CBD does remain illegal in foods and beverages on a national level, the market appears poised for even more product launches.
Hawaii Becomes the Latest State to Decriminalize Marijuana
As marijuana legalization sweeps the U.S., Hawaii just became the 26thstate to decriminalize marijuana possession.
Under the new law – effective January 11, 2020 – possession of up to three grams of marijuana will no longer be punishable by jail time. Interesting to note, Democratic Gov. David Ige did not sign the bill, but he did miss the veto deadline, which allows the measure to become law.
Major Retailers Quickly Waking up to Explosive CBD Market Growth
When it comes to cannabis, major retailers are just beginning to jumping on board.
Green Growth Brands Inc. for example, just announced it expanded with Abercrombie & Fitch to sell Seventh Sense CBD products in over 160 stores. "Abercrombie & Fitch understands how to connect with their target-customer, not just in the U.S. but across the globe,” said Green Growth Brands CEO, Peter Horvath. “They have incredible brand recognition in our current target markets and beyond, and we are excited at the prospect of building our partnership together.”
Hearing for Federal Marijuana Law Reform Scheduled for Next Week
A U.S. House subcommittee has scheduled a hearing for July 10, 2019 to begin conversations on reforming federal marijuana laws. The hearing, called, “Marijuana Laws in America: Racial Justice and the Need for Reform,” will discuss potential pathways to a major overhaul of federal cannabis law.
Illinois Becomes 11th State to Approve Recreational Use
The cannabis boom is here to stay.
As legalization just begins to sweep the U.S., Illinois just became the 11thstate to legalize its recreational use. Democratic Gov. J.B. Pritzker signed the bill into law just yesterday, helping the state to join 10 others and the District of Columbia in allowing recreational use. The legislation takes effect on Jan. 1, 2020.
CBD Sales: Kroger Co. Jumps on the Cannabis Bandwagon
CBD just got another major shot in the arm.
Just days ago, Kroger announced it would sell CBD products in nearly 1,000 stores. While it won’t sell CBD-infused groceries yet, it will carry CBD topical products, including creams, balms and oils in 945 stores across 17 states.
The Top 3 Cannabis Performers of 2019 So Far
In recent weeks, cannabis stocks have struggled.
However, the long-term story is still strong and intact. More states are approving its use. Corporate America has quickly woken up to the immense opportunity. The global community is racing to keep up with demand. And it won’t be long before the U.S. full legalizes its use at the federal level. Still, even with those catalysts, we’ve seen cannabis stocks pull back.
Second Hand Profits: Surprising Companies with Cannabis Exposure
With the world quickly catching the marijuana buzz, it only makes sense that some of the biggest companies in the world would want a piece of the potential. After all, it’d be foolish to ignore the pot industry’s multi-billion-dollar potential. It all comes down to the almighty dollar.
Marijuana sales are booming nationwide. And firms like Cowen & Co. believe sales of cannabis will skyrocket from $6 billion in 2016 to $75 billion within the next 12 years. In addition, global consumer spending on pot may reach $32 billion by 2022, according to U.S. research firms Arcview Market Research and BDS Analytics.
It’s a sign of the times with corporate America jumping on board.