Cannabis stock report: Pot stocks have middling day as industry continues its search for accountability following George Floyd’s death
Cannabis stocks were hanging on by a thread on Thursday as The North American Marijuana Index barely broke even, gaining 0.05 points to hit 105.55. Investors in the US saw minimal gains, with The United States Marijuana Index increasing by 0.66 points to 50.59, while up in Canada, investors took a big hit. The Canadian Marijuana Index dropped 6.12 points down to 183.21.
Meanwhile, the NASDAQ fell to 10,910.28, losing 140.19 points or 1.27 percent. The NYSE dropped to 12,948.45 for a loss of 49.41 points or 0.38 percent.
The industry took a step forward towards accountability on Thursday, with the National Cannabis Industry Association endorsing The Accountability List. Begun by Cannaclusive, an advocacy and consulting group that supports minority representation in the cannabis industry, the list is an updated resource where businesses and companies can share information on their efforts at diversity.
The list was announced earlier this year in response to the national demonstrations that arose from the death of George Floyd at the hands of police, another in a string of too many deaths of African Americans caused by overbearing and racist forces. Its goal is to see which companies are putting forth actionable efforts at social justice, inclusion, and diversity, and which ones are merely laying out public relations spin for the media and their bottom line.
“This list serves as a call to hold ourselves accountable to ensure a diverse and inclusive industry,” said Mary Pryor, co-founder of Cannaclusive in a statement, “as well as to be in active solidarity with communities harmed by the drug war as a means to end it and to reverse its impacts."
“As more and more states regulate cannabis and we get closer to ending federal prohibition, it is increasingly important to make sure that the people who have been most harmed by the war on drugs are not left behind as the industry is taking root,” said Aaron Smith, co-founder, and chief executive officer of the National Cannabis Industry Association in a statement.
He continued: “The Accountability List gives businesses the opportunity to show consumers, the industry, and policymakers what they are actively doing to promote fairness and inclusivity in cannabis and beyond. We encourage everyone in the cannabis space to stand up for justice, be honest about where they can improve, and commit to doing so in the most forthright and transparent ways possible.”
Information for the list may be submitted for inclusion by filling out this survey. Additionally, the NCIA is using a database called InclusiveBase, which is maintained by Cannaclusive and ALMOSTCONSULTING to promote Black, Indigenous, and people of color owned cannabis businesses.
Cannabis stock winners and losers
Green Growth Brands Inc. (GGBXF) hit $0.027, a gain of $0.006 per share or 28.57 percent. Vireo Health International Inc. (VREOF) rose $0.155 up to $1.05, a gain of 17.32 percent. Harborside Inc. (HBOR:CNX) gained $0.13 per share up to $1.05, an increase of 14.13 percent.
Zenabis Global Inc. (ZENA:CA) fell down to $0.07, a loss of $0.025 or 26.32 percent. Cansortium Inc. (CNTMF) fell $0.0217 per share down to $0.31, a decrease of 6.54 percent. MedMen Enterprises Inc. (MMNFF) fell $0.0106 per share down to $0.165, a loss of 6.04 percent.
Cannabis product recall in Germany
Marijuana Business Daily reports that a German cannabis company called Cannamedical had to recall a batch of cannabis flower due to contamination above acceptable levels. Including Tilray, the site says that this is the third cannabis recall in the country this summer.
“On Tuesday, Cannamedical voluntarily started a recall of one batch of flower of our ‘Sativa’ variety because contamination has been detected by two of our pharmacy clients as well as in some product containers reviewed by our quality assurance team,” David Henn, CEO of the German independent wholesaler, told MJBizDaily.\
“We have informed our respective authorities and made the mandatory announcement to the Drug Commission of German Pharmacists (AMK),” the CEO continued. “We take this very seriously as we aim to ensure the biggest possible quality for our patients at all time.”
In other cannabis stock news…
Politico reports that the House will not vote on cannabis legalization until after the Election. They were scheduled to vote on the MORE Act, but it looks like politics will come before freedom.
The NFL kicked off its first season under a new labor agreement allowing for cannabis use this year.
And finally, a CBD oil company asks, “What’s America’s Favorite Donut Shop?”