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Did you know that today marks the 50th 4/20 holiday, the informal holiday celebrated by cannabis users across the world? While accounts of the origin of the term vary, 4/20 was reportedly coined by a group of Northern California high schoolers in 1971.
Flash forward 50 years, and while cannabis isn t officially legal at the federal level, there are only six states left in the U.S. in which cannabis is totally illegal in any form. Most U.S. states have legalized at least medical cannabis, and the November elections may have marked a tipping point in recreational cannabis legalization.
The Event Will Include Over 30 Video Presentations By Publicly Traded Cannabis Companies in the Hemp and CBD Space
SRAX (NASDAQ:SRAX), a financial technology company that unlocks data and insights for publicly traded companies through Sequire, its SaaS platform, will be hosting a cannabis-focused virtual conference, held on April 20th, 2021 (or as some call it, 4/20) from 11:30 AM – 5:00 PM EST. Each company will have 25 minutes to present to a wide-ranging audience of over 500,000 investors. The virtual conference will also host interviews and talks with major Cannabis leaders such as Steve DeAngelo the Co-founder of
Harborside (CSE:HBOR) (OTCQX:HBORF), The Acrview Group, The Last Prisoner Project and the Radio Free Cannabis Podcast.
In spite of some good news on the legalization front, cannabis stocks traded down this week, largely driven by lackluster earnings reports out of big Canadian companies.
On Monday, New Mexico became the latest state to legalize adult-use cannabis, after Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act. Sales are expected to begin before April 2022.
Following a legalization wave led by New York and Virginia, this approval puts more than 43% of Americans living in legal cannabis jurisdictions, according to The Marijuana Policy Project.
Switzerland will officially launch a trial version of a legal recreational cannabis market on May 15. The Swiss Federal Office of Public Health noted that the trial aims to offer “a scientific basis for the future regulation of cannabis.”
Bluma Wellness Inc. (CSE:BWEL) (OTCQX:BMWLF) in an all-stock transaction.
The Chicago-based company announced Wednesday it has closed the previously announced deal to purchase the cannabis retailer for $213 million.
Transaction Details: Under the terms of the agreement, Cresco obtained 184,814,281 Bluma shares, or all of its issued and outstanding shares.
Each Bluma share was equal to 0.0859 of one of Cresco’s subordinate voting shares. The Florida-based company received 15,875,449 Cresco shares in return.
Clarus Securities Inc., INFOR Financial Inc., and Gowling WLG (Canada) LLP were Bluma’s advisors for the sale transaction, Cresco said earlier.
Why It Matters: The acquisition allowed Cresco to enter the Florida medical cannabis market, bringing its operational footprint to ten states.