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Another busy week in cannabis saw the stock market post generalized losses, as Amazon.com Inc. (NASDAQ:AMZN) came out in support of the federal legalization of marijuana, announcing it will drop marijuana testing requirements for some of its workers. Dave Clark, CEO of Amazon’s worldwide consumer division, said in a blog post that the e-commerce giant will actively support the Marijuana Opportunity Reinvestment and Expungement Act of 2021 (MORE Act), which would decriminalize marijuana at the federal level. The bill was reintroduced in Congress last Friday. Canopy Growth Corporation (TSX:WEED) (NASDAQ: CGC) reported its fourth quarter and fiscal year 2021 earnings with a net loss for the year amounting to CA$1.7 billion ($1.41 billion), representing a CA$283 million wider loss versus FY 2020. ....
On Monday, Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) announced it s purchasing Harvest Health & Recreation Inc. (CSE:HARV) (OTCQX:HRVSF) for roughly $2.1 billion in stock. Harvest shareholders will own roughly 26.7% of Trulieve s issued and outstanding pro forma shares on a fully diluted basis. Commenting on the deal, Debra Borchardt, CEO of Green Market Report, told Benzinga, “The acquisition is likely to come with its fair share of headaches. Harvest Health has a mountain of debt and lots of lawsuits over various deals. Still Trulieve is certainly on a quest to become a nationwide company and this will certainly help pave the way.” ....