It’s time for your Daily Hit of cannabis financial news for Wednesday, July 14th, 2021.
On the Site
Federal Cannabis Legalization Bill is Proposed
Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) released the full text of their federal draft marijuana legalization bill called the Cannabis Administration and Opportunity Act. A public comment period is open until September 1.
In general, the legislation aims to deschedule cannabis, expunge prior records, fund equity programs, remove collateral consequences, and transfer regulatory authority for marijuana to the Food and Drug Administration and other federal agencies.
Audacious Buys Loos Beverage Company
Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF) is buying a cannabinoid-infused shot beverage company called LOOS. The company which is also known as Gary Maverick Inc. is based in Santa Cruz, California. The amount of the transaction was not disclosed.
The products are based on a unique nano-emulsion technology platform for rapid onset, are all-natural, vegan, gluten-free and low sugar, and low calorie.
Trulieve Drawn Into Burnett Trial in Tallahassee
While Florida-based cannabis company Trulieve (OTC: TCNNF) is not involved in the trial of businessman John “J.T.” Burnette, the company can’t help but get dragged into the trial. Burnette is the husband of Trulieve CEO Kim Rivers and she has been attending the hearings as noted with court drawings.
According to the case, Burnette and Tallahassee City Commissioner Scott Maddox flew to Vegas in December 2016, where they met up with undercover agents posing as Mike Miller, owner of Southern Pines Development, an FBI front company; Mike Sweets, a medical marijuana entrepreneur, and Brian Butler, a “green energy” businessman. Burnette is being charged with racketeering, extortion, fraud and making false statements.
In Other News
Beach Haven, New Jersey Says No Cannabis
Beach Haven has joined other New Jersey municipalities to ban the sale of cannabis in their jurisdiction. Pursuant to New Jersey’s laws, “all cannabis establishments, cannabis distributors or cannabis delivery services are prohibited from operating anywhere in the Borough of Beach Haven, except for the delivery of cannabis items and related supplies by a delivery service.”
Rapper Travis Scott Launches Cannabis Line
Rapper and boyfriend to makeup mogul Kylie Jenner, Travis Scott is the latest celebrity to launch a cannabis line, named Cactus Farms. Teaming up with Connected Cannabis, a self-described designer cannabis brand, Scott’s line is an “indica-leaning hybrid [that] has a dense, purple bud structure that smokes with the same experience as sipping a fine wine.”
Cactus Farms is now available for purchase in California and Arizona.
The Daily Hit: July 14th, 2021 on Green Market Report. -