Welcome to Cannabis Daily - Your daily guide to cannabis news, industry trends and trade ideas in under 5 mins.
Episode Summary:
SSIC to IPO at $14 per share.
Big news of the day yesterday, SAFE Banking Act passes the house for a sixth time.
New York Senator filed legislation to encourage recycling of marijuana packaging.
Canopy growth Corp had some photos come out that said they were moldy plants in their facility yesterday. Benzinga reached out Mario Castillo, their VP of manufacturing says these photos are completely out of context. There was an irrigation malfunction at a facility and the plants would not have passed a quality control test and will have been slated for destruction.
The NFL awards $1 million to study the impact of cannabis and CBD on pain management.
Can Pets Get high off secondhand cannabis smoke? , the answer is yes, but they don't like it and it's not good for them.
Elliot's Winners of The Day:
- Columbia Care(OTCQX:CCHWF)
- Silver Spike Inv(NASDAQ:SSIC)
- Dr Reddy's Laboratories(NYSE:RDY)
Hosted & Produced By:
Elliot Lane
Aaron Thomas
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The Information Contained on this Podcast is not intended as, and shall not be understood or construed as, financial advice
Unedited Transcript:
Good morning, my friends, it is feel-good Friday. And this is Elliot lane, host of cannabis daily here at Benzinga. You will be joined once again by Aaron Thomas producer here in a little bit to drop a few headlines on us from around the space. But first and foremost, we're going to do what we do every week, day, dive into some industry news and talk about what is happening with your investors.
Companies in this space first and foremost, let's go to tier one multi-state operator, Columbia care, CCH HWF on the OTC exchange. They open their next cannabis dispensary in West Virginia, expanding to the great state of West Virginia at first. Five planned locations in the state. The next three are expected this spring.
They are of course, going to be battling true leave there who has already had a presence in West Virginia for several months. Now I'm not going to say a year yet because I'm not sure it's been a year, but. They'd been there for a hot second. So it'd be interesting to see how they do get out for the top spot for market share in West Virginia.
Next up silver spike investment, quarterly pricing. It's IPO at $14 per share for a total of around 6,071,000. 429 shares. They're expected to begin trading today on the NASDAQ, under the ticker S I C a little bit of background about silver spike net proceeds from the offering will be used for further investment in the space.
SSI is a newly organized specialty finance company formed to invest across the cannabis ecosystem through investments in the form of direct loans. Two and equity ownership of privately held at cannabis companies. So SSI C is going to be a wonderful investment vehicle of sorts, obviously a direct investment, but they will be an interesting vehicle for private cannabis shareholder.
Next up Dr. Reddy's laboratories or nicey listed R D Y will acquire a German based cannabis company. Nimbus health Nimbus is focused on wholesale in the German medical cannabis market. They also educate pharmacists about medical cannabis products. So Dr. Reddy's laboratories a pretty well known by a tech biotech diving into the international medical cannabis.
Industry. So keep an eye on them and maybe a new stock for us to watch ya. Big news of the day yesterday, safe banking passes the house for a sixth time. It will. Now the overarching bill, the text was a part of should be passed today as well. But the safe banking act is now often this. Off the Chuck Schumer and squad.
Once again, let's all cross our fingers. Say a prayer, send good vibes. Do what you gotta do. Turn around three times and do jumping jacks, whatever you feel might help here. Let's hope safe banking makes it a little further. AKA The Senate speaking of a Senate, New York Senator filed legislation to encourage recycling of marijuana packaging by bringing back said packaging to any dealer that sells the same brand type and size.
The caveat here being you cannot get a recycling refund in New York state. If you did not purchase the original product in the. And this is not the first time I have heard about a initiative like this week. Actually there's a company I believe in Illinois that is looking to do the same thing with retailers.
So packaging recycling may become a norm in this industry, which of course sustainability is always a plus for companies. And those that jump on this bandwagon sooner rather than. Could be fan favorites, Washington governor is proposing to you is $125 million in marijuana tax revenue to aid communities targeted by the one drugs.
I love that. I think most of the cannabis industry will appreciate that it's going back to the community. And finally, for me, before we get Aaron Thomas over here, canopy growth Corp had some photos come out that said they were moldy plants in their facility yesterday. Benzinga and other sources reached out Mario Castillo, their VP of manufacturing says these photos are completely out of context.
There was an irrigation malfunction at a facility and the plants would not have passed a quality control test and will have been slated for destruction. That is quite the tagline slated for destruction, going to be Elliot lane slating you for destruction. A mold is not your regular, according to Castillo for large cannabis companies.
So they do have protections and standards in place. For that to not be the norm or for it to not reach consumers. All right. Y'all, that's all we're going to do today. If you want a winner for me, I'm going for Columbia care. I'm going for keep an eye on SSI, see today and what their IPO does. And finally let's give a round of applause to our D Y for being another mover into the international cannabis scene.
Now. Ladies and gentlemen, drum roll, please. Aaron Thomas. What's up brother? What's up Elliot. You are too kind that intro. Oh man. Oh man. Hey man. It's all with the voice. Maybe one day. They'll get me a soundboard by one day. Hey. Got it. I'll work on it, but what's up zinger, nation. Good to be back one of my favorite parts of the week I missed out, let's say, I think I missed the last two weeks.
Yeah. We had a new, what, once this year we need to get back on track. We need more air in comments. Yes, and that's my fault. But we are back at it and I'm happy to be back. So let's get right into it. The NFL awards, $1 million to study impact of cannabis and CBD on payment on pain management, the NFL, the national football league today announced the award of $1 million in research funding to two teams medical researchers at the university.
California San Diego and university of Regina, the studies will investigate the effects of cannabinoids on pain management and neuroprotection from concussion and elite football players, respectively. Very interesting. Yeah. I liked that a lot. I think ultimately a lot of this has been studied on.
And as it's of course being studied, but I think the NFL investing in this is the actual storyline. And I think the NFL perhaps getting on board and getting behind this will ideally encourage all professional sports leagues to do the same. And obviously there's a huge issue with long lasting brain injuries and issues for football players.
So this, for one, if they are investing in therapies and medicines for football players to live a healthier lifestyle and healthier life during and after they play there's no. I see that could possibly be an issue there. So props to the NFL, I love that $1 million. Isn't going to get them super far and I'm glad they're investing in it.
Yeah. I think it's also important to note that a lot of NFL players, they get into cannabis after. After they retire or after they stopped playing and they say they come out and they say that they use cannabis during their whole NFL career, but they had to hide it. So hopefully this study allows more open use of cannabis and using it as a recovery method.
I love that. Drop the stigma. Let's get ready. Yes. All right, let's get onto the next one. This is the, this is all I got for you guys today. I'm going to keep it short and sweet, but this one's a little, this one's a little, a cool story. Can pets get high off secondhand cannabis smoke? So the story came out originally in 2019, but it was updated.
Just last week. So if you ever wondered if your pets can get high, the answer is yes, but they don't like it and it's not good for them. Massive strides have been made recently when it comes to understanding our animal friends, the men, their inability to self-report obviously makes it impossible to ever know what's actually going on.
So second secondhand cannabis smoke may seem innocuous. Does. Do you know, anyone who legit gets high from secondhand smoke for, but for pets, it's different and much scarier pets, animals, especially cats and dogs have more cannabinoid receptors than people. So they feel the effects of THC more strongly.
I didn't know. I know that educational, although I have to say, I'm not sure. Inherently tried to get my dog. Hi. But that being said this is a great study. Don't keep your pets near you when you're smoking or don't shock on your pets. Let's just not. And while there's not much evidence that CBD oil is bad for pets.
If there's just as little, that is good for them. It would be wise to consult with a vet before undertaking any course treatments. So we're also keep in mind. Y'all verify that the CBD products you're giving your pets are actually. Tested in real, there was a lot of products out there that probably aren't.
But there are some great companies out there. So just do your research CBD on limited has some great pet products. Probably I would imagine CBD MD, maybe Charlotte's web a lot of the major CBD companies probably do. So just do your research there, but in terms of pets being high the, I, for whatever reason, I can't get the image of a.
Being super effected by fireworks and eight fireworks, animals just hate fireworks. Yeah, I would imagine things are heightened for them in ways. And for me, I don't know why I'm just having a lot of empathy right now about dog Shanghai and there being fireworks subjects.
I'm going down a deep rabbit all year. But those. Solid don't get your pets high. And the NFL is jumping into supporting the cannabis space and research. I love it, my friend. Thank you so much. Of course. That's why I'm here and happy to be back. Of course. Thrilled also y'all if you missed it yesterday, Benzinga on February 3rd, hosted a fam.
Tastic panel on what investors can expect from federal legalization in 2022, Javier hear-say our good friend moderated. The panel was Sarah Chase, Brady cob, and Tom Zuber, three industry leaders and experts and they gave some amazing insight into what you should look for and what we can hopefully see happening in the industry.
Starting with safe banking, which recovered here. Thanks as always for tuning. Come meet us in Miami BZ, cannabis.com four 20 and 4 21. Aaron and I will be there along with the CEOs of Tilray sundial. You'll have CEOs of tilt CEOs of pretty much every major operator there. Every one of them come here for them.
Be there or be square. Aaron, anything else you want to drop before we head to the weekend? Just everyone have a great and safe weekend. Thank you for joining us. And review us. Yes. Love that. Awesome. Peace out. Y'all we'll see you. Please. Hey investors. Thanks so much for tuning in to Benzing. As cannabis daily stock picks and news podcast everyday pre-market.
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