FDA Continues To Deny Further Restrict Marijuana
In a positive development for the cannabis industry, the FDA rejected an application from Drug Watch International, an influential prohibitionist group, which wanted THC and marijuana among restricted over the counter drugs. This is a significant development for the marijuana industry since the acceptance of such a thing would have plunged the industry into chaos. The group had also sent an application in 2017 to add marijuana among ‘negative monographs’.
Cannabis Banking Access
One of the biggest hurdles for cannabis companies in the United States is that the formal banking system is not within their reach since by law banks are barred from offering their services to such companies. It has proven to be a challenge to the growth of the industry in the United States. In July it was announced that the Senate is going to schedule a hearing in which it is going to discuss the matter.
Biggest Stock Movers/News
Canopy Growth's CEO Bruce Linton Is Out
Canopy Growth is the biggest company in the industry and the ouster of its founder and CEO Bruce Linton had been one of the biggest developments of the year so far. In July, it emerged that the former CEO had exercised an option to sell off as much as 33% of his holding in the company. The options allowed Linton to sell the Canopy Growth at prices ranging from $2.95 to $24.12. It also emerged the Mark Zekulin, the co-CEO and currently the President of the company did something similar.