Weed Week: American rapper Jay-Z is throwing his weight behind cannabis
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Californian cannabis company Caliva has signed on billionaire rapper Shawn “Jay-Z” Carter to promote its brand as the drug becomes legal recreationally in more states.
Caliva said Jay-Z, as the company’s chief brand strategist, would “play a crucial role driving creative direction, outreach efforts and strategy for the brand”.
Michigan is getting closer to allowing recreational marijuana sellers into its state after it released emergency regulations for businesses planning on entering the space, Radio Michigan reported recently.
Though sales could still be some months away, with the Marijuana Regulatory Agency only starting to accept business license applications from November 1 this year and approvals expected to start a month later.
Meanwhile, the non-profit Drug Policy Education Group plans to file two ballot petitions that would legalise all cannabis sales and use as well as expunge the records of low-level pot offenders, Talk Business & Politics reported this week.
Nearly 60 per cent of Aussie pot stocks have advanced over the past week, but just 25 per cent have made gains in the past year (or in the case of Ecofibre and Althea, since they listed).
The most significant news this week came from THC Global (ASX:THC), which is finally on the path to production in Queensland.
The company announced this morning it has secured a manufacturing licence from the Australian Office of Drug Control for its facility in Southport.
It’s been a lengthy approval process for THC, which first lodged its application for the site in the fourth quarter of 2017.
THC shares shifted up 5 per cent over the past week to 48c.
That news also lifted EVE Investments (ASX:EVE) because the two companies have a deal under which THC will supply EVE-owned Meluka Health with medicinal cannabis.
EVE shares kicked up 20 per cent over the week to 0.6c.
Zelda Therapeutics’ (ASX:ZLD) shares have climbed 19 per cent over the past week, most likely on the back of news that it had got the go-ahead to test medical marijuana as a way to reduce opioid use among people with chronic non-cancer pain.
St Vincent’s Hospital Melbourne is launching the trial immediately and results should come through by the end of the year.
Impression Healthcare (ASX:IHL) struck a deal to supply Myoderm North America with its Dronabinol product for a sleep apnoea trial.
The company has also applied for an import permit from the Office of Drug control for its first batch of Dronabinol product for the trial.
Shares are up 3 per cent to 4.2c.
Data-tracking technology company Dotz Nano (ASX:DTZ) is now cannabis-adjacent.
The company announced this week it had entered into an agreement with Seàch Medical Cannabis Group, an Israeli company, to use its tracking technology for Seàch’s cannabis plants.
The news didn’t seem to resonate with investors though, with shares slipping 3 per cent over the week to 3.8c.
Medlab Clinical (ASX:MDC) is up 6 per cent this week to 37c after reporting a 135 per cent jump in revenue.
The company banked over $3m in revenue for the June quarter and achieved year-on-year growth of 50 per cent.