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Coronavirus has the whole country on edge. While many Americans are busy stocking up on toilet paper and other household products, others are stocking up on marijuana. To help ease their minds during this chaotic time, Americans are turning to CBD and THC products to relieve their stress. According to the Hollywood Reporter , in the last couple of days, cannabis businesses in Los Angeles and New York have seen a huge surge in sales. The anxiety of growing COVID-19 cases across the globe is sending people into a panic. “People are in scarcity mode. The streets are emptier, but specific businesses like grocery stores and dispensaries are seeing more people than usual — and people are stocking up and purchasing in bulk,” Steve Lilak, the head of sales for California cannabis company NUG , said. For cannabis company Caliva , where rapper Jay-Z serves as the Chief Brand Strategist, they’ve reportedly seen double-digit growth for the month of March. “We have seen an increase in our...
Cannabis startups are having a tough time raising funds due to ambiguous state laws and conflicting federal laws. Although there are 11 states and the District of Colombia that have legalized recreational marijuana use, it is still illegal — according to federal law — to possess or sell marijuana. As a result, big banks and investors are skeptical of investing in cannabis startups but not Snoop Dogg, who isn’t new to the world of venture capital (VC). The rapper’s venture capital firm, Casa Verde Capital, stepped in to lead the charge of providing marijuana startups with access to funds. GreenMarket reports that Casa Verde led a $7 million funding round for Bespoke Financial, an investment firm created to provide startup founders with business loans that they otherwise would not be privy to because of investor’s skepticism of the cannabis market. In a Penta interview , Casa Verde’s partner — Karan Wadhera — explained that Snoop approached him in 2014. He encouraged him to become...
Last year, the city of Oakland launched its equity permit program, an opportunity for longtime residents and city natives convicted of marijuana-related crimes to take advantage of the booming cannabis industry. Alphonso T. Blunt Jr. and Brittany Moore are some of the first beneficiaries of the program. The two founders recently launched Blunts + Moore, the city’s first equity marijuana dispensary. In 2015, Black people made up 77 percent of cannabis-related arrests, despite being just one-third of the city’s population. This compares to just 4 percent of white people. “Oakland means a lot to me,” Blunt, a longtime Oakland resident, told the East Bay Express . “I’m hoping to help bring change to the city.” To be eligible for the equity program applicants must have a cannabis conviction in the last 22 years or 10-year residency in a neighborhood with disproportionate cannabis arrests and an income of 80 percent or less than the city’s average. The program passed in 2016 with a...
Coca-Cola may be eyeing the marijuana industry, specifically drinks infused with CBD — the non-psychoactive ingredient in cannabis. The company is currently in talks with Aurora Cannabis, a Canadian marijuana producer, to develop the drinks, according to BNN Bloomberg TV . Aurora’s CEO Terry Booth said the company has spoken to at least three other beverage companies about making cannabis-infused drinks. Aurora’s stock jumped up to 23 percent on Monday, leveling off at $8. Other drink companies are also looking into investing in cannabis drinks. Constellation Brands Inc., the maker of Corona beers, announced that it is investing an additional $3.8 billion into Canadian cannabis producer Canopy Growth Corp, according to CNBC. Marijuana is still illegal on a federal level. According to the Pew Research Center, nearly 60 percent of Americans support the legalization of marijuana, but black Americans are more likely to feel its consequences. The American Civil Liberties Union said that...