This week, we see that stocks continue to plummet amid wide-spanning industry concerns.
Also, Las Vegas’ new cannabis consumption lounges are prompting onlookers to nickname it, “The New Amsterdam”. Plus, a Kentucky CBD processor is suing a company in Oregon over “worthless seeds”. And Europe’s CBD boom is attracting U.S. investors. All that and more in this week’s CBD Business Weekly Review.
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Cannabis stocks continue to take a battering with the value of the Global Cannabis Index down by over 50% in the last year. This carnage has been starkly evident in the last few weeks as the U.S vaping crisis sent further shivers through the market prompting a fall of over 20% in September, alone, reports New Cannabis Ventures.
As well as the vaping crisis the continued revenue underperformance of the sector’s leaders is sapping the confidence of increasingly pessimistic investors. And CIBC analysts says sales estimates for the legal cannabis industry over the next two years are ‘far too aggressive’ and could lead to significant further stock declines, reports Bloomberg.
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It’s Viva Las Vegas as this desert oasis prepares to allow cannabis lounges and public consumption. No longer will tourists interested in smoking some buds have to worry about hiding behind closed doors. Last week, the Nevada Legislative Counsel Bureau gave the go-ahead for patrons aged 21 years and older to consume cannabis in public places throughout Sin City.
A CBD producer based in Lexington, Kentucky, is suing an Oregon company, claiming they were sold “worthless” hemp seeds that ruined what would have been a multi-million dollar crop. According to Elemental Processing of Kentucky, this crop was “destined to help fulfill the country’s booming demand for CBD”.
Two North American industry service companies have made moves in to the booming European cannabis market. Florida-based Greenlane Holdings – a seller of premium cannabis accessories – is to acquire Conscious Wholesale, a European wholesaler and retailer of consumption accessories, vaporizers, and other products.
Other Trending News:
- Wholesale cannabis flower market remains unaffected as vaping health crisis continues
- 20,000 German Pharmacies To Stock Canadian Firm’s Cannabis
- Zimbabwe Attracts Cannabis Farm Investment From U.K.
- Notice of Allowance Rewarded to SciCann Therapeutics For Its Enhanced CBD Therapy
- U.K. Farmers Union Issues Call For Eco-Friendly Hemp Switch
- Ambitious Diversification Plans Unveiled By U.K Cannabis Firm