Investor
Ideas #Potcasts 648, #Cannabis News and #Stocks on the Move- (CSE: $TRUL.C) (NASDAQ: $LSDI)
Delta, Kelowna, BC, February 23rd, 2023
(Investorideas.com Newswire), investorideas.com, a global news source covering leading sectors
including marijuana and hemp stocks and its potcast site
release today’s podcast edition of cannabis news and stocks to watch plus insight
from thought leaders and experts.
Listen to the podcast:
https://www.investorideas.com/Audio/Podcasts/2023/022323-Cannabis.mp3
Read this in full at https://www.investorideas.com/news/2023/cannabis-potcasts/02231TRUL-LSDI.asp
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Today’s podcast overview/transcript:
In today’s podcast we look at some of the
major industry news highlights from last week and this week including
advertising on twitter and the state of Canadian cannabis industry.
In a big piece of news for the cannabis industry, Twitter
announced earlier last week that it will be allowing “approved” and state-legal
cannabis companies and other advertisers to post ads in the U.S. for regulated THC and CBD
products, accessories and services, the social media platform has disclosed.
“We permit approved Cannabis (including
CBD– cannabinoids) advertisers to target the United States” provided a slew of
conditions are met, Twitter said on its website under the heading, “Drugs and
drug paraphernalia.”
AdCann, a cannabis marketing and
advertising website based in Toronto, first reported the development in a social media post.
AdCann noted that, “effective immediately,”
Twitter will permit “advertisers to promote brand preference and informational
cannabis-related content” for certain products and services, including:
●
CBD and similar
cannabinoid products.
●
THC and similar products.
●
Cannabis-related products
and services, including delivery services, labs, events and more.
“American cannabis companies, brands and
purveyors will need to pass through a Twitter advertiser approval process to
ensure they are legitimate and educated on the platform,” AdCann reported.
“Once approved, industry marketers will
have access to Twitter’s entire suite of advertising products including
promoted tweets, promoted product opportunities, location-specific takeovers,
in-stream video sponsorships and partner publication features.”
“Cannabis is a leading topic on @Twitter
and should be a big channel for #cannabis advertising, depending on the details
of the program. #progress,”
Rosie Mattio, CEO of Mattio Communications,
a cannabis-focused marketing and communications firm in New York City, tweeted: “Kudos to @twitter for being the
first major social network to welcome Cannabis advertisements.”
Under its new guidelines, Twitter said that
cannabis advertisers – presumably companies – will be subject to a variety of
restrictions and conditions:
●
“Advertisers must be
licensed by the appropriate authorities, and pre-authorized by Twitter.
●
“Advertisers may only
target jurisdictions in which they are licensed to promote these products or
services online.
●
“Advertisers may not
promote or offer the sale of Cannabis (including CBD– cannabinoids). Exception:
Ads for topical (non-ingestible) hemp-derived CBD topical products containing
equal to or less than the 0.3% THC government-set threshold.
●
“Advertisers are
responsible for complying with all applicable laws, rules, regulations, and
advertising guidelines.
●
“Advertisers may not
target customers under the age of 21.”
Trulieve
Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) became the first multi-state
operator in the cannabis industry to launch an advertising campaigns on Twitter.
"Trulieve is very excited and
encouraged by Twitter's decision to update its policies and allow cannabis companies
to advertise across the platform," said Gina Collins, Trulieve's Chief
Marketing Officer. "Having a global social media platform recognize our
industry is another step forward in the normalization of cannabis in the U.S.
We proudly launched a multi-state advertising campaign today to become the
first company in the cannabis industry on Twitter. As state-by-state cannabis
regulations inform how operators can participate in the advertising space, we
expect to follow in other legally approved states."
Trulieve Chief Executive Officer Kim Rivers
said on Twitter: "On behalf of #Trulieve
and the entire #CannabisIndustry THANK YOU to @elonmusk for this historic
#PolicyChange & partnership. The opportunity to advertise on #Twitter means
reaching more individuals & raising more awareness of the benefits of
#cannabis. Onward!"
In other recent news, last week five Canadian cannabis
sector CEOs joined a press conference, organised by the Cannabis
Council of Canada, Wednesday on Parliament Hill to discuss the
extent of layoffs and facility closures in the industry.
"You're hearing from producers here
today because we as growers and manufacturers sit at the heart of the cannabis
supply chain," said President and CEO of British Columbia company Pure
Sunfarms, Mandesh Dosanjh. "We need to be healthy in order for the whole
system to thrive but that's not reality. Producers stand here in peril.
Canadian cannabis is in peril."
High excise taxes have been one of the
biggest challenges for businesses, the CEOs said in Wednesday’s press
conference, adding the 2.3 percent excise tax rate has become too costly,
particularly after a year of increased inflation rates.
Jonathan Wilson, CEO of New Brunswick
company Crystal Cure, called for the federal government to reconsider the tax
rate as he says it's not only pushing away current businesses but eliminating
the path for new producers to enter and grow the sector.
"It's not only a significant burden
for producers like us, but it's a barrier of entry for new producers to come
into the legal market," Wilson said.
"We're paying a regulatory fee, which
was premised on a profitable industry, which tobacco and alcohol don't
pay," President of the Cannabis Council of Canada, George Smitherman said
Wednesday.
A 2022 report found that Canadians
investing in cannabis businesses collectively lost more than $131 billion. Industry leaders said they built
their business on the federal government's promises for a profitable industry
but now that profits are shaking, they're hoping for immediate action.
"What happened to Smiths Falls can
happen to any entity in Canada," CEO of Truro Cannabis, Leonard Walter,
said. "There [are] federal and provincial regulations that both need to be
worked on. There [are] solutions, we just need folks talking."
After a nearly 12-month delay, Health
Canada announced in September 2022 it would be conducting a legislative review of the Cannabis Act.
Smitherman said while there has been data collected and surveys created to increase
awareness on the problems in the industry, he hopes it'll be enough to be taken
into consideration ahead of the 2023 budget.
In related news, The Ontario Cannabis Store
announced that it will be reducing its price margins in a bid to help pot
retailers compete with the illicit market.
The OCS estimates the move will put $35
million back in the hands of licensed pot companies this fiscal year and $60
million in the 2024 fiscal year. The OCS expects these amounts to compound
annually in the years thereafter as the legal cannabis market grows.
The margin reduction will come from a fixed
mark-up for each product category that will be standard for all producers and
applied as a percentage above each product's landed costs, which already take
into account producers' margins and excise taxes.
The margin drop was largely triggered by
the strength of the illicit pot market, which still made up 43 per cent of
Ontario's cannabis market last March.
"This announcement will allow
producers to better compete with the illicit market, particularly when it comes
to dried flower," said Charlie Bowman, chief executive and president of
licensed producer Hexo Corp. in an email.
"This is an important step in giving
Canada's cannabis companies the upper hand over illegal producers."
The average price for cannabis was $11.78
per gram at the start of 2019, shortly after legalisation, but fell to $7.50
per gram in 2021, a November report from Deloitte Canada and cannabis research
firms Hifyre and BDSA said.
The average price for vape cartridges has
similarly fallen by 41 per cent from $32.02 per gram around legalisation to $19
per gram a year later.
In other news from Canada, Green Party Leader Elizabeth
May says she wants Canada to consider expanding access to psychedelic drugs as
medical treatments.
On Tuesday, May and other MPs joined a
delegation of patients and health-care practitioners who are trying to lobby
the federal government to make psilocybin -- the psychedelic compound produced
by magic mushrooms -- more readily available.
The group is calling on lawmakers to
advance clinical trials to better understand how the substance could be used
for medical treatment of some mental disorders, such as depression and anxiety.
Psilocybin is listed under the Controlled
Drugs and Substances Act and its medical use is restricted to people taking
part in clinical trials or those who get an exemption.
"We need to do more research,"
May said at a news conference.
"But to get that research done, we
need to make access available to patients whose doctors are there to help them
with registered therapists who know how to administer psilocybin."
May said the federal government should
expand access to psilocybin before Canada's assisted-dying laws are expanded to
include eligibility for people whose sole underlying condition is a mental
disorder. A Liberal bill to delay the expansion until March 2024 is expected to
receive unanimous support in the House of Commons.
Over the next year, May said, Canada should
"accelerate our research efforts" to see whether psilocybin can be
used as a treatment for people who are suffering because of mental illness.
In relation to that news, Lucy Scientific Discovery Inc. (NASDAQ:LSDI), an early-stage psychedelics
manufacturing company that is focused on becoming the premier research,
development, and manufacturing organization for the emerging
psychotropics-based medicines industry, announced last week that it has filed an
amendment to its current Dealer’s License with Health Canada to add cocaine and
heroin, among others to the list of approved substances that it is authorized
to manufacture.
The shift toward a public health response
to the drug crisis will provide greater opportunities for people who use
substances to connect with a growing range of harm reduction and treatment
options. Currently, Lucy focuses on the development of psychedelic drugs for
research purposes and hopes to supply safe access programs in the future. The
Company has licenses to manufacture several controlled substances, including
Psilocybin; MDMA; LSD; Psilocin; N,N-DMT; Mescaline; and 2C-B.
“We look forward to a time when Lucy can
safely supply harm reduction programs globally, aiming to reduce lethal and or
negative consequences associated with adulterated drug supply, particularly considering
that fentanyl overdose is the leading cause of deaths among 18 to 45-year-olds
in the United States,” said Chris McElvany, the Company’s CEO. “It’s time to
realize that the failed war on drugs has caused additional harm to the masses
worldwide, and harm reduction programs will lead to less death and more
treatment options in the long term.”
Following its IPO, Lucy believes that it is
well-positioned to continue positively impacting the field of psychedelic
medicine.
Investor ideas reminds all listeners to
read our disclaimers and disclosures on the Investorideas.com website and that
this podcast is not an endorsement to buy products or services or securities.
Investors are reminded all investment involves risk and possible loss of investment.
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