Canada Legalizes Recreational Cannabis Sales
Of course, the big news is that Canada began legal sales of recreational cannabis across the nation on Wednesday, October 17th, becoming the second country in the world to do so, preceded by Uruguay. The first sale took place in Newfoundland moments after midnight. It won’t necessarily be smooth sailing as Canada strives for balance between regulation and a police force eager to crack down on any potential impaired drivers. But for now, the spirit in Canada is celebratory and all eyes are fixed on the Great White North as an example of what can happen when you legalize on a federal level.CBD in Walmart?
Retail giant Walmart is mulling over the idea of carrying cannabis products in its stores. Whether this seems like signs of victory or the apocalypse, it’s not as crazy as it sounds since the only locations under consideration are based in Canada. According to the High Times report, a representative of Walmart Canada, Diane Medeiros, confirmed that there has been talk about Walmart carrying cannabis-based products but nothing concrete. In addition, it seems that the products under consideration are largely CBD-based.A Good Week for Canopy and a Drop Following Canada Sales
\
Marijuana stocks are still a hot topic and look like they’ll stay that way for the foreseeable future. Stocks were trading down by 4% to 9% in the wake of Canada’s legalization on Wednesday. However, stocks have been holding much stronger than predicted by early analysts when cannabis first hit the Toronto Stock Exchange. Arguably, the big cannabusiness news this week focuses on Canopy’s acquisition of a Colorado-based hemp research company. CNBC reported that Canopy Growth agreed to purchase ebbu, the hemp researcher, along with all of its intellectual property, for a sum of 25 million Canadian dollars and 6,221,210 common shares. Canopy stocks saw a 9% surge following news of the acquisition.