(MENAFN- Baystreet.ca) The U.S. could soon see cannabis legalized at the federal level. With or without President Biden, Senate Majority Leader Chuck Schumer says he's ready to move ahead with major changes to current cannabis laws. "I support decriminalization at the federal level, and we'll be introducing legislation with a few of my colleagues shortly," said Schumer, as quoted by USA Today. Should the U.S. see legalization at the federal level, some of the top stocks to keep an eye on include Pure Extracts Technologies Corp. (CSE:PULL)(OTC:PRXTF)(XFRA:A2QJAJ), Aleafia Health Inc. (TSX:AH)(OTC:ALEAF), Canopy Growth Corporation (NASDAQ:CGC)(TSX:WEED), Tilray Inc. (NASDAQ:TLRY), and Trulieve Cannabis Corp. (CSE:TRUL)(OTC:TCNNF).
In addition, according to National Interest, "Schumer first introduced legislation in 2018 to legalize marijuana, although it did not move forward in the then-Republican-controlled chamber. However, the Democrats now control the Senate, giving Schumer, as majority leader, power to move bills to the floor."
Pure Extracts Technologies Corp. is Entering U.S. Market Through JV in Michigan
Pure Extracts Technologies Corp. (CSE:PULL)(OTC:PRXTF)(XFRA:A2QJAJ) just announced the signing of a Letter of Intent with the affiliate of a publicly traded multi-state operator (MSO) to form a Joint Venture to install a cannabis and hemp extraction system in an existing Michigan facility.
This MSO has a long history of success in Oregon offering a family of products including sun-grown and indoor premium flower, along with patented nitro sealed indoor and sun-grown pre-rolls and jars. These products are also grown and packaged in Michigan for retail sale in over 100+ dispensaries throughout the state.
Pure Extracts is a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, from a state-of-the-art processing facility located just north of Whistler, British Columbia.
In Michigan, the companies plan to join forces by combining the MSO affiliate's local permitting, licensing and marketing expertise with Pure Extracts' extraction, vape, live resin and edibles manufacturing skills. The venture partners plan to build-out 2,600 sq. ft. of existing, under-utilized, space in the MSO's current facility, which is strategically located in central Michigan within a 2-hour drive of several major markets.
Pure Extracts expects to contribute a mix of equipment and cash to the venture, which will allow the partners to rapidly scale-up to meet the rising demand for recreation cannabis concentrates and edibles throughout the state.
Michigan is anticipated to follow similar consumer trend patterns experienced in other states such as California and Colorado where sales of extracts and concentrates eventually overtake sales of dry-flower. Bruce Linton, co-founder and former CEO of cannabis giant Canopy Growth and executive chairman of Michigan-based and newly public Gage Growth Corp. (CSE: GAGE), recently commented in Forbes that, "Michigan is one of the fastest growing cannabis markets in the U.S." According to the Michigan Marijuana Regulatory Agency (MRA), during February 2021, Michigan cannabis sales increased 160% from a year ago to US $106.2 million, with medical sales improving 48% to US $38.1 million and adult use sales soaring 353% to US $68.1 million.
In addition to manufacturing Pure Extracts' proprietary brands of vapes and edibles, the JV partners anticipate an initial white-label order for live-resin concentrates from the MSO affiliate as that company continues to build on the outstanding reputation its dry-flower products have already garnered within the Michigan marketplace.
Pure Extracts CEO, Ben Nikolaevsky, remarked, "We are really excited about launching our first US initiative into the dynamic Michigan market, especially with experienced and entrenched partners. There is strong demand throughout the state for the products we know best: full spectrum oil (FSO) vapes, live resin concentrates, and edibles. With immediate access to the MSO affiliate's 100+ dispensary customers out of Michigan's nearly 400 licensed dispensaries, we expect our products to be distributed and on-shelves in Q4 of this year."
Expansion of the Company's operations in Michigan are subject to compliance with applicable state laws concerning cannabis as well as general compliance with CSE policies and Canadian securities laws.
Other related developments from around the markets include:
Aleafia Health Inc. (TSX:AH)(OTC:ALEAF) announced the launch of its everyday cannabis brand Divvy , tailored to frequent cannabis consumers who are both price and quality conscious. "Led by our experienced growers, Aleafia Health has developed a long track record of cultivating high quality cannabis. But it's only now through our expanded production footprint that we are producing quality dried flower at scale," said Aleafia Health CEO Geoffrey Benic. "We continue our entrance into the adult-use market in a meaningful way with our Sunday Market brand family, targeting our key competitive advantages. With Divvy, the proposition for frequent cannabis consumers is based on quality, price point, and a product that is environmentally sustainable, both in its cultivation and packaging."
Canopy Growth Corporation (NASDAQ:CGC)(TSX:WEED) announced that it has completed the acquisition of AV Cannabis Inc. - one of Ontario's leading cannabis brands. With a strong focus on ready-to-enjoy products and a loyal following of millennial and Gen-Z consumers, the acquisition will strengthen Canopy's industry leading house of brands. Through this acquisition, Canopy Growth will acquire 100 percent of Ace Valley with the intention of leveraging the Company's best-in-class national sales, marketing and distribution capabilities to expand the product portfolio and scale the brand across Canada.
Tilray Inc. (NASDAQ:TLRY), a global pioneer in cannabis research, cultivation, production, and distribution, announced that it has received the necessary approvals from New Zealand's Ministry of Health and the Medicinal Cannabis Agency to launch Tilray medical cannabis products across the country. Tilray is one of the leading providers of medical cannabis in Australia and New Zealand for commercial, compassionate access, and research purposes and the first Licensed Producer to legally export medical cannabis from North America to Australia and New Zealand from its Good Manufacturing Practices (GMP)-certified facility in Canada.
Trulieve Cannabis Corp. (CSE:TRUL)(OTC:TCNNF), a leading and top-performing cannabis company based in the United States, announced the opening of a brand-new Florida dispensary , the Company's 84th nationwide. The dispensary furthers Trulieve's goal of ensuring direct, reliable access to medical cannabis across its home state of Florida. The company's 79th Florida dispensary joins nearby locations in Tampa, St. Petersburg, and Tarpon Springs and brings direct, in-store access to registered patients in Dunedin for the first time.
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