Competition Heats Up for Cannabis Companies During COVID-19
Toronto, Ontario--(Newsfile Corp. - April 28, 2020) - With cannabis being deemed an essential service, cannabis companies are poised for growth during the COVID-19 pandemic. A study from found that 29% of cannabis consumers reported increasing their use since the start of the pandemic. Facing a cash crunch and supply chain issues, businesses are introducing innovative ways to keep up with demand and compete at this unprecedented time. Cannabis stocks making headlines this month include (CSE:HBOR), (CSE: MMEN) (OTCQX: MMNFF), (TSX:WEED, NYSE:CGC), (CSE: ABCS, OTCQB: ABAHF), (TSX:CWEB, OTCQX:CWBHF).
MedMen Announces Addition to Board of Directors - Designated News Release
MedMen Enterprises Inc. ("MedMen" or the "Company") (CSE: MMEN) (OTCQX: MMNFF) announces the appointment of Errol Schweizer to its board of directors (the "Board"). Mr. Schweizer has over 25 years of experience in the food and cannabis industries, including 15 years at Whole Foods Market, where he held a number of roles within the organization, including Vice President of Grocery. In this role, Mr. Schweizer oversaw merchandising, product assortment, promotional programs and financial performance for over 80 product categories and $5 billion in annual sales. Mr. Schweizer departed Whole Foods Market in 2016 and has been a strategic advisor to several high-growth retailers and brands.
Why Those in the U.S. Cannabis Markets are Looking Forward to 2020
2020 will NOT be a good year for some cannabis marketers... or will it? The Black Market will be under fire from regulators, enforcement officials, lawmakers, health experts and industry officials in cannabis regulated states. California has already begun to take efforts to drive down, if not eliminate the illicit growth & sales of cannabis. An San Diego article said: "With an ongoing vape safety crisis, lack of access to legal banking, sluggish sales, legal and illicit market company raids, big IPOs, bigger valuation busts and mass layoffs, it is safe to say that California's cannabis industry in 2019 experienced a return to earth from the soaring expectations that came after 2018 and recreational legalization. Though there was a lot of bad news, there is still plenty to look forward to in 2020. The first bit of good news is that it's normal for markets to correct frequently as well as early on. Considering the legal market is only recently fully operational, it's hardly surprising that there are some fairly large bumps in the road--not only due to normal market cycles, but especially because the market moved from a long-time illicit one to a fully legal one in just a couple of years." Cities from San Diego to LA have been cracking down, hard, on these Black Market operations. California regulators have mounted dozens of raids against illegal marijuana retailers all across the state. The state has been under pressure from California's legal industry to do more to stop the underground pot economy, which in Los Angeles and other cities often operates in plain sight. According to some estimates, roughly 75% of sales in the state remain under the table, snatching profits from legal storefronts. Active cannabis companies in the markets this week include: Sugarmade, Inc. (OTCQB: SGMD), Smart Cannabis Corp. (OTCPK: SCNA), Aphria Inc. (NYSE: APHA) (TSX: APHA), VIVO Cannabis Inc. (TSX-V: VIVO) (OTCQX: VVCIF), MedMen Enterprises Inc. (CSE: MMEN) (OTCQB: MMNFF).