<< Back to All NewslettersLegal cannabis provides a bright spot in a bleak economy
Forbes.com
OUR TAKEAWAY
Since the arrival of the pandemic, cannabis sales are up as consumers turn to marijuana for stress relief and recreation. Furthermore, cannabis companies are doubling down on safety by implementing strategies to reduce contact between retailers and customers, including curbside pickup and at-home delivery.
American cannabis operator stocks soar 27% in July
NewCannabisVentures.com
OUR TAKEAWAY
The American Cannabis Operator Index tracks the stocks of some of the largest operators in the American cannabis space. After posting an all-time closing low on March 18th (14.50), the index has recovered and is up more than 150% through mid August (37.97 as of August 12th).
Illinois' breakout star in a hazy economic landscape - recreational marijuana
CNN.com
OUR TAKEAWAY
Cannabis tax revenues continue to grow. In the first half of 2020, Illinois collected $52 million in tax revenue, which was significantly more than the state’s H1 estimate of $28 million. The tax revenue is a boon for Illinois, which, like other states around the country, has had to reassess its finances because of the pandemic.
Cannabis lawyer Bob Hoban: Fortune 500 companies fear missing out on weed boom
GreenEntrepreneur.com
OUR TAKEAWAY
Bob Hoban, founder of one of the country’s top cannabis law firms - the Hoban Law Group, shares his perspective on the state of the industry. “It’s exciting. It reminds me of that scene from Back to the Future, because [we at Hoban Law Group] come from the future. There’s enormous opportunity.”
OUR TAKEAWAY
From the Halls of Congress: August 7, 2020
In our previous Capitol Hill update, we at Bengal Capital shared our long-term view that popular pressure on Congress will ultimately lead to a relaxation of the federal prohibition on cannabis. Headlines of the past week only reinforce our view as the US House took steps to protect state cannabis laws, the FDA issued cannabis research guidelines, and the Senate introduced a bill to decriminalize cannabis.With a November election on the horizon and the general chaos of 2020, it remains uncertain whether significant cannabis reforms will pass this year, but we see the continuous stream of positive news emerging “From the Halls of Congress” as a massive tailwind for the industry.
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