U.S. Cannabis Stocks See a Fourth Consecutive Month of Gains | TRICHOMES Morning Buzz
Cannabis News Update February 3, 2021
Today in the world of cannabis: A Tobacco giant sues a California cannabis firm, alleging trademark violation, a bill sent to the Idaho Senate floor seeks to ban psychoactive drugs and prevent future legalization, and U.S. cannabis stocks see a fourth consecutive month of gains.
The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.
Check in with the cannabis community at TRICHOMES.com
** First up: In a report by MJ Biz Daily, The owners of the Kool menthol cigarette brand filed a lawsuit that claims a California cannabis business has infringed upon its trademarked logo.
According to Bloomberg Law, Kool owner ITG has sued Los Angeles-based Capna Intellectual, which does business as Bloom Brands, calling the cannabis company’s logo a “rip-off” of Kool’s longstanding brand image.
The case is the latest in a string of trademark disputes between the marijuana industry and mainstream companies.
In 2020, the makers of the popular Nerds candy filed suit against a California edibles maker, alleging trademark violations, and The Hershey Co. has been active for years filing trademark-violation lawsuits against marijuana companies.
** And next: Idaho Statesman reports that following an approval from an Idaho Senate committee last week, a proposed amendment to the state’s constitution that would ban psychoactive drugs and effectively prevent legalization in the future is on its way to the state Senate floor for a vote.
The measure’s sponsor, Republican Senator ironically named, C. Scott Grow, said last week that the state government must preserve Idaho’s virtues and culture from “outside influences,” adding that “the legislature should promote temperance and morality.”
If Senate Joint Resolution 101 receives approval from at least two-thirds of the state Senate and House, it will land on the 2022 midterm elections ballot for a vote.
“The people are going to have the opportunity to vote on this,” said Sen. Abby Lee, R-Fruitland, a member of the Senate State Affairs Committee. “You will have an opportunity you will have a voice. Let us know. This is the process.”
** Last up: In a report by New Cannabis Ventures, U.S. cannabis stocks saw solid gains in January, rising just over 23% over the course of the month.
For the fourth month in a row, the American Cannabis Operator Index rose, gaining nearly 46% in 2020, and recovering by 436.1% following a record low on March 18, 2020.
Last month, the Index included 25 companies, with 3 of which operating exclusively in the CBD and industrial hemp markets. The four top performing company stocks were: Acreage Holdings, Schwazze, Vireo Health and MariMed. Among the lowest performing stocks were: C21 Investments, Cansortium, Planet 13 Holdings and Indus Holdings.
The number of companies included in the Index has risen to 34 for the month of February. New additions include: Body and Mind, Hollister Biosciences, iAnthus Capital, Next Green Wave, SLANG Worldwide, Stem Holdings, Terra Tech, The Parent Company and VEXT Science.