Trends and Companies in the Cannabis Industry
As we come to the close of 2019, let us look at some of the latest developments in the industry that are likely to make an impact that will reverberate well into 2020.
One of the most exciting aspects of a high growth industry is the prospects of a never-ending stream of new stories, trends, and technologies that continue to be innovated. As we come to the close of 2019, let us look at some of the latest developments in the industry that are likely to make an impact that will reverberate well into 2020.
HotBox Cannabis Social App
Cannabexchange has recently launched its HotBox Cannabis Social platform at hotbox.social. This social platform has become a meeting place for various stakeholders including growers, distributors, manufacturers, dispensaries, and consumers. Much like other social media platforms, it allows members to share information, promote events, market products, add their business listings, and put up open job positions. Users can build relationships with like-minded individuals in a conducive, safe and supportive environment. Visit the website to sign up and join in.
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Further north, there has been additional bad news for Canadian marijuana producer Aurora Cannabis. Two of its most important executives have exited at a time when the company is facing tough financial times. This announcement comes just a few weeks after Aurora Cannabis issued a disappointing earnings report whose figures fell short of projections, and an announcement to cut back on expansion plans. This led to a substantial fall in the company’s share price, with figures hitting a five-year low.
The two departures include Neil Belot, the company’s Chief Global Business Development Officer who apparently chose to quietly leave the company earlier this month. Cam Battley, the Chief Corporate Officer, exited a week later, following a request just days earlier by the company for him to step down.
The company has also made two noteworthy promotions in past weeks. Andre Jerome has been elevated from senior vice president of business integrations to chief integration officer, while Shane Morris was promoted from senior vice president of product development and regulatory affairs to the company’s chief product officer.
It will be interesting to see how the company handles such changes in management at a time it is expected to launch a slew of cannabis 2.0 products and is simultaneously integrating other businesses acquired over the last two years.
The CDC and What’s the Future for MassRoots?
Recently, there has been a collection of horror stories on vape pens and both lung illnesses and even death in some unfortunate victims. According to some reports, most of these cases are due to black market purchases and not from the regulated industries.
The CDC has concluded that the vitamin E acetate additive that is used as a thickening agent in vaping products is likely to have been the cause of the reported lung illnesses. The vaping crisis has taken quite a toll on vaping consumers as 2,506 have been hospitalized and 54 deaths reported as of December 17, 2019. As legal manufacturers eliminate this additive in their product lines, consumers still face danger from black market products whose ingredients could still include this and other dangerous substances.
On another front, Denver cannabis tech firm MassRoots seems to be facing some difficulty as its website has been offline for several days in December, and its recently released 2nd quarter financial reports indicate losses of $774,638 against revenues of just $18,366. CEO Isaac Dietrich is yet to give a response to media on why the site was down.
With recreational cannabis sales expected to take off in spring 2020, Maine cannabis businesses are eager to get things rolling as soon as possible. The lack of lab testing facilities is, however, proving to be a stumbling block in this endeavor. With just one lab certified as a testing facility, Nelson Analytics, a huge backlog that could cause a shortfall in recreational stocks is expected. State officials are however hopeful that more applications will be made to boost this number.
Cannabis Events at Cannabexchange
December saw the return of Sonoma County’s largest annual cannabis festival, the Emerald Cup. This competition brings together a wide field of experts and educators on medical marijuana. This year’s event was hosted by the hilarious Mighty Mike and the revered Ronald Lincoln. Some of the most notable winners of 2019 include Tropical Mango Fruit Bites by SolDaze from Stanislaus County for Edibles, Holy Crunch by Phytologie from Alameda County for flowers, and SULA Breathable Cannabis by Dispersa Labs from Alameda County which received the most innovative award. Click here to get the full list of winners.
Bright Side Festival in Jamaica, recently concluded, is sponsored by the High Times Mag. The event ran from January 9-13, 2020, at the Jewel Paradise Cove Resort in Runaway Bay. This event has been taking place for almost three decades and offers a unique opportunity to network and celebrate with others from the cannabis community. Make plans to catch it in 2021.