We’ve made it through October. After spending the year feeling like it would never come, the month has come and gone. The steady stream of cannabis-related news hasn’t slowed down for a minute and we’re staying updated here at The ‘Bis.
Pot stocks took a tumble, even as more American companies look to list on Canadian exchanges, Singapore may ask travellers to pee in a cup, and Coke just says no to a cannabis beverage. Here is our weekly news update for October 27 to November 2, 2018.
While most of us were extremely excited by the passing legalization, investors may not have been so happy. Mass selling before and after legalization resulted in a 22% dip in the Toronto Stock Exchange’s Health Care sector.
It was the biggest fall of the exchange’s 11 industries. In the broader cannabis market, the Horizons Marijuana Life Sciences Index tumbled by about 21% in the month, while The Green Organic Dutchman led the cannabis industry with a 46% plunge.
The industry’s biggest names weren’t immune to the declines either, as Aurora Cannabis, Canopy Growth and Aphria moved 29%, 18% and 9% lower, respectively.
While most Canadians will probably agree that legal cannabis is a good thing, it’s important to remember that the rest of the world may not feel that way.
Singapore has announced that it’s citizens who travel to the great white north should not partake in any cannabis use while visiting. More so, the Government of Canada is advising citizens that Singapore’s customs agents can and will make them submit to a drug test if they so chose.
“Custom officers can request a drug test on any traveller at the point of entry to Singapore,” says a page about travelling to Singapore, on the Government’s website. If you test positive for drugs, you can be arrested and prosecuted, even if the drugs were consumed prior to your arrival in the country.”
A New York man has been charged with attempting to smuggle Canadian cannabis products into the United States.
According to CBC, a 23-year-old man was arrested and charged with possession of a controlled substance, importation of a controlled substance and smuggling goods into the United States on October 25 after being sent to secondary inspection at the Peace Bridge.
The charges could lead to a maximum of five years in prison and a $250,000 fine.
Border agents also searched the suspects phone and found a text message saying “lol bro I just had 100mg edible and I got stopped by customs and now they’re asking me so much shit.”
After rumours came out saying that beverage giant Coca-Cola was interested in creating a cannabis-infused drink, the company’s CEO has put those stories to bed. He confirmed this week that there will not be a ‘wellness’ drink like they had teased.
CEO James Quincey said the company “doesn’t have any plans at this stage” to enter the CBD market, during an earnings conference call with analysts Tuesday.
CBD is a non-psychoactive component of marijuana.