On the national stage, the cannabis industry had a very interesting week. With news ranging from Texas granting its first medical marijuana license, to the House Committee blocking medical marijuana protections. The major index used to track market movements in the broader North American marijuana industry is the Solactive North American Medical Marijuana Index.
While the broad market index did not see much movement over the short week, there were some a handful of notable cannabis investment developments worth talking about.
$10,000,000 For Massive Massachusetts Marijuana Facility
Mountain States Capital, LLC has agreed to a $10,000,000 commitment to help AmeriCann, Inc. (OTC:ACAN) build out Phase 1 of their massive 1 million square foot cultivation and processing facility, otherwise known as the “Massachusetts Medical Cannabis Center.” This funding is a huge step in the build out of the facility on the over 50 acre piece of land that the company purchased from Boston Beer Company in late 2016 for just under $4.5 million.
- Related Story: What Just Changed About Massachusetts’ Marijuana Bill?
Tweed Farms Inc. To Create 100 New Cannabis Jobs
While Canadian unemployment rates have been dropping since 2009, it’s becoming more and more apparent that the legalization of the cannabis industry will be a contributing factor to continuing the job growth. Tweed Farms Inc. which is a wholly owned subsidiary of Canopy Growth Corporation (TSX: WEED), just recently announced their acquisition of a new parcel of land which included an operational 458,000 sq. ft. greenhouse. This new $9 million expansion for Tweed Farms Inc., will create over 100 new full time jobs in this emerging industry.
Real Time Price Per Pound Cannabis Commodity Index Launch
The launch of this price per pound cannabis commodity index by Budtrader.com will be the first to update cannabis prices daily, in real time, based on the median price of a pound, as posted by the one million plus users currently on BudTrader’s platform. This is a big step in terms of helping to normalize the cannabis industry for this who are not involved, and create more of a stable market in terms of the price of cannabis in the market. This increased transparency and stability is sure to benefit buyers, sellers, and and even investors in the marijuana industry.
- Related Story: Washington State Marijuana Has Seen A 70% Price Plunge
That’s all for this week’s marijuana business roll-up. Be sure to follow us and subscribe to our newsletters so you never miss an important cannabis business update! Looking forward to see what updates next week brings!