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Cannabis Briefs for October 27, 2020

October 27, 2020

•New York governor Andrew Cuomo said the state would legalize adult-use cannabis in the near future. Speaking during an interview promoting his book about his handling of the pandemic, he was asked when legalization was coming. “Soon, because now we need the money,” Cuomo said. “I’ve tried to get it done the last couple years. There are a lot of reasons to get it done, but one of the benefits is it brings in revenue. We need revenue and we’re going to be searching the cupboards for revenue. I think that is going to put marijuana over the top.” Negotiations with state legislators stalled last spring over disagreements about the allocation of cannabis tax revenue.

•San Jose, California-based Caliva is launching a new cannabis brand in partnership with rapper Jay-Z. The launch of new brand Monogram comes over a year after Jay-Z joined the company as chief brand strategist in April 2019. Details about specific products or cannabis strains were unavailable but the company wrote that the brand would launch through an e-commerce platform dedicated exclusively to the product line.

•Moncton, New Brunswick-based Organigram has invested an additional $2.5 million in Hyasynth Biologicals, a biosynthesis company working on cannabinoid production. The company uses yeast strains and enzymes to produce cannabinoids without growing plants. Organigram initially invested $5 million in September of 2018 and has a right to purchase an additional $2.5 million of convertible secured debentures, which would bring its total investment to $10 million. In addition to producing major cannabinoids like THC and CBD, biosynthesis could feasibly produce large quantities of the numerous other cannabinoids that occur only in very small quantities naturally.

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