The world rallies behind Sha’Carri Richardson with deafening calls for cannabis reform, Green Thumb closes a massive acquisition, and more top stories from around the industry…

Cannabis legalization is inevitable. This much we know.

And it got a huge push forward when the public and political-sphere – from athletes to celebrities to industry leaders – declared fiery support for Sha’Carri Richardson, the American sprinter who was barred from part of the 2021 Olympic Games in Tokyo after testing positive for THC on a drug test.

The positive drug test means Richardson will be unable to compete in her signature 100-yard sprint in Japan later this month, even though Richardson said she was using cannabis to cope with the death of her mother.

Her story has prompted a tidal wave of public support, and the consensus is clear: cannabis reform needs to happen. Now.

It’s already decriminalized throughout the United States, with 18 states allowing adult use and 36 allowing medical, including the state where Richardson tested positive.

The fact is that full legalization is inevitable, and cannabis use shouldn’t disqualify a professional athlete from competition.

Keep reading to see which major political and industry powers announced their support for Richardson in this week’s NICI Snippets, plus more important industry headlines you may have missed.

It’s all right here…

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NICI Snippets Week of July 8, 2021

 

  • Jushi Declares Support for Sha’Carri Richardson: This week, Jushi Holdings Inc. (OTC: JUSHF) came out to declare its full support for the Olympic sprinter, emphasizing that cannabis use does not enhance a runner’s performance and should not be considered as grounds for disqualification. The company continued: “We stand behind Ms. Richardson and hope this event will spur a more candid and productive conversation about cannabis in the U.S…it is time for Americans to have an adult conversation about adult use.” If you’d like to learn more about Jushi and how it’s conquering cannabis in Pennsylvania, make sure you check out this recent one-on-one interview with CEO Jim Cacioppo.
  • President Biden, Former Olympic Athletes Suggest THC Policies Should Change: Regarding Sha’Carri Richardson, President Joe Biden said publicly that rules are rules, but “whether they should remain the rules is a different issue.” Other former Olympic athletes like Meghan Rapinoe (U.S. women’s soccer) and Dwayne Wade (U.S. men’s basketball) also expressed their support for Richardson and condemned the THC testing requirements. Wade tweeted: “but majority of y’all rule makers smoke and probably are investors in THC companies. Let’s stop playing these games.”
  • “Big Four” Cannabis Powerhouse Makes Moves in Virginia: Chicago-based Green Thumb Industries (OTC: GTIBF) closed its acquisition of one of only four medical cannabis processing companies in Virginia, Dharma Pharmaceuticals. GTI is one of our “Big Four” cannabis stocks for multistate operators (MSOs), and this purchase increases its national presence to 13 states and 59 locations. Plus, now that recreational licensing is underway in Virginia, GTI will receive a head start to obtain multiple recreational licenses as an existing medical operator. NICI Membership subscribers can check out this Deep Dive report from Executive Director Don Yocham to find out what Green Thumb shareholders can expect this year.
  • Pennsylvania Increases Medical Cannabis Allotments: Gov. Tom Wolf (D-PA) signed a bill in Pennsylvania that increases the amount of medical cannabis that patients can purchase by three times the previous amount. Patients can continue to purchase a three-month supply of cannabis at once instead of a one-month supply, cementing a pandemic-induced provision into permanent law. Between April 2020 and March 2021, Pennsylvania dispensaries sold $910 million worth of cannabis products, and now that patients can continue buying on track, a billion-dollar year is within close reach.

All the best,

Danny Brody
Partner, RADD Capital

 


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