Cannabis retailers enjoyed a 91% spike in sales last 4/20 compared with the year-earlier period
Hemp companies are raising capital this year at more than 10 times the pace seen last year, according to the latest data from Marijuana Business Daily and Viridian Capital Advisors.
Hemp also contains the cannabinoid CBD, which is widely held to have health benefits. But that ingredient is now regulated by the U.S. Food and Drug Administration, which has said companies cannot add it to food or drinks without its approval. That has frustrated many companies who were planning to launch food and beverage lines infused with CBD. The FDA has pledged to hold talks in May on the subject of regulating the substance.
Separately, Fintech POSaBit, which offers point-of-sale services to cannabis companies, said retailers can expect a big spike in sales on 4/20, the traditional annual celebration of cannabis that will take place on Saturday. In company news Friday, MedMen Enterprises Inc. MMNFF, +1.20% said Friday it has accepted the resignations of two senior officials. The company said Chief Operating Officer Ben Cook and General Counsel Lisa Sergi, who is also a board member, have both resigned from the company.
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