This week in the world of weed…
The Business of Weed is a weekly series brought to you by Jay Rosenthal, the Co-founder and President of Business of Cannabis, to keep you up to date on all weed-related news. Here are this week’s biggest headlines.
Legendary rap group Wu-Tang Clan is playing a free concert on September 30th thanks to the sponsorship of cannabis company HEXO. But don’t get to used to cannabis-company sponsored awesome concerts. Health Canada may start cracking down on such “marketing” – proving that Health Canada is trying to make cannabis as uncool as possible.
Canada’s national approach to cannabis allows cannabis companies to do regular business banking. In the US, cannabis banking is verboten. This banking disparity was on display this week. Canadian cannabis giant Aurora closed a $200 million bank loan from BMO and US bank Wells Fargo closed down the bank account of a pro-cannabis politician.
Tesla CEO Elon Musk took a hit from a blunt during his interview with podcaster/MMA fan Joe Rogan. Usually, CEOs of public companies don’t admit to using cannabis – never mind toking on camera. (Especially when experts are asking if said CEO should be under investigation for securities fraud.)
That’s all this week. Check back next Friday for all cannabis related news.