Apr 08, 2021 (Baystreet.ca via COMTEX) -- The U.S. could soon see cannabis legalized at the federal level. With or without President Biden, Senate Majority Leader Chuck Schumer says he’s ready to move ahead with major changes to current cannabis laws. "I support decriminalization at the federal level, and we'll be introducing legislation with a few of my colleagues shortly,” said Schumer, as quoted by USA Today. Should the U.S. see legalization at the federal level, some of the top stocks to keep an eye on include Pure Extracts Technologies Corp. /zigman2/quotes/222359307/delayed CA:PULL +5.45% /zigman2/quotes/202137327/composite PRXTF +8.20% (xfra:A2QJAJ), Aleafia Health Inc. /zigman2/quotes/200214885/delayed CA:AH -4.49% /zigman2/quotes/203485112/composite ALEAF -4.61% , Canopy Growth Corporation /zigman2/quotes/200603886/composite CGC -2.04% /zigman2/quotes/202205609/delayed CA:WEED -2.07% , Tilray Inc. /zigman2/quotes/209129655/composite TLRY -3.77% , and Trulieve Cannabis Corp. /zigman2/quotes/210560499/delayed CA:TRUL +0.15% /zigman2/quotes/207658767/composite TCNNF -0.90% .
In addition, according to National Interest, “Schumer first introduced legislation in 2018 to legalize marijuana, although it did not move forward in the then-Republican-controlled chamber. However, the Democrats now control the Senate, giving Schumer, as majority leader, power to move bills to the floor.”
Pure Extracts Technologies Corp. is Entering U.S. Market Through JV in Michigan
Pure Extracts Technologies Corp. /zigman2/quotes/222359307/delayed CA:PULL +5.45% /zigman2/quotes/202137327/composite PRXTF +8.20% (xfra:A2QJAJ) just announced the signing of a Letter of Intent with the affiliate of a publicly traded multi-state operator (MSO) to form a Joint Venture to install a cannabis and hemp extraction system in an existing Michigan facility.
This MSO has a long history of success in Oregon offering a family of products including sun-grown and indoor premium flower, along with patented nitro sealed indoor and sun-grown pre-rolls and jars. These products are also grown and packaged in Michigan for retail sale in over 100+ dispensaries throughout the state.
Pure Extracts is a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, from a state-of-the-art processing facility located just north of Whistler, British Columbia.
In Michigan, the companies plan to join forces by combining the MSO affiliate’s local permitting, licensing and marketing expertise with Pure Extracts’ extraction, vape, live resin and edibles manufacturing skills. The venture partners plan to build-out 2,600 sq. ft. of existing, under-utilized, space in the MSO’s current facility, which is strategically located in central Michigan within a 2-hour drive of several major markets.
Pure Extracts expects to contribute a mix of equipment and cash to the venture, which will allow the partners to rapidly scale-up to meet the rising demand for recreation cannabis concentrates and edibles throughout the state.
Michigan is anticipated to follow similar consumer trend patterns experienced in other states such as California and Colorado where sales of extracts and concentrates eventually overtake sales of dry-flower. Bruce Linton, co-founder and former CEO of cannabis giant Canopy Growth and executive chairman of Michigan-based and newly public Gage Growth Corp. /zigman2/quotes/225913647/delayed CA:GAGE -6.56% , recently commented in Forbes that, “Michigan is one of the fastest growing cannabis markets in the U.S.” According to the Michigan Marijuana Regulatory Agency (MRA), during February 2021, Michigan cannabis sales increased 160% from a year ago to US $106.2 million, with medical sales improving 48% to US $38.1 million and adult use sales soaring 353% to US $68.1 million.
In addition to manufacturing Pure Extracts’ proprietary brands of vapes and edibles, the JV partners anticipate an initial white-label order for live-resin concentrates from the MSO affiliate as that company continues to build on the outstanding reputation its dry-flower products have already garnered within the Michigan marketplace.