It has been a rough week in international affairs. Even the cannabis sector, which has unique political problems of its own, felt the impact of Russia’s invasion of Ukraine. Pot investors can’t tune out Kremlin’s aggression Two political imbroglios for the cannabis industry have added to its usual legislative woes. Sanctions against Russia following its invasion of Ukraine and a White House memo about marijuana stocks upended the industry last week, sending the AdvisorShares Pure U.S. Cannabis exchange-traded fund down 9.6% over five days. Canadian shares of Curaleaf Holdings Inc., the dominant U.S. cannabis company by market share, lost 17% last week after a flurry of posts on Twitter that raised concerns about the company’s ties to Russia. Its executive chairman and largest shareholder, Boris Jordan, is also a founder and chairman of two large Russian companies: Renaissance Insurance Group and investment firm Sputnik Group. Another large shareholder, Andrey Blokh, holds dual citizenship in the U.S. and Russia.
420 Intel – Marijuana Industry News, 03/06/2022 19:00:00