It was another big day of gains on Tuesday for the North American Marijuana Index, even as some investors anxiously wait for the Fed to announce an interest rate hike in the next 24 hours. Investors remain upbeat despite the widely expected bump in the benchmark rate, which analysts predict will be somewhere between 1.25 and 1.50 percent. In fact, confidence seems to grow as the new year approaches, with 2018 poised to be a big year for marijuana legalization.
California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
More strife is on the horizon for Ohio’s troubled medical cannabis program. On Feb. 20, 2018, a group of unsuccessful medical cannabis applicants, led by Jimmy Gould of CannAscend Ohio LLC, filed a lawsuit challenging the state’s medical cannabis licensing process.
While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.