Breaking Cannabis News: MLB Approves Pot & Ontario Market Opens Up

Cannabis News

Frequent viewers of RichTV Live know that Rich likes to break all the big cannabis news. He goes live anytime there’s something important for his community to know about, especially if it involves investment opportunities.

Well, late yesterday brought some fantastic news for the entire cannabis industry. Major League Baseball, along with the MLB players union, announced that they are removing marijuana from the list of banned substances.

This is a big deal, as Rich believes it will boost investor confidence in pot stocks. While that’s not the only reason to celebrate today, it’s certainly worth digging a little deeper into this news.

Cannabis News: Marijuana is Okay in Baseball

The agreement to take marijuana off of the list of controlled substances list for Major League Baseball is a result of negotiations on the league’s drug policy.

As part of the removal, both the league and the players’ union agreed that steps must be taken to handle issues of drug misuse. This will be done through a treatment-focused model, rather than by imposing penalties.

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The change effectively means that MLB will treat marijuana the same way it treats alcohol. The organization will start testing for opioids and cocaine, and players who test positive will be referred to treatment. Only the players who refuse the treatment program will be penalized.

Tony Clark, Executive Director of the players’ union, said:

“Players are overwhelmingly in favor of expanding our drug-testing regimen to include opioids, and want to take a leadership role in helping to resolve this national epidemic.”

The rules will come into effect in the new year.

Rich likens the news to Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) making a deal with UFC earlier this year. The fact that both the MLB and UFC are embracing the medicinal benefits of cannabis further supports the broader acceptance of the cannabis industry.

Other Breaking Cannabis News

The other big news for the cannabis industry is that Ontario will be dramatically opening up the cannabis market.

Beginning in January, the province will abandon its lottery-based approval system and remove its cap on the number of private cannabis stores permitted. New store authorizations will begin in April, at a rate of approximately 20 a month. By the end of 2020, there could be around 250 stores across the province.

The Ontario government is also allowing licensed producers to participate in the retail market. They will be permitted to open a single store at one of their facilities.

Vanmala Subramaniam, writing for the Financial Post, predicts:

“The announcement is bound to reinvigorate investor confidence in cannabis companies, which has been waning partly because of limited accessibility in Ontario that has, to date, just 24 stores. Licensed producers — many of which have experienced declining revenues and are sitting on a pile of cannabis inventory — are banking on the creation of hundreds of new retail outlets to boost cannabis sales.”

What do you think? Is this the cannabis news that investors have been waiting for? Let Rich hear how this news affects your investment strategies.

Featured image: DepositPhotos ©  bloomua

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