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To help keep you up to date with the latest cannabis industry news, we review some of the biggest headlines from the month of April.
Pax Labs Raises Record Funds
Pax Labs, a manufacturer of vaporizer pens based in San Francisco, raised a record amount of money for an American marijuana company. Pax raised $420 million in April. Initially, the company was targeting $150 million. But thanks to existing and new institutional investors, Pax was able to surpass that number. According to CEO Bharat Vasan, the money will be used to explore CBD market opportunities and expand the company internationally.
Bank of America Goes Green
Bank of America Merrill Lynch will be going further into the medical cannabis industry by announcing it would be launching coverage of the sector. The coverage includes the broader industry and major market leaders like:
- Aurora Cannabis
- Canopy Growth
- Cronos Group
- The Green Organic Dutchman
- Hexo Corp.
- Supreme Cannabis
B of A’s move shows how mainstream cannabis has become on Wall Street.
Vape Contamination Controversy
A batch of cannabis-infused vape oil cartridges being sold in Michigan recently tested positive for lead. Regulators in the state are now asking marijuana retailers to test their cartridges for the heavy metal. A Johns Hopkins Bloomberg School of Public Health study revealed that lead was found in several brands of cartridges. Over time, the lead can seep into products.
Morgan Fox, a spokesman for the National Cannabis Industry Association said the following about the report: “We need to make sure these products aren’t continuously stigmatized going forward. There are people who are looking for anything that could be considered dangerous in an attempt to discredit the industry.”
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