Does cannabis have any dram shop type liability? Bob P.
Cowen's Cigarette & Cannabis Circular
Source: Cowen
June 23rd
Our weekly Cowen Cigarette & Cannabis Circular highlights important news in the tobacco and cannabis industry for the week ending 6/23/2017.
. Nevada's Governor signs a bill to allow adult-use sales to begin in July, despite a court order that restricts the ability to give out distribution licenses
. Medical cannabis patients in Canada increases 29% sequentially to 168k in 1Q17
. Massachusetts' House and Senate pass bills to amend adult-use cannabis rules
. In Oklahoma, a ballot initiative to legalize medical cannabis is approved to appear on the 2018 ballot
. In New York, lawmakers pass a bill to add PTSD as a qualifying condition for medical cannabis
Tobacco
Taxes/Price
. Measures to raise the cigarette excise tax in Rhode Island and Delaware pass the House and a House subcommittee, respectively. Considering ballot initiatives and bills proposed or within governors' budgets, we estimate the weighted average SET would increase 33% in 2H17, compared to December 31, 2016 rates, if all are passed (see appendix)
Regulation
. In New Jersey, a bill to increase the minimum age to purchase tobacco products to 21 is sent to Governor Christie's desk (though Christie vetoed a similar bill last year). Meanwhile, a similar bill passes the Senate in Maine.
. San Francisco, California gives preliminary approval to ban the sale of menthol flavored tobacco products, and a similar measure is introduced in Minneapolis, Minnesota
. Spain's anti-trust watchdog investigates manufacturers for anti-competitive activity
. New York lawmakers pass a bill adding vaping to the state's smoking ban
Company Specific
. PM announces plans to build a factory in Germany to produce iQos HeatSticks
Industry
. A study find e-cig use is correlated with higher use of cigarettes for non-daily users
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