Author: CannabisNewsWire (CNW)

About CannabisNewsWire CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

420 with CNW — State Data Says Michigan Cannabis Sales Broke Monthly Record in July

The Cannabis Regulatory Agency in the state of Michigan recently published data showing that the state set a new record for cannabis sales last month. The state reached almost $210 million in total marijuana sales, recording more than $188 million in adult-use cannabis purchases and more than $21 million in medical marijuana sales in the month of July.

This total is almost $15 million higher than the previous record the state set earlier in the year. The majority of the cannabis purchases for both recreational and medical use were for flower products, with vape cartridges coming in second. The data also demonstrates a continuation of a sales trend in the state’s cannabis market, with medical marijuana purchases dropping while adult-use sales grow. The first recreational shops were launched in the state in December 2019.

Meanwhile, regulators in the state also announced that they were awarding grants to support studies into the therapeutic benefits of cannabis for military veterans. They plan to use the tax dollars generated by the state from adult-use marijuana sales to do so. The Cannabis Regulatory Agency revealed that it had recommended issuing $20 million in grants to two universities as part of the Veteran Marijuana Research grant program.

Earlier in March, officials in the state had announced that Michigan would be allocating almost $150 million in cannabis tax revenue to be divided between a transportation fund, public schools and localities. The Department of Treasury in the state revealed that the funding included about $42 million for 53 counties, 33 townships, 15 villages and 62 cities. The figure is significantly higher than the funding the state paid out to municipalities with tax revenue generated in 2021.

Last year, the state of Michigan recorded more than $481 million in medical marijuana sales and a little over $1.3 million in cannabis purchases for adult-use marijuana. In December alone, roughly $33 million in medical cannabis sales and more than $135 million in recreational marijuana purchases were recorded. In addition to this, state regulators revealed earlier in the year that they had named Hazel Park as the first approved social consumption site for adult-use cannabis in the state. It is expected that as that segment of the cannabis industry grows, more tax revenue will be generated.

The state of Michigan isn’t the only one recording significant cannabis sales in the country. For instance, the state of Massachusetts recently recorded $3 billion in adult-use cannabis sales. The state launched its market in 2018.

The cannabis tax dollars being invested in helping the communities worst affected by the racist/discriminatory enforcement of prohibitionist laws shows how much licensed companies such as Prime Harvest Inc. can be a force for good when an environment is created to let them operate and thrive so that the taxes generated from their operations can help rebuild communities in their areas of operation.

NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest Inc. are available in the company’s newsroom at https://cnw.fm/PRIME

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

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CannabisNewsBreaks – Advanced Container Technologies Inc.’s (ACTX) GrowPods Ideally Poised to Turn Tide Against Food Insecurity

Advanced Container Technologies (OTC: ACTX), the exclusive U.S. distributor of GrowPods, environmentally controlled micro-farms that allow cultivation of ultra-clean crops all year long, believes its products may be part of the solution to eradicate food insecurity and malnutrition. The World Food Program’s (“WFP”) vision for 2030 “calls for the world to eradicate food insecurity and malnutrition and for national and global actors to partner together to achieve several goals, including providing access to food and sustainable food systems. According to WFP, turning the tide against hunger includes, in part, ‘sustainable consumption and production to reduce food loss and waste,’” a recent article reads. “ACTX’s GrowPods appear ideally aligned to these essential initiatives. Modular, stackable and mobile vertical growing environments, these game-changing micro-farms are designed to maximize yield and automation. Made from fully insulated, food-grade shipping containers, GrowPods have been modified to create an optimum controlled environment for growing a wide range of horticultural and agricultural products in a variety of environments and climates… ACTX is pleased to join the efforts to make food sustainability both a priority and a reality by offering a way to produce multiple high-yield harvests every year with no pesticides and using fewer resources.”

To view the full article, visit https://cnw.fm/OVRqu

About Advanced Container Technologies Inc.

Advanced Container Technologies is in the business of selling and distributing self-contained, automated, indoor “micro-farms” called Grow Pods, along with related equipment and supplies. Additionally, the company designs and sells patented proprietary medical-grade plastic containers, known as the Medtainer(R), that store and grind pharmaceuticals, herbs, teas and other solids or liquids. For more information, visit the company’s website at www.AdvancedContainerTechnologies.com.

NOTE TO INVESTORS: The latest news and updates relating to ACTX are available in the company’s newsroom at https://cnw.fm/ACTX

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Progress on DLC Acquisition, Secures New Financing

Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today updated its recent announcement of the proposed acquisition of Diagnostic Lab Corporation of Englewood Cliffs, New Jersey (“DLC”), a diversified food and agriculture safety company, as well as announced the recapitalization of the company. According to the update, Grapefruit is finalizing its due diligence on DLC and is in the final stages of negotiating the terms of its anticipated financing and structuring of the transaction documents, all of which it expects to complete in the next several weeks. “We are providing this update at this time to inform our many loyal shareholders that the company is making significant progress with respect to the DLC acquisition, despite the challenging current macroeconomic environment and its influence on capital markets,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Despite these potential distractions, Grapefruit’s management, staff and outside professionals continue to work very efficiently together to ensure a successful acquisition of DLC as the next event in the company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company.”

To view the full press release, visit https://cnw.fm/4yQNL

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW? Ask our Editor

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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — Alcohol vs. Marijuana: How These Industries Are Coping with Inflation

Many often look at the alcohol industry as a way to get ideas about the trajectory that the nascent marijuana industry could take, and this comparison couldn’t be more necessary at this time when inflation is soaring, and different sectors are reeling. Let’s take a look at these two industries to see how exactly they are being impacted by inflation and how they are coping.

As you may be aware, alcohol is legal at the federal level and can be bought in a variety of places, including restaurants, bars and even convenience stores. This varied access somehow provides a cushion for customers to access the product while being pocket wise. For example, someone who could have taken several beers at a bar may decide to purchase a six-pack at a store and consume the beer at home.

The person will still drink as many beers as they usually do, but the unit cost may go down because they changed where they source the beer. This doesn’t mean it is all sunshine and smiles for the alcohol industry because prices are rising in different segments and manufacturers are reeling under the supply chain issues that have come at a time when inflation is surging.

In contrast, marijuana is still prohibited federally and can only be bought at licensed dispensaries or retail outlets in the states where the substance was legalized. You may think that this exposes marijuana consumers to the immediate effects of inflation, but the reality is that cannabis prices have been declining in several states as more players enter the industry and competition stiffens.

However, that doesn’t mean the industry isn’t feeling the pinch resulting from inflation. For now, companies are using different methods, including reducing product variety and laying off staff, to keep their operational costs from skyrocketing. Neither of these mechanisms is ultimately good for the consumer because fewer products mean that a time will come when those carrying what you want will increase the price, and you will have no alternative source for the same product. As for job cuts, you know what that means for the local economy.

As prices of inputs, such as fertilizers, keep rising, a time will come when marijuana growers have no choice but to adjust their prices in order to remain in business. When that happens, the most price-sensitive buyers may find themselves in a tight spot as prices increase across the board. This could have serious ramifications for patients who depend on medical marijuana to manage their health conditions.

At the moment, different industry players such as Cannabis Strategic Ventures Inc. (OTC: NUGS) are implementing their own coping mechanisms while shielding the customer, and it remains to be seen how far these can go before the customer is called upon to bear their share of the burden caused by the current inflationary environment.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW — Another Push Is Underway in Florida to Legalize Recreational Cannabis

Floridians could be able to purchase and use recreational cannabis legally in the next few years if a proposed constitutional amendment that was filed last week is successful. Backed by country-music duo the Bellamy Brothers and Trulieve, currently the largest medical-cannabis operator in Florida, the measure would legalize the use of recreational marijuana by people aged 21 and older.

The Tallahassee-based medical marijuana operator contributed $5 million to help get the constitutional amendment to the 2024 ballot. The measure is also expected to receive support from other multistate medical cannabis companies. The proposed amendment was filed on Monday at the Florida Division of Elections and would allow the possession, purchase, and use of cannabis and cannabis products for nonmedical use.

Voters in Florida legalized medical marijuana via a constitutional amendment in 2016 after a failed attempt in 2014. The 2014 constitutional amendment failed to advance because it required at least 60% rather than a simple majority to receive approval. Soon after the 2016 amendment passed, Florida lawmakers launched a vertically integrated system that allowed companies to handle one or more stages of production.

However, this vertically integrated system has been criticized for significantly increasing operational costs and locking out small entrepreneurs who don’t have access to large capital. If the new constitutional amendment, dubbed the “Adult Person Use of Marijuana” is passed by voters, lawmakers will have to figure out how to structure the industry. Activists behind the measure will have to collect around 900,000 petition signatures to qualify for the 2024 ballot.

Backers believe the measure will meet the Florida Supreme Court requirements even though past adult-use cannabis initiatives have failed to advance. Kim Rivers, the CEO of Trulieve, says the proposed amendment is all about increasing access to cannabis in the state. She says that Trulieve, which currently runs around 119 medical cannabis dispensaries, is looking to increase access to safe, high-quality cannabis products that can give people more control over their medical journeys.

News Service reports that the amendment would allow the cultivation, processing, manufacturing, selling and distribution of cannabis products at medical cannabis treatment centers. According to musical duo the Bellamy Brothers, Florida is now ready for recreational marijuana. In an email to News Service of Florida, members of the group said that they have seen the benefits of marijuana as they traveled the country. The Florida natives have a ranch in Pasco County, and they have already partnered with Trulieve to produce a line of marijuana products.

As more states seek to legalize recreational marijuana, companies such as Flora Growth Corp. (NASDAQ: FLGC) will have a larger pool of potential markets to choose from when expanding their footprint across the country and beyond.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsBreaks – Cilicon, Vape-Jet Collaborate to Deliver Intelligent, Integrated Vaporizer Solution

Cilicon, a global provider of cannabis vape hardware, together with Vape-Jet, a U.S.-based infrastructure platform for cannabis oil-filling, today announced the forming of an official partnership to provide an intelligent, one-stop product solution for global cannabis brands. With a mutual understanding of the value of technology for business growth in today’s digital economy, Cilicon and Vape-Jet have launched services for cannabis vaping tech development, hardware manufacturing and filling machines for all brands in the cannabis vaporization industry. The partnership aims to reduce the time and financial budget for industry practitioners focused on cannabis vaporization with smart technology and integrated services.

“We aim to provide more integrated, hassle-free, smarter hardware, from filling to vaping, through our collaboration with Vape-Jet,” said Cilicon Chief Brand Officer Chris Lin. “This daily-changing industry requires us to work closer than ever to bring ‘real’ stuff to our cannabis vapor communities and cannabis companies. Working with Vape-Jet absolutely fits our values and culture, and we bond together to provide benefits to change the industry’s pain points and unsolved problems. To make the whole journey from filling to final vaping easier and smarter.”

To view the full press release, visit https://cnw.fm/9rLYI

About Cilicon

Cilicon was born with one dream: to improve everyday lives through vaporization technology with innovation, enthusiasm and compassion. Innovation in its blood, Cilicon is tired of inferior products driving out high-quality products and messing with the market. Therefore, Cilicon was founded without compromising quality, safety and customer satisfaction. Cilicon derives a game-changing platform from generating diverse cannabis vaporizer options available for increasing customer brand competitiveness from the crowd. For Cilicon, brand success is its priority and customer satisfaction matters!

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW — Florida Agriculture Commissioner Calls DOJ Memo on Gun Rights Lawsuit Insulting

The agriculture commissioner in Florida has described as “insulting” the memo the U.S. Department of Justice filed supporting its motion to dismiss a lawsuit challenging the denial of the right to buy a firearm by users of medical marijuana. The said lawsuit was filed by Commissioner Nikki Fried in April 2022.

No one is surprised that the DOJ asked the court to dismiss this lawsuit, but the contents of the memo the federal agency penned has attracted widespread criticism from several quarters. For starters, advocates have taken exception to the description of medical marijuana users, such as terminally ill cancer patients and military veterans suffering from chronic pain, as people who are too dangerous to be trusted with firearms.

Fried and other reform activists say describing people in dire need of medical marijuana in such an insensitive way is insulting and disappointing given the sizeable body of scientific evidence backing the therapeutic benefits of marijuana. They also say that the DOJ is insisting on taking a position that is a relic of the reefer madness period while the world, and specifically the American public, has moved past such stereotypes.

More criticism was also triggered by the DOJ using centuries’ old case law to back up its position on gun rights for users of medical marijuana. The department specifically wrote that its stance is supported by bans on gun ownership by Native Americans, panhandlers, Catholics and habitual drug users, and this supposedly justifies its insistence that medical marijuana users shouldn’t be allowed to acquire firearms. The DOJ doesn’t at any point recognize that the case law it is citing was discriminatory and that the country has since made adjustments in its actions.

The case law citations included in the DOJ memo were a direct reply to the petitioners’ inclusion of a ruling made by the Supreme Court in New York stipulating that the amendment to bear firearms is supreme and that any attempt to restrict such rights can only happen if such an infringement is in line with the historical circumstances and intent of the amendment.

The attorneys representing Fried and the other plaintiffs are now working to respond to the last-minute memo filed by the DOJ. It should be noted that Fried is contesting to stand against Governor Ron DeSantis during the November polls. She says that if she is elected to that office, she will have no problem involving her new office in this case since it is a matter to which she is committed.

The sentiments implicit in the DOJ response are likely to rub industry actors such as Advanced Container Technologies Inc. (OTC: ACTX) the wrong way since they are working toward changing the attitude and sentiment toward marijuana users generally and particularly medical marijuana users.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW — Study Finds Marijuana Legalization Reduces Incidents of Synthetic Cannabinoid Poisoning

Although synthetic cannabinoids such as Spice and K2 are much more potent than natural cannabinoids, they are often mixed with dangerous chemicals, including stimulants, blood thinners and opioids that can make them deadly. An outbreak of synthetic cannabinoids contaminated with anticoagulants in 2018 caused excessive bleeding that affected more than 300 people and took at least eight lives.

A study using data sourced from the National Poison Data System (NPDS) recently revealed that states with legal marijuana access record significantly fewer synthetic cannabinoid poisoning cases. Study authors hypothesize that cannabis policies that allow legal sales provide little incentive for people to use synthetic cannabinoids, which are harder to spot in drug tests but can result in deadly health outcomes for users.

Published in the “Journal of Clinical Toxicology,” the study reported that states with “permissive” marijuana policies had 37% fewer cases of synthetic cannabinoid poisoning annually from 2016 to 2019. States with medical cannabis programs, which generally allow patients to use high-THC marijuana products for medical purposes, had 14% fewer cases of synthetic cannabinoid poisoning.

Furthermore, states that only allowed medical cannabis use had 36% fewer cases of reported poisonings compared to states with recreational markets that allowed cannabis sales to all adults aged 21 and over. The study recorded a total of 7,600 reported cases of synthetic cannabinoid poisoning from 2016 to 2019, with 64.8% of the cases needing medical attention. The study also reported that 61 people lost their lives due to synthetic cannabinoid exposure during the study period.

The research involved researchers from the University of Arkansas College of Medicine, Oregon Health Authority and the Washington State University College of Nursing. The groups divided states into three categories: medical (states that allow high-THC products), permissive (states where recreational cannabis is legal) and restrictive (states that don’t allow both medical and recreational cannabis).

According to lead study author and WSU associate professor of nursing Tracy Klein, their study provides evidence of the potential public health benefits of legalizing marijuana and creating regulated cannabis markets. Synthetic cannabinoids are especially attractive to people who could lose their employment due to cannabis use because the substances don’t usually show up in drug tests for delta-9 THC, the main psychoactive agent in cannabis. This includes people in law enforcement, the military and other occupations that require regular drug tests. Klein says that based on this study and prior research, cannabis users are much more unlikely to choose synthetic cannabinoids when they can purchase legal cannabis without any legal ramifications.

These findings are a boost to the people who have always believed that allowing cannabis companies such as American Cannabis Partners to operate legally is a sensible move in several ways, including protecting public health.

NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

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CNW420 is part of the InvestorBrandNetwork.

CannabisNewsBreaks – AmeriCann Inc. (ACAN) Reports Record Net Income, Revenue

AmeriCann (OTCQB: ACAN), a cannabis company that develops state-of-the-art cultivation, product manufacturing and distribution facilities, has released its financial and operational results for its fiscal quarter ending June 30, 2022. According to the company, July revenue set an all-time monthly record. Numbers showed a significant increase in year-over-year quarterly net income and revenue, with both being records for the Company for the quarter ending June 2022. Revenue increased over 36% for the quarter ended June 2022 relative to the same quarter 2021, an increase of $213,188. Quarterly gross margins were 98.5%. The company attributed the increased revenue to products produced and manufactured at Building 1, AmeriCann’s initial building at its Massachusetts Cannabis Center development in Freetown, Massachusetts. The 30,000-square-foot cultivation greenhouse and processing facility features utilizes AmeriCann’s proprietary Cannopy cultivation system and is occupied by Bask Inc., an existing licensed vertically integrated cannabis operator in Massachusetts. AmeriCann receives base rent and a revenue participation fee of 15% of all gross monthly sales of cannabis, cannabis-infused products and noncannabis products produced at the Massachusetts Cannabis Center. The report noted that the manufacturing of cannabis-infused products, including the 1906 branded Drops, Howl’s Tincture and Harpoon Extracts, has increased dramatically at the center, with projected sales of manufactured infused products expected to be even stronger. “The June 2022 financial results highlight the strength of our operations,” said AmeriCann CEO and president Tim Keogh in the press release. “Record revenue, combined with our high gross margins and low operating costs, resulted in all-time profits and cash flow for the company. Additionally, July 2022 revenue, which was not included in the most recent quarterly financials, set a monthly record.”

To view the full press release, visit https://cnw.fm/LtoHT

About AmeriCann Inc.

AmeriCann develops and leases cannabis cultivation, processing and product manufacturing facilities. The company uses greenhouse technology, which is superior to the current industry standard of growing cannabis in warehouse facilities under artificial lights. According to industry experts, by capturing natural sunlight, greenhouses use 25% fewer lights and utility bills are up to 75% less than in typical warehouse cultivation facilities. As such, AmeriCann’s Cannopy System enables cannabis to be produced with a greatly reduced carbon footprint, making the final product less expensive. Additionally, greenhouse construction costs are nearly half of warehouse construction costs. AmeriCann is also designing GMP-certified cannabis extraction and product manufacturing infrastructure. The company has secured licenses to produce cannabis-infused products, including beverages, edibles, topicals and concentrates. AmeriCann plans to operate a marijuana product manufacturing business at the Massachusetts Cannabis Center. For more information about the company, please visit www.Americann.co.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Releases Financial Results for H1 2022

Flora Growth (NASDAQ: FLGC), a manufacturer and distributor of global cannabis products and brands, is reporting its financial and corporate results for the six months ending June 30, 2022. Highlights of the report include revenue for the company increasing 604% from the same period last year, reaching ~$15 million while gross profit for the company increased to ~$7 million, an increase of 547%. In the report, the company reaffirmed its 2022 revenue guidance of $35 million to $45 million, which represents an increase in projected revenue of between 300% to 400%. “In the first half of 2022, Flora delivered on its promise to double revenue compared to the second half of 2021, and we expect to maintain that trajectory to deliver our full year guidance as a result of continued growth in our House of Brands, the launch of several new brands in the United States, and the commencement of sales in our Commercial Wholesale and Life Sciences business,” said Flora Growth CEO and chair Luis Merchan in the press release. “We started 2022 with the integration of both Vessel and JustCBD, and despite macro headwinds in the global markets as well as global cannabis regulations, we are extremely pleased with our growth year-to-date. We are also seeing positive movement in our Life Sciences division with progress on the approval of our clinical trials in the United Kingdom and the acquisition of Masaya, a science-backed, high-potency CBD brand. . . . We continue to prudently manage our overhead and working capital as we expect to improve profitability going forward. With all three of our core pillars generating revenue in the second half of 2022, continued gross margin expansion and a focus on streamlining operating expenses, we believe we have a path to profitability that few global cannabis companies can achieve in this difficult environment.”

To view the full press release, visit https://cnw.fm/Y6kh5

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to commercial, house of brands and life sciences divisions. For more information about the company, please visit www.FloraGrowth.ca.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://cnw.fm/FLGC

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

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