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

CannabisNewsBreaks – Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Expanding into Live Resin Vapes Segment to Capitalize on Growing Market

Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) recently announced the rollout of Platinum Vape(TM) (“PV”) Live Resin in Michigan, fulfilling its promise to introduce a steady stream of new products and consumption options to satisfy demand in the state. “The debut marks RWB’s line expansion into the higher-margin live resin vapes segment and also represents its inaugural product in Michigan beyond the popular distillate vape products. The company is committed to releasing many more products in the future,” a recent article reads. “Red White & Bloom expects PV Live Resin to become popular with consumers owing to the trust they have in the PV brand. With the PV Live Resin, which was previously only available in Oklahoma and California, RWB aims to tap into the growing U.S. live resin market. According to Greentank, live resin sales increased 86% between 2020 and 2021. But RWB holds that this growth is only the beginning. ‘We believe that this is just the tip of the iceberg for the live resin opportunity since so many new cannabis consumers are totally unfamiliar with live resin and migrate to it once they learn more about cannabis and discover live resins’ many advantages,’ company CEO Brad Rogers said.”

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

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Illinois, Oklahoma, and Michigan with respect to cannabis, and the U.S. and internationally for hemp-based CBD products. For more information about the company, visit www.RedWhiteBloom.com.

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

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) Schedules Webcast to Discuss 2021 Financial and Operating Results

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, today announced that it will host a webcast at 9 a.m. ET on Tuesday, May 10, to discuss financial and operating results for its fiscal year ended Dec. 31, 2021. During the webcast, Flora’s management will deliver comments on financial results, operational highlights from 2021, as well as share a brief look at the company’s performance in 2022 thus far. Following the presentation, analysts, media and investors will be afforded the opportunity to ask questions in a Q&A session. Interested parties may join the webcast by visiting https://cnw.fm/BdmTA. In addition, any member of the investment community needing access to a phone dial-in should email flora@cmwmedia.com, and one will be provided.

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.

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

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420 with CNW — Study Finds That States with Legal Marijuana Markets Register Fewer Impaired Drivers

According to the findings of a new study, states that have legalized marijuana either for medical and/or recreational adult use, register fewer motorists driving under the influence of marijuana when compared to those states where prohibition of marijuana is enforced.

The analysis was conducted by RTI International, a nonprofit organization. RTI relied on self-reported data provided by drivers in several states. The statistics show that people living in states without legal marijuana markets are more likely to get behind the wheel within three hours of consuming marijuana. This is in contrast to people living in states that have enacted enabling marijuana laws; these individuals are less likely to drive within three hours of using cannabis.

One possible reason for this, researchers posit, is that in jurisdictions with legal access to marijuana, people are more likely to receive information from their healthcare providers, who issue recommendations for medical marijuana cards, about the dangers of getting behind the wheel while under the influence of marijuana.

Another likely explanation is that the labeling requirements in state-legal markets compel manufacturers to place warnings about driving while under the influence of marijuana. Such warnings cannot be mandated in states that haven’t legalized marijuana, and so the residents in nonlegal states may have a higher likelihood of driving while under the influence.

The study and its findings dispel yet another claim by prohibitionists that once cannabis is legalized, cases of driving under the influence of cannabis will surge. Furthermore, the current federal administration led by President Joseph Biden passed an infrastructure bill with a provision urging states with legal marijuana markets to undertake public education campaigns about the risks of driving while intoxicated by marijuana. This research shows that on the contrary, such public education campaigns are urgently needed in states that haven’t legalized the recreational or medical use of cannabis.

Paul Armentano, deputy director of NORML, commented that these research findings serve to dismiss the fears of people who think that cannabis legalization triggers an uptick in driving while intoxicated due to relaxed attitudes about the substance. In fact, the reverse is true: states maintaining prohibition laws tend to have more drivers who are under the influence of marijuana unlike drivers in states with laws legalizing marijuana.

It should be noted that this study relied on self-reported cannabis use by motorists. That limitation notwithstanding, the findings challenge the long-held claim that legalization can result in more cases of impaired drivers.

The subject of ascertaining impairment is also still under debate, with some studies indicating that there is no correlation between having the legal limit or more THC in your blood and the likelihood of being involved in a crash. So if you take the necessary precaution of waiting for at least three hours postcannabis use before you drive, there is no reason to feel guilty about buying and using marijuana products made by duly licensed companies such as Flora Growth Corp. (NASDAQ: FLGC) to manage your health condition or relax after a long day.

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.

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420 with CNW — How Cannabis Use Has Evolved During the Pandemic

While marijuana has been in existence for centuries, it is still a controversial plant. The U.S. federal government classifies it under Schedule 1 of the Controlled Substances Act alongside hard drugs such as meth and cocaine despite the DEA admitting in 2020 that no cannabis overdose has ever been recorded.

An estimated 55 million people in the U.S. use marijuana, and many more states continue to enact marijuana laws either through legislative means or through ballot measures. So how has the use of this substance evolved in the course of the COVID-19 pandemic?

Sales jumped in many states

When the pandemic started in March 2020, many people initially panic-bought marijuana in a bid to have a supply that could take them through the lockdown period. This panic buying drove up sales, and the sales numbers kept climbing for many states including Colorado, Washington and Oregon. Some reports indicate that people turned to marijuana to relieve the stress of the pandemic or as a way to combat anxiety.

The categorization of marijuana businesses as essential allowed the retail outlets to remain open during the lockdowns and innovations such as curbside pickup and home delivery allowed many people to access the substance and boost overall sales.

Rising costs helped the black market to thrive

In some states, such as California, excise tax on marijuana can be as high as 35%, and this makes the final cost of the product so high that some people end up resorting to the black market for cheaper products. With a raging pandemic and many medical users unable to afford the ongoing costs of their medical marijuana, there was a tendency for many people to resort to illicit suppliers of the substance.

To this day, cannabis taxes are a subject of hot debate in places such as California, and there are fears that the black market could overrun the legal industry if the tax regime isn’t revised to give the licensed operators some respite.

CBD could hinder COVID-19 transmission or severity

Research has also shown that cannabidiol (CBD) has the potential to prevent the transmission of the SARS-Cov-2 virus, the virus that causes COVID-19. The cannabinoid may also limit the likelihood of someone developing the severe complications of this illness.

However, these studies used test tube and mice models, so more work may be needed to verify whether the same effects can be replicated in human trial subjects. What is clear is that combining CBD with THC (the cannabinoid that makes cannabis users high) is likely to water down the beneficial effects of CBD against the coronavirus.

As the pandemic goes on, we may see new developments in the way people use the cannabis products made by companies such as Cannabis Strategic Ventures Inc. (OTC: NUGS) either for medical or recreational purposes.

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

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The Southeastern Hemp & Medical Cannabis Convention To Promote Operational Success Through Science and Education

Organa Kannalytics LLC invites cannabis businesses, stakeholders, researchers, patients, farmers distributors, and related industries, are all invited to attend the Southeastern Hemp & Medical Cannabis Convention (“SHMCC”) being held from 12-14 March 2022 at the Cobb Galleria Centre, Two Galleria Parkway, Atlanta, Georgia.

The SMHCC is being touted as the central meeting point for industry leaders and influencers to come together for networking, discussing medical advancements in the cannabis industry, and discovering new business opportunities. The event offers immense scope to new businesses and organizations to get better market visibility and explore the vast spectrum of possibilities that lay ahead.

The SHMC Convention will be held in person, taking care of all health and safety protocols following local and international regulations. Those who cannot attend the event in person have access to the streaming conference.

Attendees can learn and understand about the medical advancements and agricultural breakthroughs, new business scope, and as well as national, state, and local laws regulating cannabis use and trade. The title sponsor of the event is LUX LEAF Diagnostics, a leading testing laboratory dedicated to serving the US hemp and cannabis market.

Explore the wide gamut of cannabis science and its potential uses in the medical fraternity. Leading speakers will share their knowledge and insights on how responsible cannabis use can have several health benefits. Sponsors and vendors are invited to set up their booths displaying their products and services. Earlybird discounts are available.

With the global interest growing in the medical cannabis sector, the SHMC convention has a host of opportunities to offer associated business and trading players of the southeastern region. The trusted insights of distinguished speakers like Dallas Austin and Tavarres King, along with the immense networking scope of the convention, makes it the most sought after cannabis convention in this region.

Participants can attend workshops, join the panel discussions, network and socialize to connect with peers and stalwarts on this informative forum. Traders can build long-term business ties and attendees can discover developing potential medical solutions and treatment options. The event offers a wide range of discussion topics to resonate with the audience. Interested parties can get in touch with the event team that will guide them to participate to their desired level.

For more information, please visit www.OrganaKannalytics.com.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Readying Human Study to Compare Lexaria’s DehydraTECH-Nicotine Pouch Performance to that of Existing Leading Brands

In its most recent oral nicotine study, Lexaria established that DehydraTECH-oral nicotine delivery peaked in bloodstream 10x to 20x faster than controls and peak levels achieved were up to 10x higher than controls
Lexaria hopes to evidence in its upcoming human oral nicotine study NIC-H22-1, that processing purified nicotine with DehydraTECH leads to better oral-tissue absorption and reduced negative experiences compared to currently sold brands
Lexaria’s DehydraTECH technology works with new and existing drugs, processing them into a final form that increases bioavailability, speeds up onset and improves effectiveness that can allow for smaller doses
The company also recently announced new agreements with tobacco giant Altria for evaluation of some of its powder-based nicotine formulations

Technology innovator Lexaria Bioscience (NASDAQ: LEXX) has developed a drug delivery technology designed to increase bio-absorption, reduce time of onset and mask unwanted tastes of a wide variety of medicines and therapeutics.

In exploring the potential of its patented DehydraTECH(TM) technology, which uses a proprietary process to render active pharmaceutical ingredients into a readily absorbable final form, Lexaria has investigated DehydraTECH’s effectiveness in various markets such as hypertension, antivirals and oral nicotine to name a few, with outstanding results.

Another important area of study has focused on nicotine alternatives to replace smoking. This summer, the Company will begin a human clinical study, NIC-H22-1, which will dose a minimum of 36 people to compare Lexaria’s DehydraTECH-nicotine pouch performance with that of existing brands such as ON! and Zyn currently sold in the United States, drawing on existing capital to fund the study (https://cnw.fm/WtaDW). Animal testing has already demonstrated that DehydraTECH-nicotine can deliver peak nicotine performance to the bloodstream 10 to 20 times faster than the study’s controls (https://cnw.fm/mgn96).

In March, the company received its first ever patent granted to use DehydraTECH to deliver nicotine more efficiently through buccal tissue absorption in Australia (https://cnw.fm/ZSXqk). Buccal tissue is the type of tissue in your mouth and throat, allowing for the nicotine to be primarily absorbed before it enters the stomach. Similar patent filings have been made in the U.S. and in the EU and Lexaria believes those potential patent awards could support significant competitive advantages in the nicotine white pouch category, as well as other oral nicotine product formats.

The FDA has long resisted formal authorization of smokeless alternatives to tobacco consumption because of concerns about their capacity to lure youths into addiction.

“Anyone who does not currently use tobacco products, especially youth, should refrain from doing so,” Acting FDA Commissioner Ned Sharpless, M.D., said in relation to the agency’s authorization for some “Modified Risk Tobacco Products” to be marketed as a safer alternative to smoking in recent months. But in 2019, Swedish smokeless brand General became the first in the long history of the FDA to ever win that marketing allowance. (https://cnw.fm/eH7IZ).

Lexaria has long held that any form of inhaling chemical substances can be detrimental to health, and its DehydraTECH-nicotine aims to help vapers as well as smokers wean themselves off of those products, giving them relief from cravings while offering a safer nicotine alternative.

“My father also died from lung cancer … so I am no fan (of smoking),” CEO Chris Bunka told Forbes in 2019 (https://cnw.fm/yinGr). “The fact that (DehydraTECH) is fast means that smokers might not be frustrated waiting for their nicotine experience to begin, the way they have been with traditional nicotine products such as gums and lozenges.”

The company is working with the tobacco industry, and recently announced new agreements with tobacco giant Altria Client Services, LLC in which Lexaria will receive a fee to provide certain DehydraTECH powder-based nicotine formulations to Altria for evaluation (https://cnw.fm/y2LmV).

For more information, visit the company’s website at www.LexariaBioscience.com.

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

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Advanced Container Technologies Inc. (ACTX) GrowPods ‘Ideally Suited’ for New USDA Food System Initiative

Up to $400 million has been made available to support food purchases with emphasis on purchasing from underserved farmers, ranchers
Agency strengthens efforts to provide emergency food assistance, expand economic opportunity
ACTX GrowPods could be valuable tool in effort to build resilient local, regional food-production capabilities

In an effort to provide transform the food system and build a better food system after the global pandemic exposed weaknesses in the system, the U.S. Department of Agriculture (“USDA”) established a Local Food Purchase Assistance Cooperative Agreement Program (“LFPA”) last year (https://cnw.fm/omE5D). Advanced Container Technologies (OTC: ACTX), a company focused on the business of developing, manufacturing and selling advanced cultivation equipment, proprietary packaging systems, and a variety of other products, is ideally suited to help meet the needs of the new USDA initiative to build a new and more equitable food system (https://cnw.fm/gZf00).

According to the USDA announcement, up to $400 million in funding has been made available to support food purchases with an emphasis on purchasing from underserved farmers and ranchers. “Also as part of the Build Back Better Food System Transformation Initiative, USDA’s Food and Nutrition Service is announcing the availability of up to $50 million in funds provided by the American Rescue Plan for the Emergency Food Assistance Program (“TEFAP”) Reach and Resiliency grants to state agencies to expand program access in rural, tribal, and other currently underserved areas,” the agency states. “These grants and the LFPA are both part of USDA’s robust and ongoing support for food banks and the broader emergency food system.”

“One of the lessons from COVID-19 is that the current food system is too rigid, consolidated and fragile,” the agency stated when it announced established the program. “These cooperative agreements will help state, tribal and local entities purchase food more efficiently from local producers and invest in infrastructure that enables partner organizations to reach underserved communities more effectively.

“As we build back better than we were before, we will strengthen our efforts to provide emergency food assistance and expand economic opportunity for historically underserved producers by allowing state and tribal governments to buy and distribute local and regional foods and beverages that are healthy, nutritious and unique to their geographic area.”

Agriculture Secretary Tom Vilsack noted that the program “will help get local and regional agricultural products into schools, food banks and other nutritional assistance programs, and organizations that reach underserved communities. It also advances our efforts to ensure that historically underserved populations gain equal access to USDA resources through a combination of grants, loans, pilot programs, technical assistance, cooperative agreements, and more.”

According to Advanced Container Technologies, its GrowPods — modular hydroponic greenhouses — could become a valuable tool in this effort to build more resilient local and regional food production capabilities. “With GrowPods, cultivation can be moved directly into the areas where food is needed,” the company noted. “Additionally, locating the pods nearer to the point of consumption allows food to be harvested at its peak nutritional value, and greatly reduces the carbon and environmental impact of the nation’s current food chain, which relies on trucks carrying mass quantities of produce across the country.”

GrowPods offer a controlled environment with major advantages for the production of high-value crops. The ability to grow crops year-round while cultivating in a smaller footprint using less resources make the systems particularly well suited for programs such as the LFPA. ACTX is the exclusive distributor of GrowPods in certain markets. The company also provides a variety of other products and services, including packaging solutions for medicinal, pharmaceutical, and agricultural products.

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

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) to Participate in Groundbreaking Study with Trokie and Radicle Science

InMed Pharmaceuticals (NASDAQ: INM) is a leader in the research, development, manufacturing and commercialization of rare cannabinoids. The company today announced that its subsidiary, BayMedica, will be providing rare cannabinoids for use in Radicle Science Inc.’s Radicle Energy rare cannabinoid study to assess the effects of delta-9 (“d-9”) dominant tetrahydrocannabivarin (“THCV”) on energy, focus/attention, appetite and weight/BMI. According to the update, BayMedia will be supplying its highly pure d-9 dominant THCV, formulated into a proprietary lozenge manufactured by Trokie. “We are excited to be part of this groundbreaking study with Trokie and Radicle Science in advance of our commercial launch of d-9 dominant THCV. Radicle Science has been at the forefront of cannabinoid research, providing much needed scientific evidence to validate the effects of cannabinoids, and Trokie is a leader in unique and effective delivery systems for cannabinoids,” said Dr. Shane Johnson, SVP and general manager of BayMedica. “As a company driven by data and science, independent third-party research provides important information as we continue to expand our product portfolio of rare cannabinoids for the health and wellness market. Evidence-based decision making is key to facilitate adoption of rare cannabinoids by consumers, brands and health care providers. This research will advance the understanding of rare cannabinoids, which have been historically under-investigated.”

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

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids. Together with its subsidiary BayMedica LLC, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is also a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit www.InMedPharma.com and www.BayMedica.com.

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

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420 with CNW — Five Tips Seniors Need to Keep in Mind Before Using Medical Marijuana

As more states legalize cannabis for medical and/or recreational purposes, a bigger proportion of the population can now readily access marijuana products from licensed outlets. According to research out of UC San Diego, a significant fraction of all new marijuana users are seniors. We offer the following tips to seniors who want to use medical or recreational marijuana for the first time.

Do some research on administration methods

The legalization of cannabis in different states has given entrepreneurs an opportunity to come up with different cannabis products and ways to use those products. For example, there are cannabis edibles, suppositories, vape products, and smokable products, among many other administration methods.

Do your research and select a consumption method that will suit your personal needs and preferences.

Start slow

Your body as a senior is likely to be more sensitive to what you put inside it, so it is advisable that you start with a smaller dose of whatever cannabis product you plan to use. Make any dosage increases minimal and gradual as you observe how your body responds to the product.

Hydrate

Marijuana has a tendency to make users feel parched, so it is a good idea to drink water during your cannabis consumption session. The water will prevent you from feeling dehydrated, and it may also provide a way to keep you grounded during your consumption session.

Prepare snacks

Cannabis triggers the “munchies” in some people, so you would be well advised to have some snacks on hand before your consumption session begins. These snacks will come in handy if the marijuana product you use causes an increase in your appetite.

Inform your doctor

Many seniors are on medication for a variety of conditions, such as arthritis, high blood pressure and diabetes. It is wise to talk to your physician before you start using any marijuana product. This discussion is important because the compounds in marijuana may either slow down or accelerate the effects of your medication, and your doctor is best placed to assess what specific interactions may occur.

Get the all-clear from your doctor and keep him or her updated on how you feel when you start using marijuana products. The healthcare professional can then advise on what tweaks to your medication are necessary.

It isn’t hard to find a doctor who is knowledgeable about medical marijuana if you live in a state that has legalized marijuana. Such a doctor will give you appropriate advice about using both marijuana and your existing medication.

Who knows, you might discover that the cannabis products from regulated companions like Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) give you a new lease of life!

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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420 with CNW — Bankers’ Groups from All 50 States Urge Senate to Enact Cannabis Banking Reform

Last week, a group of banking associations from all 50 United States wrote a letter to the U.S. Senate urging the legislative body to include cannabis banking language in the final text of a manufacturing bill for which a bicameral conference is being organized.

The American Bankers’ Association (ABA) as well as associations from every state in the United States says that the SAFE Banking Act is needed urgently and has wide support from both sides of the legislative aisle. The group added that this law is needed to handle the financial transactions that so many entities, such as real estate companies, law firms, members of the skilled trades and so many others rely on in their day-to-day transactions with marijuana companies.

The groups representing banks said that cannabis firms are forced to operate mostly on a cash basis and this was creating concerns about public safety as well as making the work of regulators, tax collection agencies and security agencies harder due to the lack of a verifiable trail of the finances flowing through the marijuana industry. The letter mentions that currently, 37 states allow marijuana in some form and many other states are in the process of reforming their policies and legalizing marijuana. It is therefore vital that banking reform is included in the COMPETES Act so that the existing challenges of public safety and regulation are addressed.

Advocates are hopeful that the legislators selected as conferees will push for the cannabis banking language to be included in the manufacturing bill. These hopes are buoyed by the inclusion of conferees who support the marijuana banking bill. They include Rep. Earl Blumenauer from Oregon, Senator Patty Murray from Washington State and Maxine Waters from California.

The spike in burglaries and robberies in different states, including Washington, has made the voices for cannabis banking reform even louder. Officials in Washington State organized an online roundtable to discuss the security threats facing cannabis businesses, and they even explored different measures that they can take to promote cannabis banking as they wait for Congress to act on this urgent matter.

It is noteworthy that reports coming from FinCEN, a federal agency fighting financial crimes, indicate that the end of 2021 saw an increase in the number of financial institutions working with marijuana businesses. It isn’t clear whether that uptick was due to the anticipation that Congress would pass a law enabling cannabis banking federally or the fact that banks are now less fearful about possible penalties from federal regulators.

One thing is clear — there will be a collective sigh of relief from the entire cannabis sector, including entities such as American Cannabis Partners, once a bill is signed into law allowing federally chartered banks to work with marijuana companies in states with legal cannabis markets.

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

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