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 — Leafly Report Says US Cannabis Sector Employs About 500K

On Wednesday, Leafly released a new report showing almost half a million Americans worked full-time in the cannabis industry. Despite challenges related to the pandemic, figures from the report show that the industry is growing as states such as Connecticut, New Jersey and New York look to implement retail sales.

Now in its sixth year of reporting, Leafly partnered with Whitney Economics, a firm that analyzes the cannabis economy. According to Leafly CEO Yoko Miyashita, the company’s operations filled the gap that has led to a lack of federal reporting. Moreover, the company also aims to advocate for social equity in federal legalization.

Adult-use markets and medical state markets saw a $6 billion increase in comparison to 2020’s figures. The total amount of cannabis products sold last year amounted to about $25 billion.

Furthermore, the marijuana sector is growing faster than other traditional markets. According to the report, 2021 marked the fifth year in a row that job growth was more than 27% in comparison to general businesses, which are expected to experience an 8% growth this decade.

Unlike the other sectors, expansion in the cannabis industry is being faced by job shortages. With pending enforcements in key states, more hiring will be done to match consumer demand. Miyashita says that the employment numbers show the potential of cannabis as an economic driver.

Last year, about 430,000 people were employed in the sector with a total of more than 100,000 new jobs created. This is the first time the number of new jobs exceeded six figures. In 2020, about 320,000 people were employed with a total of 77,300 jobs created. The report observes that there are now three times as many people working in the sector in comparison to dentists. Moreover, the report predicts that total employment will reach 1.75 million.

It is estimated that every day 280 jobs are created in the cannabis industry, which translates to a person getting hired every two minutes during a work day. Across states, the data figures on job revenue, sales and tax revenue supports the report’s overall observations. For example, the medical marijuana sector in Missouri accounted for one in every 10 jobs created.

State officials from Colorado reported that the state made more than $2.22 billion in sales and recorded $423 million in tax revenue. Meanwhile, Massachusetts made $74.2 million in the form of marijuana taxes in comparison to $51.3 million from alcohol.

According to a Marijuana Policy Project report, states where marijuana is legal made more than $10 billion in tax revenue since 2014 when licensing started.

This data is testament to the economic impact that state-licensed companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are having in the jurisdictions where they are licensed to operate.

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

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 — Supreme Court Requests Solicitor General for Brief on Medical Cannabis Worker’s Compensation Cases

The U.S. Supreme Court is requesting that the federal government give its opinion on whether federal law affords protections to employers that don’t cover medical cannabis costs for workers who have been injured on the job, even in states where its legal.

State courts arrived at different conclusions on this during a discussion on cases concerning employees in Minnesota who sought worker’s compensation for medical marijuana expenses after they were hurt while on the job. This led the Supreme Court to request that the solicitor general weigh in on the matter, which is a significant development in cases that may be determined based on an interpretation of the U.S. Constitution’s Supremacy clause.

This comes after the Supreme Court in Minnesota gave its ruling in 2021, stating that both worker’s compensation claims filed were invalid due to the status of cannabis under Schedule I, in the Controlled Substances Act. In one of these cases, Daniel Bierbach, who sustained injuries while working for an all-terrain vehicle firm, was denied compensation for medical cannabis.

In the other case, Susan Musta, the plaintiff, submitted a petition after the highest court in her state determined that the Controlled Substances Act did mean that her employer wasn’t required to offer reimbursement for medical marijuana after the plaintiff was injured at her workplace.

The Hudson Valley Cannabis Industry Association, the New York City Cannabis Industry Association, and NORML filed amici curiae briefs after this decision, requesting the court to hear this case in December 2021. Soon after this, Bierbach filed his writ of certiorari petition, arguing that because employers weren’t required to manufacture, possess or distribute marijuana, simply offering workers compensation for cannabis wasn’t prevented by the Controlled Substances Act.

Both cases were brought before a recently held Supreme Court conference, leading the justices to seek input from the federal government. The justices requested the solicitor general to file a brief on the cases, expressing the views of the U.S. government.

The state of Minnesota isn’t the only state where this issue has been raised and taken to court. In Maine, courts came to a similar conclusion. Other high courts in states such as New Jersey and New Hampshire ruled that reimbursing medical cannabis was valid, despite marijuana’s federal prohibition.

More stakeholders are urging the U.S. Supreme Court to settle this debate once and for all, especially with the increasing number of legal cases on these conflicts on worker’s compensation obstacles and the spread of the cannabis legalization movement at the state level.

Once the Supreme Court makes a final decision on whether employees can file for reimbursement of the costs incurred in buying medical marijuana after workplace accidents, a lot more people will access medicinal products manufactured by licensed sector players such as American Cannabis Partners since insurance companies will have no reason not to cover such costs.

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.

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CannabisNewsBreaks – Flora Growth Corp.’s (NASDAQ: FLGC) Vessel Enters Distribution Agreement with JustCBD Partner

Flora Growth’s (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has inked a distribution deal with Florida-based Speedy Distribution. Speedy is a core partner of JustCBD, which was just acquired by Flora Growth in a transaction announced earlier this week. The announcement noted that its consumer technology brand, Vessel, will launch in Speedy’s cash-and-carry distribution center and will include a select offering from FLGC’s product portfolio; the products will expand into traditional smokeshop channels. JustCBD has more than 300 products and some 300,000 customers, with a network of more than 14,000 stores across the United States and internationally. This agreement marks Vessel’s initial entry into traditional smokeshop channels; the company plans to explore additional opportunities, including innovating and designing new products and accessories specifically for this newly formed channel partnership. The company has scheduled a webinar for today at 1 p.m. ET to discuss the distribution agreement and other aspects of the acquisition. Flora CEO Luis Merchan, Flora chief strategy officer James Choe and JustCBD CEO Hussein Rakine will facilitate the event. “We are excited to bring the Vessel product offering to one of our core distribution partners in Speedy,” said JustCBD CEO Hussein Rakine in the press release. “The Vessel team designs excellent customer experiences, and whether through e-commerce or traditional wholesale, the products are always well received by customers. We see this agreement as the first of many where we leverage JustCBD’s existing distribution network and Flora’s diverse product portfolio to amplify growth for our combined company.”

To view the webinar, visit https://cnw.fm/hFaps

To view the full press release, visit https://cnw.fm/B7hR5

About Flora Growth Corp.

Flora is building a design-led collective of plant-based wellness and lifestyle brands that delivers 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. 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 21000 (U.S. Mobile Phones Only)

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

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420 with CNW — NIDA to Fund Studies on Different Marijuana Regulation Models

Although many people consider cannabis to be a versatile alternative medicine, the reality is that there is barely any scientific research on its potential risks and benefits. Thanks to federal prohibition laws that consider cannabis a class I drug with no medical application, research into the plant has been outlawed for decades. However, there has been an increasing push for more cannabis research as more states legalize the plant for medical and recreational use.

One of the country’s top federal agencies has thrown its weight behind this growing movement. The National Institute on Drug Abuse (“NIDA”) has increased its effort to promote much-needed research into the effects of cannabis. This comes at a time when lawmakers are considering legalizing cannabis at the federal level, and Americans in more than 30 states have access to medical marijuana.

NIDA recently published a notice of interest outlining the types of study proposals it is looking to fund and instructing interested researchers on how they can apply. According to the federal agency, recommendations from a workgroup that was set up in 2018 to explore cannabis research were used to craft the guidance.

The National Institute on Drug Abuse put out a similar notice to solicit cannabis studies back in 2019, but it expired in January.

The recent notice acknowledged that cannabis policies across the country continue to evolve at a fast pace. So fast, in fact, that they are outpacing the scientific knowledge needed to determine how cannabis could impact public health. By providing funding for cannabis research, NIDA hopes to get much-needed research about cannabis in the relevant hands.

Potential studies would include investigating the reasons that push people to consume cannabis, physical and mental qualities that predispose one to cannabis use, and developing standard methods for measuring cannabis and the cannabinoids, terpenes and flavonoids within the substance.

NIDA also said that it would fund research into different models of cannabis retail distribution to identify the components or combinations with public health risks. Researchers would be limited to 5 milligrams of THC for their studies, the agency said.

But despite NIDA’s interest in furthering cannabis research, the federal agency acknowledges that it will be a difficult endeavor while cannabis is still federally prohibited. NIDA director Nora Volkow has even mentioned in past interviews that she is reluctant to run studies on schedule I drugs such as marijuana because scientists have to deal with a multitude of “cumbersome” rules.

Last October, the agency submitted a report to Congress detailing how federal prohibition is holding back crucial research into the potential risks and benefits of drugs such as cannabis. Once the restrictions on cannabis research are eased, it will be a lot easier for sector players such as Flora Growth Corp. (NASDAQ: FLGC) to undertake research aimed at developing products that can meet the needs of different customer segments.

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)

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420 with CNW — Pew Study Shows Increase in Drug-Related Arrests While Incarcerations Reduce

A new study from the Pew Charitable Fund reveals that police have continued arresting people for illegal substances despite states adopting policies designed to reduce the number of incarcerations. The report expounds on drug policy and enforcement trends that have been developed between 2009 and 2019.

In the past decade, state and federal policies have changed with more prosecutors dropping marijuana cases. The study highlights some of the positive outcomes, which include low incarceration rates, reduced cannabis-related arrests and reduced racial differences in overall drug enforcement. However, despite all these efforts, arrests of drug possession still number more than a million a year even though overall arrests have dropped by 29%.

The study found that the number of people held in state prisons because of drug offenses decreased by one-third. This accounted for 38% reduction in admissions and 61% decline in prison populations. Pew found that arrests over drugs sales dropped and the number of Black people admitted to prison dropped by 26% while the number of prisoners dropped by 48%.

As incarceration rates dropped, the mortality rate related to drugs and alcohol increased by five and three times respectively. According to the institute, the reason is because of the criminal system’s reliance on a strategy that is costly and inefficient in addressing drug misuse. Within the same period, incarcerations reduced by one-third while possession arrests remained the same. In 2019, drug arrests accounted for 1 in every 10 arrests with more than 1.5 million people apprehended.

The report leaves out policy changes that have led to a reduction in racial disparity over drug arrests. Black people have been disproportionately affected by marijuana criminalization. As a result, more states have addressed this disparity by changing their enforcement regulations around marijuana. The report, however, shows that the disparity is still present. Black people accounted for 12% of the U.S. adult population but twice the number of adult drug arrests in 2019.

According to the report, imprisonment levels over drugs changes across states because there is less emphasis on public health issues related to drug misuse. Pew states that the majority of those imprisoned have substance use disorders of which only 1 in 13 are receiving treatment. The report suggests that more reforms should be done to improve the criminal legal system by making it more equitable. This shift will mitigate the states’ reliance on arrests and imprisonment to address drug misuse.

In a separate poll released last year, Pew noted that there was a significant difference across the political spectrum surrounding the legalization of cannabis for recreational use. However, the general agreement revealed that patients should have access to marijuana for medical purposes.

It is unfortunate that even if companies such as Cannabis Strategic Ventures Inc. (OTC: NUGS) are allowed to operate in various jurisdictions, people are still being arrested and incarcerated over offenses related to a substance that is legal in many states across the country.

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

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420 with CNW — Advocate Informs Congress That Minority Marijuana Firms Need Federal Financial Assistance

During a House Financial Services Subcommittee hearing, Amber Littlejohn stated that minority-owned and small cannabis firms may not survive without federal relief.

Littlejohn, the executive director of the Minority Cannabis Business Association, stated that supporting the SAFE Banking Act as well as other measures would make state-legal cannabis companies eligible for federal financial assistance from the Small Business Administration. The subcommittee hearing, which was held last week, discussed consumer protections and financial institutions.

Littlejohn then explained that minority marijuana businesses would probably not survive long enough to see federal legalization, especially without some relief from Congress. She added that social equity programs at the state level hadn’t been able to keep most minority-owned businesses from going under.

These comments led David Scott, chair of the House Agriculture Committee, to propose that issues on cannabis be addressed in the 2023 farm bill. Some are hopeful that going this route may help legalize cannabis, which was what happened with hemp.

The 2018 farm bill federally legalized the production of hemp by removing the plant from the Controlled Substances Act, and the hemp industry has grown significantly since the bill was approved. Currently, however, cannabis remains classified as a Schedule I substance under the Controlled Substances Act. Substances under this classification are considered to have a high potential for abuse and no accepted medical use in treatment. However, numerous studies have shown that cannabis and various cannabinoids are useful in the treatment and management of a number of conditions.

In a recent interview, the primary sponsor of the SAFE Banking Act, U.S. Rep. Ed Perlmutter stated that he’d received confirmation from House Speaker Nancy Pelosi that she would support keeping the banking initiative attached to the America COMPETES Act if the House bill, which had already been passed, was reconciled with the Senate’s version.

The Creating Opportunities To Meaningfully Promote Excellence in Technology (COMPETES) Act was passed by the House in a 222–210 vote. This is the second legislation that the banking act has been attached to. It was first attached to a national defense budget bill and had advanced, before it was stripped out by Senate leadership.

The objective of this multibillion dollar measure is to boost the competitiveness of the United States, partly by strengthening the manufacture of semiconductors.

Perlmutter remains determined to get the banking act past the finish line in order to help many cannabis companies, which are vulnerable to criminal activity.

Given the way larger cannabis companies, such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF), have found success in jurisdictions with legal marijuana markets, it would only be fair that minority-owned businesses in this space receive any support they can get in order to establish a firm footing and even thrive.

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

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 — California Growers Welcome Turnaround in Marijuana Pricing

Following the rise in the prices of bulk cannabis flower, growers in California now have a chance to celebrate the rebound as sales continue to grow.

The drop in prices started more than a year ago with November recording the lowest number of sales.  According to industry officials, the slump in prices could be attributed to high taxes, a flourishing underground market and a small number of brick-and-mortar retail outlets for cannabis products among others. These problems cut across the industry affecting small-sized businesses as well as large-scale brands.

Several operators, however, have reported a turnaround with sales in January. According to Autumn Shelton, a grower based in Santa Barbara County in California, growers have experienced an increase in wholesale pricing since January. Such spikes are typical within the sector as the entry of harvests in the market in October and November normally leads to a decrease in pricing. According to Shelton, the price per pound of cannabis flower averages about $1,100 for big buds and $450 for small buds.

According to Thrive Society, a wholesaler that tracks prices across 400 growers and 200 buyers, the price for AAA-grade flower dropped by 65%. Prices went from $1,250 per pound in August 2020 to roughly $400 per pound in November. This is the lowest level since the establishment of the regulated market in January 2018. According to Devin Calloway, the company’s founder, the increase in sales is due to consumer demand for high-quality products.

Some farmers, however, have not had similar experiences. For example, the Humboldt Sun Growers Guild experienced a moderate hike. According to Sequoyah Hudson, the company’s CEO, the company’s wholesale pricing increased up to $500 per pound for outdoor-grown flower, up from $250 in November.

The minor increase has seen some cultivators choosing to destroy their crops rather than pay state taxes. According to Hudson, this is because it would be more expensive to the farmers who will not be profiting from selling at low-level prices. Hudson also noted that her company has seen an increase in inquiries about and demand for trim and biomass.

The increase in pricing is good news to thousands of cannabis farmers who have had to deal with high taxation, supply chain disruptions, labor shortages and inflation. For some growers, including Pacific Stone, the uptake has created questions around the production levels from farms in the state within the year. According to CEO Skip Motsenbocker, it would be a tough prediction to make by “looking at what that brings” for the second and third quarter.

The rebounding of wholesale cannabis flower prices is great news to licensed firms such as American Cannabis Partners that derive part of their revenue from supplying cannabis distributors and other retail outlets.

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

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CannabisNewsBreaks – American Cannabis Partners Standing Distinct Thanks to Sustainable Practices, Strategic Positioning

American Cannabis Partners (“ACP”), a Jamaican experience canna-business innovator, is committed to doing its part as the sustainability trend permeates all sectors, including cannabis. Sustainability is a growing priority for businesses in today’s environment-conscious and energy-aware world. A recent article notes that the advantages of sustainability are twofold: making a positive impact on the environment and connecting with consumers who are becoming increasingly aware and supportive of companies working to make a difference. “ACP follows an organic cultivation model that includes implementing sustainable operating practices designed to reduce the company’s environmental footprint and increase its social responsibility,” the article reads. “ACP’s commitment to doing what is environmentally right is only one aspect of what sets it apart. A fully licensed, large-scale and 100% organic cannabis cultivation company, ACP is strategically positioning itself in four sectors of the cannabis space: real estate, cultivation, medical research, and nonprofit groups. American Cannabis Partners supplies multiple forms of raw product at wholesale prices for manufacturing, distribution and retail licensees in both the medical and recreational markets.”

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

About American Cannabis Partners

American Cannabis Partners is a fully licensed, large scale and 100% organic cannabis cultivation company nationally headquartered in Trinity County of the Emerald Triangle. Guided by business professionals and cultivators, the company focuses on four industry segments: real estate, cultivation, medical research, and nonprofit groups. For both medical and recreational, American Cannabis Partners supplies multiple forms of raw product at wholesale prices for manufacturing, distribution and retail licenses. Its commodity pricing model enables stable profit margins for customers, aiding the company’s expansion into multiple states. For more information, visit the company’s website at www.ACPFarms.com.

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 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

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

CannabisNewsWire (CNW)
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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Strengthens Foothold in US Wellness Market with Acquisition of JustCBD

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, today announced that it has acquired 100% of the equity interests in each of Just Brands LLC and High Roller Private Label LLC for cash consideration of US$16.0 million and 9.5 million privately issued Flora common shares, subject to certain potential future adjustments. According to the update, Just Brands and High Roller are the owners of the JustCBD brand and associated operations (collectively “JustCBD”). “We are thrilled to announce this news today and welcome the JustCBD team to Flora. To build such a recognizable brand in this noisy, rapid-growth market is a testament to everyone at JustCBD,” said Luis Merchan, CEO of Flora. “This acquisition continues to strengthen Flora’s foothold in the U.S. wellness market as well as providing meaningful growth acceleration and delivering human capital to the Flora organization. Additionally, there is incredible opportunity to leverage our economically advantaged cultivation to support the expansion of the JustCBD brand in the global market.”

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

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

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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420 with CNW — USDA Survey Reveals Hemp Market Reached $824M Valuation in 2021

This week, the U.S. Department of Agriculture (“USDA”) revealed that the value of the hemp market in 2021 reached $824 million. The survey is the first federal study into the hemp sector, and the analysis is meant to be used as a benchmark for the sector’s economic impact.

According to Hubert Hamer, an administrator for USDA National Agricultural Statistics Service (“NASS”), the report would provide producers, state governments, regulators, processors and other key players with benchmarks on hemp production.

The Hemp Acreage and Production Survey was undertaken in collaboration with the University of Kentucky and the National Association of State Departments of Agriculture after it received approval from the White House last year.

The agency wanted to determine the size of the hemp market and collected data from about 20,000 hemp growers who cultivate about 54,200 acres for the crop. Respondents were asked questions on the acreage for operations, the prices producers are able to bring in, primary and secondary uses for the crop, acreage for operations and outdoor hemp production.

The department also included the areas it was interested in including smokable hemp, CBD, fiber, seeds and grains for consumption. Hamer also adds that the results will not only guide producers into cultivating hemp but also inform on the type of hemp under production. He also adds that it may impact the policy decisions in the hemp industry.

The study finds that hemp is being cultivated for its different products including grain, seed and fiber.  It found that floral hemp came from most of the acreage from a total of about 16,000 acres and was valued at $623 million.  However, the market for floral hemp is facing stumbling blocks because of a lack of federal regulation around marketing cannabinoid products derived from hemp. Stakeholders have said that sound legislation such as the bill from Rep. Chellie Pingree (D-ME) could improve the segment.

Furthermore, the study also reveals a reduction in hemp production, which stakeholders have been monitoring for years. For example in January 2019, a report by an advocacy group found that the hemp cultivated in the United States covered about 78,000 acres in comparison to the 54,200 acres mentioned in the study. According to Jonathan Miller, general counsel for the U.S. Hemp Roundtable, burdensome testing requirements and the lack of regulations for CBD products is leading to the decline in hemp production. A possible solution would come from Congress passing legislation that regulates CBD.

The USDA has placed strict THC requirements for cultivators and processors resulting in a significant inequality between the acreage of hemp plants harvested across many states. This might become a thing of the past if Congress passes the Pingree-sponsored bill known as the Hemp Advancement Act. The bill seeks to raise the legal threshold of THC concentration in hemp products from 0.3% to 1%.

There are plans for such reports to be produced every year, but according to a NASS representative, that is only possible if there is funding. The periodic surveys are necessary because they help regulators and policymakers track how different stakeholders, including entities making hemp-derived pharmaceutical-grade products such as Flora Growth Corp. (NASDAQ: FLGC), are faring in this rapidly evolving landscape.

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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