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 — New Report Forecasts Significant Growth for Global Marijuana Sales

A new report that focuses on the rapid growth of both recreational and medical marijuana sales has been released by New Frontier Data. The report looks at what to expect in the international marijuana industry over the next couple of years, while analyzing the future and current trends in the international markets of Africa, Asia, Oceania, the Caribbean, Latin America, Europe and North America.

In a letter included in the report, Giadha A. DeCarcer, executive chair, publisher and founder of New Frontier Data, stated that the industry would continue to expand and grow. DeCarcer explained that when the first global marijuana industry report was released in 2019, it was clear that the legalization of marijuana would prove to be a significant socioeconomic movement of the present period, noting that in two years, the number of countries that had legalized some form of marijuana had increased to 70, adding that there were 10 countries that had legalized adult-use marijuana.

The report states that last year, the combined total of recreational and medical marijuana sales in the United States was roughly $20 billion, with regulated markets selling almost $24 billion in high-THC marijuana product.

In Canada, about $2 billion in high-THC marijuana products were sold last year. The report notes that the constant increase in marijuana sales in both Canada and the United States could cause sales to increase to roughly $50 billion by the year 2025. The report also found that in countries outside North America, the sale of high-THC products had risen but were still lower overall. For instance, Germany collected an estimated $205 million from its medical marijuana program, which is the largest medical marijuana program in Europe.

In Spain, some provinces have regulations on marijuana sales, despite the fact that the plant is not federally legal in the country. In 2019, marijuana clubs in the country hit $430 million, which makes the country a contender for becoming one of the biggest industries globally, after the United States and Canada.

Last month, a webinar which explored the global marijuana economy’s opportunities, projections and trends was held. John Kagia, chief knowledge officer of New Frontier Data, forecasted that the rate of investment into the global marijuana industry was expected to grow. Currently, $8 billion of capital has been injected into this burgeoning industry.

Recreational marijuana sales are also expected to double medical marijuana sales by 2025. Currently, half a dozen countries have approved the sale of high-THC products while only 10 have legalized recreational marijuana use.

As overall sales grow, it goes without saying that established cannabis companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) will see a sizeable fraction of the total revenues generated.

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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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 — Humboldt County OKs $1M Grant Targeting Marijuana Growers

Despite its relatively young age, America’s state-legal cannabis industry has been insanely lucrative. In just a few short years, the sector has generated billions of dollars in revenue, created hundreds of thousands of new employment opportunities, and filling state coffers with millions in tax revenue. However, while some cannabis farmers and companies have been laughing all the way to the bank, others are struggling to keep their heads above water and barely holding on. It has gotten so bad that California’s Humboldt County has okayed a $1 million grant to help cannabis cultivators survive amid a significant drop in cannabis wholesale prices.

With a growing number of players jumping into the sector, the cannabis market has been flooded with so much product that it has outweighed demand by a significant margin. Consequently, cannabis prices have been declining, ultimately falling to a paltry $400 a pound from $1,100 a pound. As this is not enough to cover production costs let alone make a profit, the county’s board of supervisors has approved a $1 million emergency grant program to keep cannabis cultivators in Humboldt County from going under. According to Economic Development Director Scott Adair, his office has been “inundated” with urgent, desperate requests for assistance from farmers who are looking down the barrel of impending insolvency.

Extremely low cannabis prices are to blame for the current market emergency and the subsequent requests for aid and relief, says Adair, with market prices now being too low to cover the cost of cultivating, processing and distributing cannabis. As such, the program will offer grants of up to $10,000 for individual farms and $50,000 for larger, collaborative efforts. Production has also been impacted by drought, wildfires and fire-protection measures that increase costs. Furthermore, with most cannabis cultivators in Humboldt growing their crop deep in the mountains, transportation, regulation compliance and irrigation costs also add up.

All these issues affect solvency, Adair says, and there’s only so much the county can do. The grants are intended to support expenditure and activities that boost revenue or reduce other costs, not to replace lost revenue. The grants will be part of Humboldt County’s Project Trellis. Which is funded via a 10% excise tax and part of the excise tax revenue levied on marijuana sales.

With most of the surveyed farmers saying that they will be unable to make their October excise tax payments, Project Trellis may lose a large chunk of its funding. Meanwhile, the emergency program’s details will be discussed at the Oct. 6, 2021, Project Trellis Advisory Committee Meeting.

California’s marijuana cultivation sector is facing a difficult time, and it may only be companies such as American Cannabis Partners that grow and sell their own cannabis that can still thrive.

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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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Committed to Becoming True ‘Farm-to-Door’ Cannabis Company

Sugarmade (OTC: SGMD), an innovator in the dynamic California cannabis sector, recently updated its current and prospective shareholders to cover key milestones in the company’s strategic plan. The update included details on its growing Nug Avenue operations and additional strides toward verticalizing its model through the acquisition of California cannabis licenses and potentially establishing commercial operations in the cannabis delivery market outside of the state of California. Sugarmade CEO Jimmy Chan described as “tangible” the strides the company continues to make toward a vertically integrated model. “Our long-term strategic vision is to establish the capacity to control all aspects of production, supply, manufacturing, packaging, distribution, and delivery — to become a true ‘farm-to-door’ cannabis company. This vision should provide for better unit economics, margin growth, and gains in product quality and customer satisfaction. Organic brand growth, property acquisition, licensing and geographic expansion are all important steps toward achieving that vision for Sugarmade and its shareholders.”

To view the full article, visit https://cnw.fm/QcSh7

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush, NUG Avenue, Lemon Glow, and Budcars. For more information, please visit www.Sugarmade.com.

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

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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 – Simply Sonoma Primed to Benefit from Projected Billion-Dollar Growth of CBD Space

Simply Sonoma, a CBD company focused on building a reputation as a leader in plant-based medicinal health and beauty products, is poised to benefit from the projected billion-dollar growth of the CBD space. This is according to a recent article discussing analysis by Yahoo.finance in a publication titled “CBD Market to Grow to $16 Billion by 2026 — Should You Invest?” The article, which contains excerpts from the publication, reports that increasing awareness of CBD’s therapeutic benefits has influenced buyers to purchase cannabidiol (“CBD”) products, in turn influencing commercial retailers, including those in health and wellness sectors, to now focus on selling CBD products, owing to a greater profit margin. “‘The global cannabidiol market size was valued at $2.8 billion in 2020 and is expected to expand at a compound annual growth rate of 21.2% from 2021 to 2028, according to a Grand View Research report,’ the Yahoo article reported. ‘In addition, sales of CBD products in the U.S. stood at $4.6 billion in 2020 and by 2026, this market is projected to grow to $16 billion in value, according to a Statista report.’… These are exciting numbers for Simply Sonoma.”

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

About Simply Sonoma

Simply Sonoma strives to deliver plant-based, broad-spectrum CBD products for therapeutic applications from a scientific perspective. Its products are derived from a farm rather than from a lab, with the goal of achieving fewer side effects and more efficacy for patients. Simply Sonoma believes in published, science-based trials and research with regards to its CBD creations. The company’s plants are grown organically in Sonoma County’s wine country, where sustainable farming practices are employed throughout the growing process. Solar energy helps the company to operate with a minimal carbon footprint. Simply Sonoma’s dynamic team consists of seasoned professionals from a combination of industries. Their broad experience stems from the biotech industry, grape and hemp cultivation, IT operations and communications, as well as executive positions in the health care sector. This unique combination of experience places the team well in the CBD space to dominate with wellness and lifestyle products. Simply Sonoma is focused on being a leader in the industry for plant-based, organic medicinal health and beauty products and partnering with like-minded companies to produce top-notch products. For more information, visit the company’s website at www.SimplySonoma.org.

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CBDNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Poised to Become Global Leader in Manufacture of Rare Cannabinoids

InMed Pharmaceuticals (NASDAQ: INM) recently announced it had signed a definitive agreement to acquire 100% of BayMedica Inc., a U.S.-based private company specializing in the manufacture and commercialization of rare cannabinoids. InMed CEO Eric A. Adams described the acquisition as a transformative transaction for the company as it would give InMed a breadth of synthetic cannabinoid manufacturing capabilities. “BayMedica brings unparalleled cannabinoid manufacturing expertise in both chemical synthesis and biosynthesis together with industry veterans who have been pioneers in this space,” a recent article quotes Adams as saying. The article further notes that, once closed, the transaction will create a powerful combination. “It will make InMed a global leader in the manufacture of rare cannabinoids, with expertise in three distinct and complementary cannabinoid manufacturing approaches… At the same time, the combined company will continue to explore the therapeutic potential of cannabinoids and novel cannabinoid analogs for pharmaceutical drug development. It will also increase commercial sales of rare cannabinoids to the consumer health and wellness sector.”

To view the full article, visit https://cnw.fm/7rOGP

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of cannabinol (“CBN”), in diseases with high unmet medical need. The company is dedicated to delivering new therapeutic alternatives to patients who may benefit from cannabinoid-based medicines. For more information, please visit www.InMedPharma.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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CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.

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420 with CNW — As Millennials Shun Alcohol, Alcohol Firms Start Eyeing Cannabis Drinks Segment

Millennials have been at the forefront of change for quite a while now. They were the first generation to grow up with the internet, and they played a significant role in the development of e-commerce. They are also holding off on homeownership, are waiting longer to marry, and have fewer kids. They are not concerned with living the way past generations did; rather, they are doing their own thing, and society tends to follow in their steps. Now, the generation’s growing aversion to alcohol may very well revolutionize the beverage industry and elevate a burgeoning cannabis segment in the process.

The past few years have seen cannabis-infused drinks enjoy increasing popularity. With cannabis technology constantly improving, cannabis companies can now create smooth cannabis beverages of all kinds of flavors. Taking advantage of a growing movement that prefers to avoid alcohol, especially among millennials and the younger generation Z, these companies are offering these drinks as an alternative to alcoholic drinks. Even alcohol beverage brands such as Guinness and Heineken have noticed a decline in the demand for alcohol among the younger generations and have pivoted by offering low or even zero-alcohol beers.

According to data from the Centers for Disease Control (“CDC”) that was analyzed by research firm Cowen, there has been a 13% drop in binge drinking rates in states with legal cannabis markets with the rates of first-use cannabis increasing as binge-drinking rates reduced. Using this data as a base, Cowen projected that the cannabis market will grow from $50 billion in 2026 to $75 billion in 2030 while alcohol brands will see flat or slow growth.

However, the cannabis beverage segment is still quite small, making up just $174 million of the $11.3 billion worth of cannabis products sold in the United States in 2018, estimates from “Fortune Business Insights” show. One reason the segment is still quite small is that the technology required to make high-quality cannabis drinks is fairly new and, thanks to federal prohibition, plenty of companies have avoided cannabis beverages.

Furthermore, cannabis companies still struggle to infuse the substance into drinks, thanks to marijuana’s pungent aroma. This means that only beer, which has a stronger flavor compared to most wines, can successfully mask the aroma. There is also the risk that comes with cannabis edibles: they take up to an hour to kick in and, in the interim, there is a chance the consumer may overindulge as they wait for the effects to kick in.

Because of that, companies have taken to infusing drinks with an amount of THC that kicks in, peaks and fades at around the same rate as alcohol. Ultimately, only time will tell whether cannabis beverages will eventually replace alcohol, at least for millennials and gen Z.

The formulations by companies such as BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) may play a pivotal role in drawing more adults to the cannabis drinks segment due to the improved tech being deployed during the manufacturing process.

NOTE TO INVESTORS: The latest news and updates relating to BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC) are available in the company’s newsroom at http://cnw.fm/BVNNF

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420 with CNW — Schumer Reveals Key Senators Agree Cannabis Banking Will Be Addressed After Legalization

In a recent interview, Senate Majority Leader Chuck Schumer revealed that he and his colleagues who are working to advance a bill to legalize cannabis at the federal level have a consensus to not get involved in the marijuana banking legislation until more broad reforms are advanced. Schumer noted that he was open to exploring alternative ways to advance the banking reform if legislators were able to include social equity provisions of legalization, such as expungements for previous marijuana convictions, into the defense policy bill that the chamber will be discussing in the coming weeks.

The interview was conducted on the Psychoactive podcast by Ethan Nadelmann, who is the founder of Drug Policy Alliance.

The majority leader stated that there was an agreement between Sens. Cory Booker and Ron Wyden, who is chairman of the Senate Finance Committee, to block the banking bill, which would offer protection to financial institutions that work with state-legal marijuana businesses. That is, of course, until a legalization bill that was social equity centered was advanced.

The bipartisan bill, dubbed the SAFE Banking Act (Secure and Fair Enforcement), has a strong chance of being approved in Congress, having already been passed by the House of Representatives a few times now. The House is set to pass a separate legalization initiative, sponsored by Chairman Jerrold Nadler, that is similar to the proposal to end federal prohibition on cannabis, which Schumer is sponsoring.

In the interview, Schumer stated that letting the banking legislation be approved would only make it longer and harder to pass comprehensive reform. He explained that the suffering people had to endure wouldn’t be reduced simply because banks could be allowed to fund the growing and processing of marijuana, noting that the quickest way to approve the banking act as well as federally legalize cannabis would be together.

Schumer added that letting the banking legislation be approved would also make it harder to get more conservatives on the federal cannabis legalization bill. However, the majority leader didn’t eliminate the possibility of including some marijuana reform initiatives to the Senate’s version of the National Defense Authorization Act if other provisions focused on justice could be added.

The SAFE Banking Act was attached to this defense legislation, which lacks most of the social equity provisions that activists would like to see. Schumer did recognize that allowing banks to work with cannabis businesses without incurring penalties would allow some disadvantaged communities to obtain access to capital required to take part in the market.

In the long run, all cannabis industry actors, including Hero Technologies Inc. (OTC: HENC), would be better off after comprehensive federal legalization is implemented rather than the piecemeal approach being pushed by some industry advocates.

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CannabisNewsBreaks – Sproutly Canada Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) Announces Entry into Strategic LOI

Sproutly Canada Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) today announced its entry into a letter of intent (“LOI”) for the formation of a commercial relationship with Kingston Cannabis Inc. (“KCI”), a Health Canada licensed producer, to launch its cannabis-infused beverages through a co-packing arrangement with KCI. Under the arrangement, KCI’s affiliate, Kingston Aluminum Technologies Inc. (“KAT”) will provide custom designed aluminum packaging for Sproutly’s products. In addition, KCI and Sproutly will collaborate on the consumer evaluation of Sproutly’s formulations made using ingredients produced by the proprietary APP cannabis processing technology. “This relationship will allow us to launch our beverages made with our proprietary Infuz2O extract in distinct, environmentally friendly aluminum containers with unique internal coating for better preservation of cannabis products,” said Dr. Arup Sen, CEO and director of Sproutly. “Additionally, we will utilize KCI’s research license to test our product formulations and select our 3.0 beverages for features that are preferred in consumer products that will deliver a true-to-strain, whole-plant experience.”

To view the full press release, visit https://cnw.fm/DWB9b

About Sproutly Canada Inc.

Sproutly is positioning to become a leading supplier of proprietary cannabis ingredients, brands and customized formulations for the cannabis beverage and edibles marketplaces in Canada, Europe, Australia and other international markets. Its proprietary natural water-soluble Infuz 2 O and BioNatural Oils are designed to deliver true-to-strain whole-plant experiences to new consumers and cannabis connoisseurs alike, ushering in the Cannabis 3.0 revolution. Sproutly will enter into partnerships with globally established consumer brands to leverage existing customer bases, brand recognition and distribution networks to deliver this scientific breakthrough with speed and efficiency in major commercial territories around the world. For more information on Sproutly, please visit www.Sproutly.ca.

About CanadianCannabisWire

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CannabisNewsBreaks – BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE:7BC) Enters Strategic Agreement to Produce Cannabis-Infused Beverages for Xebra Brands

BevCanna Enterprises (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC), an emerging leader in innovative health and wellness beverages and products, today announced its entry into a white-label agreement with Xebra Brands Ltd., a rising player in the global cannabis beverage sector. Under the agreement, BevCanna will leverage its extensive experience in production and manufacturing at scale to distribute Xebra Brands’ Vicious Citrus(TM) THC Lemonade into the Canadian market. Selected as Xebra’s premier beverage to launch in Canada through consultation with provincial sales representatives, Vicious Citrus was noted as unique among cannabis beverages offered in Canada. Initially set to premiere in Spring 2022 in Ontario, British Columbia and Alberta, the anticipated line will subsequently expand to other provinces. “We’re thrilled to partner with BevCanna. Our extensive evaluation of potential co-packing partners in the Canadian space made it very evident that BevCanna is the best positioned and most qualified to consistently execute on Xebra’s beverage strategy,” said Rodrigo Gallardo, president of Xebra Brands. “BevCanna also has the ability to scale with us as we introduce more of our innovative brands to Canadian consumers.”

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

About BevCanna Enterprises Inc.

BevCanna Enterprises is a diversified health and wellness beverage and natural products company. BevCanna develops and manufactures a range of alkaline, plant-based and cannabinoid beverages and supplements for both in-house brands and white-label clients. With decades of experience creating, manufacturing and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the nutraceutical and cannabis-infused beverage categories. Based in British Columbia, Canada, BevCanna owns a pristine alkaline spring water aquifer and a world–class 40,000–square–foot, HACCP-certified manufacturing facility, with a bottling capacity of up to 210M bottles annually. BevCanna’s extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand, its Pure Therapy natural health and wellness e-commerce platform, its fully licensed Canadian cannabis manufacturing and distribution network, and a partnership with top U.S. cannabis beverage company Keef Brands. For more information about the company, visit www.BevCanna.com.

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420 with CNW — California Governor Enacts Bill Regulating Medical Cannabis Use in Hospitals

Last week, Gov. Gavin Newsom signed a legislation that would require hospitals to allow some patients to use medical cannabis. The governor of California signed the bill, having revealed that his concerns about an initial version of the bill that he had vetoed had been resolved.

The sponsor of the legislation, Sen. Ben Hueso, has been advocating for the measure to allow marijuana use in health facilities for patients with terminal illnesses over multiple sessions. Recently, Hueso sent a letter to the head of U.S. Department of Health and Human Services asking for clarification on whether the change in policy would threaten federal funding for medical facilities that allowed for the plant’s use.

Confusion about the potential implications for allowing for the consumption of cannabis in medical facilities was what prompted Newsom’s veto decision in 2019. Representatives from the governor’s office as well as the Department of Health and Human Services reached out to the senator asserting that they were looking into the matter.

The senator also received a letter from the Centers for Medicare and Medicaid Services, which stated that there were no federal regulations that addressed this particular issue, noting that the agency was not aware of any cases where funds had been pulled because a medical facility permitted its patients to use medical marijuana. In a press release, Hueso stated that he was confident that medical facilities had the authority to implement the legislation’s provisions while ensuring the safety of other employees, guests and patients of the medical facility as they were in compliance state laws and had received confirmation from the safeguards in the law as well as the Centers for Medicare and Medicaid Services.

However, there are a few restrictions that are included in the new law. For instance, vaping and smoking cannabis will be prohibited, and patients who receive treatment for emergency care will not be covered. The law also stipulates that health facilities will not be mandated to dispense or provide marijuana.

Newsom did not release a statement about the hospital legislation, which the governor’s office revealed that he’d signed, along with other unrelated bills. The governor has yet to sign legislation that would establish a regulatory framework for CBD sales derived from hemp. The legislation would also lift the ban on smokable hemp products.

In other news, activists in California have received clearance to start gathering signatures for a ballot measure for 2022 that would legalize psilocybin mushrooms in the state.

Now that patients in California can use medical cannabis within hospitable premises, it would be eye-opening to assess how beneficial enabling devices such as the RYAH Smart Inhaler made by RYAH Group Inc. (CSE: RYAH) can be for those patients.

NOTE TO INVESTORS: The latest news and updates relating to RYAH Group Inc. (CSE: RYAH) are available in the company’s newsroom at https://cnw.fm/RYAH

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