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 — Surging Patient Numbers Trigger Hiring Spree in Florida’s Medical Marijuana Sector

In 2020 alone, Florida’s medical cannabis program created approximately 15,000 jobs, and a new analysis revealed that, in total, approximately 31,450 Florida residents are now employed in this industry.

A report authored by Leafly & Whitney Economics shows that the total sales of cannabis last year was valued at $1.23 billion. These statistics show that Florida outdid every state with a legal marijuana program except Colorado and California, where robust adult-use programs exist.

According to the Office of Medical Marijuana, the state agency charged with overseeing medical cannabis in Florida, a total of 170,000 people registered as medical marijuana patients in 2020 in Florida. This number brought the total of active card holders within the state to 485,693. That growth is projected to retain its momentum to an extent that annual sales may hit the $6 billion mark every year between now and 2030.

That notwithstanding, Leafly & Whitney Economics experts are of the opinion that those numbers would pale if the state opted to establish a recreational cannabis program, or at least get rid of the cumbersome and even potentially unconstitutional way in which medical marijuana is currently regulated.

Since the state has a population of approximately 22 million residents, an adult-use mechanism would swiftly double the number of people consuming marijuana. Subsequently, sales would surge to $2.1 billion each year, and taxes for both the state and local governments would total $800 million a year.

One of the regulations that is contentious in the current medical marijuana law stipulates that state regulators can issue up to 22 licenses to vertically integrated entities, or those that can handle marijuana from seed to the time products are sold. A Tallahassee appeals court declared this provision unconstitutional, and the Supreme Court of Florida is set to hear this case early next month.

However, state legislators aren’t waiting for the highest court in the state to pronounce itself on this matter; they are taking a legislative route to reform the system. For example, SB562 and HB593 are aimed at stopping retail outlets from manufacturing the medical marijuana products that they sell. In other words, the vertical integration under the existing law would be rolled back.

Each of those bills is expected to go through a total of four committees before a floor vote is scheduled, and none of the requisite committees has indicated when it will discuss the bill before it. However, Senate President Wilton Simpson says that another bill that could put a cap on THC concentrations in marijuana products is likely to be discussed soon. This particular bill was vehemently opposed by veterans as well as key Republican members of Florida’s Senate. It remains to be seen how all those bills will fare.

As cannabis gains momentum around the world, companies such as Grapefruit USA Inc. (OTCQB: GPFT) are on course to grab a big share of the market before others whose product range isn’t as unique.

NOTE TO INVESTORS: The latest news and updates relating to Grapefruit USA Inc. (OTCQB: GPFT) are available in the company’s newsroom at http://cnw.fm/GPFT

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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 — Tips for Choosing the Best Medical Marijuana Retail Location

As of November 2020, 35 states had legalized cannabis for medical use. A wave of cannabis reform is sweeping across the country, thanks in part to cannabis’ revenue earning ability as well as its numerous health benefits. Consequently, the medical cannabis space attracts a lot of players, with everyone from mom and pop establishments to regional or even national chains looking to cash in.

Given that different states and even municipalities within the states have varying cannabis legislation, anyone looking to open a medical marijuana retail business ought to consider a few things before making a choice on locations.

Think both local and regional. While acquainting yourself with the area you want to open your operation is crucial, don’t keep your thinking local, advises Michael Lord, CEO at LivWell Enlightened Health, a Colorado-based cannabis firm that operates 22 dispensaries in the state. Don’t just rely on Google Maps or an actual map, he says.

Stephanie Goodman, CEO of Bricks and Mortar, a cannabis real estate brokerage firm in Boston, adds that on top of knowing your local market, make sure you do regional research. This way, she says, you can scout locations that may have medical cannabis markets in the near future, allowing you to better forecast future medical marijuana sales.

Start small, at least for smaller businesses without the capital large corporations have at their disposal. Founder and CEO of Elev8 Cannabis Seun Adedeji says such businesses may have a better chance of starting out in smaller towns. He started with just one dispensary in Oregon and expanded to border towns close to New York, New Hampshire and Vermont where real estate is cheaper compared to larger cities. Since each of those small towns gives only two licenses for recreational cannabis, your value will increase, he says.

This works in cities as well, says Farrell Miller, chief compliance officer at Erbn Green Cannabis Co. The Canadian retailer opened its initial operation in the uptown area of Toronto, and according to Miller, this has allowed Erbn Green to serve underserved locations in suburbs that don’t allow cannabis stores.

Will you buy or lease? After his first landlord refused to renew his lease, Adedeji has been turned off of leasing real estate. If you absolutely have to lease, he recommends a 10-year lease with an option for an additional 10 years. Due to cannabis’ illicit status at the federal level, property owners are usually afraid of turning off their mortgage lenders by leasing to cannabis owners.

Companies that have the capital can execute a leaseback deal where they acquire a property and sell it to partners, who then lease it back to them, says Goodman. This allows you access to real estate, a more amenable landlord, and free capital to run and expand your business.

After finding your ideal location, you will need top-rate products to sell, and plenty of companies are positioned to address those pressing inventory needs. For example, RYAH Group Inc. is putting the finishing touches to a smart pen that can dispense liquid medicines, including medical cannabis products.

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

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420 with CNW — New Jersey Governor Signs Bill to Legalize Recreational Cannabis

Earlier this week, Gov. Phil Murphy of New Jersey signed three legislations into law, which decriminalized small amounts of cannabis possession and made adult use cannabis legal in the state. After the bills were approved, state officials moved to end arrests and dismiss any pending cannabis charges.

This makes New Jersey the 13th state in the United States to legalize marijuana, joining Massachusetts, California, Vermont, Colorado and Maine, where marijuana is legal. The state legislature in Pennsylvania is also considering legalizing cannabis.

The legislations also limit the use of prior cannabis convictions and create a carefully regulated marijuana marketplace that will give the state of New Jersey a boost economically. Murphy stated that in place of unreasonable cannabis laws were laws that would help establish a new industry that was based on equity, and that would reinvest into communities.

During the November 2020 elections, a majority of voters from New Jersey voted in favor of legalizing cannabis through a change in the constitution of the state. However, as no law had been enacted at the time, New Jersey law enforcement made arrests of more than 6,000 individuals for low-level cannabis possession.

Carly Wolf, a member of NORML, a group that supports cannabis legalization, stated that the enactment of these legislations was long overdue. Wolf added that residents of the state would no longer be subject to a criminal record and arrest for their personal use of cannabis.

Among many other clauses, the new cannabis laws in the state of New Jersey mean that:

Retail cannabis sales are subject to state sales tax, with 70% of tax revenue going to lower-income communities.
Adults in the state can legally buy up to an ounce of cannabis.
Adults can possess up to six ounces of cannabis without facing any civil or criminal penalties.
Individuals found with larger quantities of cannabis will have their criminal penalties reduced.
A Cannabis Regulatory Commission whose purpose is to oversee the applications for licensing marijuana businesses will be set up.
For the first two years, the state will give out licenses to 37 cannabis growers.
The bill created a pathway to vacate active sentences for individuals who had already been charged with cannabis offences, with pending charges and cases also being dismissed

Murphy acknowledged that a commission would be required to address the issue on when cannabis will be sold in stores.

As New Jersey is gearing up to get its recreational marijuana market off the ground, other companies are flying high in jurisdictions that have had enabling marijuana laws for years. An example is Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), which has established itself as the leader within the cannabis extracts segment in Canada.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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CBDNewsBreaks – The Alkaline Water Company Inc. (NASDAQ: WTER) (CSE: WTER) Partner with Yesway to Carry A88CBD(TM) Products in Midwest C Stores

The Alkaline Water Company (NASDAQ: WTER) (CSE: WTER) has finalized an agreement with Yesway/Allsup convenience stores to A88CBD(TM)ingestibles in an estimated 365 C stores in the Midwest. The Alkaline Water Company is a producer of premium bottled alkaline water, flavor-infused waters, and CBD infused products sold under the brand names Alkaline88(R), A88 Infused(TM), and A88CBD, respectively. Yesway is No. 17 on Convenience Store Products (“CSP”) 2020 top-200 stores, calculated by number of retail outlets. Yesway is working to grow its portfolio to more than 500 convenience stores. “We are excited to announce that our A88CBD lemon-lime flavored water and four flavors of our gummies will be carried by one of the fastest-growing convenience stores chains in the U.S.,” said The Alkaline Water Company president and CEO Ricky Wright in the press release. “Yesway merged with Allsup stores in November of 2019 to create a leading c-store operator with almost 402 retail locations and growing. This is a meaningful win for our A88CBD brand and came in coordination with our CBD-focused DSD partner, BettermentRS. They will also assist with fulfillment efforts to all Yesway stores. Our recent engagement with BettermentRS is off to a great start. This will be the first of many wins with BettermentRS, and we are excited to be working with a great partner.”

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

About The Alkaline Water Company

Founded in 2012, The Alkaline Water Company is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88(R), is a leading premier alkaline water brand available in bulk and single-serve sizes along with eco-friendly aluminum packaging options. With its innovative, state-of-the-art proprietary electrolysis process, Alkaline88(R) delivers perfect 8.8 pH balanced alkaline drinking water with trace minerals and electrolytes and boasts its trademarked label Clean Beverage. Quickly being recognized as a growing lifestyle brand, Alkaline88(R) launched A88 Infused(TM) in 2019 to meet consumer demand for flavor-infused products. A88 Infused(TM) flavored water is available in seven unique all-natural flavors, with new flavors coming soon. Additionally, in 2020, the company launched A88 Infused Beverage Division Inc., which includes the company’s CBD water and flavor-infused water. For the company’s topical and ingestible offerings, A88 Infused Products includes both the company’s lab-tested, full-spectrum hemp salves, balms, lotions, essential oils and bath salts, along with broad-spectrum hemp beverage shots, powder packs, oil tinctures, capsules and gummies. To learn more about the company, please visit www.A88CBD.com and www.TheAlkalineWaterCo.com.

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

About CBDWire

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 — Elon University Survey Finds North Carolina Residents Support Cannabis Legalization

Elon University conducted an online survey earlier this year, between Jan. 29 and Jan. 31, 2021. The university recently released the results of the statewide poll, which asked residents of North Carolina to share opinions on legalizing cannabis for various purposes.

More than 1,450 individuals provided feedback through the survey, which asked individuals to share their opinions on legalizing cannabis for recreational and medical use. The survey also asked individuals to share their views on how they perceived cannabis and how its legalization would impact society.

A similar poll on the views of North Carolina’s residents and the issues surrounding cannabis legalization had been conducted by Elon University earlier, in April 2017.

The results for this year’s poll are as follows: 17% of the individuals surveyed said that they did not support cannabis legalization for medical purposes while 73% did support medical use of cannabis. The proportion of individuals who did not support the change in policy has only changed slightly, with results from the 2017 survey showing that the percentage of those who opposed legalization of cannabis for medical use was 18%.

While the number of respondents in favor of legalizing recreational cannabis was lower than previous results, 54% of the respondents were still in favor of the legalization of recreational cannabis. This year’s poll showed that 34% of the respondents weren’t in favor of legalization of the recreational use cannabis. This is a significant decline as the 2017 survey had the number of those who were against recreational legalization of cannabis at 51%.

The survey also asked residents whether they were in favor of reducing penalties for cannabis possession from a criminal offense to a civil offense. The survey noted that 67% of the participants revealed that they supported a reduction of the penalty for cannabis possession.

The state of North Carolina has decriminalized the possession of small amounts of cannabis — but only for first offenses. It is possible for a first offense to be ruled as a suspended sentence. However, instead of a civil violation, the offense will carry the weight of a misdemeanor.

In addition to this, 64% of the survey participants admitted that legalizing cannabis would help the state’s economy; 45% of respondents also stated that crime rates would drop with the legalization of cannabis, although 31% were undecided on whether it would drop or increase.

Presently, 35 states in the United States have legalized cannabis for medical purposes and 15 states have legalized the use of marijuana for recreational purposes.

All states with legal medical marijuana programs are onto something because many companies have developed a number of cannabis-based medicines. A clear example is XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which has been busy with drug formulation as well as drug delivery systems, including its CBD and THC combo sublingual strip targeting MS-induced spasticity.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Fewer Workers’ Comp Claims Filed by Older Adults in Jurisdictions with Legal Marijuana Markets

Over the past decade, the United States has seen a significant surge in cannabis drug reform. By the end of 2020, more than 40 states had legalized cannabis for either medical use or recreational use. Although the upsurge in cannabis legalization bills has resulted in a significant increase in tax revenue for these states and helped to reinvest in communities that were most affected by the war on drugs, not everyone is happy about legal cannabis. Employers, for instance, worry that cannabis use by their employees may hinder productivity, ultimately impacting companies’ bottom lines.

However, new research unveiled by the National Bureau of Economic Research shows interesting findings. Employers may actually cut costs as injured workers in states with recreational cannabis markets tend to claim cheaper workers’ compensation. A worker compensation fund is used to pay injured employees who are unable to work, and employers pay into the fund to keep it active.

Research by the bureau found that older workers living in states that legalized full recreational cannabis use from 2010 to 2018 filed fewer worker compensation claims. And when these workers did file a claim, the payouts were usually smaller than average. Economists at the RAND Corporation, the University of Cincinnati, Temple University and William Paterson University found that when workers who are in pain can easily use cannabis to manage chronic pain, their need for worker’s compensation reduces.

Many people use recreational marijuana medicinally once their states legalize adult use, says Catherine Maclean, a professor at Temple University and one of the authors of the study. She is backed up by several surveys, which have found over the years that plenty of people are interested in marijuana’s health benefits not just getting stoned. To arrive at their conclusions, Maclean and her team reviewed surveys by the Bureau of Statistics that question a cumulative 500,000 people.

After learning how many people filed for workers’ compensation and the amounts they received, the researchers compared the data with recreational cannabis policies through the years. They found that in states with legal recreational cannabis markets, 20% fewer employees aged 40 to 62 had received workers’ compensation in the past year compared to hypothetical models from states that did not allow recreational use. Compared to the $100 workers’ compensation payout, these states had an average payout of $21.98.

The study noted that being able to keep working boosts employees’ earning potential over their lifetimes as well as life satisfaction. Although the researchers didn’t support a position for or against legal recreational markets, they noted that it is clear that such markets allow workers, especially the elderly who are more susceptible to injuries, to have a “better work capacity.”

Meanwhile, a variety of companies are reaping the benefits of the growing awareness of the benefits of cannabis. For example, Gage Growth Corp. (d.b.a. Gage Cannabis) has been seeing average customer purchases that are more than twice the average basket size. This is remarkable performance for a company that is only a few years old in this market.

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420 with CNW — NFL Studies How Players Can Use CBD, Marijuana as Alternatives to Opioids

The NFL Players Association and the National Football League are learning more about the potential cannabis and its components, such as CBD, possess as alternative treatments for pain. This is in addition to finding out how the use of marijuana affects athletic performance.

Last week, a notice was made public by the joint organizations’ committee. It states that the league’s objective is to find investigators who possess the ability to conduct studies whose goal will be to add to the Pain Management Committee’s knowledge about athletic performance and pain management in players of the NFL.

Apart from focusing on the effects of marijuana or its derivatives on athletic performance, the NFL-NFLPA committee noted that last year it held two forums on cannabinoids to learn more about the science behind cannabinoids and how they’re manufactured in North America. However, the forums’ findings were inconclusive as the Pain Management Committee (“PMC”) discovered that, while CBD has potential to provide pain relief, science at the moment lacks evidence to support these claims.

In a paper for the players, the committee noted that while cannabinoids were a promising component, most hype surrounding it was based upon various results from animal studies. As part of a bargaining agreement, the league also changed its policy on drug testing. The new policy does not allow for suspension of NFL players from games over positive tests for any drug, including cannabis.

This decision demonstrates a considerable shift in the league’s approach to drug use by its players, with the agreement highlighting the need to concentrate on treatment and evaluation rather than punishing players.

Currently, players who self-refer themselves, show any behaviors that demonstrate drug misuse or test positive for drugs will be required to join an intervention program where they will be evaluated and receive a treatment plan. After that point, testing positive would be met with a half-week loss of salary for beginner violations, loss of a week’s salary for second violations, and an additional week’s salary loss for third violations. Any violations after that would result in a three-week salary loss.

The NBA is showing similar tendencies. Earlier in December, the league’s top official stated that an interim policy by the NBA to stop randomly testing players for cannabis amid the COVID-19 pandemic may be made permanent. Commissioner Adam Silver explained that instead of conducting blanket tests, the league would reach out to any player who demonstrated signs of problematic dependency rather than players who used cannabis casually.

In Canada where marijuana is legal at a national level, Pac Roots Cannabis Corp. (CSE: PACR) (OTCQB: PACRF) entered a partnership with a plant breeding and analytics company called Phenome One. This partnership has allowed Pac Roots to gain access to top-shelf cannabis genetics, which it uses to produce premium-quality products.

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420 with CNW — An Overview of Cannabis Legislation Approved Last Week Across the US

The past week has been quite a busy time for cannabis reform. Lawmakers recently tabled a bill seeking to legalize cannabis at the federal level, while legislators from four states approved new marijuana legalization bills in various committees. In the wake of last year’s slew of cannabis reform victories at the state level, legislators have been keen on cannabis legalization, whether by leveraging the momentum of the state-level legislation or by getting ahead of campaigners to craft their own cannabis legislation rather than wait for policy change through the ballot.

In Hawaii, the Senate Committee responsible for Intergovernmental, Public Safety and Military Affairs gave the nod to two bills that would legalize cannabis and increase the allowed limit. Bill SB-767 aims to legalize marijuana for adults aged at least 21 years, as well as allow state-licensed businesses to grow, produce and sell cannabis products. Adults aged 21 and over would also be able to grow a maximum of three mature plants for their personal consumption. Bill SB 758 would increase the threshold one can possess from 5 grams of cannabis to 28.5 grams (one ounce).

Minnesota’s House Committee in charge of Commerce and Finance Policy approved a bill to legalize cannabis. Filed this month by Majority Leader of the House Ryan Winkler and joined by other legislators, the bill seeks to allow adults who are at 21 years old to buy and possess a maximum of 1.5 ounces of marijuana as well as grow up to eight cannabis plants, including four mature ones.

In New Mexico, the House committee in charge of Health and Human Services passed a proposed measure to legalize cannabis through a 7–4 lawmaker vote. The measure plans to allow adults aged at least 21 to possess two ounces of marijuana and cultivate a maximum of six immature plants as well as six mature plants for their own personal consumption. It also seeks to create a mechanism to regulate and tax cannabis sales, with the tax revenue being used to reinvest in communities that were impacted the most by the drug war.

A North Dakota committee narrowly passed a Republican-sponsored measure that would legalize recreational marijuana use by adults. The Human Service House committee passed the bill, which plans to allow adults who are at least 21 years or more to have cannabis and buy up to an ounce for their personal use, through a close 7–6 narrow win. The bill is now expected to head to the Appropriations Committee before being considered on the floor.

Other states that saw drug reform action include California, where a number of lawmakers tabled a bill to legalize psychedelics possession; New Jersey, which passed a bill that would clear the way for implementing the state’s voter-supported cannabis legislation; Virginia, where both Houses of the legislature voted to legalize cannabis; Washington State, where a committee passed a bill to decriminalize personal use of small quantities of all currently illegal drugs; and Wisconsin, which published a budgetary proposal calling for the legalization of both therapeutic and recreational use of cannabis.

Business is thriving in states that already have legal cannabis markets. For example, Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) is licensed in Nevada and Oregon in addition to having distribution partnerships in California. These operations have seen the company recruit a total of at least 160 permanent employees to serve its growing client base.

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420 with CNW — CBD Added to EU Database of Accepted Cosmetic Ingredients

Although cannabidiol (“CBD”) has enjoyed immense popularity in the past couple of years, the hemp extract is still barely regulated in most territories. In the United States, different states have different CBD regulations, and the situation isn’t any different in Europe. However, the European Union has moved a step closer towards standard legislation after CBD was added as a cosmetic ingredient in the EU’s database.

The EU’s Directorate-General for Internal Market, Industry, Entrepreneurship, and SMEs added CBD to its CosIng guidelines as a cosmetic ingredient. This revision to the guidelines comes after the Court of Justice of the European Union (“CJEU”) ruled that under the UN Single Convention on Narcotic Drugs of 1961, cannabidiol extracted from the hemp plant in its entirety is not a narcotic. Consequently, the court ruled that CBD should be traded between the Union’s member states freely.

Before the revision, only synthetic CBD was allowed as a cosmetic ingredient. The CosIng guidelines are a database of cosmetic regulations that identify legal and illegal ingredients and define their functions and benefits. Now that CBD derived from the hemp plant has been added to the list, it can be used as a cosmetic ingredient as an anti-sebum, skin protectant, skin conditioner and antioxidant.

At the moment, CBD regulations differ wildly among member states, leading to a patchwork of regulation across the EU. For instance, some countries allow up to 1% THC in CBD cosmetic products while others are more punitive and do not allow any THC. On top of that, different countries also have different requirements for manufacturing, labeling and marketing CBD cosmetic products. This patchwork of regulations forces manufacturers and distributors to adhere to different rules and regulations in each country in which they transact, essentially preventing these companies from trading their goods freely within the European Union.

The CosIng guidelines may not be legally binding, but they serve as a guide for EU member states when they craft their own cosmetic product regulations. The guidelines aim to bolster the creation of standardized CBD regulations across the EU to allow free movement of CBD cosmetics. The revision is a small but definite step towards achieving a standard regulatory framework for CBD in the European Union. What is definitely legally binding on all member states, however, is the CJEU ruling that came out before the revision to the regulations.

Due to the historic ruling, all European governments that were keeping companies from marketing and selling CBD cosmetics will have to amend the cannabidiol regulations.

Still on the subject of CBD, lots of exciting innovations are happening in this space. An example is Grapefruit USA Inc. (OTCQB: GPFT). Grapefruit harnesses advanced science and technology to bring patented products to the cannabis marketplace. The company is revolutionizing the way people use THC, CBDs and hemp-derived CBDs while also capitalizing on the surging demand for these unique products.

NOTE TO INVESTORS: The latest news and updates relating to Grapefruit USA Inc. (OTCQB: GPFT) are available in the company’s newsroom at http://cnw.fm/GPFT

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420 with CNW — The Reddit Effect Takes Marijuana Stocks to a New High

Marijuana stocks are the latest stocks to experience the brief high driven by exposure on Reddit. This year, social media has demonstrated that it can be a powerful driver of retail, which has left analysts and investors wondering which company may be the next GameStop (NYSE: GME)

According to data provided by Quiver Quantitative, three of the five most-discussed companies on the r/WallStreetBets group on Reddit last week were marijuana stocks, which would explain why the focus moved to marijuana stocks.

According to Vanda Research, money followed shortly after, with retail investors pouring in ore than $440 million into marijuana stocks since February began. This figure was double the amount that had been invested in January.

This hefty investment sent prices soaring — before they dropped again. Tilray, a Canadian marijuana producer listed in the United States, began the week at $25 per share before quickly rising to $67 on Wednesday then declining significantly back to $29 by market close on Friday. Tilray was the second most traded share on Thursday on Robinhood, which is a trading platform.

This isn’t the first time the company has been the subject of attention from retail investors. After its IPO launch in 2018, the company’s stock price briefly spiraled to $300 per share due to a short squeeze.

Another Canadian marijuana producer, Sundial, was also among the companies with the most traded stocks on Robinhood. The company’s stock price increased to more than $1 on Monday before growing to $4 on Thursday. By Friday, the share price has dropped back to $2.

Vanda Research senior strategist Viraj Patel explained that when some company names begin gaining traction on StockTwits, Twitter and Reddit’s r/WallStreetBets, the hype is developed, which then brings about a network effect. This is when the money starts flowing, and the price starts to shift. Patel further explained that this herd behavior was unusual in the way that investors moved from one asset category to another swiftly.

Marijuana bulls point to the favorable paths of American policy. Flows into marijuana stocks have increased significantly since the November 2020 U.S. elections, when legalization was approved in many states across the country. The day after the election, the top five shares traded on Robinhood were all CBD firms.

According to data provider TrackInsight, assets under management by marijuana-tracking ETFs are at record highs of $1.9 billion, with $527 million flows in January — triple the previous record, which was set in 2020 December.

Cannabis companies, and especially those operating within the hemp space, are uniquely positioned for massive growth in the near future. Green Hygienics Holdings Inc. (OTCQB: GRYN) best exemplifies this, as the company has a balance sheet that is devoid of any overhang or toxic debt. This financial health allows GRYN to focus on developing new technologies to produce different pharmaceutical-grade hemp compounds.

NOTE TO INVESTORS: The latest news and updates relating to Green Hygienics Holdings Inc. (OTCQB: GRYN) are available in the company’s newsroom at http://cnw.fm/GRYN

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