Author: CannabisNewsWire (CNW)

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

CannabisNewsBreaks – Cannabis Global, Inc. (MCTC) Enters Estimated $10B Cannabis Market Through Strategic Agreement with Whisper Weed

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science-forward company developing infusion and delivery technologies, today announced the closing of a definitive agreement to enter the fast-growing California cannabis delivery market. According to the update, Whisper Weed, Inc. and Cannabis Global have, under the executed agreement, created a new California Corporation to be named CGI Whisper W, Inc., which will provide management services for the delivery entity. CGI Whisper W, Inc, will receive 51% of the new entity’s profits, which will be recognized by Cannabis Global as income. “The delivery sector is the hottest area of the California cannabis business and we are very pleased to have a seat at the table,” Arman Tabatabaei, CEO of Cannabis Global, stated in the news release. “We not only will be able to grow our revenue base relative to direct delivery, but we also see Whisper Weed as a perfect platform to launch our infusion technologies in the regulated marketplace. With the deal closing, we are already in the process of adding other delivery platforms and other businesses to our overall portfolio.”

To view the full press release, visit http://cnw.fm/rwedO

About Cannabis Global, Inc.

Cannabis Global is a Nevada registered, fully reporting and audited publicly traded company. With the hemp and cannabis industries moving very quickly and with a growing number of market entrants, Cannabis Global plans to concentrate its efforts on the middle portions of the hemp and cannabis value chain. The Company plans to actively pursue R&D programs and productization for exotic cannabinoid isolation, bioenhancement of cannabinoids and polymeric solid nanoparticles and nanofibers for addition into consumer products and for dermal application. The Company was reorganized during June of 2019 and announced its intent to enter the fast-growing cannabis sector. The Company is headed and managed by a group of highly experienced cannabis industry pioneers and entrepreneurs. For more information, visit the Company’s website at www.CannabisGlobalInc.com.

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

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 – What Current Research Says About Marijuana and Memory

We all know the stereotype of the bumbling, forgetful stoner. Cannabis has for long been associated with memory loss, and that has been one of the main arguments against legalizing. However, most of these claims lacked any scientific backing but over the past few years, researchers have been steadily learning more about cannabis and its effect on the human body, especially the brain. To understand how cannabis affects memory, we’ll first have to discuss short and long term memory.

Your short term memory stores immediate events temporarily, for instance, to remember a phone number that has just been recited. It can hold information for approximately twenty to thirty seconds, and it is pushed out when new items are presented. Long term memory, on the other hand, stores information indefinitely. Research has shown that marijuana intoxication does have an effect on short term memory, temporarily altering or distorting short term memory processing.

However, this can’t be blamed on ‘cannabis’ as a whole. The plant produces hundreds of chemicals called cannabinoids, and they are responsible for its effects. In this case, the cannabinoids in question are THC (delta-9 tetrahydrocannabinol) and cannabidiol (“CBD”). When you consume cannabis, these two components disrupt neural signaling by binding with receptors responsible for forming memories in the brain. This can result in problems with concentration, loss of interest, and eventually impact learning.

What’s interesting is that the two cannabinoids have quite different effects. THC, the chemical responsible for cannabis’ infamous high, has a negative effect on short term memory and it increases the risk of developing mental health problems. Cannabidiol, on the other hand, has been found to prevent neural decline. It has a positive impact against neurodegenerative diseases that affect memory such as psychosis, Alzheimer’s, Huntington Chorea, and epilepsy. In fact, some animal studies found that it could prevent the onset of these diseases through the creation of neurons.

There are several different cannabis strains, each with varying levels of CBD and THC, and they have different effects on memory. For instance, cannabis with high levels of THC but little to no CBD will have a negative effect on memory, especially in adolescents. It impacts their ability to retain and recall information, but this isn’t permanent and will stop once you stop consuming cannabis. However, a strain with high CBD levels can prevent neural decline. This goes to show that different types and strains of cannabis can have both positive and negative effects on memory.

The cannabis sector, including entities like Sugarmade, Inc. (OTCQB: SGMD), are glad that the myths against cannabis are being dismantled one at a time by solid scientific data.

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 – You Don’t Need Lots of Capital to Be Big in the Marijuana Industry

For many young entrepreneurs, launching a startup is pretty straightforward. Make a snazzy business plan, secure as much funding as you can from investors and hit the ground running. However, acquiring startup capital is no easy task and if you do, you and your business are often at the mercy of your investors and advisory boards. More often than not, these entrepreneurs find themselves running businesses that while successful and profitable, have strayed far from their original visions.

But who said that’s the only way to go? It’s certainly the quicker way, you’ll have funds to make all the appropriate moves early in your business’ inception, but the more funding your receive, the more control you lose. If you go in without much investor funding, it will definitely take you longer to gain some ground, but it’s the best way to build and run your business according to your vision and goals.

Cannabis is a relatively new industry, with most dominant players being only a few years old. So while there are plenty of investors willing to throw their hats into the cannabis industry, few have the experience and insight to help a cannabis startup navigate the industry. Ultimately, deciding whether or not to seek investor funding is a major decision that will have far reaching consequences for your business. So before you do, consider this:

Are you raising capital just to stay afloat or to expand? Similar to how you shouldn’t take a loan to fund a wedding or an expensive car, money from investors should ideally be used to expand and create more opportunities for earning. If you are using funds from investors to stay afloat, you are opening yourself up to major headaches in the near future. Additionally, you should consider how much control you want over the business.

Once you receive investor funding, the business isn’t solely yours. New ideas and opportunities will have to be discussed and agreed upon by all owners before any action. If you have too many investors, it will lead to conflicts over which creative direction to take, and you may find yourself at the helm of a company you don’t recognize. If you don’t go for investor funding, you will have complete control over the business, allowing you to make creative choices free from investor pressure.

These issues connected the implications of investor funding may not be so new to established companies like VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) and startups would be well advised to learn from those who have been there before them.

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 – Meta Study Finds CBD Could Treat Cocaine Addiction

For the past couple of years, there has been mounting interest in the medical abilities of cannabidiol (“CBD”), a cannabinoid produced by the cannabis plant. This was compounded by the 2018 Farm Bill which legalized industrial hemp and its derivatives and pushed CBD even more into the mainstream. The cannabinoid is said to be effective against a wide range of medical conditions, ranging from certain forms of epilepsy, chronic pain, anxiety, and depression.

A growing body of research has also found that cannabidiol can help treat cocaine addiction. In a new meta-study, scientists analyzed 14 studies from the past five years on the administration of CBD in animal subjects consuming cocaine, and they determined that CBD appears to have a variety of effects that counteract addictive behaviors. The study, published this month in the journal Pharmacology Biochemistry and Behavior states that “CBD promotes reduction on cocaine self-administration. Also, it interferes with cocaine-induced brain reward stimulated and dopamine release.”

“CBD promotes alteration in contextual memory associated with cocaine and in the neuroadaptations, hepatoxicity, and seizures induced by cocaine.” Despite admitting that not all of the studies under review were consistent with each other and stressing on the need for human trials, the researchers said that animal research generally indicated that CBD can reduce self-administration of cocaine and many symptoms of addiction.

For instance, in a study from 2019, researchers reported that “the systemic administration of CBD (20mg/kg) 30 minutes before testing reduced the self-administration of a low dose of cocaine. However, lower concentrations of CBD did not produce the effect. Similarly, a study from 2018 found that a daily 20 mg/kg of CBD led to a “significant difference in the consumption of cocaine on the 10th day of the study and lower consumption throughout the entire procedure compared to the control group of mice.”

A separate study found that administering CBD to rats with a history of cocaine use made them less anxious, as evidenced by “the greater time spent in the open arms of the elevated plus-maze.”

The authors of the new meta-study concluded that “the evidence described in the present systematic review indicated that CBD is a promising adjunct therapy for the treatment of cocaine dependence due to its effect on cocaine consumption, brain reward, anxiety, related contextual memories, neuroadaptations, and hepatic protection as well as its anticonvulsant effect and safety.”

The findings of this research are likely to be welcomed by cannabis companies like Pure Extracts Corp. since the industry has always believed that scientists have barely scratched the surface of the therapeutic effects of cannabis compounds.

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 – Montana Activists Say Cannabis Reform Measures Will Be on November Ballot

When the coronavirus pandemic struck, there were tens of marijuana legalization initiatives in states across the country. However, social distancing and self-isolation orders made signature collection virtually impossible and as a result, states such as New York and Idaho have had to postpone their legalization efforts until next year and beyond. Montana, on the other hand, is on track to putting marijuana reform on the ballot this November. On Friday, marijuana activists in the state that based on both county-level signature validation as well as their own verification process, said they were surer they had collected enough signatures to qualify two cannabis reform measures for the November ballot.

Although the coronavirus pandemic initially impeded New Approach Marijuana’s signature collection efforts, the group relaunched their efforts in May with coronavirus related safety measures in place to keep both the signature collectors and the public safe. The group’s revised strategy paid off, and they managed to collect enough valid signatures for a statutory cannabis legalization measure and a separate constitutional amendment that would make a technical change stipulating that only those 21 and older could participate in the market.

The statutory measure, which would establish a regulated cannabis market for adult use in the state, required about 25,000 signatures to qualify for the ballot. New Approach Montana says that 33,000 signatures have been collected and verified. The separate constitutional amendment stipulating that only those 21 and over could participate in the cannabis market required about 51,000 valid signatures and the group collected 52,860 signatures.

According to Pepper Petersen, spokesperson for New Approach Montana, the campaign is “really excited” to have seen such broad support for drug reform in the state. “Every single legislative district submitted signatures to this in Montana. We think that shows a huge level of support out here, and we’re excited going forward. We’re confident that people are going to support this at the ballot as much as they did in the signature-gathering process.”

He says that it was both the commitment of volunteers and the widespread interest in the policy change among voters that led to the campaign’s success. “I think that the success, is of course, our volunteers and our staff were really hard workers and our supporters contributed to that. But it was just the excitement of the Montanans. Montanans want this change and they think it’s well past time for it.”

The Secretary of State has until August 20 to verify to the governor whether the two initiatives will make the ballot. Industry watchers say sector players like Sugarmade, Inc. (OTCQB: SGMD) will be hoping that Montanans finally get to decide whether cannabis should be legal or not during the November polls.

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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HempNewsBreaks – Hemptown Organics Corp Enters LOI to Acquire Innovative Companies

Hemptown Organics on Monday announced its entry into a letter of intent (“LOI”) with Hempacco Company Inc. and Pacifica Premiums Inc. According to the update, the LOI contemplates that Hemptown will acquire all of the outstanding shares of both Hempacco and Pacifica Premiums, to further diversify the its product offering and expand its distribution and sales channels. “We are very excited for the opportunity to acquire this unique group of innovative companies representing a rapidly growing sector of the overall hemp and cannabinoid industry. Industrial hemp smokable products present as massive opportunity both as a smoking cessation product, and for recreational use,” Hemptown’s CEO Eric Gripentrog said in the news release. “We believe that, with their established, revenue generating, operations in the US and Mexico, Hempacco can be accretive to Hemptown’s overall bottom line while presenting attractive blue-sky for growth. These acquisitions align with Hemptown’s overall M&A growth strategy to expand our brand portfolio, broaden our channel diversification while extending our geographic reach, and increasing our revenue across B2B and B2C segments.”

To view the full press release, visit http://cnw.fm/gdMLa

About Hemptown Organics Corp.

Hemptown is a diversified, industry leading cannabinoid company delivering a diverse product offering across the value chain, in multiple sales channels, to meet the growing global demand for cannabinoid-based products. State-of-the-art cultivation in Oregon’s Rogue Valley, FDA-licensed and cGMP certified product manufacturing, and a strong leadership team with Fortune 500 experience, including Kellogg’s, Nike and Intel, are the pillars for Hemptown’s growth model as the company pushes into the consumer-packaged goods sectors with top quality white-label and branded product lines for the consumer market. For more information, visit www.HemptownUSA.com.

About HempWire

HempWire (HW) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HW is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWire (HW) is where HEMP news, content and information converge.

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2nd Annual New Heights Canna-Tourism Summit Goes Virtual

Day-long virtual event to feature experts, owners and operators who are driving tourism business in the cannabis space during this time of disruption.

On Wednesday, July 29, 2020, the tourism and cannabis industries will come together for the second year in a new format online, introducing the 1st Virtual New Heights Canna-Tourism Summit. In partnership with the Tourism Industry Association of Ontario (TIAO), the one-day, ground-breaking virtual event will give attendees the opportunity to meet key players, tourism companies, cannabis companies, and potential partners to learn about how to build and market a cannabis tourism product.

“The tourism industry has been hard hit and has a long way to go to recover. And the cannabis industry is new and evolving and still faces many challenges. Now more than ever we need to work together to rebuild – creativity and partnerships are key in that process,” said Jennifer Mason, New Heights Founder and President, JLM Strategic Marketing. “Given virtual is how business is being done right now, we are transitioning to this space. We are confident that we will provide delegates and partners many of the same elements expected at a live business conference including; thought-leadership, exhibitor tradeshow and networking.

Attendees will be inspired by world-class canna-tourism success stories, big ideas, resources and tools for developing their own cannabis tourism product along with critical information about marketing, PR, legal and compliance. Prominent speakers include Beth Potter, President & CEO, Tourism Industry Association of Ontario (TIAO), Brian Applegarth, Founder & Executive Director, California Cannabis Tourism Association, Wendy Forwell, CEO, Cannabis Hotels, Karen Mariano, Director of Tourism, On the Ridge and Steven Fry, Sessions Cannabis, among other thought-leaders.

Participants will gain insights into development around hotel experiences, tours, culinary experiences, new products, health & wellness tourism, consumption lounges and more. The day promises to be an energizing learning environment with live online keynote speaking engagements, interactive panel sessions, meaningful online facetime networking, demonstrations, and real-time question and answer periods.

Register now for the New Heights Virtual Canna-Tourism Summit at www.CannabisTourismSummit.com. Follow the New Heights Conference on Twitter and Instagram for the latest updates.

Opportunities are still available to become a partner and showcase your brand to the cannabis and tourism industries.

Attendees must be 19 years of age or older to attend this event.

For media inquiries and more information contact:

Danielle McKay
New Heights Cannabis Tourism Summit
905-808-7230
danielle@marigoldpr.com

About JLM Strategic Marketing

JLM is a boutique marketing agency built by a team of integrated marketers and experienced business professionals who drive transformational results. We service both agencies and clients to deliver great work that is designed to change how people think, feel and react to your brands.

420 with CNW – BLM Protests Give Marijuana Legalization Efforts Added Impetus

It’s a known fact that people of color have been unfairly targeted in the War on Drugs. Although folks of all races are likely to buy and consume marijuana, people of color are policed more aggressively and are more likely to have more punitive measures taken against them. And as protests against police brutality rage on countrywide, it’s become very clear that for POC, routine police stops are a matter of life and death.

In Georgia, for instance, strict drug laws encourage police officers to search for drugs during otherwise routine interactions such as traffic stops. According to Georgia Senator Harold Jones II, a Democrat and former prosecutor, this increases the odds of police-civilian encounters escalating and turning violent. “I just see so many interactions between police and citizens that are based on drug interactions, trying to find narcotics. We as legislators are putting the police in that situation because we’re demanding they enforce this,” he says.

He has introduced a bill that would reduce penalties for possessing small amounts of marijuana. He, fellow lawmakers and activists who want to legalize marijuana, reduce penalties for possession, and expunge marijuana-related offenses from people’s records have for years argued that drug policy is a social justice issue. It’s not just about tax revenues and eliminating the underground cannabis market, but also about fixing a broken criminal justice system and reinvesting in communities harmed by the War on Drugs.

Some lawmakers in New York have brought up marijuana legalization as one of the ways they can improve policing in the state. “For me, the social justice of it is much larger than, I think, the taxing and regulating, although that is important,” says New York Assemblywoman Crystal Peoples-Stokes, a Democrat representing part of the city of Buffalo. She has also put forward a bill to legalize weed. “Many, many of my colleagues are bringing that up as a topic, as I have. There’s no question that some of the things that are going on with marijuana are because they smell marijuana.”

However, some law enforcement groups are vehemently opposed to legalizing recreational cannabis. According to Georgia Sheriffs’ Association executive director J. Terry Norris, the elected sheriffs represented by the association have opposed legalizing marijuana for years because they view it as a dangerous drug. “It’s their opinion that marijuana is a much more dangerous substance than some may have you believe,” he says.

Regardless of marijuana policy, he says, both law enforcement officers and the residents they interact with have a role to play in avoiding violent confrontations. “If you obey the law there’s not much chance you’re going to get hurt.”

Industry watchers say the policing reforms being advocated for are the very same reasons that cannabis industry actors like Pure Extracts Corp. have always talked about as the cannabis law reform movement took root in different jurisdictions.

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 – New Jersey Governor Convinced Marijuana Legalization Key to Coronavirus Economic Recovery

The coronavirus crisis has dealt the economy a blow it will take years to recover from. Industries that were especially hit by shut down orders like airlines, restaurants, and tourism are looking at a long, tough road before they can get back to pre-pandemic levels. With all but the most essential businesses shut down and commerce brought to an almost complete standstill, states have lost millions in tax revenues over the past few months. However, proponents for marijuana legalization have argued that marijuana sales could help stimulate the economy as it recovers.

In the weeks before the shutdowns began, cannabis dispensaries saw a spike in sales, and the industry has consistently reported increasing sales, in some cases even breaking monthly records, during the course of the pandemic. The governor of New Jersey believes the state would get a major economic boost from legalizing marijuana. On top of that, he adds it will promote racial justice, especially as countrywide protests against the aggressive policing of black and Hispanic communities continues.

New Jersey Governor Phil Murphy was recently interviewed on the Jim Kerr Anytime radio show, and the state’s ailing economy was discussed. He recognized that the state will have to be innovative to generate more revenue as the coronavirus crisis rages on, and he concurred with a co-host’s assessment that cannabis could be part of the solution. “As you probably know, I’ve been on that from day one. The legislature hasn’t been able to get there yet, but absolutely,” he said.

“That’s, to me, an incredibly smart thing to do. We’re not inventing marijuana, it exists. It’s got a huge social justice piece for me. The overwhelming percentage of persons nailed in our criminal justice system are persons of color. It’s a no brainer in that respect. It’s a job creator, it’s a tax revenue raiser, and it checks a lot of boxes. I hope we’ll get there sooner than later.”

New Jersey allows medical marijuana, and the state recently announced that cannabis dispensaries would now be able to deliver products to their customers. Although the legislature has so far been unable to pass a recreational marijuana legalization bill, they approved legislation to put a referendum on the issue in the November ballot. Additionally, the state Assembly passed a cannabis decriminalization bill last month that would make possession of up to two ounces of cannabis a civil penalty without the threat of jail time.

The sentiments expressed by Gov. Phil Murphy echo what the entire industry, including Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF), has always said about the economic benefits of having a regulated cannabis industry.

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 – Illinois Earns Double the Cannabis Taxes Predicted for First Six Months

The first half of 2020 has been brutal. After being discovered in Wuhan, China in late 2019, the coronavirus quickly spread to Europe and the U.S., and by late March, billions of people across the world were under lockdown. All but the most essential businesses were ordered to shut down, and within a month, the U.S. was approaching Great Depression era levels of unemployment. The travel and service industries were especially hit, and they have shouldered most of the job losses.

One industry that seems to be weathering the health and economic crisis fairly well is cannabis. Deemed essential by most states with a legal cannabis program, the industry has continued operations amidst the lockdown orders, all the while posting record profits. Illinois, for instance, has collected almost $52.8 million in tax revenue over the past six months, more than double what Illinois Governor J.B. Pritzker originally predicted.

He predicted that the state would collect $28 million in cannabis tax revenue before June 30, but Illinois has seen rising recreational marijuana sales. In June alone, dispensaries sold a record $47.6 million worth of recreational cannabis, all while the state’s economy declines due to the coronavirus. Over the first six months of 2020, total recreational marijuana sales in Illinois topped $239.1 million, all while the state’s finances were stretched thin by the ongoing pandemic.

Of the $52.8 million collected by the taxman from cannabis sales, $34.7 million was from cannabis excise tax while $18 million was from tax on sales. The state intends to direct $25.9 million to a general fund which pays for most day-to-day operations while a portion of the remaining tax revenue will be reinvested in communities that were disproportionately affected by the war on drugs.

According to June’s briefing from the Commission on Government Forecasting and Accountability, Illinois’ general fund revenues ended the fiscal year with $1.1 billion less than last year. The Commission’s report states that the coronavirus crisis has hit three main tax revenue sources, personal income, corporate income and sales tax. Even the less lucrative taxes like cigarette and insurance taxes also suffered, so cannabis provided a much needed inflow of cash.

The trend has been similar in most states that allow cannabis. Cash flows from most industries have pretty much dried up, but cannabis has consistently brought in tax revenue, with states like Illinois making monthly sales records.

This news from Illinois is likely to be celebrated by the entire cannabis industry, including companies like Sugarmade, Inc. (OTCQB: SGMD), since it justifies what the industry has always said about the economic benefits of establishing regulated marijuana markets.

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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