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 – 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.

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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.

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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.

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420 with CNW – Congress Asks Federal Agencies to Reconsider Firing Employees Who Use Marijuana

Although several states have legalized either medical or recreational marijuana, it remains illegal at the federal level. This duality in legislation means that sometimes, individuals who work with or consume state-legal cannabis face federal repercussions. However, a series of reports for spending bills released by a key House committee contain a wide range of marijuana-related provisions seeking to change this.

The directives from the House Appropriations Committee were attached to spending bills containing legislative reform provisions including previously tabled proposals that would protect state marijuana laws from federal interference as well as protect banks who work with cannabis businesses from federal retaliation. The reports direct federal agencies to reconsider firing federal workers for consuming state-legal marijuana, to promote research into cannabis and fund CBD regulations.

“The Committee encourages OPM to review its policies and guidelines regarding hiring and firing of individuals who use marijuana in states where that individual’s private use of marijuana is not prohibited under the law of the State. These policies should reflect changes to the law on marijuana usage and clearly state the impact of marijuana usage on federal employment,” states a Financial Services and General Government spending bill report.

Another report attached to the Labor, Health and Human Services, Education and Related Agencies funding bill contained a number of marijuana research provisions too. One provision called on the National Institutes of Health (“NIH”) to develop a “multipronged strategy wherein basic and clinical scientists and public health specialists work together to address the opportunities and challenges of cannabis in a comprehensive manner.”

“NIH currently supports a diverse portfolio of research on cannabinoids and the endocannabinoid system, yet this research support typically relies on narrowly tailored program announcements and grants rather than a multipronged strategy wherein basic and clinical scientists and public health specialists work together to address the opportunities and challenges of cannabis in a comprehensive manner. The Committee encourages NIDA to continue supporting a full range of research on the health effects of marijuana and its components, including research to understand how marijuana policies affect public health, to help inform marijuana policy-making in States.”

Members of the committee also noted that there is significant public interest in cannabis research. They made a recommendation to provide protections for universities that would be licensed to carry out these studies.

“Through scientific research, institutions of higher education advance our understanding and knowledge of various aspects of our world. Moreover, when in the public interest, such institutions should be able to conduct such research without fear of reprisal or loss of federal funding.”

Industry watchers believe sector players like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) are hopeful that soon enough, the pressure mounting from House Committees will eventually bear fruit at the federal level and marijuana policies will be reformed to be more progressive.

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420 with CNW – VA States Marijuana Industry Employed Veterans Aren’t Barred from Receiving Home Loans

The state legal cannabis industry has made great strides in the past couple of years, but there’s still a long way to go. The industry was valued at $13.6 billion in 2019 and experts expect it to grow in leaps and bounds over the years but the ongoing federal prohibition is severely holding it back. Unfortunately, this trickles down and negatively affects the tax paying folk who work in state legal cannabis establishments. One such instance of discrimination, according to Rep. Katherine Clark and other lawmakers, is against veterans seeking home loans.

For the past year, she’s been pressing the U.S. Department of Veterans Affairs (“VA”) on the difficulties veterans who work in the marijuana industry have faced trying to obtain a certificate for eligibility for VA home loan benefits. At least one constituent told Clark that they were denied a home loan as they work in the cannabis industry, and as a result, she circulated a sign-on letter and introduced an amendment to resolve the issue. However, the VA recently clarified to Congress that it doesn’t have any policies that bar veterans working in the cannabis industry from receiving home loans.

“VA is committed to working diligently to serve our nation’s veterans by providing eligible veterans with home loan guarantee benefits. There is nothing in VA statutes or regulations that specifically prohibits a veteran whose income is derived from state-legalized cannabis activities from obtaining a certificate of eligibility for VA home loan benefits. However, given the disparity between federal and state laws on cannabis, determining whether such a veteran is able to obtain a loan has become a complex issue,” states a report submitted to Congress last month by VA.

It continues to say that a person’s “reliance on marijuana-derived income may hinder a veteran’s ability to obtain a VA guaranteed home loan, a result that is consistent with other federal housing programs.” Why so? Fearing cannabis -derived income isn’t necessarily stable and reliable, individual lending companies may see veterans working in the cannabis industry as too high risk. The thought is that federal officials could shut down the veteran’s employers at any time, cutting off his income.

Lawmakers have urged the VA to do more, especially to “improve communications with eligible lending institutions to reduce confusion among lenders and borrowers.” According to Rep. Clark, no veteran should be denied benefits simply because they work within the legal cannabis industry. “This must be crystal clear in our laws and communicated directly to both borrowers and lenders. By including this language, we’re eliminating any doubts about the rights of our service members and protecting their ability to access what they’ve rightfully earned.”

Industry watchers believe the cannabis industry actors like Pure Extracts Corp. share the same sentiments about ending the discrimination against military veterans who work in the state-legal cannabis industry.

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420 with CNW – Democratic Senator Claims Congress Will Legalize Cannabis in 2021

Marijuana legalization is a highly divisive topic and even as more and more states move to legalize medical and adult use marijuana, the topic still remains controversial. And although the federal government legalized industrial hemp in December 2018, marijuana is still illegal at the federal level. Although the presumptive Democratic presidential candidate has in the past said that he supports decriminalization, moderate rescheduling, record expungement and medical cannabis legalization, he does not stand behind legalizing adult use cannabis.

However, according to a U.S. Democratic Senator, lawmakers will move very quickly to legalize marijuana regardless of his position if the Democratic Party reclaims the Senate and Congress in November. Sen. Ed Markey was recently on the Young Jurks podcast and he was asked about a variety of issues related to cannabis legalization. He told host Mike Crawford that the democrats are ready to advance marijuana reform as soon as they have a majority in both chambers of Congress.

“From my perspective, this is another issue that’s just right there on the ballot in November. We’ll move very quickly in January to change these laws to make sure that there are national protection put in place. But unfortunately, Trump controls the discretionary use of these personnel, and they’re kind of committed to keeping this crazy non-scientifically based analysis of marijuana front and center,” he said, adding that he and home state colleague Elizabeth Warren are “confronted with this obstinate, obdurate opposition from the Trump administration.”

Host Mike Crawford mentioned that this position is against former vice president Biden’s current stance on adult use legalization, which is that additional research on cannabis is required before he supports broad reform. “We’ll have the majority of the votes in the United States Senate, and I know Senate Minority leader Chuck Schumer has moved in that direction, he’ll be the majority leader,” Markey said in response. “I think we’ll have the votes to just move it, and science has moved there.”

“I think what’s going to happen on so many issues is that Congress is a stimulus response institution, and there’s nothing more stimulating than what’s happening out there, on climate change, on cannabis. And after this election, we need to move on these policies and have our own 1933, our own New Deal.”

Analysts say the marijuana industry, including Sugarmade, Inc. (OTCQB: SGMD), will not think much about the Senator’s pronouncements until they are turned into concrete results.

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CannabisNewsBreaks – Sugarmade, Inc.’s (SGMD) BudCars on Pace to Set Multiple New Performance Records

Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service (“BudCars”), today issued a mid-month performance update for July, which is now on pace to set multiple new Company performance records for sales, gross profits and total customer orders. The Company is on pace to meet or exceed its target of $650,000 in total July sales, with well over 5,000 individual customer orders likely this month, suggesting that sequential month-over-month topline growth will be at or above the Company’s target 30% level. “Our BudCars Sacramento hub continues to demonstrate accelerating growth that suggests we still haven’t really found the ceiling here in terms of period-over-period upside potential,” Jimmy Chan, CEO of Sugarmade, said in the news release. “Ultimately, this is gratifying to see because we have taken a unique approach to retail cannabis product distribution.”

To view the full press release, visit http://cnw.fm/9LdAX

About Sugarmade, Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. More information on Sugarmade can be accessed at: www.Sugarmade.com. Sugarmade sees opportunities in business operations that combine the best areas of on-demand consumer distribution with certain areas of synergistic manufacturing and packaging to create a business model that capitalizes on the many changes in the cannabis industry. The company has made agreements with several market participants, which will be announced in 2020. The company views these opportunities as scalable and capable of producing strong revenue growth for the company.

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – Cannabis Global, Inc. (MCTC) Announces Successful Application of Production Techniques to Another Rare Cannabinoid

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science-forward company developing infusion and delivery technologies, today announced the successful application of production techniques developed for Tetrahydrocannabivarin (“THC-V”) to another rare cannabinoid, Cannabinol (“CBN”), which the Company believes may have enormous unexplored upside growth potential as a new cannabinoid-based products market. “Our research team already proved our capability to produce high-quality polymeric nanoparticles and fibers of THC-V, but we also consider it important to be able to leverage our production techniques relative to other rare cannabinoids,” Arman Tabatabaei, CEO of Cannabis Global, stated in the news release. “We are excited to report today the success of this effort, which comes in the form of the production of highly loaded nanofibers of CBN via our methods developed for THC-V. We believe this development allows Cannabis Global to more quickly expand our product portfolio as we continue to stake a claim in the rare cannabinoid sector, potentially unleashing underexploited growth potential in markets like CBN, with little or no real competition.”

To view the full press release, visit http://cnw.fm/COu9m

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

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420 with CNW – 4 Tips to Get the Full Value of CBD Products

As 2018 drew to a close, Congress passed the 2018 Farm Bill, legislation that finally ended the federal prohibition of industrial hemp and all of its cannabinoids. Just a few months into 2019, there was already a booming market for cannabidiol (“CBD”), one of the over 100 chemicals produced by hemp. Initial research had found the cannabinoid effective against a variety of medical conditions and soon after it was legalized, there was a plethora of CBD products on the shelves.

As it is still new and barely regulated, the industry represents a minefield for first-time buyers who don’t know their way around. Although there are lots of good, honest firms selling CBD, there are plenty of bad players as well. So how does a customer get their money’s worth when they purchase CBD?

Buy high-quality CBD products. A sizeable percentage of the CBD products on the market are either contaminated or don’t contain nearly enough CBD. Plenty of sellers are willing to cut corners, quality-wise, and the end product isn’t as effective as it should be. High-quality contaminant free product will have enough CBD for the treatment to be effective.

Follow the instructions. CBD affects everyone in different ways. The cannabinoid interacts with a part of the nervous system called the endocannabinoid system, and how the CBD affects you depends on a variety of factors like age and gender. However, trustworthy sellers include instructions on the packaging, and each brand and product contains different dosages and might be consumed in different ways. Follow the instructions and you will steadily find out the dosage that works for you.

Keep a schedule. Cannabidiol has a long term effect when it’s used consistently. Once you’ve figured out the dosage and frequency that is most effective for you, use the CBD product consistently and preferably at the same time every day. As you do this, the CBD will steadily build up in your system and over time, smaller doses of the cannabinoid will produce stronger effects. So don’t call it quits after the first couple of days, even if it produces positive results.

Don’t forget about the other cannabinoids. THC, or delta-9 tetrahydrocannabinol, is the chemical responsible for cannabis’ infamous high. Alongside CBD, it’s one of the over 100 cannabinoids produced by the cannabis plant. When CBD is consumed in unison with other cannabinoids, it results in stronger benefits, something called the entourage effect. The chemicals work in unison and this amplifies their benefits. Full-spectrum CBD products contain CBD, other chemicals as well as terpenes.

Invest in high-quality CBD, preferably full-spectrum CBD products to take advantage of the entourage effect. Follow the instructions provided and take the cannabinoid consistently for significant positive results. If in doubt, companies like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) are always willing to answer any questions you may have.

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420 with CNW – Why Marijuana Entrepreneurs Need to Keep Proper Records

Although it is still fairly new, the marijuana industry has great potential for growth, especially as more research on the medical benefits of cannabis is carried out. At the moment, however, legal cannabis sellers face a harsh federal landscape that makes it quite difficult for them to operate effectively compared to players in other industries. One of the biggest issues, perhaps, is the industry’s lack of access to banking services, and a business that doesn’t find ways to circumvent this limitation will have a tough road ahead of them.

Despite being denied access to banking services, you are still required to keep proper records. It is the most effective way of proving regulatory compliance and business growth, both to potential investors and the government if they come knocking. This may be a little difficult, as most legal cannabis sellers have to rely on cash payments, but it can still be done.

First, make sure any cash transaction conducted by your firm is documented and has an associated receipt. Records documenting vendor transactions, sales, payroll, and business purchases will come in handy when the IRS, investors, or accountants come calling, so make sure you retain them. Additionally, it would be better in the long-run if you got into the habit of documenting all financial transactions right from day one. This will prevent you from drowning in an ever-increasing pile of receipts and records as sales pick up.

Keep your personal and business finances miles apart. It is extremely easy to get confused and blur the line between the two, especially as the firm grows. Plus, if you don’t set proper boundaries between your personal and business finances, your bookkeeping will most likely be subpar and you may even end up using business finances for personal affairs or vice versa by accident.

Don’t let the fact that banks can’t transact with the cannabis industry yet hold you back. There are several mobile phone apps that allow you to skip the cumbersome process of going through tons of paperwork and organizing receipts. Apps like Expensify and HubDoc allow you to scan, upload, and create easy to read expense reports, saving you a lot of time and energy and making your bookkeeping a lot more efficient.

You can go even further and find yourself a good vendor management system. There are several cloud-based options that allow you and your vendors to record all your transactions easily. The fact that you mostly transact with cash shouldn’t make you neglect your bookkeeping. Proper and efficient bookkeeping is the only way potential investors will know whether your business is worth investing in and it will keep you out of trouble if the government ever comes knocking.

These are basics which established companies like Pure Extracts Corp. have nailed, and startups would do well to follow suit.

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