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 – Four States Where Marijuana Legalization Has Been Postponed to 2021 and Beyond

Almost six months into the year, the U.S. is still squarely within the coronavirus’ stranglehold, and the past few weeks have seen rising levels of civil unrest in most states. The economy is in free-fall and health experts warn that the coronavirus pandemic is nowhere near over. With everything that’s going on, it’s easy to forget that Election Day is drawing closer, and a dozen states have at least one ballot initiative devoted to legalizing cannabis.

At least three states are guaranteed to have residents voting on cannabis legalization initiatives in November. However, while there are a few states where legalization in November is a near certainty, some states won’t be going green any time soon. Due to a variety of factors, these states will not be voting to legalize marijuana this coming November

Florida legalized medical cannabis in 2016 and although it was expected that adult-use marijuana would follow suit in 2020, residents will not be voting on a recreational cannabis measure. The Make it Legal Florida campaign garnered the support of certain medical cannabis dispensaries, including MedMen Enterprises, and was able to collect more than 700,000 signatures. However, there simply wasn’t enough time to verify the signatures and refine the language of the proposed constitutional amendment before the 2020 ballot. Additionally, Florida Attorney General Ashley Moody as well as members of the legislature had already expressed clear objections to the proposed amendment.

New York had planned to include marijuana legalization in the state fiscal budget but at the end of March, Governor Andrew Cuomo announced that this would not be likely. He stated that the ongoing coronavirus pandemic had complicated budget discussions and that the cannabis legalization issue was too complex to be discussed in the limited time lawmakers had.

Ohio currently has two recreational marijuana measures on the table for addition to the 2020 ballot but it is unlikely either of the measures will wind up on the November ballot. With social distancing measures and stay at home orders in place to curb the spread of the coronavirus, it has been impossible to collect the required 453,000 signatures. Additionally, the language in one of the measures to regulate cannabis like alcohol needs more fine-tuning and with the deadline in less than 3 weeks, it is unlikely the initiatives will make it to ballot.

Missouri’s quest to legalize cannabis, led by the Missourians for a New Approach campaign, was also affected by the COVID-19 pandemic. As the virus spread and self-isolation and social distancing measures were issued, signature collection became virtually impossible. Advocates attempted to persuade officials to allow the required 170,000 signatures online but Missouri regulators rejected the proposal. Like in New York, Florida, and Ohio, marijuana legalization advocates will have to wait until 2021 or beyond for another shot at marijuana reform.

It would be interesting to hear what cannabis industry actors like SinglePoint, Inc. (OTCQB: SING) have to say about the long-term effects of the derailment of the different legalization campaigns across the country.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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CannabisNewsBreaks – Cannabis Strategic Ventures, Inc. (NUGS) Issues LOI for Greenhouse Facility with Potential to More Than Double Production Capacity

Cannabis Strategic Ventures (OTCQB: NUGS), an emerging leader in the U.S. cannabis marketplace, today announced that it has issued a Letter of Intent (“LOI”) to obtain a new 300,000-square-foot greenhouse facility for cannabis cultivation. According to the update, negotiations are underway for the new facility that would more than double the Company’s cannabis production capacity. “In this environment, the market is going to take as much as we can produce given our steady evolution in product quality, and we see those conditions extending for quite some time,” Simon Yu, CEO of Cannabis Strategic Ventures, stated in the news release. “That strongly points to strategic value in expansion. We have seen recent strong improvements in output, pricing and sales volume, and we are aggressively interested in expanding capacity to capitalize on micro and macro factors to drive more value for our shareholders.”

To view the full press release, visit http://cnw.fm/CfD8e

About Cannabis Strategic Ventures

Cannabis Strategic Ventures Inc. (OTC: NUGS) is one of the largest publicly traded marijuana cultivators in the United States. The Company is Los Angeles-based and incubates, develops and partners with category leaders within the cannabis and ancillary sectors. The Firm’s NUGS brand experience provides operational and financial strategic partnerships and a range of essential services to emerging and existing cannabis consumer brands. For more information, visit www.CannabisStrategic.com.

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

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 – Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) Announces Further Acceleration of Path to Commercialization, Expands Portfolio

Willow Biosciences (TSX: WLLW) (OTCQB: CANSF), a Canadian biotechnology company creating high purity, plant-derived compounds for the global pharmaceutical, health and wellness and consumer packaged goods industries, today announced further acceleration of its path to commercialization following continued scale-up development success and the addition of multiple new cannabinoids for production. “Willow’s scientific and operational success to date has solidified the use of yeast fermentation as a production platform,” Willow’s CEO Trevor Peters stated in the news release. “Our scientific discoveries over the past 14 months have contributed to the development of not one, but five different cannabinoids and our pilot project production samples expected to be available in Q3 of 2020 will make Willow the first to biosynthetically produce material amounts of cannabinoids. We expect to offer a portfolio of ultra-pure, pharmaceutical grade quality cannabinoids by the end of 2021. As we transition from a research-focused company to a production company, we are investigating a variety of end markets, including pharmaceutical and consumer products. We see significant potential in consumer packaged goods for the North American recreation market, where interest for high quality ingredients such as ours is strong.”

To view the full press release, visit http://cnw.fm/zdfC9

About Willow Biosciences Inc.

Willow is a Canadian biotechnology company based in Calgary, Alberta, that produces high purity, plant-derived compounds that provide building blocks for the global pharmaceutical, health and wellness, and consumer packaged goods industries. Willow’s current focus is in the production of cannabinoids for the treatment for pain, anxiety, obesity, brain disorders, among other significant indications. Willow’s science team has a proven track record of developing manufacturing technologies for high purity compounds in pain and cancer treatments. Willow’s manufacturing process creates a consistent, scalable and sustainable product that allows for the discovery and development of new life changing drugs. For more information, visit the company’s website at www.WillowBio.com.

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

About CanadianCannabisWire

CanadianCannabisWire (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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HempNewsBreaks – Marijuana Company of America, Inc. (MCOA) Announces Board Appointment of Marco Guerrero

Marijuana Company of America (OTCQB: MCOA), an innovative hemp and cannabis corporation, today announced the appointment of Marco Guerrero as a new member of the Company’s board of directors. According to the update, Guerrero is a Brazilian national and currently resides in Sao Paulo, Brazil. Proficient in English, fluent in Spanish and Portuguese, he will be the key executive in charge of opening new operations and distribution channels in Brazil for the HempSmart product line and a strong contributor in the development and implementation of the new HempSmart international strategy. “I am very excited to become part of the MCOA family and to be able to exchange knowledge with such qualified and competent colleagues,” Guerrero stated in the news release. “I am a true believer in the CBD industry, which sooner rather than later will be present in all four corners of the globe. I take this new chapter of my professional career with great honor and will do my best to contribute to the growth of the HempSmart business and to represent the Company’s legitimate interests.”

To view the full press release, visit http://cnw.fm/sZu4O

About Marijuana Company of America Inc.

MCOA is a corporation that participates in: (1) product research and development of legal hemp-based consumer products under the brand name hempSMART(TM), which targets general health and well-being; (2) an affiliate marketing and retail sales program to promote and sell its legal hemp-based consumer products containing CBD; (3) joint ventures and acquisitions of business entities engaged in the growth and sale of hemp and cannabis products in jurisdictions where cultivation is legal; and (4) the expansion of its business into ancillary areas as market opportunities in this segment mature and develop. For more information, visit www.MarijuanaCompanyofAmerica.com.

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

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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420 with CNW – High Potency Cannabis Boosts Blood THC Level But Not Impairment, Study Finds

As the state-legal cannabis industry continues advancing in both scientific knowledge and market share, one thing that has become clear is that cannabis today is a lot stronger than it used to be. Studies have found that marijuana in circulation today, both legal and illegal, is up to 5 times stronger than it was in the eighties, and this has raised serious questions on the effect of more potent weed on the body. According to a study of regular cannabis users published by the University of Colorado Boulder in JAMA Psychiatry, smoking high potency marijuana concentrates doesn’t necessarily make you higher.

After studying regular cannabis users who smoke high potency marijuana concentrates and those who smoked regular weed, researchers from the university found that while it did boost THC levels in the blood to more than twice as much as smoking conventional marijuana, it did not make the subjects ‘higher.’ “Surprisingly, we found that potency did not track with intoxication levels. While we saw striking differences in blood levels between the two groups, they were similarly impaired,” says lead author Cinnamon Bidwell, an assistant professor in the Institute of Cognitive Science.

As cannabis is still illegal at the federal level, researchers are prohibited from handling or administering marijuana, so the team from the University of Colorado Boulder had to think outside the box. They used two white Dodge Sprinter vans dubbed the ‘cannavans’ to visit study subjects at their place of residence, where after purchasing their own cannabis and using it in their own homes, the subjects walked out for tests. Bidwell and her colleagues assessed 121 regular cannabis users, half of whom typically used concentrates and half who typically used flowers from the plant.

Flower users were instructed to use flower with either 16% or 24% THC and concentrate users were assigned a product with either 16% or 245% THC. At three time points, that it before, directly after and an hour after they used, researchers drew the subjects’ blood, measured their mood and intoxication level, and assessed their cognitive function and balance. THC levels in concentrate users spiked to 1,016 micrograms per milliliter a few minutes after use while in flower users they peaked at 455 micrograms per milliliter.

Despite this difference in THC blood levels, both groups had a relatively similar level of impairment. “People in the high concentration group were much less compromised than we thought they were going to be. If we gave people that high a concentration of alcohol it would have been a different story,” says Kent Hutchison, co-author of the study and a professor of psychology and neuroscience at CU Boulder who also studies alcohol addiction. The team of researchers hopes to learn the possible long term effects of THC-potent concentrates.

“Does long term, concentrate exposure mess with your cannabinoid receptors in a way that could have long term repercussions? Does it make it harder to quit when you want to? We just don’t know yet.”

The findings of this study are likely to have taken everyone, including The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF), by surprise since it has always been assumed that the more intoxicants one takes, the more impaired they are likely to become.

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420 with CNW – Missouri Medical Marijuana Growers Face Additional Roadblock Before Planting Crops

At the moment, 33 states have legalized medical cannabis and 11 states plus Washington D.C. have taken things further and legalized recreational use. States with relatively successful legal marijuana programs like California and Colorado have surpassed $1 billion in cannabis tax revenue, and numerous advocates in other states are pushing for legalization. However, the industry is still immature, processes aren’t streamlined across the board and everyone from cultivators to retailers is subject to lengthy and time-consuming verification processes.

Marijuana business owners in Missouri, for instance, already face a lengthy verification process, and they say they have been caught off guard by an additional hurdle imposed by the Missouri Department of Health and Senior Services, which is in charge of overseeing the industry. There are 338 licensed medical marijuana providers, and after being verified by the state, they are now required to go through an additional verification process.

“Once those 338 were chosen by merit, the Department of Health did a verification process where they go through the application with a license holder to prove that everything they put on the application was accurate, correct and conforms to the department’s rules,” says Jack Cardetti, spokesman for MoCannTrade. Once this is completed, there is a final step called a ‘commencement inspection’ before cultivators, manufacturers, and dispensaries can start operating. Inspectors will “come on-site, look at your facility, make sure it has all the security you said it was going to have and make sure that all the promises that were made on the application were followed through on,” says Cardetti.

Only two of 60 cultivators have made it through the process so far near St. Louis. According to Nate Ruby, president of OXG, the verification process “kind of came as a surprise to probably all of us that won licenses.” He has already been verified by the state, and he hopes his commencement inspection is done soon so he can start planting inside his 17,000 square foot greenhouse in Independence. “Hopefully we’ll start growing by July, harvest around October, November, and get the product in our dispensaries.”

Kansas City Cannabis Company hasn’t been verified yet, but Chief Information Officer Nolan Lawrence hopes the final step will be completed soon. However, “that involves a whole lot of paperwork and documentation with investors, owners, and affiliates of the business.”

It isn’t yet clear what sector players like Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) think about the additional steps that their counterparts in Missouri have to go through before getting their operations started.

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CannabisNewsBreaks – Sugarmade, Inc. (SGMD) Announces Record BudCars Sales Growth as It Gears Up to Open First LA Hub

Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service (“BudCars”), today announced record growth in gross profits and gross profit margins for BudCars sales during the month of May (up 46% on a sequential month-over-month basis). Per the update, the Company continues to experience strong signals during the first half of June, with gross profits growing 9.9% on a week-over-week basis and believes this performance data provides a template for its per unit operational performance anticipated as it prepares for next month’s launch of its first Los Angeles hub. “As we gear up to open our first new hub in the Los Angeles regional market, we continue to see very good signs from our Sacramento hub, with the very rapid topline growth clearly translating to the bottom line as margins hold up and even improve,” Jimmy Chan, CEO of Sugarmade, stated in the news release. “As we recently reiterated, BudCars is not a delivery business comparable to GrubHub or Uber Eats. It is a top cannabis retail business with very consistent 46-52% gross margins on a wholesale inventory with very secure logistical underpinnings. This differentiation has been a source of misunderstanding, and it is critical to fully appreciating our value proposition and our strategy as a Company moving forward.”

To view the full press release, visit http://cnw.fm/5l7Ou

About Sugarmade, Inc.

Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Its Brand portfolio includes CarryOutsupplies.com, SugarRush(TM) and Budcars.com. For more information, please reference www.Sugarmade.com.

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

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HempNewsBreaks – SinglePoint, Inc. (SING) CEO Showcases Nicotine-Free/Tobacco-Free 1606 Product in New Video

SinglePoint (OTCQB: SING) on Monday announced that its CEO Greg Lambrecht was featured in a recent video to showcase the latest point of sale display for 1606. According to the update, the tobacco-free and nicotine-free product was created for individuals looking for an alternative to traditional smoking. “We’re looking for the 40 to 65 or 70-year-olds who maybe smokes five cigarettes a day. We’re trying to reach that demographic that wants to quit,” Lambrecht said in the interview. “And, when I say quit, instead of smoking a cigarette that has nicotine in it, they’re going to smoke a hemp cigarette that has no nicotine, no tobacco, and the CBD experience with less stress, which we could all use in these times right now.”

To view the full press release, visit http://cnw.fm/2BdWm

About SinglePoint, Inc.

Founded in 2011, SinglePoint, Inc. invests in and acquires brands and companies that will benefit from injection of growth capital and its sales and marketing expertise. The company’s portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multi-national brand. For more information, visit the company’s website at www.SinglePoint.com.

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

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420 with CNW – Why the Marijuana Black Market Still Persists in California

California is one of the best examples of just how much a state-legal marijuana program can achieve if it’s done right. The state has been at the forefront of the efforts to legalize cannabis in the U.S., with the country’s first ballot initiative to legalize marijuana taking place in California in 1972. Although the measure was unsuccessful, California was still the first state to allow medical cannabis in 1996, and recreational marijuana has been legal in the state since 2016.

The recreational program has been especially successful, generating over $1 billion in tax revenue after just two years of operation. These funds have gone towards environmental initiatives like wild-land restoration and park maintenance, childcare and anti-drug programs, and safety grants for fire departments and local police. However, despite all the good it has done, more people prefer to get their marijuana from the black market than the state legal circuit. Why?

Taxes are super high. Most, if not all of the states with legal adult-use cannabis tax cannabis sales at exorbitant rates. It is one of the most compelling reasons for legalizing cannabis, and tax revenue from cannabis sales has been dedicated to several worthy causes. California, for instance, charges cultivators a state tax of $9.25 per ounce of flower, $2.75 per ounce of leaves, and $1.29 per ounce of fresh plant material. It also requires retailers to charge customers a 15% excise tax on top of the market price of any cannabis product and allows counties and cities to levy their own taxes.

Most of these taxes are passed on to the customers and as a result, they end up paying between 40-80% above the standard price for marijuana. The black market, however, is not subject to any taxes and sells at much lower prices, and this attracts a large number of customers away from legal cannabis retailers.

There are few licensed dispensaries, and this limits the supply of legal weed to the market. Every state with legal weed requires the sale of cannabis to be carried out at a licensed dispensary, but municipalities seem to be dropping the ball. The current amount of licensed facilities is nowhere near enough to fulfill the demand for cannabis, and municipalities are failing to provide more licenses to alleviate this. This means that in many places, people do not have access to a licensed dispensary despite weed being legal, or they are subjected to interminably long lines, so they opt for the black market.

Not all cities have legalized cannabis. Although the sale of cannabis is indeed legal statewide, not all counties and cities are required to provide licenses to prospective retailers. By 2019, only half of all counties in California had opted in on commercial cannabis sales, and this has left customers in numerous places with only one alternative, the black market. While the state’s legal cannabis program has been largely successful so far, excessively high taxes, over-regulation, and inequitable access may be its ultimate undoing.

Analysts say that cannabis sector players like Round Meadow Holdings Corp. and Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) hope that other jurisdictions which are planning to legalize marijuana consider the lessons observed in California and design ways to stifle the black market more effectively.

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420 with CNW – Nevada Governor Introduces Bill to Pardon Marijuana Convicts

For the past few decades, marijuana has been federally prohibited, and the infamous ‘War on Drugs’ has been responsible for tons of marijuana arrests and convictions. Even with multiple states legalizing cannabis in various capacities over the years, a large percentage of drug arrests are still marijuana-related. In 2018, four in ten arrests were marijuana-related, and around nine in ten of the arrests were for possession, not selling. One of the biggest arguments for legalizing marijuana has been to right these wrongs and ensure people with low-level marijuana convictions are not held back by their records again.

On Thursday, in an effort to undo the effects of the War on Drugs, the governor of Nevada announced a new resolution that could see thousands of Nevada residents with convictions for low-level marijuana convictions receive blanket pardons. “Today I am placing a resolution on the Board of Pardons Commissioners agenda next week to provide relief to tens of thousands of Nevadans previously convicted for possession of small amounts of marijuana which is no longer a crime in the state,” said Governor Steve Sisolak on Twitter.

Last year, he signed a bill that would provide people with cannabis convictions a means to petition the courts for an expungement. However, this new measure would offer proactive pardons for anyone convicted of possession of up to an ounce of marijuana. “The people of Nevada have decided that possession of small amounts of marijuana is not a crime,” said the governor, referring to the state’s 2016 vote to legalize cannabis for adult use. The purchase, possession, and consumption of recreational marijuana, with some restrictions, became legal for people over the age of 21 on January 1, 2017.

“If approved, this resolution will clear the slate for thousands of people who bear the stigma of convictions for actions that have now been decriminalized.” The proposed resolution would pardon people who in the past were convicted for possessing less than an ounce of marijuana but, it would not apply to convictions of possession for the purpose of sale. The board is set to meet on Wednesday, June 17, with the agenda designating time for a “discussion that may include but not limited to the resolution regarding pardons for persons convicted of minor marijuana possession.”

If the resolution goes through, Nevada will join a list of growing states which have pardoned marijuana convicts after legalizing it. Washington and Illinois have both issued pardons for cannabis convictions, and other top state officials have stated that such pardons will go a long way in addressing the racial inequalities perpetrated by the decades’ long War on Drugs.

This initiative by the Nevada governor is likely to be applauded by industry actors like Sugarmade, Inc. (OTCB: SGMD) who would like to see the injustices of the past erased so that the affected people can have a chance to rebuild their lives.

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