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 – The White House is Reviewing FDA Research Guidelines on Marijuana and CBD

For the past year or so, the U.S. Food and Drug Administration (“FDA”) has been under mounting pressure from advocates and stakeholders to create a comprehensive regulatory plan for the growing CBD industry. Although the nascent industry is already worth millions in sales and filled with tons of sellers, it is barely regulated. Not only has this made it difficult for businesses to operate, but it has called into question the efficacy and safety of the products being sold.

Last week, the agency submitted a draft of a federal plan for marijuana and CBD research titled ‘Cannabis and Cannabis-Derived Compounds: Quality Considerations for Clinical Research’ to the White House Office of Management and Budget (“OMB”). Although details on the contents of the document are sparse, an FDA spokesman indicated that it is related to the agency’s ongoing work to develop broader CBD regulations. These regulations would eventually allow for the marketing of cannabis products as dietary supplements or food items.

“We recognize that there is substantial public interest in marketing and accessing CBD for a variety of products. We are working toward a goal of providing additional guidance, and have made substantial progress. There are many questions to explore regarding the science, safety, effectiveness, and quality of products containing CBD, and we need to do our due diligence,” said the FDA in a statement.

“As part of our work, the FDA continues to explore potential pathways for various types of CBD products to be lawfully marketed. An important component of this work is obtaining and evaluating information to address outstanding questions related to the safety of CBD products that will inform our consideration of potential regulatory frameworks for CBD while maintaining the FDA’s rigorous public health standards.”

Stakeholders will now have to wait and see if the FDA will wait for the guidance to be finalized by the OMB and for the required research to be completed before crafting a regulatory structure for the industry.

However, according to former FDA Commissioner Scott Gottlieb, White House policies requiring OMB to review scientific documents in the first place is an erroneous step that delays the issuance of guidance. “OMB new policies have led to the unprecedented review of FDA’s technical and scientific guidelines, documents in development and review for two years, including on clinical research on prescription cannabis compounds and endorphins for studies of opioid use disorder,” he says.

The FDA, on the other hand, says that it “will continue to update the public about our path forward as our work progresses, and provide information that is based in sound science and data.”

Industry watchers say the cannabis industry, including entities like SinglePoint, Inc. (OTCQB: SING), is hoping that the FDA will not release research guidelines that make it almost impossible to perform any meaningful research.

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 – Maine Sued for Giving Non-Residents Access to its Marijuana Market

The state of Maine is being sued by local marijuana businesses for refusing to enforce a component of its marijuana laws. On Friday, the Maine Cannabis Coalition filed a lawsuit against the state, claiming that the Department of Administrative and Financial Services was in violation of state law after it failed to enforce the residency requirements included by lawmakers in the Marijuana Legalization Act.

According to the law, only Maine residents can run a recreational marijuana grow, manufacturing, or retail operation. Last month, the state announced that it would abandon the residency requirement, a move that garnered outrage from stakeholders and local marijuana businesses.

“Maine Cannabis Coalition and its members along with many other citizens fought hard for two years to include residency. To have it all be ignored after all the hard work and efforts is extremely aggravating to the citizens and policymakers of Maine who expect no one to be above the law,” said the coalition in a statement.

The announcement was made after Wellness Connection of Maine filed a lawsuit against the state seeking to overturn the residency requirement. The Auburn-based company operates four of the state’s medical marijuana dispensaries, and it has financial ties to international cannabis company Acreage Holdings. It claimed that the rule is unconstitutional and makes it harder for companies seeking to operate recreational marijuana to raise money.

Maine Cannabis Coalition argues that the state’s decision to grant non-residents licenses hurts medical marijuana providers by increasing the number of rivals competing for limited market share. Dawson Julia, the co-founder of the Maine Cannabis Coalition and Christian Roney of Waterville, who is seeking a recreational marijuana business license, say they relied on the competitive advantage offered by the Maine residency requirement when developing their business plans.

They want the Office of Marijuana Policy to follow through and enforce the residency requirement when awarding recreational marijuana business licenses. According to their lawsuit, the office has no authority to abandon a state law that has not been struck down by any court or repealed by the state legislature. It is seeking an injunction barring the Office of Marijuana Policy from awarding licenses to out of state applicants.

“This is a pay-to-play constitutional meltdown scheme being orchestrated by the fat cats of Wall Street,” Julie says.

Erik Gundersen, Director of the Office of Marijuana Policy says that his office took action on the advice of the Attorney General’s Office, which concluded the state would be unable to beat the Wellness Connection of Maine lawsuit.

It would be interesting to hear what industry players like Sugarmade, Inc. (OTCQB: SGMD) think about the legal battle shaping up in Maine even before the recreational pot industry gets underway.

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CannabisNewsBreaks – SinglePoint, Inc. (SING) President Discusses Online Solar Purchasing Platform and 1606 Hemp Expansion on MoneyTV with Donald Baillargeon

SinglePoint (OTCQB: SING) was featured on this week’s episode of MoneyTV with Donald Baillargeon. The internationally syndicated program covers money-focused topics, featuring various companies and in-depth interviews with CEOs and executives that offer insights into operations and future outlooks. MoneyTV is viewed in over 200 million households in more than 75 countries. Among other highlights from this week’s program, SinglePoint President Wil Ralston discussed the company’s implementation of an online purchasing platform to streamline the process for solar customers. The interview also covers expansion of the company’s 1606 Hemp brand, which is now sold in over 400 stores. “We’re continuing to push forward on 1606,” Ralston stated in the interview. “We’ve seen great success from our campaign where we brought in multiple different sales reps who’ve been calling all around the nation and onboarding new accounts.”

To view the full press releases, visit http://cnw.fm/65W0b and http://cnw.fm/1vPtG

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

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 – ChineseInvestors.com Inc. (CIIX) CEO Provides Business Update on MoneyTV with Donald Baillargeon

ChineseInvestors.com (OTCQB: CIIX) was featured on this week’s episode of MoneyTV with Donald Baillargeon. The internationally syndicated program, viewed in over 200 million households and more than 75 countries, covers money-focused topics and features in-depth interviews with CEOs and executives offering insights into various companies and their operations and future outlooks. Among other highlights, this week’s episode featured CEO Warren Wang as he announced that the company recently received government stimulus funding. “I’m so glad that we still have 60 employees, we still have a big payroll,” CIIX CEO Warren Wang stated in the interview. “We received the government money and it temporarily stabilized our balance sheet.”

To view the full press release, visit http://cnw.fm/a8dF6

About ChineseInvestors.com Inc.

Founded in 1999, ChineseInvestors.com endeavors to be an innovative company by providing (a) real-time market commentary, analysis and educationally related services in both traditional and simplified Chinese language character sets; (b) advertising and public-relations-related support services; and (c) retail, online and direct sales of hemp-based products and other health-related products. For more information, visit the company’s website at www.ChineseInvestors.com.

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

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420 with CNW – Cannabis Businesses Hit by Vandals and Robbers During Ongoing Protests

On May 25, 2020, George Floyd, a black man, died at the hands of a Minneapolis Police Department officer, leading to nationwide protests against systemic police brutality against unarmed black men. Although the protests were peaceful at first, they became violent, leading to widespread rioting and looting over the weekend. Tons of business establishments nationwide have been affected by the looting, and marijuana businesses haven’t been spared.

Dozens of cannabis shops in Oregon, Illinois, San Francisco and California have been vandalized and according to the business owners whose businesses were hit, looting was carried out by professional criminals, and not the protesters themselves. Cannabis retailers in California which were looted include Cookies, Blum, MedMen, and Harborside, and reports indicate the shops in San Francisco Bay Area were especially hit.

Although they don’t have definitive figures, cannabis retailers have likely suffered thousands of dollars’ worth of damage, and it not yet clear whether it will be covered by insurance. According to Sue Taylor, owner of the Farmacy Berkely which opened for business in early 2020, her store was broken into three times over the weekend by armed robbers. Several cars pulled up outside her shop after midnight on Saturday carrying roughly 30 individuals who overwhelmed her security guards.

“They busted through the front door and did a grab-and-snatch. They got a little product but not a lot, because all the money was in the vault, and they tore up one display. They took five, six minutes, and the police were there within six minutes,” Taylor said. Fortunately, the police arrived minutes after the break in and prevented further loses, she says.

The looters were back early Monday morning, and as there was no merchandise to be had at that point, she says, the looters started “tearing up” the shop. Although she sides with the Black Lives Matter protesters, she is feeling “very conflicted” now that her family-owned business is in the looters’ cross hairs. “It’s very conflicting. It’s two sides to every story, and even though I don’t agree with what they’re doing, there’s some part of me that understands as an African American.”

Magnolia Wellness in Oakland, California was also hit multiple times over the weekend and according to CEO Debby Goldsberry, “cleaned out” of its cannabis inventory. Like Taylor, she believes the vandalism wasn’t done by protesters but by criminals using the protests as cover for their nefarious activities.

“It’s not the work of rioters or looters or protesters. There’s organized gangs that have been targeting cannabis businesses for years. That’s what it is.”

Analysts say cannabis companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) are probably very disappointed by the looting targeting pot shops since the cannabis industry has been very vocal in campaigning for the rights of marginalized sections of the community.

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420 with CNW – Poll Shows Most Arizona Voters Support Cannabis Legalization Measure

Cannabis has come a long way indeed. Despite suffering federal prohibition for decades, attitudes towards the plant are changing, and more people are looking at cannabis with an open mind. At the moment, numerous states have legalized either medical or recreational marijuana, or even both, and despite the current coronavirus crisis, there are several legalization initiatives currently in the works.

According to a new poll, if marijuana activists in Arizona are able to place a legalization initiative before voters this November, it will likely pass by a wide margin. The survey described the proposed measure, the Smart and Safe Arizona Act, and asked 400 likely voters if they would support it should it be put to ballot. The legalization initiative would make it legal for adults 21 and older to purchase and possess cannabis, and it would also impose a tax on legal sales.

Two thirds, or 65.5% of the respondents said they would support the proposed measure, an 11.5% increase from the 54% who said were in favor of a policy change in a poll late last year. 47% of the respondents said they would ‘definitely’ support the measure and 18.5% said they would ‘probably’ back it. On the other hand, 19% of the respondents said they would ‘definitely’ not back the measure and 6% said they ‘probably’ wouldn’t support it.

Smart and Safe Arizona, the campaign behind the legalization initiative, stated in April that it had collected more than enough signatures to qualify for the ballot. By the end of March, Smart and Safe Arizona had collected more than 320,000 signatures, which was about 80,000 more than was required to make the ballot. The campaign says that the signatures haven’t been verified by the state yet, and it has pledged to continue petitioning to ensure it is successful.

Stacy Pearson, campaign manager for Smart and Safe Arizona, says they are on track to turn in more than 400,000 signatures by the July 2 deadline. “The HighGround poll is encouraging and tracks with what our internal polling shows, Arizonians are ready to legalize marijuana. Particularly in this economic environment, new jobs and tax revenue are important to voters.”

The poll, which was conducted from May 18-22, found that the only group that appeared divided on the issue was those who identified as ‘very conservative’. All the other demographics were firmly in the legalization camp.

“As long as Smart and Safe Arizona can qualify for the ballot, all signs point to 2020 being the year that recreational marijuana finally becomes legal in Arizona,” Paul Bentz, Senior Vice President of research and strategy at HighGround says. “Of course, there is still strong opposition among some of those who represent the most conservative segments of the electorate. We should expect a legal challenge coming from that audience because at this point, that’s likely the only way they can defeat this issue.”

The possibility of getting recreational marijuana legalized in Arizona during the coming election is likely to be seen as welcome news by sector players like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) in a year that has been unexpectedly hard for the entire industry, especially given the disruptions caused by the ongoing pandemic.

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CannabisNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) Names New CEO

Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), a human-optimization sciences company with an emphasis on ketamine and psychedelic medicine, recently named Dr. Roger McIntyre as chief executive officer. An article discussing the company reads, “In his new role, Dr. Roger McIntyre brings impressive experience in the ketamine and psychedelic medicine space, a key focus area for Champignon. . . . ‘My overarching aim as chief executive officer is to establish Champignon as the apotheosis of integrated ketamine treatment delivery and the commercialization of our own IP psychedelic-based treatments,’ McIntyre stated in a news release. ‘The clinical infrastructure, complementary asset base and human capital that Champignon has acquired leaves me very confident we will provide life-changing treatments for persons with depression, all the while contemporaneously rewarding our investor base.’”

To view the full article, visit http://cnw.fm/8TrHA

About Champignon Brands Inc.

Champignon Brands is focused on the formulation and manufacturing of novel ketamine, anesthetics and adaptogenic delivery platforms for the nutraceutical and psychedelic medicine while being supported by a leading psychedelics medicines clinic platform. The company is pursuing the development and commercialization of rapid-onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (“PTSD”), as well as substance and alcohol use disorders. Under a collaborative research agreement with the University of Miami’s Miller School of Medicine, the company is conducting preclinical studies and eventual human clinical trials, with the objective of demonstrating safety and efficacy of the combination of psilocybin and cannabidiol in treating mTBI with PTSD or standalone PTSD. Champignon continues to be inspired by sustainability, as its medicinal mushroom-infused SKUs are organic, non-GMO and vegan certified. For more information, visit the company’s website at www.ChampignonBrands.com.

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

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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CannabisNewsBreaks – Cannabis Strategic Ventures, Inc. (NUGS) on Pace to $11 Million in Annualized Sales

Cannabis Strategic Ventures (OTCQB: NUGS), an emerging leader in the U.S. cannabis marketplace, today announced new projections for calendar Q2 sales. According to the update and based on its performance in April and May, the Company is now on pace for over $2.7 million in quarterly sales and approximately $11 million in annualized sales. “We believe we can drive further significant organic growth from current levels,” Simon Yu, CEO of Cannabis Strategic Ventures, stated in the news release. “Current performance is being driven by multiple factors, including volume, capacity and pricing, all aligning with a strong macro environment in the California cannabis marketplace. For some perspective, our June quarter is on pace to eclipse our March quarter by well more than a factor of 10x on the top line.”

To view the full press release, visit http://cnw.fm/6uEFE

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

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CannabisNewsBreaks – Sugarmade, Inc.’s (SGMD) BudCars Achieves Record May Sales, Continues to See 10% Week-Over-Week Growth

Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service (“BudCars”), today announced record growth data for BudCars sales during the month of May. According to the update, the company posted nearly 30% sequential monthly growth over April sales and continues to see week-over-week sales growth at 10%, which suggests that BudCars will surpass $10 million in annualized sales by the month of August at its Sacramento location. “The top-line growth data has been extremely strong, and we have no reason to expect that to change. But it’s important that our shareholders understand that this is not a delivery service model,” Sugarmade CEO Jimmy Chan stated in the news release. “We aren’t simply earning a fee to deliver someone else’s inventory, and barely breaking even in the process. We are building an inventory at wholesale pricing, marking it up significantly, and pulling in very strong margins on every unit we deliver for sale.”

To view the full press release, visit http://cnw.fm/Rnr9N

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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CannabisNewsBreaks – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Announces Financial Highlights, Corporate Milestones for Q4 and FY 2020

Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, on Wednesday released its audited consolidated financial statements for the fiscal year ended March 31, 2020 (“FY 2020”) and management’s discussion and analysis (“MD&A”) for the three and twelve months ended March 31, 2020. “The global economic uncertainty brought on by COVID-19 capped off a volatile and challenging year for the cannabis sector. Despite these challenges, I am pleased with what our team achieved last year. However, we were not immune to this volatility, and following a strategic and operational review of our business, we recently announced a number of changes aimed at strengthening our financial discipline and positioning Canopy Rivers for sustained success moving forward,” Narbé Alexandrian, president and CEO of Canopy Rivers, said in the news release. “Reflecting on the past year, there were several significant achievements that make me optimistic for fiscal year 2021. First, our portfolio companies reached new milestones, including the licensing of PharmHouse, the expansion of TerrAscend’s U.S. operations, and ZeaKal’s successful trials of its PhotoSeed(TM) technology. Second, our graduation to the TSX and the launch of our Strategic Advisory Board signaled our company’s continued maturation. Finally, we made four new investments, including two in ag-tech, which we believe is a critical component of the value chain that is poised to disrupt the cannabis sector.”

To view the full press release, visit http://cnw.fm/3CjLn

About Canopy Rivers

Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire portfolio. For more information, visit www.CanopyRivers.com.

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