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

HempNewsBreaks – SinglePoint, Inc. (SING) Provides Update on New Strategic Direct to Store Sales Initiative

SinglePoint (OTCQB: SING) today provided an update on its new strategic direct to store (“DSD”) sales initiative focused on initial product placement and market penetration within convenience stores and smoke shops in the domestic U.S. market. According to the update, “This DSD strategy is designed to enhance sales, initial product placement and augment existing traditional retail distribution sales efforts leveraging the recent introduction of the new countertop displays. The Company recently hired multiple representatives to facilitate the placement of 1606 Hemp in specific retail locations and has the ability to closely monitor the sales activity and results through this direct contact with each retail location. Results have been positive as the 1606 Hemp product placement efforts quickly moved past an internal sales milestone shortly after implementing the DSD sales strategy.”

To view the full article, visit http://cnw.fm/F6buZ

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 HempWireNews

HempWireNews (HWN) 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. HWN 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. HempWireNews (HWN) is where HEMP news, content and information converge.

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CannabisNewsBreaks – Sugarmade, Inc. (SGMD) Reports Record Increase in BudCars Sales Ahead of LA Launch, Expects Continued Dramatic Growth

Sugarmade (OTCQB: SGMD), together with its BudCars Cannabis Delivery Service, today announced record growth data for BudCars sales during the month of April, with sales growing 58% on a sequential monthly basis over March sales on an average daily volume basis. According to the update, data for the month of May already indicates a strong continuation of that trend, with May sales on pace to add another 16% over and above the strong breakout sales trend seen in April. “We did about $6,000 per day in sales in March and over $9,500 per day in April, representing a very robust growth trend at our Sacramento hub,” Sugarmade CEO Jimmy Chan said in the news release. “May is already off and running at better than $11,000 per day, demonstrating continued dramatic growth. And investors should also note that this $11,000 per day figure represents activity in only one area. With our LA hub set to come online at the start of summer, and with the unprecedented stay-at-home extension in that region, we believe our daily sales in the LA area could triple that figure relatively quickly.”

To view the full press release, visit http://cnw.fm/0AdLO

About Sugarmade

Sugarmade, Inc. (OTCQB: SGMD) 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 within Q1 and Q2 of Calendar Year 2020. The company views these opportunities as very 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) Implements Program to Produce THC-V in Commercially Viable Quantities Following Project Varin Breakthroughs

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science-forward company developing infusion and delivery technologies, today provided an update for current and prospective shareholders as it continues to make strong progress on its “Project Varin” initiative. Project Varin, designed to produce ultra-highly bioavailable exotic cannabinoids, launched earlier this year and, to date, has produced new cannabinoid production techniques, unique time-released polymeric nanoparticles and two novel patent filings. Cannabis Global is now implementing a program to produce commercially viable quantities for use in its own products to be released later this month. “While THC-V is found in very small quantities within the cannabis plant, extraction, isolation and purification is currently problematic and unreliable,” Cannabis Global CEO Arman Tabatabaei said in the news release. “For this reason, we have expanded our research and development programs to include ultra-pure manufactured THC-V. We expect our new THC-V products to not only be the first to market, but to also establish leadership relative to quality and purity with zero heavy metals, solvent residues, plant impurities and no chance of cannabinoid microbial and mold proliferation. Other manufacturers need to mitigate these issues, but with our technology, these simply cannot be issues as we completely avoid the processing steps where such impurities are introduced.”

To view the full press release, visit http://cnw.fm/hySX1

About Cannabis Global, Inc.

Cannabis Global, Inc. (MCTC) 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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CannabisNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) to Acquire Wellness Clinic of Orange County, Advancing North American Clinical Expansion

Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), a human optimization sciences company with an emphasis on ketamine and psychedelic medicine, on Tuesday announced the execution of a term sheet with California-based Wellness Clinic of Orange County Inc., further advancing the company’s North American clinical expansion. Per the term sheet, SHRMF is to acquire 100% of the Wellness Clinic and all of its subsidiaries in exchange for payments over an 18-month period totaling: (a) USD $600,000; (b) 1 million common shares of Champignon (the “Initial Share Issuance”); and, (C) 500,000 common shares of Champignon payable only if the Wellness Clinic collects top-line revenue of at least USD $1,500,000, over the 18-month period, post closing (the “Second Share Issuance”). The Initial Share Issuance will be paid upon closing of the acquisition, subject to a 12-month escrow, with 500,000 common shares released 6 months after closing and the remaining 500,000 shares released 12-months after closing. Both share issuances are to be issued at a price per share determined using the average trading price of the common shares in accordance with the Canadian Securities Exchange policies and applicable securities law. “We are thrilled to begin executing on our North American expansion strategy by acquiring our first U.S. based, revenue generating ketamine centre- Wellness Clinic of Orange County,” Champignon CEO Dr. Roger McIntyre stated in the news release. “This acquisition represents a major milestone as we begin to accelerate our vision of establishing significant scale and a sizable footprint of integrated ketamine centric clinics committed to providing innovative care and therapeutic options to improve the quality of life of patients suffering from chronic disease states that have failed conventional treatments.”

To view the full press release, visit http://cnw.fm/1woXl

About Champignon Brands Inc.

Champignon Brands (CSE: SHRM) is focused on the formulation and manufacturing of novel ketamine, anaesthetics 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 stand-alone 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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420 with CNW – Why CBD Companies Must Go Digital to Survive

The coronavirus pandemic will without a doubt change consumer behavior for a long time to come. With more than 1.5 billion people worldwide under mandatory stay at home orders, there has been a major shift towards e-commerce. According to Brightfield Group, CBD companies interested in expanding their customer base and brand loyalty need to move quickly to build online relationships.

The organization has been providing real-time consumer insights and market intelligence to CBD and cannabis brands during the coronavirus crisis, and it says that once consumers get used to online shopping and digital wholesale models, they won’t be easy to woo back.

Small to mid-size CBD brands that act sooner rather than later have an opportunity to leap ahead of their less nimble competitors, says Brightfield managing director Bethany Gomez. “Tightening customer focus and marketing a strong brand with a distinct personality will separate those CBD companies who survive this pandemic from those that will hesitate or shrink from customer view.”

The organization has been working closely with its marketing insight partner Zenzi through individual client consultations as well as online webinars to develop insights related to consumer behavior during the coronavirus pandemic, Gomez says. All signs point to a huge shift in competition within the marketplace once the crisis dies down, with the number of players reducing from 3,500 to as little as 1,000.

“This is a challenging environment for doing business, but a strong opportunity for marketers. You need to get in front of your audience and make them feel connected to your brand and the value it offers.”

With billions of people stuck at home staring at phone and computer screens all day, a strong online presence would be the best way to cast your net. However, a large number of brands depend on trade shows to get word on their products out, and most of them were either canceled or postponed. Additionally, for many a brand, the plan for this year had been to open as many brick and mortar locations and let word of mouth do the rest.

“Consumers are captive now, they’re all in front of their screens, all on social media, all opening their emails. It’s really the time that they’re listening. If you have something to say, you need to say it now,” says Gomez, adding, “E-commerce is the new battleground and if you’re not in it, you’re done.”

It is widely believed that established players in the cannabis industry like Sugarmade Inc. (OTCQB: SGMD) are ramping up their digitization efforts in order to be ahead on the curve within the 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.

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420 with CNW – 5 Apps for Different Cannabis Users

We live in an age where technology can be applied almost anywhere, and with great success. Anytime you get a little comfortable in your ways, some new kind of tech that greatly optimizes and enhances the experience comes out. The world of cannabis is no different, and there’s a decent number of useful cannabis apps out there.

You may be wondering how a cannabis app would help you. Well, they can do everything from calculating the proper dose of CBD to helping you maximize your yields. Bottom line is, they can be super helpful when they’re used correctly. Our top five cannabis apps are;

Weedmaps is a veteran among cannabis apps. It has been around since 2008 and is arguably the best source of information on cannabis, CBD sellers, and the products they sell.

The app, as well as the Weedmaps website, allows consumers to find local cannabis products, dispensaries, and brands as well as check updated menus, find deals, and place orders online.

Droppy is a must-have for anyone who uses CBD for medical reasons. One area that cannabidiol is sorely lacking in is dosage, and Droppy can help you figure out just how much CBD you ought to take. Once you input relevant information like your age, weight, symptoms, and the CBD product you’re using, the app calculates the proper dosage in milligrams.

Droppy will even give you the exact number of drops you need to take. It also allows you to set reminders, keeps track of CBD product usage, and generates weekly and monthly reports. On top of that, Droppy features articles on topics related to CBD research and innovations.

Grow Jane is for anyone interested in growing cannabis. It guides you through all the steps of cultivation, from germination to flowering by helping you set up calendars, reminders, charts, and other relevant tools.

Once you’ve chosen your environment (indoor or outdoor), you set up a calendar with all the activities that need to be done during the plant’s life cycle. You will also have access to a community of fellow cannabis growers where you can share information and advice.

PotBot allows you to find the most suitable strains for whatever ails you. All you have to do is input relevant information like your age, symptoms, previous experience with cannabis, and location. The app then scours the surrounding area for the most suitable strains.

Bud Farm caters to those interested in cultivating but aren’t quite ready to start. It provides a simulated experience of the entire cultivation process, from planting the seed, watering, trimming and harvesting the plant to running a cannabis business.

You can learn a lot about cultivating cannabis through the app, and it may give you the courage to finally do it in real life.

It is widely believed that not even cannabis insiders like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) expected technology to be so widely available on nearly every aspect of the industry so soon after some markets were opened to marijuana. This goes to show how far-reaching the benefits of legalization can be.

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HempNewsBreaks – Youngevity International, Inc. (NASDAQ: YGYI) Subsidiaries and Nicaraguan Partners Break Ground on Hemp Grow Project

Youngevity International (NASDAQ: YGYI) today announced that its wholly-owned subsidiaries, CLR Roasters LLC and Khrysos Industries, Inc., along with its Nicaraguan Partners, have officially broken ground on the hemp grow and oil extraction joint venture project on Chaguitillo Farms in Sebaco-Matagalpa, Nicaragua. The first phase of the development project includes plans to run electricity that will power the 15,000 AMP electrical service that is necessary to power the project. Per the news release, the official electrical permits have been approved. As an update to stakeholders and the community, the joint venture also released a rendering of the project (http://cnw.fm/j4GoO). “It is impressive to see how quickly this project is getting off the ground and we are grateful for the collaboration between our hemp enterprise, our coffee enterprise and our strategic business partners in Nicaragua. We are proud to share our first of what will be many updates to all stakeholders,” Youngevity president and CFO Dave Briskie stated in the news release.

To view the full press release, visit http://cnw.fm/nJM4i

About Youngevity International

Youngevity International is a multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise, a commercial hemp enterprise, and a multi-vertical omni direct selling enterprise. The company features a multi country selling network and has assembled a virtual main street of products and services under one corporate entity. YGYI offers products from the six top selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, apparel/jewelry, as well as innovative services. For more information, visit the company’s website at www.YGYI.com.

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

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CannabisNewsBreaks – Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) Closes Private Placement

Lexaria Bioscience (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, on Monday announced the close of its private placement financing. The company issued a total amount of 8,028,254 shares of its common stock along with common stock purchase warrants to purchase up to 8,028,254 shares of its common stock for gross proceeds of US$1,846,498 in its first tranche which closed on May 6, 2020. Lexaria closed the second tranche of its private placement on May 11, 2020 for the further issuance of 837,957 shares along with 837,957 warrants for gross proceeds of US$192,730. The warrants are immediately exercisable at a price of US$0.35 each and will expire on May 6, 2025 and May 11, 2025 for the first and second tranche, respectively. The Special Equities Group, a division of Bradley Woods & Co. Ltd. (“BWC”), acted as the exclusive placement agent for the offering. Per the placement agent agreement between Lexaria and BWC, the company has paid US$151,623 in commission and has also compensated BWC for its out-of-pocket costs and legal fees. Lexaria also issued a total of 649,124 warrants to BWC and its nominees, in connection with the investment by investors of an aggregate 8,866,211 shares with associated warrants. The broker warrants have the same exercise terms as the offering warrants and will expire on May 6, 2025. “This financing has strategic value to Lexaria over and above the dollars raised,” Lexaria Bioscience CEO Chris Bunka stated in the news release. “We expect that our financial needs are now met for the balance of 2020 and include our ability to prepare for a national stock exchange uplisting later in the year. Special Equities Group has done an excellent job of introducing the company to new institutional investors even during a time of great turmoil in the financial markets.”

To view the full press release, visit http://cnw.fm/MluS2

About Lexaria

Lexaria Bioscience Corp. is a global innovator in drug delivery platforms. Its patented DehydraTECH(TM) drug delivery technology changes the way Active Pharmaceutical Ingredients enter the bloodstream, promoting healthier ingestion methods, lower overall dosing and higher effectiveness for lipophilic active molecules. DehydraTECH increases bio-absorption; reduces time of onset; and masks unwanted tastes for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (“NSAIDs”), nicotine and other molecules. Lexaria has licensed DehydraTECH to multiple companies in the cannabis industry for use in cannabinoid beverages, edibles and oral products; and to a world-leading tobacco producer for the development of smokeless, oral-based nicotine products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.

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

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420 with CNW – Montana Activists to Begin Cannabis Legalization Signature Gathering With New Safety Measures

When the coronavirus was first identified in Wuhan, China in late 2019, no one could have imagined the impact it would have. Four months later, thousands of lives have been lost and the global economy has almost been brought to a standstill. Due to social distancing and self-isolation directives, drug legalization campaigns that required signatures were also put on hold.

Now, activists in Montana are announcing that they will proceed with a signature-gathering drive for a marijuana legalization initiative, and they have laid out strategies that will keep circulators and the general public safe.

New Approach Montana is behind the two proposed ballot measures. One is a statutory initiative that would establish a regulated cannabis market for adult use and a constitutional amendment stipulating that only those 21 and older can participate in the market.

The campaign had initially filed a lawsuit asking the court to allow them to collect signatures digitally, but the case was dismissed. However, with the state gradually reopening, New Approach Montana has stated that it is moving forward with signature collection under strict guidelines.

“As our state reopens for business, we must also reopen for democracy. Our signature drive will allow Montana voters to exercise their constitutional right to a ballot initiative in a safe and responsible way,” says New Approach Montana’s Political Director Pepper Petersen.

Circulators will be required to wear disposable gloves and use single-use wrapped pens, discarding them after each signature. They will also wear masks all the time and will be provided with hand sanitizer and disinfectant wipes. They will maintain a minimum of six feet from the public, and tables will also be set up to allow the public to sign while maintaining proper distance.

The circulators will carry their supplies in disposable, clear, plastic bags. According to James Miles, a former director of the Montana Department of Public Health and Human Services, the campaign’s plan satisfies government mandates.

“I am encouraged to see the concentrated effort that New Approach Montana is putting forth to protect the health of Montanans as it moves forward with its signature gathering,” he says.

The campaign will have to collect about 25,000 signatures from registered voters for the statutory legalization measure and 51,000 valid signatures for the constitutional proposal concerning age requirements.

“Our team has taken a very conservative and cautious approach, and this is going to be the most public health-focused signature drive ever conducted in Montana,” says Petersen. “Our circulators will be trained to follow specific protocols so that we can limit direct contact with signers to the greatest degree possible.”

This resumption of signature gathering is likely to seen as good news by the marijuana industry, including players like Round Meadow Holdings Corp. and The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF), who would appreciate some good industry news in this pandemic that has spread a lot of gloom.

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420 with CNW – Cannabis Groups Urge Congress to Consider Banking Access in Next COVID-19 Bill

More than three months after the coronavirus was first identified in Wuhan, China, thousands have lost their lives and the world economy has taken a historic hit. In the U.S., over 20 million individuals have lost their jobs as all but the most essential businesses shut down their brick and mortar locations. The hospitality and restaurant industries have been especially hit.

Although most states with legal marijuana deemed the industry essential, a lot of marijuana businesses have had a hard time operating during the lockdown. Medical experts say the virus can survive on money for quite a while, but due to prohibition, these businesses have been forced to operate on a largely cash basis. This not only puts the employees in danger of infection but also the millions of immunocompromised people who rely on marijuana as medicine.

On Friday, a coalition of marijuana advocacy groups sent a letter to House leadership asking them to remedy this situation. They want the House to incorporate language allowing the cannabis industry to access banking services in upcoming coronavirus relief legislation.

Financial institutions have always shied away from transacting with the cannabis sector for fear of reprisal from the federal government. This locks cannabis businesses out of contactless payment options like credit cards, which are highly encouraged at this time.

“As recent reports show that viruses can live for up to 17 days, the public safety concerns of this cash-only system compound. The lack of access to financial institutions places industry workers, government employees, and the public at large at risk as banknotes circulate from consumers and patients to businesses to government,” states the letter.

“Unlike other essential industries with access to remote payment processing and the use of credit cards to make a transaction entirely contactless, an industry limited to cash transactions must do business in close proximity to the public, including immunocompromised and otherwise medically vulnerable patients.”

The letter was signed by the National Cannabis Industry Association, Americans for Safe Access, Global Alliance for Cannabis Commerce, Marijuana Policy Project, Minority Cannabis Business Association, NORML, National Cannabis Roundtable, National Association of Cannabis Businesses, Policy Center for Public Health and Safety, and the Safe and Responsible Banking Alliance.

It also touches on the fact that marijuana businesses were denied access to the disaster relief funds dispatched by the federal government.

“Cannabis businesses and their employees already face a significant public safety risk without access to the banking system, and the COVID-19 crisis has only exacerbated this risk with these essential businesses having to move their cash-only transactions outside the store,” says Rep Ed Perlmutter.

“I will continue pushing for the inclusion of the SAFE Banking Act or other forms of relief for this industry in the next package.”

Analysts believe that the entire marijuana industry, including SinglePoint Inc. (OTCQB: SING), will be hoping that the decision makers in Washington soften their stance on marijuana and make concessions aimed at helping the industry through this crisis.

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