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 – Oregon Breaks Yet Another Monthly Marijuana Sales Record

The economic impacts of the coronavirus crisis will undoubtedly be felt for years. With more than 30 million Americans newly unemployed and all but the most essential businesses shut down in the meantime, most industries are in a downturn. One sector that was spared and almost seems to be thriving during the crisis is the cannabis sector.

For years, one of the main arguments for legalizing marijuana has been the tax revenue states stand to earn from sales. With the coronavirus pandemic tearing across the country and most public coffers stretched thin, such revenue would be a godsend. Oregon, for instance, has had a very lucrative legal cannabis industry this year. In March, adult-use and medical marijuana stores in the state sold $84 million in product, a record for any other month.

In April, Oregon saw $89 million in legal marijuana sales, the second record-breaking sales month in a row and a 45% increase from last year, making April the most lucrative month on record for the state. According to data from Oregon Liquor Control, cannabis sales jumped 30% from March 2019 followed by a massive 65% year-over-year sales increase from March 16 to March 21 right before lockdown measures were issued. The state collects 17% tax on retail cannabis sales and counties and cities can apply a 3% tax. In total, Oregon’s annual tax revenue from recreational marijuana sales exceeds $100 million.

The coronavirus is majorly responsible for this increase in marijuana sales. As states began to lock down, recreational cannabis users as well as medical marijuana patients started stocking up for an indeterminate period of self-isolation, leading to the 65% year-over-year sales increase for the week of March 15 to March 21. And like most states that allow cannabis, Oregon later designated cannabis as an essential industry, allowing adult use stores and medical marijuana dispensaries to continue operating despite the lockdown orders.

The industry has adapted to the new conditions presented by the coronavirus crisis, with online ordering, curbside pickups and home deliveries becoming the new norm. The fact that it is enjoying record sales while other industries are being severely affected by the economic downturn shows just how beneficial a legal cannabis program can be to Oregon’s economic recovery.

“There’s a reason why over 25 states have declared marijuana dispensaries to be essential services. These are things people can rely on,” Rep. Earl Blumenauer says.

These figures coming from Oregon are seen as good news to sector players like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) who hope that the critics of the industry will start turning around and acknowledge that there is a lot of good that cannabis can do, and is doing, for society.

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 – Sugarmade Inc.’s (SGMD) BudCars Cannabis Delivery Service Expands into LA Area

Sugarmade’s (OTCQB: SGMD) recently acquired BudCars Cannabis Delivery Service announced on April 16 that it was expanding into the Southern California marketplace (http://cnw.fm/9n3mD). An article discussing the company reads, “‘Our Sacramento locations will pass the $10 million mark for annualized sales within the next 60 to 90 days,’ Sugarmade CEO Jimmy Chan stated in a news release. ‘The growth has been so dramatic that we have had to drastically revise our expectations to the upside, which demands expansion, both in terms of staff and fleet in Sacramento, and in terms of regional expansion into Southern California. As a result, we are acquiring two distribution hub locations in the LA area with cannabis licenses included so we can hit the ground running.’ . . . In the expansion announcement, the company reported that BudCars’ primary Sacramento locations have seen tremendous growth, with revenues consistently increasing 10% week over week. While the growth has been attributed to exploding demand for contactless delivery of cannabis products due to the COVID-19 pandemic, company officials expect the upward spike to continue, even after social-distancing restrictions are loosened. SGMD forecasts its BudCars business to top $30 million in annualized revenues this year in Sacramento alone.”

To view the full article, visit http://cnw.fm/5Bq4n

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 found 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 this year. 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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HempNewsBreaks – Cannabis Global, Inc. (MCTC) Announces Upcoming Launch of Hemp You Can Feel(TM) Products on Amazon.com

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science forward company developing infusion and delivery technologies, today announced acceptance of its recently introduced Hemp You Can Feel(TM) Coffee for sale on Amazon.com. According to the update, Cannabis Global has begun mass manufacturing in preparation for widespread sales and distribution, with expected availability of the products for purchase on the Amazon.com platform in June. The company will utilize its patent pending coffee dosing system for all related manufacturing. “This is an additional example of how we are moving our IP into products to solve industry issues,” Cannabis Global CEO Arman Tabatabaei said in the news release. “Dosing single service coffee pods with hemp or other ingredients is a big problem. Incumbent practices are messy, expensive, and unreliable. Our internally developed, patent pending technology is easy to integrate into production systems and represents a comprehensive solution for all of these issues.”

To view the full press release, visit http://cnw.fm/ih1lM

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

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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CannabisNewsBreaks – The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) Announces Bought Deal Public Offering with Over-Allotment Option

The Green Organic Dutchman Holdings (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium, certified-organic cannabis, on Wednesday announced the company’s entrance into an agreement with Canaccord Genuity Corp. (the “underwriter”). The underwriter has agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, a total of 37,500,000 units at a price of C$0.40 each, for total gross proceeds to TGODF of approximately C$15 million. Each unit is comprised of one common share and one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share at an exercise price of C$0.50 each for a period of 48 months from closing of the transaction. The company has granted the underwriter an option to purchase up to an additional 5,625,000 units at a price of C$0.40 each, exercisable at any time, for a period of 30 days after and including the closing date, which would result in additional proceeds of roughly C$2.25 million (the “over-allotment option”). The over-allotment option is exercisable to acquire units, common shares and/or warrants at the underwriter’s discretion. The units will be offered through a short form prospectus that will be filed in all provinces of Canada, except for Quebec. The offering is anticipated to close on June 9, 2020. Closing is subject to specific conditions, such as the receipt of all required regulatory and stock exchange approvals, and the approval of the TSX and the applicable securities regulatory authorities. TGODF plans to utilize the proceeds from the offering toward general corporate purposes.

To view the full press release, visit http://cnw.fm/sG7wg

About The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US-OTC: TGODF) is a premium certified organic cannabis company focused on the health and wellness market. Its certified-organic cannabis is grown in living soil, as nature intended. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its two Canadian facilities have been built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD sells dried flower and oil, and recently launched a series of next‐generation cannabis products such as organic teas, infusers and vapes. Through its European subsidiary, HemPoland, the Company also distributes premium hemp CBD oil and CBD-infused topicals in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale. For more information, visit the company’s website at www.TGOD.ca.

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

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 – Louisiana Assembly OKs Medical Marijuana for Debilitating Conditions

On Friday, the Louisiana House of Representatives overwhelmingly approved bills that would significantly expand the state’s medical cannabis program. Residents suffering from debilitating conditions, especially those who cannot access medical marijuana, will now be happy to know that the medical marijuana program will have its list of qualifying conditions expanded to fit a wider range of ailments. Dispensaries will also be allowed to deliver marijuana products directly to the patients’ homes.

Both bills were sponsored by Rep. Larry Bagley, with his medical condition expansion bill passed 76-15 and the delivery bill was approved 80-15. This comes a week after a Louisiana House Committee approved both bills as well as several other cannabis expansion bills and sent them to the full House for debate. In a broad sense, the expansion bill will permit doctors to issue recommendations for any debilitating condition instead of the short list of conditions that is currently allowed by law.

When it was originally drafted, the expansion legislation would have simply added traumatic brain injury and concussions to the list of qualifying conditions. However, it was amended in the committee to add several other conditions and language that states cannabis can be recommended for any condition that a doctor “considers debilitating to an individual patient.” Currently, Louisiana has a list of 14 conditions including cancer, epilepsy, severe muscle spasms and Parkinson’s disease that qualify one for a medical marijuana prescription.

“I’ll say this, I have never been a proponent of medical marijuana. I voted against every piece of legislation that came down because I just didn’t believe in it and I thought there was an ulterior motive. But now, constituents in my area, they come to me and they ask me for help because they’re having pain, they can’t find things to cure the pain. They’re using opioids, some of them, they’ve got problems that the doctors can’t seem to help. So this is just another avenue. Now their personal physician can write them a prescription for cannabis and they can get it. Who knows you better than your personal physician? I thought it made perfect sense,” says bill sponsor Bagley.

The cannabis delivery bill, on the other hand, would require the government to establish “procedures and regulations relative to delivery of dispensed marijuana to patients by designated employees or agents of the pharmacy.” Both bills now head to the State Senate for consideration.

Analysts believe that industry players like The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) are hoping that the state senate thinks about the plight of patients with debilitating conditions and approves the two bills.

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420 with CNW – Cannabis Could Prevent Coronavirus Infection, Canadian Study Finds

A little over four months after the coronavirus was first identified in Wuhan, China, the virus has infected over 4.5 million people worldwide and left at least 300,000 dead, and the hunt for a cure and ultimately a vaccine is raging on. However, due to insufficient data on the novel coronavirus and its penchant towards mutation, scientists are basically shooting in the dark and hoping for a favorable outcome. There have been rumors of numerous cures for the virus, from the anti-malaria drug hydrochxychloroquine, herbal cures and coronavirus oils to cannabis, all of which have been dismissed.

However, based on the results from a preliminary study, proponents of cannabis as a cure or means of prevention against the coronavirus shouldn’t give up just yet. Scientists conducting a study at Canada’s University of Lethbridge are now theorizing that certain strains of cannabis may possibly prevent COVID-19 infection. After studying over 400 strains of marijuana, the researchers concluded that at least a dozen of them helped in preventing the coronavirus from having a host in the mouth, intestines and lungs.

According to the study’s head researcher Dr. Igor Kovalchuck, “a number of them have reduced the number of the virus receptors by 73%, and the chances of it getting in is much lower. If they can reduce the number of receptors, there’s much less chance of getting infected.” The study, which was published April 19 on Preprints, a platform of early versions of research outputs, states that all cannabis plants for the study were grown in a licensed facility at the University of Lethbridge to obtain the extracts, which were then applied to artificial human 3D tissue models of oral, airway and intestinal tissues.

The researchers identified 13 CBD extracts that are able to change the levels of enzyme ACE2 which has previously been linked to COVID-19 infection. Some strains were also found to control serine protease TMPRSS2, another protein that facilitates the infection of COVID-19 into host cells. The study concluded that the extracts, “pending further investigation, may become a useful and safe addition to the treatment of COVID-19 as an adjunct therapy.”

Once the study is peer reviewed and more research proves cannabis’ viability in preventing coronavirus infection, “the extracts can be used to develop easy to use preventative treatments in the form of mouthwash and throat gargle products for both clinical and at-home use. Such products ought to be tested for their potential to decrease viral entry via the oral mucosa. Given the current dire and rapidly evolving epidemiological situation, every possible therapeutic opportunity and avenue must be considered.”

Industry watchers say such research findings come as good news to marijuana companies like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) who have always said that the full medical benefits of this versatile plant will takes years or even decades to be fully documented.

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CannabisNewsBreaks – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) Obtains Initial Order Granting CCAA Protection

Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) today announced that it and certain of its direct and indirect wholly owned subsidiaries (collectively the “company” or the “applicants”) have filed for insolvency protection under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”). The company has obtained an order from the Ontario Superior Court of Justice granting the applicants protection under the CCAA. Ernst & Young Inc. (“E&Y”) has consented to act as the court-appointed monitor of the applicants. The court has granted CCAA protection for an initial 10 day period, which expires on May 29, 2020, and is subject to extension thereafter as the court deems appropriate. Creditors and others are stayed from enforcing any rights against the applicants while under CCAA protection.

To view the full press release, visit http://cnw.fm/4UrG6

About Green Growth Brands Inc.

Green Growth Brands creates remarkable experiences in cannabis. The company’s brands include CAMP, The+Source, and 8 Fold. GGB is expanding its cannabis operations throughout the U.S., via dispensaries in Nevada, Massachusetts and Florida. For more information, visit the company’s website at www.GreenGrowthBrands.com.

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

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HempNewsBreaks – Marijuana Company of America, Inc. (MCOA) Reports Increased Revenues, Positive Financial Developments for Year-Ended December 31, 2019

Marijuana Company of America (OTCQB: MCOA), an innovative hemp and cannabis corporation, today released audited financial results for the year ended December 31, 2019, as included in its annual report on Form 10-K. Among the notable highlights, the company reported a significant 175.7% year-over-year increase in total revenues to $695,076 for the year ended December 31, 2019, as compared to $252,135 for the year ended December 31, 2018. “Our financial results reflect a transition as our company converts from a Research and Development company to a marketing-product based company,” MCOA chief executive officer Jesus Quintero stated in the news release. “Our financial losses reflect our commitment to terminate non-profitable relationships and investments which have resulted in diminishing cashflows. MCOA, through its hempSMART brand, has experienced a dramatic increase in sales and gross profits during 2019. As we move forward in 2020, our commitment is to improve shareholder’ values through increased sales, steady profitability and expense reductions throughout 2020.”

To view the full press release, visit http://cnw.fm/Pc1Vw

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

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CBDNewsBreaks – Pressure BioSciences, Inc.’s (PBIO) Pending Merger Partner Enters LOI to Acquire Five Leaf Labs

Pressure BioScience (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, on Tuesday announced that one of its two pending merger partners, Cannaworx, Inc., is substantially expanding its sales and distribution network through a letter of intent (“LOI”) to acquire Louisiana-based Five Leaf Labs (“FLL”). FLL recently released its first set of CBD-infused products to the U.S. market. “We attribute the success of our initial launch to both the high quality of our hemp source supply and processing methods, and to the effectiveness of our well-trained, knowledgeable and experienced network of over 50 sales representatives spanning 21 states,” Five Leaf Laboratories founder and president Keyon Janani stated in the news release. Cannaworx and its principals have twelve products being prepared for market launch over the next year, including two novel products that employ the company’s patented/patent pending, full and partial spectrum, hemp-derived phytocannabinoid formulations for pain relief. This acquisition is critically timed for Cannaworx, as it is anticipating the market launch of its first two products over the coming weeks. “From the day we met Keyon, we have been thoroughly impressed with him, the rest of the FLL team, their innovative product line, and of course their very strong and capable sales and distribution network. In addition, we are also motivated by the compelling standards of quality that drive Keyon and his team. For example, every product batch at FLL goes through rigorous third-party review and certification for content, consistency, and potency, from one of the most respected academic institutions in the U.S. We are pleased to be adding Five Leaf Laboratories to the Cannaworx family,” Cannaworx co-founder and president Dr. Bobby Ghalili stated in the news release.

To view the full press release, visit http://cnw.fm/Jir83

About Pressure BioSciences Inc.

Pressure BioSciences is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life-sciences industry. The company’s products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure-cycling technology, or “PCT”) hydrostatic pressure. PCT is a patented, enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). PBIO’s primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil and plant biology, forensics and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of its pressure-based technologies in the following areas: (1) the use of its recently acquired, patented technology from BaroFold Inc. (the “BaroFold” technology) to allow entry into the biopharma contract services sector, and (2) the use of its recently patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and (ii) prepare higher-quality, homogenized, extended shelf-life or room-temperature, stable, low-acid liquid foods that cannot be effectively preserved using existing nonthermal technologies. For more information, visit the company’s website at www.PressureBiosciences.com.

About CBDWire

CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.

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420 with CNW – California Governor Delays Implementation of Proposed Marijuana Regulatory Changes

Although most states designated the cannabis industry as essential and allowed businesses to keep operating despite the lockdown, the industry as a whole has suffered a variety of setbacks due to the coronavirus pandemic. A number of campaigns to legalize marijuana have been put on hold all over the country due to social distancing measures. In California, lawmakers have been forced to postpone systemic reforms to the California regulatory agencies that oversee the state’s marijuana industry.

When he announced his annual budget plan earlier this year, California Governor Gavin Newsom revealed that he wanted to; merge the trio of regulatory agencies, the Bureau of Cannabis Control, [BCC], the Department of Food and Agriculture and the Department of Public Health into a single Department of Cannabis Control [DCC] and streamline cannabis tax collections by July 2021. The BCC has oversight over retailers, delivery services, micro businesses, distributors, testing labs, cannabis events while the Department of Public Health regulates marijuana manufactures and the Department of Food and Agriculture oversees growers.

Cannabis businesses, especially vertically integrated firms with licenses from more than one agency, had been receiving conflicting messages from state authorities, and a single regulatory agency would mitigate that. The revamped tax collection, on the other hand, would have made tax collection easier for the state. However, due to complications stemming from the coronavirus, the plan will have to be put on hold until next year. According to the newly revised budget summary, Governor Newsom’s plans won’t happen until 2021 at the earliest.

The revised budget summary states that his administration was “in the process of developing a more detailed plan for the transition from three agencies to one. However, the process was interrupted by the COVID-19 pandemic, requiring a delay in the consolidation as planned.” It adds that Gov. Newsom’s administration remains committed to simplifying and improving cannabis tax administration through a proposal for inclusion in the budget next year. According to the summary, a consolidation plan will be included in the 2021-2022 budget.

Additionally, the revised budget summary stipulates that marijuana regulators will receive $143.8 in funding, with the BCC receiving $68.2 million, the Department of Public Health receiving $20.8million and the Department of Food and Agriculture receiving $54.8 million. The money will be used to fund ongoing licensing and enforcement by the three agencies and to “shift sworn investigators from the Department of Consumer Affairs [DCA] to the Bureau of Cannabis Control,” a wing of the DCA.

It isn’t clear what participants in the industry, such as Round Meadow Holdings Corp. and Sugarmade Inc. (OTCQB: SGMD), think about the implications of this delay on the operations of cannabis businesses in California.

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