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

CannabisNewsBreaks – Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) Announces Over US$2 Million Private Placement

Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, today announced its entry into definitive agreements with certain qualified investors for the sale of 8,978,260 shares (“Shares”) of its common stock along with common stock purchase warrants (“Warrants”) to purchase up to 8,978,260 shares of its common stock in a private placement (collectively the “Offering”) for gross proceeds of over US$2 million. According to the update, the purchase price per Share is US$0.23. The Warrants being issued in connection with the purchase of the Shares are immediately exercisable at an exercise term of five years and price per share of US$0.35. Subject to customary conditions, the transaction is anticipated to close on May 6, 2020.

To view the full press release, visit http://cnw.fm/oEv0l

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

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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420 with CNW – US Virgin Islands Governor Tweaks Cannabis Legalization Bill to Boost Tax Income

The coronavirus crisis has dealt the world such a massive economic blow that it will take years for it to recover. Millions of people are already out of a job, and experts say that half of the global workforce, 1.6 billion people, are in danger of losing their livelihoods. Understandably, governments are scrambling to find ways to boost their economies.

For some, this has led to talks of legalizing marijuana. One of the biggest arguments for legalizing marijuana has been to earn tax revenue, with states like Colorado that have thriving legal cannabis programs earning big bucks. Governor Albert Bryan Jr. of the U.S. Virgin Islands (USVI), who has long been a proponent for legalizing cannabis, has also gone this route.

He plans on sending a revised marijuana legalization bill to the legislature in hopes that it will be passed in time to generate much-needed tax revenue. With coronavirus measures in place, commerce has all but slowed down, greatly reducing the amount of tax revenue governments are subject to receive. However, cannabis is considered essential, and shops would be able to continue operations during the lockdown.

“We have taken the time to gather further public input as well as address the concerns of the individual legislators. As the economic disaster the last few weeks has affected GERS (Government Employees Retirement System) greatly, it is our hope that we can have a greater sense of exigency in implementing all the things that can help us regain solvency,” he said during an update on the coronavirus crisis.

“Once again, it is not the panacea, but certainly cutting the annuity of retirees by 30% cannot be the path either.”

The territory’s government retirement program for public sector retirees had been in trouble even before the coronavirus outbreak. Governor Bryan had proposed legalizing marijuana to help fund GERS through tax revenue from cannabis sales. However, several legislators voiced their opposition, stating that the tax revenue earned from a legal cannabis program wouldn’t be enough to fund the retirement program.

The proposal would amend the territory’s medical marijuana law to allow adults 21 and older to purchase and cultivate marijuana. The government estimates an annual tax revenue of over $20 million, with marijuana being taxed at 30%. 85% of the funds would be used to fund the government retirement system, 20% to fund senior citizen initiatives and 5% to fund the territory’s Office of Cannabis Regulations.

It would be interesting to hear what sector players like The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) think about the chances of a legal marijuana market being up and running in the U.S. Virgin Islands in time to rescue the economy from the effects of COVID-19.

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 – Former Federal Prosecutor Says Legalizing Cannabis Will Hurt Cartels

Cannabis is arguably the most abused drug in the world. Half of all drug seizures in the world is marijuana, and the black market makes vast amounts of money from marijuana trafficking. According to a former federal prosecutor who’s now running for Congress, legalizing marijuana may hurt the cartels that feed these black markets.

Adam Schleifer saw the dark side of humanity while working as a federal prosecutor investigating the illicit drug trade. He realized that America made a large part of the illicit drug market, and he came away with one conclusion. Federal legalization.

He is now a congressional candidate, and he argues that federal marijuana legalization is a superior alternative to blanket criminalization. Aside from dealing a great blow to the cartels, legal marijuana will generate tax revenue, create jobs and protect public health, he says.

“Before COVID-19 turned our world upside down, legalization of marijuana was expected to be a centerpiece of New York’s 2020 budget legalization. Now, legalization and the $300 million in estimated annual tax revenue that it will eventually bring will have to wait,” he said.

“This raises an important question. Why are we not talking more about federal legalization of marijuana, which could generate some $132 billion in tax revenue and create 1 million new jobs? Federally legalized, regulated, quality-controlled marijuana would also deprive pernicious international drug cartels of major revenue sources and help us support the integrity of our borders,” he says.

He adds that if undertaken with appropriate health and safety oversight by the U.S. Food and Drug Administration (FDA), “federal legalization would help address our vaping crisis.”

The former assistant U.S. attorney served in Los Angeles from 2016 to 2019, and he is running to fill the seat vacated by retiring Appropriations Committee Chairwoman Rep. Nita Lowey.

He says that at its base marijuana is a product with some medical applications and less physically addictive and dangerous than alcohol.

“We should let American farmers and not international drug cartels meet the demand for marijuana under the framework of federal safety and purity regulation by the FDA. And federal legalization would generate important tax dollars while reducing the financial inefficiencies and fraud that are endemic to our existing state by state patchwork system.”

He says that although the cartels may have a head start in terms of agricultural experience and marijuana transportation and infrastructure, he hopes the criminal element and the violence and predation associated with it will eventually degrade and dissipate.

Experts say the views expressed by the former federal prosecutor are in line with what the marijuana industry, including companies like Round Meadow Holdings Corp. and SinglePoint Inc. (OTCQB: SING), have always said about safeguarding consumers from the risks of black market cannabis products by implementing legalization at the federal level.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Sugarmade, Inc. (SGMD) Sees Significant Jump in Budcars Cannabis Deliveries in March

Sugarmade (OTCQB: SGMD) recently acquired a significant stake in Sacramento-based Budcars Cannabis Delivery Service (http://cnw.fm/jUX5t). An article discussing the company reads, “An agreement announced in February 2020 stipulated that Sugarmade would acquire 40% of Budcars and would be granted an option to purchase an additional 30% stake, ultimately providing SGMD with a controlling interest in the growing delivery service, which serves the greater Sacramento metropolitan area. Budcars delivers a wide range of cannabis products to the metropolitan area, where the population is showing growing acceptance of cannabis usage and delivery and scores above the 50 percentile in terms of cannabis usage per capita. . . . Less than a month after making that initial announcement, Sugarmade followed with a second, even more impressive, statement. Since becoming heavily involved in the day-to-day operational and strategic foundation of Budcars following its initial investment and investor agreement, SGMD had seen a dramatic expansion in overall delivery volume with March deliveries topping February volume by more than 300%.”

To view the full article, visit http://cnw.fm/rFW7V

About Sugarmade Inc.

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

To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)

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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

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420 with CNW – How to Disinfect Cannabis Packaging Safely

The coronavirus outbreak has put everyone on high alert. With over 3 million confirmed cases and at least 220,000 deaths globally, we should definitely be on guard. The virus spreads primarily through droplets released by an infected person when they sneeze or cough, and governments all over the world have rolled out social distancing measures to help prevent this.

Individuals are to stay indoors unless they absolutely have to, and the businesses that have been allowed to continue operating are required to practice social distancing measures. For the most part, this has involved curbside pickups and home deliveries. Cannabis was one of the industries lucky enough to be deemed essential, and marijuana businesses have also been adhering to these measures.

However, even with proper social distancing and hand washing measures, there have been fears that the virus may spread through contaminated surfaces. According to data from a U.S. National Institute of Health (NIH) study, the virus that causes the coronavirus can survive for up to 24 hours on cardboard and 2-3 days on plastic and stainless steel surfaces.

So how do you make sure your cannabis packages are sterile? Nothing would suck as much as getting infected from a package despite practicing all the other prevention methods.

For starters, try to avoid contact as much as you can. If there is a ‘no contact’ delivery option, go with it. Ideally, the shop and its employees ought to have taken protective measures on their end, you can’t be too cautious. Once the package has been delivered, you’ll have a number of sanitizing options. However, soap and water won’t work as the cannabis will get soaked and suffer damage.

Research has shown that using 62-71% alcohol, 0.5% hydrogen peroxide bleach or household bleach containing 0.1% sodium hypochlorite to disinfect surfaces will deactivate the virus. Make sure you put on gloves before handling the package or the entire process will be moot.

Since the virus survives for a limited time on plastic and steel surfaces, you could also store the package in a cool, dry place for a couple of days. Marijuana doesn’t expire, and any viruses on the packaging will die off after two or three days. You might choose to err on the side of caution and let the package sit for up to a week.

And as always, make sure you wash your hands thoroughly after handling the package.

Experts say these are the same measures that sector players like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) encourage customers to implement until the government gives the all-clear that the virus has been defeated decisively.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW – Investing in Cannabis Amid COVID-19 Outbreak May be Wise

The economic fallout from the coronavirus crisis will be massive. With the U.S. already sliding into a recession, experts say it may take years for Americans to recover financially. With the economy in such a state, would it be wise to invest? Wouldn’t it be better to hold onto those funds and see how things play out?

Well, it depends on what you’re investing in. Some stocks, like airline and restaurant stocks, aren’t doing so well right now. A whole lot of industries have been affected by the outbreak, with most of the new unemployment cases concentrated in a certain group of sectors. Cannabis, on the other hand, seems to be holding up.

Most states with legal cannabis programs deemed the cannabis sector essential, meaning cannabis shops and dispensaries could continue operating during the lockdown. Extra measures such as curbside pickups and home deliveries are being approved to make sure their operations remain safe and hygienic. This already gives the cannabis sector an edge over the scores of industries that have been affected by the coronavirus.

However, the fact that cannabis is considered a ‘vice industry’ has made some experts wonder whether it is recession-proof. Historically, vice industries like alcohol have enjoyed increased sales in times of great stress. After most states issued their stay at home orders, cannabis stores reported a spike in demand, with some stating they had lines longer than the ones on the unofficial cannabis holiday 4/20.

The fact that cannabis is medicinal also works in its favor. There are over 200 million registered medical marijuana patients in the country, and with the industry still running, they are still purchasing cannabis. The plant is also a good anti-anxiety drug, and we can agree that this is an extremely stressful time. Both recreational and medical users can use it to help reduce their anxiety and stress.

The coronavirus crisis may even be a blessing in disguise for the cannabis industry. The fact that most states with legal cannabis have deemed it essential has proved that the industry is vital. Hundreds of thousands of employees and millions of patients rely on it, after all. On top of that, it can provide much-needed tax revenue.

The state of Illinois, for instance, has tapped into an emergency relief fund that was funded by cannabis sales taxes to help cushion rural pharmacies during the crisis. This proves just how valuable a legal cannabis market can be, making it an attractive option for investment.

Analysts therefore predict that investors who enter the industry now may reap big in future when the industry players, such as Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), soar even higher in the years to come.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Cannabis Global, Inc. (MCTC) Announces Cannabinoid Sciences Research Breakthrough Unveiled by “Project Varin”

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science forward company developing infusion and delivery technologies, today announced a research breakthrough in the field of cannabinoid sciences resulting from the company’s “Project Varin,” which began earlier this year. According to the update, the research program has yielded a new tetrahydrocannabivarin (“THC-V”) delivery system providing for sustained release of the cannabinoid over a predetermined period of time, as well as two other delivery systems for immediate release. “While these developments add to our growing list of intellectual property, these are much more than technologies that will sit on a shelf,” Cannabis Global CEO Arman Tabatabaei said in the news release. “We have already integrated both the sustained and immediate release versions into beverage products that we expect to be available to consumers next month. We believe the field of minor and exotic cannabinoids will grow substantially this year with several product introductions. We are extremely excited at the prospect of being a first mover in this emerging market segment.”

To view the full press release, visit http://cnw.fm/7WIps

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 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)

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CannabisNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) Announces Complete Vertical Integration of Ketamine Treatments/Therapies, Closing of AltMed Acquisition

Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) continues to strengthen its vertically integrated psychedelic medicine ecosystem via the acceleration of its ketamine topicals prescription fulfillment capabilities. The company today announced the addition of central fill and compounding infrastructure for its proprietary ketamine formulations via a location at one of Canada’s leading retail pharmacy chains (the “Pharmacy”), as well as the dispensing of its products throughout the Pharmacy’s network. “With this arrangement, Champignon boasts complete vertical integration with respect to our rapid onset ketamine treatments and therapies,” Champignon CEO Gareth Birdsall stated in the news release. “From novel formulations to product development at a purpose-built GMP and DIN licensed pharmaceutical facility, and now automated prescription fulfillment and on-site compounding infrastructure, we have managed to capture the entire product lifecycle.”

In addition, Champignon announced the closing of its acquisition of AltMed Capital Corp., subject to the submission of the necessary filings to the BC Corporate Registry and including any other necessary regulatory approvals. AltMed is a Canadian ketamine clinic operator, psychedelic medicine IP aggregator and novel drug discoverer with a suite of assets that will accelerate Champignon’s multipronged business strategy. This will enable the company to reach the consumer directly through rapid-onset medical treatments, with an anticipated rollout of already identified new clinical entities (“NCEs”) to be opened across the United States and Canada.

To view the full press release, visit http://cnw.fm/2r6Sp

About Champignon Brands Inc.

Champignon Brands Inc. is a research-driven company specializing in the formulation of a suite of medicinal mushrooms health products, as well as novel ketamine, anaesthetics and adaptogenic delivery platforms for the nutritional, wellness and alternative medicine industries. Via its vertically integrated alternative medicine product range, Champignon 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 pre-clinical 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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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420 with CNW – New Mexico Governor Regrets Missed Opportunity to Legalize Cannabis Before COVID-19 Pandemic

One of the best arguments for legalizing cannabis has been the tax revenue states stand to earn. Aside from providing employment opportunities, a legal cannabis market can generate millions in tax revenue. And at a time like this when most businesses are shut down while the cannabis industry still soldiers on, that revenue would have been a lifesaver.

The governor of New Mexico recently said that she regretted the fact that the state hadn’t yet legalized recreational marijuana. In a press conference last week, Governor Michelle Lynn Lujan was asked how she planned to address the financial uncertainty caused by the coronavirus outbreak, and she said that although steps were being taken to handle it, she regretted losing cannabis as a source of revenue.

“If there was a time for wishful thinking, I wish we had passed recreational cannabis because that would be $100 million in tax revenue,” she says, acknowledging that the estimate was made before the outbreak.

“Nevertheless, a regulated marijuana market would be $100 million in the budget, and I’m very sad about that.”

Last year, she formed a working group to develop a legalization plan ahead of the January 2020 legislative session. The group estimated that the combined tax revenue from medical and recreational cannabis sales would be $100 annually, with sales reaching $620 million by the fifth year of legalization.

However, as the governor stated, the estimates were made before the coronavirus broke out. With most businesses shut down and stay at home orders in place, the economy is in shambles. On top of that, essential businesses like cannabis have to adhere to social distancing measures which would without a doubt affect sales. Consequently, the state would receive reduced tax revenue.

Additionally, a prior legalization bill that failed to pass stipulated that sales would begin on July 1. So even if it had been passed, the state wouldn’t have been able to collect the tax revenue.

The federal government deployed relief funds for small businesses, but since cannabis is still illegal at the federal level, marijuana businesses have been barred from accessing them. This has made it even harder for them to continue operating during the lockdown. However, a coalition of stakeholders and lawmakers are urging lawmakers to allow the state-legal cannabis industry to access the next coronavirus relief funds.

Governor Lujan had previously stated that she was open to letting voters decide on marijuana legalization through a ballot referendum. She also called for a special session but a spokesperson said that it is unlikely the reform will be pursued. Additionally, House Speaker Brian Egolf has stated that it is unlikely cannabis legalization will be part of a special session before the end of the year.

Analysts say the views expressed by Gov. Lujan show that what the cannabis industry players like Sugarmade Inc. (OTCQB: SGMD) have always said about the economic potential of marijuana is true for jurisdictions that legalize 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 – Racial and Civil Rights Groups Urge Congress to Give Cannabis Companies Access to COVID Funds

The economic impact of the coronavirus pandemic will be felt for years to come. Early this year as parts of China shut down due to the outbreak, several industries ran into supply chain disruptions. However, as the virus spread and governments started taking more drastic measures to curb its spread, the impact was even more pronounced.

Cannabis Industry Denied Access

Most businesses are shut down and almost all commerce has ground to a halt. To help cushion small businesses and help them survive, the federal government deployed federal coronavirus relief funds through the Small Business Administration (SBA). One industry that was conspicuously denied access to those funds, however, was cannabis.

Despite being deemed essential by most states that allow cannabis, businesses in the sector cannot access these emergency relief funds. On Monday, a coalition of marijuana reform and civil rights groups sent a letter to Congressional leaders asking them to rethink this decision.

Dubbed the “Marijuana Justice Coalition (MIC),” it consists of 13 organizations including ACLU, NORML, Human Rights Watch, the Center for American Progress, and the Center for Law and Social Policy. They have asked lawmakers to make sure that future COVID-19 stimulus packages include provisions enabling the cannabis industry to receive loan and lending services through the SBA.

“Prior to the COVID-19 pandemic, the marijuana industry already struggled with inclusivity and diversity in ownership and operations, as well as countless barriers to the industry for people directly impacted by marijuana criminalization,” they said. Despite being allowed to operate during the lockdown, social distancing and delivery measures are hard on the bottom line.

The challenges caused by the coronavirus outbreak will disproportionately hit minority-owned businesses the hardest, jeopardizing efforts to make the industry more reflective of communities directly affected by marijuana prohibition, they said.

“Workers in the state-legal marijuana industry are no different from other sectors of the economy who show up to work every day to provide for their families. If marijuana businesses are unable to survive, the lives of millions of patients registered in state medical marijuana programs and the livelihoods of hundreds of thousands of marijuana workers will be under threat,” the coalition wrote.

“Until broader national reforms can be enacted, it is vital that immediate action is taken to protect small businesses, namely businesses owned and operated by people of color and people directly impacted by the war on drugs, operating in this industry. This will ensure that underrepresented business owners are able to survive this economic hit in an industry in which they are already under-resourced.”

It is widely believed that the entire cannabis industry, including companies like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF), are hoping that the day dawns when the industry will be given equal treatment as other legitimate businesses.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.