420 with CNW – Congress Passes Coronavirus Bill With Marijuana Banking Provisions

Although government-issued coronavirus-related measures were designed to curb the spread of the virus, they had an unintended consequence, economic downturn. With all but the most essential businesses ordered to close during lock-downs, the economy was in a free fall. More than 20 million Americans have lost their jobs since the start of March, and the government ended up deploying a massive $2 trillion coronavirus relief bill to help people and small businesses weather the storm.

However, due to ongoing federal prohibition, businesses in the state-legal marijuana industry were denied access to these relief funds. Federal prohibition has made banking institutions avoid cannabis businesses, dooming them to cash only transactions which in current times are a big no. Advocates, stakeholders and lawmakers decried the cannabis industry’s exclusion from these funds, stating that it pays taxes just like any other business and many small businesses in the sector are facing financial hardship due to the coronavirus pandemic.

On May 15, the U.S. House of Representatives passed a $3 trillion coronavirus stimulus bill which includes a provision that would allow banks to serve state-legal marijuana businesses without fear of federal retaliation. Dubbed “The Health and Economic Recovery Omnibus Solutions [HEROES] Act,” the bill includes the SAFE Banking Act which granted banks permission to transact with cannabis businesses without fear of federal reprisal. It was approved by the House last fall but has since been stuck in a Senate Committee.

“The inclusion of cannabis banking in the HEROES Act is a positive statement from the House and strongly supplements the decision that the majority of states have made by designating cannabis businesses as essential.” says Washington DC lobbyist David Mangone who lobbies for the National Cannabis Roundtable. Cannabis was one of the few industries that were designated as essential by state governments. However, since marijuana businesses do not have access to cashless payment systems, they have to transact on a cash only basis, greatly increasing the workers’ and customers risk of infection.

“The pathway forward in the Senate is both uncertain and challenging, but SAFE banking is one of the few provisions that not only has strong bipartisan support but also generates revenue rather than adds to the deficit,” Mangone says.

The bill now heads to the Senate which has never passed cannabis banking legislation and has already shown some push back. “I would be surprised if it passed the Senate, just given Senate Majority Leader Mitch McConnell’s comments on the SAFE Act previously, and given his statements about his reaction to it in the last 24 hours,” says Jonathan Havens, co-chair of the Cannabis Law Practice.

“It’s not enough that the House is going to do this. The Senate really needs to act in concert, and it doesn’t sound like they are going to do that if you take your cues from McConnell.”

Cannabis industry watchers say sector players like SinglePoint Inc. (OTCQB: SING) must be wondering what it will take for the Senate to consider the issue of cannabis banking objectively and pass the pending bills before them.

About CNW420

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

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CannabisNewsBreaks – Cannabis Global, Inc. (MCTC) CEO Featured in The Stock Day Podcast with Everett Jolly

Cannabis Global (OTC: MCTC), a Nevada registered, fully reporting and audited publicly-traded company, today announced that its CEO, Arman Tabatabaei, was featured on The Stock Day Podcast hosted by Everett Jolly. During the interview, Tabatabaei discussed Cannabis Global’s IP strategy and extensive portfolio. “The roots of our company is our intellectual property,” Tabatabaei said in the interview. “The overall strategy has been to develop the intellectual property first and then move towards building products around that intellectual property, and finally to engage in some vertical integration. We have now filed six provisional patents. Simply put, the intellectual property centers on better ways to integrate cannabinoids into foods and beverages,” he explained, adding that the Company strives to design chemical-free fusion technologies.

To view the full press release, visit http://cnw.fm/GPLn7

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. More information on the Company can be viewed 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.

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How COVID-19 Has Drastically Changed U.S Cannabis Smoking Pattern

The coronavirus pandemic started in Wuhan, China last December 2019. It happened so fast that we barely even realized we’re already 5 months in lockdown.

The impact of coronavirus has a way of affecting not just the economy but our personality as well. Behavioral science and the history of previous global pandemics even suggest that COVID-19 will transform our perception in life forever.

To understand the impact deeper, AmericanMarijuana.org conducted a survey involving 1,017 American cannabis consumers asking how COVID-19 changed their weed-smoking habits and how their families and friends feel about their habit these days.

Does Smoking Make Weed-Smokers Susceptible to Coronavirus?

The act of smoking means fingers are constantly in contact with the lips, thus increasing the risks of transmitting the virus, according to the World Health Organization.

The participants were divided into 2 categories: those with lung problems and those without lung problems. Of the 1,017 participants that took the survey, 873 (85.5%) said they don’t have any lung problems while 144 (14%) revealed they do have lung problems.

According to 301 (34.47%) of participants without lung problems and 78 (54.35%) of participants with lung problems, they agree that smoking weed will make them more susceptible to coronavirus.

Whereas 48 (5.53%) of participants without lung problems and 66 (45.65%) of participants with lung problems have similar opinions and don’t agree that weed-smoking puts them at risk of catching coronavirus.

Sharing Behaviors of Marijuana Tools, Utensils, and Accessories Amidst COVID-19 Outbreak

The participants were also asked if they kept sharing marijuana tools, utensils, and accessories since the coronavirus outbreak.

According to 288 (28.35%) of the participants, they still share even after the global pandemic outbreak. The remaining 71.65% stopped sharing joints, bongs, bowls, pipes, spliffs, vape pens, and similar items.

Why do You Continue to Share? What’s Your Motive?

The participants were then asked why they continue to share.

And according to 86 (29.89%) out of the 288 participants that still share (marijuana tools, utensils, and accessories), they do so because they don’t see any reason why they should stop sharing them. 100 (38.04%) of them continue to share because they can’t get rid of the habit.

92 (32.07%) of them share because they just want to have fun with friends and to also relieve some stress.

Participants that stopped sharing marijuana tools, utensils, and accessories were also asked why of their motive on why they do so.

114 (15.70%) stopped to lower the risk of getting infected with coronavirus through these items while 155 (21.29%) do so to practice social distancing.

459 or (63.01%) of them stopped to practice both social distancing and to avoid the risk of getting infected with the virus.

What About Your Friends? Do they Still Share their Weed with You?

Getting infected with coronavirus via sharing marijuana tools and accessories is high. While it’s true that you can do something to keep yourself safe, keeping your friends in control is a different story.

This is true to 333 (34.82%) of the participants that still have stoner friends who share weed with them since the coronavirus outbreak.

But weed buddies of the remaining 663 (65.18%) survey participants have already stopped sharing weed with them to limit the spreading of the virus.

Do you Smoke More or Less Weed Now?

People have consumed more food and used up more hand sanitizers, alcohol, and toilet paper since lockdown was implemented worldwide. But aside from the obvious essentials, American people are also stocking up on cannabis.

Does this mean American pot smokers are also smoking more than their usual dosage? Not likely…

You see, only 298 (29.28%) of them have smoked more since the COVID-19 outbreak and only 270 (26.5%) have smoked less. The majority of the participants or 392 (38.52%) of them smoked the same amount of weed even after the outbreak.

Surprisingly enough, 58 (5.7%) of the survey takers quit smoking weed since the coronavirus outbreak.

Have You Considered Switching to Other Marijuana Consuming Methods?

Marijuana can be inhaled, smoked, or consumed orally, depending on the type of product. Moreover, it can also be consumed via hand pipes, water pipes, rolling papers, tinctures, vaporizers, and the list goes on.

According to 285 (28.04%) of American marijuana smokers, they did try to switch to other marijuana consuming methods such as eating edibles, consuming oils, and others. The remaining 732 (71.96%) of them didn’t bother changing at all.

What About Anxiety Relief Supplements?

Keeping ourselves calm amidst this global pandemic is vital. This goes true to 351 (34.51%) of the survey participants that took anxiety relief supplements.

But only 29 (8.32%) said weed is less effective when it comes to keeping them calm amidst the global pandemic compared to 92 (26.19%) of them that claimed weed is the more effective.

666 (65.49%) of the survey participants are satisfied with weed that they haven’t used any anxiety relief supplements since the global pandemic outbreak.

Fear of Not Being Able to Pay for Cannabis

Similar to the fear of not being able to pay for food, hand sanitizers, alcohols, and toilet papers, are weed smokers also afraid of not being able to pay for cannabis products?

Of the 1,017 participants, only 373 (36.67%) are worried compared to 644 (63.33%) that aren’t worried at all.

Friends and Family Member’s Reactions to Weed Smoking Activities

Friends and families of survey participants have to deal with their weed-smoking habits at home. So, how did they feel about it?

Friends and families of the 135 (13.25%) survey participants were against their weed-smoking habits during the pandemic compared to family members and friends of the 704 (69.18%) survey participants that felt nothing has changed.

138 (13.56%) of the survey participants had seen negative attitudes from family members and friends, but not seriously, whereas family members and friends of 41 (4.01%) survey participants shown discrimination for smoking weed during the pandemic.

– This article was provided by Dwight K. Blake, Editor in Chief of AmericanMarijuana.org

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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This article contains Third-Party Content submitted by third parties, including articles submitted through the CNW Premium Partnership Program. All opinions, statements and representations expressed by such third parties are theirs alone and do not express or represent the views and opinions of CNW or its affiliates and owners. Content created by third parties is the sole responsibility of such third parties, and CNW does not endorse, guarantee or make representations concerning the accuracy and completeness of all third-party content. You acknowledge that by CNW providing you with this internet portal that makes accessible to you the ability to view third-party content through the CNW site, CNW does not undertake any obligation to you as a reader of such content or assume any liability relating to such third-party content. CNW expressly disclaims liability relating to such third-party content. CNW and its members, affiliates, successors, assigns, officers, directors, and partners assume no responsibility or liability that may arise from the third-party content, including, but not limited to, responsibility or liability for claims for defamation, libel, slander, infringement, invasion of privacy and publicity rights, fraud, or misrepresentation, or an private right of action under the federal securities laws of the United States or common law. Notwithstanding the foregoing, CNW reserves the right to remove third-party content at any time in its sole discretion.

CannabisNewsBreaks – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) Announces Update on May Debentures

Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) today announced that an event of default has occurred in respect of its US$45.5 million principal amount of 15.00% secured convertible debentures, which matured on May 17, 2020.  As previously disclosed, Green Growth Brands received, on May 5, 2020, US$400,000 of debt financing from All Js Greenspace LLC (“All Js’) on a secured basis. On May 12, 2020, All Js’ advanced, also on a secured basis, an additional US$400,000 to the company.

To view the full press release, visit http://cnw.fm/oX6Vi

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

About CanadianCannabisWire

CanadianCannabisWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – Youngevity International, Inc. (NASDAQ: YGYI) Announces Trademark Registration of Hemp FX Brand, Intends to Expand Product Line

Youngevity International (NASDAQ: YGYI), a leading multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise and a commercial hemp enterprise, today announced that the United States Patent and Trademark Office has approved its application for registration for trademark on its Hemp FX(R) brand. According to the update, the company plans to leverage the production and manufacturing capabilities of its wholly owned subsidiary, Khrysos Industries, and begin an immediate expansion of Hemp FX’s line of hemp derived products. “We have always found considerable value in our intellectual property across our platform and we are pleased to have a strong registered mark now available within the Hemp category,” Youngevity CEO Steve Wallach said in the news release. “With this trademark registration we intend to move forward with a line expansion of our Hemp FX brand and expect to announce new products in the category to go along with our Tinctures, Gel Caps, Creams, Pet Products, and Hemp Coffee.”

To view the full press release, visit http://cnw.fm/k1uSO

About Youngevity International, Inc.

Youngevity International, Inc. 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 investor information, please visit 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

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 – SinglePoint, Inc. (SING) CEO Provides Update on 1606 Original Hemp in New Video

SinglePoint (OTCQB: SING) today announced the release of a video in which Greg Lambrecht, SinglePoint CEO and Chairman, provided an update regarding 1606 Original Hemp (www.1606Hemp.com). Among other highlights, Lambrecht reported that the direct to store sales strategy employed by 1606 Original Hemp is showing early returns and promising signs of success. “We started a call center, calling smoke shops and convenience stores,” SinglePoint CEO and Chairman Greg Lambrecht stated in the video. “This month alone we have gotten 160 accounts.”

To view the full press release, visit http://cnw.fm/F76Dv

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 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) Partners with Medical Cannabis by Shoppers, Bringing Together Expertise, Unmatched National Reach

The Green Organic Dutchman Holdings (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium, certified-organic cannabis, today announced its entry into a supply agreement with Medical Cannabis by Shoppers(TM) (“Shoppers”), a subsidiary of Shoppers Drug Mart Inc. Under the agreement, TGOD will make its certified organic medical cannabis products available via the Shoppers online medical cannabis sales platform. “We’re thrilled to partner with Canada’s largest pharmacy network, bringing together TGOD’s unique expertise in developing high-quality certified organic cannabis products and Shoppers’ unmatched national reach,” TGOD’s Vice President of Sales, Robert Gora, said in the news release. “We share their vision of facilitating access to medical cannabis for patients across Canada.”

To view the full press release, visit http://cnw.fm/07lED

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.

TGOD’s Common Shares and warrants issued under the indentures dated November 1, 2017 and December 19, 2019 trade on the TSX under the symbol “TGOD”, “TGOD.WT” and “TGOD.WS”, respectively, and TGODF trades in the US on the OTCQX. For more information on The Green Organic Dutchman Holdings Ltd., please visit 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 – Study Shows Marijuana Legalization Boosts Hotel Bookings

For a very long time, advocates for legalizing marijuana have outlined the revenue states stand to gain from legalization. Indeed, states like Colorado have brought in massive revenues through cannabis sales in the recent past. Furthermore, results from a new study show that legal cannabis has a positive effect on the tourism and hospitality industry.

Dubbed (Pot)Heads in Beds: The Effect of Marijuana Legalization on Hotel Occupancy in Colorado and Washington, the study was published online and appears in the latest issue of Regional Policy and Analysis. It states that Colorado had a considerable increase in room rentals soon after the state began marijuana sales. Washington State also saw an increase in tourism after legalization, although not as much as in Colorado.

Washington State and Colorado were the first two states in the U.S. to legalize adult-use cannabis. Researchers compared hotel room rentals in the two states with states that prohibited adult use from 2011 and 2015 and they found that after legalization, there was an influx in tourist numbers and a rise in hotel revenue. Colorado saw monthly hotel booking increases of 2.5% to 4% and once retail sales opened, bookings increased by 6% to 7%.

Washington, on the other hand, saw increases at roughly half of Colorado’s rate, while hotel bookings increased by 1% after possession was legalized and 3.5% after retail stores opened.

Colorado saw its room rates increase by about $3.76 (2.8 percent) after possession of cannabis became legal and $6.31 (3.8 percent) after legal sales began. Monthly revenue increased by $9.33 million (6.75%) after possession became legal and $23.71 million once retail sales began.

According to the researchers, Colorado’s more central location might be responsible for the difference in numbers with Washington. The paper notes that Denver’s airport is “a major hub for United Airlines.” In Washington’s case, it’s proximity to British Columbia, which in the researchers’ opinion has “a strong reputation for growing marijuana and a laid back attitude toward marijuana consumption,” may have played a part.

“Another possible explanation,” the study speculates, “is that Colorado may have achieved a first mover advantage over Washington since it legalized commercial sale six months earlier than Washington.”

Aside from a 2015 report commissioned by the Colorado Department of Revenue which estimated that tourists made up to a large portion of the state’s retail marijuana activity, most evidence backing the connection between legalization and increased tourism was anecdotal. This study offers concrete proof that there is indeed a connection.

“These results suggest an uptick in tourism following marijuana legalization but until now, there have been no studies directly examining the effect of legalization on tourism,” said the researchers. Now, they will wait and see how things play out in the long term.

“While marijuana legalization increased tourism, especially in Colorado, the benefit may wane as additional states including California, Michigan, and Illinois, legalize the possession and sale of marijuana.”

All the same, industry actors like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) see these findings as proof of the nearly endless benefits of legalizing marijuana.

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 – Marijuana Panic Buying Slows Down in Canada

As the threat posed by the coronavirus grew bigger, governments around the world issued lockdown orders and instructed all but the most essential businesses to close down. In the days and weeks preceding the stay at home orders, legal marijuana saw a spike in sales as people stocked up for what they thought would be a long period of self-isolation.

However, several provinces in Canada deemed the marijuana industry essential, giving consumers constant access to cannabis during the lockdown. According to cannabis company executives, the COVID-19 boom in cannabis sales is dissipating, and consumers have slowed down their purchasing frenzy.

“There was a kind of pantry-loading in late March when there was a concern that maybe the supply chain would be closing down and whether cannabis as an industry would be deemed essential,” says Michael Singer, Interim Chief Executive of cannabis company Aurora Cannabis Inc.

After the industry was deemed an essential service in several provinces and sales continued even despite the lockdown, he says, things went back down to pre-pandemic levels in April.

“The behaviors were very similar to before that pantry-loading process at the end of March.” During the Edmonton-based company’s third quarter, which includes the first few weeks Canadians spent in self-isolation and ended on March 31, Aurora Cannabis Inc. sold 28,073 pounds of marijuana. This was an increase of 39% from the quarter before.

The spike in sales in March and April wasn’t limited to just Aurora Cannabis Inc. According to provincial cannabis distributor Ontario Cannabis Store (OCS), its online orders tripled in mid-March as the coronavirus outbreak grew more serious. Prior to March 9, the company received 2,500 to 3,500 orders and as people adopted physical distancing and self-isolation measures, orders doubled to 5,000 and in one particular week, to 13,000 orders.

“While it is likely there was some stockpiling, orders have maintained at the 5,000 plus orders per day level; still much higher than before COVID-19. Many products, including edibles and seeds, continue to sell quickly,” says Daffyd Roderick, the OCS’s director of communications.

Due to the increase in orders, cannabis distributors in several provinces including Ontario and Alberta have warned of delays in deliveries. The OCS had to expand its staff and courier service to accommodate the increased demand and Delta 9 Cannabis, a Winnipeg-based cannabis chain, hired 76 new employees. According to co-founder and CEO John Arbuthnot, that’s a roughly 30% increase in his workforce.

Although foot traffic at his stores is still high and cart sizes have increased, there has been a change in consumer attitude, he says.

“Certainly we are seeing that the sentiment from customers in the store has shifted from, ‘Oh my goodness, I need to make a last large purchase,’ to more of just back to business as usual. But it seems, for us, that the uptick in business has been continuing.”

Could this return to normal purchasing behavior signal what may happen in the U.S. cannabis markets in the coming weeks? It would be enlightening to hear what sector players like Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) have to say about these buyer trends.

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 – Supreme Cannabis Company Inc.’s (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) 7ACRES and Blissco Complete Construction, Secure Full Licenses

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) recently announced that it has completed construction and obtained full licensing for two of its key assets: the 440,000-square-foot, state-of-the-art 7ACRES cultivation plant and the 12,000-square-foot Blissco extraction facility. An article discussing the company reads, “This milestone step makes Supreme one of the few Canadian producers that operates fully constructed and licensed cultivation and extraction facilities. . . . In March, British-Columbia-based Blissco received Health Canada’s approval on its final licensing amendments, and Supreme announced plans to conduct all extraction in-house from the now fully licensed facility (http://cnw.fm/Tn698). The licensing announcement came after SPRWF completed construction on a large-scale, ethanol-based extraction lab that expanded Blissco’s existing CO2-based extraction capability.”

To view the full article, visit http://cnw.fm/kW9qC

About Supreme Cannabis Company Inc.

The Supreme Cannabis Company is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the company has emerged as one of the world’s fastest-growing, premium, plant-driven lifestyle companies. Supreme Cannabis’ portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new-consumer preferences.

The company’s brand portfolio includes 7ACRESBlisscoTruverraSugarleaf and Khalifa Kush Enterprises Canada. Supreme Cannabis’ brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including scaled cultivation, value-add processing, centralized manufacturing and product testing, and R&D. Follow the company on InstagramTwitterFacebookLinkedIn and YouTube. For more information, visit the company’s website at www.Supreme.ca.

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