Author: CannabisNewsWire (CNW)

About CannabisNewsWire CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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

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

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

About Youngevity International

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

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

About HempWireNews

HempWireNews (HWN) is a dedicated information provider focused on (1) aggregating hemp-related news, (2) issuing HempNewsBreaks designed to update investors on the latest developments in the hemp market, (3) enhancing corporate news releases, (4) providing full-service distribution and social media offerings to public and private client-partners and (5) designing and implementing all-inclusive corporate communication solutions. HWN is strategically positioned within the rapidly expanding hemp sector with a team of journalists working to help a growing roster of public and private companies reach a wide audience of investors, consumers and members of the media. We leverage a vast network of more than 5,000 key syndication outlets to deliver unparalleled visibility, recognition and content to the hemp industry. HempWireNews (HWN) is where HEMP news, content and information converge.

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

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

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

About Lexaria

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 Launches Interactive Website Designed to Help Consumers Find the Perfect Strain

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) was featured in a recent article that described the launch, through its 7ACRES division, of meetyourtastebuds.com, an interactive website designed to help consumers across the country find the perfect strain. “We are very excited to launch this interactive tool and help consumers distinguish their cannabis taste preferences,” Supreme Cannabis VP, Marketing & Communications, Nicole Sale, stated in the article. “Taste plays a big part in a user’s cannabis experience and, along with look and smell, can be a good differentiator of quality cannabis. During this difficult time of social distancing, consumers may not be able to engage budtenders as easily as they used to. Meetyourtastebuds.com can act as another source of information for those shopping from home.”

To view the full article, visit http://cnw.fm/dB9e2

About Supreme Cannabis

The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), 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, 7ACRES, Blissco, Truverra, Sugarleaf 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.

For more information, visit the Company’s website at www.Supreme.ca.

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

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 – Sugarmade, Inc. (SGMD) and Budcars Featured in The Stock Day Podcast to Discuss Potential of On Demand Cannabis Delivery

Sugarmade (OTCQB: SGMD), a product and branding marketing company investing in operations and technologies with disruptive potential, today announced that its CEO, Jimmy Chan, as well as the CEO of Budcars, Clinton Walker, were featured on The Stock Day Podcast hosted by Everett Jolly. The interview covered various topics, including the strategy to target California and the on demand delivery market, as well as the Sugarmade and Budcars partnership and future outlook. “We’re in the process of opening three more locations throughout 2020,” Walker said in the interview, when asked where he sees Budcars in one to two years. “We anticipate we’ll grow to ten locations within twenty-four months,” he added, noting that Budcars has the potential to cover 65% of the California market upon reaching ten locations.

To view the full press release, visit http://cnw.fm/vc4gQ

About Sugarmade, Inc.

Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Its Brand portfolio includes CarryOutsupplies.com, SugarRush(TM) and Budcars.com. For more information, please reference www.Sugarmade.com.

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

About CannabisNewsWire

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

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CannabisNewsBreaks – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) to Release and Host Conference Call for Q1 2020 Results

VIVO Cannabis (TSX: VIVO) (OTCQX: VVCIF) today announced that it will release its first quarter 2020 results after the close of markets on Thursday, May 14, 2020. In addition, VIVO Cannabis’ senior management will host a conference call at 10 a.m. ET on Friday, May 15, 2020, to discuss the results. Interested parties may join the call by dialing 647-427-7450 or 1-888-231-8191 and entering conference ID: 8835659. The live webcast may be accessed by visiting http://cnw.fm/x2Jhw and will be archived for 90 days.

To view the full press release, visit http://cnw.fm/5sMsF

About VIVO Cannabis(TM)

VIVO Cannabis(TM) is recognized for trusted, premium cannabis products and services. It holds production and sales licenses from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms(TM), Beacon Medical(TM), Fireside(TM), Lumina(TM) and Canadian Bud Collection(TM). The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. The Company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information, visit www.VIVOCannabis.com.

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

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 – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) to Release Q4 and Fiscal Year 2020 Financial Results, Host Conference Call and Webcast

Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced that it will report its financial results for the fourth quarter and fiscal year ended March 31, 2020 before markets open on Friday, May 29, 2020. According to the update, the Company will also host a conference call and audio webcast, led by its President and CEO Narbé Alexandrian and CFO Eddie Lucarelli, following release of its results. The call is scheduled to take place at 9:00 AM Eastern Time on May 29, 2020. Interested parties may join the call by dialing 888-390-0546 (North America Toll Free) and entering conference ID: 60093937. A replay will be available until 11:59 PM Eastern Time on June 29, 2020, by dialing 1-888-390-0541 and entering replay password: 093937#.

To register and log into the live audio webcast, visit http://cnw.fm/nnt0P

To view the full press release, visit http://cnw.fm/UOvk0

About Canopy Rivers

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

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

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 – Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) Announces Appointment of Dr. Roger McIntyre as Chief Executive Officer

Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), a human optimization sciences Company with an emphasis on ketamine and psychedelic medicine, today announced its appointment of Dr. Roger McIntyre as its Chief Executive Officer. Among several additional roles, Dr. McIntyre is a Professor of Psychiatry and Pharmacology at the University of Toronto and Head of the Mood Disorders Psychopharmacology Unit at the University Health Network, Toronto. “We are extremely pleased and fortunate to be able to bring Dr. McIntyre aboard as CEO,” Champignon Director Gareth Birdsall stated in the news release. “Dr. McIntyre’s is the world’s leading authority on depression and associated mood disorders, which is further crystalized by his foresight in founding Canada’s first integrated mood disorder treatment and integrated research center in the CRTCE. Dr. McIntyre’s clear ability to execute and his entrepreneurial nature, along with a demonstrated capacity to lead and delegate in dynamic and growing organizations, represent the skill sets that Champignon needs as it moves towards our North American clinic expansion and maturing novel drug discovery initiatives.”

To view the full press release, visit http://cnw.fm/E5z0a

About Champignon Brands Inc.

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

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

About CanadianCannabisWire

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420 with CNW – Massachusetts Bill Seeks COVID-19 Relief for Marijuana Businesses

When state governments started ordering lockdowns and issuing stay at home orders, the economy took a severe hit. So severe, in fact, that the federal government passed a $2 trillion emergency relief package. Qualified citizens, along with small businesses, would receive cash payments and business loans to help them weather the financial storm.

However, due to ongoing federal prohibition, businesses in the state-legal marijuana sector were barred from accessing these funds. There have been calls from stakeholders, advocates, and lawmakers to rectify the marijuana sector’s omission if the government deploys another relief package.

Massachusetts, it seems, might be ahead of the federal government after lawmakers introduced a bill that would provide relief to marginalized industries like cannabis. On Tuesday, a state legislative committee held a virtual hearing with members and stakeholders to get input on a bill that would establish a state-level Paycheck Protection Program (PPP) for companies unable to access federal relief aid.

Discussed by the Joint Committee on Community Development and Small Businesses and sponsored by the committee’s chair Sen. Diana DiZoglio, the proposal would provide a much-needed injection of cash into a legal industry that has been unfairly left out by the federal government.

According to Beth Waterfall, executive director of cannabis events company ELEVATE Northeast, the creation of a Massachusetts PPP loans program for cannabis businesses would be a momentous step in the right direction to remedy the inequality that legal, tax-paying cannabis-related businesses are facing during the COVID-19 crisis.

Angela Brown, CEO of Massachusetts-based cannabis firm T. Bear Inc. says she had to shut down a day before launching. “We were forced to furlough our entire team, lock the building up, and walk away. And while I wait, I still pay my rent, my lenders, my utilities, and my health insurance for furloughed employees,” she says.

“All small business owners are dealing with these issues. The bills and debt continue to mount as the shutdown prolongs. But the difference is that the cannabis industry doesn’t even have access to disaster relief.” This is the inequality the new bill seeks to remedy. And with medical marijuana deemed essential in Massachusetts, these businesses will definitely need such protections to help them better serve their customers safely.

“Our small businesses are in crisis, as you well know. They not only face a one size fits all attempt at relief by the federal government, which doesn’t take into account the unique commercial makeup and different recovery timelines of individual states,” says bill sponsor DiZoglio.

“It is up to the Commonwealth to close the gaps for all our small businesses and provide equitable relief in the absence of that relief from the federal government.”

It is widely believed that cannabis industry companies like Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) are hoping that all states with marijuana programs come up with ways to support the industry during this pandemic.

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