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 – GP Solutions, Inc.’s (GWPD) GrowPods Can Help Farmers Quickly Provide Ultra-Fresh “Superfoods” to Nation in Need

GP Solutions (OTC: GWPD), developer of GrowPods – Controlled Environment Micro-Farms – can help farmers quickly expand and provide ultra-fresh “Superfoods” to a nation in need, while increasing their income in the process. Net farm incomes are expected to decline another $10 billion this year according to the USDA 2020 Farm Sector Income Forecast. With many row crop farmers barely breaking even, premiums offered for organic and luxury foods are growing even more appealing. GrowPods, transportable and scalable finely tuned automated micro-farms, allow farmers to rapidly and affordably add high-margin superfoods to their business – with cultivation taking place year-round. Additionally, GrowPods simplify organic and superfood cultivation, featuring a sealed and filtered environment that can eliminate pesticides, herbicides and other contaminants.

To view the full press release, visit http://cnw.fm/5hP5Y

About GP Solutions, Inc.

GP Solutions, Inc. is the developer of highly innovative automated micro-farms trade named “GrowPods.” GrowPods are a modular, stackable and mobile vertical growing environment specifically engineered to maximize yield and automation. Offering fully insulated, food-grade shipping container that has been specifically modified to provide the optimum controlled environment for growing a wide range of horticultural and agricultural products in all environments and climates. With the company’s combination of hydroponic and certified organic soil systems, clients can produce a significantly higher yield that grows faster, healthier and more consistent. For more information, visit the company’s website at www.GrowPodSolutions.com.

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

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

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420 with CNW – Gov. Cuomo Says Marijuana Legalization Unlikely This Year

The road to marijuana legalization in New York has been long, and according to state Governor Andrew Cuomo, it likely won’t end this year. As the budget deadline rapidly approached with no concession on how to close a $15 billion budget gap, Cuomo stated that marijuana isn’t going to be part of the state’s budget this year. This is the second year in a row New York legislators have removed marijuana legalization from the state budget.

When asked about the chances of including marijuana legalization in the annual budget during his daily Coronavirus briefing, the governor stated that it is not likely, adding that there is ‘too much’ to do and ‘too little time’ to do it.

At the moment, the state of New York is the epicenter of the U.S. Coronavirus outbreak. The state has reported at least 80,000 confirmed Coronavirus cases and more than 1,900 deaths. More than 45,000 of those cases are in New York City, and the city has suffered 1,374 casualties.

The pandemic has thrown the entire world into lockdown mode. The virus which first appeared in Wuhan, China in late 2019 has infected over 800,000 individuals worldwide and claimed over 40,000 lives. To curb the spread, most governments have implemented lockdowns, advising people to stay home unless they have to get essentials like food and medicine and shutting down all but the most essential businesses. This, coupled with the immense strain the pandemic has put on healthcare systems has had adverse effects on the economy.

Quite recently, there have been talks of kick-starting New York’s economy after the virus runs its course by legalizing marijuana. States like Colorado and California have earned millions in tax revenue from marijuana sales. Legalizing marijuana would have provided tax revenue and much-needed jobs for the state, but Governor Cuomo’s pronouncement has put a damper on those hopes.

“We’re not going to get there. I don’t believe we’ll get there because in truth, that is something that had to be talked through and worked through, and the legislature wasn’t here,” said the Governor. “That is not a yes or no. That’s a, how does it work. How about the police? Who gives out the licenses? How do you do minority empowerment? How do we coordinate with Connecticut and New Jersey? And no one has really had the time to work those things through. So I don’t think we’ll get there on that.”

This news of yet another delay in giving New Yorkers the opportunity to benefit from marijuana legalization is likely to disappoint the entire cannabis industry, including entities like Champignon Brands Inc. (CSE: SHRM) (OTC: SHRMF) (FWB: 496), who would like all people across the country to have the option of consuming marijuana legally.

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 – COVID-19 Could Add Impetus to Campaigns for Marijuana Home Cultivation

Patients and industry players alike have applauded the decision by numerous states to classify marijuana as an essential commodity, allowing medical and recreational marijuana stores to remain open. As the Coronavirus pandemic ravages the U.S., several state governments have implemented statewide lockdowns to curb its spread.

People are to practice self-isolation and only head outside for essentials like food and medicine, and all but the most essential businesses have been ordered to close. They are also encouraged to wash their hands with soap and water or hand sanitizer regularly.

The open businesses include supermarkets, pharmacies, and daycare centers, and they have permission to operate during the lockdown as they provide essential goods and services. Fortunately for the many people who rely on marijuana to deal with a variety of health issues, numerous states have stated that marijuana is just as essential.

They have taken additional steps such as allowing curbside pickups and home deliveries to ensure both the sellers and patients stay safe as they transact. According to some, allowing people to grow their own marijuana at home might make the self-isolation and social distancing measures even more effective.

Bill Caruso, a lawyer and founding member of New Jersey United for Marijuana Reform says that support for home cultivation exists among patients and industry professionals. “I talk to a lot of folks in the industry. A lot of people think that the industry is fighting this. I have not heard one credible source in the cannabis industry that is opposed,” he stated during an NJ Insider webinar.

A large percentage of medical marijuana patients are old folk with underlying health issues, and this makes them more susceptible to contracting and succumbing to the Coronavirus. During the webinar, industry leaders and advocates argued that medical patients shouldn’t have to rely on outside sources to acquire plant medicine. Even with measures like curbside pickups and home deliveries, such patients are still at a higher risk of getting infected by the virus.

“If you have a child with Dravet Syndrome and you don’t have access to your medicine, that’s a big freaking deal. And that should make people angry, right? People should not have to worry about where they’re going to get medicines for themselves or for their child,” said Scott Rudder, President of the New Jersey CannaBusiness Association.

While any major legislative changes are unlikely in the short term, advocates believe the Coronavirus pandemic could eventually push lawmakers into reconsidering the ban on home cultivation.

It would be eye-opening to get a glimpse into what sector players like Round Meadow Holdings Corp. and SinglePoint Inc. (OTCQB: SING) recommend as the best ways to ease the fears of lawmakers regarding marijuana home grows.

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

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CannabisNewsBreaks – Cannabis Global, Inc. (MCTC) Announces Domicile into Nevada, Corporate Name Change to Better Reflect Cannabis Direction

Cannabis Global (OTC: MCTC), formerly MCTC Holdings, today announced a change in corporate domicile from Delaware to Nevada under the corporate name of Cannabis Global, Inc. According to the update, the company plans to institute a corporate action with FINRA for an official name change with that organization and for a change of the stock trading symbol. “We have made tremendous progress as an organization since our reorganization last May, but now it is time for our corporate identity to match our corporate mission,” Cannabis Global CEO Arman Tabatabaei stated in the news release. “Thus, we have changed the name of the corporation to Cannabis Global, Inc. and we will be applying with FINRA for a new stock trading symbol to match our marketplace.”

To view the full press release, visit http://cnw.fm/GMt1u

About Cannabis Global, Inc.

Cannabis Global, Inc. 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 and its intent to change its corporate identity to Cannabis Global, Inc. 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)

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

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CannabisNewsBreaks – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) Announces Partial Debenture Repurchase

VIVO Cannabis (TSX: VIVO) (OTCQX: VVCIF) today announced that it has re-purchased for cancellation certain of its outstanding 6% unsecured convertible debentures in the aggregate principal amount of $10 million, for a purchase price of $9.3 million (plus accrued and unpaid interest thereon), representing a 7% discount to the face value, pursuant to an agreement with the holder thereof. The company, as a result of the repurchase, now has Debentures in the aggregate principal amount of $24.5 million due February 28, 2021. “As evidenced by our recent financial results, VIVO continues to enjoy a strong cash position,” VIVO’s Chief Executive Officer Barry Fishman said in the news release. “Repurchasing these debentures at a 7% discount, together with the termination of future interest that would otherwise have accrued to the maturity date of February 28, 2021, will result in savings to VIVO of between approximately $1.25 million and $1.43 million, which will further enable us to pursue our goals of increasing shareholder value and becoming profitable.”

To view the full press release, visit http://cnw.fm/jg9Q7

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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CBDNewsBreaks – Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) Announces Consent to Receivership Appointment for CBD Business, Continuation of Cannabis Business in FL, MA and NV

Green Growth Brands (CSE: GGB) (OTCQB: GGBXF) today announced that a special committee of the Board of Directors has concluded the previously announced strategic review process related to the company’s cannabidiol (“CBD”) business. As a result, Green Growth Brands has determined that appointment of a receiver is in the best interest of the company and the creditors of the CBD business.  The CBD business is operated by six of the company’s subsidiaries: Green Growth Brands LLC, GGB Beauty LLC, GGB Licenses LLC, Green Growth Brands Realty LLC, GGB Kiosks LLC, and GGB GN LLC, each of which will be subject to the receivership order. The company will continue to operate its cannabis business in Florida, Massachusetts, and Nevada (the “MSO Business”) through its subsidiaries Nevada Organic Remedies LLC (“NOR”), Henderson Organic Remedies LLC (“Henderson”), Wellness Orchards of Nevada LLC, Just Healthy LLC, and Spring Oaks Greenhouses Inc. (collectively, the “MSO Subsidiaries”).  NOR and Henderson, which operate the company’s The+Source dispensaries in the Las Vegas, Nevada region, have recently commenced delivery service in response to Nevada Governor Stephen Sisolak’s March 20, 2020 order limiting dispensary operations in the state.  None of the MSO subsidiaries nor any of their respective assets will be subject to the receivership order.

To view the full press release, visit http://cnw.fm/yH2xX

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/GGBXF

About CBDWire

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

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CannabisNewsBreaks – ChineseInvestors.com Inc. (CIIX) CEO Provides Update on Company Activity During Coronavirus Pandemic Atmosphere on MoneyTV with Donald Baillargeon

ChineseInvestors.com (OTCQB: CIIX) was featured on this week’s episode of MoneyTV with Donald Baillargeon. The internationally syndicated program, viewed in over 200 million households and more than 75 countries, covers money-focused topics and features in-depth interviews with CEOs and executives that offer insights into various companies and their operations and future outlooks. Among other highlights, this week’s program featured CIIX CEO Warren Wang as he provided an update in regard to company activity during the coronavirus pandemic atmosphere. Discussing the company’s new YouTube program, launched in February, Wang provides an overview of the show with content on his use of options to trade stocks on the S&P 500 and also low-priced stocks with high volume. “It’s gathered tremendous attention,” Wang says of the program that he indicates is cash flow positive and doesn’t require marketing fees.

To view the full press release, visit http://cnw.fm/wG2k8

About ChineseInvestors.com Inc.

Founded in 1999, ChineseInvestors.com endeavors to be an innovative company by providing (a) real-time market commentary, analysis and educationally related services in both traditional and simplified Chinese language character sets; (b) advertising and public-relations-related support services; and (c) retail, online and direct sales of hemp-based products and other health-related products. For more information, visit the company’s website at www.ChineseInvestors.com.

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

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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CBDNewsBreaks – SinglePoint, Inc. (SING) CEO Discusses CBD-Infused Hand Sanitizer Product on MoneyTV with Donald Baillargeon

SinglePoint (OTCQB: SING) was featured on this week’s episode of MoneyTV with Donald Baillargeon. The internationally syndicated program covers money-focused topics, featuring various companies and in-depth interviews with CEOs and executives that offer insights into operations and future outlooks. MoneyTV is viewed in over 200 million households in more than 75 countries. Among other highlights from this week’s program, SinglePoint CEO Greg Lambrecht unveiled the company’s CBD-infused hand sanitizer product. “The response that we’ve gotten has just been amazing,” Lambrecht said during the program, speaking of the company’s attendance at the NACS show (the National Association of Cleaning Stores Show) and the subsequent potential account leads. “I’m not at liberty to tell you who we’re talking to right now, but some of the largest convenience store chains in the country are calling us for our Klēn Hands sanitizer.”

To view the full press release, visit http://cnw.fm/uLId4

About SinglePoint Inc.

Founded in 2011, SinglePoint invests in and acquires brands and companies that will benefit from injection of growth capital and the sales and marketing expertise of SinglePoint. The company portfolio currently includes solar, hemp and technology applications. SinglePoint is working to grow the company to a multinational 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 CBDWire

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

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420 with CNW – Cannabis Legalization Could Trigger Economic Recovery After Coronavirus Pandemic

The economic impact of the Coronavirus pandemic has been immense. Shortly after various states started implementing lockdowns to prevent the virus from spreading, businesses were feeling the pinch due to reduced sales. By this week, more than 3 million Americans have filed for unemployment, and the number may increase as the country has officially become the epicenter of the disease with over 185,000 confirmed cases.

According to New York Governor Andrew Cuomo, the estimated loss of revenue for the state of New York stands between $10 and $15 million. The state is the epicenter of the outbreak in the U.S. with over 40,000 cases, and officials have already warned of severe budget issues. Most of the other states with confirmed cases are also experiencing the same. The massive closure of a majority of businesses coupled with the escalating costs of treating infected patients is sure to cause a lot of strain on the country’s economy.

However, according to analysts at DataTrek Research, legalizing recreational marijuana could help get the economy back on track after the Coronavirus runs its course. The more conventional means of increasing revenue like ramping up sales or increasing real estate taxes might not be the way to go, says DataTrek co-founder Jessica Rabe.

“Traditional means of boosting state and local government revenue, such as increasing income, sales or real estate tax will further dampen demand and possibly drive people out of states like New York. Taxing sales of retail cannabis is a new source of state and local income that’s successfully raised hundreds of millions of dollars in states like Colorado,” Rabe adds.

Last year, Colorado raked in $1.74 billion in marijuana sales, and over $300 million was injected into various state programs. In California, legal recreational marijuana has generated over $1 billion in state revenue since 2018.

“There’s a simple and effective solution for states and cities to help cover their huge budget shortfalls after the COVID-19 pandemic subsides; legalize recreational sales of marijuana,” she adds.

Experts say this won’t be a short ordeal, and that the virus may end up infecting 70% of the world’s population. And with each passing day that businesses are closed and people cannot work, the economy slips further. According to some economists, the country is just a bad day away from sliding into the Great Depression.

Legalizing recreational marijuana sales may be one of the few ways to jumpstart the economy and provide jobs without putting undue strain on the citizens.

It would be interesting to hear what marijuana industry players like ChineseInvestors.com Inc. (OTCQB: CIIX) have to say about the suggestion that cannabis could hold the key to economic recovery after the current pandemic runs its course.

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 Prices Soar in Spain Due to COVID-19

Of the over 800,000 confirmed Coronavirus cases in the world, at least 100,000 are from Spain. The country has lost a little over 9,000 patients, and understandably, it has gone into lockdown mode to reduce the spread of the virus. This, coupled with regular hand washing and social distancing is the best way to prevent new infections.

However, the economic impact of the lockdown has been immense. With all but the most essential businesses closed and a large number of people currently unable to work, the economy has been in a steady decline. The situation has also resulted in a spike in marijuana prices in Spain, with hashish and cannabis selling at two or even three times their original price.

Ten days ago, a gram of marijuana would have cost a Spaniard $5.46 or $6.56, but now one would have to fork over $10.93 or even $16.39 for the same amount of cannabis. With all but the most essential supply lines shut down, moving marijuana has become difficult. In fact, the Civil Guard thwarted their shipments on Malaga’s beaches within the last nine days, further exacerbating the situation.

According to police sources, drug trafficking numbers are down due to the lockdown. “Before, there were many young people in the street selling. Now, obviously, you can’t see them,” says one policeman.

“It makes sense that the prices of narcotic substances go up. Police pressure is high and it’s no longer normal for certain people to walk the streets, or for certain vehicles to move at night. The priority is to guarantee what is established in the royal decree, so there is a lot of pressure on movements and a lot of paperwork,” he adds.

The fact that individuals who don’t comply with the Coronavirus-related directives are at risk of a €100 fine or up to one year prison time, on top of the fines for marijuana possession, is a big deterrent.

To avoid detection, sellers have come up with creative ways to sell marijuana. These include quick meetings in supermarket parking lots and for those who are extra careful, the seller hides the marijuana at an agreed-upon spot and gets paid by mobile phone. “This way you keep the security distance without problems because people get their supplies and don’t have to go out so many times,” says one salesman.

“The logic is the same as in supermarket shopping: buy more to go less,” he says.

Analysts say licensed marijuana industry actors like The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) are hoping that the COVID-19 pandemic is brought under control long before cannabis supplies dwindle and the people who need these products fail to access them legally.

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