Author: CannabisNewsWire (CNW)

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

420 with CNW – How Criminalizing Marijuana is Undermining COVID-19 Response Efforts

The Coronavirus crisis has shown just how unprepared we all were for a pandemic. To be fair, though, the last time we faced something quite like this was 100 years ago. The most we can do now is try to mitigate the spread of the virus and pick up the pieces when we emerge on the other side.

At the moment, the federal and state governments have implemented various policies to help flatten the curve and reduce the virus’s impact. These range from promoting self-isolation and social distancing to closing down all but the most essential businesses. However, according to Steve Hawkins, Marijuana Policy Project Executive Director, one public policy that will ultimately undermine the Coronavirus response is marijuana criminalization.

Although some police departments and prosecutors have already determined that prosecuting low-level offenses such as cannabis possession is counterintuitive and puts police, prosecutors and the public at risk, there have been news reports that indicate arrests for marijuana possession have continued.

“As governments work to minimize the negative impacts of COVID-19, it’s clear that punitive cannabis laws and unnecessarily strict regulations serve as far more of a hindrance than a help,” he says. It greatly increases the risk of exposure to the virus for both the users and law enforcement personnel.

Hawkins stresses that keeping the virus out of the country’s infamously overcrowded prisons should be a top priority, especially given how quickly it would spread within the inmates. “It would be a disaster if the Coronavirus becomes prevalent in America’s overcrowded jails and prisons,” he says.

“Criminal justice reform organizations have called for the release of low-risk inmates such as those convicted of cannabis offenses. This step should be taken as swiftly as possible to protect all staff and inmates at correctional facilities.”

The virus has also had a catastrophic effect on the economy, with more than 20 million Americans losing their jobs in a little over a month. Most experts project tough times ahead, with the IMF stating that the crisis is the worst economic decline since the Great Depression of the 1930s.

The state-legal cannabis sector employs more than 200,000 people, a lot of whom are still working after cannabis was deemed essential. The industry could help kickstart the economy through tax revenue as well as by providing gainful employment.

“As we all take time to re-evaluate our nation’s public policy priorities, cannabis and criminal justice should be more important parts of the conversation,” states Hawkins.

“Policymakers, including state legislators, governors and members of Congress, should take advantage of this opportunity to acknowledge that cannabis prohibition does not protect public health and safety, and they should support enacting reasonable policy alternatives on both a temporary and permanent basis.”

Experts think the cannabis industry, including players like Round Meadow Holdings Corp. and Sugarmade Inc. (OTCQB: SGMD), shares the sentiments expressed by the head of the Marijuana Policy Project.

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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The Economic Cost of Not Legalizing Marijuana in the U.S.

The possible benefits of states legalizing marijuana are clear from tax revenues collected by states that have legalized it. Besides increased revenues, legal marijuana provides jobs all through the value chain. Failure to legalize weed creates bottlenecks that impede the full exploitation of the potential benefits the marijuana industry affords the economy. Prohibition also causes governments to spend money on enforcement. The following are some details on what the U.S. is losing, and the good marijuana revenue can do.

How much is the U.S. losing each year by opposing marijuana legalization?

According to research, the Federal Government lost $25.64 billion in forfeiture of revenue and in the money spent on enforcing the ban. The country lost, even more, when the losses incurred by individual states were factored in as the states lost $10.05 billion. These losses at the state level also include the money lost in tax revenue and the amount spent in the enforcement of the prohibition.

The composition of these losses may have shifted between loss of revenue and enforcement costs since 2016. The shift would have been occasioned by a change in the general attitude towards marijuana. The drug is now more popular with consumers and more acceptable with authorities. It follows, therefore, that more people are buying it, and this increases the tax revenues it generates. This shift also means that more governments don’t consider enforcing marijuana ban a law enforcement priority, and they, therefore, save on the cost of prohibition. Despite these shifts in dynamics, the amount of losses incurred could only have increased over time.

How can we spend $53 billion?

The $53 billion lost due to governments’ insistence on banning marijuana is a very substantial amount of money that could have a positive impact on many lives. To put it into perspective, we can have a look at some of the things this amount of money can do.

Coronavirus is the most significant public health headache at the moment, with more than two million cases confirmed to date. The average cost of treating a COVID-19 patient is $1,425. $53 billion could, therefore, fund the treatment for 37,354,386 patients. This might very well be all the people who will ever be infected by the virus, and it would be a welcome Coronavirus-marijuana interaction.
Wearing face masks and sanitizing hands are among the actions in the first line of defense for the prevention of COVID-19. According to a USA Today’s report on March 3th, two bottles of 12 ounces’ sanitizer cost as much as $149. $53 billion is enough to buy about 356 million pairs of bottles of sanitizer, which is enough sanitizer to reach every American. Concerning facemasks, the money can buy 134 million boxes of 20 masks each. There are more than enough masks to reach every single person in the country.

The money can also provide health insurance and food to a substantial number of people who may have lost their livelihoods due to the virus.

Marijuana tax revenue distribution: Some prime examples

The states that levy taxes on marijuana usually have laws governing how they spend the revenue they collect from marijuana. The following are some highlights on how some select states have appropriated marijuana revenues.

Alaska: Alaska marijuana law demands that the state should deploy 50% of marijuana revenues to the Alaska Department of Administration. 25% more is to be used on marijuana education for the general public and in schools. The remaining 25% of revenues are supposed to be deposited to the general fund, where it is spent at the discretion of the state legislature.
California: The bulk of California’s collections from marijuana goes to the youth anti-drug programs at 60%. The remaining 40% is divided equally between Public Service Management and environmental conservation.
Oregon: Oregon allocates 40% of its proceeds from marijuana to K-12 education. 20% is dedicated to mental health and treatment for addiction, while 15% and 5% go to the police and states authority respectively for the prevention of drug abuse.

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

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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 – Cannabis Global, Inc. (MCTC) Offers Hemp You Can Feel(TM) Discounts for 420 – Traditional Cannabis Culture Celebration Day

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science forward company developing infusion and delivery technologies, today announced special online discount codes for purchases of Hemp You Can Feel(TM) Coffee on April 20 – the traditional cannabis culture celebration day. According to the update, purchases of all products using code ALLUNITED will yield 25% off all products at the www.HempYouCanFeel.com website. “This is a unique product line based on what we believe to be the most bioavailable infusion technologies in the marketplace,” Cannabis Global CEO Arman Tabatabaei stated in the news release. “The organic coffee is super-premium and sourced directly from South America, and we supervise the roasting, grinding and packaging on-site. But, there is a lot more to the Hemp You Can Feel(TM) coffee story. We have been able to achieve true water solubility without using chemicals or any of the unsophisticated, chemical laded nano-emulsions that are currently being widely used. Our unique combination of hemp extracts produces a coffee product that really needs to be experienced to fully appreciate. Thus we are running these special promotions this week only with immediate shipping, so that consumers can enjoy this unique coffee product.”

To view the full press release, visit http://cnw.fm/Vp4Uh

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

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420 with CNW – Recreational Cannabis Advocates in Massachusetts Launch Legal Challenge Against “Non-Essential” Categorization During Lockdown

No one would ever have thought the new decade would dawn like this. Three months into the year, a novel Coronavirus that originated from Wuhan, China has infected over 2 million people and claimed at least 120,000 lives. Experts say the virus could end up infecting over 70% of the world’s population.

Once the gravity of the situation settled in, governments were scrambling to prevent the virus from spreading within their borders. One by one, they ordered lockdowns, requiring people to stay indoors unless they absolutely have to leave, and all but the most essential businesses have had to shut down. In most states that allow marijuana, medical and recreational marijuana were classified as essential businesses.

However, the state of Massachusetts classified recreational pot shops as non-essential, with officials stating it was to prevent out of state individuals from coming in and congesting the shops. A group of marijuana advocates has subsequently challenged Governor Charlie Baker’s order to close the recreational shops.

According to Northeastern University Law Professor Daniel Medwed, the basic legal argument was that for some people, recreational marijuana is as essential as going to the grocery or the pharmacy and that people use and rely on it to manage pain and ease anxiety.

“Some people, especially military veterans, are fearful that if they obtained a formal medical marijuana license that could jeopardize their receipt of federal benefits as marijuana is still illegal at the federal level. So they opt for recreational marijuana to help cure what ails them,” he says.

The advocates, consisting of five recreational marijuana companies and a military veteran who uses marijuana for pain relief, are asking for a declaration from the court that recreational marijuana is essential and an order preventing the governor from keeping the businesses closed. They insist they can implement social distancing, and other sanitization precautions used by liquor and medical marijuana stores.

Medwed suggested restricting access to both medical and recreational dispensaries to Massachusetts residents to prevent out of state infections, which was one of the Governor’s main issues. However, he conceded that the chances of the suit being successful were quite low, stating that the court wouldn’t want to set a precedent that would allow other industries to contest their ‘non-essential’ status.

It seems his prediction was spot on after a judge ruled that Governor Baker did indeed have the authority to close recreational marijuana stores. “It seems reasonable for the governor to be concerned that the relatively few recreational marijuana stores are going to attract high volumes of customers including people traveling from other states,” stated Superior Court Judge Kenneth Salinger.

This court ruling is likely to have come as a disappointment to sector players, such as SinglePoint Inc. (OTCQB: SING), who realize that lots of people who have been benefiting from the closed pot shops will now suffer additional hardships during the lockdowns.

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420 with CNW – Medical Marijuana Jobs in Pennsylvania Remain Unfilled as Industry Booms

The effects of the Coronavirus pandemic will likely be felt for years to come. Experts say the virus may end up infecting up to 70% of the world’s population, and we may need to have sporadic lockdowns till 2022 to completely eradicate it. It’s safe to say that shutting down most businesses and essentially slowing down consumer spending has had a catastrophic effect on the economy.

With most industries feeling the strain, a lot of businesses have had to let some of their staff go. A record 6 million people filed for unemployment, raising the number of unemployed Americans filing for aid to a whopping 22 million. However, some sectors have thrived amid all the chaos, such as cannabis. Deemed an essential industry by most states that allow marijuana, cannabis businesses have been able to operate unabated during the Coronavirus crisis.

However, cannabis firms in Pennsylvania have run into roadblocks while trying to employ new ‘bud-tenders,’ the staffers who consult with patients. This is despite the fact that more than one in six Pennsylvanians has filed for unemployment since the Coronavirus shutdowns began.

Prospective employees require FBI background checks and drug tests, but most of the offices that process fingerprints are shut down for the time being. “It’s just so unbelievably frustrating. I have five clients with over 100 openings, and there are likely hundreds more that are waiting. These are good-paying jobs, many of which come with health care benefits,” says Harrisburg lawyer Judith Cassel.

She sent a letter to the state Department of Health, requesting a temporary 90-day waiver that would allow job candidates to sign an affidavit stating they don’t have a criminal record. They would also undergo third-party background checks, and any untruthful responses or failing the test will result in immediate termination.

Cassel stressed on the fact that although these measures were indeed useful, these are special times and they require special solutions. “We understand the need for background checks and department oversight on hires during normal circumstances, but these are not normal times. The current process does not rise to the current challenge.”

This problem isn’t restricted to Pennsylvania only. According to an official with Chicago-based marijuana company Cresco Labs, the firm has had a hard time finding people to fill 250 workers in Illinois.

“Under normal circumstances, it would take two to six weeks to get approved,” says Cresco’s Executive Vice President John Sullivan. “But since most state government functions are closed down and a lot of the fingerprint agencies shut, too, the process is stretching out longer and longer.”

Experts believe that cannabis firms like Champignon Brands Inc. (CSE: SHRM) (OTC: SHRMF) (FWB: 496) are frustrated that at a time when jobs are being lost, an industry that can employ more people is being held back by a freeze on crucial processes that are a prerequisite for people to secure the available jobs.

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CannabisNewsBreaks – Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Completes Landmark Shipment of Premium Medical Cannabis Products to Israel

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) recently completed a landmark shipment containing Supreme Cannabis’ premium medical cannabis product from Canada to Israel (http://cnw.fm/8kJWr). An article discussing the company reads, “Supreme Cannabis interim president and CEO Colin Moore reported that the transaction, which was made possible through a partnership with Breath of Life International (BOL Pharma), represents a new international revenue opportunity for Supreme Cannabis and ‘builds Truverra’s global medical brand in one of the most sophisticated medical cannabis markets in the world.’ . . .‘With the support of BOL Pharma, we navigated both Canada and Israel’s complex regulatory landscapes to achieve compliance with regulatory authorities in both countries, including Health Canada, the Canadian Food Inspection Agency and Israel’s Ministry of Health and Ministry of Agriculture and Rural Development,’ Moore continued. ‘We benefitted from BOL Pharma’s skilled team, international experience and solidified position as a leading medical cannabis company in Israel. As we pursue capital-light international opportunities, we will continue to look to Jeff Adams, Truverra’s CEO, and his exceptional team to build Truverra’s medical brand globally.’”

To view the full article, visit http://cnw.fm/ObE0P

About Supreme Cannabis Company Inc.

Supreme Cannabis 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 by 7AC 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 – Champignon Brands Inc. (CSE: SHRM) (OTC: SHRMF) (FWB: 496) Secures DTC Eligibility

Champignon Brands (CSE: SHRM) (OTC: SHRMF) (FWB: 496), a human optimization sciences company focused on applying novel and natural treatment protocols to address a broad range of disorders and deficiencies with an emphasis on psychedelic medicine, today announced that its common shares are now fully eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”). Champignon’s common shares will continue to trade under the ticker symbol “SHRMF” on the OTC Markets. “We are actively engaged in pursuing new avenues of distribution both in North America and internationally, in order to enhance the ability of larger audiences to participate in the Champignon story, as well as broaden our already robust shareholder base,” Champignon CEO Gareth Birdsall stated in the news release. “With the receipt of DTC eligibility, our common shares will become accessible to United States investors, both retail and institutional – the jurisdiction where many of the important initiatives in psychedelic medicine are emanating and where the company plans to roll out new clinical entities within significant urban population centers.”

To view the full press release, visit http://cnw.fm/jG11h

About Champignon Brands Inc.

Champignon Brands Inc. is a research-driven company specializing in the formulation of a suite of medicinal mushrooms health products, as well as novel ketamine, anaesthetics and adaptogenic delivery platforms for the nutritional, wellness and alternative medicine industries. Via its vertically integrated alternative medicine product range, Champignon is pursuing the development and commercialization of rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (“PTSD”), as well as substance and alcohol use disorders. Under a collaborative research agreement with the University of Miami’s Miller School of Medicine, the Company is conducting pre-clinical studies and eventual human clinical trials, with the objective of demonstrating safety and efficacy of the combination of psilocybin and cannabidiol in treating mTBI with PTSD or stand-alone PTSD. Champignon continues to be inspired by sustainability, as its medicinal mushroom-infused SKUs are organic, non-GMO and vegan certified. For more information, visit the company’s website at www.Champignonbrands.com.

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

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CannabisNewsBreaks – SinglePoint, Inc. (SING) Interview to Air on The RedChip Money Report

SinglePoint (OTCQB: SING) today announced that an interview with its President Wil Ralston will air on The RedChip Money Report television program. Per the update, the interview is scheduled to air on Sunday, April 19, at 3 PM local time on Bloomberg International, available in 100+ million homes across Europe. Ralston provides insight into the company’s rapidly growing solar business in the exclusive interview, which will also air in the U.S. on the Family Channel at 6 PM on April 22, the Action Channel at 11 AM on Sunday, April 19, and is available via live stream on American Business TV.

To view the interview segment, visit http://cnw.fm/hdwA0

To view the full press release, visit http://cnw.fm/ipE6s

About SinglePoint, Inc.

Founded in 2011 SinglePoint, Inc (OTCQB: SING) 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

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CannabisNewsBreaks – ChineseInvestors.com Inc. (CIIX) CEO Discusses New Revenue Streams 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 episode featured CIIX CEO Warren Wang as he discussed the company generating new streams of revenue via its new YouTube program.

To view the full press release, visit http://cnw.fm/pSN92

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

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420 with CNW – COVID-19 Reshapes the Marijuana Industry’s Long Term Outlook

Three months after the Coronavirus first appeared in Wuhan, China, it has infected over 2 million individuals and claimed at least 130,000 lives worldwide. Experts say more than 70% of the world’s population may end up infected with the virus, and that we may have to practice social distancing in sporadic periods until 2022 to make sure it is completely eradicated. It’s safe to say the pandemic isn’t going away any time soon.

To help curb the spread, most governments have ordered lockdowns, requiring people to self-isolate and all but the most essential businesses to shut down. This has been extremely hard on the economy, with some economists saying the U.S. is already in a recession. The cannabis industry felt the effects of the Coronavirus way before it spread to Europe and the U.S., and it’s very possible that the industry will come out of this pandemic looking and operating very differently. For starters,

Supply chain issues were exposed as soon as China shut down production at the start of the year. The country is a known manufacturer of cheap parts, and most cannabis companies depended on it for materials like vape hardware and packaging. Additionally, the pandemic revealed that there were few, if any, domestic alternatives. Although parts of China have started opening up again, these companies will have to consider the viability of international supply lines.

Real estate opportunities. With the economy at an all-time low, companies that are in the market for real estate after the pandemic dies down will most likely find better deals than they would have before the pandemic. The fact that numerous state governments have deemed marijuana essential is a tacit acknowledgment of its medical abilities, so players looking to cash in on this after the virus dies down will have a plethora of attractive real estate opportunities.

Mergers and Acquisitions. Although cannabis has registered booming sales in the weeks leading to and during the lockdown, some businesses haven’t been doing as well. California’s marijuana industry, for instance, wasn’t in a good place even before the Coronavirus broke out. Companies have been faced with plummeting cannabis stocks and investor retreats that have led to widespread debts.

With the Coronavirus halting almost all business operations and without access to traditional banking services like bank loans, these businesses will be forced to find another way to survive, such as being acquired by a larger firm or merging with one.

However the shutdown may be around for the long haul, so the pandemic’s full effect on the cannabis industry is yet to be determined.

Experts believe that cannabis companies like Sugarmade Inc. (OTCQB: SGMD) are already activating their contingency plans and gearing up for tough times ahead.

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