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

CBDNewsBreaks – ChineseInvestors.com Inc. (CIIX) CEO Unveils New CBD Products 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 discussed the launch of two new products through the company’s China-based subsidiary, CBD Biotech. Wang unveiled details, referring to a recent press release, and further discussed the company’s new hemp-infused spray, designed to create an isolating barrier in public places.

To view the full press release, visit http://cnw.fm/8xVhc

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 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 – SinglePoint, Inc. (SING) CEO Discusses Successful NYC Trip 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 discussed a successful NYC trip. “As a lot of the shareholders know, this is going to be two years now that SinglePoint is fully reporting and, as discussed before, it looks like we’re going to show revenues of $3.3 million,” Lambrecht said during the program. “In going to New York this time, we were able to get five or six meetings with mid-tier investment groups, and they’re very interested in SinglePoint and taking us to the next exchange, whether that’s the Nasdaq or the New York Stock Exchange.”

To view the full press release, visit http://cnw.fm/Z4Pob

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 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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420 with CNW – Canada Defends Cannabis Legalization Amidst International Skepticism

Canada has defended marijuana legalization amidst global scorn and said that since legal marijuana sales started in 2018, the black market has lost about 30% of its market share to the legal market, and the frequency of marijuana consumption has not changed among the youths as well as the young adults.

Last week on Monday, the director-general for Health Canada Michelle Boudreau delivered the remarks above to the UN Commission on Narcotic Drugs. Boudreau’s comments show that Canada’s decision to legalize marijuana was of benefit for public health, irrespective of the ongoing criticism from some countries.

Canada approved the legislation legalizing recreational marijuana nationwide in 2018. This move undermined international drug treaties that prohibit marijuana legalization, but still, Canada proceeded with the legalization.

Boudreau also encouraged other countries to legalize marijuana in her remarks, and this riled the UN officials. However, she retorted against international concerns that cannabis legalization would compromise public health and the young generation.

According to a written copy of her remarks, Boudreau further noted that the black market has already lost 30% of its market share, which is equivalent to $2 billion in sales that did not go to the criminal organizations. She also said that they have not seen any increase in the overall size of the illicit market.

The initial data shows that the frequency of marijuana consumption among the youth and young adults has not changed, and the country has not noticed an increase in trafficking marijuana across international borders since legalization.

Boudreau further said that they would continue gathering and evaluating data to determine the impact of Canada’s new regulatory frameworks as well as ensuring that the data is used in future decision making.

In its annual report, the UN International Narcotics Control Board expressed skepticism around marijuana legalization and said that it is concerned with the legislative developments allowing the use of marijuana for recreational purposes as this is in contradiction with the drug control policies and commitments made by the state parties. The UN further wrote that cannabis could be harmful to the health and wellbeing of individuals, especially the young generation.

There is a possibility of the global drug policy changing in the near future since many agencies, including the president of INCB, Cornelis .de Joncheere is wondering if the provisions are out of date. The global ban on marijuana legalization is contained in the 1961 Single Convention on Narcotic Drugs, and those provisions prohibiting marijuana legalization are nearly 60 years old.

In her remarks to the UN, Boudreau said that her country is making an effort to reduce the stigma surrounding marijuana consumption by including members of the civil society who have lived with as well as those still living with the experience of substance abuse in their delegation.

Boudreau further said that although her country is violating international agreements on marijuana legalization, they have a strong partnership with the UN Office on Drugs and Crime, where they help fight illegal trafficking of opioids, their precursors, as well as other synthetic drugs through Smart Lab and AIRCOP projects. Canada also contributes to the Container Control Program, which helps in the seizure of illegal drugs and the interception of cash couriers.

It would be eye-opening to hear what established companies like MCTC Holdings Inc. (OTC: MCTC) have to say about the spirited defense that Canada put up against the criticism leveld at it by the international community.

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 – Pennsylvania to Launch Cannabis Research at 8 Universities

Eight Pennsylvania universities are launching marijuana studies in collaboration with marijuana producers. Kent Vrana, who is a researcher at Penn State, said that since the research is being partially funded by the medical marijuana industry, the program is unique.

Vrana further said that the Commonwealth of Pennsylvania is using tax dollars to fund the research. Vrana serves as the chairman of the department of pharmacology at Penn State College of Medicine, which is based in Hershey.

Although marijuana is legal in both medical and recreational forms in many states, Pennsylvania’s medical marijuana law also includes the research program. Vrana is optimistic that good things will emerge from the research program.

Each of the eight research programs is supposed to enter into a contract with a marijuana producer, grower, and processor, as well as own a dispensary license. The cannabis producer is referred to as a clinical registrant as per the law.

Below are some of the collaborations between the universities and clinical registrants:

Drexel University College of Medicine contracted Agronomed Biologics LLC.
Lewis Katz School of Medicine at Temple University contracted Laurel Harvest Labs LLC.
Penn State College of Medicine contracted PA Options for Wellness Inc.
Sidney Kimmel Medical College at Thomas Jefferson University contracted MLH Explorations LLC.
The Perelman School of Medicine at the University of Pennsylvania contracted Curaleaf PA LLC.
Lake Erie College of Osteopathic Medicine contracted CannTech PA LLC
Philadelphia College of Osteopathic Medicine is working with Organic Remedies Inc.

The University Of Pittsburgh School Of Medicine is the eighth research program, and its proposed clinical registrant was not approved by the state, although its application would be resubmitted under an extended deadline within which they are required to meet the additional requirement to qualify as their partner.

The Health Department announced that all the eight medical schools and the marijuana companies would meet in March to finalize their research plans.

Penn State research would be about developing a database that would assist in comparing responses among patients whose medical ailments improved because of marijuana consumption while its partner clinical registrant, PA Options for Wellness Inc., would be conducting double-blind clinical trials under the supervision of experts at Hershey’s medical school, Vrana said.

Vrana further said that the double-blind clinical trials are the scientific gold standard. The patients who will be volunteering for the clinical trial would be divided into two groups, with one group receiving marijuana while the other group would be given an inert compound, referred to as a placebo. Only the physician can identify the patients receiving medical marijuana.

The study will then compare the responses and symptoms of patients in both groups.

Vrana further explained that since marijuana is still a controlled substance federally, conducting marijuana research is challenging. Therefore, placing the clinical trial under PA Options for Wellness protects the university.

The university is also partnering with a dispensary which would be responsible for dispensing the medical marijuana to the study participants.

Penn State is also researching cell cultures and animal studies to determine the dosage and various combinations of marijuana chemicals such as THC and CBD.

Drexel University and Agronomed Biologics LLC will be enrolling patients to determine the effects of marijuana consumption on several medical conditions and symptoms.

Lake Erie and CannTech PA will study how medical marijuana consumption can alter patients’ patterns of opioid use.

All this research is supposed to provide scientific evidence on the benefits of marijuana. Experts hope that the different studies will provide some clarification regarding the benefits that members of the cannabis industry, such as SinglePoint Inc. (OTCQB: SING), have believed to be possible benefits of marijuana.

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CannabisNewsBreaks – Sugarmade, Inc.’s (SGMD) BudCars Sees Sharp Rise in Delivery Demand as Coronavirus Impacts Cannabis Consumer Patterns

Sugarmade (OTCQB: SGMD), together with the BudCars Cannabis Delivery Service, today announced a sharp rise in demand for its cannabis delivery service, driving an associated 10% week-over-week rise in total sales over the past two weeks. According to the update, the company believes this dynamic is being driven by the stay-at-home trend that has emerged in many communities around the world in response to the global COVID-19 outbreak. “The Coronavirus pandemic is undeniably a game-changer for consumer behavior patterns that will likely have long-term implications as it drives new habits into place,” Sugarmade CEO Jimmy Chan, who recently announced a large stake in BudCars with an option for a controlling stake, said in the news release. “As a growing mobile ecommerce and delivery service in one of the fastest growing commercial markets, BudCars is extremely well-positioned for this dynamic. It’s already very clear: people are showing an overwhelming preference toward delivery as nesting takes hold. That applies to cannabis as much as anything else. We are fully prepared for a continuous ramp in demand for our delivery services over coming months and beyond.”

To view the full press release, visit http://cnw.fm/r1l3I

About Sugarmade, Inc.

Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s portfolio includes CarryOutsupplies.com, SugarRush(TM) and Budcars.com. For more information, visit the company’s website at 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

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HempNewsBreaks – Youngevity International, Inc. (NASDAQ: YGYI) Exploring Divestiture of Direct Selling Business Unit to Original Founders

Youngevity International (NASDAQ: YGYI), a leading multi-channel lifestyle company operating in three distinct business segments including a commercial coffee enterprise and a commercial hemp enterprise, today announced that it is exploring the divestiture of its direct selling business unit back to the original founders of the direct selling division. According to the update, YGYI has entered into a non-binding term sheet regarding a potential transaction with Steve and Michelle Wallach, and its board of directors has formed a special committee consisting of all of its independent directors to review and consider the terms of the proposed transaction. An investment banking firm has been engaged by the special committee to review the fairness of the proposed transaction to stockholders. “I believe that the potential of this divestiture strengthens the opportunity for all stakeholders and the focus that this will bring to the various divisions will allow both the public company and the direct selling division to thrive and better leverage their core competencies. The sales and supply agreements that will exist between the two entities, post divestiture, should allow for a seamless transition that benefits both companies,” Youngevity CEO Steve Wallach said in the news release. “The trust and respect and the strong relationship we have built with our President and CFO, Dave Briskie, provides us with a great deal of optimism that this potential transaction can provide a long-term beneficial relationship between our companies and all stakeholders.”

To view the full press release, visit http://cnw.fm/Z5Owj

About Youngevity International

Youngevity International, Inc. (NASDAQ: YGYI), 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. HNW 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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CBDNewsBreaks – Pressure BioSciences, Inc. (PBIO) Receives Order for Game-Changing UST System from Can B Corp. (CANBD)

Pressure BioScience (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide life sciences and other industries, today announced its receipt of a purchase order from a new customer, Can B Corp. (OTCQB: CANBD). According to the update, the order is for one of PBIO’s proprietary BaroShear K45 Ultra Shear Technology(TM) (“UST”)-based systems for processing CBD oil into stable, effectively water-soluble, highly absorbable nanoemulsions of oil in water. The nanoemulsions are expected to exhibit bioavailability levels that far exceed the absorption efficiency of today’s macro or microemulsions of CBD oil. “Importantly, the optimized effectiveness for the consumer also translates into allowing top-shelf manufacturers like Can B Corp to achieve targeted product effects from much lower levels of cannabinoids in their marketed products,” Pressure BioSciences President and CEO Richard T. Schumacher said in the news release. “This should offer them a dramatic new cost efficiency, for both ingested or topically applied products. We also believe that Can B Corp’s routine use of our BaroShear K45 system will allow them to increase even more the current high-quality level of their products.”

To view the full press release, visit http://cnw.fm/yRmn8

About Pressure BioSciences Inc.

Pressure BioSciences is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life sciences industry. The company’s products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure cycling technology, or “PCT”) hydrostatic pressure. PCT is a patented, enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). PBIO’s primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil and plant biology, forensics and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of its pressure-based technologies in the following areas: (1) the use of its recently acquired, patented technology from BaroFold Inc. (the “BaroFold” technology) to allow entry into the biopharma contract services sector, and (2) the use of its recently patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and to (ii) prepare higher quality, homogenized, extended shelf-life or room-temperature, stable low-acid liquid foods that cannot be effectively preserved using existing nonthermal technologies. For more information, visit the company’s website at www.PressureBiosciences.com.

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CannabisNewsBreaks – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Portfolio Company Obtains C$80.5M Debt Financing Arrangement with Canopy Growth Corp. (TSX: WEED) (NYSE: CGC)

Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, on Wednesday announced that TerrAscend Canada Inc., a wholly owned subsidiary of CNPOF’s portfolio company TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF), has entered into an C$80.5 million loan financing arrangement with Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) pursuant to a secured debenture. TerrAscend has issued 17,808,975 common share purchase warrants to Canopy Growth in connection with the loan. TerrAscend Canada intends to use the net proceeds toward general corporate purposes, the funding of its Canadian operations, its Arise Bioscience U.S. hemp division, international expansion, and the repayment of indebtedness. “This additional capital is a vote of confidence in TerrAscend Canada’s ability to execute on its strategic mandate for both domestic and international markets,” Canopy Rivers president and CEO Narbe Alexandrian stated in the news release. “We believe the TerrAscend team is well-positioned through their resources and network to continue to take advantage of opportunities in regulated jurisdictions. We are also pleased with Canopy Growth’s continued support of our portfolio companies.”

To view the full press release, visit http://cnw.fm/D3o5H

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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420 with CNW – 5 Successful People You Didn’t Know Consumed Marijuana

People have often assumed that marijuana consumers are lazy people with no future goals, and whose brain cells are slowly deteriorating. However, the reality is entirely the opposite, because while marijuana helps you relax when you are tired, you will find that some of the most famous and successful people in the world consume marijuana and this doesn’t detract from their productivity.

DBS Analytics is a market research company, and recently they conducted a study which revealed that 20% of marijuana consumers in California and Colorado graduated with a master’s degree and that their annual income is higher than those who do not consume marijuana ($93,800 to $70,000). Compared to people who do not consume marijuana, cannabis consumers were found to be more social, prone to volunteering, and are more responsible.

People should therefore be glad that they can easily purchase marijuana in Los Angeles, Denver, or Las Vegas. Discussed below are some of the most successful people who consume marijuana, and you did know they did.

Elon Musk

Elon Musk smoked a joint during a webcast hosted by Joe Rogan in 2018, and it created a storm. Some people said that he was out of line, while others claimed it to be a new trend, but Musk did not comment on the issue. Later this year, some cargo will be sent to space to see whether the cosmic journey has any effect on the plants, and he plans on including hemp and coffee.

Carl Sagan

He is a well-known astronomer and cosmologist who is famous for the science and assembling of the first physical messages to be sent into space. Sagan was a cannabis consumer and an advocate for its legalization, as well as the benefit it brings. He believed that marijuana could have a positive impact on our brains, so he was outspoken about weed until he died in 1996.

Whoopi Goldberg

She is probably one of the most outspoken and prominent voices advocating for marijuana. Goldberg is well known for her love of vape pens as she wrote a love letter praising the benefit of using weed. She is a comedy legend, businesswoman, a co-founder of a marijuana brand known as Om Edibles alongside Maya Elisabeth. They both focus on how to help women manage their menstrual pains using marijuana.

Richard Branson

Branson is a British activist, philanthropist, and business guru. He is the founder of Virgin, which currently controls over 400 companies around the globe. Branson is also a member of the Global Drug Commission, and he actively voices the benefits of marijuana. He also advocates for parents to smoke weed with their children, claiming that it is better than leaving them to explore the world of marijuana on their own.

Martha Stewart

Stewart is a businesswoman, writer, and TV personality. She is the role model of the perfect housewife, but also a strong and independent woman. Stewart has experimented with marijuana products for their health and beauty benefits. She is collaborating with a marijuana company to develop a series of animal, food, and cosmetic products which are cannabis-based.

This list is quite impressive since the people above are role models to many. And with all the growing support for marijuana legalization, the assumption that every marijuana consumer is a lazy person with no future is finally dwindling. Experts say this is exactly what cannabis companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) mean when they assert that the misconceptions about pot can only be peeled away by exposing the truth about marijuana use and its benefits.

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420 with CNW – 50 State Banking Associations Ask Senate to Pass Marijuana Banking Bill

On Friday, banking associations from 49 states, including Puerto Rico, sent a letter to the chairman and the highest ranking member of the Senate Banking Committee requesting them to approve the legislation seeking to protect credit unions and banks providing services to state-legal marijuana businesses.

The letter, which was addressed to Senators Mike Crapo (R-ID) and Sherrod Brown (D-OH), stressed that they are not supporting marijuana legalization, but that they are in support of legislation passed by the House. The bill would prevent federal regulators from punishing banks that are working with legal marijuana companies.

Last year, the House approved the Secure and Fair Enforcement (SAFE) Banking Act through a bipartisan vote.

Although more and more states are seeking to legalize marijuana in one form or another, the current federal regulations prohibit banks and credit unions from doing business with marijuana companies for fear of federal sanctions.

The Associations further wrote that marijuana businesses are forced to operate on a cash basis, which compromises public safety, revenue administration, and legal compliance concerning the communities they serve. This could severely impact our local economies because revenue, which is paid to unrelated industries such as law firms, accountants, and contractors, is money, which is derived from illicit activities, and it could be construed as money laundering.

The associations representing every state except Kentucky further stated that there is an ongoing confusion over the existing policy conflicts in the industry about whether businesses that do not directly handle marijuana but supply marijuana companies with products and services that can be serviced by financial institutions.

They further wrote that if the federal laws are not amended, the entire sector of economic activity in legal marijuana might be banished from the banking system. The SAFE Banking Act respects state powers, and it does not facilitate marijuana sales in states that have opted for prohibition.

The letter concludes by beseeching Sens. Crapo and Brown to evaluate and address the issue of banking problems, as it is within their power. And by so doing, states would benefit from immediate public safety, tax administration, and proper regulations.

Some legislators opposed the measure claiming that it would impact the legal status of marijuana as a controlled substance. Seeing this, Sen. Crapo suggested a series of restrictive amendments to the legislation, such as limiting banking access to marijuana businesses selling products containing less than 2% of THC. Advocates and industry stakeholders rejected the proposed changes.

Senator Cory Gardner said that behind closed doors, lawmakers are compromising on some of the issues and are also working through some of the objectives relating to safety, research, and guidance.

On Wednesday, the head of the Treasury Department said that the banking issue could not be handled through administrative action; therefore, it should only be dealt with legislatively.

The appeal made by the banking associations across the nation is seen as magnifying the pleas of cannabis companies like Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) to have enabling banking laws so that state-legal marijuana businesses can access the same services as other businesses in their jurisdictions.

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