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 – Colorado Pot Sales Hit New Record

This week, the Colorado Department of Revenue released new data that showed that the dispensaries within the state set a new sales record in 2019.

The state of Colorado raked in $1.74 billion in medical and adult-use marijuana sales, out of which $302 million was collected in the form of sales taxes. The tax proceeds within the state are used in the construction of new schools and health education programs.

Compared to 2018, marijuana sales in the state of Colorado increased by 13% in 2019. Colorado was among the first states to legalized marijuana in the U.S, and since 2014, Colorado has generated a total of $7 billion in legal marijuana sales. And since 2014, the state’s legal marijuana industry has made a total of $1.21 billion in tax proceeds.

In December 2019, the state of Colorado sold more than $144 million of marijuana products, which is a 6.7% increase from the previous month. But, August was the most lucrative within the state in all of 2019, because the state’s legal marijuana businesses sold weed worth $173 million.

Colorado Governor Jared Polis is an avid supporter of legal marijuana because it has brought a lot of economic benefits to his state. And while speaking at a CNBC event, Polis said that the industry is performing well within the state as it has created many employment opportunities, raised revenue for Colorado, and buildings are being rented out, giving the landlords business. He has also witnessed a reduction in the crime rate.

Analysts predict that the booming marijuana industry is just getting ready for a takeoff, and this prediction coincides with strong marijuana sales.

In the whole of the U.S., the employment opportunities in the legal cannabis industry hiked up to a quarter of a million people in 2019, and analysts predict that the legal marijuana industry might overtake the illicit market soon.

Marijuana is still a federally controlled substance, and there are strict restrictions for companies when it comes to advertising marijuana. The national marketing of marijuana is prohibited, but state regulators are given the mandate to establish the rules for promoting cannabis products locally.

The restrictions have forced companies to be creative in coming up with ways to reach their target customers.

For instance, 51 dispensaries and manufacturers have adopted a clean road initiative where they are sponsoring approximately 66% of Colorado state highways.

In exchange for a sign, businesses and individuals through Colorado’s Department of Transportation Clean Colorado, Sponsor-a-Highway program, offer to pay a clean-up fee to keep the roads litter-free.

Such initiatives to give back to the community are seen by analysts as proof that what sector players like Champignon Brands Inc. and ChineseInvestors.com (OTCQB: CIIX) have always pointed out as the positive knock-on effects of legalizing this industry.

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 – Risks of Buying Marijuana from Unregulated Sources

It would be pointless to make mistakes or make yourself sick while cultivating marijuana as if there were no rigorous controls at an approved professional cultivation facility. On rare occasions, marijuana products might be contaminated, and their health benefits might turn to be health hazards.

For this reason, you should buy marijuana products from licensed dispensaries and also avoid growing your own marijuana if you do not know what you are doing. This will minimize the risks of consuming contaminated cannabis.

Discussed below are some of the contaminants that can be found in untested marijuana products.

  • Mold

Marijuana, which is ready to be consumed, should never feel damp, wet, or gooey. If your cannabis is wet or squishy, it must be holding water, which is an issue as it can be a breeding ground for mold, as mold grows in moist places.

Botrytis cinerea is a type of fungus that causes marijuana buds to rot. Although it is not toxic, in some cases, it can lead to a respiratory allergic reaction known as hypersensitivity pneumonitis, which causes inflammation of the alveoli. Even if it is rare, hypersensitivity pneumonitis can be severe. And common symptoms are coughing, fever, and labored breathing.

  • Heavy Metals Found in the Soil

These include cadmium, arsenic, lead, mercury, and uranium. The presence of minerals in the soil depends on the location; therefore, farmers should survey their land before cultivating marijuana because marijuana roots can suck up and retain the heavy metals as well as other chemical contaminants. A study conducted in 2002 and published in Industrial Crops and Products found that the highest concentration of the minerals was accumulated in the leaves, seeds, and fibers.

  • Pathogens

These are bacteria, fungi, viruses, and other microorganisms that cause illness, and they include rhinovirus and coronavirus.

A report released by the Cannabis Safety Institute stated that pathogen bacteria could not be associated with living marijuana plants because living marijuana plants do not support a high concentration of bacteria growth. The report also noted that pathogenic bacteria that are extremely resistant to drying could survive on marijuana and eventually be transferred to humans through marijuana consumption.

Salmonella is the pathogenic bacteria that can survive when marijuana is dried, and it is transferred to people through inhalation. It causes severe fevers and fatigue, and it is not easily diagnosed.

Other types of pathogens include Aspergillus, which is found in both indoor and outdoor environments. It can cause harmful lung infections. E-coli is another type of bacteria that is found in poop and contaminates everything that comes into contact with poop. It can cause diarrhea and lung infections.

  • Pesticides

Pesticides are a double-edged sword because they make cultivation of commercial marijuana possible, but they can also be harmful if the products retain too much of it. For instance, in October, Oregon called back two batches of cannabis (Dr. Jack, batch no. G6J0051-02, and Marionberry, batch no. G6J0051-01) because it was found that they had high pesticides residuals known as spinosad after they were tested.

Spinosad causes irritation and redness if it comes into contact with your skin or eyes.

  • Controlled Substances

Marijuana products found on the black market may be laced with illicit substances such as phencyclidine or opiates. This is done to trick consumers into thinking they are buying high-quality marijuana. And this can create dependence in their buyers since they are not aware that the products are infused with other addictive drugs.

To reduce the risk of buying contaminated marijuana products, make sure that you are purchasing only from registered marijuana dispensaries. Experts think that this need for care could explain why cannabis companies like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) encourage consumers to read third-party lab reports before purchasing any marijuana product.

About CNW420

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

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CannabisNewsBreaks – Why Champignon Brands Inc. Is ‘One to Watch’

Headquartered in Vancouver, British Columbia, Champignon Brands is a research-driven company with a wide-ranging portfolio of artisanal mushroom health supplements designed with the health-conscious consumer in mind. A recent article discussing the company reads, “Champignon’s mushroom-derived, consumer packaged goods (‘CPGs’) portfolio includes its flagship brand, Vitality Superteas. Each carefully curated Vitality Supertea formulation was developed with the intent of helping individuals enhance and enrich their well-being one cup of mushroom-infused tea at a time. . . . Also in the portfolio are Nourish Force Supertea, a blend of reishi ryobus tea mix; Mighty Recharge Supertea, created with lion’s mane tropical green ginseng tea mix; and Brain Enhance Supertea, a blend of cordycep hibiscus and berries tea mix — all of which are formulated with organic ingredients and chosen for their ability to provide unique health and performance benefits.”

To view the full article, visit http://cnw.fm/m4W6L

About Champignon Brands Inc.

Champignon Brands is a research-driven company specializing in the formulation and distribution of a suite of artisanal-mushroom health supplements. Dedicated to revolutionizing conventional organic teas, coffees and other consumables with the infusion of a proprietary blend of artisanal mushrooms, Champignon’s expanding portfolio is crafted with the health-conscious consumer in mind. For more information, visit the company’s website at www.ChampignonBrands.com.

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

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 – Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) Utilizing DehydraTECH Technology to Power Cannadips Cannabis Products

British Columbia-based Lexaria Bioscience (CSE: LXX) (OTCQX: LXRP) recently expanded on its relationship with Cannadips through a new definitive agreement to provide its patented DehydraTECH(TM) technology to Cannadips’ cannabis products in Cannadips’ current California market and throughout the United States (http://cnw.fm/7V8qe). An article discussing the company reads, “Lexaria’s DehydraTECH drug-delivery platform is perfectly suited to improve the dipping experience through its effective, high-absorption technology. Cannadips uses multi-spectrum oils as base ingredients. The oils are rich in high-quality terpenes, which ensure the much-coveted entourage effect. DehydraTECH minimizes the throat irritation usually associated with some terpenes. . . . ‘Lexaria is building a stronger relationship with the Cannadips brand and applying DehydraTECH to Cannadips cannabis represents our latest advance,’ Chris Bunka, CEO of Lexaria Bioscience Corp., stated in a news release. ‘Our DehydraTECH technology empowers a scalable supply chain across state lines for our cannabis brand licensees. We are excited that Cannadips is interested in activating the Lexaria technology in additional key state markets.’”

To view the full article, visit http://cnw.fm/bBmR9

About Lexaria Bioscience Corp.

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

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

About CanadianCannabisWire

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

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CannabisNewsBreaks – WeedMD Inc.’s (TSX.V: WMD) (OTCQX: WDDMF) (FSE: 4WE) Starseed is Preferred Medical Cannabis Supplier to Insulators Local 95 Health & Welfare Trust Fund

WeedMD (TSX-V: WMD) (OTCQX: WDDMF) (FSE: 4WE), a federally-licensed producer and distributor of medical-grade cannabis, on Wednesday announced that its subsidiary, Starseed Medicinal Inc., is now the preferred medical cannabis supplier to the Insulators Local 95 Health & Welfare Trust Fund. According to the update, the agreement provides union members and their dependents access to medical cannabis as an insured benefit with no out-of-pocket costs or co-pays. “Starseed’s unique and proprietary program is rapidly becoming the platform of choice for benefits providers, insurers and their members looking to seamlessly add medical cannabis in a responsible way,” WeedMD CEO Angelo Tsebelis said in the news release. “We have rolled-out a streamlined process for introducing medical cannabis as part of an individual’s health and wellness journey by developing personalized treatment plans with healthcare experts, and by simplifying the reimbursement process. As a result, we are seeing broader acceptance to medical cannabis and we are pleased to welcome the Insulators Local 95 Health & Welfare Trust Fund’s members to Starseed’s full-service medical cannabis program.”

To view the full press release, visit http://cnw.fm/m9Qmm

About WeedMD Inc.

WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer of cannabis products for both the medical and adult-use markets. The company owns and operates a 158-acre state-of-the-art greenhouse, outdoor and processing facility located in Strathroy, Ontario. WeedMD also operates CX Industries Inc., a wholly-owned subsidiary of WeedMD Inc., from the company’s fully-licensed 26,000 sq. ft. Aylmer, Ontario production facility which specializes in cannabis extraction and processing. With the recent acquisition of Starseed Medicinal Inc., a medical-centric licensed holder with operations in Bowmanville, Ontario, WeedMD has expanded its multi-channeled distribution strategy. Starseed’s industry-first, exclusive partnerships with union groups, employers and benefit providers in Canada, complements WeedMD’s direct sales to medical patients. The company maintains strategic relationships across the seniors’ market and supply agreements with Shoppers Drug Mart as well as six provincial distribution agencies where its adult-use brands Color Cannabis and Saturday are sold. For more information, visit the company’s website at www.WeedMD.com.

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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HempNewsBreaks – Youngevity International, Inc.’s (NASDAQ: YGYI) Khrysos Industries Secures $1.5M Equipment Deal

Youngevity International (NASDAQ: YGYI), a multi-channel lifestyle company operating in three distinct business segments, together with its subsidiary and hemp enterprise, Khrysos Industries, Inc., today announced that its equipment division completed the sale of a $1.5 million extraction and distillation system along with other related equipment to a customer located in the central part of the U.S. According to the update, the fully built system is scheduled to ship before the end of the month. “We are excited to place two of our state-of-the-art CO2 extraction systems, and other hemp processing systems with a new account located in the Midwest,” Khrysos President Dwayne Dundore, PhD, said in the news release. “We are encouraged to see smart customers looking for more efficient and cost-effective systems like we offer at Khrysos.”

To view the full press release, visit http://cnw.fm/kqHv9

About Youngevity International, Inc.

YGYI, Inc. (NASDAQ: YGYI), is a leading omni-direct lifestyle company offering a hybrid of the direct selling business model, that also offers e-commerce and the power of social selling. Assembling a virtual Main Street of products and services under one corporate entity, YGYI offers products from the eight top-selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, fashion, essential oils, photo, as well as innovative services. The company was formed in the course of the summer 2011 merger of Youngevity Essential Life Sciences with Javalution(R) Coffee company (now part of the company’s food and beverage division). The resulting company became Youngevity International, Inc. in July 2013. For investor information, please visit www.YGYI.com.

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

About 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) Announces Official Opening of its Ultra Shear Technology(TM) Demonstration Laboratory

Pressure BioSciences (OTCQB: PBIO), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics and other industries, today announced the official opening of its new Ultra Shear Technology(TM) (“UST”) Demonstration Laboratory. According to the update, the major purpose of the UST Demo Lab, located in the company’s South Easton, Massachusetts facility, is to showcase the ability of the company’s revolutionary UST Platform to process CBD oil into true, high quality, water-soluble nanoemulsions. A second purpose is to invite potential purchasers of Pressure BioSciences’ UST-based BaroShear Systems (initial release expected Q4 2020) to evaluate how their CBD and other product formulations work with the company’s revolutionary UST platform. “The initial reactions from manufacturers of topical and ingestible cannabidiol products processed in our lab during the trial period have been extremely positive. They quickly saw how they could realize substantial cost reductions while eliminating the overloading of poorly water-soluble CBD and other cannabinoids into products to achieve targeted dosing levels,” PBIO President and CEO Richard T. Schumacher said in the news release. “We believe our breakthrough technology platform provides them with a new-found ability to provide safe and effective dosing for their customers, which in turn should stimulate greater growth in the market for CBD-based products overall, and strong sales of our BaroShear product line when it is released to the market later this year.”

To view the full press release, visit http://cnw.fm/bKZ7t

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.

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 – GP Solutions, Inc. (GWPD) Offers Safe Alternative to Traditional Potting Soils

GP Solutions (OTC: GWPD), the developer of “GrowPods” – controlled environment automated micro-farms, on Wednesday announced that its signature growth medium, Prolific, is an excellent substitute to other regularly used potting soils. Following the recent untimely death of an avid gardener who was diagnosed with Legionnaires’ disease after encountering contaminated soil, the safety of potting soils has been examined. According to recent article on CNN.com, potting mix is known to carry harmful bacteria and fungi. Prolific, however, is a unique, bio-active soilless growth medium that contains no human and sewage waste. The reusable growth medium contains the finest quality ingredients, including coconut coir, alfalfa, kelp, volcanic perlite, and sphagnum peat moss. It provides growers a level of safety and the ability to grow clean, organic “superfoods.” Prolific is available for purchase on Amazon.com.

To view the full press release, visit http://cnw.fm/o1n0K

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.

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420 with CNW – First Month of Illinois Recreational Pot Sales Earn the State $10M in Taxes

The first month of legal recreational marijuana sales in Illinois raked in more than $10 million in sales tax.

The Department of Revenue in Illinois said that the legal sales were so strong such that they expect to surpass their original and conservative estimate for the first half year of sales. They are optimistic that they are going to collect more than $28 million from taxes on marijuana sales within the first six months of adult-use marijuana sales.  Despite the shortages that plagued the state during the first month of legal sales, the state said that the retailers sold $40 million in cannabis.

According to the state, $7.3 million was collected from weed-specific taxes, while $3.1 million was collected in standard fees, which is also charged on marijuana sales.

During the financial year 2021, which starts on July 1, the state expects to collect $127 million in marijuana taxes. And, it will be the first full year of legal adult-use marijuana sales within the state.

Different types of taxes are imposed on marijuana sales. For example, 10% to 25% is imposed at the retail point of purchase, and this varies depending on the THC concentration in the product. The consumers bear the tax. THC is responsible for inducing the high associated with pot. The state also charges 7% tax on the cultivators at the point of sale to retailers.

During the first month of marijuana sale in Illinois, consumers were paying approximately 27% in combined sales taxes on retail purchases.

The state would also start collecting taxes on behalf of the cities and counties from July 1, and they are allowed to charge a 3% tax on all marijuana sales. According to the Tax Foundation, Illinois’ overall tax rate would place Illinois taxes below Washington, whose overall tax charge is 37% and above Colorado’s 30%.

Half of the tax revenue earned from marijuana sales will be used in communities that were most affected by drug arrests, violence, poverty, and substance abuse, as well as funding mental health treatment. The remaining tax proceeds will be divided between the state’s general revenue fund and local governments.

In comparison, Michigan launched the sale of legal adult-use marijuana on December 1 and the state sold about $6.5 million worth of weed during the first month. The state expects the industry to multiply as more retail outlets are licensed. According to the Michigan Regulatory Agency, the state collected a little over $1 million in sales and excise fees from its first month of sales.

Experts say that the entire cannabis industry, including sector players like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF), will be vindicated in their belief that marijuana legalization brings untold economic benefits to states and other jurisdictions where it is permitted.

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 – Survey Shows More Older Adults Are Embracing Marijuana

Data from a new study shows that more older adults are using one or more marijuana product, but their doctors are not ready to discuss marijuana use with this demographic.

The new study findings published in JAMA Internal Medicine showed an increase in the percentage of adults above the age of 65 who said that they had consumed some form of marijuana within the past year. The increase was 75% higher in 2018 than it was in 2015; 4.2 % of the adults said that they had used marijuana in the past year. Marijuana consumption among the older generation has been increasing drastically since 2006 when it was recorded that less than 0.5 percent of the older generations were using cannabis.

The study author and geriatrician Benjamin Han said that the current trend in consumption of marijuana among older patients was not there ten years ago since no patient of his asked him about marijuana use ever. Han further said that marijuana questions are common questions in the clinic today. Han is an assistant professor in the division of geriatric medicine and palliative care at the New York University School of Medicine. Han said that patients ask him about marijuana consumption about once a week. He noted that there is a significant interest in the use of marijuana amongst the older generation.

The survey used data from the National Survey on Drug Use and Health and included responses from more than 14,000 people who participated in the study. Han said that the survey did not ask the older adults why they chose to use cannabis. But from his perspective, it may probably be because of the legalization of medical and adult-use marijuana as well as destigmatization of cannabis. It may also be attributed to the availability of more and more information on the use of marijuana in treating chronic conditions.

The survey revealed that a large percentage of people who have diabetes were using marijuana, probably because it helped in managing nerve pain which can be triggered by chronic pain. Han also said that an increased use of marijuana was also noted in cancer patients.

However, the study did not ask the respondents if they had arthritis, Parkinson’s disease, or chronic pain, which are all qualifying conditions, and people use marijuana to treat these ailments. A 2019 study found that older adults used marijuana to manage chronic pain, but the study did not capture all the chronic conditions that affect the older generation.

Han further said that despite the increased use of marijuana among the older generation, doctors were still not comfortable talking about weed with patients. This is mainly because of the lack of enough evidence on its medical use since older adults are usually excluded from clinical trials. Doctors should offer these patients with consultation services before they consume marijuana. This is because they are more vulnerable to the effects of THC. Furthermore, weed might react negatively with other prescription drugs, and since older patients with chronic conditions tend to take more medication, a doctor’s advice is essential.

It would be eye-opening to hear what established cannabis companies like Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) have to say regarding the best way to get medical professionals to guide older adults as they use different forms of marijuana.

About CNW420

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have a questions or are you interested in working with CNW420? Ask our Editor

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CNW420 is part of the InvestorBrandNetwork.