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 – New Tax Plan Injects Life into New Jersey Marijuana Legalization Debate

A stalemate had developed between the Senate President and the Governor of New Jersey regarding how the marijuana industry will be taxed once an appropriate law is passed. However, a new plan has reignited the legalization debate and a compromise may be reached to move forward on this long-awaited matter.

Previously, Stephen Sweeney (the Senate President) had dug his heels in that he would not go along with any marijuana legalization law that set the tax rate at more than 12 percent. Meanwhile, the Governor (Phil Murphy) was adamant that the tax rate should be in the region of 25 percent.

The disagreement between these two influential leaders had driven the legalization debate to a standstill and there seemed to be no hope for a way out of that stalemate.

Now a new proposal to tax marijuana products by weight rather than by each item sold appears to be providing the much needed compromise between the two parties. While there are disagreements on various issues, the different opinions on tax matters were the biggest bone of contention between the lawmakers and the Governor.

Proponents of the new tax proposal see that plan as beneficial in two major ways. The first, as already mentioned, is to build consensus between the two sides on the tax rate.

Secondly, taxing marijuana by weight has the added long-term benefit of protecting the state’s tax revenue from the effects of marijuana price fluctuations.

You see, in states where marijuana taxes are based on the sales made (excise tax), falling marijuana prices have caused tax revenues to take a hit.

For example, Colorado reported in 2018 that marijuana prices had fallen by approximately 70 percent from what they were in 2014 when recreational cannabis was legalized.

Such a huge drop in prices can cause serious funding shortfalls for states where an excise duty is imposed on all marijuana products sold.

The plan to tax cannabis by weight shields the state from such tax income drops since the taxes collected will stay the same regardless of which trend marijuana prices take. As historical data shows, prices inevitably go down as more players enter the industry and new production methods cut costs for cultivators.

Taxing marijuana by weight may therefore be a masterstroke that gets legalization back on track while also ensuring that the state will have a sustainable source of revenue. Such win-win solutions are what everyone in the industry, including Earth Science Tech, Inc. (OTCQB: ETST) and Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF), wants for all jurisdictions where marijuana is legalized.

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 – Massachusetts Legal Cannabis Sales Hit Nearly $24M during First Two Months

Massachusetts started retail sales of recreational marijuana on November 20 and nearly $24 million worth of cannabis has so far been sold in just two months, according to statistics released by the state.

The data released by the Cannabis Control Commission shows that cannabis products worth $23.8 million were sold by licensed dispensaries in the maiden two months since retail sales started.

The statistics also show that retail sales have been booming since the first day of legal recreational cannabis sales. For example, the two dispensaries that opened on the first day of legal sales made about $2 million in retail sales during the first five days when they were open.

Each retail sale attracts a 20 percent tax with 3 percent of that tax going to the local authorities while 17 percent goes to the state. You can therefore calculate how much tax Massachusetts earned from the sales made during the first two months after legal sales started.

It is also worth noting that Massachusetts is the first state on the East Coast to permit recreational marijuana. The population there has responded overwhelmingly to this new development.

For example, Cultivate, one of the first dispensaries to open in Leicester, attracted such large numbers that the city held an emergency meeting to discuss how to control traffic in the area. About 1,000 customers have been visiting the retail outlet each day.

Cannabis is such a hit in the area that people flag down each other to ask for directions and everyone knows where to buy marijuana.

Does this large number of customers affect customer service at the retail outlets? Not at all, if the reports from clients are anything to go by. Many reported that everyone was served properly and it was easy to make a purchase.

One Leicester resident even said that he flagged down a cop to ask for directions and found it pleasantly weird to ask a cop for directions to where pot could be bought!

The statistics of the people who are visiting the current dispensaries each day point to the possibility that not enough retail outlets have been licensed in the state, or not all that have been licensed have opened for business. Nevertheless, business is being conducted smoothly, which is a totally different story from what is happening in Canada. ChineseInvestors.com (OTCQB: CIIX), Canopy Rivers Inc. (TSX.V: RIV) and everyone in the cannabis industry hopes that the Canadian supply issues will soon end so that customers there can enjoy what those in Massachusetts are enjoying.

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 – Florida Governor wants Smokable Marijuana Ban Ended

Gov. Ron DeSantis of Florida has spoken out against the medical marijuana law and threatened to step in decisively if the legislature doesn’t amend that law to permit patients to smoke medical cannabis.

The Republican Governor wants the state to have a new law that puts an end to the ban on smokable marijuana and also loosen the restrictions on the licensing conditions for treatment centers. DeSantis wants this law by mid-March.

The Governor feels that Florida voters spoke clearly enough when they approved medical marijuana, so the legislators should pass legislation that is in line with the wishes of the people. A reported 71 percent voted to legalize medical cannabis in 2016.

DeSantis says that he will drop the state’s appeals against the rulings made regarding the smokable cannabis ban as well as the legal challenge to the licensing requirements. This step will leave the courts to make a binding decision that will compel the regulators to change the existing provisions of the medical marijuana law.

However, the Governor doesn’t want to use the judicial system to effect change. Instead, he would prefer to see the necessary changes made by the legislative arm of the state, but he will have no other choice if the legislators don’t do as required within a few weeks after the new session opens on March 5.

The appeals DeSantis refers to were launched by the previous Governor (Rick Scott) after a circuit court decided that the ban on smoking medical cannabis was unconstitutional. Scott is now a Senator and DeSantis replaced him as Governor.

DeSantis spoke during a media address with John Morgan, a personal injury lawyer who sued the state over the ban on smoking medical cannabis. Morgan remarked that the no smoking issue wasn’t a joking matter and that it will be overturned one way or the other.

In response, the new Republican legislative leaders in the Senate and the House promised to work with the Governor in order to secure the necessary changes to the medical marijuana law.

It is good to see that the Governor is exerting his weight in order to help patients to have as many different ways to consume medical cannabis as is possible. Actually, the smokable cannabis may be the most affordable option for many of those patients, so keeping it off the table may impose a financial strain on people who are already struggling with serious medical conditions. The entire marijuana industry, including Cannabis Strategic Ventures, Inc. (OTC: NUGS) and Youngevity International, Inc. (NASDAQ: YGYI), supports the position taken by Governor DeSantis.

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 – Missouri Prosecutors Change Stance on Marijuana Cases

It is still illegal to consume recreational marijuana in Missouri, but prosecutors in several urban areas there have decided to stop going after people found in possession of small amounts of cannabis.

The prosecutors in Jackson County, St. Louis and St. Louis County have all announced that their efforts will be directed elsewhere rather than on small-time marijuana cases.

The change in these urban areas isn’t unique to Missouri. Brooklyn, Manhattan, Albany and Virginia are other examples of urban authorities where similar policies are being implemented.

Wesley Bell, the new prosecuting attorney of St. Louis County, is the latest urban authority law enforcement official to announce that low-level marijuana cases will no longer take any law enforcement resources.

However, individuals who are suspected to be distributing or selling marijuana will still be prosecuted as well as those who drive under the influence of the substance.

Marijuana law reform advocates welcomed this announcement and expect many other urban authorities to take similar action since there is growing pressure to end prohibition and adopt legalization and regulation of marijuana.

At one time, cannabis was seen as a stepping stone (“gate-way” drug) to harder drugs like heroin and cocaine. However, the medicinal use of marijuana has led to wider acceptance of the substance and nearly three dozen states have legalized its medical use. Missouri voters did the same during the recent midterms.

The decision taken by the prosecutors in the urban areas of Missouri have nevertheless attracted some criticism. For example, some lawmakers are saying that it isn’t up to the prosecutors to decide which laws they will implement and which ones they will not implement. They added that it is the work of the legislature to make laws while the judiciary interprets them and law enforcement simply implements those laws.

The action of the prosecutors is therefore a subversion of democracy, the critics concluded.

In response, Wesley Bell said that his biggest priority is to keep families safe, and small-time marijuana possession isn’t the biggest threat to families. Violent crime and other serious forms of crime pose a bigger threat to public safety, so scarce resources should be directed there.

Bell gave an example that a minor marijuana possession case can take approximately 60 hours of an assistant prosecutor’s time. Is that a good way to utilize the limited law enforcement personnel, he wondered.

Since prosecutors are in the business of tackling crime, who is to argue against them regarding how much attention low-level marijuana possession should be accorded? The cannabis industry, including VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) and TransCanna Holdings Inc. (CSE: TCAN), welcomes every small step that is taken to end the pariah status that has been unfairly slapped on cannabis for decades.

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 – Most US Mayors Support Marijuana Legalization, Survey Shows

A survey conducted by a team of researchers based at Boston University shows that a slight majority of all city mayors across the U.S. supports the legalization of marijuana and the regulation of its sales.

110 current city mayors from 37 states in the nation were asked to share their views about marijuana and several other policy issues.

The researchers found that 53 percent of the mayors were in favor of marijuana legalization and regulated sales within their cities while 35 percent of the mayors said they didn’t support the legalization of marijuana in their jurisdictions.

Many of the mayors who took part in the survey revealed that their opinions hardly depended on their philosophical or moral views on marijuana. Instead, they were influenced by several practical matters when forming an opinion on the subject.

For example, some of those who opposed legalization wondered how law enforcement agencies would distinguish between legal marijuana and black market marijuana.

In terms of political party affiliation, 62 percent of Democratic Party-affiliated members said they were in favor of cannabis legalization while 67 percent of Republicans were opposed to cannabis legalization.

So far, ten states have legalized recreational marijuana and many more are queuing up to do so. However, cannabis is still illegal under federal law and this creates a contradiction between what is happening at state level and what federal law permits.

This contradiction prompted the National League of Cities (a group bringing more than 19,000 municipalities together) to pass two resolutions in 2018 asking the federal government to reform the federal marijuana laws.

Furthermore, marijuana law reform proposals in Congress have bipartisan support and there is a good chance that some of them may sail through both Houses this year.

All these changes are on the horizon as support for cannabis legalization keeps growing across the country. Recent polls by Gallup and other reputable entities show that up to 64 percent of Americans now support marijuana legalization.

It may therefore be just a matter of time before all the states legalize marijuana in some form and the federal government may then have no choice but to make some legal concessions on matters of marijuana.

Otherwise, if the views of the mayors in the Boston University survey are anything to go by, change is likely to come sooner than the federal government may have envisaged. The whole cannabis industry, including Therma Bright, Inc. (TSX.V: THRM) (OTC: THRBF) and The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF), is watching and waiting to see what happens on Capitol Hill.

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 – US Virgin Islands Passes Medical Marijuana Law

On Tuesday last week, Gov. Albert Bryan Jr. signed a bill that legalized medical cannabis in the U.S. Virgin Islands. This brings to an end a long process that started with a referendum in favor of medical cannabis in 2014. 56.5 percent of the voters agreed that medical cannabis should be legalized and regulated.

Senator Positive Nelson then drafted a bill to actualize medical cannabis in the jurisdiction but the bill didn’t sail through the legislature. He persisted in bringing new bills during each legislative session until the most recent one passed in December last year and was assented to by the Governor a week ago.

Gov. Bryan Jr. had stated during his campaigns that he supported the legalization of medical cannabis, so putting his signature on the bill was a foregone conclusion as long as the bill passed on the floor of the Legislature. The Governor was also aware of the economic benefits that would accrue once medical cannabis is legalized.

The Medical Cannabis Patient Care Act states that patients need to get a recommendation from a doctor before consuming medical cannabis. The law also establishes the Office of Cannabis Regulation, the agency that will be charged with licensing and overseeing the medical cannabis industry.

The patients who reside in the Virgin Islands will be allowed to have up to four ounces of marijuana flower while those who aren’t residents will have a possession limit of three ounces. The Office of Cannabis Regulation will set the limits for the other cannabis products in due course.

The law also listed a number of health conditions for which patients can get a doctor’s recommendation for medical cannabis. These include neuropathic pain, diabetes, traumatic brain injury, HIV/AIDS, ulcerative colitis, muscle spasms, PTSD and so many others.

Medical marijuana advocates applauded the action taken by the Legislature and Gov. Bryan in passing this vital law. Patients who badly need alternative remedies for their conditions will soon access marijuana legally within the Virgin Islands.

It is expected that draft rules for the medical cannabis industry will be in place within four months after the enactment of the Medical Cannabis Patient Care Act.

What is left is for the regulations to be made so that industry players can start getting ready to cultivate, manufacture and distribute medical cannabis to the licensed dispensaries. It is hoped that this next phase will not drag out in the same way that passing the law did after the referendum of 2014. The Flowr Corporation (TSX.V: FLWR) and Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) wish the U.S. Virgin Islands a speedy implementation of their medical cannabis program.

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 – Washington Legislators Make Another Attempt at Legalizing Cannabis Homegrows

Washington State still remains as the only state where recreational cannabis is legal but residents aren’t allowed to grow the plant for their own use. However, this may change if the two bills introduced in the state legislature are passed, thereby allowing adults to grow a maximum of six plants for their own use.

Previous attempts to pass similar bills have met with failure, so it isn’t a foregone conclusion that the attempts this year will bear fruit.

The key difference this time round is that the two bills have bipartisan support, at least when the list of sponsors is analyzed.

One advocate of growing cannabis at home, John Kingsbury, revealed that he has been approaching numerous legislators to ask them to support the new bills. Many revealed that they couldn’t sign their names against the bills, but promised to vote in favor of the bills should they ever reach the floor of the legislature.

This new set of bills seeks to eliminate the restrictions that were proposed by regulators at the Liquor and Cannabis Board (LCB) in 2017 when proposals to allow people to grow cannabis at home were first suggested.

Those restrictions included a cap of four plants for homegrows. The LCB also wanted people to obtain a mandatory license from the state if they wanted to grow cannabis at home. There was even a suggestion that mechanisms should be instituted to track a cannabis plant throughout the state!

The new bills propose that adults can grow a maximum of six plants and there will be no need to obtain a permit or to track the plants grown by each adult.

Critics of plans to allow residents to grow their own cannabis claim that allowing such a practice would expand the black market for marijuana and that it will be hard to regulate the industry.

However, those in favor of the proposals counter that Washington is learning from the experience of other states and can therefore pick what to apply and what to avoid. For example, the six-plant limit is a valuable requirement since it sidesteps the mistake made by Colorado when it initially allowed residents to grow up to 99 plants, a move that allowed this legally grown crop to end up on the illicit market.

Additionally, the legalization of homegrows would curb the black market since residents would resort to consuming their own produce if retail outlets and medical cannabis dispensaries ever developed shortages.

The cannabis industry, including Sunniva Inc. (CSE: SNN) (OTCQB: SNNVF) and Sugarmade, Inc. (OTCQB: SGMD), is watching how the bills will be debated and voted on, if they get to that stage.

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 – About 60 Closed Cannabis Dispensaries May Reopen in Michigan

The Michigan Medical Marijuana Licensing Board has voted to allow more than 60 medical cannabis dispensaries to reopen at least until March 31 as their license applications are processed.

The decision was announced after there was an outcry that patients would find it hard to get medical cannabis if that large number of dispensaries is closed pending the processing of their license applications.

The reprieve given to the closed businesses is subject to a number of conditions. First, the local government of the area should have granted the business approval to operate in their jurisdiction. The business should have also submitted its license application within a certain timeframe, in addition to meeting the other conditions before it reopens.

This decision was met with some reservations by a section of the members of the licensing board. These individuals felt that letting these closed businesses to reopen would be unfair to those dispensaries that had done everything possible to acquire a license.

By reopening unlicensed dispensaries, the board may be setting a precedent that it makes no difference whether you comply with regulatory requirements in time or not.

These concerned board members were of the view that the 50 licensed dispensaries should have been given a chance to see a boom in their sales as a reward for taking timely action to get licensed. The unlicensed dispensaries are 72.

In a related development, medical marijuana products that haven’t been tested and approved can still be sold at the different dispensaries within Michigan as long as the dispensary gives the patient an acknowledgment form to sign confirming that the patient is aware that the product hasn’t met all the testing requirements of the state.

The previous Governor of Michigan, Rick Synder, had tried to close all the medical cannabis dispensaries that were still using the emergency rules as the basis of their operation before they get licenses.

However, those attempts to close the dispensaries were thwarted by court rulings and the desire to protect patients’ interests regarding ease of access to medical marijuana. This recent reprieve by the licensing board is yet another speed bump on the journey to accept only licensed dispensaries to operate in the state.

All in all, it is good that the interests of the patients have been given precedence by the medical marijuana licensing board in Michigan. Sproutly Canada, Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) and SinglePoint, Inc. (OTCQB: SING) urge the affected dispensaries to comply with all the regulatory requirements so that their operations aren’t disrupted once the deadline reaches.

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 – Wisconsin Governor Reveals Plans to Legalize Marijuana

The new Governor of Wisconsin, Tony Evers, has announced that he intends to take the first step towards legalizing marijuana in the state during the first two years of his term of office. Evers revealed that he will include medical marijuana legalization during his budget proposals for this year.

The Governor made those statements during his address to the board members of the Wisconsin Technological Council last week. The Democratic Governor also revealed that he doesn’t want to rush anything, so he will start by pushing for the legalization of medical marijuana before taking the next step to legalizing recreational cannabis in the state.

Gov. Evers also stated that while he could push for legislation to make medical cannabis legal, he prefers that a referendum is used to decide whether recreational cannabis should be legalized or not.

However, the Governor also added that he wants the process to be handled “correctly.” When questioned about what he meant by that, Gov. Evers made some revealing remarks regarding his views on cannabis legalization.

First, he stated that he would like to see a cannabis industry that is favorable to small businesses. He revealed that he didn’t want to see the corporate takeover of the industry in Wisconsin just as what is happening elsewhere, such as Washington State.

He also added that he would like to see a tax structure that doesn’t make businesses to struggle to stay afloat, as is the case in Colorado. He wants residents to get involved in the industry profitably, rather than going broke in the process of working in an industry for which one is passionate.

The Governor’s views notwithstanding, it may be tough to legalize medical cannabis in the state using legislative means. This is because the Governor’s plans may be blocked by the legislators who aren’t so warm towards his ideas. For example, Scott Fitzgerald (Republican), the Senate Majority Leader, is a known opponent of medical marijuana legalization.

Be that as it may, the goodwill of the Governor towards cannabis legalization is invaluable to those who would like to see the marijuana laws in the state reformed. Those voices are gathering momentum and it may not be long before the elected representatives of the people start feeling that they risk losing their positions if they go against what the majority want on issues of marijuana legalization.

The entire cannabis industry, including Redfund Capital Corp. (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) and Plus Products Inc. (CSE: PLUS) welcomes Gov. Evers’ plan to develop a homegrown approach to cannabis legalization.

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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Direct Selling Companies Prove Attractive for CBD Market, Drawing Large Non-Endemic Cannabis Industry Partners

CannabisNewsWire Editorial Coverage: With experts such as the Brightfield Group predicting the hemp-derived CBD (cannabidiol) market will reach $22 billion by 2022, major industry players such as Anheuser-Busch are seeing value and viability in the direct selling approach to selling CBD products.

  • With a predicted 130 percent compound annual growth rate (CAGR) over the next three years, the hemp-derived CBD industry looks primed to explode.
  • The direct selling approach to selling CBD products pioneered by brands such as Youngevity International is attracting the interest of large-scale companies.
  • Given new medical studies proving the efficacy of daily CBD intake, the market appears ripe for companies with vested interests in other lifestyle markets.

Following the passing of the groundbreaking 2018 U.S. Farm Bill that legalized the industrial cultivation of hemp nationally, scores of companies not endemic to the cannabis industry are looking for ways to enter the booming CBD market. Partnerships and acquisitions look to be one of the most promising strategies, with many savvy companies utilizing the direct selling route originated by brands such as Youngevity International Inc. (NASDAQ: YGYI) (YGYI Profile), a leading omni-direct lifestyle company. New Age Beverages Corporation (NASDAQ: NBEV) recently merged with a direct selling company to distribute its CBD products, while beer giant Constellation Brands Inc. (NYSE: STZ) poured a $4 billion investment into Canadian cannabis company Canopy Growth Corporation (NYSE: CGC) (TSX: WEED). Anheuser-Busch InBev (NYSE: BUD) (OTC: BUDFF) also partnered with a leading Canadian cannabis producer to research cannabis-infused drinks and owns 20 percent of Icelandic Water Holdings, which recently entered into an exclusive joint-marketing/development agreement with Youngevity to develop and sell CBD-infused products.

To view an infographic of this editorial, click here.

A Market Primed to Skyrocket

The recent deregulation, legalization and proliferation of the cannabis industries in the United States and Canada made 2018 a landmark year for those industries, creating an ideal scenario for an astronomical growth rate. Canada’s recent move to legalize recreational marijuana and the United States’ decision to legalize the industrial cultivation of hemp nationwide has experts forecasting the global cannabis industry to exceed $39 billion by 2023 and possibly exceed $95 billion by 2026.

Within that market, the hemp-derived CBD segment will likely grow at an even faster rate, with that growth buoyed by the fact that it doesn’t have to pass any state legalization hurdles across the United States. Brightfield Group expects the hemp-CBD industry’s growth to outpace the rest of the cannabis industry combined, and Hemp Business Journal estimates the hemp market to grow around 700 percent by 2020. With the meteoric growth predicted, companies such as Youngevity International Inc. (NASDAQ: YGYI), which already have established direct-selling channels that can nimbly adapt and upscale marketing, production, and delivery, could see a boon in business.

Direct Selling Method Attracting Corporate Giants

Given the nascent nature of the cannabis industry, many consumers are just learning about CBD products, meaning that growth within the industry is happening in the most organic fashion possible: word-of-mouth marketing. Brightfield Group notes that more than 50 percent of CBD consumers in all U.S. regions first learned about CBD from friends or family, which makes direct selling companies a “fantastic fit” for the CBD industry.

Studies by Direct Selling News show that direct selling companies already lead the global market in sales of CBD products with more than $300 million in annual sales. Therefore, the interest of larger, non-endemic companies in the direct selling model of brands such as Youngevity only makes sense and may signal that, as the cannabis market continues its stratospheric growth, so too will the direct selling sector within the industry.

Increased Medical Studies Cause Increased Interest in CBD

One of the main driving forces behind the rapid increase in popularity in CBD globally is increased awareness by consumers of the widespread medical uses of CBD. Research has shown that CBD, particularly when used daily, can help treat and prevent symptoms of Alzheimer’s disease, chronic pain, anxiety, insomnia, arthritis, epilepsy and a slew of other ailments.

Given that, companies such as Youngevity — which has the ability to deliver CBD in convenient packaging and applications for daily use — may have an upper leg when it comes to profiting off the growing trend. Knowing that, it makes sense that Youngevity recently announced an exclusive joint-marketing agreement with Icelandic Water Holdings, a company in which Anheuser-Busch has 20 percent ownership.

Youngevity and Icelandic plan to develop and sell CBD-infused dietary supplements, children’s drinks, pet products, and coffee products via Youngevity’s direct selling platform. This move seems to validate not only the viability of the direct selling model in selling CBD products but also the potential windfall businesses already established in other lifestyle industries may experience by integrating into the CBD sector.

Lifestyle Direct Selling Companies Poised to Capitalize on Expanding CBD Market

Globally, the direct selling market is growing. Research by Euromonitor shows that the direct selling market is expected to reach $163 billion by 2020, with the largest portion of that business coming from the wellness industry. Given the aforementioned promise of the CBD market in the direct selling industry, along with the expected continual growth of the direct selling industry at large, it only makes sense that direct selling companies poised at the intersection of the cannabis, wellness and other lifestyle industries may be best suited to capitalize on the inclusion of CBD in other industries.

Youngevity could be an ideal example of just such a company. The direct selling expert has already established a sterling presence in the coffee industry through its wholly-owned subsidiary CLR Roasters, a proven farm-to-cup pipeline that can be quickly and easily adapted for hemp cultivation. Its holdings in other markets ripe for CBD inclusion such as the beauty and wellness industries, Youngevity may be best positioned to harness the incredible growth in the CBD market, particularly via large-scale corporate partnerships and mergers.

CBD Market Continues to Draw Non-Endemic Interest as Direct Selling Flourishes

New Age Beverages (NASDAQ: NBEV) recently merged with the direct selling company Morinda with the stated intent to sell CBD products through Morinda’s direct selling model. This appears to be a solid endorsement of the viability of direct selling in selling CBD. Created in 2016, New Age has developed a brand portfolio competing in the highest growth segments of the beverage industry and has created the only one-stop-shop of healthy beverages. By combining with Morinda, New Age plans to rapidly grow its brands by adding a direct-to-consumer infrastructure and market access to 60 countries around the world.

Constellation Brands (NYSE: STZ) has similarly shown that the beer industry is keenly interested in the CBD market. It recently invested $4 billion in Canadian cannabis producer Canopy Growth (NYSE: CGC) (TSX: WEED), telling U.S. lawmakers it was “extremely bullish, if not more bullish” on the prospect of selling CBD-infused drinks in the United States. following the nationwide legalization of industrial hemp cultivation via the 2018 U.S. Farm Bill. Given its positioning as a premium beer, wine, and spirits company, Constellation’s interest in the market may signal that other large corporations in the premium beverage market may see viability in CBD.

Canopy Growth was the first cannabis company in North America to be publicly traded, then followed that milestone by becoming the first North American cannabis company to diversify its platform to include both greenhouse and indoor growing, to acquire a major competitor and to be listed on the Toronto Stock Exchange. Through its subsidiary, Canopy was also the first cannabis company to introduce the now-standard concept of compassionate pricing, making medical cannabis more affordable for patients.

Anheuser-Busch Inbev (NYSE: BUD) (OTC: BUDFF), the massive brewer that makes Budweiser Bud Light, and more than 500 other beer brands, has shown a keen interest in the CBD market. The company recently partnered in a $100 million joint venture with Tilray Inc., a leading Canadian cannabis company, to research cannabis-infused drinks for the Canadian market. Currently the partnership is limited to Canada, with the companies making decisions regarding the commercialization of the beverages in the future. Anheuser-Busch said it would participate in the project through its subsidiary Labatt Breweries of Canada.

The recent nationwide legalization of hemp cultivation in the United States, as well as the nationwide cannabis legalization in Canada, has created a rapidly expanding CBD market. With the proven success of direct selling companies in selling these products, it seems the direct selling industry will continue to help propel the CBD market as large-scale, non-endemic companies look for ways to gain entry into the market.

For more information on Youngevity, visit Youngevity International, Inc. (NASDAQ: YGYI)

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