America’s cannabis industry may be one of the fastest-growing industries in the country, but players in the sector often have to deal with a variety of limitations due to federal prohibitions. For instance, cannabis businesses are largely unable to access financial services even though they generate billions of dollars in taxes.

The industry is also wholly excluded from financial assistance from the federal government because cannabis trade is considered illegal at the federal level. As a result, businesses in the sector were unable to access federal financial assistance during the coronavirus pandemic even though cannabis was deemed an essential product in several states.

In early 2020 when the pandemic was swiftly picking up steam, the Small Business Administration (SBA) announced that cannabis businesses would not be eligible for financial assistance under the federal program. However, that may soon change if a recently introduced bill advances past the legislature and is signed into law. Last week Senator Jacky Rosen introduced a bill that would allow businesses in the state-legal marijuana sector to finally access certain loans and services from the Small Business Administration.

Rosen’s proposal would bar the SBA from denying cannabis businesses access to loans and services such as technical assistance, disaster relief and microloans. She said that limiting their access to basic federal resources and support is unfair and is hurting the country’s state-legal cannabis sector.

Even though businesses in the marijuana space are subject to the same taxes other industries pay, they have been unfairly locked out of federal assistance. Additionally, given that a decent amount of cannabis businesses are owned by minorities, veterans and women, locking them out of SBA loans and services has a negative impact on overall social equity goals.

Rosen’s Fair Access for Cannabis Small Businesses Act seeks to address this issue while the cannabis industry is still in its infancy. The legislation would include an amendment to the Small Business Act that would prevent the SBA from denying services and loans solely because the borrower runs a state-sanctioned marijuana business or adjacent service. It would also entitle cannabis businesses to “assistance from resource partners” as well as service providers such as women’s business centers, veteran business outreach centers and small business development centers.

In a recent press release, U.S. Cannabis Council CEO Khadijah Tribble said that without access to financial services such as SBA loans, entrepreneurs from Black and Brown communities that were ravaged by the war on drugs may not be able to profit from the industry that was once used to stigmatize them but is now worth billions.

Cannabis industry actors such as Prime Harvest Inc. are likely to track how this bill progresses because its success would be another success notched by advocates who wish to end marijuana prohibition in all its manifestations.

NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest Inc. are available in the company’s newsroom at https://cnw.fm/PRIME

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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Become a part of the 2023 U.S. debut of Lift Events & Experiences, at the Moscone Center in San Francisco, from Wednesday, August 2 – Friday, August 4, 2023. The leader in Canada, Lift’s first conference over the border offers exclusive content, robust networking, and unparalleled new product discovery opportunities. The event is dedicated to the evolution of the cannabis industry, and brings to the U.S. Lift’s long-established and respected reputation for powerful cannabis events.

After proving its mettle in Vancouver and Toronto, the former Lift&Co. Expo will now simply be called ‘Lift’, reflecting its expanding footprint. Lift invites attendees for unique and immersive learning experiences in 2023, including Lift Vancuover (January 12-14, 2023), Lift Toronto (June 1-3, 2023) and at the new Lift San Francisco event (August 2-4, 2023). With Lift now expanding its coverage to the U.S., the ties between the U.S. West Coast and Western Canada’s long-thriving cannabis culture are expected to strengthen further.

“Lift welcomes everyone, from legacy participants to multistate operators to everyday folks who enjoy and respect the plant,” says Lift Events & Experiences Portfolio Lead, Lindsay Roberts. “We’re producing a year of shows that care for the specific needs of each segment of the cannabis community while inspiring an exciting future. To emphasize this commitment, we’re dropping our old ‘&Co. Expo’ moniker to put the focus simply on ‘Lift’ as we work to affect positive change across North America.”

Lift events are attended by cannabis industry veterans and fresh voices alike, always presenting valuable and updated information through speaker sessions and presentations on topics vital to the cannabis business and trade. Connect with cannabis experts, innovators, regulators, and leaders of the cannabis business community, build long-term business ties, and get discovered by potential investors on this robust networking forum.

Through one-on-one interactions and communication, the Lift team ensures that every company or individual attending the event is presented with an abundance of opportunities, including growers, brands and product delivery, advocacy and investment, legal/compliance, retailers, budtenders, enthusiasts and more.

For more information on Lift Events & Experiences, visit https://liftevents.com/. 

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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• California retail stores sold almost $5.3 billion worth of cannabis products in 2021 and reported a total tax revenue of approximately $1.3 billion
• California’s three licensing authorities issued 12,227 commercial cannabis licenses to businesses throughout the state during 2021
• San Diego has approved a social-equity program, joining the ranks of other California cities and counties that have implemented them since 2018, utilizing tax revenues from the cannabis industry
• REZYFi is the first cannabis mortgage company in the United States – a market where most traditional lenders are still reticent to enter

On November 8, 2016, California voters approved cannabis for recreational use. Since then, the market has continued to increase in revenue, and it is expected to make up 61.5% of the overall market, according to the University of California Agricultural Issues Center. In 2021, California retail stores sold almost $5.3 billion of cannabis products, indicating a 20% growth over 2020 and over 20% of legal sales in the United States. The total tax revenue reported by the cannabis industry was about $1,317.6 million in 2021, including approximately $680.4 million in excise tax.

As of December 2021, California’s three licensing authorities issued 12,227 commercial cannabis licenses to businesses throughout the state – including 8,504 cultivators, 915 manufacturers, 842 retailers, 362 delivery services, 1056 distributors, 308 microbusinesses, 152 transporters, 46 event organizers, 42 testing laboratories (https://cnw.fm/yUbuD).

The San Diego Union-Tribune reported that the San Diego City Council recently approved a social-equity program for the city’s cannabis industry, including start-up loans, fee waivers, and other business assistance. Although San Diego was the first California city to approve an adult-use cannabis licensing plan in 2017, the plan did not include social equity provisions.

The social-equity plan requires that applicants meet various criteria:

• Conviction of a cannabis-related crime or having a family member convicted of a cannabis crime after January 1, 1994, within the San Diego city limits; and be a current or former resident – for at least five cumulative years between 1980 and 2016 – including Barrio Logan, Linda Vista, southeastern San Diego, Encanto, Golden Hill, North Park, City Heights, the College Area, or San Ysidro.
• Applicants must also meet two additional criteria, including a household income below 80% of the area median income ($106,900 for a family of four); lost housing in San Diego through eviction, foreclosure, or subsidy cancellation after 1994; attended school in the San Diego Unified School District for at least five years between 1971 and 2016; or placed in the foster care system at any time between 1971 and 2016.

Since the state started allowing equity plans in 2018, Long Beach, Los Angeles, Oakland, Palm Springs, Sacramento, and San Francisco have launched such programs, including Humboldt, Lake, and Mendocino counties, which have programs funded by state cannabis taxes (https://cnw.fm/OymBI). 

Despite the massive market growth recently, most traditional lenders are reticent to serve the state-licensed cannabis industry, but one company, REZYFi, is positioned as the first cannabis mortgage banker in the United States. REZYFi services the needs of both traditional and non-traditional consumers and businesses. The company is targeting markets that include licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related first and additional mortgage-based financing and project-specific financings, such as solar installations and real estate development projects.

REZYFi operates under two wholly owned subsidiaries – REZYFi Lending and ResMac Inc. REZYFi Lending primarily addresses emerging real estate-related financing opportunities. ResMac is the Company’s traditional mortgage origination, correspondent, and servicing operation. As a whole, REZYFi is using its corporate strengths as a foundation for diversifying its approach to capitalize on growth in multiple verticals in the years to come.

For more information, visit the company’s website at www.REZYFi.com. 

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

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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Nikki Fried, the outgoing agriculture commissioner in Florida, has said that she is going to appeal against the dismissal of a case she filed earlier this year regarding the gun rights of patients registered with the state’s medical marijuana program. In that suit, she and the plaintiffs argued that it was wrong for medical cannabis patients to be denied the right to buy and own firearms.

This was a violation of second amendment rights, the lawsuit argued. However, the presiding judge, Allen Winsor, dismissed the case arguing that federal law took precedence over state law and that the voter measure that was approved in 2016 couldn’t legalize what the federal government still deemed illegal.

The Department of Justice had submitted, in its defense, that federal law was clear on which categories of people aren’t allowed to purchase or own firearms. That includes individuals who use drugs that are prohibited by federal law, such as marijuana.

The judge wrote that while Floridians think that they legalized the medical use of marijuana in 2016, they actually did not since a state cannot override what federal law stipulates. The court was therefore of the opinion that registered medical marijuana patients cannot say their second amendment rights are being violated when it is clear that these individuals aren’t allowed to buy firearms since they consume a substance or drug that is illegal under federal law.

Fried has vowed to appeal against this court decision. It should be noted that Fried is the only Democrat to have been elected by the entire state. She is the agriculture commissioner of the state but is set to relinquish her office after she participated in, and lost, the race to be governor of the state. She has distinguished herself as a committed advocate of medical marijuana and had vowed to use her office as governor (if elected) to push for ending marijuana prohibition in the state.

This case in Florida is an example of the disconnect between federal law and state-level policies. Many other states that have legalized marijuana in some way also have similar contradictions, and the lawsuit in Florida is likely to be followed with a keen eye by advocates elsewhere alongside marijuana industry actors such as American Cannabis Partners, since its outcome could either encourage similar lawsuits to be instituted in other states or place a speed bump in the way of those working to chip away at the different manifestations of prohibitionist laws and policies.

NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://cnw.fm/ACP

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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FBI records show that 317,793 individuals were arrested inside the United States for possessing marijuana in 2020. Given that 19 states allow recreational marijuana to be sold and consumed by adults, these FBI figures bring plenty of questions to mind.

First, the data seems to suggest that the number of people who were arrested for possessing marijuana declined, yet again, from the number of arrests made in previous years. For example, at least 500,000 people were arrested for possession of marijuana in 2019. If the number for 2020 is just over 300,000, what is the problem?

The problem is that 2020 was also the year when COVID-19 wreaked havoc on the world, and almost the entire globe was locked down. This means that there was little contact between police officers and people, and that would suggest that arrests overall should have declined dramatically given that people were isolated in their homes due to stay-at-home orders and closed workplaces. It is not easy to conclude that on the whole, fewer marijuana possession arrests were made in 2020 in comparison to previous years.

The other question one immediately thinks of has to do with the reliability or even accuracy of that 2020 FBI data. From the 1980s, the FBI created a new system through which different police departments from around the country could report crime statistics. That system, abbreviated as NIBRS, aims to among other things make reported data more detailed than the data captured by the previous system, which only reflected the most serious offense for which an individual had been arrested. For example, if an individual was arrested for illegal gun possession and also for criminal trespass, the gun possession charge would be the only one reflected in the data captured by the FBI. The new system was designed to change this and gather data on all offenses for which arrests were made.

How does all this connect to marijuana? The transition to the new reporting system has been woefully slow, and the FBI allowed police departments to use both systems until 2021, when it put its foot down and stopped using the data in the old system. Leaving 2021 data aside, to what extent was the FBI report of 2020 reliable given that it depended on data from two reporting systems? Could there have been cases of double entry of data? Could there have been cases of data not entered at all into either system?

The case of Florida puts this question into perspective. In 2020, the state documented more than 170,000 cases of cannabis possession. In 2021, and with no changes to its laws, the state reported just 104 possession cases. Should this data be taken seriously?

Anyone interested in tracking how laws around marijuana have been evolving and how that affects various issues, such as the reasons why people are arrested, would want accurate and reliable data to draw valid conclusions. Even cannabis industry actors such as Prime Harvest Inc. want to know how various social justice matters are evolving as legalization spreads. The latest figures from the FBI are raising more questions than answers.

NOTE TO INVESTORS: The latest news and updates relating to Prime Harvest Inc. are available in the company’s newsroom at https://cnw.fm/PRIME

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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During a recent radio appearance, incoming Minnesota governor Tim Walz suggested that state lawmakers could pass a recreational cannabis measure in the next legislative session. The Democrat said during the Friday morning show on WCCO that cannabis in Minnesota could finally happen in 2023.

Senate Democrats have not stated outright that they will advance cannabis legalization, but they have majority numbers and will be able to go around any pushback offered by GOP senators. On the other hand, House Democrats seem to be ready to approve marijuana legalization in the state if the matter lands on the floor.

House Speaker Melissa Hortman recently told reporters that the House was in favor of approving recreational cannabis and would pass a legalization bill. Governor Waltz said during the podcast that former governor Jesse Ventura would be invited to any bill-signing ceremonies that may occur in the future. He said that it would be important to recognize Ventura, who began talking about cannabis legalization in 1998, long before most states were even considering legalizing cannabis.

Waltz said that allowing cannabis sales and use by adults “just makes sense,” stating that drug prohibition did not work and that crafting better rules and regulations would be a much better way to tackle the issue.

Last year, the Minnesota House approved a legalization measure that would allow recreational marijuana in the state for adults aged 21 and older. The measure would also expunge low-level, cannabis-related convictions, and issue small businesses with loans and grants to allow them to enter the cannabis industry. Minnesotans would also be allowed to hold up to 10 pounds of marijuana at home and up to 2 ounces in public.

Unfortunately, the 250-page bill failed to advance past the Republican-controlled senate. Now that Democrats have secured control of the House, Senate and governor’s office, it is extremely likely that the state will pass some kind of cannabis legalization bill in the near future.

Public opinion on cannabis has been improving across the state, with a recent survey by Star Tribune finding that 53% were in favor of last year’s legalization measure, 36% did not support cannabis legalization and 11% were unsure.

Unsurprisingly, younger Minnesotans as well as Democrats tended to have more support for legalizing marijuana compared to older Minnesotans and Republicans.

Allowing recreational cannabis sales in Minnesota could generate more than $1 billion in sales and hundreds of millions of dollars in tax revenue as well as create 20,000 new job opportunities for Minnesotans.

In more mature cannabis markets, entities such as REZYFi Inc. are helping licensed cannabis companies obtain the financing they need to expand, develop new products and generally contribute to the communities they serve.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

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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