420 with CNW — Momentum Builds to Pass Marijuana Banking Bill in Senate

The number of Democratic and Republican senators showing their support for including marijuana banking in the COMPETES Act is growing, and this suggests that not all is lost in regards to enacting a marijuana policy reform this year.

It should be noted that the marijuana banking bill was left out of the Senate version of the Innovation & Competitiveness Bill approved by the Senate, but it was included in the version passed by the House of Representatives. A bicameral conference has been established to work on the language of the final text, which will be forwarded to the desk of the president for enactment. Support is growing to include marijuana banking in that final text.

Senator Patty Murray, the third-most ranking Democrat in the upper legislative chamber, has taken the lead in urging fellow legislators in the Senate to support the inclusion of cannabis banking in the manufacturing law, which will be sent to President Joseph Biden. Murray says that she is using every way available to fight for the inclusion of marijuana banking. She notes that at the moment, the marijuana industry has been forced to operate on cash-only terms, and this puts employees and patrons of marijuana businesses in danger. She adds that this danger can be alleviated, and the bicameral conference discussions offer an opportunity to do just that.

Sen. Steve Daines, a Republican from Montana, agrees with Murray and adds that he thinks that other Republican senators can support the banking legislation. He points out that the bill already has the support of nine GOP senators, and he believes that many more would cast their vote in support of the cannabis banking measure should it ever be put up for a vote, even as a standalone piece of legislation.

The legislators selected to serve as conferees have until August to work out the final text of the innovativeness and manufacturing bill so that as attention shifts to the upcoming midterms, this crucial piece of legislation will have been completed. Legislative work has been known to grind to a crawling pace as attention shifts to the elections.

It is noteworthy that Senate Majority Leader Chuck Schumer has been opposed to passing cannabis banking legislation without addressing social equity issues and expunging nonviolent marijuana convictions. Since no new provisions can be added to the SAFE Banking Act during conference sittings, it is highly likely that Schumer could try and block the banking provisions from inclusion in the text sent to the president.

It remains to be seen whether the spate of violent robberies targeting cannabis shops will impress upon the conferees the urgent need to allow marijuana firms to have access to banking services. Once that banking is permitted, it will create a trickle-down effect that extends to entities that don’t touch the plant directly but are enablers of the industry in one way or the other, such as Advanced Container Technologies Inc. (OTC: ACTX).

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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 — GOP Congressman Wants Committee Hearing on FDA’s Failure to Enact CBD Rules

The top-ranking Republican on a crucial House committee has written a letter to the committee chair requesting that a hearing be scheduled so that the U.S. Food and Drug Administration (FDA) can explain why it hasn’t established regulations for CBD products as well as the Delta-8 THC products that are currently abundant on the market.

Representative James Comer from Kentucky wants the Oversight and Reform Committee of the House to analyze why the FDA has failed to exercise its oversight/regulatory function over the different products made from hemp, particularly CBD products. The GOP lawmaker adds that as a result of the inaction by the FDA, contaminated products as well as ads targeting kids abound on the market. Mislabeling is also prevalent, he says.

In addition, he states that there is an urgent need to hear from the federal agency so that the committee can confirm that plans are underway to put in place regulatory mechanisms aimed at solving the problem in a way that protects children from the risks they face from such products.

It should be remembered that lawmakers from both sides of the political divide worked in concert to get hemp legalized back in 2018. The same bipartisan effort has also been exerted to advocate for the passing of rules aimed at regulating the different products that are made from hemp. While the FDA is cognizant of this pressure, it has remained silent and hasn’t made any concrete steps to publish any regulatory framework for the CBD sector.

Comer also mentions that many companies are selling products with delta-8 THC, an intoxicating product made from CBD. The legislator points out that delta-8 THC exists in a legal gray area since the farm bill of 2018 doesn’t refer to delta-8 THC. It only caps delta-9 THC at 0.3% for products that are deemed legal under current federal law. The only action that the FDA has so far taken is to write warning letters to some companies have had made unsubstantiated medical claims while marketing their CBD and delta-8 THC products.

Comer has a track record of being an avid supporter of the hemp sector, and he even carried CBD products to a House sitting back in 2019 as he sang the praises of the strides made by Kentucky in developing its hemp sector. Consequently, he can’t be accused of trying to get political capital out of pushing for this hearing at which the FDA will be tasked with explaining its plans for the CBD sector.

If regulations for the cannabidiol sector are enacted, companies such as Cannabis Strategic Ventures Inc. (OTC: NUGS) will be in a better position to compete nationally since all companies will be playing by the same rules.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces FY 2021 Results

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today released its financial and operating results for the fiscal year ended Dec. 31, 2021. “Fiscal year 2021 was a foundational year for our company as we closed our first full year of revenues. In 2022, we anticipate accelerating revenue growth as we activate our Wholesale and Life Sciences growth pillars, while fueling expansion in our global House of Brands,” said Luis Merchan, chairman and CEO of Flora. “We are proud of the milestones we achieved in 2021, including the completion of key strategic infrastructure projects, the strengthening of our balance sheet and the deployment of our M&A strategy. In 2022, we continue to execute on our plan, highlighted by the acquisition of JustCBD, a leading consumer wellness brand. This acquisition increased Flora’s footprint to over half a million consumers and 14,000 retail stores in the United States. The transaction is already proving accretive as Flora’s unaudited revenues for April represent our strongest revenue month since inception.”

To view the full press release, visit https://cnw.fm/HzTwG

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social media for more information.

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

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

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CannabisNewsBreaks – BizCann Expo Colombia to Showcase Latest Trends in Cannabusiness

The BizCann Expo, an elite business and networking event for everything cannabis, today announced details for its upcoming event at the Plaza Mayor in Medellin, Colombia, on May 21-22. For established cannabusiness providers or those looking for entry into this new, rapidly expanding market, BizCann Expo has everything needed to start or scale a canna-venture or to service the cannabusiness sector. BizCann Expo Colombia and Alternative Products Expo are co-located in the cannabis gateway to South America. Through a surprisingly robust legislative framework, Medellin is hosting the event that will bridge the North American and South American markets and jumpstart cannabusiness opportunities in the region. The two-day event is designed for professionals who would like to add cannabis-specific services to their practices, as well as businesses, such as growers and retail shops, wanting to add cannabis-related product lines. Keynotes and panel discussions will feature industry experts who share their insights and educate those who attend about the latest trends in cannabusiness.

To view the full press release, visit https://cnw.fm/H3Tr2

About BizCann Expo and ZJ Events

BizCann Expo, a production of ZJ Events, is a business and networking event for everything related to cannabis. The founders were once exhibitors who, after attending countless tradeshow events, saw an opportunity to build upon their experience and create an event that combined the best they had seen with their own notion of what was missing in these business gatherings, thereby separating themselves from ordinary conventions. Since its beginning, the expo has focused on gathering the industry’s best under the same roof.

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O’Cannabiz Conference Expo & Awards to Feature a Broad Spectrum of Cannabis Products and Services

ND Supplies presents the 3-day O’Cannabiz Conference Expo & Awards, June 1-3, 2022, at the Toronto International Centre this year. Voted the No. 1 Cannabis Event in Canada by High Canada Magazine, the O’Cannabiz International Conference returns as an in-person event, after being canceled last year. The event organizers are thankful to the partners, sponsors, and exhibitors for their patience and co-operation.

The event is being touted as the most sort after cannabis conference in North America featuring Cannabis trade shows, retail summits, awards functions along with global-level networking opportunities among the veterans and dignitaries of the cannabis spectrum in Canada. Cannabis vendors, creatives, enthusiasts, researchers, regulators, and activists are invited to attend this 3-day event that will witness veterans who travel from the length and breadth of the region to attend this event.

Attendees will a true cannabis business experience at this conference that covers a broad spectrum of diverse topics on cannabis offering valuable learning sessions. In a power-packed business-to-business show, young businesses, and aspiring entrepreneurs can leverage this huge platform to build long-term business relations and establish networking ties with peers and thought leaders in the only G7 country to legalize both the medicinal and recreational use of cannabis.

At the exhibit portion of the trade show, attendees can visit the exhibitor booths lined in the 50,000-square-foot expo hall, showcasing different facets of the cannabis industry, products, and novel ideas for people to learn and understand. Investors in search of lucrative business opportunities can explore and discover enterprising talent at these booths.

The three days of networking opportunities will foster lifetime connections amongst the members of the cannabis community. 3,500+ attendees are expected to grace the event and participate in the 70+ interactive sessions, on a mammoth stage shared by 180+ industry leaders who will reside as speakers to impart valuable tips and strategies on vital topics like cannabis trading and laws, extraction & compliance in Canada.,

Attendees will receive a grand welcome at the Red Carpet Royalty Cocktail Reception. As a part of the O’Cannabiz Conference, on June 1st, 2022, the 2nd Annual O’Cannabiz Awards Dinner Gala will be hosted by CBC’s Gerry Dee, at Toronto’s Casa Loma to felicitate the dignitaries of the cannabis and recognize their contribution by honoring them with excellence awards.

Marijuana activists Tommy Chong and Steve De Angelo will be presented with a Lifetime Achievement Award, and all other award winners will be announced live at the Gala. Enthusiasts, retailers and budtenders can check out the latest retail products at the Retail Summit, dedicated to the point-of-sale side of the cannabis industry.

To learn more, please visit https://ocannabiz.com/.

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420 with CNW — UNM Study Suggests Cannabis Can Combat Fatigue

According to a data analysis conducted by a team of researchers at the University of New Mexico, cannabis flower can do a much better job of boosting your energy levels than other common substances such as energy drinks or coffee. Those substances are traditionally used to get a lift when energy levels are down.

The team looked at the real-time data availed by medical marijuana users who have the Releaf app, an application through which cannabis users can track the marijuana products that they use and the effects that those products trigger.

This study is important because many health conditions induce fatigue and a number of conventional medications also trigger feelings of constant fatigue in the patients using those medicines. The pressures of daily life can also cause people to be fatigued, which explains why many people down a cup of coffee as soon as they wake up in order to boost their mental and physical alertness. Energy-boosting beverages, pills and other products are available on the market to address the needs of people who want an energy boost.

However, the findings of the UNM study show that a better bet may be cannabis flower.

To arrive at this conclusion, the researchers crunched the numbers on the feedback left by 1,224 users of the Releaf app. The team analyzed a total of 3,922 self-administered cannabis flower use sessions. Dr. Jacob Vigil, co-author of the study, explains that the data indicated that people get an almost instantaneous boost of energy while smoking marijuana.

The team found that regardless of the cannabis product used, such as those high in THC or high in CBD, there was a beneficial impact on the degrees of fatigue experienced by the users of the app. The researchers say that their observation that all cannabis products reduced fatigue to a degree suggests that other phyto compounds, including terpenes and minor cannabinoids, could be responsible for alleviating fatigue. This creates a future possibility that treatments using cannabis products could become personalized with providers tweaking the formulation to suit the specific needs of a user.

This research also debunks another myth perpetuated by prohibitionists that cannabis makes people lazy. In contrast, the substance has been found to provide an energy boost that allows people to exercise and be productively engaged.

The UNM team is, however, quick to note that people may have to try different products from different manufacturers, such as Flora Growth Corp (NASDAQ: FLGC), before they find the one that provides optimum results in fighting fatigue. This is because our bodies are different and what may energize or stimulate one person may not have the same effect on another person.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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420 with CNW — Cannabis Degrees: Industry at Crossroads on Making Hiring Decisions

One of the trends in the cannabis sector is the growing number of higher education institutions offering cannabis courses at all levels, including degree programs. This trend comes at a time when another trend — doing away with college degree qualifications — is sweeping through the human resources field. So should or shouldn’t marijuana companies hire people with college degrees?

For starters, those arguing against college degrees in the cannabis industry or anywhere else say that those degrees create a widening divide that locks out a huge majority of people from the lucrative job opportunities available. Statistics show that a little more than one-half of all Americans don’t have college degrees, so demanding a college degree as a job requirement worsens the inequalities in the society. Additionally, marijuana industry veterans assert that the industry was built by innovative, risk-taking people who didn’t have any college degrees, so they see no reason why the college degrees are making their appearance now that the industry is firmly on a trajectory of growth.

Removing or not considering college degrees when hiring also widens the options since more people will express interest in an available position. This is particularly necessary at this time when there is a general labor shortage in most industries.

However, the side in support of college degrees has its own strong arguments. For example, they say that there are specific roles within the industry that require personnel with college degrees. For example, the industry needs attorneys who have specialized in cannabis law Additionally, many in the industry see college degrees and other such qualifications as a way to increase access to jobs in this growing sector. This is because the degree provides the credentials that one needs to get a job on merit rather than relying on the “old-boy” network and other such relationships while looking for a job.

Esai Miera, founder of Colorado Cannabis Education, belongs to this school of thought that sees marijuana education as a ticket to a job even if you don’t personally have a connection to someone within the industry. He adds that cannabis education is needed to move the industry forward since it has reached a point where specialized skills are now needed if any company is to stand out and beat the stiff competition.

As things stand, it isn’t easy to tip the degree-or-no-degree debate in one direction or other. There are so many nuances to this that each company, such as American Cannabis Partners, may have to handle this matter on a case-by-case basis.

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

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Leveraging Advantage in Rare Cannabinoid Biosynthesis Space

InMed Pharmaceuticals (NASDAQ: INM) is a clinical-stage company currently developing a pipeline of cannabinoid-based pharmaceutical drug candidates to treat several diseases with high, unmet medical needs. The company’s focus is on rare cannabinoids, many of which are not yet available in commercial-size quantities, such as cannabidivarin – (“CBDV”) and tetrahydrocannabivarin – (“THCV”). “The acquisition of BayMedica in October 2021 has provided an advantage for InMed in the rare cannabinoid biosynthesis industry,” reads a recent article discussing the company. “BayMedica is a private U.S. firm specializing in the manufacturing and commercialization of rare cannabinoids for the health and wellness sector and now operates as a subsidiary of InMed. BayMedica is comprised of a team of key scientists and professionals from large-scale producers, which gives InMed the unique opportunity to use the technology to scale up rare cannabinoid synthesis production… In a January news release, Shane Johnson, SVP and general manager of BayMedica, said the company was delivering on its objective to launch additional rare cannabinoids in early 2022 in response to inbound demand. ‘By midyear, we expect to have at least four rare cannabinoids available for the health and wellness markets, positioning us as a leading large-scale supplier of high-quality rare cannabinoids in these sectors,’ Johnson explained.”

To view the full article, visit https://cnw.fm/q1OpK

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids. Together with its subsidiary BayMedica LLC, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is also a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit www.InMedPharma.com and www.BayMedica.com.

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CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Update on Proposed Acquisition of Diagnostic Lab Corporation

Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today issued an update on its previously announced execution of a memorandum of understanding (“MOU”) with Englewood Cliffs, New Jersey-based Diagnostic Lab Corporation (“DLC”), a diversified food and agriculture safety company, concerning Grapefruit’s acquisition of DLC. According to the update, the company and DLC (the “parties”) have been in regular discussions since the execution of the MOU regarding the terms and timing of the proposed acquisition. The parties have developed a plan, under which Grapefruit will acquire substantially all of the assets of DLC and obtain financing of $12.5 million, $7 million of which has already been committed, to build out its “Mothership” state of the art cultivation and laboratory center. “As previously announced, these will be the next steps in Grapefruit’s evolution into a medical science-based cannabiotech company, which will develop and obtain regulatory approval for an ever-expanding line of proprietary Hourglass technology-based cannabis products. The build out of the ‘Mothership’ cultivation and lab facility at the Coachillin Park will guarantee a reliable source of reasonably priced pharma quality cannabis flowers to provide the base for non-hemp Hourglass products and for distribution in both the U.S. and Canada, when appropriate. Obtaining the 510K approval for the Hourglass technology will facilitate its rapid market acceptance,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Our lab acquisition program will provide rapid revenue growth and expand the company’s cannabis industry expertise. The parties expect to execute and announce a binding letter of intent before the end of May 2022.”

To view the full press release, visit https://cnw.fm/5n26V

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.

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BizCann Expo Visits Medellin, Gathering Local Cannabis Entrepreneurs, Business Owners, and Industry Leaders

BizCann Expo, a leading business and networking event, is happy to announce their next event in Medellin, Colombia! Taking place this May 21-22, 2022 at the city’s Plaza Mayor, this event is open to cannabis professionals, startups, entrepreneurs, and enthusiasts!

Featuring the industry’s leading figures and service providers, participants can enjoy networking and building relationships with like-minded professionals. Exhibitors can showcase their ideas and skills to an enthusiastic audience, and connect with eager investors.

A massive forum for collaborations, young entrepreneurs seeking guidance can network with tons of industry leaders. New businesses looking for fresh avenues and useful business tips, as well as more established brands, can all leverage this forum to communicate with potential clients and investors.

Attendees can leverage the platform to gain new business ideas, and understand the most recent market trends. Plus, this is also a great opportunity to get ahead and learn about the latest technologies as well as industry-wide updates.

BizCann Expo prides itself in delivering the ultimate and most complete show possible for anyone seeking cannabis industry-tailored services: inventory, legal advisory, marketing, retail, tools, as well as consultancy from some of the top cannabis panel experts, are just some of the resources available.

Immerse yourself in engaging discussions, keynotes, and workshops that will guide you through all aspects of the industry. Some of the topics discussed during this edition of BizCann Expo include the future of cannabis in Medellin, legislation & licensing, among others.

To learn more, or to purchase your tickets, please visit bizcannexpo.com.

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