420 with CNW — Cannabis Sales Continue to Increase as COVID-19 Restrictions Are Lifted

The sales gains recorded in the marijuana industry after business lockdowns following the 2020 pandemic seem to be long term, with executives noting that the pandemic may have produced a new group of consumers who are trying out or using cannabis to relieve stress among other reasons. Industry executives forecast that as the U.S. economy slowly reopens and people are allowed to begin taking trips and visiting restaurants and stores, consumers of marijuana will shift their purchases in favor of discreet consumption forms such as vape pens and edibles.

A study that was conducted recently by the National Federation of Independent Business found that the small-business optimism index had grown by almost three points last month, hitting 102.5. This is the first time the index has gone above 100.

C3 Industries CEO and co-founder Ankur Rungta stated that the marijuana industry was continuing to develop, adding that he viewed the surge in sales during the pandemic lockdown period as the new baseline. C3 Industries is a vertically integrated cannabis firm in Michigan that also has operations in the state of Oregon. Rungta noted that the cannabis industry gained a lot of new customers during the pandemic, which led to marijuana acceptance increasing.

During the coronavirus lockdown, marijuana companies saw record sales across almost every state market in the country. At the time, marijuana business owners attributed the increase in sales to individuals spending their stimulus checks on marijuana while staying home, instead of engaging in other recreational activities such as traveling, going to the movies or visiting restaurants.

Now that restrictions in various states have been lifted or paused, cannabis companies expect customers to begin buying items such as vape pens, which are easier to use and more convenient for traveling. They also expect to see an increase in in-person shopping.

Michael Perlman, executive VP of investor relations and treasury at Jushi Holdings, says that as consumers become more comfortable with travellng and dining out, the company has observed an increase in activity around and in their downtown dispensary locations, which it attributes to overall increase in foot traffic. Jushi Holdings is a multistate cannabis company based in Florida that has dispensary locations in about half a dozen states.

Data released by Headset, a cannabis analytics firm based in Seattle, also shows that while recreational cannabis sales in some states has begun to flatten, sales still remain above levels recorded a year ago. For instance, adult-use cannabis sales in the state of California declined by 0.8% in May before increasing in June, with data showing that sales were still up by 10% in comparison with 2020’s sales in June.

Players in the cannabis sector such as Grapefruit USA Inc. (OTCQB: GPFT) may also need to be credited for this positive trend of marijuana sales since consumers spend on products they deem to be of an acceptable quality and price.

NOTE TO INVESTORS: The latest news and updates relating to Grapefruit USA Inc. (OTCQB: GPFT) are available in the company’s newsroom at http://cnw.fm/GPFT

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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 — Cory Booker Reveals Ongoing Talks to Gain Biden’s Support for Cannabis Legalization

Senator Cory Booker has revealed that he and his Senate colleagues are in talks with the White House regarding cannabis legalization. Now that Senate Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden and Booker have released a discussion draft of a federal marijuana legalization bill, they are working to bring President Joe Biden on board. President Biden has said that while he supports modest cannabis reform, including medical marijuana and expunging low-level cannabis offenses from people records, he opposes broad reform.

The trio released the 163-page federal cannabis bill last month, asking the public for input so they could improve it before formally introducing it for legislation. Dubbed the Cannabis Administration and Opportunity ACT (“CAOA”), the legislation would deschedule cannabis at the federal level, expunge prior marijuana-related convictions and allow states to continue maintaining their own cannabis policies, among other things. When asked how he planned on soliciting Biden’s and Vice President Kamala Harris’s support during a Q&A session on Twitter, Booker said they will start conversations with the White House now that a discussion draft of their bill is out.

While cannabis reform advocates have praised the senators’ efforts to federally legalize cannabis, there is a chance Biden might veto the bill should Congress send it to his desk. Gaining his support, as hard as that may be given the president’s past as a “leading warrior in the drug war,” it increases the legislation’s odds of becoming law. However, the federal cannabis bill may not even reach the president’s desk, given how tenuous the Democrats’ hold on the Senate is.

The three Senators will have to drum up 60 votes in the Senate for the bill to pass, which seems unlikely at the momennt. Even with the Democrats’ slim majority over the GOP, some members of the party have raised concerns about the comprehensive federal cannabis bill. Some industry stakeholders believe that the Secure and Fair Enforcement (“SAFE”) Banking Act is much more likely to advance in the Senate because it has bipartisan support; however, Booker has ruled out moving it, stating that Congress first has to provide restorative justice for communities that were disproportionately affected by the drug war.

Additionally, he says that since the CAOA would federally deschedule cannabis, it would inadvertently resolve the banking issue. It would also offer a 50% tax reduction through a tax credit to small cannabis operators with less than $20 million in sales, he says.

The federal reclassification of cannabis is likely to boost the market for CBD products made by companies such as The Alkaline Water Company Inc. (NASDAQ: WTER) (CSE: WTER) since the controversy surrounding the plant may reduce and expose it to new markets and demographics.

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CannabisNewsBreaks – HempFusion Wellness Inc. (TSX: CBD.U) (OTCQX: CBDHF) (FWB: 8OO) Closes Apothecanna Acquisition

HempFusion Wellness (TSX: CBD.U) (OTCQX: CBDHF) (FWB: 8OO), a leading health and wellness company offering premium probiotic supplements and products containing CBD, has completed its previously announced acquisition of APCNA Holdings LLC (“Apothecanna”). According to the update, Apothecanna achieved revenue of over $3.8 million in 2020, which now triples HempFusion’s historical proforma revenue to ~$12 million with significant expansion planned for 2021 and beyond. This makes the acquisition immediately accretive to the company. “With the recent Sagely Naturals acquisition and now closing of the Apothecanna acquisition, HempFusion is in its strongest position to date. Not only have we significantly increased our distribution footprint and product offerings, based on a 2020 proforma revenue basis of all entities combined, the acquisitions bring our historical revenue to nearly $12 million USD,” said Jason Mitchell, N.D., CEO of HempFusion. “We look forward to benefiting from the Sagely Naturals and Apothecanna distribution footprints and products, which have been known for their strong topical products, and exploring opportunities to introduce HempFusion’s premium CBD ingestibles throughout their existing distribution points.”

To view the full press release, visit https://cnw.fm/ImGF4

About HempFusion Wellness Inc.

HempFusion is a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition. HempFusion distributes its family of brands, including HempFusion, Probulin Probiotics, Biome Research, and HF Labs, to approximately 4,000 retail locations across all 50 states of the United States and select international locations. Built on a foundation of regulatory compliance and human safety, HempFusion’s diverse product portfolio comprises 48 SKUs including tinctures, proprietary FDA drug listed over-the-counter (“OTC”) topicals, doctor/practitioner lines and more. With a strong focus on research and development, HempFusion has an additional 30 products under development. HempFusion is a board member of the U.S. Hemp Roundtable, and HempFusion’s wholly owned subsidiary, Probulin Probiotics, is one of the fastest-growing probiotics companies in the United States, according to SPINs reported data. HempFusion’s CBD products are based on a proprietary Whole Food Hemp Complex™ and are available in-store or by visiting HempFusion online at www.HempFusion.com or www.Probulin.com.

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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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420 with CNW — Study Finds That Marijuana Use Not Linked to Loss of Motivation

Recently published research shows that the use of cannabis is not independently linked to a loss of motivation among adolescents. The study was conducted over a two-year period by a team of researchers associated with the Florida International University. Study results were published in the Journal of the “International Neuropsychological Society.”

The study’s authors note that a decrease in motivation is commonly mentioned as a consequence of marijuana. However, prior studies have largely centered on adults and have yielded different results. For their study, the researchers recruited more than 400 subjects aged between 14 and 17. Each subject had to complete a quintet of biannual assessments during the study.

The investigators evaluated the motivation of each participant by using two self-reported questionnaires: the Motivation and Engagement Scale and the Apathy Evaluation Scale, which comprise of subscales that measure the value, self-effectiveness, planning, persistence and disengagement that the subjects place on school. In addition, the investigators asked every participant about their use of tobacco, cannabis and alcohol during each evaluation and conducted an analysis of the data to model patterns of motivation and the use of marijuana over time.

The study’s raw results show that the use of marijuana grew considerably, as did the lack of engagement and motivation. The greater use of marijuana was linked to less valuing of school, lower planning and more disengagement. It should be noted, however, that once the data was controlled for variables including the effects of other factors such as depression, sex and age, as well as the participants’ reported use of tobacco and alcohol, the team discovered little evidence that the use of marijuana had an effect on motivation.

In their report, the study’s authors stated that their findings didn’t support a relationship between a decline in motivation and the use of marijuana over time. The researchers also noted that the study didn’t show a loss of motivation over time, even when respondents reported a considerable increase in the use of marijuana.

The researchers explained that the change in the use of marijuana didn’t forecast changes in motivation, despite the increase in the levels of marijuana use, which proposes that the use of marijuana may not cause a decline in motivation over time. The researchers also noted that future study will continue to examine these links longitudinally in order to determine if heavier levels of marijuana use leads to a decrease in motivation.

In a press release, NORML deputy director Paul Armentano stated that these findings served to destroy outdated stereotypes about marijuana.

It looks like the cannabis industry, including players such as Flora Growth Corp. (NASDAQ: FLGC) have one less myth to contend with, thanks to the research done by the Florida International University team.

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420 with CNW — Cannabis Boom in Michigan Creates Numerous Opportunities

Despite its youth and immaturity, America’s state-legal cannabis industry has been dubbed one of the fastest-growing sectors in the country. The sector has generated billions of dollars in revenue for businesses and provided jobs for hundreds of thousands of people. In addition, projections have the space pulling in $43 billion by 2025. Cannabis is a high-risk industry and potentially a high-reward industry, especially for companies that can weather the risks, and many businesses are looking to throw their hats into the ring.

Michigan, for instance, legalized recreational cannabis only one and a half years ago, and its large population coupled with favorable cannabis policies make it an increasingly attractive market. Since last April, Michigan’s recreational cannabis sales have exceeded $100 million, and cannabis sales are expected to surpass $1.2 billion this year. According to projections by the 2021 MJBizFactbook, recreational sales in Michigan are set to quadruple from around $500 million in 2020 to roughly $2 billion–$2.5 billion in 2025.

Presently, Michigan has an estimated 200 recreational cannabis stores, putting it at one dispensary for every 34,000 residents. According to Frank Colombo, the director of data analytics for Viridian Capital Advisors, the state has little market penetration and is still in a “process of consolidation.” As such, interested cannabis companies can pitch tent in Michigan’s recreational cannabis sector with relatively little competition, at least for the moment. In fact, a report that was recently released by the New York-based Cowen Group states that Michigan is home to one of the biggest cannabis markets in the country.

The state’s cannabis policies make its cannabis space enticing to businesses in the cannabis space. For starters, Michigan currently has unlimited licensing on a statewide basis, which has led to lower acquisition prices compared to states such as Illinois. This allows established businesses as well as new entrants to acquire other cannabis operators without having to break the bank. On the municipal level, however, the state has seen several municipalities opt out of launching legal markets. While more municipalities are expected to opt in over time, probably with licensing caps, limiting licenses will allow existing businesses to retain their market share and profitability for longer without having to contend with competition.

Thanks to an uptick in cultivation facilities, there are fewer cannabis flower shortages, and flower is more affordable than it was when Michigan first launched its recreational industry. Beginning Oct. 1, 2021, the state will also reduce its licensing fees from $25,000 to $7,500, which, coupled with cheaper cannabis flower, will reduce operational costs.

It goes without saying that cannabis companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) that have a presence in Michigan have contributed to making the industry successful.

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420 with CNW — Senators, Feds Discuss Cannabis Legalization During Drug Overdose Hearing

Five decades after then President Richard Nixon declared drug abuse “public enemy number one,” paving the way for the era of the drug war, drug addiction and overdoses are still taking American lives. Since 1999, more than 800,000 people have died from drug overdoses in the United States, and drug abuse remains one of the country’s most pressing issues. Now that most experts agree that the war on drugs has been an unmitigated failure, lawmakers have been pursuing other options to curb addiction and give existing addicts the help they need, rather than jail time.

Last week, top federal health officials and lawmakers met at the Senate Caucus on International Narcotics Control to discuss the ever-present drug-overdose epidemic. The conversations at the Senate narcotics commission hearing were wide ranging, covering everything from cannabis research and THC concentrations to syringe exchange programs and protecting minorities from intense policing and harsh sentencing. While federal cannabis legalization reform wasn’t a major topic, the conversation around cannabis and cannabis extracts showed that the commission was seeing a hypothetical future where cannabis was federally legalized.

Regarding cannabis, Senator John Cornyn spoke to Nora Volkov, the director of the National Institute on Drug Abuse (“NIDA”), on the need for research on how high concentrations of THC affected developing juvenile brains and people with mental health challenges. Specifically, Cornyn asked Volkov if she thought Congress should mandate this research before it legalizes marijuana at the federal level so that, as he says, “we actually know what we’re doing.” According to Volkov, studying the impact of high-THC cannabis products on the brains of children and teenagers would help lawmakers understand the consequences of legalizing cannabis.

As such, she replied, this information is 100% necessary, and the government owes it to the people to collect this data before federally legalizing marijuana. Cannabis concentrates have become extremely popular in the past few years, with cannabis businesses selling $797 million worth of concentrates in 2020 up from $567 million in 2019. Cannabis is already the most abused drug in America, with the 2019 National Survey on Drug Use and Health finding that more than 48 million Americans over 12 years of age used cannabis that year.

If Congress is to legalize marijuana at the federal level and create a framework for a legal market, ensuring only adults access cannabis products and concentrates will be crucial. Seeing as lawmakers are seeking advice on the impact of high-THC products on juveniles from experts such as Volkov, there is a good chance the age of cannabis prohibition is finally drawing to a close.

Some companies, such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), have opted to develop cannabis-based medicines that, when given regulatory approval, will not attract the same controversy as marijuana currently draws to itself while it is still federally prohibited.

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420 with CNW – How Cannabis Cultivators Are Using Tech to Boost Productivity, Reduce Costs

Hemp and marijuana growers are using advanced technologies to increase quality and yields, cut down on labor costs, and decrease water as well as optimize energy use. These technologies, which also help make cultivation facilities more productive, include products to control pests that don’t use chemical pesticides, smartphone-controlled technology to raise and lower lighting and LED bulbs, systems that control a grow-room environment remotely, and sensors to fine-tune lighting and control irrigation.

Some companies use sensors that enable cultivation operation managers to assess soil moisture using a software that can be viewed on a smartphone or computer. For instance, the director of cultivation at the Source in Las Vegas stated that his company recently began using grow-media water sensors that assist him in deciding when to irrigate the plants.

The director; Bill Campbell, revealed that the sensors, which cost no more than $100, notified him when they detected that some plants lacked sufficient water. Campbell noted that since the Source began using the sensors, water usage had dropped by more than 50%, adding that nearly 300 gallons of water are saved daily. The use of these sensors, he notes, has also increased cannabinoid and terpene production as well as the company’s yields.

Another vertically integrated cannabis and hemp firm, HillviewMed, is also using a system that has sensors which collect plant data. The data plays a crucial part in the company’s business strategy as it can be used to make various decisions including how much light the plants should get. Hillview CEO Kenneth Vandevrede notes that the data is a key tool in the company’s growth.

Chalice Farms’ director of cultivation Derek Rayhorn revealed that the data collected by its automated grow system helps in budgeting. The company uses technology that incorporates anemometers, humidistats and temperature sensors. He adds that the technology also allows him to remotely make adjustments to the system and monitor it.

LED lighting is also growing popular among cannabis growers, with the CEO of The Green Solution Steve Lopez revealing that the use of these lights has doubled plant sizes. Lopez adds that the company has also saved a lot on the energy side, noting that the company may soon hit their maximum yield and maximum potential.

SugarTop Buddery’s CEO Anna Kaplan is also using technology that doesn’t rely on chemicals to exterminate pests. The system in use at its Oregon facility creates a natural formulation with anti-pathogen, antifungal and antiviral properties, which is said to be very effective at killing pests.

Chalice Farms, and Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF) in general, is showing other industry players how beneficial it can be to use the latest and most innovative tech during the cultivation of marijuana for medical or recreational use.

NOTE TO INVESTORS: The latest news and updates relating to Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF) are available in the company’s newsroom at https://cnw.fm/CHALF

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CannabisNewsBreaks – American Cannabis Partners Replicating Jamaican Techniques to Create Distinct Product

American Cannabis Partners (“ACP”), a sustainable Jamaican experience canna-business innovator, is replicating the growing, feeding, temperatures, harvesting and curing processes of Jamaican techniques to create a product unlike those produced by any other grower in the United States. “An important factor in all of this is ACP’s close personal and positive relationship with the nation and people of Jamaica; a deep awareness of needs and not just business numbers,” reads a recent article. “American Cannabis Partners employs a staff that is 90% Jamaican, hand-picked through what the company describes as an extremely difficult vetting process. Selection requires not only the correct U.S. immigration status, but also at least 10 years of experience in Jamaican growing and processing with knowledge of certain strains and their characteristics that help ACP to gain a definable advantage in the organically grown cannabis industry.”

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

About American Cannabis Partners

American Cannabis Partners is a fully licensed, large scale and 100% organic cannabis cultivation company nationally headquartered in Trinity County of the Emerald Triangle. As business professionals and cultivators, the company focuses on four industry segments: real estate, cultivation, medical research, and non-profit groups. For both medical and recreational, American Cannabis Partners supplies multiple forms of raw product at wholesale prices for manufacturing, distribution and retail licenses. Its commodity pricing model enables stable profit margins for customers, and the company has expanded into multiple states. For more information, visit www.ACPFarms.com.

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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Moves Closer to Vertically Integrated Cannabis Model

Sugarmade (OTC: SGMD), an innovator in the dynamic California cannabis sector, has made a series of strategic acquisitions to strengthen its positioning in the industry. The company, already a central player in California’s expanding cannabis delivery space, is focused on developing a full farm-to-door vertically integrated cannabis business model. As part of this effort, Sugarmade recently signed a memorandum of understanding to obtain three non-storefront California cannabis licenses from the Los Angeles Department of Cannabis Regulation, as well as corresponding licenses from the California Bureau of Cannabis Control. The combined licenses provide the foundation for the opening of three new Nug Avenue cannabis delivery hubs in the Los Angeles metro area. In addition, Sugarmade recently acquired Lemon Glow Company Inc., along with its assets, interests, property and rights; a key piece of the acquisition included 640 acres of Lake County real estate located outside of the commercial cannabis cultivation exclusion zones. “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market,” a recent article quoted Sugarmade CEO Jimmy Chan. “We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”

To view the full article, visit https://cnw.fm/SPg0h

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush(TM), Nug Avenue, Lemon Glow and Budcars. For more information, please visit www.Sugarmade.com.

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CannabisNewsBreaks – Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF) Leveraging Perfect Fit in Oregon Footprint Expansion

Chalice Brands (CSE: CHAL) (OTCQB: CHALF), a consumer-driven cannabis company in medicinal and recreational marijuana market segments, recently announced the acquisition of Homegrown dispensaries, which brought a chain of five Oregon-based retail dispensaries under its umbrella. The acquisition, which comes as business is booming for cannabis companies, expands Chalice’s retail stores from 7 to 12 locations in the state of Oregon. “We have been diligently searching for the appropriate footprint expansion for our retail business in Oregon that represented the right fit and to be in a position to fund the acquisition,” Chalice Brands president and CEO Jeff Yapp was quoted in a recent article regarding the move. “Homegrown’s culture aligns perfectly within ours and provides an exceptional geographic compatibility with Chalice and offers an expansion into parts of Oregon in which Chalice does not operate currently. . . . Homegrown is a well-run retail operation with a very dedicated team at all five stores that we will continue to rely on as we go forward.”

To view the full article, visit https://cnw.fm/LMX8a

About Chalice Brands Ltd.

Chalice Brands is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with 12 dispensaries in Portland, Oregon. The company is committed to developing a dynamic portfolio built around the recognized brands of Chalice Farms, with a focus on health and wellness. Chalice Brands operates nationally through Fifth and Root and has operations in Oregon and California. Visit https://Investors.ChaliceBrandsLtd.com for regular updates.

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