420 with CNW — How the State of New York Plans to Tax Marijuana

Last month, New York Gov. Andrew Cuomo approved a legislation legalizing marijuana and its possession for individuals aged 21 and above in the states. However, the substance will not be available for legal sale until 2022. The governor and his aides expect that this move will create 60,000 employment opportunities while generating roughly $350 million in tax revenue once the industry’s up and running.

While the proposed tax for recreational cannabis in the state isn’t as high as Washington, DC’s tax on the substance, it is higher than the average of the 15 states that have legalized the herb as well.

Similar to other states that have legalized cannabis, the state of New York is planning on combining wholesale tax, which encompasses distribution and production with retail taxes, which includes sales and excise tax. The proposed tax rate, 13%, is lower than the 20% that the governor had initially proposed.

The difference is seen when one looks at how products will be taxed. Unlike other states, which based the wholesale tax on factors such as volume or weight, the state of New York is planning to base its wholesale tax on the THC amount in products.

This makes it the first state in the country to tax THC levels, which makes it hard to pinpoint exactly where the state will rank in overall cannabis taxes when legal sales commence, with many noting that it may end up with higher taxes in comparison with neighbor states such as Massachusetts, Vermont and New Jersey.

A report on THC tax and its consequences, which has been co-authored by Castetter Cannabis Group, highlights how imposing a THC tax may make it more complex to pay taxes because calculations will be made on how THC level will be measured, how it will be assessed and who will pay the tax. A clause in the report also raises concern that the tax may favor large-scale producers at the expense of small-scale producers.

However, there are those who believe that taxing products based on THC is a good move. One of them, marijuana law specialist Rob DiPisa, states that the levels of THC are growing more important as the marijuana industry moves into edible products and concentrates. DiPisa notes that New York may be focused on THC as it drives the growth and value in the industry, adding that it may set a trend that other states will follow.

Experts also note that while the wholesale THC-based tax has been written into law, it’s difficult to see how it will work without regulations to clarify several issues.

As the recreational cannabis market takes shape in New York, industry players in other jurisdictions have moved to the level of formulating therapeutic products that could gain FDA approval in the not-so-distant future. A case in point is XPhyto Therapeutic Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which so far has three candidates at different stages of development.

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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 — CBD Firm’s Appeal Could Allow Cannabis, Psychedelics Companies to Get Trademarks Before Legalization

The 2018 farm bill legalized industrial hemp, which is a nonpsychoactive version of cannabis, and its derivatives for cultivation and sale. The law stipulated that, as long as individuals had official approval from their states or tribes, they could cultivate hemp and sell it for use in everything from textiles and clothing to concentrates. Thanks to the federal status of hemp and cannabis, businesses in the space cannot trademark their products — but this may soon change.

A CBD company that recently fell afoul of this regulation is now appealing, and if the company wins, the ruling could have implications across industries dependent on soon-to-be legal products such as cannabis and psychedelics. Joy Tea, a company that markets hemp-derived tea, had tried to secure a trademark with the U.S. Patent and Trademark Office (“USPTO”) only to be denied. According to USPTO, the lawfulness of goods isn’t determined by what the law at the federal level may be months or years from now but at the time of the application.

So, even if a company anticipates that CBD beverages or any other product will be legalized in the future, the application will not be registrable. Even though Congress had already legalized CBD via the farm bill in 2018, the USPTO denied Joy Tea’s application because the U.S. Food and Drug Administration (“FDA”) still doesn’t allow marketing cannabinoids in dietary supplements or food items.

Joy Tea’s attorney Larry Sandell argues that it was improper for the federal agency to deny Joy Tea a trademark registration. Sandell, who is an intellectual property attorney at Mei & Mark LLP, says trademarks are meant to protect a company’s ideas as the company prepares itself for the market. For instance, companies in the pharmaceutical space can obtain trademark registration for a formulation to protect it from theft while they are still working on the product.

Countering that argument, the USPTO said that while this is true, the comparison is misleading as pharmaceuticals are not unlawful, per se. Since Joy Tea’s CBD-based beverages do not have FDA approval, the USPTO says that the beverages are not only unapproved but unlawful. Thus, Joy Tea is seeking an appeal against the ruling, and if it is successful, the effects will reverberate far and wide.

If Joy Tea succeeds, companies will be able to trademark products that currently aren’t legal at the federal level, making these spaces a lot more desirable for startups and established businesses. If the company loses its case, businesses in cannabis, psychedelics and other such industries will be stuck in a “terrible spot,” Sandell says.

The outcome of this appeal may have far-reaching consequences in the cannabis sector, and it remains to be seen how a successful appeal may spur innovation at firms such as RYAH Group Inc. (CSE: RYAH), which already has a sizeable portfolio of innovative products.

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CannabisNewsBreaks – BevCanna Enterprises Inc. (CSE: BEV) (OTCQB: BVNNF) (FSE:7BC) Enters Agreement to Infuse Products with Game-Changing Emulsion Technology

BevCanna Enterpris e s (CSE: BEV) (OTCQB: BVNNF) (FSE: 7BC), an emerging leader in innovative health and wellness beverages and products, today announced its entry into a cannabis supply agreement with ABcann Medicinals Inc., a wholly owned subsidiary of VIVO Cannabis Inc. (TSX: VIVO), to infuse Vertosa cannabis emulsions into select BevCanna in-house and white-label products. This will include infusions into the Keef Brands line that BevCanna will launch in Canada this summer. “This emulsion technology will be game-changing in its ability to accelerate onset time and enhance the sensory experience of our cannabis-infused beverages, among other benefits,” said Melise Panetta, president of BevCanna. “We’re working closely with the Vertosa and ABcann teams to create a range of best-in-class beverages that we’re very excited to launch across Canada this summer.”

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

About BevCanna Enterprises Inc.

BevCanna Enterprises is a diversified health and wellness beverage and natural products company. BevCanna develops and manufactures a range of plant-based and cannabinoid beverages and supplements for both in-house brands and white-label clients. With decades of experience creating, manufacturing and distributing iconic brands that resonate with consumers on a global scale, the team demonstrates an expertise unmatched in the nutraceutical and cannabis-infused beverage categories. Based in British Columbia, BevCanna owns a pristine alkaline spring water aquifer and a world-class, 40,000-square-foot, HACCP-certified manufacturing facility, with a bottling capacity of up to 210M bottles annually. BevCanna’s extensive distribution network includes more than 3,000 points of retail distribution through its market-leading TRACE brand, its Pure Therapy natural health and wellness e-commerce platform, its fully licensed Canadian cannabis manufacturing and distribution network, and a partnership with number-one U.S. cannabis beverage company Keef Brands. For more information about the company, visit www.BevCanna.com.

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

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420 with CNW — Chamber of Commerce Head Thinks 2021 Illinois Cannabis Sales Could Exceed $1B

Todd Maisch, the CEO and president of the Chamber of Commerce in Illinois, says the total sales of marijuana in the state may easily surpass the $1 billion mark this year, and the monthly figures seem to suggest that the milestone is possible. For example, data collected in March shows that recreational marijuana sales totaled $110 million, and the year is just approaching the halfway mark.

One factor that Maisch identifies as helping cannabis sales to hit those high numbers is the lack of legal marijuana programs in states neighboring Illinois. He says when Colorado and Washington launched their programs, out-of-state buyers contributed significantly to the success of the legal cannabis markets in those two states, and a similar pattern may be playing out in Illinois.

Already, taxes from recreational marijuana sales in Illinois have dwarfed those from the sale of alcohol, and so the Chamber of Commerce CEO feels justified in projecting that total sales for this year could exceed a billion dollars.

However, Maisch believes that some factors may derail this trend of record-breaking recreational marijuana sales. The first factor he mentions is taxes. If the state raises cannabis taxes to prohibitive levels as was the case with tobacco products, buyers may resort to sourcing their marijuana from illicit market players, which could hurt the legal side of the industry.

The second factor that could put the brakes on the growth of Illinois’ recreational cannabis sector is the legalization of the substance in the surrounding states. Once that happens, buyers from across state lines will dwindle, unless the programs in those nearby states levy taxes that make Illinois’ cannabis more affordable for people along the borders.

Maisch observes that not everything is rosy with regard to the explosive growth seen in the recreational cannabis market of the state. For instance, he points out that all individuals who choose to consume marijuana are potentially making themselves ineligible for jobs where safety is paramount, such as operators of heavy machinery and job opportunities linked to federal government agencies. He says it may be easy to keep tabs on the taxes the state is generating, but it may not be easy to put a number on how many people fail to get jobs due to failing a pre-employment or random drug test at their places of work.

Nevertheless, those concerns seem to pale in comparison to the current benefits that the state of Illinois is reaping since it established a legal market for recreational marijuana.

The success of the cannabis program in Illinois may be considered at as a broad pointer of what could be happening in other jurisdictions where companies such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) operate.

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420 with CNW — Congressional Bill Seeks to Protect Cannabis Consumers from Losing Federally-Assisted Housing

Last week, Rep. Eleanor Holmes Norton reintroduced a legislation that would allow individuals who live in public housing to use cannabis without living in terror of being evicted. Currently, individuals who live in federally subsidized housing are banned from using any controlled substances, even if those substances are in compliance with state law. Additionally, landlords are allowed to evict individuals who do so, regardless of state law. This bill introduced by the congresswoman would change this.

The bill would offer protection to individuals who live in Section 8 housing or federally assisted housing from being evicted for using marijuana in states that have legalized the plant, either for recreational or medical purposes.

Norton stated that people who live in public housing shouldn’t fear eviction or be denied admission for using a product that is legal under the law. She added that medical and/or adult use cannabis was currently legal in the District of Columbia and 36 other states, noting that more than 90% of Americans supported the legalization of medical cannabis.

The bill also directs that the head of the Housing and Urban Development Department implement rules that restrict smoking cannabis at these properties, rules that are similar regulations outlining the use of tobacco.

Norton explained that the Department of Housing and Urban Development, much like the Department of Justice, shouldn’t be permitted to implement federal cannabis laws in states that have legalized cannabis.

This is not the first time the congresswoman has filed this bill, having filed the legislation first in 2018 then again in 2019, without receiving any votes or even a hearing.

Earlier in 2018, an official under the Trump administration stated that she was working on sorting out conflicting state and federal cannabis regulations and how those regulations applied to residency in federally assisted housing. However, it is unclear what came as a result of these efforts.

Additionally, in a committee hearing in 2019, Rep. Alexandria Ocasio-Cortez brought up this same issue, raising concerns about policies that allowed the eviction of residents in public housing and their families for committing low-level offenses such as being in possession of cannabis.

Then Sen. Kamala Harris and Ocasio-Cortex also filed a bill in the same year that would protect individuals convicted of low-level drug offenses from being evicted from federally assisted housing or being denied access to the same. Furthermore, Oregon Senator Jeff Merkley also brought to the house in 2020 a legislation that included a clause which would prevent landlords from evicting individuals for manufacturing cannabis extracts, as long as they were in compliance with the law.

The push to avoid unfairly treating residents of federally subsidized housing who need medical marijuana is similar to the equal treatment that cannabis industry actors such as Gage Growth Corp. (CSE: GAGE) (d.b.a. Gage Cannabis) long for, especially from the federal government that even denied state-legal cannabis firms access to coronavirus relief funds in the different stimulus packages that were approved.

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420 with CNW — DEA Announces It May Soon Federally Authorize New Cannabis Manufacturers

The Drug Enforcement Administration (“DEA”) has informed some companies that their applications to become federally authorized manufacturers of cannabis for research purposes may soon be approved. This comes nearly five years after the DEA announced that it was accepting applications for new manufacturers, under former President Barack Obama’s administration.

This is a significant development, especially when one considers that no approvals were made under the Trump administration, and this is one of the first marijuana-related moves made by the Biden administration.

Groff North America Hemplex LLC, the Scottsdale Research Institute and the Biopharmaceutical Research Company were some of the companies informed by the agency that their requests were conditionally approved. However, it is still not clear how many companies have received a communication from the DEA thus far.

The agency noted that it was about to conclude its review of numerous cannabis grower applications, which would allow it to register more organizations that will be permitted to produce cannabis for research purposes. It added that it had determined that the number of applications to grow cannabis were consistent with applicable laws and legal standards, pending final approval. This is why the agency offered a memorandum of agreement to these organizations as the next step in the authorization process.

The journey has not been easy for some applicants that in, some cases, filed lawsuits against the agency over delays in getting approvals. The Scottsdale Research Institute was one of the organizations whothat filed a suit against the enforcement agency. According to a press release, Dr. Sue Sisley of the Scottsdale Research Institute, is finalizing a memorandum of agreement requested by the agency that will be executed and made official.

George Hodgin, CEO of the Biopharmaceutical Research Company, stated in another media statement that after finalization, the federal license would change the course of both the medical marijuana industry as a whole as well as its business.

The DEA also revealed that applicants that met all legal requirements had been presented with a memorandum of agreement that will provide a summary of the means through which the agency and applicants should work together to facilitate the distribution, packaging, storage and production of cannabis under the new regulations, asd well s any other relevant laws and applicable legal standards.

The agency noted that it would continue prioritizing efforts to assess the remaining grower applications and added that it would post new information about approvals publicly. The DEA expects to approve more requests in the future.

Hopefully, companies that complete the authorization process will avail sufficient amounts of research-grade cannabis so that the products marketed by industry actors such as Grapefruit USA Inc. (OTCQB: GPFT) can find a deeper market penetration due to the third-party research done to inform the public about those products.

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420 with CNW — Mississippi Supreme Court Nullifies Voter-Approved Medical Cannabis Ballot Measure

The Supreme Court in Mississippi has overturned an initiative passed by state voters to legalize medical cannabis. This ruling was made on Friday after a mayor challenged the legalization initiative in court.

While the complaint against the amendment didn’t raise any objections against the contents of the voter initiative, the plaintiffs took issue with the procedure under which the measure was certified by the state secretary of state.

In its ruling, the Supreme Court observed that it noticed that an overwhelming number of voters supported the proposed constitutional amendment. However, the court was left with no choice but to uphold the suit filed by the mayor of the city of Madison on the ground that statutory requirements were not adhered to before the measure was certified for inclusion on the 2020 ballot.

The petition was premised on a law that stipulated that for any initiative to qualify for inclusion on the ballot, it should be supported by Congressional district voter signatures, which are no more than one-fifth of all signatures required to get the measure certified. That particular law was passed at a time when Mississippi had five Congressional districts; however, currently, the state only has four such districts. In short, it is currently impossible to abide by that law if any initiative that seeks to amend the state constitution is to stand a chance of being certified.

State officials, including the secretary of state, strongly argued that the spirit of the law cited was to make sure that support for any constitutional amendment was spread out throughout the state, and that the support for initiative 65 met that requirement.

Nevertheless, the majority of the justices of the Supreme Court (six out of nine) ruled that their hands were tied as the law had to be followed when passing the amendment. They advised that while the Supreme Court couldn’t fix that procedural issue, the administration or the legislature had the power to assess the practicality of that law and then make the necessary changes.

Marijuana advocates expressed regret that the case ended the way it did, and the Medical Marijuana Association of Mississippi said it was sad that patients who had hoped to access medical cannabis soon would have to continue suffering since the will of voters had been thwarted.

Many other cannabis initiatives have suffered defeat before state Supreme Courts. For example, a proposed 2022 Florida initiative was annulled by the Supreme Court while a 2020 initiative in Nebraska was also voided by the highest court in the state before the November ballot.

These temporary setbacks in the legalization movement are unlikely to discourage sector players such as Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) regarding the eventual possibility of federal cannabis policy reform.

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CBDNewsBreaks – HempFusion Wellness Inc. (TSX: CBD.U) (OTCQX: CBDHF) (FWB: 8OO) Releases First-Quarter 2021 Financial Report

HempFusion Wellness (TSX: CBD.U) (OTCQX: CBDHF) (FWB: 8OO), an industry leader in full-spectrum cannabidiol (“CBD”) hemp-extract wellness products and probiotics, announced its Q1 financial results, for the period ended March 31, 2021. Highlights from the report include consolidated revenue for the company totaling $983,496, an increase of 7.6% over the $913,646 reported in fourth-quarter 2020; DTC sales up 59.3% from Q4 2020, totaling $244,255 as compared to $153,305; B2B net revenue decreased 2.8% to $739,241 from 760,341 in fourth-quarter 2020 with international sales, which totaled $75,994, up from no sales in Q4 2020; and gross profit of $280,205, or 28.5% of net revenue. The company also reported a 42.9% increase in operating expenses, which totaled $6,306,703; the increase was primarily attributed to IPO- (“IPO”), marketing- and digital-related expenses. The company ended the quarter in a strong cash position, holding $17,074,030. In addition, HempFusion pointed to several business highlights in the report, including the completion of a $17 million initial public offering and the commencement of trading its stock on the Toronto Stock Exchange (“TSX”), marking the first time a U.S.-based CBD and wellness products company listed directly on the TSX. The company also launched its Probulin store on Amazon and became the no. 2 most recognized CBD brand in America according to Brightfield Group. “With nearly all international business paused due to COVID throughout 2020 and Q1 2021, and with slower than expected reopenings, the company still achieved an incremental QoQ growth of 7.6%,” said HempFusion co-founder and CEO Jason Mitchell, ND, in the press release. “Now, with vaccine rollouts taking place across the country, we are encouraged with reopening rates and excited that our sales, which currently take place in approximately 75% brick-and-mortar businesses, are beginning to reopen. We remain committed to developing new revenue channels and have entered additional countries including China, Ireland, and the United Kingdom, and we are excited with subsequent quarterly events in which new purchase orders were received, showing early signs of the return of international business. These international POs have the potential to drive millions in revenue.”

To view the full press release, visit https://cnw.fm/6H9mt

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 retailers 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 (“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 US 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(TM) and are available in stores or online. For more information about the company, visit www.HempFusion.com.

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420 with CNW — Feds Announce Standardized THC Dose Researchers Must Use

The National Institute on Drug Abuse (“NIDA”), a leading health agency of the U.S. federal government, has announced a standardized THC dosage that research teams have to use from now on when studying cannabis. The standard unit set is 5mg, and the unit strictly applies to all studies that have humans as test subjects.

The federal agency noted that the current differences in the way THC is reported by researchers made it difficult for interested parties to compare the findings of different studies on the same substance. The standard dose is designed to make it easier to compare the possible adverse or medical benefits of marijuana as established by various researchers.

However, the feds admitted that it was true that the same concentration of THC could trigger different effects based on several factors, such as how it was administered, the other compounds within the marijuana sample, and the genetic constitution of the test subjects, among other variables. NIDA nonetheless reiterated that having a standardized THC dose would help in the task of comparing different studies, something that NIDA and other federal authorities regard as a high priority.

The federal notice clarifies that researchers aren’t constrained to use only 5mg as they conduct studies. Rather, they are free to use as little or as much THC as they want, provided that they report their findings using the standard dose stipulated for all applicable studies.

The notice comes approximately a year after NIDA asked for feedback regarding a plan to set a standard unit for THC while marijuana research is conducted. The federal agency now reveals that its decision was informed by views of cannabis experts as well as the data from the responses collected from stakeholders as feedback was submitted.

The dosage guidance only applies to those scientific studies focusing on THC, and those applying to conduct such studies will be expected to determine whether and how the standard applies to their specific research. If researchers don’t want to adhere to the guidance, they are required to include a justification for such a decision while submitting their application for authorization to proceed with the study.

NIDA director Nora Volkow has previously voiced strong support for the need to come up with a standard unit for THC. Last year she commented that the complexities associated with cannabis research didn’t warrant abandoning efforts to establish a standard unit for THC. She has also openly criticized the federal scheduling of cannabis as hampering efforts to conduct research into the substance.

When future research cementing the effects of different cannabis compounds can no longer be doubted under the guise that a different dose was used to report the findings obtained, cannabis sector players that don’t make products containing THC, such as The Alkaline Water Company Inc. (NASDAQ: WTER) (CSE: WTER), stand to benefit as well.

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420 with CNW — Massachusetts Firm Discovers That Tears Can Help Detect Drivers Impaired by Cannabis

Breathalyzers, blood tests and standard sobriety tests can be used by police officers to ascertain to a high degree of accuracy whether a driver has been impaired by alcohol. However, no such measures are available to law enforcement for the purpose of identifying drivers who are under the influence of marijuana. A company based in Quincy, Massachusetts, seems to have found a way to test for marijuana impairment, and the test relies on tears as samples for this test.

Impairment Measurement Marijuana and Driving (“IMMAD”) is working with the Biomedical Forensics Program of Boston University’s School of Medicine to refine how tears can be used to establish the quantity of active cannabinoids within a driver’s body as a measure of how impaired the driver may be.

The research team’s work established that a person’s tears are a good way to identify and measure which particular cannabinoids may be inactive or active. This particular sample is more specific and sensitive when compared to a person’s saliva or breath. The abstract of this research paper was discussed in April at a forensic science conference, and the paper itself will be presented later this year at a virtual conference of the Midwest Toxicology & Therapeutic Drug Monitoring Association.

Sabra B. Jones, a professor at Boston University, worked with Allen Mello, one of her graduate students, last fall and winter to document the efficacy level of relying on tears as an indicator of the magnitude of cannabinoids present in one’s body. The team relied on the understanding that since tears contain a lot more fat/lipophilic contents and since marijuana as well as its compounds are fat soluble, tears would give better test results when compared to one’s breath or saliva, which contain hardly any fats.

Recreational cannabis is legal in Massachusetts, and the research team recruited volunteers who used their own marijuana for the research. Tears and blood samples were then drawn for analysis. Mello conducted this research to fulfil the requirements of a course. The program trains people who would like to work as forensic scientists, and a chemistry/biomedical background is crucial for such forensic scientists, such as those working in crime labs. The research submitted must meet all the requirements of studies published in peer-reviewed journals, and Mello’s work met this criteria. What is left now is to develop the test further so that it can be commercialized.

Once this test method is finalized and validated by the scientific community, it could potentially play a role in the work of cannabis companies, including companies such as Pac Roots Cannabis Corp. (CSE: PACR) (OTCQB: PACRF) (FSE: 4XM).

NOTE TO INVESTORS: The latest news and updates relating to Pac Roots Cannabis Corp. (CSE: PACR) (OTCQB: PACRF) (FSE: 4XM) are available in the company’s newsroom at http://cnw.fm/PACR

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