420 with CNW — Important Lessons to Learn from 4/20 Marijuana Sales Data

Cannabis lovers in the United States celebrated 4/20, a stoner’s holiday held on April 20 every year, almost a week ago. According to Headset, a marijuana data analytics firm based in Seattle, April 20 is the single largest sales day in the country each year since the legal sale of recreational cannabis began.

The data released by the firm shows that the proportion of sales that takes place on 4/20 increases year over year, except for last year. This can be attributed to the fact that April 20 last year fell on a Monday, which generally tends to have lower sales. Additionally, the decline in sales was likely affected by the coronavirus outbreak and consumers’ unwillingness to meet at in-store events.

Analysis conducted by the firm also shows that while sales in the 4/20 week were among the 10 top weeks of the year with regard to revenue, sales for the week before the holiday were often below average, with sales for the week after the holiday even worse. Given that many companies give discounts during the week of 4/20, it’s no surprise that this happens.

The company also looked at the combined sales of Washington D.C., Nevada, Colorado and California for 2018 and discovered that the week after the stoner’s holiday was the worst revenue week that year. Sales data also revealed that 4/20 celebrations made up most of consumer spending in the summer.

Additionally, the analysis found that in 2020, the sales for adult-use cannabis for the week of April 20 continued growing, despite the coronavirus pandemic. Data shows that the combined sales for the states of Nevada, Colorado and California, along with Washington DC, reached almost $159 million in that week alone, which is equal to a 24% increase, based on data from the previous year.

Despite this though, it’s hard to say whether this increase is normal, given that 2019’s April 20 week experienced a 42% year over year growth.

The high rates of unemployment, consumers’ hesitancy to buy products in-store, and the restrictions imposed as a result of the coronavirus pandemic last year may have also stunted sales during 4/20. For the first time in three years, revenue for the week of April 20 didn’t appear in the top 10, instead, occupying 40th place. However, retail sales increased in the following weeks, as consumers spent more between the months of August and December.

Cannabis executives are hopeful that vaccine rollouts will enable the industry to return to normal soon, and sector players such as Pac Roots Cannabis Corp. (CSE: PACR) (OTCQB: PACRF) (FSE: 4XM) would certainly appreciate having one less issue to deal with.

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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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 — Statistics Show Marijuana Industry Registering Increases in Employee Compensation

Despite its relative youth, the state legal cannabis industry has proven to be quite profitable. The sector has provided states with millions of dollars in tax revenue at a time when their coffers were running dry and employs hundreds of thousands of Americans across the country. According to a new report, marijuana’s soaring success over the last few years has resulted in year-over-year increases in compensation packages for most lower-, mid-, and top-level employees.

Additionally, the marijuana industry is much more disciplined with pay compared to how some companies acted three to four years ago, says Dan Walter, a compensation specialist and managing consultant with BlueFire Cannabis by FutureSense. The national compensation strategies firm provided payroll data from marijuana companies for the report.

Walter notes that while CEOs and other executives may earn less than what their contemporaries in mainstream industries earn, specialists at large cannabis companies bring home the same or even more than what mainstream specialists earn. Even so, compensation packages for lower-level and executive positions steadily increased. On the other hand, mid-level employees have experienced only modest compensation increases and even, in some cases, declines.

Companies that deal in cultivation and retail enjoyed increased sales and consequently upped their employees’ pay while those in manufacturing saw more modest growth. Even though the cannabis space is becoming more competitive, CannabizTeams CEO Liesl Benard says multistate operators (“MSOs”) keep hiring from the same limited talent pool and thus push salaries up. Walter adds that a cannabis company with at least 50 employees will have to pay a C-suite officer around $150,000–$200,000 on top of paying their lower-level employees at least $15 an hour.

As businesses in the cannabis space grow older and larger and become more complex to manage, they require managers with certain skill sets and experience. A CannabizTeamz reports shows that companies have been drawing experienced individuals from industries such as biotech, retail, financial services and consumer packaged goods, to name a few, increasing average compensation for executives by 16% in 2020.

Cannabis companies prefer candidates with extensive backgrounds in compliance, lawyers and chief financial officers (“CFOs”) from global companies, and retailers with experience managing several stores, Benard says, and those leaders don’t come cheap. Candidates who have experience with state legal cannabis on top of working in mainstream industries are in even more demand, increasing their average compensation packages.

Data from Vangst, a Vancouver-based cannabis recruitment firm, shows that salaries in the cultivation space increased 5% from 2019 to 2020, retail salaries went up 3%, and cultivation directors and managers saw a 25% and 3% bump respectively. However, the extraction sector saw a 4% reduction, and lower level salaries either decreased or remained static.

It is gratifying that cannabis sector players such as The Alkaline Water Company Inc. (NASDAQ: WTER) (CSE: WTER) are contributing towards giving people well-paying jobs as well as bringing other benefits to the communities in which they operate.

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CannabisNewsBreaks – GIE Media Cannabis Conference 2021 Announces CannabisNewsWire as a Media Sponsor

Cannabis Conference 2021, presented by Cannabis Business Times, Cannabis Dispensary and Hemp Grower magazines, has selected CannabisNewsWire (“CNW”), a specialized communications platform for the cannabis sector and one of the more than 50 brands included in the InvestorBrandNetwork (“IBN”) family, to serve as a media sponsor. The Cannabis Conference 2021 is slated to be held Aug. 24–26, 2021, at the Paris Las Vegas Hotel & Casino in Las Vegas. The three-day event is the only industry conference that focuses exclusively on plant-touching cannabis businesses. The agenda for this year’s event features insightful presentations on cannabis cultivation, business operations, retail management and customer engagement; industry-leading thought leaders and experts will also present. The prestigious event, which has built a reputation for providing the highest level of education for dispensary and cultivation professionals, will also shine a spotlight on a number of industry-leading technologies, solutions and services that cater to cultivators and businesses. Companies presenting at the event include Cresco Labs, Aster Farms, Curaleaf, Planta Scientific and Kansas State University’s Department of Entomology, just to name a few. IBN and CNW will work together to increase recognition for conference participants and strengthen awareness and visibility of the event. As part of its services, CNW will provide article syndication to more than 5,000 outlets as well as featuring the event on its dedicated events page and other key communication outlets. “We are pleased to be collaborating once again with CannabisNewsWire, in their position as a media sponsor of the Cannabis Conference,” said Cannabis Conference group publisher Jim Gilbride in the press release. “CNW, IBN and its brand network have done a stellar job in heightening the awareness of our past events. We look forward to a continued relationship with this outstanding team as they assist us in ensuring that our message will be broadly shared with those desiring to learn more about the future of the fast-growing cannabis industry and the exciting new products, innovations and practices being launched within it.”

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About Cannabis Conference 2021

Presented by Cannabis Business Times, Cannabis Dispensary, and Hemp Grower, Cannabis Conference 2021 will bring industry stakeholders together to engage the biggest opportunities and challenges facing the legal cannabis market. The three-day event continues to build upon the successes of previous events and returns with education for cultivators, retailers and manufacturers. The conference also will once again expand its educational offerings with a track dedicated to the cultivation and sale of hemp and hemp-derived products. The conference will feature in-depth educational programming on cannabis cultivation and business operations, as well as the most informed industry perspectives on retail management and customer engagement. The Cannabis Conference exhibition hall will feature industry-leading technologies, solutions and services for the professional cannabis cultivator and retail businesses. The educational program for Cannabis Conference is developed by professional cultivators and industry leaders who comprise the 2021 Cannabis Conference advisory board, in partnership with the editorial team behind Cannabis Business Times, Cannabis Dispensary and Hemp Grower.

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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CannabisNewsBreaks – Gage Cannabis Co. (CSE: GAGE) Plans Participation in Upcoming Conferences

Gage Growth Corp. (CSE: GAGE) (d.b.a. Gage Cannabis), a leading high-quality craft cannabis brand and operator in Michigan, has announced its participation in three upcoming conferences. The company is committed to innovating and curating the highest-quality cannabis experiences possible for cannabis consumers across the state of Michigan. Gage is also focused on bringing internationally renowned brands to market. The cannabis leader plans on presenting at the Eight Capital Seed to Scale Conference, which is focused on emerging opportunities in U.S. cannabis. That conference is slated for Tuesday, May 4, 2021, at 10 a.m. ET. The company will also be involved in the Canaccord Genuity Cannabis Virtual Conference, scheduled for Tuesday, May 11, 2021, at 12 noon. Gage executives will be part of a panel discussion and will also be involved in virtual one-on-one meetings with conference participants. The company will also be involved in both a fireside chat and presentation at Benzinga’s Global Small Cap Conference, scheduled for Thursday, May 13, 2021.

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

About Gage Cannabis Co.

Gage Cannabis is innovating and curating the highest-quality cannabis experiences possible for cannabis consumers in the state of Michigan and bringing internationally renowned brands to market. Through years of progressive industry experience, the firm’s founding partners have successfully built and grown operations with federal and state licenses, including cultivation, processing and retail locations. Gage’s portfolio includes city and state approvals for 19 Class C cultivation licenses, three processing licenses and 13 provisioning centers (dispensaries). For more information, visit the company website at www.GageUSA.com.

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420 with CNW — Ways Marijuana Extraction Companies Can Minimize Energy Costs

Power costs are among the highest costs for any facility that manufactures marijuana. The cannabis industry’s energy consumption has a negative effect on climate change as well as the environment. For environmentally conscious marijuana extraction companies that would prefer to operate in a more sustainable manner, decreasing energy use should be a top priority.

To decrease their power consumption and costs, marijuana extraction companies can:

Make use of manufacturing environmental standards that increase efficiency and decrease waste.
Use equipment that keeps power consumption under control.
Operate their machines during off-peak hours when electricity costs are lower.

The above tips sound simple enough. However, when one considers that most shifts operate during the day when electricity prices are higher, this may not be as easy to implement.

So, how can extraction companies go about this?

Well, for starters, companies need to draw up a plan that considers workforce management and incentives available for workers, as this will make it easier for companies to run machines at night instead of during the day. Extraction manager at High Life Farms Connor Schilling reveals that he pays his workers more per hour to work the night shift, weighing the savings on energy against the added labor costs.

Additionally, a company can look for ways to store cheaper energy and utilize it during the day. For instance, if a company uses an air compressor for its operations, consider filling the tank at midnight rather than at midday.

Carlos Perea, the CEO of Terra Vera, an agricultural technology firm based in New Mexico, reveals that the company also balances higher energy costs against paying employees more to work a graveyard shift.

In addition, he states that Terra Vera is looking for ways to store energy generated by renewable energy or during off-peak hours and adds that batteries from the traditional grid or those charged by solar panels are a good solution.

A company can also assign employees to carry out other tasks that don’t need electricity when energy prices are at their highest and use energy-efficient equipment. Perea notes that increasing the efficiency of extraction equipment will not only make it easier to capture more terpenes and cannabinoids but will also reduce the energy required by manufacturers to produce a higher-quality product.

Furthermore, creating and adopting sustainable extraction practices allows companies to improve their productivity and decrease their process cycle, which translates to a smaller influence on the environment and less power usage.

Companies operating within the cannabis space, such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), are constantly looking for ways to optimize their operations, especially those looking to develop cannabis-based drug formulations whose final cost must be kept as affordable as possible for the intended beneficiaries. Maximizing the benefits of the suggestions above would go a long way towards helping them attain their objectives.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Montana Senate Passes Cannabis Legalization Bill

Montana is one step closer to allowing recreational marijuana after the State Senate approved a bill that would legalize adult-use cannabis. The legislation first began its journey as MT Initiative 1-190, and it was approved by voters in the 2020 ballot alongside MT Initiative 118, which set the legal age for marijuana consumption at 21. Initiative 190 would create a legal framework for the production and sale of marijuana products to adults in the state.

Now that the bill passed its third reading in the State Senate, it will go through one more Senate reading before heading back to the House to approve a series of amendments the Senate has made. If the recreational cannabis legislation makes it through the House with the Senate amendments, it will then be sent to Governor Greg Gianforte for his signature.

When the initiative was first approved by voters, NORML Executive Director Erik Altieri said that Montanans’ support for recreational cannabis showed that cannabis reform extended beyond geographic and demographic lines. It is an issue that has the support of most Americans regardless of their political affiliations, he said, and voters had now decided that it was time to end criminalizing marijuana criminalization.

The lawmakers behind the Senate version of the bill are of the same opinion, putting aside their personal beliefs to work on a bill state residents had clearly said they wanted. Senator Jason Ellsworth said the group wanted to create the best cannabis bill for the state, and they dedicated a lot of time and effort towards fulfilling this responsibility. Democratic Senator Tom Jacobson believes the same, saying that legislators are obligated to represent their constituents, and since their constituents voted to legalize recreational cannabis, group members set aside their ideologies and tried to find a workable solution.

The language in the comprehensive Senate bill isn’t exactly similar to Initiative 190. Thanks to an amendment that was introduced and approved by the Senate Select Committee on Marijuana, millions of cannabis tax dollars will be used to help fund several public programs, including environmental groups and veterans’ care funds. The legislation will also provide funding for health care, substance misuse treatment and local governments with the rest of the tax going to the state’s general fund.

According to Senator Shane Moriegeau, lawmakers have crafted a bill that he was more than proud to vote for. The recreational cannabis legislation passed the second Senate reading with a 25–15 vote before being approved in the third reading.

Once a mechanism to regulate the recreational marijuana market is finalized, Montana is likely to see lots of companies joining the sector and bringing many of the benefits that jurisdictions where established companies such Hero Technologies Inc. (OTC: HENC) operate from.

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420 with CNW — California Nonprofits Secure Funding from Cannabis Sales

Nonprofits in the state of California are receiving a funding boost from a surprising source — the sale of marijuana. For the past couple of years, California has allocated some of the taxes and fees collected from cannabis businesses to a grant program targeting community-based organizations serving populations that have taken the brunt of the failed war on drugs.

At the moment, almost $100 million has so far been awarded as grants to nonprofits, and this funding is expected to reach $175 million by May.

A typical example of the beneficiaries of this funding is Fathers & Families of San Joaquin. This small community-based nonprofit serves young people as well as adults who have been incarcerated and released. The organization was the recipient of $1 million in 2019 from the state’s grant program. The nonprofit trains ex-convicts to become peer counselors on matters of substance abuse. These counselors are then sent out to talk to inmates in correctional facilities.

Samuel Nunez, the executive director of Fathers & Families, says that most of the problems his teams address can be traced to the futile war on drugs. He recalls how he was terrified as a child when the police would come and knock down the front door of his home. This overzealous policing wasn’t unique to his home, he says. Instead, it was common throughout the entire neighborhood, and it traumatized residents.

The grant program has especially been helpful to the smaller nonprofits that are close to these disproportionately affected communities. Many of these organizations gratefully admit that the grants funded by marijuana taxes and fees are the biggest funding that they have ever received, and such funding has allowed the nonprofits to confidently plan operations in the coming years.

A clear example of this game-changing effect is the nonprofit Painted Brain. The organization was the beneficiary of a grant of $900,000 over three years. This funding has allowed the group to expand its job training and placement, art programs, and mental health outreach services to people who suffer from mental health conditions.

However, this grant program has also come with a big challenge for a number of the nonprofits targeted. Many have found it difficult to wrap their minds around having to accept “marijuana money” in their fight against the use of marijuana.

The pragmatic ones have ended up reasoning that it is better for them to accept the funding and use those resources to educate young people about the dangers of using marijuana rather than waiting to deal with the problem after it has occurred. To these organizations, the dollars are coming from Californians to support Californians.

As cannabis sector players such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) grow and become more established, so will its beneficial impact upon the communities where it operate grow regardless of the jurisdiction where they are based.

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420 with CNW — Governor of Connecticut Asks for Cannabis Legalization Advice from New Mexico Governor

Connecticut Gov. Ned Lamont recently asked the governor of New Mexico, Michelle Lujan Grisham, how she managed to get a legal marijuana measure approved in the state’s legislature earlier this month. Lamont is currently working on growing support among legislators for his proposal to legalize cannabis in the state of Connecticut.

In a podcast interview, Grisham stated that she told her Connecticut counterpart that separating legalization from associate social justice measures would make it easier to approve both. She explained that it was problematic to put the weight of legalization and social justice proposals on a single new industry approach. She added that decoupling legalization from criminal justice helped engage people more actively in the process.

In a special legislative session that was held earlier this month, legislators in New Mexico approved a cannabis legalization measure. In order to get enough votes for the bill to be passed, Democratic leaders removed the bill’s original criminal justice proposals and drew up a separate measure for them. Both legislations were approved in the legislature and have since been enacted into law.

In general, Grisham advises governors to not rush into marijuana legalization without doing any research or inviting broad participation. She noted that talking with legislators and stakeholders and gathering more information before launching into a legislative session would be beneficial to the cause.

Another legalization proposal that was introduced in Connecticut places more emphasis on social equity in the marijuana industry. The measure, introduced by Rep. Robyn Porter, will provide licenses to social consumption sites and allow up to six marijuana plants to be grown at home. The proposal differs from the governor’s proposal, which doesn’t include these clauses.

Advocates hope that some clauses from Porter’s proposal will be added to the governor’s measure, which they have referred to as inadequate. Others are hopeful that the state’s legislature will advance the measures, having considered various legalization bills in the recent past but never approving any.

Lamont has revealed that he is open to various options on legalization but noted the importance of a bill meeting some basic requirements. He has also voiced his support for cannabis legalization, noting that he would be working with legislators to advance the measure in this legislative session.

As House Speaker Matthew Ritter put it late last year, the legalization of marijuana in the state of Connecticut is inevitable.

The advice to separate social justice bills during debates to legalize marijuana may be a savvy move that can satisfy all concerned as seen in California where the taxes and fees paid by entities such as Sonoma Biologics Corp. are helping to fund nonprofits that support disadvantaged communities.

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CannabisNewsBreaks – Marigold PR’s Upcoming WWC Conference to Feature Industry Trailblazers, Unique Opportunities to Network

Marigold PR, an award-winning cannabis marketing and PR firm, today announced the agenda for its second annual Womxn, Wellness and Cannabis Conference (“WWC Conference”). Hosted in celebration of the feminine cannabis and psychedelic experience, the event is slated to take place on May 26-27, 2021, and feature industry trailblazers and unique opportunities to network in an inclusive, fun and educational online environment. In collaboration with Platinum Partner Lift & Co. Expo, North America’s largest cannabis industry conference and tradeshow, the WWC Conference will offer two full days of engaging panel discussions, keynotes and live Q&As. “Flow Scientific is proud to partner with WWC Conference and promote industry inclusivity,” said Katie Miller, Sales and Business Development at Flow Scientific, one of the VIP Partners sponsoring the event. “As the wellness landscape continues to develop, participating in thoughtful discussions with passionate contributors is essential to support product innovation.”

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

About Marigold PR

Marigold is an award-winning marketing and PR firm for licensed producers and national brands. The firm offers full-service packages to clients that include branding, social media, PR and publicity, and integrated marketing. Marigold creates results-driven marketing campaigns of all sizes, leveraging paid, owned and earned media. Marigold makes an impact for clients through awareness-building campaigns, industry focus and excellent service. For more information about Marigold’s all-encompassing services, visit www.Marigoldpr.com.

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CannabisNewsBreaks – Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) in Key Leadership Position in Promising Oregon Cannabis Market

Golden Leaf Holdings (CSE: GLH) (OTCQB: GLDFF), a premier, consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, is featured in a recent article titled, “How Oregon’s Cannabis Industry Is Getting Back ‘In the Green.’” The article notes that, since cannabis has been legal in Oregon for some time, shoppers are becoming more comfortable stopping by a dispensary, much like they do a liquor store, and cannabis sales have jumped 40% in the past year to more than $1 billion. The article also reported that both supply and demand have risen significantly, with production up 78% since 2019 and sales up by 150%. As a result, the state cannabis regulatory agency could issue up to 100 more producer licenses this month. In this promising setting, Golden Leaf is developing a dynamic portfolio built around the recognized brands of Chalice Farms, with a focus on health and wellness. “Further cementing its status as a leader in the Oregon market, [Golden Leaf] just signed a non-binding letter of intent to acquire a multistore chain,” the article stated. “It is expected that these stores would generate at least $10 million (USD) in annual run rate revenue (based on unaudited January 2021 results) and had a net operating margin of 11% (unaudited) during fiscal 2020. In a February 2021 media release detailing this news for investors, GLH’s Chief Executive Officer, Jeff Yapp called the acquisition of this retail chain a ‘transformational’ deal for the Company. . . . As the market grows, so too does opportunity for cultivators, as the OLCC noted that some growers, like GLH are targeting retailers’ top shelves to sell their product with the aim of raking in more cash. Golden Leaf plans to advance this plan through the aid of its recently proposed non-brokered private placement of up to 169,230,770 units priced at $0.065 (CAD) per Unit for aggregate gross proceeds of up to $11 million (CAD). The proceeds of the offering will be used by the company for strategic retail license acquisitions. When news of this financing broke, it helped build upon the recent momentum the stock has seen since late January when the Company closed its $3.4 million (CAD) financing.”

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

About Golden Leaf Holdings Ltd.

Golden Leaf Holdings is a premiere, consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with seven 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. Markets served include Oregon, California, Nevada and Washington. For more information about this company, visit www.GoldenLeafHoldings.com.

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www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

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