420 with CNW – Illinois Cannabis Sales Break Records in July

The months after the coronavirus broke out were characterized by a severe decline in commerce. Industries like airlines, food service and tourism were especially hit, with a large chunk of the more than 30 million Americans who lost their jobs coming from these sectors. Cannabis, on the other hand has weathered the storm fairly well. There was a spike in marijuana sales in the weeks leading up to the shutdown and self-isolation orders and in the months since, several states have reported record breaking sales.

On Monday, Illinois’ Department of Financial and Professional Regulation announced that the state had recorded another record-breaking month of recreational marijuana sales. Illinois is reporting nearly $61 million in adult-use cannabis sales for the month of July, with dispensaries selling 1,270.063 marijuana items, a new record. Illinois residents bought $44,749,787 worth of marijuana products while out of state visitors accounted for $16,207,193 worth of marijuana. Sales to out of state customers support Gov. J.B. Pritzker’s prediction during his State of the State address in January that cannabis tourism would boost the state’s tax revenue.

Marijuana sales in July trampled on the record previously set in June. Illinois reported more than $47.6 million in total sales that month with stores selling nearly a million (994,545) marijuana products. In-state residents accounted for $35.3 million while out of state visitors bought $12.4 million worth of marijuana products. At a time when states are seeing a massive reduction in taxes and their coffers are bleeding money, tax revenue from cannabis sales are a godsend.

Since retail cannabis sales started in January, the state of Illinois has earned $52 million in cannabis tax revenue, with 25% going toward a community reinvestment program designed to support communities most affected by the war on drugs. And with most of the country wracked by protests against aggressive policing of these communities, these funds are much needed. “Illinois has done more to put justice and equity at the forefront of this industry than any other state in the nation, and we’re ensuring that communities that have been hurt by the war on drugs have the opportunity to participate,” says Gov. Pritzker, who pardoned more than 11,000 people with prior marijuana convictions before the program was implemented.

In May, the state announced that it would avail $31.5 million in marijuana revenue-funded restorative grants to repair the damage caused by the decades’ long war on drugs. Illinois’ legalization bill established a Restore, Reinvest, and Renew program that provides grant opportunities for “communities impacted by economic disinvestment, violence, and the severe and multilayered harm caused by the war on drugs.”

Analysts say Illinois’ success provides a shiny example that sector players like The Alkaline Water Company Inc. (NASDAQ: WTER) (CSE: WTER) can refer to when explaining the benefits of having a regulated cannabis market.

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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 – Senate Bill Seeks to Legalize and Tax Cannabis Like Tobacco

So far, 2020 has been pretty rough on drug reform initiatives. Marijuana legalization activists in states like Idaho and Florida have had to postpone their legalization activities after the coronavirus pandemic made signature collection almost impossible and kept lawmakers occupied with more urgent issues. However, the push for federal marijuana reform received a massive boost after a Democratic Senator filed a new bill to federally legalize marijuana in late July.

Titled the ‘Substance Regulation and Safety Act,’ the legislation was sponsored by Senator Tina Smith. If passed, it would remove cannabis from the Controlled Substances Act and direct federal agencies to develop a framework for regulating marijuana in the country. The legislation would de-schedule cannabis, and it would require the U.S. Department of Health and Human Services (HHS) to develop rules that treat cannabis the same as tobacco and to create a national research institute to evaluate the risks and benefits of cannabis. The federal age requirement for marijuana sales would be 21.

The bill would also require the U.S. Department of Agriculture to impose quality control standards and mandate the Department of Transportation to study ways law enforcement can detect THC-impaired driving. The text of the bill states that the de-scheduling provisions are “retroactive and shall apply to any offense committed, case pending, or conviction entered, and, in the case of a juvenile, any offense committed, case pending, or adjudication of juvenile delinquency entered, before, on, or after the date of the enactment of this Act.”

The legislation state that HHS would be required to “regulate cannabis products in the same manner, and to the same extent” as tobacco, and that includes “applying all labeling and advertising requirements that apply to tobacco products under such Act to cannabis products.” The agency would also have to come up with a “national strategy to prevent youth use and abuse of cannabis, with specific attention to youth vaping of cannabis products.”

On racial justice, the legislation requires HHS to “consult with civil rights stakeholders to determine whether cannabis abuse prevention strategies and policies are likely to have racially disparate impacts” within 100 days of the bill’s enactment. On top of that, the Department of Transportation would also have to determine whether its impaired driving prevention policy “is likely to contribute to racially disparate impacts in the enforcement of traffic safety laws.”|

The Act would also require U.S. Customs and Border Protection to work with other agencies to develop policies on allowing marijuana imports and exports. “It’s terrific to see Senator Smith engage so substantively in the cannabis reform policy debate,” says Justin Strekal, political director of NORML. “We at NORML look forward to propelling many aspects of the new legislation into the broader conversation on the future of federal regulations in regards to a post prohibition America.”

Experts say companies like Sugarmade, Inc. (OTCQB: SGMD) will be hoping that this bill doesn’t end in limbo like others before it.

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420 with CNW – Amazon Prime Unveils Search for Marijuana Business Talent

Michael Straumietis, commonly known as ‘BigMike’, is one of the most successful cannabis entrepreneurs in the world. He founded cannabis fertilizer brand Advanced Nutrients, a firm that has earned him millions over the last two decades. Said to be the world’s leading cannabis fertilizer, the brand’s products are sold in 109 countries and counting with an annual revenue of over $84 million. For 37 years, he has been a revolutionary for the industry and now, he has set out to “discover the new industry Titan.”

From August 15, BigMike will star in The Next Marijuana Millionaire, a reality show that will put 16 budding entrepreneurs against each other for the chance to win $1 million. Describing itself as the “first ever cannabis business competition show,” the Apprentice-style reality show will air on several streaming services including Amazon Prime, Apple TV, and Pluto TV.

The entrepreneurs will face off against each other in a series of “extreme challenges” for the chance to work alongside Straumietis, a partnership that “will change not only their life, but the direction of the multi-billion-dollar cannabis market,” says the show’s press release.

Although the show dubs itself the first ever cannabis business competition show, this isn’t the first time marijuana and reality themed series have merged. Back in 2017, Comedy Central released the High Court with Doug Benson, a spoof on daytime courtroom programs. Netflix Cooking in High, launched in 2018, and Cooked with Cannabis, launched in 2020, on the other hand, offer content on cannabis-infused cuisine.

And just last week, the Discovery Channel announced their own THC-infused series, Growing Belushi, which will follow actor Jim Belushi, his family and their employees as they manage and tend to his Oregon-based marijuana farm.

The show’s announcement comes at a time when states are looking to beef up their budgets due the coronavirus and are considering legalizing cannabis. States like Colorado and Illinois have collected millions of dollars in cannabis tax since their cannabis programs began, providing a much needed infusion of cash into the state’s coffers.

The industry had a positive outlook before the virus broke out and although things have slowed down a little, the cannabis industry still isn’t done growing. Even more states are sure to legalize either recreational or medical cannabis and it’s only time before marijuana is federally legalized as well. Whoever turns out to be the Next Marijuana Millionaire will not only win a life changing amount of money, but they’ll also be granted the opportunity to work with a Titan of the cannabis industry.

Experts say established cannabis sector players like Pure Extracts Corp. will welcome the positive media attention directed at the industry by this new TV show.

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CannabisNewsBreaks – Sugarmade Inc.’s (SGMD) Cannabis Delivery Service Reports Highest Performance to Date

Sugarmade (OTCQB: SGMD), a leading, multidivisional/multiproduct/multisector supply company, has released its July financial report, including record performance numbers for BudCars, the company’s newest acquisition. The cannabis delivery service organization reported more than $660,000 in total gross sales, which represented a 32% sequential monthly top-line growth. The report also included other performance highlights. “Last month featured strong growth in basically every major metric once again for our BudCars segment. We saw an increase in gross margins while demonstrating another breakout month-over-month performance on both the top and bottom line,” said Sugarmade CEO Jimmy Chan in the press release. “Note that April was our first full month operating BudCars. In July we more than doubled the sales and gross profits booked in April. That pace of growth suggests another potential doubling by October on a per-location basis. And we will be operating additional locations by then, which will serve to compound that growth.”

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About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. SGMD sees opportunities in business operations that combine the best areas of on-demand consumer distribution with certain areas of synergistic manufacturing and packaging to create a business model that capitalizes on the many changes in the cannabis industry. The company has made agreements with several market participants, which will be announced in 2020. The company views these opportunities as scalable and capable of producing strong revenue growth. For more information, visit the company’s website at www.Sugarmade.com.

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HempNewsBreaks – Cannabis Global (CBGL) Unveils New Product Line — Hemp-Based Alcohol-Substitute Mixers

Cannabis Global (OTC: CBGL), a cannabinoid and hemp-extract, science-forward company developing infusion and delivery technologies, has unveiled a new product line. CBGL’s new Hemp You Can Feel(TM) hemp-based, alcohol-substitute cocktail mixers are available both online at www.HempYouCanFeel.com and for wholesale distribution in bulk purchases. Consumers can use the product to mix cocktails that provide an experience similar to light alcohol consumption without the side effects of alcohol. “Because of the ultra-low levels of hemp extracts utilized, we feel we set a new standard for product-safety and satisfaction in the hemp food and beverage category with this product,” said Cannabis Global CEO Arman Tabatabaei in the press release. “While our Hemp You Can Feel beverages likely have the lowest hemp extract levels in the industry, we believe we provide a vastly superior positive effect upon use. We invite all consumers and alcohol industry participants to try what we see as the first viable alternative to alcoholic beverages.”

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About Cannabis Global Inc.

Cannabis Global, formerly known as MCTC Holdings, Inc., is a fully audited and reporting company with the U.S. Securities & Exchange Commission, trading with the stock symbol CBGL. The company is an emerging force in the area of cannabinoid sciences and highly bioavailable hemp and cannabis infusion technologies. The company does not engage in the production, distribution, or sales of any controlled substances, including marijuana. The company has an actively growing portfolio of intellectual property having filed six patents in the areas of cannabinoid delivery systems and cannabinoid polymeric nanoparticles. The company markets its consumer products under the Hemp You Can Feel brand name. Cannabis Global launched its Project Varin early in 2020 to develop new delivery methods for rare cannabinoid tetrahydrocannabivarin (THC-V) and to develop products based on this cannabinoid. For more information, visit the company’s website at www.CannabisGlobalInc.com.

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420 with CNW – How COVID-19 is Dampening CBD Sales

As 2019 drew to a close, no one expected the virus that had been discovered in Wuhan, China in November to bring the world to a complete standstill. Three months into the year, however, the resultant pandemic had caused massive damage to the economy, with industries like food service and airlines shouldering millions of job losses. Although cannabis products enjoyed a spike in sales in the week or two leading up to lockdown orders, the COVID-19 pandemic has since dampened CBD sales.

The nascent industry had previously seen extremely encouraging projections, with last year’s BDSA and Arcview Market Research industry report stating that CBD sales in the USA would surpass $20 million by 2024. However, according to a new report from Brightfield Group titled ‘US CBD Market July 2020’ CBD sales will be much lower than projected due to the coronavirus pandemic. How exactly has the pandemic affected current and future CBD sales in the country?

Stay at home orders coupled with social distancing have almost killed businesses which solely depend on their brick and mortar locations. The report by Brightfield Group noted that this would result in loss of revenue from store closures as many CBD retailers had either closed temporarily or were only offering curbside pickup or delivery.

“Even for CBD specialist retailers and smoke shops that remain open, they are experiencing steep declines in sales as social distancing guidelines and consumer worries about contracting the coronavirus keep shoppers at home,” the report says. According to Brightfield, nearly half (45%) of CBD consumers surveyed in June said they had moved their CBD purchases online, locking out up and coming players who didn’t already have infrastructure for online ordering and home delivery.

Reduced or no income due to job loss. The coronavirus pandemic has devastated the job market, with more than 20 million Americans losing their jobs since January. And as anyone who’s bought high quality CBD can attest, it isn’t cheap. And “with Americans facing high unemployment levels (11.1% in June 2020 compared to 3.8% in February 2020) year 2020 retail sales are not expected to reach levels anticipated prior to the emergence of the COVID-19 pandemic,” the report says.

As of July 14, over 30 million Americans were receiving unemployment benefits and for many of them, that’s the only income they can bank on, so CBD will probably be the last thing they want to buy. With the end of the coronavirus pandemic nowhere in sight, we can assume the economy will keep on declining, and CBD sellers who are able to adapt to the new times by incorporating online ordering, curbside pickup and home delivery will be able to weather the storm.

This less than favorable outlook for the CBD sector is likely to give industry players like The Alkaline Water Company Inc. (CSE: WTER) (NASDAQ: WTER) food for thought as they plan for the coming years since the changes in consumer behavior may not go away once the pandemic ends.

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420 with CNW – The COVID-19 Outbreak is Hitting Illegal Cannabis Sales Hard

For many proponents of legalizing marijuana, snuffing out the black market and bringing all that revenue into the state coffers was a big motivation. However, the truth is the black market has thrived alongside state legal weed, and in many cases has actively undermined and drawn profits from the legal market. With the coronavirus pandemic in full swing, though, illegal cannabis sales have been hit. Hard.

In the early days of the pandemic, it was established that COVID-19 was a respiratory disease and folks with poor lung health were more at risk of developing severe symptoms. As beneficial as marijuana can be, smoking is harmful and puts your lungs in danger. People are still consuming marijuana during this period, though, they’re just getting it from a different, more trustworthy source.

“It’s understandable that people may be more hesitant to get their products from sources that are unregulated. They may not want to go to their dealer’s house, or they may not want to have their dealer come into their house at a time when people are social distancing and not supposed to be interacting with people that they don’t know,” says Kris Krane, CEO of 4Front Ventures, which operates dispensaries in multiple states.

Back in May, Mitch Baruchiwitz, managing partner at cannabis investment firm Merida Capital Partners, argued in a paper that the pandemic was ‘cannibalizing’ the illegal market. “The vast majority of the current growth in the cannabis space is being driven by consumers transitioning from the black market to the legal market,” he wrote.

With millions of Americans stuck at home waiting for the virus to die out, plenty of them have been consuming marijuana to alleviate their stress and anxiety. However, marijuana from the illegal market is unregulated and the quality cannot be assured. Consumers want high quality, properly regulated products and they have started turning to the state legal cannabis market to get their fix. According to New Frontier Data, revenues are expected to hit $17 billion this year, a 25% increase from last year’s figures.

As the coronavirus pandemic puts an immense strain on the economy, states may choose to legalize cannabis sales to beef up their budgets. Krane points out how the government ended alcohol prohibition soon after the Great Depression to boost revenues.

“Alcohol prohibition was largely ended as a result of the Great Depression, as the country was in desperate need of new sources of revenue. It went from something that was seen as politically impossible to a political necessity in a very short amount of time, and I think we’re seeing a similar situation here.”

Analysts think entities like Sugarmade, Inc. (OTCQB: SGMD) are glad that this pandemic has had the unexpected positive effect of denting illicit pot sales.

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CBDNewsBreaks – The Alkaline Water Company Inc. (CSE: WTER) (NASDAQ: WTER) Announces A88CBD(TM) and Elevated Wellness Partnership

The Alkaline Water Company (CSE: WTER) (NASDAQ: WTER), a producer of premium bottled alkaline and flavored-infused waters and CBD-infused products, today announced that A88CBD(TM)’s complete portfolio of CBD topicals and ingestible products will be available in Elevated Wellness’ retail locations and its e-commerce store. “The Alkaline Water Company family is thrilled to announce its partnership between A88CBD™ and Elevated Wellness,” Richard Wright, president, and CEO of The Alkaline Water Company, stated in the news release. “This collaboration not only includes all A88CBD(TM) products in-store at Elevated Wellness’ Austin locations and online on its e-commerce store, but also co-branding opportunities to increase A88CBD(TM)’s brand awareness in their local markets. Elevated Wellness is committed to a long-term partnership, and following the Austin launch, we will be serving their Houston locations as well. There truly is an A88CBD(TM) product for every consumer. Elevated Wellness’ categories, both in-store and online, match A88CBD(TM)’s goal to provide users with products for all of their self-care needs. Whether providing relief post-workout or nourishing skin, A88CBD(TM) products fit all wellness lifestyles.”

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About The Alkaline Water Company

Founded in 2012, The Alkaline Water Company is headquartered in Scottsdale, Arizona. Its flagship product, Alkaline88(R), is a leading premier alkaline water brand available in bulk and single-serve sizes along with eco-friendly aluminum packaging options. With its innovative, state-of-the-art proprietary electrolysis process, Alkaline88(R) delivers perfect 8.8 pH balanced alkaline drinking water with trace minerals and electrolytes and boasts its trademarked label “Clean Beverage.” Quickly being recognized as a growing lifestyle brand, Alkaline88(R) launched A88 Infused(TM) in 2019 to meet consumer demand for flavor-infused products. A88 Infused(TM) flavored water is available in seven unique all-natural flavors, with new flavors coming soon. Additionally, in 2020, the company launched A88 Infused Beverage Division Inc., which includes the company’s CBD water and flavor-infused water. For the company’s topical and ingestible offerings, A88 Infused Products includes both the company’s lab-tested full-spectrum hemp salves, balms, lotions, essential oils, and bath salts, along with broad-spectrum hemp beverage shots, powder packs, oil tinctures, capsules, and gummies. To purchase A88CBD(TM) products online, visit www.A88CBD.com. To learn more about The Alkaline Water Company, visit www.TheAlkalineWaterCo.com.

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CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.

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CannabisNewsBreaks – Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Launch of First 510 Vaporizer Cartridge, New 1.0 Offerings

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), today announced that its recreational consumer brand, sugarleaf, has launched three new product offerings in the Canadian market, including the company’s first 510 vaporizer cartridge. “With the introduction of the sugarleaf boost sativa 510 vaporizer cartridges we build on our premium 7ACRES vaporizer offering. This popular 2.0 product caters to the significant number of frequent and occasional consumers who are looking for high-quality and convenient cannabis experiences at a reasonable price,” Supreme Cannabis CRO Joel Toguri stated in the news release. “Today, we further strengthen and diversify the sugarleaf brand with the launch of this 510 vaporizer and two new 1.0 offerings, which include 3×0.5-gram pre-rolls and milled flower.”

To view the full press release, visit http://cnw.fm/skGOA

About Supreme Cannabis Company, Inc.

The Supreme Cannabis Company is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the company has emerged as one of the world’s most premium producers of recreational, wholesale and medical cannabis products. Supreme Cannabis’ portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, wellness, medical and new consumer preferences. The Company’s recreational brand portfolio includes, 7ACRES, 7ACRES Craft Collective, Blissco, sugarleaf and KKE. Supreme Cannabis addresses national and international medical cannabis opportunities through its premium Truverra brand. Supreme Cannabis’ brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including, scaled cultivation, value-add processing, automated packaging and product testing and R&D. For more information, visit the company’s website at www.Supreme.ca.

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420 with CNW – Congress Passes Amendment Shielding State Cannabis Programs from Federal Interference

As July drew to a close, the House of Representatives voted in favor of an amendment that would protect all state, territory and tribal marijuana programs from federal interference. Sponsored by Reps. Earl Blumenauer, Tom McClintock, Eleanor Holmes Norton and Barbara Lee, the measure would prevent the Department of Justice from using its funds to impede the implementation of cannabis legalization laws. It was passed in a 254-163 vote on the floor and it builds on an existing, more limited provision to shield only state medical cannabis laws from federal interference.

As more and more states have legalized either medical or recreational cannabis over the years, attitudes have slowly shifted in favor of cannabis, says Blumenauer. “The federal government, sadly, is still trapped by the dead hand of Richard Nixon’s war on drugs, declaring cannabis a schedule 1 controlled substance.” Blumenauer also discussed separate House-passed legislation that would protect banks that service the marijuana industry, finally granting it access to banking services as well as another standalone bill to federally deschedule cannabis.

“Make no mistake, that day is coming. In the meantime, until that day of reckoning comes, we must pass this amendment to ensure the federal government does not interfere with state cannabis activities. This modest extension of existing protections, which we have achieved through the appropriations process in the past, is critically important,” he says.

Rep. Robert Aderholt, who spoke in opposition to the amendment, argued that passing the measure would send “the false message to youth that smoking marijuana is healthy” despite cannabis’ purported medical benefits having not been proven. “Claims of benefits from smoked or ingested marijuana are very unreliable and generally outright fabrication. However, it is an established fact that marijuana use has real health and social harms,” he says.

In response, Blumenauer stated that marijuana has been effectively used to treat conditions such as epilepsy in children, PTSD in veterans and nausea for people undergoing chemotherapy. “The existing policy of prohibition is an abject failure,” he said, highlighting the damage the decades’ long war on drugs has done to the African American community. “This selective enforcement of nonsensical policy has posed huge problems for black Americans.”

“For far too long, our federal cannabis policies have been rooted in our discriminatory past and have continued inflicting harm on communities of color,” says co-sponsor Lee. “As the public’s views towards cannabis have evolved, Congress has a responsibility to ensure that our policies follow suit and move toward restorative justice.”

The passing of this amendment is likely to be welcomed by marijuana companies like Pure Extracts Corp. who may see it as another chip off the wall of prohibition.

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