420 with CNW – Marijuana Business Losses During the Pandemic May Be Covered by Insurance

2020 definitely isn’t playing out how we thought it would. America started the year with record low unemployment rates but by the end of May, had lost most of the gains it had made in the past fifty years and was looking at Great Depression levels of unemployment. Small businesses have definitely been hit hard, with most of the government issued coronavirus-related measures disrupting their operations and effectively cutting off their cash flows. Although most states with legal cannabis deemed the industry essential, cannabis establishments haven’t been spared from losses.

The federal government issued disaster relief funds to be dispersed to small businesses through the Small Business Administration but due to federal prohibition, cannabis businesses have been denied access to these funds. However, this doesn’t mean you just have to grin and bear it. Insurance may be a way to reduce the financial trauma your business is currently experiencing. Business interruption insurance, for instance, covers losses from direct interruption to the insured’s operations due natural disasters or fire, and the insurer makes good on items such as lost revenues, rent or utilities.

Contingent business interruption, on the other hand, is generally concerned with lost income due to third party issues like problems with vendors or suppliers. However, the type of coverage you get depends on the policy and riders you purchased. After the 2003 SARS outbreak, most insurers started excluding coverage from disease outbreaks, but some insurers offer disease-related riders for purchase.

Conventional policies can cover everything from payroll, extended period of indemnity, contingent extra expense (reimburses lost profits and expenses arising from interruptions at the supplier’s or customer’s location), to ingress/egress which pays for loss of income caused by physical loss that prevents entry into the insured’s business. Many policies that cover business interruption provide that mere loss of income alone may not qualify, and they require the insured to prove they have lost physical use of the business.

If you were lucky or blessed with the foresight to get disease-specific coverage, it could offer compensation for losses arising from the temporary closure of the business to sanitize and protect employers and consumers.

The first thing you ought to do if you’re hoping to get some coverage during this crisis is to request a copy of your policy. Go through it with a fine-toothed comb to see what exactly is covered and what isn’t. Since such documents tend to be drafted by insurance companies’ lawyers, try to get help from someone equally knowledgeable to level the playing field. You may end up getting enough coverage to help you weather the coronavirus pandemic.

Analysts say all cannabis sector players, such as SinglePoint Inc. (OTCQB: SING), are likely to learn lots of lessons from this pandemic and expand their insurance coverage to avoid suffering lots of losses when another disaster of this magnitude strikes.

About CNW420

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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CannabisNewsBreaks – Wildflower Brands Inc. (CSE: SUN) (OTC: WLDFF) Announces $5.3 Million in Revenues for Q3

Wildflower Brands (CSE: SUN) (OTC: WLDFF) today announced $5.3 million in revenues in its third quarter, compared to $2.5 million in the previous year’s third quarter and $5.5 million in the second quarter. According to the update, revenues were slightly less than last quarter; however, even with unforeseen circumstances and business affected by Covid-19, Wildflower was able to operate with a net gain of $101,435 compared to a loss of $(1,019,862) in the third quarter of 2019. Wildflower’s U.S. operations have been curtailed due to the closure of many retail locations where the Company’s products are sold. Manufacturing and sales activities have been scaled back to align Wildflower’s resources with the current business environment. The Company is also investigating government sponsored assistance programs to support its employees and their families.

To view the full press release, visit http://cnw.fm/7HGxD

About Wildflower Brands Inc.

Wildflower Brands is a Vancouver-based company developing and designing brands that focus on plant-based health and wellness products. All of the company’s brands work in synergy, toward becoming a global wellness leader. For more information about Wildflower Brands, visit www.WildflowerBrands.co. To learn, engage and shop for wellness products visit www.BuyWildflower.com.

About CanadianCannabisWire

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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CannabisNewsBreaks – Cardiol Therapeutics Inc. (TSX: CRDL) (OTCQX: CRTPF) to Secure $11.25 Million in Bought Deal Public Offering

Cardiol Therapeutics (TSX: CRDL) (OTCQX: CRTPF), a leader in the production of pharmaceutical cannabidiol (“CBD”) and the development of innovative cannabidiol products for heart diseases, recently announced its entry into an agreement with Canaccord Genuity Corp. (the “Lead Underwriter”). Under the arrangement, the Lead Underwriter agreed, on behalf of a syndicate of underwriters, to purchase, on a bought deal basis per the filing of a short form prospectus, an aggregate of 4,500,000 units, each at a price of $2.50, for aggregate gross proceeds of $11,250,000 to the Company. Cardiol intends to use the proceeds to support commercialization of its pharmaceutical cannabidiol products, its ongoing research and clinical development programs focused on heart failure, additional product development, as well as for general corporate purposes.

To view the full press release, visit http://cnw.fm/9otIJ

About Cardiol Therapeutics

Cardiol Therapeutics Inc. (TSX: CRDL) (OTCQX: CRTPF) is focused on producing pharmaceutical cannabidiol (“CBD”) products and developing innovative therapies for heart diseases, including acute myocarditis and other causes of heart failure. The Company’s lead product, CardiolRx(TM), is formulated to be the most consistent cannabidiol formulation on the market. CardiolRx is pharmaceutically produced, manufactured under cGMP, and is THC free (<5 ppm). The Company also plans to commercialize CardiolRx in the billion-dollar market for medicinal cannabinoids in Canada and is pursuing distribution opportunities in Europe and Latin America.

In heart failure, Cardiol is planning an international clinical study of CardiolRx in acute myocarditis, a condition caused by inflammation in heart tissue, which remains the most common cause of sudden cardiac death in people less than 35 years of age. The Company is also developing proprietary nanotechnology to uniquely deliver pharmaceutical cannabidiol and other anti-inflammatory drugs directly to sites of inflammation in the heart associated with heart failure. Heart failure is the leading cause of death and hospitalization in North America with associated annual healthcare costs in the U.S. alone exceeding $30 billion. For further information about Cardiol Therapeutics, please visit CardiolRX.com.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) Engages PCG of New York for IR and Digital Marketing Services

Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, on Monday announced that it has retained PCG Advisory, Inc. (“PCG”) of New York, to provide investor relations and digital marketing services to the Company in compliance with regulatory guidelines. According to the update, PCG’s sectors of deepest experience include life sciences, technology and cannabis, and it reaches thousands of individual, retail and institutional investors daily using the latest social media and digital marketing techniques. PCG will develop a comprehensive strategy to increase investor awareness of Lexaria, amplify market visibility, and introduce the Company to its proprietary investment community network that includes institutional funds, banks, analysts and brokers.

To view the full press release, visit http://cnw.fm/3dY2Z

About Lexaria

Lexaria Bioscience Corp. is a global innovator in drug delivery platforms. Its patented DehydraTECH(TM) drug delivery technology changes the way Active Pharmaceutical Ingredients enter the bloodstream, promoting healthier ingestion methods, lower overall dosing and higher effectiveness for lipophilic active molecules. DehydraTECH increases bio-absorption; reduces time of onset; and masks unwanted tastes for orally administered bioactive molecules including cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (“NSAIDs”), nicotine and other molecules. Lexaria has licensed DehydraTECH to multiple companies in the cannabis industry for use in cannabinoid beverages, edibles and oral products; and to a world-leading tobacco producer for the development of smokeless, oral-based nicotine products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 16 patents granted and over 60 patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.

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

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420 with CNW – Veterans and Scientists Sue DEA for Blocking Marijuana Rescheduling

According to a new lawsuit against the Drug Enforcement Administration [DEA], the agency is relying on scheduling standards that are arbitrary and misinterpret federal law to classify marijuana. The latest of many marijuana related lawsuits against the DEA, it has called into question the agency’s denial of prior cannabis rescheduling requests. The suit was filed in the U.S. Ninth Circuit Court of Appeals by the Scottsdale Research Institute [SRI].

The institute requested a review of the DEA’s scheduling determinations in 2020, 2016 and 1992 when the agency denied the petitions citing statutory obligations to maintain the status of cannabis as a Schedule 1 drug under the Controlled Substances Act. The petitioners also requested a review of the agency’s claims that marijuana must be strictly scheduled because according to the government, it currently has no acceptable medical value and has not been proven safe. Additionally, they argue that another statutory policy which the DEA says necessitates marijuana being strictly controlled is unconstitutional.

“The reason we’re filing this is because, ultimately, research has been impeded. We\re trying to get the administration to remove the roadblocks,” says Matt Zorn, an attorney representing the Scottsdale Research Institute.

The DEA states that there are five criteria a substance must meet in terms of therapeutic value, including the responsibility of the drug, the existence of controlled studies establishing safety and efficacy and whether the drug is not accepted by qualified experts. According to the attorneys representing SRI, the test has “no basis in the statute, is contrary to the statutory text, structure, history, and purpose, and departs from the original understanding of the statute and rests on flawed and outdated case law.”

They argue that the drug agency’s determination that there is a “lack of accepted safety for use of marijuana under medical supervision” is wrong because it “misconstrues the statute and is arbitrary, capricious, and contrary to law because the agency has improperly imported a clinical efficacy requirement.” On numerous occasions, the agency has asserted that marijuana can only be placed in either Schedule I or II, but the attorneys say the statute used to justify this assertion is “an unconstitutional delegation of legislative authority that violates separation of powers principles by granting the attorney general authority to schedule drugs on his or her discretion based on an interpretation of international treaty obligations.”

“The statute outsources regulatory power to create domestic and international organizations and subordinates domestic law to treaty obligations, conventions and protocols. Then, it entrusts the Attorney General, a member of the executive branch, to execute non-self-executing international treaty obligations, providing him no intelligible principle, instructions, standards, or criteria whatsoever against which to measure what ‘he deems most appropriate.’ This is unconstitutional.”

It is believed that the entire cannabis industry, including companies like Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), will follow this case keenly since it has the potential to change the way marijuana is regulated in the U.S.

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420 with CNW – Study Shows Ancient Israelites Burned Marijuana During Worship

Cannabis enthusiasts will probably tell you that despite being prohibited and carrying a negative stereotype in many territories, cannabis has been used by folks for a very long time. Well, such advocates will be happy to learn that archaeologists have found evidence that proves their theory of cannabis use among ancient people. In a 2,700 year old temple in Tel Arad, researchers found a well preserved substance that has been identified as cannabis and its main psychoactive agent, THC.

The Biblical-era temple from the Kingdom of Judah was first discovered in the Negev desert, about 59 miles south of Tel Aviv and was excavated by Israeli architects between 1962 and 1967. According to the study published in ‘Tel Aviv,’ the academic journal of Tel Aviv University’s Institute of Archaeology, two limestone altars had been buried within the temple. Researchers found clumps of biological material on the altars but due to limited technology at the time, the material could not be identified and experts assumed it was incense.

The biological material was recently reexamined by Eran Arie of the Israel Museum in Jerusalem, Barun Rosen, and Dvory Namdar of Israel’s Agricultural Research Organization, and their findings were quite interesting. On the smaller alter, the material contained cannabidiol [CBD], delta-9 tetrahydrocannabinol [THC] as well as an unspecified animal dung that was likely used to burn the cannabis. The other alter contained traces of frankincense. According to the study, since marijuana does not lend itself to use as incense, it was most certainly burned for its psychoactive properties.

“Arad provides the earliest evidence for the use of cannabis in the Ancient Near East. Hallucinogenic substances are known from various neighboring cultures, but this is the first known evidence of a hallucinogenic substance found in the Kingdom of Judah,” the study says.

“The use of psychoactive materials is also well known in ancient Near East and Aegen cultures since prehistory. It seems likely that cannabis was used at Arad as a deliberate psychoactive, to stimulate ecstasy as part of cultic ceremonies. If so, this is the first such evidence in the cult of Judah.” According to Namdar, you need the right temperature to induce a high, “and they clearly knew this as well, just as they knew which fuel to use for each substance.”

This suggests that the ancient worshipers were not just burning the cannabis for aromatic purposes, but that they were intentionally getting high. “If they wanted to make the temple smell nice they could have burned some sage, which grows in the area of Jerusalem. Importing cannabis and frankincense was a big investment that could not be made by an isolated group of nomads, it required backing from a powerful state entity,” Arie concludes.

Experts say these research findings will give further proof to cannabis industry actors like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) who are convinced that marijuana has been consumed for a lot longer than prohibitionists would want the world to believe.

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CannabisNewsBreaks – Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) Announces Re-Launch of Rainbow Sherbet Cannabis-Infused Gummies for Pride 2020, SF Queer Nightlife Fund Collaboration

Plus Products (CSE: PLUS) (OTCQX: PLPRF), a cannabis and hemp branded products company in California, today announced the re-launch of its best-selling* limited edition Rainbow Sherbet cannabis-infused gummies for Pride 2020. According to the update, the Company is collaborating with the SF Queer Nightlife Fund (the “SF QNF”) as part of its commitment to strengthening and supporting the communities in which it operates and sells products. Under the collaboration, Plus Products will donate $1 per tin sold to provide direct financial relief to workers in queer nightlife in San Francisco who have been affected by the COVID-19 pandemic. “The spirit of Pride is celebrating the LGBTQ community, and with social distancing measures in place, staying connected to our communities is more important than ever. Celebrating Pride is a tradition we’ve enjoyed participating in for the past few years,” Jake Heimark, CEO and co-founder of PLUS, said in the news release. “This year, in light of the COVID-19 pandemic, PLUS sought an opportunity to focus our impact on those within the LGBTQ community disproportionately affected by the financial hardships the pandemic has caused as we all shelter in place here in California. Nightlife is center stage for queer culture, history, and the continued advancement for LGBTQ rights in our country. People working to keep this integral part of queer life empowered and vibrant have suddenly found themselves out of work. The SF QNF has stepped in to help the most vulnerable members of their community in a time of great need.”

To view the full press release, visit http://cnw.fm/L8dXj

About PLUS

PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable – that begins with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, CA. For more information, visit the Company’s website at www.PlusProducts.com.

*According to PLUS wholesale data, Rainbow Sherbet gummies have been the Company’s best-selling limited edition product

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

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420 with CNW – US Supreme Court Declines to Hear Ohio Marijuana Decriminalization Case

A campaign to decriminalize marijuana in Ohio has been dealt a major blow after the U.S. Supreme Court declined to hear a case challenging local Ohio officials’ refusal to place decriminalization initiatives on municipal ballots on Tuesday. Back in 2018, activists submitted ballot initiatives to legalize marijuana in Garrettsville and Windham, but the Portage County Board of Elections determined that the initiatives could not appear before the voters.

The board argued that since the proposals constituted administrative rather than legislative issues, they were not appropriate for the ballot process. This led to a two year legal battle between cannabis reform activists and the Portage County Board of Elections, culminating in the Supreme Court’s decision to not hear the case.

Once the ballot initiatives were rejected by the board, decriminalization advocates took the matter to the federal district court. Their argument was that the state statutes that allowed the board to reject the measures violated their First and Fourteenth Amendment rights, thus are unconstitutional. The judge was in agreement and granted them a restraining order and forcing the Secretary of State to let the municipalities of Windham and Garrettsville vote on the proposal.

The district court later issued a permanent injunction prohibiting the state from “enforcing the gatekeeper function in any manner that fails to provide a constitutionally sufficient review process to a party aggrieved by the rejection of an initiative petition.” The victory, however, was short-lived.

The U.S. Sixth Circuit Court of Appeals later reversed the district’s ruling and vacated the permanent injunction. Like the defendants, the appeals court believed that the decriminalization measures were an administrative matter, as opposed to legislative, and this gave the board the right to refuse to place the measures on the ballot. Furthermore, the court stated that the plaintiffs did have the right to seek a “judicially imposed remedy through mandamus relief” but instead chose to challenge the state statute itself.

On Tuesday, Bloomberg’s Kimberly Robinson reported that the U.S. Supreme Court will not be taking up the case. While it is unclear whether this will embolden other boards of election in Ohio to reject certain initiatives, Portage County seems to be an isolated occurrence. 17 cities in the state have passed decriminalization measures, and most of them have been through the ballot.

At the moment, jurisdictions with decriminalization on the books include Toledo, Athens, Cincinnati, Cleveland, Dayton and Columbus, and cannabis reform activists are looking to significantly increase the number of municipalities with decriminalization on their books.

The news of the Supreme Court’s decision is likely to trigger sector players like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) to follow events in Ohio closely in order to see whether lessons there can provide pointers as to what could happen elsewhere.

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420 with CNW – Are Hemp Masks the Answer to Sustainable Personal Protection Amid this Pandemic?

The novel coronavirus first appeared late last year in Wuhan, China, and in a little over five months, has brought the entire globe to its knees. With more than 5.5 million confirmed infections and at least 350,000 lives lost, the virus has thrown the world into disarray, with most governments issuing lockdown and stay at home orders to curb its spread.

Unfortunately, experts say we may be stuck dealing with the pandemic for up to two years and that even with a vaccine, it may never go away. The pandemic has placed a massive strain on supply chains, leading to shortages, especially in personal protective equipment such as masks. And since all kinds of essential workers, from nurses and doctors to grocery store clerks and delivery drivers absolutely need masks to avoid infection, this is an issue that needs to be addressed.

Enter hemp masks. The non-psychoactive cousin of cannabis has been a go-to option for sustainable alternatives for the past few years, and it lends itself well to this new challenge. Hemp fabric is quite durable, and it has natural antimicrobial and antibacterial properties that enable it to stay fresh during long wearing sessions.

LoveBad Organics and The Hemp Cooperative (THC) partnered and created an organic hemp face mask with cotton ties. They come in black or a reversible black and white option, are comfortable and easy to wear, and are machine washable.

According to Daniel Ong, co-founder of LoveBad Organics, the other founder Brittany “woke up to this palpable realization that masks are going to be standard and that we should contribute towards the production to supply our friends at our local supermarkets.”

“Prior to the pandemic,” he says, “I had small talks with my twin brother Dany, a co-founding member of The Hemp Cooperative. Shortly after the pandemic took off, he made a prototype, showed it to me, and proceeded to go into production.” The hemp masks are manufactured in the U.S. from organically grown hemp carefully sourced from China.

The brands hire mostly single mothers and senior citizens as seamstresses, and they are paid a higher than normal wage to help them weather the pandemic. Ong says that the reception to the hemp masks has been positive, with a number of supermarket employees reaching out to say that the masks are perfect for their needs.

“If there is a responsibility that hemp brands should take on, perhaps it’s purely to stay in business during these times so that we may continue the momentum that the hemp community has powered over this past decade.”

This is the kind of innovation that makes cannabis companies like Round Meadow Holdings Corp. and The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) so proud of this versatile plant whose full benefits seem to be limitless.

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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Featured in Global Small Cap Research Report

Sugarmade (OTCQB: SGMD) was recently the subject of a report conducted by Global Small Cap Research (http://cnw.fm/W1a82). An article discussing the report reads, “Outlining what it called a ‘near-perfect business world’ for cannabis delivery operators, the report made a strong case by observing that ‘Sugamade is enjoying participation in a rapidly growing market. . . . Few if any, marketplaces are growing faster than cannabis — and the California market is the epicenter of growth.’ The report stated that during 2019, the cannabis market produced approximately $100 billion in U.S sales, with growth projected to top 32% compounded annually over the next few years. . . . In addition, the reported noted that a general trend for home-delivery service, a favorable labor environment, the advantages of being publicly traded and a disrupted industry that has become even more shattered as a result of the COVID-19 pandemic all combine to create a ‘positive outlook for Sugarmade for the rest of 2020 and into next year. At a time when so many businesses are struggling, we believe companies involved in certain areas of the cannabis marketplace, such as delivery services, are not only surviving, but thriving,’ the report concluded.”

To view the full article, visit http://cnw.fm/8jp5X

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. More information on Sugarmade can be found at www.Sugarmade.com. Sugarmade 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 this year. The company views these opportunities as scalable and capable of producing strong revenue growth for the company.

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

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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