420 with CNW – Study Shows Marijuana Legalization Boosts Hotel Bookings

For a very long time, advocates for legalizing marijuana have outlined the revenue states stand to gain from legalization. Indeed, states like Colorado have brought in massive revenues through cannabis sales in the recent past. Furthermore, results from a new study show that legal cannabis has a positive effect on the tourism and hospitality industry.

Dubbed (Pot)Heads in Beds: The Effect of Marijuana Legalization on Hotel Occupancy in Colorado and Washington, the study was published online and appears in the latest issue of Regional Policy and Analysis. It states that Colorado had a considerable increase in room rentals soon after the state began marijuana sales. Washington State also saw an increase in tourism after legalization, although not as much as in Colorado.

Washington State and Colorado were the first two states in the U.S. to legalize adult-use cannabis. Researchers compared hotel room rentals in the two states with states that prohibited adult use from 2011 and 2015 and they found that after legalization, there was an influx in tourist numbers and a rise in hotel revenue. Colorado saw monthly hotel booking increases of 2.5% to 4% and once retail sales opened, bookings increased by 6% to 7%.

Washington, on the other hand, saw increases at roughly half of Colorado’s rate, while hotel bookings increased by 1% after possession was legalized and 3.5% after retail stores opened.

Colorado saw its room rates increase by about $3.76 (2.8 percent) after possession of cannabis became legal and $6.31 (3.8 percent) after legal sales began. Monthly revenue increased by $9.33 million (6.75%) after possession became legal and $23.71 million once retail sales began.

According to the researchers, Colorado’s more central location might be responsible for the difference in numbers with Washington. The paper notes that Denver’s airport is “a major hub for United Airlines.” In Washington’s case, it’s proximity to British Columbia, which in the researchers’ opinion has “a strong reputation for growing marijuana and a laid back attitude toward marijuana consumption,” may have played a part.

“Another possible explanation,” the study speculates, “is that Colorado may have achieved a first mover advantage over Washington since it legalized commercial sale six months earlier than Washington.”

Aside from a 2015 report commissioned by the Colorado Department of Revenue which estimated that tourists made up to a large portion of the state’s retail marijuana activity, most evidence backing the connection between legalization and increased tourism was anecdotal. This study offers concrete proof that there is indeed a connection.

“These results suggest an uptick in tourism following marijuana legalization but until now, there have been no studies directly examining the effect of legalization on tourism,” said the researchers. Now, they will wait and see how things play out in the long term.

“While marijuana legalization increased tourism, especially in Colorado, the benefit may wane as additional states including California, Michigan, and Illinois, legalize the possession and sale of marijuana.”

All the same, industry actors like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) see these findings as proof of the nearly endless benefits of legalizing marijuana.

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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 – Marijuana Panic Buying Slows Down in Canada

As the threat posed by the coronavirus grew bigger, governments around the world issued lockdown orders and instructed all but the most essential businesses to close down. In the days and weeks preceding the stay at home orders, legal marijuana saw a spike in sales as people stocked up for what they thought would be a long period of self-isolation.

However, several provinces in Canada deemed the marijuana industry essential, giving consumers constant access to cannabis during the lockdown. According to cannabis company executives, the COVID-19 boom in cannabis sales is dissipating, and consumers have slowed down their purchasing frenzy.

“There was a kind of pantry-loading in late March when there was a concern that maybe the supply chain would be closing down and whether cannabis as an industry would be deemed essential,” says Michael Singer, Interim Chief Executive of cannabis company Aurora Cannabis Inc.

After the industry was deemed an essential service in several provinces and sales continued even despite the lockdown, he says, things went back down to pre-pandemic levels in April.

“The behaviors were very similar to before that pantry-loading process at the end of March.” During the Edmonton-based company’s third quarter, which includes the first few weeks Canadians spent in self-isolation and ended on March 31, Aurora Cannabis Inc. sold 28,073 pounds of marijuana. This was an increase of 39% from the quarter before.

The spike in sales in March and April wasn’t limited to just Aurora Cannabis Inc. According to provincial cannabis distributor Ontario Cannabis Store (OCS), its online orders tripled in mid-March as the coronavirus outbreak grew more serious. Prior to March 9, the company received 2,500 to 3,500 orders and as people adopted physical distancing and self-isolation measures, orders doubled to 5,000 and in one particular week, to 13,000 orders.

“While it is likely there was some stockpiling, orders have maintained at the 5,000 plus orders per day level; still much higher than before COVID-19. Many products, including edibles and seeds, continue to sell quickly,” says Daffyd Roderick, the OCS’s director of communications.

Due to the increase in orders, cannabis distributors in several provinces including Ontario and Alberta have warned of delays in deliveries. The OCS had to expand its staff and courier service to accommodate the increased demand and Delta 9 Cannabis, a Winnipeg-based cannabis chain, hired 76 new employees. According to co-founder and CEO John Arbuthnot, that’s a roughly 30% increase in his workforce.

Although foot traffic at his stores is still high and cart sizes have increased, there has been a change in consumer attitude, he says.

“Certainly we are seeing that the sentiment from customers in the store has shifted from, ‘Oh my goodness, I need to make a last large purchase,’ to more of just back to business as usual. But it seems, for us, that the uptick in business has been continuing.”

Could this return to normal purchasing behavior signal what may happen in the U.S. cannabis markets in the coming weeks? It would be enlightening to hear what sector players like Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) have to say about these buyer trends.

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CannabisNewsBreaks – Supreme Cannabis Company Inc.’s (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) 7ACRES and Blissco Complete Construction, Secure Full Licenses

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) recently announced that it has completed construction and obtained full licensing for two of its key assets: the 440,000-square-foot, state-of-the-art 7ACRES cultivation plant and the 12,000-square-foot Blissco extraction facility. An article discussing the company reads, “This milestone step makes Supreme one of the few Canadian producers that operates fully constructed and licensed cultivation and extraction facilities. . . . In March, British-Columbia-based Blissco received Health Canada’s approval on its final licensing amendments, and Supreme announced plans to conduct all extraction in-house from the now fully licensed facility (http://cnw.fm/Tn698). The licensing announcement came after SPRWF completed construction on a large-scale, ethanol-based extraction lab that expanded Blissco’s existing CO2-based extraction capability.”

To view the full article, visit http://cnw.fm/kW9qC

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 fastest-growing, premium, plant-driven lifestyle companies. Supreme Cannabis’ portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new-consumer preferences.

The company’s brand portfolio includes 7ACRES, Blissco, Truverra, Sugarleaf and Khalifa Kush Enterprises Canada. 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, centralized manufacturing and product testing, and R&D. Follow the company on Instagram, Twitter, Facebook, LinkedIn and YouTube. For more information, visit the company’s website at www.Supreme.ca.

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

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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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CannabisNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) Collaborates with TheraPsil to Help Patients in Palliative Care Access New Therapies

Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), a human optimization sciences Company with an emphasis on ketamine and psychedelic medicine, today announced its sponsorship of TheraPsil, a BC-based non-profit coalition of healthcare professionals, policy-makers and community leaders (the “TheraPsil Coalition”) seeking legal access to psilocybin for British Columbians with a palliative diagnosis and psychological distress. According to the update, TheraPsil is focused on: establishing safe, and legal access to psychedelic-assisted therapy for those in medical need, efforts to increase awareness and developing safe and effective protocols for psilocybin-assisted therapy through public education and educational training, as well facilitating research and evaluation in collaboration with Canadian and international partners. “Through our sponsorship, the Champignon team and board are extremely proud to begin collaborating alongside TheraPsil, helping patients in palliative care access new and effective therapies,” Champignon Director Pat McCutcheon said in the news release. “Together we will work to provide countless Canadians facing a palliative cancer diagnosis, along with their families, who also face severe psychological distress, with the treatment options, compassion and hope they deserve.”

To view the full press release, visit http://cnw.fm/Mg01j

About Champignon Brands Inc.

Champignon Brands (CSE: SHRM) is focused on the formulation and manufacturing of novel ketamine, anaesthetics and adaptogenic delivery platforms for the nutraceutical and psychedelic medicine while being supported by a leading psychedelics medicines clinic platform. The Company is pursuing the development and commercialization of rapid onset treatments capable of improving health outcomes, such as depression and post-traumatic stress disorder (“PTSD”), as well as substance and alcohol use disorders. Under a collaborative research agreement with the University of Miami’s Miller School of Medicine, the Company is conducting preclinical studies and eventual human clinical trials, with the objective of demonstrating safety and efficacy of the combination of psilocybin and cannabidiol in treating mTBI with PTSD or stand-alone PTSD. Champignon continues to be inspired by sustainability, as its medicinal mushroom-infused SKUs are organic, non-GMO and vegan certified. For more information, visit the Company’s website at www.ChampignonBrands.com.

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

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420 with CNW – New Congressional Coronavirus Relief Bill Contains Marijuana Banking Access

The state-legal cannabis industry has been subject to tons of hurdles ever since marijuana was first legalized. Due to federal prohibition, institutions like banks have avoided the industry, denying them access to vital services like cashless payments. Once the coronavirus pandemic hit and the dangers of cash transactions were exposed, change had to be affected.

Now, House leadership has unveiled a coronavirus relief bill that includes provisions to protect banks that service marijuana businesses from federal retaliation. This had long been a bone of contention for advocates, stakeholders, and lawmakers even before the pandemic, and they have been pushing for cannabis reform to be included in the next coronavirus relief bill.

The Secure and Fair Enforcement (SAFE) Banking Act was passed last year, and it contained language that protected banks that serviced marijuana businesses from being penalized by the federal government. That language was incorporated in this recent draft coronavirus relief bill, granting the cannabis sector a much-needed lifeline in these trying times.

“The purpose of this section is to increase public safety by ensuring access to financial services to cannabis-related legitimate businesses and service providers and reducing the amount of cash at such businesses,” states the text of the provision.

According to a summary of the legislation, the banking section would “allow cannabis businesses, which in many states have remained open during the COVID-19 pandemic as essential services along with their service providers, to access banking services and products, as well as insurance.”

“This section,” it continues, “also requires reports to Congress in access to financial services and barriers to marketplace entry for potential minority-owned cannabis-related legitimate businesses.”

Advocates have also been asking lawmakers to include provisions in the next coronavirus relief bill that grant cannabis businesses access to relief funds through the Small Business Administration (SBA). Cannabis businesses and those that work indirectly with them such as accounting and legal firms are currently barred from accessing these funds due to federal prohibition.

Despite pleas from numerous advocates, stakeholders, and lawmakers, such provisions were not included. However, it does contain a section that could help individuals with prior convictions to become eligible for SBA’s Paycheck Protection Program (PPP).

It states that the agency’s lending service “shall include a statement that an applicant is not ineligible for assistance under this paragraph solely because of the applicant’s involvement in the criminal justice system.”

Rep Ed Blumenauer, who introduced a bill calling for SBA access to cannabis businesses, says that the inclusion of the SAFE Banking Act is recognition that cannabis businesses have been classified as essential. “Prohibiting these businesses from banking and forcing cash-only transactions in the middle of a global health crisis is irresponsible and wrong. The passage of the bipartisan SAFE Banking Act, is good not only for the industry but our communities and public safety as well.”

Analysts say sector players like Sugarmade Inc. (OTCQB: SGMD) will be hoping that this time round, the legislators see the logic making it possible for cashless transactions in the marijuana industry during this pandemic and beyond.

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420 with CNW – Arkansas Medical Cannabis Sales Exceed $75 Million

Despite being illegal under federal law, cannabis has been legal in a number of states for a while now. Advocates for legal cannabis can talk about the benefits of legalization for days, but one of the main benefits has always been the potential for tax revenue. Like alcohol, the demand for cannabis is almost constant, and states that have legalized it have the potential of earning millions in sales revenue.

Arkansas’s first dispensary opened in May last year, and nearly $75 million and 12,000 pounds worth of medical marijuana has been sold since, according to the Arkansas Department of Finance and Administration. What’s noteworthy is that nearly half of the sales have been in the last two and a half months.

Roughly 40% of overall sales have occurred since March 1, 2020, with marijuana dispensaries selling $29.92 million since the coronavirus crisis began in March. “To put this in perspective, it‘s been one year since the first dispensary opened in May 2019 and 40% of the total sales for the year have taken place since March 1,” says Scott Hardin, Director of Communication at the Arkansas Department of Finance and Administration.

“We anticipate that the significant increase in sales over the last two months is directly related to COVID-19. When the CDC recommended citizens maintain at least a two week supply of prescription medication, it looks like medical marijuana patients in Arkansas took action on that guidance beginning in mid-March.

There was initially an assumption it may be a one-time spike but that has not been the case. Sales have remained extremely strong since that time,” says Hardin.

Dispensaries are also reporting that more patients are consistently making the maximum purchase, 2.5 ounces every 14 days. “Considering the price averages just below $400 an ounce, the maximum purchase may be more than $1,000 every two weeks.”

The state is home to 22 medical marijuana dispensaries, and another 11 are set to open over the next several months. According to Hardin, projections are for sales to exceed $100 million.

Aaron Crawley, owner, and CFO of The Source, a Bentonville-based dispensary, says the spike in sales is definitely related to the coronavirus outbreak. His dispensary was first opened on August 15 and has sold 977.73 pounds of medical marijuana. Due to current circumstances, the dispensary has rolled out a couple of health measures.

“Due to high demand and adherence to social distancing requirements, we’ve switched exclusively to online ordering and a maximum of three individuals in the lobby at a time. To accommodate high volumes of guests safely we have them check in with their names and wait in their cars until their order is ready. Even so, the majority of our guests are simply grateful that we’re open.”

Industry watchers say this strong trend of cannabis sales is good news to other players in the sector like The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) who believe the industry can be the key to reducing the adverse effects of the economic downturn during and after the coronavirus pandemic.

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CannabisNewsBreaks – Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) CEO Outlines Critical Company Objectives

Plus Products (CSE: PLUS) (OTCQX: PLPRF) co-founder and CEO Jake Heimark recently outlined three critical objectives the company will be focusing on throughout the coming year (http://cnw.fm/QVv51). A recent article discussing the letter reads, “‘We have set three critical objectives as a company over the next four quarters,’ he stated. ‘1) to ensure the safety and health of our employees and customers, 2) to continue to establish ourselves as a clear, long-term leader in the California edibles space and 3) to become a cash-flow positive business.’ . . . Heimark then went on to explain that PLUS is ‘capitalized with enough cash on hand to continue executing through the entirety of 2020 without any additional fundraising.’ Heimark noted that ‘Plus Products was the largest brand in the largest category of the California edibles market in 2019, and had the two best-selling cannabis products, across all categories, in the state over that same period.’”

To view the full article, visit http://cnw.fm/AvP0J

About Plus Products

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

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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CannabisNewsBreaks – Supreme Cannabis Company, Inc. (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) Announces Financial Results for Q3 2020

Supreme Cannabis Company (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced its financial and operating results for the three and nine months ended March 31, 2020. “In our third quarter, we made significant progress towards our goal of improving the company’s cost structure while creating opportunities for near-term revenue growth. Although much of this progress is not reflected in our Q3 financial results, we did begin to see the early impacts of our rightsizing and revenue generation efforts,” Colin Moore, who recently served as interim president and CEO of Supreme Cannabis, stated in the news release. “Excluding restructuring charges, we reduced our operating expenses by 23% quarter-over-quarter and improved our speed to market introducing 10 new SKUs since the beginning of calendar year 2020. We expect to continue to see improvements to our cost structure as we realize further production efficiencies at our completed facilities and anticipate improved recreational sales with our enhanced product portfolio. In my current short-term role as an advisor to our new CEO, Beena Goldenberg, and in my position as a director, I look forward to supporting the company as it continues to progress toward near-term profitability.”

To view the full press release, visit http://cnw.fm/1TR7y

About Supreme Cannabis

The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world’s fastest-growing, premium plant-driven lifestyle companies. Supreme Cannabis’ portfolio of brands caters to diverse consumer experiences, with brands and products that address recreational, wellness, medicinal and new consumer preferences.

The Company’s brand portfolio includes, 7ACRES, Blissco, Truverra, Sugarleaf and Khalifa Kush Enterprises Canada. 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, centralized manufacturing and product testing and R&D. For more information, visit the company’s website at www.Supreme.ca.

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

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CannabisNewsBreaks – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) Announces Results for Q1 2020

VIVO Cannabis (TSX: VIVO) (OTCQX: VVCIF) on Thursday released its first quarter 2020 financial and operating results. Among the highlights, the company reported an increase in net revenue to $8.2 million. “Our positive first quarter 2020 results were fueled by a net revenue increase of 24% compared with the previous quarter,” VIVO CEO Barry Fishman said in the news release. “Several of our Canna Farms(TM) and Fireside(TM) cannabis 2.0 products are showing strong momentum, and the VIVO team continued to execute well on plans related to our four strategic priorities, despite COVID-19 related challenges. In April, we started planting in our airhouses in Napanee, are awaiting Health Canada approval to begin production in our Phase 5 expansion in Hope B.C. and expect to commission our new ethanol extraction suite in Napanee in Q2 2020. During the quarter we also entered into new supply and processing agreements, which are expected to result in the launch of several exciting new products.”

To view the full press release, visit http://cnw.fm/Z61Dj

About VIVO Cannabis(TM)

VIVO Cannabis(TM) is recognized for trusted, premium cannabis products and services. It holds production and sales licenses from Health Canada and operates world-class indoor and seasonal airhouse cultivation facilities with proprietary plant-growing technology in Hope, British Columbia and Napanee, Ontario. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms(TM), Beacon Medical(TM), Fireside(TM), Lumina(TM) and Canadian Bud Collection(TM). The Company is expanding its production capabilities and distribution network. Harvest Medicine, VIVO’s patient-centric, scalable network of medical cannabis clinics, has serviced over 100,000 patient visits. VIVO is pursuing several partnership and product development opportunities and is focusing its international efforts on Germany and Australia. The company has a healthy balance sheet and is well-positioned to accelerate its path to profitability. For more information, visit www.VIVOCannabis.com.

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

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CannabisNewsBreaks – Delta 9 Cannabis Inc. (TSX: DN) (OTCQX: VRNDF) Posts Q1 2020 Financial Results, Hosts Conference Call

Delta 9 Cannabis (TSX: DN) (OTCQX: VRNDF) on Thursday reported financial and operating results for the three months ending March 31, 2020. Among other highlights from the first quarter 2020, the company reported operating revenues of $11.75 million for the period, representing an increase of 109% from $5.63 million for the same quarter of the previous year. Delta 9 CEO John Arbuthnot and CFO Jim Lawson hosted a conference call to discuss the results on May 15 at 9:00 AM ET. A replay of the call will be available until August 15, 2020. To listen to the replay, dial 1-877-674-6060 and use the password 634784#. “We were fortunate to be able to maintain continuous operations of our retail stores, wholesale and business to business (‘B2B’) business units throughout the COVID-19 crisis. This allowed Delta 9 to be one of the few cannabis companies in Canada to report positive net income and adjusted EBITDA results,” Delta 9 CEO John Arbuthnot stated in the news release. “Our company was able to generate increases in sequential quarterly revenue and strong performance in our retail and B2B segments and a general rebound in our wholesale business volumes and wholesale average selling prices.”

To view the full press release, visit http://cnw.fm/5pp6P

About Delta 9 Cannabis Inc.

Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9’s wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9’s shares trade on the Toronto Stock Exchange under the symbol “DN” and on the OTCQX under the symbol “VRNDF”. For more information, visit the company’s website at www.Delta9.ca.

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