Category: CannabisNewsWire Release

CannabisNewsBreaks – Cannabis Global, Inc. (MCTC) Enters Game-Changing Agreement for Expansion in the California Cannabis Edibles and Beverages Marketplace

Cannabis Global (OTC: MCTC), a cannabinoid and hemp extract science forward company developing infusion and delivery technologies, today announced its entry into a definitive, five-year agreement (the “Agreement”) for the production of cannabis edibles and beverages in conjunction with licensed California cannabis operator, Magnolia Extracts, LLC of Lynwood, California. Under the Agreement, Cannabis Global will provide access to its trade secrets and patent pending technologies for chemical-free cannabis and hemp infusions in the production of edibles and beverages containing tetrahydrocannabinol (“THC”). “This deal represents an enormous escalation in terms of our positioning in the California cannabis edibles and beverages marketplace,” Cannabis Global CEO Arman Tabatabaei said in the news release. “We will be working closely with Magnolia and look forward to a rapid path to market for these innovative products. We have strong reason to believe we will see a relatively quick expansion in distribution footprint given the prepotency of demand we are seeing among potential distribution partners already. The Magnolia site has recently been modified to our specifications and is now complete. We are looking forward to moving out of our initial stage of development and into full-scale production. This Agreement is a game-changing development with strong tangible implications for our performance this year. “

To view the full press release, visit http://cnw.fm/N8jSa

About Cannabis Global, Inc.

Cannabis Global, Inc. (MCTC) is a Nevada registered, fully reporting and audited publicly-traded company. With the hemp and cannabis industries moving very quickly and with a growing number of market entrants, Cannabis Global plans to concentrate its efforts on the middle portions of the hemp and cannabis value chain. The Company plans to actively pursue R&D programs and productization for exotic cannabinoid isolation, bioenhancement of cannabinoids and polymeric solid nanoparticles and nanofibers for addition into consumer products and for dermal application. The Company was reorganized during June of 2019 and announced its intent to enter the fast-growing cannabis sector. The Company is headed and managed by a group of highly experienced cannabis industry pioneers and entrepreneurs. More information on the Company can be viewed at www.CannabisGlobalinc.com.

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

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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CBDNewsBreaks – Pressure BioSciences, Inc. (PBIO) Reveals Plan to Change Company Name to Availa Bio Upon Completion of Cannaworx, SkinScience Transactions

Pressure BioScience (OTCQB: PBIO) (“PBI”), a leader in the development and sale of broadly enabling, pressure-based instruments, consumables, and platform technology solutions to the worldwide biotechnology, biotherapeutics, cosmeceuticals, nutraceuticals, and food & beverage industries, today announced its plan to change the company’s name to Availa Bio upon completion of the acquisitions and merger of Cannaworx, Inc. and SkinScience Labs, Inc. The three companies will function as synergistic divisions within the combined “Availa Bio” entity, which will focus on optimizing bioavailability, absorption, quality and performance of human, animal and agricultural products. “PBI’s UST platform offers the potential to deliver an extraordinary breakthrough in creating unique, high quality nanoemulsions of oil in water. A vast range of personal care and consumption products, including nutraceuticals, cosmetics, pharmaceuticals, food & beverages, all face the perplexing challenge of getting active oil-based nutrients or therapeutic ingredients to become easily absorbable and effective in the water-based biology of our bodies. The opportunity to combine our strong engineering and biotech capabilities with two companies that already provide product innovation and brand leadership in diverse consumer product areas is very exciting and allows us to clearly move the identity and market focus of the combined companies from science platforms to the value delivery of availability and performance of active ingredients in final products,” Pressure BioScience president and CEO Richard T. Schumacher stated in the news release.

In addition, the company was recently highlighted in a Small Caps Daily article discussing the recently announced acquisitions (http://cnw.fm/rSC4x). Among other highlights, the article discusses how the company will advance following the acquisitions of Cannaworx, a company with a strong and diversified portfolio of U.S. hemp-derived CBD products and intellectual property, and the SkinScience(R) brand, a profitable and highly renowned company within the cosmetics space. Both the letter of intent (“LOI”) between Cannaworx, Inc. and SkinScience Labs, and the letter of intent between PBIO and Cannaworx, Inc. are subject to certain closing conditions, including satisfaction of all due diligence and acquisition financing.

To view the full press releases, visit http://cnw.fm/h2Xht and http://cnw.fm/A1QiO

About Pressure BioSciences Inc.

Pressure BioSciences is a leader in the development and sale of innovative, broadly enabling, pressure-based solutions for the worldwide life-sciences industry. The company’s products are based on the unique properties of both constant (i.e., static) and alternating (i.e., pressure-cycling technology, or “PCT”) hydrostatic pressure. PCT is a patented, enabling technology platform that uses alternating cycles of hydrostatic pressure between ambient and ultra-high levels to safely and reproducibly control bio-molecular interactions (e.g., cell lysis, biomolecule extraction). PBIO’s primary focus is in the development of PCT-based products for biomarker and target discovery, drug design and development, biotherapeutics characterization and quality control, soil and plant biology, forensics and counter-bioterror applications. Additionally, major new market opportunities have emerged in the use of its pressure-based technologies in the following areas: (1) the use of its recently acquired, patented technology from BaroFold Inc. (the “BaroFold” technology) to allow entry into the biopharma contract services sector, and (2) the use of its recently patented, scalable, high-efficiency, pressure-based Ultra Shear Technology (“UST”) platform to (i) create stable nanoemulsions of otherwise immiscible fluids (e.g., oils and water) and (ii) prepare higher-quality, homogenized, extended shelf-life or room-temperature, stable, low-acid liquid foods that cannot be effectively preserved using existing nonthermal technologies. For more information, visit the company’s website at www.PressureBiosciences.com.

About CBDWire

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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420 with CNW – Medical Cannabis Telehealth Approved During Coronavirus Pandemic

With the coronavirus outbreak ravaging most continents, we’ve been forced to find ways to keep crucial services running. The internet has played an integral role, especially in regard to meetings, learning, and shopping. One other crucial contribution has been telehealth.

Most doctors prefer face to face visits but that has been made impossible by the current services. Telehealth is a good alternative, providing patients with the healthcare they need with zero risk. And since insurers and the federal government started covering virtual visits, states have begun allowing medical marijuana to be prescribed virtually.

The medical cannabis industry provides employment to hundreds of thousands of workers and medicine to millions. Most states that allow cannabis deemed the industry essential, giving cannabis dispensaries permission to keep operating during the lockdown. More than two dozen of those states have temporarily permitted prescribing medical cannabis virtually.

Although the conditions for virtual healthcare may vary, with some demanding initial physical visits, most states allow something similar to Maryland’s: “Upon termination of the state of emergency, this bulletin will terminate and certifying providers may no longer issue a written certification via telehealth.”

The practice is relatively new in the medical marijuana space, and some doctors and patients are warming up to it. Jordan Tishler, MD, runs a medical cannabis practice in the Boston area, and he prefers to be in the same room as his patients. However, after a month of just virtual visits, he says he has found “telemedicine works well for what I do.”

“It’s mostly talking and at the end, patients get an electronic copy of everything. They don’t even have to take notes,” says Leslie Mendoza Temple, MD, director of North shore Medical Group’s Interactive Medicine program in Chicago. She is also on the board of the advocacy group Doctors for Cannabis Regulation (DFRC).

According to Mendoza Temple, she is just as busy as she was before the pandemic. She hosts intractable pain group meetings via Zoom where she shares the risks and benefits and offers Q&A sessions. She holds individual virtual visits for each patient as well. “I don’t feel like it’s much, much different than the in-person visits I did before,” she says.

The almost seamless transition into telehealth may be because medical marijuana appointments rarely called for physical visits, even before the pandemic.

Advocates say that states should make this model permanent after the coronavirus outbreak dies down. “Patients love telemedicine. Even before the pandemic, patients and us were advocating for it. Our biggest concern is, can we continue to have this after the pandemic is over because it is a really useful resource,” Debbie Churgai, director of Americans for Safe Access, a medical cannabis advocacy group says.

Experts believe this new option if interacting with medical marijuana health professionals is a welcome development to marijuana industry players like Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) who were worried patients would suffer due to lack of physical access to their doctors.

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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420 with CNW – Released Memo Sheds Light on DEA’s Reluctance to License Additional Marijuana Producers

For more than four decades, the only entity allowed by the Drug Enforcement Administration (DEA) to produce marijuana for research has been the National Center for Natural Products Research at the University of Mississippi under a contract with the National Institute on Drug Abuse. Proponents for research into marijuana’s medical abilities have long decried this monopoly, stating that it held back research.

It seems that the Justice Department’s Office of Legal Counsel (OLC) concurs after a newly released 2018 memo stated that this arrangement has always been illegal. According to the memo, an international treaty requires tighter controls on the production and distribution of marijuana. This partly explains why the DEA has been hesitant to license additional marijuana suppliers.

For a very long time, researchers have complained about the quality and variety of marijuana produced by NIDA. State-licensed dispensaries provide marijuana that’s much better on both counts, but researchers cannot use it. Dr. Sue Sisley, president of the Scottsdale Research Institute (SRI) was researching marijuana’s effect on military vets with PTSD, and she wasn’t happy with the cannabis she received from NIDA.

“The marijuana was a powdery mishmash of stems, sticks, and leaves,” she says. The THC levels were quite low at 8%, far lower than state-legal marijuana. The cannabis also tested positive for mold and yeast.

In August 2016, the DEA announced that it was accepting applications from additional marijuana suppliers. Dozens of entities sent in their applications but years later, not even one had been approved. It turns out Attorney General Jeff Sessions, an old fashioned anti-drug warrior, had gone out of his way to interfere with the process.

In 2018, Sessions reported that the DEA and the Department of Justice were moving forward with the licensing process. However, he alluded to an international treaty that required revision of ‘the previous proposal’. The memo released by the OLC fleshes out his statement.

In 1970, Congress incorporated the Single Convention on Narcotic Drugs of 1961 requirements into parts of the Controlled Substances Act. The Convention requires that a single government agency oversee cultivation and take physical possession of such crops as soon as possible, but not four months after the end of the harvest.

The agreement between the DEA and NIDA doesn’t meet these conditions. Both of them are part of different agencies. Additionally, the DEA doesn’t take physical possession of the crops, and it doesn’t have exclusive rights to wholesale trading and maintaining stock, another provision of the Convention.

The DEA published marijuana regulations on March 23, stating that it wants to “amend its regulations to comply with requirements of the Controlled Substances Act, including consistency with treaty obligations, in order to facilitate the cultivation of marijuana for research purposes and other licit purposes.”

It would be interesting to hear what cannabis companies like Sugarmade Inc. (OTCQB: SGMD) think about the revelations that have come to light after the memo which was a secret document was finally released to the public.

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 – Youngevity International, Inc.’s (NASDAQ: YGYI) Khrysos Industries Launches Business- and Consumer-Facing Web Interface for FDA-Approved Hand Sanitizers

Youngevity International (NASDAQ: YGYI), together with its wholly owned subsidiary, Khrysos Industries, Inc., today announced the launch of a web interface dedicated for the sale of the company’s new line of hand sanitizers. The landing page (www.Khrysos-HandSanitizer.com) targets both businesses and consumers and can be accessed for immediate purchase. “We began shipping hand sanitizer on April 7 and we are pleased to be a part of the solution for a product that remains in short supply,” Dave Briskie, President and CFO of YGYI, stated in the news release. “This web interface should provide seamless access to our customers for information and the purchase of much needed hand sanitizer.”

To view the full press release, visit http://cnw.fm/anO4X

About Youngevity International, Inc.

YGYI, Inc. (NASDAQ: YGYI), is a leading omni-direct lifestyle company offering a hybrid of the direct selling business model, that also offers e-commerce and the power of social selling. Assembling a virtual Main Street of products and services under one corporate entity YGYI offers products from the eight top-selling retail categories: health/nutrition, home/family, food/beverage (including coffee), spa/beauty, fashion, essential oils, photo, as well as innovative services. The Company was formed in the course of the summer 2011 merger of Youngevity Essential Life Sciences with Javalution(R) Coffee Company (now part of the company’s food and beverage division). The resulting company became Youngevity International, Inc. in July 2013. For investor information, please visit www.YGYI.com.

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

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.

To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Champignon Brands Inc. (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496) Forms Dedicated Committee to Advance North American Clinical Expansion

Champignon Brands (CSE: SHRM) (OTCQB: SHRMF) (FWB: 496), a human optimization sciences company focused on applying novel and natural treatment protocols to address a broad range of disorders and deficiencies with an emphasis on psychedelic medicine, today announced it has advanced its North American new clinical entity (“NCE”) expansion stratagem via the formation of a dedicated planning committee (the “Committee”). “We will look to capitalize on the fragmented nature of the U.S. ketamine clinic marketplace with the objective of creating a consortium of integrated mood disorder treatment and research facilities,” Gareth Birdsall, CEO of Champignon, said in the news release. “By leveraging existing protocols, data sets and SOPs from our flagship clinic, the Canadian Rapid Treatment Centre of Excellence, arguably the most advanced integrated mood disorder centre in North America, we will improve economics, increase patient enrollment and function as the pre-eminent brick and mortar staging ground for novel molecule discovery initiatives. Champignon remains bullish on the U.S. marketplace due to favourable co-payer infrastructure, as well as a vast addressable patient population.”

To view the full press release, visit http://cnw.fm/Rns1B

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

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 – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Invests C$2 Million in Dynaleo, Eyes Significant Opportunity in Cannabis Gummies Market

Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, today announced a C$2 million investment in Dynaleo Inc., an Edmonton-based company focused on white-label manufacturing of edible cannabis gummies for the Canadian market. According to the update, the Company anticipates the investment may become a leading industrial scale Canadian gummies manufacturer and believes it is capitalizing on a significant opportunity in what is currently an underserved and underdeveloped segment of the cannabis market. “We believe that Dynaleo is positioned to become a market leader in cannabis edibles manufacturing in Canada,” Canopy Rivers President & CEO Narbé Alexandrian said in the news release. “In the gummies market specifically, we see a significant supply and demand imbalance and a move towards outsourcing products to leading manufacturers. We think Dynaleo’s manufacturing capabilities, combined with its capable management team, position it to help close this supply gap in the short term and become a trusted manufacturer of cannabis edibles in the long term.”

To view the full press release, visit http://cnw.fm/Ji0vS

About Canopy Rivers

Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire portfolio. For more information, visit www.CanopyRivers.com.

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

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 – Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) Announces Over US$2 Million Private Placement

Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP), a global innovator in drug delivery platforms, today announced its entry into definitive agreements with certain qualified investors for the sale of 8,978,260 shares (“Shares”) of its common stock along with common stock purchase warrants (“Warrants”) to purchase up to 8,978,260 shares of its common stock in a private placement (collectively the “Offering”) for gross proceeds of over US$2 million. According to the update, the purchase price per Share is US$0.23. The Warrants being issued in connection with the purchase of the Shares are immediately exercisable at an exercise term of five years and price per share of US$0.35. Subject to customary conditions, the transaction is anticipated to close on May 6, 2020.

To view the full press release, visit http://cnw.fm/oEv0l

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

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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420 with CNW – US Virgin Islands Governor Tweaks Cannabis Legalization Bill to Boost Tax Income

The coronavirus crisis has dealt the world such a massive economic blow that it will take years for it to recover. Millions of people are already out of a job, and experts say that half of the global workforce, 1.6 billion people, are in danger of losing their livelihoods. Understandably, governments are scrambling to find ways to boost their economies.

For some, this has led to talks of legalizing marijuana. One of the biggest arguments for legalizing marijuana has been to earn tax revenue, with states like Colorado that have thriving legal cannabis programs earning big bucks. Governor Albert Bryan Jr. of the U.S. Virgin Islands (USVI), who has long been a proponent for legalizing cannabis, has also gone this route.

He plans on sending a revised marijuana legalization bill to the legislature in hopes that it will be passed in time to generate much-needed tax revenue. With coronavirus measures in place, commerce has all but slowed down, greatly reducing the amount of tax revenue governments are subject to receive. However, cannabis is considered essential, and shops would be able to continue operations during the lockdown.

“We have taken the time to gather further public input as well as address the concerns of the individual legislators. As the economic disaster the last few weeks has affected GERS (Government Employees Retirement System) greatly, it is our hope that we can have a greater sense of exigency in implementing all the things that can help us regain solvency,” he said during an update on the coronavirus crisis.

“Once again, it is not the panacea, but certainly cutting the annuity of retirees by 30% cannot be the path either.”

The territory’s government retirement program for public sector retirees had been in trouble even before the coronavirus outbreak. Governor Bryan had proposed legalizing marijuana to help fund GERS through tax revenue from cannabis sales. However, several legislators voiced their opposition, stating that the tax revenue earned from a legal cannabis program wouldn’t be enough to fund the retirement program.

The proposal would amend the territory’s medical marijuana law to allow adults 21 and older to purchase and cultivate marijuana. The government estimates an annual tax revenue of over $20 million, with marijuana being taxed at 30%. 85% of the funds would be used to fund the government retirement system, 20% to fund senior citizen initiatives and 5% to fund the territory’s Office of Cannabis Regulations.

It would be interesting to hear what sector players like The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) think about the chances of a legal marijuana market being up and running in the U.S. Virgin Islands in time to rescue the economy from the effects of COVID-19.

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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420 with CNW – Former Federal Prosecutor Says Legalizing Cannabis Will Hurt Cartels

Cannabis is arguably the most abused drug in the world. Half of all drug seizures in the world is marijuana, and the black market makes vast amounts of money from marijuana trafficking. According to a former federal prosecutor who’s now running for Congress, legalizing marijuana may hurt the cartels that feed these black markets.

Adam Schleifer saw the dark side of humanity while working as a federal prosecutor investigating the illicit drug trade. He realized that America made a large part of the illicit drug market, and he came away with one conclusion. Federal legalization.

He is now a congressional candidate, and he argues that federal marijuana legalization is a superior alternative to blanket criminalization. Aside from dealing a great blow to the cartels, legal marijuana will generate tax revenue, create jobs and protect public health, he says.

“Before COVID-19 turned our world upside down, legalization of marijuana was expected to be a centerpiece of New York’s 2020 budget legalization. Now, legalization and the $300 million in estimated annual tax revenue that it will eventually bring will have to wait,” he said.

“This raises an important question. Why are we not talking more about federal legalization of marijuana, which could generate some $132 billion in tax revenue and create 1 million new jobs? Federally legalized, regulated, quality-controlled marijuana would also deprive pernicious international drug cartels of major revenue sources and help us support the integrity of our borders,” he says.

He adds that if undertaken with appropriate health and safety oversight by the U.S. Food and Drug Administration (FDA), “federal legalization would help address our vaping crisis.”

The former assistant U.S. attorney served in Los Angeles from 2016 to 2019, and he is running to fill the seat vacated by retiring Appropriations Committee Chairwoman Rep. Nita Lowey.

He says that at its base marijuana is a product with some medical applications and less physically addictive and dangerous than alcohol.

“We should let American farmers and not international drug cartels meet the demand for marijuana under the framework of federal safety and purity regulation by the FDA. And federal legalization would generate important tax dollars while reducing the financial inefficiencies and fraud that are endemic to our existing state by state patchwork system.”

He says that although the cartels may have a head start in terms of agricultural experience and marijuana transportation and infrastructure, he hopes the criminal element and the violence and predation associated with it will eventually degrade and dissipate.

Experts say the views expressed by the former federal prosecutor are in line with what the marijuana industry, including companies like Round Meadow Holdings Corp. and SinglePoint Inc. (OTCQB: SING), have always said about safeguarding consumers from the risks of black market cannabis products by implementing legalization at the federal level.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
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Editor@CannabisNewsWire.com

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