420 with CNW – Oregon Legislators Discuss Exporting Marijuana Surplus

The production of marijuana in Oregon is so high that the Oregon Liquor Commission estimates that the available inventory can address the supply needs of the state for nearly 7 years if demand remains at the current level. This overproduction has prompted lawmakers to consider exporting the excess cannabis to other jurisdictions where recreational marijuana is legal.

Senate Bill 582 is a preemptive step aimed at getting Oregon ready to move fast once the federal government relaxes its marijuana laws. Currently, marijuana is a schedule 1 controlled substance which cannot cross state lines.

Cannabis law reform at the federal level is expected to take one of two forms in the foreseeable future. First, the States Act which is before Congress seeks to get federal recognition that states have a right to make and implement their own marijuana laws without interference from the feds.

Alternatively, a statement by the Justice Department to the effect that the transfer of marijuana between states wouldn’t be a “priority for law enforcement” at the federal level can be interpreted to mean that states which have legalized marijuana can trade the substance between themselves.

Mike Getlin, a cannabis law reform advocate, says that should marijuana trade between states become a reality and Oregon isn’t poised to jump right in from the very onset, then a delay of even six months would be sufficient to knock the state out of contention as a major player in the interstate cannabis trade. Such an eventuality would flip the oversupply in Oregon from an asset to a major problem which can cripple the state’s cannabis industry.

SB 582 has provisions which would allow the Governor of Oregon to negotiate arrangements through which Oregon’s surplus marijuana can be sold to states where more supply is needed. The bill stipulates that only states where recreational marijuana is legal are eligible for an export and sale arrangement with Oregon.

Casey Houlihan, the head of the Oregon Cannabis Retailers Association, testified before the senate committee and revealed that the excess cannabis in Oregon will find its way to other states one way or the other, so it is better for mechanisms to be put in place so that the export can be done in a regulated way that brings revenue to state coffers.

Some of the cannabis companies that testified before the senate committee revealed that they had reduced their workforce by up to 80 percent because of the drop in marijuana prices due to oversupply within Oregon.

Wildflower Brands Inc. (CSE: SUN) (OTCQB: WLDFF) and Youngevity International, Inc. (NASDAQ: YGYI) look forward to a viable solution that can save the cannabis industry in Oregon from collapsing due to excess production.

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 – New Hampshire Senate Okays Medical Marijuana Home Cultivation

House Bill 364, a proposed law that seeks to allow patients taking medical cannabis to grow marijuana at home, has been approved by the senate in New Hampshire. The vote was close, but the bill sailed through 14-10.

Under the proposed legislation, patients who have been enrolled on the medical marijuana program of the state can have 12 medical marijuana seedlings, 3 young plants and 3 mature plants for their own use.

Currently, New Hampshire has 7,000 registered patients in the medical cannabis program. These patients have been compelled to get all their medical marijuana from just four Alternative Treatment Centers operating in the state.

The small number of retail outlets has resulted in high medical cannabis product prices, and many patients who cannot afford those products have resorted to using prescription opioids and other potentially harmful alternatives since medical marijuana isn’t covered by most insurance companies.

Activists have welcomed the bill saying that it will give patients a viable alternative to the expensive medical marijuana available at Alternative Treatment Centers.

There was resistance to the bill in the senate, and several changes were made in order to accommodate the concerns of the dissenting voices. For example, the bill initially had a provision which would allow a medical cannabis patient to gift marijuana to another patient who is registered to use medical cannabis in the state.

This provision was removed because there were concerns that such gifting would open the way to medical marijuana getting to the wrong people, such as criminal gangs selling marijuana on the black market.

Despite the changes, some senators, such as Sen. James Gray, are still adamant that legalizing home grows isn’t a good move. He said that the state has a rigorous system in place to make sure that the licensed cultivators only supply their products to the state-approved retailers. Allowing home grows creates a regulatory nightmare because it will be hard to monitor the plants grown by each patient who chooses to grow medical marijuana, Gray added.

Now that the bill has received senate approval, it now heads back to the House of Representatives where it had initially been approved and sent to the senate. The bill is coming back to the House so that the lawmakers there can consider the changes made by senate.

If the lawmakers in the House of Representatives pass the bill in its current form, then it will be sent to the desk of Gov. Sununu for a final decision on whether it becomes law.

TransCanna Holdings Inc. (CSE: TCAN) and Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) sympathize with the patients and call upon the authorities to pass the bill quickly so that those who cannot afford the medical cannabis in Alternative Treatment Centers can grow their own.

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420 with CNW – Illinois Unveils Bill to Legalize Recreational Cannabis

A draft law through which Illinois will legalize recreational marijuana has been unveiled. The bill has some ambitious provisions, while others appear to have been borrowed from other states where marijuana is now legal for adult use.

One of the most noticeable provisions of the draft law is one that sets up a low-interest loan program worth $20million. Under this program, people from disadvantaged communities, such as African Americans, would borrow the money and set up cannabis businesses so that social equity can be promoted in the industry.

Another eye-catching provision in the law which was unveiled on Saturday (May 4) states that large-scale cultivators wouldn’t initially be licensed to operate within the state. Rather, small (“craft”) growers would be given priority at least for the first 12 months, and then larger players would be considered thereafter.

This emphasis on small growers is intended to spread the opportunities in the recreational cannabis sector to as many local players as possible.

The lawmakers also seem to have learnt a lot from California where local authorities have made it difficult for residents to access recreational cannabis by banning the operation of marijuana retail businesses in their jurisdictions. The draft bill in Illinois has a provision allowing local authorities to ban retail outlets within their areas for only the first 12 months.

Thereafter, any ban in a municipality can only be enforced once the voters in that jurisdiction approve the ban through a referendum. This is a great proposal because it puts the fate of recreational marijuana in municipalities in the hands of voters, rather than in the hands of a few municipal council members who may have divergent views from those of the people they represent.

The proposed law also has provisions on the likely taxes which will be levied on recreational marijuana products. For example, the lawmakers propose that customers will pay a 10 percent tax on cannabis products whose THC content is less than 35 percent while the products with a THC content that is higher than 35 percent will attract a 25 percent sales tax.

Entities that want to grow cannabis in the state will pay a permit fee of $100,000 while those who want to operate retail businesses will fork out $30,000 for a permit. Applicants from minority communities would pay lower permit fees so that the barriers to entry are reduced.

Debate on the bill is already heating up between proponents and those opposed to marijuana legalization. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) hope that logic will prevail during these debates and the best law will be enacted for the people of Illinois.

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CannabisNewsBreaks – MjLink.com Inc. Announces CannabisNewsWire as Official Newswire Sponsor of MjMicro Conference

MjLink.com Inc., a wholly owned subsidiary of Social Life Networks Inc. (OTCQB: WDLF), this morning announced that CannabisNewsWire (“CNW”) will serve as the official newswire sponsor for its MjMicro Conference, which is billed as ‘The next level in cannabis investment’. The MjMicro Conference will take place at the Westin Grand Central in New York City on June 25, 2019.

“We are very pleased that CannabisNewsWire will be our official newswire and media sponsor,” MjLink President George Jage said in the news release. “The momentum of the cannabis movement has created huge opportunities for investors and public companies alike. CNW’s impressive ability to raise the visibility of the cannabis industry and its many players will provide an invaluable service to our conference goers, presenters and sponsors.”

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

About MjLink.com Inc.

Social Life Network, a cloud-based social media and social network technology company based in Denver, Colorado, announced on September 25, 2018, the Company had spun its cannabis technology division out of the parent company and incorporated MjLink.com Inc., a Delaware Corporation, as its wholly owned subsidiary. MjLink operates as a multinational cannabis technology and media organization with two separate social networks: WeedLife.com, a consumer-to-consumer network and MjLink.com, a business-to-business social network. On April 4th of this year, the president of MjLink, George Jage, announced the launch of a new division of the company that is focused on providing the industry with best-in-class Financial, B2B and B2C cannabis centric events that complement their global social networks. For more information about Social Life Network and to download the MjLink Investor Deck, visit www.Social-Life-Network.com

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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420 with CNW – Las Vegas City Council Votes to Allow Marijuana Lounges

On Wednesday (May 1), the Las Vegas City Council voted 4-1 in favor of a proposed ordinance that would see cannabis consumption lounges licensed to operate within the city. This means that the first consumption lounges could open by the end of this year.

Las Vegas becomes the first city in Nevada to pass regulations allowing cannabis consumption venues to open.

Carolyn Goodman, the mayor of Las Vegas, abstained from voting due to a possible conflict of interest. She had earlier revealed that one of her family members works in the cannabis industry.

According to the ordinance passed, cannabis retailers and dispensaries will be free to apply for a special use license which will allow them to open a cannabis lounge. Once the permit is granted, the licensed business can sell cannabis and allow the buyers to consume marijuana on the premises.

The consumption lounge permit will come with a number of conditions. First, such a lounge should not be located within 1,000 feet from a school or a casino. Additionally, each cannabis lounge must have a system to control smoke so that marijuana smoke doesn’t escape to the exterior of the consumption facility.

Another condition in the ordinance states that no one will be allowed to smoke cannabis outside the consumption lounge. Cannabis lounge operators are also barred from allowing alcohol within the consumption lounge.

The ordinance didn’t pass without some opposition. Casino operators were particularly concerned that licensing cannabis consumption lounges would increase the intoxication issues that casinos have to deal with since someone may use cannabis in a lounge and head to a casino where he or she can consume alcohol.

The restriction of the proximity of cannabis lounges to casinos may have been aimed at addressing the concerns raised by the casino owners, but only time will tell how effective that measure will be.

For now, only businesses with a license to dispense cannabis will be eligible to apply for a marijuana lounge permit. Other interested businesses will have to wait for at least 12 months before they can qualify for the permit.

Sproutly Canada Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) and SinglePoint Inc. (OTCQB: SING) applaud Las Vegas for taking the lead in allowing marijuana lounges in the state of Nevada. This step will solve a longstanding dilemma people have had because they could buy marijuana but didn’t have anywhere they could consume it outside their homes. The economy is therefore likely to benefit now that Las Vegas has decided to allow lounges to open.

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420 with CNW – 3 Things We Get Wrong When We Look at Cannabis as We Do Alcohol

As more states move to legalize cannabis in the U.S., there is a tendency to think about marijuana in the same light as alcohol, and this sets up people to make a number of mistakes. Below are three things that you are likely to get wrong when you look at cannabis through the same lens as you think about alcohol.

Expecting Quick Results from Consuming Marijuana Edibles

When you take alcohol, it is fairly easy to know when you are approaching your limit and are now crossing into the realm of intoxication.

When some people consume cannabis edibles for the first time, they make the mistake of thinking that the products will produce immediate effects in a way that is similar to the timeline within which alcohol produces its effects.

What you may not know is that while alcohol can be absorbed by the stomach lining, cannabis edibles have to be digested and absorbed in the small intestine before you can notice the effects of the edible.

Consequently, it is possible to consume more than is needed to generate the effects that you want just because what you ate took long to kick in.

Expecting THC Concentration to Match Intoxication Levels

For decades, scientific data has existed showing that when someone’s blood alcohol level exceeds a certain concentration, then that person will be impaired. For this reason, courts have always upheld the charges against those found to be driving while under the influence of alcohol.

Many law enforcement agencies are taking the same view when determining driving while under the influence of marijuana. What these agencies don’t seem to appreciate is the fact that marijuana acts differently from alcohol.

It is therefore not possible for one to claim that someone was under the influence just because their blood had more THC than is stipulated as the legal limit.

Prosecutors are therefore likely to face a hard time from defense attorneys who bring into question the science behind the THC limits upon which intoxication is presumed.

Expecting Marijuana to Have the Same Effect

The effects of alcohol are fairly uniform across the different types. For example, someone who takes a certain number of glasses of wine is expected to be affected in a certain way. Similarly, one can predict how a given number of pints of beer will affect an individual.

However, the same cannot be said of cannabis due to the varying combinations and concentration of the components available in a given plant or strain. For example, the terpenes that give cannabis strains their flavor and taste can influence the effect of consuming that cannabis.

It is therefore erroneous to make generalizations about the effects of cannabis because it is hard to predict how the different cannabis products will react once consumed.

Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) and Net Element Inc. (NASDAQ: NETE) call for cannabis to be studied thoroughly so that the plant isn’t judged based on misconceptions borrowed from what is known about other substances.

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420 with CNW – Moosehead Teams up With Sproutly Canada to Produce Cannabis Beverages

Moosehead Breweries Ltd, one of the largest breweries in Canada, has announced that it plans to form a joint venture with Sproutly Canada, Inc. in order to make cannabis-infused drinks. The drinks will be introduced on the Canadian market by the end of this year.

Andrew Oland, the CEO of Moosehead Breweries Ltd, said that the company wants to enter the cannabis beverages space as soon as the federal government in Canada releases rules to regulate cannabis edibles in the country.

As a leader in the beer industry, Moosehead is convinced that the company is well placed to be a major player in the cannabis drinks sector.

Once the joint venture is finalized, Mathew Oland will be its head. Mathew Oland is a former Vice President of Moosehead Breweries and in that role, he superintended the supply chain infrastructure of the brewery. While at the joint venture, Mathew Oland will oversee Research and Development (R&D), procurement and distribution as well as the operations of the new entity. A name for the joint venture hasn’t yet been agreed upon. The financial aspects of the joint venture are also yet to be finalized.

Keith Dolo, the CEO of Sproutly Canada, revealed that the joint venture will be given exclusive rights to use Sproutly Canada’s technology for five years, which can be extended for two more years.

Dolo added that working with Moosehead will expedite the process of getting the drinks developed to the market in a sector that is expected to be highly competitive.

To get an idea about how tough the competition is likely to get, consider the fact that Canopy Growth and Constellation Brands are finalizing a bottling line for cannabis beverages. Another cannabis company, Hexo Corp. also teamed up with Molson Coors Brewing Company to make marijuana-infused drinks. Other small players have also expressed their interest in entering the cannabis drinks market.

However, the drinks made using Sproutly Canada’s technology may have an edge in the industry since this technology shortens the time within which a person can feel the effect of the drink he or she has consumed.

Just for comparison purposes, the cannabis drinks available in California take more than an hour to kick in and the effects wear off between 4-8 hours later. In contrast, Sproutly’s technology results in a cannabis drink whose effects are felt within five minutes and those effects wear off in less than two hours. No prizes for guessing which product stands a higher chance of being a hit in the market!

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) congratulate Sproutly Canada, Inc. and Moosehead Breweries Ltd upon their desire to form a joint venture so that Canadians can have an increased number of options to select from when they want a cannabis beverage.

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420 with CNW – Confident Cannabis Raises $12M for Nationwide Expansion

Confident Cannabis, a cannabis wholesale platform, has raised $12m to bring its total capitalization to more than $18m from their inception. The new funding is intended to enable the company to expand its operations into new territories across the country.

The Series A funding round was led by Poseidon Asset Management, a cannabis venture capital fund based in San Francisco. Other entities that invested more funds in Confident Cannabis include Y Combinator, Bullpen Capital, FJLabs as well as Greenfield Global and Base Ventures.

Confident Cannabis focuses on empowering all verticals within the cannabis industry so that all players, including cultivators and finally customers of cannabis end-products can know what is available in the industry, who makes it and what that specific product is made from. Confident Cannabis’ platform makes all this information available in real time, and the data they provide is verified by independent labs.

Last year in October, Confident Cannabis launched its platform, Wholesale, in Oregon. This meant that, for the first time, all players in the cannabis industry could interact with each other without having any fears about the authenticity or quality of the products showcased on the platform. The doubts were removed because Wholesale availed lab test results from licensed testing facilities.

Morgan Paxhia and Emily Paxhia, the two cofounders of Poseidon Asset Management, revealed that they decided to invest in Confident Cannabis after watching it closely from 2015 and seeing how far Confident Cannabis has come.

Emily Paxhia added that they were intrigued when all labs they encountered raved about how good the software provided by Confident Cannabis was. This was unexpected, because testing facilities rarely sing the praises of the software powering their systems. Poseidon Asset Management was hooked, and their participation in the Series A funding round is testament to their confidence in the future of Confident Cannabis.

Currently, more than 40 percent of all the marijuana which is produced legally within the U.S. passes through the lab testing platform run by Confident Cannabis. The expansion of their operations into more markets will avail that inventory of cannabis to more wholesalers, retailers and consumers.

All the entities that participated in this funding round praised Confident Cannabis for helping to increase compliance within the marijuana industry by providing solutions which address the current and future needs of the industry.

Redfund Capital Corp. (CSE: LOAN) (OTCQB: PNNRF) (Frankfurt: O3X4) and Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) wish Confident Cannabis all the best because what they are doing helps all other players in the industry.

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420 with CNW – Marijuana Investor Donates Millions to Harvard and MIT for Cannabis Research

Charles R. Broderick, a cannabis investor, has donated $9 million to his alma mater (Harvard and Massachusetts Institute of Technology-MIT) so that the two institutions can conduct research into the health effects of cannabis.

The two academic institutions described the donation that they had received as the largest ever private funding into marijuana research.

Speaking about his donation, Broderick said that the absence of sufficient scientific research on cannabis has allowed some players in the industry to make claims that may be hard to verify. He added that since prohibitionist laws are collapsing around the world, the time has come to study the plant so that people have accurate information rather than having to rely on old science or anecdotal evidence.

One of the areas that will be focused on during the research funded by Broderick is the psychological and cognitive effects of marijuana.

Charles R. Broderick has been investing in the cannabis industry since 2015. He got his feet wet in Canada and then later expanded his interests into the U.S. marijuana industry.

The investor reveals that Harvard was initially reluctant to accept his donation due to Broderick’s involvement in the cannabis industry. However, his offer was accepted after brain chemical researchers at the university were excited by the opportunity.

MIT and Harvard insist that the findings of the research will not be influenced in any way by the interests of the donor. The institutions vowed that they would release their findings to the public regardless of whether the findings indicate that marijuana is harmful or helpful.

Meanwhile, interest in cannabis research is growing in academic circles. Additionally, the boom in marijuana industry jobs has prompted many universities to start offering some form of cannabis courses.

For example, Colorado State University offers students a minor in the legal, social, health and political impact of cannabis. Harvard, Ohio State University and the University of Denver all offer courses on marijuana law and policy.

The jobs that students expect to get after taking those cannabis courses vary in accordance with the range of products and services created by the cannabis industry. These include the medical uses of cannabis, the manufacture of fabrics from hemp, the processing of cannabis-infused foods and beverages, making of recreational cannabis products, etc.

Currently, recreational marijuana is legal in 10 states and more are queuing to join that list. Medical cannabis is permitted in 33 states across the U.S. For this reason, MustGrow Biologics Corp. and Nabis Holdings (CSE: NAB) (OTC: INNPF) (FRA: 71P) welcome the donation made by Broderick since the research done will make more information available about cannabis so that the excuse of insufficient research used by detractors will be no more.

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420 with CNW – Trump Administration Opposed to Medical Cannabis for Military Veterans

The Department of Veterans Affairs has voiced its opposition to three bills that are intended to protect the VA benefits of veterans who use medical cannabis in states where it is legal, allow VA doctors to prescribe medical cannabis in states where it is legal and also expand research into the medical potential of cannabis.

The VA officials were speaking during a congressional hearing on Tuesday (April 30). For example, Keita Franklin (suicide prevention national director in the VA department) was of the view that the bill compelling the VA department to conduct research on the medical benefits and risks of cannabis was “too ambitious and risky” because a large number of human subjects would be involved.

Franklin also cited the guidance provided by the Drug Enforcement Administration to the effect that VA medical personnel aren’t allowed to prescribe medical marijuana in states where medical marijuana is legal.

Furthermore, the VA officials explained that they are also opposed to the bill which seeks to protect the VA benefits of veterans who consume medical cannabis in states where it is legal because the department already has a policy to that effect.

However, the sponsor of the bill insisted that the policy referred to isn’t sufficient since another administration can decide to reverse it. The best option is to write those protections into law, the lawmakers argued.

Several military veterans’ advocacy groups were also represented and expressed strong support for all the bills. The groups included Disabled American Veterans, Veterans of Foreign Wars and Iraq and Afghanistan Veterans of America.

The strongest support among these advocacy groups was directed towards the bill seeking for more research into the therapeutic effects of marijuana.

The Veterans of Foreign Wars was however concerned that the VA wouldn’t be able to avail medical cannabis at its health facilities even if a policy shift occurred to permit doctors to prescribe medical marijuana. For this reason, the group wasn’t in support of the bill that intends to allow VA doctors to prescribe cannabis.

Some lawmakers were frustrated by the continuous stonewalling exhibited by the VA each time marijuana is up for discussion. The lawmakers suggested that it may be necessary to push for cannabis rescheduling since any bill that is passed will need the approval of the DEA, and the same response (rejection) will be given.

Marijuana Company of America Inc. (OTCQB: MCOA) and Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) can’t wait for the day when the debate on medical marijuana will focus on facts and the needs of the intended beneficiaries rather than on politics.

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