Sector ETFs Provide Diversified Entry Point for Fast-Moving Industries

CannabisNewsWire Editorial Coverage: Individuals hoping to gain exposure to the movement of the markets have two primary options: spend a lot of time and effort researching public companies, or put faith into a fund. A solid investment strategy is key to keeping pace with inflation and reaching your financial goals, but the significant risk and volatility that can come with investing in a small group of companies is a real turn-off for most part-time investors.

Increasingly, novices and seasoned traders alike are turning to mutual funds for their stability and ease of use. According to data from the Investment Company Institute, mutual funds were the most common type of investment company owned in 2018, with 44.8 percent of U.S. households owning shares of mutual funds or similar U.S.-registered investment companies – including exchange-traded funds (ETFs), closed-end funds and unit investment trusts. As Matthew P. Fink notes in The Rise of Mutual Funds: An Insider’s View, “Today U.S. mutual funds are the largest financial industry in the world, with over 88 million shareholders and over $11 trillion in assets.”

Index vs Actively Managed Funds

Deciding on a mutual fund can be tricky. Data from Morningstar, published in 2018, indicates that the number of mutual funds and ETFs now stands at more than 10,000. You can begin to narrow this total down by exploring the differences between index funds and actively managed funds.

Index funds aim to track the performance of a specific market benchmark as closely as possible. The Vanguard 500 Index Fund is a prime example, with its holdings consisting of weighted positions in S&P 500 companies. Although investment firm Vanguard suggest that “only about 16 percent” of investments in domestic mutual funds are in index-based options, these funds have some noteworthy proponents.

In 2007, American business magnate Warren Buffett made a $1 million bet with Protégé Partners claiming that hedge funds wouldn’t outperform an S&P index fund, and he won. As reported by CNBC, Buffett’s choice investment, the Vanguard 500 Index Fund, “returned 7.1 percent compounded annually, while the basket of hedge funds his competitor chose returned an average of only 2.2 percent.”

Unlike index funds, actively managed funds rely on the skill and insight of their managers to not just match the performance of the larger markets, but beat them. History shows these funds to be considerably less consistent than their index-focused counterparts. According to Standard & Poor’s, roughly three-quarters of actively managed domestic stock funds underperformed the S&P 1500 Total Market Index in the decade ended June 30, 2015. Additionally, 40 percent of actively managed equity funds available to investors on June 30, 2005, were no longer in existence just 10 years later.

While exceptions do exist (Fidelity Blue Chip Growth has outperformed the S&P 500 by 2.8 percent over the past decade, for example), the upside and relative stability of index funds make them worthy of consideration for risk-averse investors.

Alternative Indexes

The upside of major indexes like the S&P 500 are apparent, but investing solely in the performance of the larger market can limit your exposure to faster-moving investment opportunities. Consider, for example, the cannabis industry. According to Marijuana Business Daily, legal cannabis sales in the U.S. alone were on pace to grow by nearly 50 percent in 2018 to $9.7 billion, with legal sales expected to rocket past $22 billion by 2022.

The Prime Alternative Harvest Index (“Prime”) gives fund-focused investors an opportunity to cash-in on the expanding repeal of cannabis prohibition without digging through the mountain of fly-by-night entries to the space. The Prime aims to take advantage of both event-driven news and long-term trends in the cannabis industry, as well as the industries likely to be influenced by the medicinal and recreational cannabis legalization initiatives that are taking shape in many forms around the globe. Utilizing a modified market cap weighting scheme, the index features some of the fledgling cannabis industry’s most recognizable names, including GW Pharmaceuticals (NASDAQ: GWPH), Cronos Group (NASDAQ: CRON) (TSX: CRON) and The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF), alongside a roster of established upstarts and ancillary companies defined by a set prospectus.

The Benefit of Exchange-Traded Funds

When investing in a fund based on a more fluid index like the Prime, the benefits of exchange-traded funds over more traditional mutual funds are particularly noteworthy. While traditional open-end mutual fund shares are only traded once per day, limiting your ability to capitalize on sudden market moves, ETFs are bought and sold during the day just like stocks, opening the door for short selling, futures and options.

ETFMG Alternative Harvest (ARCA: MJ) is an ETF that tracks the Prime in an effort to “measure the performance of companies within the cannabis ecosystem benefitting from global medicinal and recreational legalization initiatives.” To date, it is the first and only U.S. ETF to target the cannabis industry, providing direct exposure to the ongoing “green rush” taking place across North America and around the world.

The Alternative Harvest ETF turned its focus to the cannabis space in late 2017, shifting away from a prior basis of Latin American real estate to invest in both cannabis cultivation firms and a few outside operators that you may not expect to see in a cannabis-centric fund, such as Philip Morris International (NYSE: PM) and Scotts Miracle-Gro (NYSE: SMG).

Importantly, the ETF requires that all holdings have a minimum market cap of $200 million, giving investors a degree of insulation from the marijuana penny stocks and upstart companies that continue to flood the sector.

A Closer Look at the Alternative Harvest ETF

Since rebalancing its holdings to focus on the cannabis space, the Alternative Harvest ETF has established a strong position on the radars of investors eying the industry. In early January 2018, The Motley Fool issued a report stating that MJ was bought and sold more than the $145 billion iShares Core S&P 500 ETF, which the publication touted as a testament to “just how big [MJ] has become in marijuana stock circles.” In the year-plus since that report was issued, interest in the cannabis-focused ETF has remained strong, with current average trading volume exceeding 900,000.

Throughout the first two months of 2019, the sustained interest in MJ has been supported by its upward trajectory. Entering the year with a market price of $26.42, the fund’s YTD return clocks in north of 40 percent, with a market price of $37.43 during mid-day trading on March 5 that marked a new high for 2019.

This strong performance lines up nicely with the broader cannabis sector, which is supported by MJ’s current asset holdings. Canadian shares of The Green Organic Dutchman, for example, which currently represent 4.34 percent of MJ’s portfolio, are up more than 60 percent YTD. Similarly, U.S.-listed shares of Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), which make up 7.16 percent of MJ’s current holdings, are up roughly 63 percent YTD. Canadian shares of OrganiGram Holdings Inc. (TSX.V: OGI) (OTCQX: OGRMF) make up 3.35 percent of MJ’s current holdings, and they’re up more than 60 percent YTD, as well.

The impressive YTD performance of MJ’s smaller holdings, including The Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF), Canopy Rivers Inc. (TSX.V: RIV) (OTC: CNPOF) and VIVO Cannabis Inc. (TSX.V: VIVO) (OTC: VVCIF), each of which makes up less than 1 percent of MJ’s current portfolio, continues to highlight the current opportunity presented by the North American cannabis industry. The Canadian shares of each of these companies are up more than 40 percent YTD.

After a turbulent 2018 for the cannabis industry, the first quarter of 2019 has shown incredible promise for established operators throughout the space. In early January, The Motley Fool forecast huge growth for a number of companies currently included on the Prime Alternative Harvest Index and held by MJ, including 407 percent sales growth for Aphria (NYSE: APHA) (TSX: APHA), 440 percent sales growth for The Supreme Cannabis Company, 891 percent sales growth for OrganiGram Holdings and 930 percent sales growth for cannabinoid drug maker GW Pharmaceuticals, whose shares currently represent 9.1 percent of MJ’s total holdings.

A Diversified Entry Point

It’s easy to be drawn to the cannabis sector for its promise of significant growth in the coming years, particularly as legalization measures continue to gain steam in the United States. However, choosing a winner in this nascent market has already proven to be both difficult and risky for investors of all skill levels. A proven way to avoid backing the wrong horse in this great green race is to diversify your investment, focusing more on the overall success of the industry than on that of any individual company or management team.

With more than 86 percent of its current holdings providing exposure to U.S. and Canadian markets and broad industry focuses spanning pharmaceuticals, tobacco and biotechnology, the Alternative Harvest ETF provides an intriguing and diversified entry point for investors seeking a foothold in the continued emergence of the legal cannabis industry.

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420 with CNW – Medical Cannabis Bill Passed by Key Kentucky Committee

The House Judiciary Committee in Kentucky voted on Wednesday (March 6) to pass a bill that would legalize medical cannabis in the state. The bill will now be sent to the Rules Committee of the Assembly.

House Bill 136 was co-sponsored by 43 members out of the 100 members in the entire lawmaking chamber. This bill intends to create a Department for Alcoholic Beverage and Cannabis Control. This agency will then design a medical cannabis program for the state.

The agency will also be responsible for giving medical marijuana licences to patients who meet the criteria for such a licence. Healthcare providers, processors, cultivators and dispensaries will also be regulated by this agency.

16 legislators on the House Judiciary Committee voted in favor of the bill while one lawmaker voted against it.

Opinion polls in the state show that 80 percent of all adults think that it is okay to allow patients to have the option of using medical cannabis if their doctors recommend it. Governor Matt Bevin has also expressed his support for medical marijuana.

Despite that support from the public and the Governor, attempts to legalize medical marijuana in the state still have major hurdles to overcome.

For example, Robert Stivers, the Senate President, has been vocal in opposing medical cannabis. He even went as far as comparing it to alcohol, saying that anyone who wanted to feel better or relax can take a glass or bourbon instead of consuming medical marijuana.

The Kentucky Medical Association is also adamant that it will only support medical cannabis legislation once the Food and Drug Administration (FDA) approves the use of medical marijuana.

The sponsors of this legalization bill are aware of this strong opposition and made a number of modifications to the bill in order to build some consensus around it.

For example, the original bill had provisions that would allow patients enrolled on the medical marijuana program to grow a maximum of six mature plants for their own use. This was dropped from the bill.

Another change that was made regarded the qualifying conditions for which a patient could use medical marijuana. Originally, the framers of the bill had wanted doctors to use their discretion to decide which patient would benefit from medical cannabis. The bill was amended to create a specific list of conditions for which patients could be treated using medical marijuana.

It is now up to the Rules Committee to decide whether House Bill 136 can now be put before the entire House for a vote. A decision must be made quickly, since this legislative session only has five more days before it ends.

Therma Bright, Inc. (TSX.V: THRM) (OTC: THRBF) and TransCanna Holdings Inc. (CSE: TCAN) hope that the legislators make the best decision within the limited time left so that patients don’t have to wait longer for a treatment option that is already available in other states.

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420 with CNW – The DEA Seeks Equipment to Distinguish Hemp from Marijuana

The U.S. Drug Enforcement Agency has published a notice asking interested parties to express interest in supplying it with equipment that can be used to determine whether a given cannabis plant is marijuana or federally legal hemp.

The notice that was issued last week indicated that such equipment was necessary since the 2018 Farm Bill made it federally legal to grow hemp but federal laws still consider marijuana to be an illegal substance/plant.

Note that hemp and marijuana are all cannabis plants, so one can only tell them apart by subjecting samples to tests for their THC content. U.S. federal law sets the maximum THC limit for hemp at 0.3 percent. Any cannabis plant with a higher THC content is marijuana, according to the current legal definition of those two plants.

The DEA wants to identify a supplier who has field kits that can help the agents of the law enforcement agency to tell those two plants apart.

The DEA is interested in procuring portable yet rugged equipment which will stand up to the harsh field conditions where rapid tests will be needed before a decision is taken to arrest possible offenders or impound a given consignment.

The agency also wants to buy the latest versions or models of such a product, and the number of units purchased will depend on how the equipment performs during its evaluation and what the needs of the agency will be at that time.

Why would the DEA need such equipment when the 2018 Farm Bill shifted matters of hemp to the Department of Agriculture?

It is true that the DEA falls under the Justice Department and they would ordinarily no longer be interested in matters to do with hemp. However, the DEA still has a mandate to enforce marijuana laws around the country, so the agency anticipates that it will encounter difficulties while trying to decide whether a given plant is hemp or marijuana. The test kits can help to clear the air when such a distinction is required.

The DEA has set a deadline of March 15 for interested companies to give it the information it needs to decide the details of the procurement process.

Meanwhile, pressure is mounting on the DEA to expedite the process of approving the companies that had applied to manufacture research-grade cannabis. Only Mississippi University is currently licensed to grow and process marijuana for research purposes, and its shortcomings have created the need for additional cultivators/manufacturers.

The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) and The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) applaud the foresight of the DEA in seeking testing equipment long before conflicts arise regarding what a given plant is during the law enforcement activities of the federal agency.

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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 – Northern Michigan University Now Offers Marijuana Degree

Northern Michigan University has admitted its first lot of students for its medicinal plant chemistry degree program. The students will have a chance to major in marijuana. So far, 300 students from across the country have enrolled for this pioneer program.

Analysts predict that the legal marijuana industry will create nearly half a million jobs by 2022. Recent research shows that more than 211,000 jobs have already been created, so the half a million jobs projected by 2022 could even be an underestimate.

Northern Michigan University wants to do its part by preparing lab analysts, quality assurance directors, cannabis dispensary operators, cannabis master cultivators, and so many other professional-level jobs.

Many universities across the country, including in states where cannabis is still illegal, have added some form of training in the cannabis industry to their offerings. For example, Ohio State University and Harvard University have started training students in cannabis policy and law.

The program offered by Northern Michigan University is the first to get students a detailed training on cannabis from seed to sale. However, the students will not be working with cannabis directly.

Rather, they will study other plants like hemp and St. John’s wort. They will extract medicinal ingredients from these plants and analyze them in a lab. This training can easily be applied to cannabis.

Additionally, as part of their training, the Northern Michigan University students enrolled on the program will do internships at medical marijuana dispensaries. By the time they graduate at the end of the four-year program, the students will be ready to excel as employees or entrepreneurs in the marijuana industry.

Brandon Canfield, a professor of chemistry at Northern Michigan University, revealed that the idea of the program came to him when he was attending a cannabis event and heard industry players lamenting that they aren’t getting the skilled employees that they need.

That conference led Canfield to propose that the university starts a major in therapeutic plant chemistry, and the course was born. Canfield is convinced that the graduates of the program will have an easy entry into the cannabis industry, with some of them even earning more than $70,000 a year right after graduation.

Grace DeNoya, one of the pioneer students on the program, agrees that the cannabis industry offers opportunities that no other industry may be offering at the moment. Getting in now as the industry is just taking off promises to be an exciting prospect with huge opportunities in the years to come.

Sugarmade, Inc. (OTCQB: SGMD) and Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) congratulate Northern Michigan University for being proactive and doing what they can to respond to the demand created by the cannabis industry.

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 – Facebook May Shift its Position on Marijuana

Cannabis businesses and those affiliated to the industry have grown used to waking up and finding that their Facebook pages have been deleted or suspended due to being flagged for carrying unacceptable content (read marijuana). However, this may soon change if the internal discussions going on within the platform bear the desired fruit.

The social media platform is reportedly thinking about amending its rules so that Facebook users can promote the cannabis products that they sell. The existing policies don’t permit the sale of marijuana and other controlled substances on the platform.

If the changes are made, the sale of medical and recreational marijuana products in jurisdictions that have legalized cannabis will be permitted by the social media giant.

One of the big issues that Facebook has to work out is how the platform can decide whether a Facebook page belongs to an entity that is legal within the jurisdiction where it is based or operates.

Another dilemma for the platform is how it can stop access to minors if legal businesses or entities are allowed to sell cannabis or its products on the platform. This issue is compounded by the fact that different jurisdictions define their own minimum age at which someone can use weed legally.

Facebook also has to think about how a policy shift regarding marijuana will be perceived by the users of the platform in the different regions of the world. For example, some regions are strongly opposed to cannabis, and these areas may pushback against the platform for allowing companies to promote or sell marijuana on Facebook.

The task of thinking through all these issues has been assigned to an internal working group. This group will propose new rules for the platform and assess how practical it will be to implement those new rules.

If the policy shift is approved and implemented by the social media giant, it will mark a paradigm shift for the platform that had for long punished marijuana-related pages with blocked searches or outright bans.

Last year, Facebook lifted its “moratorium” on cannabis the day Canada legalized recreational weed. Cannabis is widely sold online within Canada, so Facebook may have had no choice if it didn’t want to risk losing a significant portion of its users in that country.

Previously, the social media platform didn’t stop companies and organizations from opening cannabis-related pages. However, the platform enforced its restrictions on marijuana so rigorously that government cannabis regulatory agencies and policy advocates often found themselves locked out.

It remains to be seen what form the changed policy will take given that the company insists that it will not allow paid ads and other methods of promoting cannabis content on the platform. SinglePoint, Inc. (OTCQB: SING) and Sproutly Canada, Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) hope that Facebook wakes up to the changes in the world regarding cannabis and it stops putting unnecessary roadblocks to the industry.

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 – Idaho Police to Procure Equipment That Distinguishes Cannabis from Hemp

A committee of the Idaho State Assembly has approved funding so that the state police can buy the equipment needed to test whether a given plant is industrial hemp or marijuana. This plan comes after the police seized a semitrailer carrying what the arresting officer thought was marijuana while the driver and his employer insisted that the consignment contained hemp.

The owner of the cargo, Big Sky Scientific, tried to get a court order to compel the police to release the cargo since it was deteriorating rapidly as the police continues with its investigations. The company argued that it was now legal to grow hemp and transport it across state lines from the time President Trump signed the Farm Bill 2018 into law.

However, court declined to issue the court order since the state didn’t have a law prescribing how hemp could be grown. Furthermore, the court could not be certain that Big Sky Scientific had grown its “hemp” in accordance with the Farm Act 2018.

This case has captured headlines within and outside Idaho because it serves as an eye-opener of the kind of situations that law enforcement agencies are likely to face now that hemp is legal while marijuana remains illegal at the federal level.

This confusion is likely to arise because there is no difference in the physical characteristics of hemp and cannabis. It is therefore possible for someone to attempt to transport cannabis across state borders while passing it off as hemp. It is also likely that hemp cultivators will face a lot of inconveniences as they jump through hoops to prove that what they are cultivating or transporting isn’t marijuana.

The procurement of the testing equipment was initiated by some lawmakers (not the police department) who felt that it was unsustainable to keep sending samples to Kentucky each time a seizure or arrest was made by the police. The argument of the lawmakers makes sense, because Big Sky Scientific stands to lose its cargo due to the delays created by having to conduct tests outside the state yet the crop is highly perishable and cannot retain its quality while the legal issues are sorted out.

For now, the entire Assembly has to approve the $240,000 funding request before the spending proposals go to the state Senate for approval. Only then can the money be released to procure and install the testing equipment in the police testing facility. Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) and Redfund Capital Corp. (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) call for the speedy procurement of the testing equipment so that additional problems can be avoided later on.

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 – The US Cannabis Industry Has So Far Created 211,000 Full-Time Jobs

Because marijuana remains illegal at the federal level, it isn’t possible to get accurate statistics about the jobs available in the industry from federal agencies like the Bureau of Labor Statistics. However, Whitney Economics and Leafly.com decided to painstakingly gather the data from each state where cannabis is legal and their findings are eye-catching.

The data analysts discovered that so far, the legal cannabis industry has created 211,000 full-time jobs within the U.S. This shows that the industry is one to watch if the problem of unemployment is to be tackled.

The statistics collected show that out of the 211,000 full-time jobs created so far, 64,000 were filled in 2018 alone. Not bad for an industry that remains illegal at the federal level.

There is no indication that the increase in cannabis jobs is going to slow down any time soon. For example, 2017 saw a 21 percent increase in the number of jobs created in the industry while that number jumped to 44 percent in 2018. 2019 should show a higher rise in the percentage of new jobs created.

You may be wondering how the cannabis workforce increase compares to other sectors/industries. According to the Bureau of Labor Statistics, three industries are likely to have the highest increase in jobs over the coming ten years.

The demand for wind turbine technicians is expected to increase by 96 percent while the demand for solar voltaic installers is likely to increase by 105 percent. The need for home health care aides will rise by 47 percent. All these figures predict workforce increases over at least a decade. However, the data collected by Leafly and Whitney Economics shows that the marijuana industry will achieve a 110 percent increase in jobs created in just over three years!

The figures get even more astounding when they are broken down on a state-by-state basis. For example, Florida saw a 703 percent increase in the cannabis jobs created during 2018. New York ended 2018 with an extra 5,000 full-time jobs in the cannabis industry, marking an increase of 278 percent.

Five states (Oklahoma, California, Arkansas, Massachusetts and Florida) are currently in need of thousands of employees in the cannabis sector, and this demand may keep rising over the coming years as the industry matures. Net Element, Inc. (NASDAQ: NETE) and Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) welcome the research done by Leafly and its partners since this data proves that cannabis can bring huge economic benefits wherever it is legalized.

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 – Signature Gathering Slated to Start on Nebraska Medical Marijuana Ballot Measure

A petition that is intended to put medical marijuana on the ballot in 2020 has received approval from the Nebraska Secretary of State. This clears the way for the petitioners to start gathering signatures in order to have the ballot measure included among the issues to be voted on during the 2020 elections.

Medical marijuana activists, together with two state senators (Anna Wishart and Adam Morfeld) formed a committee last year to explore ways of getting voters to decide on the matter. This was after numerous attempts to legalize medical marijuana through legislative means failed. The senators involved in this petition are both Democrats.

The petition seeks to amend the constitution of Nebraska so that patients can be given a right to use, access, possess and safely use marijuana materials and products in order to alleviate serious medical conditions that a nurse practitioner or doctor regards as something that can be alleviated by the use of medical cannabis.

By law, petitioners are required to submit their petition to the secretary of state so that the wording of that petition can be approved. The advocates duly submitted their petition last month and it was approved on Friday last week (March 1).

Senator Morfeld announced that since the petition had been approved, plans to legalize medical cannabis in the state would now shift gears to the phase of collecting signatures in support of the petition.

That task of collecting signatures isn’t a small one given that the constitution stipulates that any petition must have the support (by way of signatures) of at least 10 percent of all the registered voters in the state.

Furthermore, the petitioners are required to collect signatures from a minimum of five percent of all the voters in at least 38 counties in the state (out of a total of 98 counties).

Senator Wishart has revealed that they will try to push for a legislative solution as they gather signatures for the ballot measure petition.

However, chances are slim for a bill legalizing marijuana to become law in the state. This is because Gov. Pete Ricketts (R) is determined to use his veto powers to block any law that seeks to legalize marijuana in the state. A ballot measure therefore seems the only realistic way to get medical marijuana legalized.

Medical Cannabis Payment Solutions (OTC: REFG) and MustGrow Biologics Corp. wish the petitioners all the best as they try to get medical cannabis legalized so that the patients in the state can have an extra treatment option for their medical challenges.

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 – This is How Much Recreational Pot Canadians Bought in 2018

If you were asked to make a random guess about how much weed Canadians bought (and presumably consumed) since recreational marijuana was legalized in October last year, what would you say? Well, Statistics Canada released recreational cannabis sales data and the figures are surprising, to say the least.

The statistics show that in October last year, Canadians bought recreational cannabis worth $32.7 million while November sales amounted to $40.4 million. In December, Canadians bought recreational cannabis products worth $41.9 million.

These figures are considered to be highly reliable because the Canadian marijuana market is highly regulated. You should therefore not doubt that the first three months of legal recreational pot resulted in total sales of $115 million. That is shocking, given all the hype that accompanied the lead up to legalization.

However, a number of factors may explain why annual recreational cannabis sales are likely to be far less than was predicted.

First, the persistent supply shortages have made it hard for all Canadian who would like to use weed to buy the substance as often as they would like. Without weed on the shelves, where would the sales come from? Many licensed producers predict that it may take years for them to ramp up their production to a level that can meet the current demand.

Secondly, Health Canada has also played a part in dampening the performance of the recreational cannabis sector. The regulator has been very slow in processing the applications for the different entities that would like to become licensed producers/cultivators of cannabis in the country. There are claims that Health Canada takes several months or even years to make a decision on an application. This sluggish way of conducting their business has made it hard for enough producers to be active in the country, hence the supply shortages.

Another reason for the low recreational cannabis sales has to do with a shortage of packaging and processing facilities. There are reports that harvested cannabis takes unnecessarily long to reach the shelves of retail outlets because the few processers licensed in the country cannot handle the volume of weed available for processing and packaging.

Not surprisingly, the packaging and processing problem also goes back to Health Canada who have been slow in issuing processing or packaging licenses to interested players.

Finally, the provinces may also have a role to play in the dismal sales statistics. For example, Ontario has only been selling recreational cannabis through the state-run online outlets. While there are plans to open offline stores, the current sale in online stores alone has reduced the potential sales that would have been made in the densely populated cities within the province.

Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) and Marijuana Company of America Inc. (OTCQB: MCOA) look forward to a speedy resolution of all the limiting factors above so that the Canadian cannabis industry can reach its full potential.

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 – US Federal Government Calls for Input on Marijuana Rescheduling

Following the recommendations by the World Health Organization (“WHO”) that whole-plant cannabis and its resin should be reclassified, the U.S. FDA has issued a notice asking interested parties to submit their views on this matter so that the position that the U.S. takes when the matter comes up for a vote at the UN is informed by the views collected.

While this is the third time that the federal government is asking stakeholders for input on marijuana rescheduling, it is the first time that they are doing so from the time WHO released its recommendations.

The World Health Organization observed that the evidence that was presented before its expert committee didn’t show that marijuana deserved to be in the same category as the other substances in Schedule IV of the treaty setting up guidelines on how various substances should be controlled internationally.

The UN body also made it clear that CBD, one of components of cannabis, should not be subjected to any international controls.

Additionally, the World Health Organization admitted that cannabis and its derivatives had demonstrated therapeutic benefits for a number of conditions, such as pain and multiple sclerosis.

The FDA explained that interested people would have up to March 14 to submit their views for consideration. This deadline was set based on an earlier timeline for the planned meeting of the UN Commission on Narcotic Drugs. That meeting is expected to be held anywhere between March 14 and March 22 this year.

That original timeline was set because the WHO was expected to release its recommendations in December last year. However, that didn’t happen for unknown reasons.

The FDA therefore expects to extend the period within which members of the public and other stakeholders in the U.S. can submit their comments if the UN communicates that the Narcotics Committee will sit at a later time. The alternative dates for that meeting are in December this year or March next year.

The views collected by the FDA will be analyzed and the findings forwarded to the Department of Health and Human Services. HHS will then formulate a recommendation of the position that the U.S. State Department should take when the matter of reclassification comes up for a vote at the UN.

This call for public comments provides a golden chance for stakeholders to play a role in shaping how the federal government will vote on the matter at the UN. Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) and Green Hygienics Holdings Inc. (OTCQB: GRYN) call upon everyone with an interest in the cannabis industry to share their views with the FDA so that the U.S. can vote in a way that reflects the wishes of the people back home.

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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