420 with CNW – Federal Reserve Boss Asks Congress for Clarity on Cannabis Banking

Jerome Powell, the chairman of the Federal Reserve, has asked the federal government to provide clarification on matters of banking services for the cannabis industry. Powell made these comments while addressing the Finance Committee of the U.S. Senate.

He was referring to the difficulties that financial institutions face as they wish to serve cannabis businesses in states that have legalized the substance, but those same institutions feel hamstrung by federal banking laws that still regard marijuana as an illegal substance.

It is not just banks and credit unions that are in this difficult position. Even supervisors and regulators face the same dilemma because it isn’t clear where they should draw the line between what is permissible under state law and what aspects of the federal banking laws to implement or place on the backburner.

When asked a follow up question, Jerome Powell also revealed that the clarification provided should also put the record straight on issues of insurance for the marijuana industry.

As things stand, the cannabis industry is still unable to obtain insurance in the same way that other businesses can. This is a serious problem because it denies the cannabis industry the protections provided by insurance.

This isn’t the first time that the Federal Reserve boss is expressing these sentiments. He is on record to have stated the same concerns during a press conference last year. Powell is reported to have said that while his work has nothing to do with cannabis, the institution he leads is concerned about the nascent industry because of the possible impacts to the financial sector if things aren’t handled correctly.

Steven Mnuchin, the Treasury Secretary, has also expressed a desire to see the banking concerns of the cannabis industry addressed. He went as far as saying these issues top the list of the matters that his department is concerned about.

If the indicators coming from Congress are anything to go by, 2019 may well be the year when the concerns of Mnuchin and Powell (as well as the cannabis industry) get addressed. A subcommittee of the 116th Congress is already holding hearings at which different stakeholders, such as marijuana businesses, are providing their submissions on matters of cannabis banking.

These hearings arise out of a bi-partisan bill that seeks to make it possible for cannabis businesses to keep their money in banks without any fear that the federal government will act against them or victimize the banks that have accepted to do business with the cannabis companies.

Youngevity International, Inc. (NASDAQ: YGYI) and Cannabis Strategic Ventures, Inc. (OTC: NUGS) will be extremely relieved if the calls by the Federal Reserve boss and the Treasury Secretary result in concrete steps to ease banking for the cannabis industry in the U.S.

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420 with CNW – Edmonton Considers “Notwithstanding Clause” to Allow Cannabis Retail Shops in Malls

Barely four months after recreational cannabis was legalized in Canada, the city of Edmonton has made a proposal to include a “notwithstanding clause” in the law that stipulates the distance between cannabis retail shops and other public facilities, such as libraries and schools.

The current separation distances stipulated in the city’s bylaws state that there should be at least 200 meters between cannabis retail stores and schools or libraries. The law also stipulates that there should be at least 100 meters between a cannabis retail shop and provincial healthcare sites, parks and other public recreation facilities.

While the approach included in the existing laws is important in keeping minors from accessing cannabis, it is woefully inadequate when one considers large shopping malls and undeveloped land that hasn’t been subdivided as yet.

For example, the existing laws would prevent a cannabis retail facility from being opened in a large mall if that mall was close to a library. The exception clause being advocated for could address such unique situations.

There is no intention to change the rule stating that the distance between one cannabis retail shop and the next one should be at least 200 meters, but the “notwithstanding clause” will clarify how that separation distance is arrived at for different situations.

Such calls for amendments are to be expected when something new like recreational cannabis is first legalized. It is not possible for the framers of the original law to anticipate every possible situation, so the proposed amendments provide an avenue to iron out any kinks that may have been overlooked earlier.

As these calls for city bylaw amendments make their way through the system, the shortages of cannabis throughout the country are still ongoing. However, there is hope that the supply shortages will diminish over the coming months as the different licensed producers begin harvesting from the additional cultivation facilities that they rushed to commission as soon as retailers run out of cannabis a day after recreational cannabis was legalized.

In the meantime, the federal government is beginning to consider draft proposals for the regulation of cannabis edibles in the country. This segment of the industry was left out and there was a promise that an appropriate regulatory framework would be in place one year after recreational cannabis hit the shelves.

TransCanna Holdings Inc. (CSE: TCAN), VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) and the entire cannabis industry look forward to the outcome of the amendments proposed in Edmonton since those changes may make it easier for residents to have a retail facility close by.

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420 with CNW – Massachusetts Cannabis Regulators Consider Restricting Delivery Licenses to Small Entities

State marijuana regulators in Massachusetts have for long been baffled by how to ensure that there is equity regarding access to the different opportunities available in the cannabis industry. Now that dilemma may be solved if the proposals floated to ring fence cannabis delivery licenses for “equity” applicants are implemented.

The Cannabis Advisory Board has suggested that as the state moves towards making it possible for cannabis to be delivered to people’s homes, all the home delivery licenses should be reserved for minorities that suffered disproportionately during the war on drugs that lasted for decades.

The board is also suggesting that “equity” applicants should also be given priority when home delivery licenses are being awarded by the state. Equity applicants include people who have a marijuana arrest or conviction on their criminal history.

So far, most of the opportunities, such as dispensary licenses, have been gobbled up by the large cannabis companies at the expense of disadvantaged communities and “equity” applicants. This is because the large companies have easy access to resources and can therefore effortlessly meet the requirements needed by various jurisdictions.

This is in stark contrast to the members of minority populations, such as African-Americans, who may find it hard to obtain financing to secure the premises needed to set up a cannabis grow or manufacturing facility.

The recommendations of the Cannabis Advisory Board aren’t binding, so the Cannabis Control Commission isn’t obliged to implement them. However, the Commission has promised to consider the suggestions made by the Cannabis Advisory Board as it drafts the rules that will be followed when licensing home delivery firms.

If the proposals sail through, then home delivery of cannabis will be done exclusively by small businesses and “equity” applicants at least for the first five years.

This special consideration will foster an air of inclusion for those groups and people who felt that big businesses were locking them out of the cannabis industry. The five years of preferential treatment will also allow minorities and people from impoverished communities to accumulate some capital in order to get a shot at participating in the industry at a higher level.

Chances are also high that the bigger cannabis companies that would like to see their products delivered to people’s homes will help people from the minority groups to secure funding for their small home delivery businesses in a sort of partnership that will benefit both parties. The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF) and Therma Bright, Inc. (TSX.V: THRM) (OTC: THRBF) hope that the Cannabis Control Board in Massachusetts adopts the suggestions made by the Cannabis Advisory Board so that more people can be included in the industry.

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420 with CNW – Iowa Poll Shows Widespread Support for Expanding Medical Cannabis Program

A recent poll sponsored by Mediacom and Des Moines Register has found that more than three-quarters (78 percent) of Iowans want to see the medical cannabis program expanded in order to ease access to this new program.

Iowan adults voiced their support for suggestions that more qualifying conditions should be included in the law that established the medical cannabis program. The proposed expansion would also include increasing the number of shops from which medical marijuana can be bought.

Iowa’s medical cannabis program was launched last year in December with just five dispensaries and one manufacturer allowed to operate within the state. The dispensaries sell cannabis oils, capsules and creams. So far, only 1,200 Iowa patients have received the nod to use medical cannabis in the state.

The Iowa Poll also showed a record level of support for the legalization of recreational cannabis. The poll conducted early this month found that there was an equal proportion of Iowans who wanted to see an end to prohibition and those who opposed it.

The figures stood at 48 percent in favor of legalization while another 48 percent didn’t want recreational cannabis allowed in the state. Four percent of the participants in the poll were not sure whether prohibition should be ended or not.

The Iowa Poll has been tracking the sentiments of Iowans about cannabis legalization since 2010. This year’s poll shows a huge jump in support from the 39 percent who expressed support for legalization last year to the 48 percent expressing the same sentiment this year.

This poll results have come out at a time when Iowa lawmakers are considering proposals to expand the medical cannabis program.

One of the changes that is being considered by the senate committee is a proposal to allow medical professionals to recommend the use of medical cannabis for any condition that they think can be alleviated or treated using marijuana. This would be a major change from the current position where the medical marijuana law provides a list of the conditions for which a patient can apply for a medical marijuana card.

Another change that is being considered is to allow nurse practitioners to certify patients as well. Under the current law, only physicians can certify patients who wish to join the medical cannabis program.

The sole manufacturer (MedPharm) has also been lobbying to have the legislators lift the three percent THC cap on medical cannabis products. This restriction may be harder to change since legislators are wary of “opening the door” to cannabis addiction and abuse if THC levels are allowed to get higher.

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) applaud the legislators in Iowa for being willing to modify the medical cannabis program so soon after its launch.

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420 with CNW – Two Cannabis Legalization Bills Receive Nod from New Mexico Legislative Committees

Two different bills aimed at legalizing cannabis in New Mexico have been passed by committees in the state senate and assembly.

At the start of this month, the Health and Human Services Committee of the state Assembly approved a proposal to allow adults who were at least 21 years old to use recreational cannabis.

Under this proposal, adults would be allowed to grow their own cannabis, if they so wished, and upon fulfilling the requirements to obtain a cultivation license from the state. Retailers would also be licensed by the state.

The proposal also has provisions that would allow previous cannabis arrests and convictions to be expunged from the criminal records of New Mexico residents. However, the proposal allowed employers to maintain zero-tolerance to the consumption of cannabis by their employees.

This bill now waits to be presented before the entire Assembly for debate and a vote.

The second marijuana legalization bill also received a nod from the members of the state Senate Public Affairs Committee. This bill received unanimous support (5-0) when a vote was called.

Under this proposal, adults who were 21 or older could use cannabis for recreational purposes. However, this bill outlaws the home cultivation of marijuana by state residents. Instead, all the recreational cannabis will be bought from retail stores run by the state.

Additionally, the senate bill doesn’t include any provisions to expunge the previous marijuana arrest and conviction records for New Mexico residents.

This senate bill will now be forwarded to two other committees before it is tabled before the entire senate for consideration.

The two bills both have suggestions on how marijuana should be taxed. However, none of those bills proposes any taxes on medical marijuana.

It is clear that there is bi-partisan momentum building up to see the end of cannabis prohibition in the state. In fact, the current governor (Michelle Grisham-D) campaigned on a pro-cannabis platform. While delivering her maiden State of the State address, Gov. Grisham pledged that she would work to include opioid addiction among the conditions for which someone could start using medical marijuana.

She has also indicated that any law that is passed to legalize marijuana should address issues of public safety, regulation of cannabis edibles, workplace intoxication and issues of underage cannabis use.

The cannabis industry, especially Sproutly Canada, Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) and Sugarmade, Inc. (OTCQB: SGMD), is glad that New Mexico is in agreement that cannabis would be beneficial to the population there.

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420 with CNW – North Dakota Cannabis Activists Consider 2020 Ballot Measure

While attempts to legalize cannabis by a ballot measure last year and by legislative means this month were met with defeat, marijuana advocates in the state aren’t giving up, and they are already planning to have another shot at a ballot measure in 2020.

Dave Owen, a leading cannabis advocate in the state who played a major role in the ballot measure that was voted upon during the recent midterms says that his organization (Legalize ND) will look to national advocacy groups for funding and support this time round. He revealed that the huge amounts of money poured into the state to oppose the ballot measure in the midterms led to the defeat of that effort.

Dave Owen also revealed that come 2020, the ballot measure will be a watered down version of the one of 2018. For example, rather than insist that people should be allowed to grow as much marijuana as they want for their own use, the new ballot measure will propose some restrictions to home grows.

The new ballot measure will also include provisions for licensing as well as excise taxes on marijuana sales. These provisions were lacking in the measure that was rejected by voters during the midterms last year.

The last ballot measure had a provision to expunge marijuana convictions from the criminal records of North Dakota residents. Dave Owen isn’t sure whether the next ballot measure he plans to draft will still have this provision. It should be noted that most of the states that have legalized recreational marijuana have also taken steps to expunge some marijuana convictions from the criminal records of those who qualify for this expungement. It is therefore unclear whether Dave Owen feels that watering down the ballot measure in this regard will win it more supporters.

Polling is an important step during such a campaign for marijuana legalization, and the cannabis advocate admits that they have been finding it hard to get the funds needed to conduct several polls. This lack of funding has compelled the organization to base on assumptions when planning and executing a campaign strategy. Legalize ND intends to change this so that they can work with concrete numbers as they prepare for the polls in 2020.

Dave Owen is confident that the grassroots networks that exist in the state can propel the ballot measure to success if only external help (especially funding) can be sent in by the national marijuana advocacy groups.

All that Redfund Capital Corp. (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) and SinglePoint, Inc. (OTCQB: SING) can do is wish both sides good luck as they put their case before North Dakotans for a final decision at the ballot.

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420 with CNW – New York Prosecutor Drops Marijuana Charges

A group of 35 people in Erie County received an unexpected gift when John Flynn, the Erie County District Attorney, requested that a judge at the Buffalo City Court accept the prosecutor’s request to dismiss the low-level marijuana charges (misdemeanor charges) against the nearly three dozen people.

The judge agreed with the prosecutor, and the charges were dismissed. It should be noted that the 35 people weren’t present in court. Their warrants were still outstanding and they had missed their court appearances.

In effect, the prosecutor saw no need to continue hunting for those individuals over a substance that would soon be legal throughout the state.

The action taken by John Flynn means that going forward, the District Attorney will no longer be interested in prosecuting such low-level marijuana cases within the jurisdiction.

The Erie County District Attorney isn’t the first to take such action within the state. Flynn is following in the footsteps of the prosecutors in New York City.

The mayor of Buffalo city is also on record for ordering the police in the city to stop arresting people for low-level marijuana crimes, such as possession of small amounts of cannabis.

These actions by prosecutors and the elected leaders seem to acknowledge that while the legislative process to legalize cannabis hasn’t been concluded, the population has gone ahead and started consuming recreational cannabis to such a high degree that it would be hard to clamp down on all of those users.

There is also widespread agreement across the state regarding the need to legalize marijuana for adult-use. Only law enforcement agencies and some members of the medical field still have reservations about adult-use marijuana.

The other disagreements are largely about how the industry will be regulated and where the taxes collected from cannabis will be spent.

For example, sections of lawmakers want the taxes collected from the recreational cannabis sector to be earmarked for revamping the dilapidated infrastructure in the state, such as the aging subway system.

However, others want a large portion of the cannabis taxes to be spent in the impoverished communities that bore the brunt of the war against drugs. The legislators in this school of thought have even threatened to vote against legalization if the law doesn’t stipulate what fraction of the marijuana taxes will go to the underprivileged communities in the inner cities.

What should be applauded in the meantime is the proactive step taken by the prosecutors to stop going after people who commit low-level marijuana infractions as the politicians are hashing out a law to legalize adult-use cannabis. Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) and Plus Products Inc. (CSE: PLUS) (OTCQB: PLPRF) are hoping that the lawmakers put the interests of New Yorkers first so that the best law is made for that jurisdiction.

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420 with CNW – Does Legalization of Recreational Marijuana Mark the Death of Medical Cannabis Programs?

You may be wondering what becomes of the medical marijuana programs and products once a jurisdiction legalizes recreational pot. Some people even conclude that medical marijuana dies quietly once recreational cannabis becomes legal. Is this true?

It may be true that the process of getting a medical marijuana card is a bit cumbersome (find a doctor willing to recommend medical marijuana for your health challenge, then apply and pay license fees, etc.). The legalization of recreational cannabis means that access to marijuana now just requires you to present a valid government-issue photo ID at a dispensary or retail outlet in order to buy cannabis. Viewed from this angle, some patients may opt to buy recreational marijuana and use it to manage their symptoms.

However, one key reason why the legalization of recreational cannabis cannot mark the death of medical marijuana is that patients often require customized or specially formulated cannabis products to manage their symptoms or treat the qualifying conditions for which they were enrolled on the medical cannabis program. For this reason, the commencement of recreational sales cannot signal doom to medical cannabis.

Secondly, the legalization of recreational weed also boosts medical cannabis because it widens the market for marijuana products. That wider market generates a lot of interest among researchers and business entities. Consequently, more research will be conducted, and this research can result in a better understanding of how cannabis can be used to treat different conditions. This is clearly happening in Canada where recreational sales have sparked greater interest among cannabis researchers and innovators.

Thirdly, players in the cannabis industry may be unwilling to turn their backs upon their medical cannabis clients because these patients are more reliable clients when compared to recreational users. You see, a patient needs medical cannabis while cannabis is just a want to a recreational user. This means that addressing the needs of patients results in more assured business when compared to chasing the wind as you try to keep up with the fickle interests of recreational users. From a business perspective, medical cannabis ensures steady sales so it will stay despite the legalization of recreational sales.

More importantly, recreational cannabis normalizes medical cannabis. Patients are often viewed as disguised stoners in jurisdictions where only medical cannabis is legal. However, the end of cannabis prohibition often results in more information becoming available to people in that area. Consequently, they will develop a greater appreciation of the medical benefits of cannabis and patients will no longer have to be on the defensive as they use medical cannabis.

As you can see, the end of cannabis prohibition doesn’t necessarily mean that medical cannabis programs will suffer a slow death. MustGrow Biologics Corp. and Net Element, Inc. (NASDAQ: NETE) insist that different people have different needs, so it may not be right to think that the commencement of recreational sales means the death of medical cannabis.

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420 with CNW – California Rakes in $300 Million in Cannabis Taxes in 2018

The statistics are out; California earned approximately $300 million in taxes during the first year of recreational cannabis sales in the state. This information was released by the Department of Tax and Fee Administration in California on February 19.

While the $300 million tax collection is high, it is way below what the state had initially anticipated to collect during the first year of commercial cannabis sales ($655 million). Two reasons may explain why the taxes collected were below the projected figure.

First, it is hard to predict with any degree of certainty what quantity of cannabis will be sold if the state doesn’t have any historical data to rely upon when making those projections. Any figure arrived at is therefore likely to be a “guesstimate” at best.

Secondly, most city and local authorities, up to 75 percent of them, banned any business activity related to cannabis within their jurisdictions. This meant that recreational cannabis could only be accessed in a few areas within the state.

This same scenario played out in all the states where recreational cannabis was legalized. However, those local authorities gradually came around and permitted cannabis businesses to open so that residents can get jobs and the local authorities can also collect taxes.

California also expects more local authorities to come on board and cannabis sales will soar once access is ramped up in more cities and municipalities.

Another important fact to note about the taxes collected by California in 2018 is that the other states that also ended prohibition in 2016 earned “peanuts” if their collections are compared to California’s.

For example, Nevada collected only $69.8 million while Massachusetts is likely to collect $60 million once it completes its first year of recreational sales.

The collections in those other states are understandable because none of them comes even close to the size of California’s economy.

California is justified to be optimistic about future tax revenues from recreational marijuana because an analysis of the 2018 taxes shows that there was a general upward trend from one quarter to the next. This clearly paints a bullish picture for the industry going forward.

More reason for optimism also comes from the fact that the earnings in just 2018 triple or more than triple the annual taxes that the state had ever collected from the sale of medical marijuana throughout the 23 years when medical cannabis was available in the state.

While California seems to be on course to collect $1 billion as tax revenue from recreational marijuana sales within three years, industry players are crying out for a reduction in the taxes levied. It remains to be seen whether their calls will be heeded by the lawmakers since any change requires a supermajority before Proposition 64 can be amended.

Marijuana Company of America, Inc. (OTCQB: MCOA) and Medical Cannabis Payment Solutions (OTC: REFG) congratulate California for setting a record of taxes earned from recreational cannabis sales.

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420 with CNW – Four Ways Cannabis Entrepreneurs are Using AI in Sales and Ecommerce

As the marijuana industry has grown and become more widely accepted, many tech companies have introduced new products to enable the cannabis industry. Here are the four major AI products that marijuana businesses are deploying to boost sales and make ecommerce more successful.

Chatbots

The explosion of interest in cannabis means that the limited staff of marijuana companies can easily be overwhelmed if they decided to address each person’s queries without the help of AI.

Chatbots have been introduced to engage customers and potential customers quickly and efficiently by providing all the information one needs. For example, the chatbot can take a potential customer through the different cannabis strains that may help to ease the symptoms that the client is experiencing. These bots have revolutionized the way cannabis businesses attend to their customers at a time when people make a query and expect an answer to it “yesterday.”

Finding Leads

One of the hardest aspects of selling is to find prospects. Cannabis businesses are turning to AI tools, such as Node, to generate lists of potential customers. This is a more reliable method than the traditional way of buying lists of prospects who often turned out to be uninterested in what one was selling.

Filtering Prospects

It is one thing to get a list of prospects and it is another matter to filter them into warm or cold prospects. That is where AI comes in. Artificial intelligence systems are now available to analyze data in order to establish which particular products a potential customer has been searching for.

The findings of such AI systems can help sales personnel to concentrate their efforts on those individuals that are most likely to make a purchase instead of spending time and effort on people with a low possibility of making a purchase. An example of this type of AI system is Netra. This system understands consumer preferences by analyzing the visual content on different social media platforms.

Sales Forecasting

As you may know, there is always a multitude of demands competing for the resources that any company has at its disposal. The same applies to cannabis businesses. One of the best ways to determine how to allocate those scarce resources is by forecasting sales so that intelligent decisions can be made for the company.

AI systems have been deployed to forecast cannabis sales so that businesses can plan for the future more effectively, such as by making decisions on when to scale up or down.

While some people may think that AI has come to take cannabis jobs, the truth is that AI can only go so far. For example, AI fails dismally at comprehending the nuances of language based on different contexts and humans have to step in at such points. Cannabis businesses should therefore regard AI as an aid to their workforce rather than as a tool to cut back on human employees. Green Hygienics Holdings Inc. (OTCQB: GRYN) and Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) look forward to seeing even more AI products in every aspect of the cannabis industry.

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