420 with CNW — Senators, Feds Discuss Cannabis Legalization During Drug Overdose Hearing

Five decades after then President Richard Nixon declared drug abuse “public enemy number one,” paving the way for the era of the drug war, drug addiction and overdoses are still taking American lives. Since 1999, more than 800,000 people have died from drug overdoses in the United States, and drug abuse remains one of the country’s most pressing issues. Now that most experts agree that the war on drugs has been an unmitigated failure, lawmakers have been pursuing other options to curb addiction and give existing addicts the help they need, rather than jail time.

Last week, top federal health officials and lawmakers met at the Senate Caucus on International Narcotics Control to discuss the ever-present drug-overdose epidemic. The conversations at the Senate narcotics commission hearing were wide ranging, covering everything from cannabis research and THC concentrations to syringe exchange programs and protecting minorities from intense policing and harsh sentencing. While federal cannabis legalization reform wasn’t a major topic, the conversation around cannabis and cannabis extracts showed that the commission was seeing a hypothetical future where cannabis was federally legalized.

Regarding cannabis, Senator John Cornyn spoke to Nora Volkov, the director of the National Institute on Drug Abuse (“NIDA”), on the need for research on how high concentrations of THC affected developing juvenile brains and people with mental health challenges. Specifically, Cornyn asked Volkov if she thought Congress should mandate this research before it legalizes marijuana at the federal level so that, as he says, “we actually know what we’re doing.” According to Volkov, studying the impact of high-THC cannabis products on the brains of children and teenagers would help lawmakers understand the consequences of legalizing cannabis.

As such, she replied, this information is 100% necessary, and the government owes it to the people to collect this data before federally legalizing marijuana. Cannabis concentrates have become extremely popular in the past few years, with cannabis businesses selling $797 million worth of concentrates in 2020 up from $567 million in 2019. Cannabis is already the most abused drug in America, with the 2019 National Survey on Drug Use and Health finding that more than 48 million Americans over 12 years of age used cannabis that year.

If Congress is to legalize marijuana at the federal level and create a framework for a legal market, ensuring only adults access cannabis products and concentrates will be crucial. Seeing as lawmakers are seeking advice on the impact of high-THC products on juveniles from experts such as Volkov, there is a good chance the age of cannabis prohibition is finally drawing to a close.

Some companies, such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), have opted to develop cannabis-based medicines that, when given regulatory approval, will not attract the same controversy as marijuana currently draws to itself while it is still federally prohibited.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Three Tips for New Medical Cannabis Patients

Research has found that medical marijuana possesses therapeutic benefits, and with more states across the country legalizing the use of medical marijuana in alleviating and managing symptoms of various indications, it is important to acquaint yourself with what this means for you, especially if you qualify to use medical cannabis.

Most, if not all the states that have legalized its medical use, stipulate that a prescription should be given by a qualified doctor, which helps ensure that the use of medical cannabis doesn’t affect the effectiveness of other medications that are being taken.

Here are a few things new users of medical cannabis should know or do to ensure they stay healthy and safe while using medical cannabis.

Know the conditions eligible for medical cannabis use

Most states have established lists of the conditions or ailments for which eligible people are allowed to use medical cannabis.

The most common conditions eligible for medical cannabis use include:

  • Multiple sclerosis
  • Glaucoma
  • Arthritis
  • Epilepsy
  • Post-traumatic stress disorder
  • Chronic pain
  • Cancer

If your disease isn’t included on the list, you probably won’t receive clearance or get a prescription from your doctor to take medical cannabis. It should be noted, however, that the ailments can differ from state to state, so be sure to check with local medical authorities for confirmation.

Conduct your own research

The market today is filled with different kinds of medical cannabis products, which are not made equally. If you are eligible for medical marijuana use, ensure that you do your own research on these products, centering on manufacturers and products that have a reputation for good quality and performance.

Apart from taking advice from your physician, you can also use the internet for your research. In addition to this, you can talk to other patients who use medical marijuana and ask for their advice on what types of brands and products to trust.

Find out the different types of products available

A prescription from your doctor may not specify the particular product to be used. In most cases, prescriptions only specify the CBD amount and potency that should be in every product you will be using.

While budtenders and curators at the dispensaries may help you choose the right product based on your prescription, it is important that you do your own research on the different products available.

Each medical cannabis product has its pros and cons, with the most common products being THC vapes, marijuana topicals and marijuana edibles. It is important to ask your physician about anything you’re unsure of with regard to your prescription and communicate any uneasiness you may feel to ensure you see the most benefit from your treatment.

Some companies, such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), have taken the added step to develop cannabis-based treatments that they hope will be approved by regulators, such as the FDA, for use by patients even in regions where medical marijuana isn’t legal yet.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Federal Economic Committee Recommends Marijuana Reclassification as Industry Continues to Grow

Last week, the White House Office of Management and Budget published a proposal in the federal register in which it provided policy recommendations for next year’s North American Industry Classification System (“NAICS”), which is utilized in the compilation of data on markets across Canada, Mexico and the United States, as well as in the classification of businesses.

In a series of recommendations, the federal economic committee stated that the cannabis industry would keep growing, noting that steps needed to be taken to make certain that the growth was tracked under a system that would allow analysts to publish statistical data and follow the markets. The recommendations include a suggestion to categorize marijuana retailers under a new category where they would be grouped with smoking, e-cigarette and tobacco shops. The committee also suggested that marijuana wholesalers and CBD agriculture and hemp firms be classified into different categories as well.

These moves show that the federal economic panel is recognizing the cannabis sector’s growing legitimacy and is working to make it easier for economists to conduct research on the space, similar to other business categories.

The U.S. Economic Classification Policy Committee, which is made up of the Bureau of Labor Statistics, the Bureau of Economic Analysis, the Census Bureau and the Office of Management and Budget, considered prior public comments that had called for the committee to restructure the North American Industry Classification System, with reference to marijuana retailers. Among the comments was one that proposed that vape shops and cannabis retailers be split in terms of their classification.

In response to this comment, the committee stated that there was sufficient evidence proposing that the retail market for recreational and medical cannabis, e-liquids, e-cigarettes and related accessories would continue its growth, even with increasing regulations at both the state and federal levels. The committee further explained that as both cannabis and vape shops mainly engaged in the retail of smokers’ supplies, the committee would establish a new industry that would combine Industry 453991 with cannabis stores and e-cigarette shops, which are currently categorized under Industry 453998 by NAICS.

Apart from this, the Economic Classification Policy Committee also recommended that the wholesaling and agricultural categories under NAIC be updated to include hemp and marijuana as matching index entries.  The committee then advised that CBD index entries be added to the following categories under NAICS: 459999, 424690 and 325998. The panel is also planning to alter the North American Product Classification System to take CBD into account.

The observations of the committee regarding the growth of the CBD and marijuana industries are  solid, given the rate at which innovations, such as the medicinal cannabinoid formulations undergoing trials by companies such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), are popping up.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Study Finds That Marijuana Possesses Strain-Specific Effect on Driving Performance

recent study has found that drivers who consume marijuana may not perform or feel impaired. The study found that, instead, drivers who used marijuana would sometimes experience a positive effect on their driving.

This comes at a time when policy makers are working to decide whether driving while under the influence of marijuana warrants similar penalties to driving while under the influence of alcohol in various states across the country. Under the law, impairment is defined as a state of diminished or weakened function.

In many states, the legal limit for blood–alcohol content is 0.08. It is known that a driver who has been awake for more than 20 hours drives with the same impairment level as an individual with the aforementioned blood-alcohol content. However, the stance on marijuana impairment keeps shifting because while it is known that the plant does cause impairment, establishing an acceptable limit seems to be a challenge.

The fact that marijuana metabolites also remain in the human saliva or blood long after the plant’s effects have worn off is also a challenge as it makes it harder for cannabis breathalyzer tests to conclusively measure the impairment level of a driver who’s been using cannabis.

Despite this, some states, including Colorado, have still imposed limits on the level of THC metabolites that can be found in a driver’s blood.

The study, which was conducted by University of Iowa researchers, found that marijuana compounds that give rise to other effects, apart from being high, could probably help individuals drive a bit better. The study, which was reported in the “Traffic Injury Prevention” journal, involved 10 drivers who were each evaluated on their road abilities two hours after they had  consumed marijuana.

Each driver was asked to rate their perceived level of impairment before they performed some simulated tasks. Prior research had discovered that drivers who were stoned took fewer risks and were more aware of their impairment when compared to drivers who were inebriated and took more risks.

The authors of the study explained that with regard to longitudinal and lateral control, a growing perception of stimulation gave rise to a positive effect on the drivers’ performance. They added that the study results offered a better understanding of how various strains of marijuana, which gave rise to different experiences for users, could affect driving safety.

The researchers also noted that drug effects that produced more high or stoned feelings resulted in a greater negative impact on driving while those that caused more stimulation had a lesser effect on driving. This isn’t to mean that driving after consuming marijuana is safe, it just means that the level of impairment may not be as pronounced, depending on the marijuana strain consumed.

This study highlights why companies such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) have invested immensely in studying the specific effects of various cannabinoids so that they can develop therapeutic formulations to treat a variety of conditions.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — California Earmarks $100M to Support Licensed Cannabis Firms During Pandemic

For many states with legal cannabis markets, one of the objectives of legalizing the controversial drug was to cripple the illicit cannabis market by taking away its clientele. While that sounds like a great idea in theory, most of these states have been unable to do any real damage to the illegal market so far. Not only do black market sellers tend to price their cannabis cheaply, but they don’t have to jump through a wide variety of hoops to start selling, and this ensures the black market has an unending supply of affordable cannabis.

California, for instance, legalized marijuana back in 2016, but a mere four years later, the state’s illicit cannabis market has more than three times the number of registered cannabis sellers. Consequently, the state has earmarked $100 million towards supporting its struggling cannabis industry amid the coronavirus and subsequent financial crisis. State Governor Gavin Newsom proposed a measure that would see these funds used to help businesses in the cannabis space turn their provisional licenses into permanent licenses, and it was recently approved by the legislature.

According to Newsom’s office, around 82% of licensed businesses hold provisional licenses, with most cannabis businesses being unable to convert those licenses to permanent ones due to the high costs involved. The state requires permanent license holders to run their businesses in a way that has minimal to zero negative environmental impact, and this usually leads to higher annual operational costs. As many of the registered operators are equity applicants, small businesses and legacy operators, says Newsom’s senior cannabis advisor Nicole Elliot, these costs are often more than they can handle, preventing them from obtaining permanent licenses.

This one-time $100 million grant will be used to help cities in the state employ professionals and staff to assist with the process of turning provisional licenses into permanent ones as well as to aid in business operations. Los Angeles alone will receive $22 million, with the rest of the funds going to cities such as Oakland, San Francisco, Adelanto, Commerce and Desert Hot Springs. Matt Hawkins, managing partner at Entourage Effect Capital and the board chair at Harborside, says the grant will help ease the financial burden on legal companies and allow regulators to process the backlog of licenses much faster.

Newsom has also thrown his weight behind a measure that would extend the Jan. 6, 2022, deadline to apply for provisional licenses by six months. However, it wasn’t included in the most recent state budget bill, and lawmakers are still discussing it.

It is heartwarming to sector players such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) to learn that some jurisdictions are taking steps to support the cannabis industry during the pandemic. This is a far cry from the stance of the federal government, which doesn’t recognize state-level cannabis firms as legitimate business concerns.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Medical Marijuana Activists in Pennsylvania See Workers’ Comp. Decision as a Win

Thirty-six states in America have legalized cannabis for medical use, and an estimated 3.6 million individuals are registered as medical cannabis patients in the United States. However, federal law classifies cannabis as a Schedule I controlled substance with no accepted medical use; cannabis is ranked right alongside hard drugs such as cocaine and heroin. Consequently, insurance companies refuse to cover individuals who use medical cannabis to treat work-related injuries. Instead, most of these patients have to pay for their medical cannabis out of pocket.

In Pennsylvania, however, a workers’ compensation judge made a historic and possibly precedent-setting ruling after declaring that an employee who was hurt while on the job and used medical marijuana to ease her pain deserved to be compensated by her former employer’s insurance provider. According to the plaintiff’s lawyer, Dana Kaufman from Kaufman Workers’ Compensation Law, this is the first time there has been such a ruling in Pennsylvania. Kaufman, whose firm operates out of Abington Township, has been trying to help her clients recover the costs they incurred after using cannabis to treat pain caused by workplace injuries. Until now, she has been unsuccessful.

Kaufman’s client, a home health aide, suffered serious injuries in a car accident that occurred as she drove from one client’s residence to another. After a car veered into her lane and hit her head on, her car flipped, and she was trapped inside, grievously injured, for 20 minutes. She suffered a trio of broken ribs as well as fractures to her legs, toes, and foot; she also sustained injuries to her hands and wrist. She was admitted to a trauma hospital for 10 days, and although she eventually recovered, she was left with nerve pain in one ankle and a leg that caused her immense pain and often woke her up at night.

Since she didn’t want to rely on opioids and other drugs that had side effects which made her unable to work effectively, she turned to a medical cannabis oil that she put into capsules and took daily. This reduced her pain enough for her to work two jobs as a daycare attendant and a home health aide for a cumulative 32 hours a week. Judge Rochelle Quiggle at the Pottsville, Pennsylvania, field office ruled that the plaintiff’s claims were more than reasonable and ordered her former boss’ insurance provider to pay her back around $4,000 and cover her medical marijuana costs ($400 a month) moving forward.

This is Kaufman’s first such win, and she says that she has several pending appeals at the Workers’ Compensation Appeals Board and Commonwealth Court. Although it is now common knowledge that opioids have plenty of negative side effects, with even some insurance companies refusing to cover certain pharmaceutical pain relievers, those companies still won’t cover medical cannabis costs. She hopes that this ruling will change this trend and push more insurance providers to cover individuals using medical-grade cannabis to treat work-related injuries.

As more companies such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) take their cannabis-based formulations through the clinical trial process, a time may come when insurers will cover cannabis medicines since they will have gone through the regulatory process.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Congressional Bill Could Enable Researchers to Study Cannabis from Dispensaries

Earlier this week, a congressional committee revealed its plans to vote on a legislation that will enable scientists to study cannabis products from state-legal dispensaries. The 1,200-page legislation, which has been advanced to the House Transportation and Infrastructure Committee, will allow researchers to carry out research on impaired driving using actual cannabis products that consumers use and purchase. Additionally, it would enable the interstate distribution of marijuana to researchers in jurisdictions that are yet to legalize the plant.

This isn’t the first time the bill has been introduced, as an earlier version that had similar cannabis provisions was passed in the House last Congress. However, that measure wasn’t approved in the Senate, which was GOP-controlled.

The current bill, which was sponsored by Peter DeFazio who is chair of the House Transportation Committee, also contains a provision that would compel states where cannabis is legal to consider educating people about and discourage them from driving while under the influence of marijuana.

However, advocates disagree with the language used in the provision, as it targets jurisdictions where cannabis is legal while ignoring the fact that cannabis-impaired driving occurs whether or not the herb is legal. Those advocates are, however, encouraged by the clause that calls on the Department of Transportation to work with the Department of Health and Human Services and the Attorney General to create a report that has recommendations on offering scientists access to strains and samples of cannabis and products that contain cannabis lawfully being provided to consumers or patients in legal states.

The clause notes that the report should also look into establishing a clearing house to gather and distribute strains and samples of cannabis for scientific research, which would include marijuana from state-legal markets. In addition to this, the legislation notes that the report should also examine regulatory and statutory barriers that would hinder scientific research from being conducted.

The measure also calls for the amendment of present law to include a section stipulating that states with legalized recreational and medical cannabis legislation shall consider adding programs to decrease deaths and injuries that occur as a result of cannabis-impaired driving as well as educate drivers on the risks linked to cannabis-impaired driving. However, some advocates have disagreed with the implication that legalizing marijuana increases the risk of individuals driving while impaired.

If this bill is enacted, it could potentially remove some of the hurdles that companies such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) face in their efforts to develop cannabis-based medicinal formulations.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Study Finds That CBD May Improve Overall Wellness

A few months ago, results of a preliminary study on the effect of CBD on the liver were released by Validcare. The company then released a separate report on the use of CBD among Americans, which was carried out in collaboration with Cannabis Business Experts (“CBE”), a marketing research firm.

The results of the preliminary study demonstrated no evidence of liver toxicity among users of cannabidiol, or CBD. Additionally, most of those who participated in the study recorded increased perceptions of overall wellness with the use of cannabidiol in the study with CBE.

More than one thousand users of CBD in the United States took part in the joint study, which included more than 800 users who had participated in the liver study.

The investigators looked at different information about CBD uses, such as CBD usage frequency and amount; user weight, sex and age; and interactions with other drugs, including tobacco, alcohol, nutritional supplements, over-the-counter medicines and prescription drugs.

In the press release to announce the report, CBE asserted that the study helped to better understand how general wellness perceptions changed with the use of CBD. In addition, Ashley Grace, the company’s co-founder, noted that CBD users reported an enhanced perception of their personal wellness.

All the study participants had used CBD prior to the study. This was confirmed by researchers who asserted that the consumers were customers of the CBD companies that sponsored the study.

The researchers discovered that more than 12% of the cannabidiol users made up about 30% of the sales volume in the category. Grace stated that this was surprising as it didn’t align with the rule that 20% of consumers made up 80% of the volume in business.

Grace, who was also HempFusion and Charlotte’s Web’s founding chief marketing officer, noted that individuals who consumed tobacco and/or alcohol used cannabidiol differently in comparison with those who hadn’t used these other substances. She added that it was important to understand that companies operating in the sector would sometimes record variations, which would be brought about by the number of heavy users in their consumers.

The research was sponsored by the following CBD firms: SunMed CBD, Medterra CBD, Kannaway, Infinite CBD, HempFusion, Global Widget, Columbia Care, Charlotte’s Web, CBD American Shaman, CBDistillery, Care by Design, Boulder Botanical and Bioscience Labs and Asterra Labs.

Other companies, including XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), are conducting more rigorous clinical studies aimed at ascertaining the efficacy of formulations containing various cannabis compounds. If the trials are a success, regulatory approval is likely to follow, and patients would benefit from those products.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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 — Cannabis Prohibition Costs $53 Billion Annually in the US

When it was first initiated, the war on drugs had relatively noble goals: to eliminate the production, distribution, and consumption of psychoactive drugs, consequently reducing the number of people addicted to these drugs and stripping the criminal enterprises behind the drug trade of their resources. However, decades after former President Nixon declared the infamous war on drugs, the drug war is considered an unmitigated failure by most. Not only has it failed to curb drug use in the country and barely put a dent in the illicit drug trade, but it also has sent countless millions to prison for relatively tame offenses such as drug possession and cost the United States billions of dollars.

According to a report published on AmericanMarijuana.org, the United States loses a whopping $53 billion every year to cannabis prohibition. Most of this money goes towards cannabis arrests, prosecutions, and incarceration, with most of these individuals having done nothing more than possess small amounts of cannabis. As the country’s economy tries to shrug off the catastrophic effects of the coronavirus pandemic and the subsequent lockdowns, cannabis reform advocates argue that this money, which is mostly funded by taxpayers, could be dedicated to much better causes.

Over the past decade, more and more states have legalized cannabis for either recreational or medical use, culminating in a lucrative state-legal cannabis industry that has employed thousands of individuals across the country and provided billions of dollars in tax revenue. However, cannabis remains illegal at the federal level, meaning that the businesses and people that participate in the state-legal cannabis sector are always at risk of suffering federal repercussions.

This prohibition has undoubtedly ruined millions of lives. Not only does prosecution and incarceration negatively affect the individual’s family and the community at large, but having a criminal record also hinders an individual’s ability to seek gainful employment and obtain student loans, a driver’s license, and even housing. Once a cannabis offense blemishes your record, your chances of surviving and thriving in the increasingly capitalist America are greatly reduced.

More than that, the war on drugs has been a war on people, and as House Majority Leader Chuck Schumer says, it has often been a war on people of color. Research has found that individuals of color are much more likely to be arrested for marijuana-related offenses compared to white individuals despite similar usage rates. After decades of intense policing and harsh sentencing, these communities have been left broken and beaten down.

Thus, support for cannabis reform has been growing steadily, especially among lawmakers. Schumer has been working on a Senate version of a cannabis legalization bill with Senators Ron Wyden and Cory Baker while House Judiciary Chairman Jerrold Nadler plans to reintroduce his historic Marijuana Opportunity, Reinvestment, and Expungement (“MORE”) Act as soon as this week.

When lawmakers eventually ease the federal restrictions on cannabis, the work of companies like XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which is engaged in developing cannabis-based medications, will be eased somewhat since the current regulatory barriers cost lots of time and other resources to navigate.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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

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CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

420 with CNW — How the State of New York Plans to Tax Marijuana

Last month, New York Gov. Andrew Cuomo approved a legislation legalizing marijuana and its possession for individuals aged 21 and above in the states. However, the substance will not be available for legal sale until 2022. The governor and his aides expect that this move will create 60,000 employment opportunities while generating roughly $350 million in tax revenue once the industry’s up and running.

While the proposed tax for recreational cannabis in the state isn’t as high as Washington, DC’s tax on the substance, it is higher than the average of the 15 states that have legalized the herb as well.

Similar to other states that have legalized cannabis, the state of New York is planning on combining wholesale tax, which encompasses distribution and production with retail taxes, which includes sales and excise tax. The proposed tax rate, 13%, is lower than the 20% that the governor had initially proposed.

The difference is seen when one looks at how products will be taxed. Unlike other states, which based the wholesale tax on factors such as volume or weight, the state of New York is planning to base its wholesale tax on the THC amount in products.

This makes it the first state in the country to tax THC levels, which makes it hard to pinpoint exactly where the state will rank in overall cannabis taxes when legal sales commence, with many noting that it may end up with higher taxes in comparison with neighbor states such as Massachusetts, Vermont and New Jersey.

report on THC tax and its consequences, which has been co-authored by Castetter Cannabis Group, highlights how imposing a THC tax may make it more complex to pay taxes because calculations will be made on how THC level will be measured, how it will be assessed and who will pay the tax. A clause in the report also raises concern that the tax may favor large-scale producers at the expense of small-scale producers.

However, there are those who believe that taxing products based on THC is a good move. One of them, marijuana law specialist Rob DiPisa, states that the levels of THC are growing more important as the marijuana industry moves into edible products and concentrates. DiPisa notes that New York may be focused on THC as it drives the growth and value in the industry, adding that it may set a trend that other states will follow.

Experts also note that while the wholesale THC-based tax has been written into law, it’s difficult to see how it will work without regulations to clarify several issues.

As the recreational cannabis market takes shape in New York, industry players in other jurisdictions have moved to the level of formulating therapeutic products that could gain FDA approval in the not-so-distant future. A case in point is XPhyto Therapeutic Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which so far has three candidates at different stages of development.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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

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

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

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

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.