420 with CNW — Small Cannabis Cultivators in California Struggle as Climate Conditions Worsen

The multibillion-dollar agricultural industry has been greatly affected by adverse weather conditions, with small marijuana growers feeling the heat most. Almost 3,000 small marijuana farmers were recently greatly affected by severe weather, another blow to their businesses, which are already grappling with dropping sales, high taxes and increased competition from larger indoor farms.

The state of California has the biggest recreational marijuana market in the country. However, despite working and living in the Northern California counties of Mendocino, Trinity and Humboldt, cultivators in these parts have struggled since recreational cannabis was legalized a few years back.

The three counties make up the Emerald Triangle, which comprises communities founded by marijuana farmers in the ‘60s when individuals began growing marijuana under the thick canopy of old-growth oak, Douglas fir and redwood trees.

In the past, these small-scale farmers have waded through serious wildfires destroying millions of acres in crops, droughts that have destroyed product, the illicit market continuing to affect demand by driving prices down, and compliance fees and taxes depleting business profits.

Historic cold and snow was recently added to this list of setbacks.

Since marijuana is still considered illegal at the federal level, small growers can’t apply for federal assistance to rebuild or recoup their losses following a disaster. It doesn’t help either that annual sales for California have also been decreasing, something that hasn’t happened since the recreational market was launched.

Last year, annual legal cannabis sales hit $5.3 billion, quite a decrease from the $5.7 billion recorded in 2021.

The decline follows a bear run that drove wholesale cannabis prices to $300 per pound, which is a significant drop from the $3,000 per pound price the market experienced a few years before. This shift affected small, seasonal operators the most, as it makes it hard for them to compete with indoor growers who can grow their product year-round and better control conditions for their plants.

In 2022, California shifted the 15% excise tax burden to retailers from distributors, eliminated a cultivation tax on growers and overhauled its cannabis tax structure. Despite this, farmers are still finding it hard to stay afloat.

Farmers across the Trinity, Mendocino and Humboldt counties may soon stop paying taxes because they can’t afford to, with some cultivators going as far as to consider selling their products in the illicit market, where they can avoid taxes and set their own prices. At the moment, many are either focused on closing up shop or cutting their costs significantly.

Outdoor cultivation has its challenges as the farmers in the Emerald Triangle will testify, which is why some businesses such as Advanced Container Technologies Inc. (OTC: ACTX) have brought innovative products on the market to aid in the indoor cultivation of cannabis and other high-value plants.

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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 — Missouri Cannabis Businesses Still Unable to Access Banking Services Fully Even After Legalization

During the November 2022 elections, voters in the state of Missouri approved a resolution legalizing the recreational use of marijuana. Legal possession of marijuana for individuals aged 21 years and above became legal in December 2022, with the first licensed sales occurring in February 2023.

However, while significant strides have been made, the inability of cannabis firms to access full banking services is still a problem.

Currently, Triad Bank is one among a handful of banks in the state that work with marijuana businesses. This is mainly because marijuana is still illegal at the federal level, despite being legal at the state level.

Missouri Bankers Association President Jackson Hataway states that the divide between state and federal stances on marijuana have put banks in a tricky situation. Cannabis business owners still can’t have business credit cards, because most credit card want want no links with businesses that sell federally illegal products. This has put many companies at risk of robberies or extortion because all transactions for marijuana businesses across the country are cash based.

The differing stances have also led to the creation of the cannabis banking ecosystem, which is made up of certain banks that work with cannabis businesses and the financial technology firms that provide a range of services to keep the businesses federally compliant.

Fintechs work with financial institutions as agents or brokers for cannabis businesses.

While it’s unclear how many banks in the state service cannabis businesses, it is common knowledge that financial technology companies are the largest advertisers of marijuana banking services. A popular financial tech company, Safe Harbour Financial, has a huge footprint in Missouri’s marijuana market. The company’s business development officer, Tyler Beuerlein, stated that the entity banked a number of operators and were focused on expanding the relationships.

He also notes that its large client base in Missouri was brought in mainly because of the company’s history of working with cannabis companies in other states.

Other banks servicing this growing market include Regent Bank in Springfield and MRV Banks in southeastern Missouri. The director of the cannabis banking program at Regent Bank, Keri Cain, believes that more banks need to start providing their services to these businesses, which are part of a billion-dollar industry. Cain posits that the primary reason why more banks don’t want to service cannabis businesses is the capacity required for the task.

It should be noted that banks can provide services to the cannabis industry, as long as they adhere to the Financial Crimes Enforcement Network (FinCEN) guidelines.

The lack of access to full banking services can hamper companies that would like to scale up their operations by obtaining additional cultivation equipment from the likes of Advanced Container Technologies Inc. (OTC: ACTX) because financing may be hard to come by. This could curtail the rate at which the industry grows.

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420 with CNW — Attorneys Say Government’s Response in Gun Rights Case Is ‘Dangerous and Startling’

Attorneys recently filed a case appealing the federal government’s decision to prevent patients using medical cannabis from owning firearms. The attorneys, who are representing medical marijuana patients from Florida, are asking the Court of Appeals for the Eleventh Circuit to overturn a decision made by the federal district court to dismiss the lawsuit, arguing that the ban is inconsistent with recent Supreme Court precedent, in addition to being unconstitutional.

Recently, the Justice Department stated that allowing medical cannabis patients to own guns could undermine the government’s ability to restrict ownership by individuals who are addicted to controlled substances such as cocaine, meth and fentanyl. The attorneys stated that the respondents attempted to lump the use of legal medical marijuana with more dangerous and serious substances such as heroin, cocaine, meth and fentanyl, mainly because the respondents lacked historical support for their stance.

The attorneys further note that the argument is based on the assumption that allowing illicit drug users to purchase or possess firearms will deter the court from siding with them. However, this ignores the fact that the possession of the other substances, save for marijuana, can constitute a felony that will justify gun restrictions.

The plaintiffs then noted that the remarks made by the DOJ were dangerous and startling, because multiple chares of possession of marijuana, which would normally be considered a misdemeanor offense, would accelerate to a felony, warranting the loss of an individual’s second amendment rights. This is despite the fact that individuals wouldn’t have been prosecuted for said offenses.

Parties involved will have to wait and see how the courts decide to proceed in the matter, with the Justice Department hinting that it may allow oral arguments to be scheduled, given the case’s significance and novelty. Attorneys involved in the Florida case also submitted a notice of supplemental authority citing a development in a separate but related federal lawsuit.

Those supporting the Florida lawsuit argue that the Alcohol, Tobacco, Firearms, and Explosives Bureau requirement establishes an incentive for marijuana consumers to either buy a gun on the illegal market or forgo their right to bear arms. Advocates have also maintained that ending the federal ban for marijuana consumers isn’t about expanding gun rights but a matter of constitutionality and public safety.

Earlier in February, the U.S. District Court for the Western District of Oklahoma ruled that the firearms ban for any marijuana consumer was unconstitutional. In the final ruling, the judge highlighted that the federal ban prohibiting individuals who used marijuana from selling, transferring or possessing firearms was unconstitutional.

Entities such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to follow this case closely since its outcome may impact their strategic plans and projections.

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420 with CNW — Fixing Three Issues Could Improve Key Cannabis Relationships

Cannabis laws within a state may span several hundred pages and include numerous regulations. However, the three things that are most vital to the regulators who make these regulations as well as the law enforcers who implement them include the following:

Preventing the diversion of products to the black market
the physical security of marijuana businesses
a possible strain on public resources as well as law enforcement.

Marijuana enterprises should center their security measures on those three aspects to remain compliant and maintain harmonious relations with law enforcement and regulators.

Anthony Vanderhorst, security director at Jushi Holdings, says when it comes to diversion, authorities want to know that you’ve set standard operating policies and procedures to avert unwanted events from happening within the business premises. He adds that the primary aim of physical security is to ensure that nothing happens externally. When those twin objectives are combined, you have a thorough plan.

Regulations on physical security cover things such as cameras and alarms as well as other comparable security technologies. In addition, considerations should include guarding against internal flaws that may lead to diversions, such as employee theft and subsequent sale of products, and averting exterior dangers such as robberies, law enforcement officials urge cannabis companies to be cautious of taxing community resources.

The majority of police officers and municipal governments believe that legalizing marijuana will increase crime in their communities. They are concerned about marijuana merchants contacting the police regularly to report both real and fake alarms, leaving other regions unguarded and open to criminal acts.

To counter these fears, Vanderhorst admonishes plant-touching businesses maintain exhaustive SOPs (standard operating procedures) linked to security as well as how to handle possible threats as and when they emerge.

Tony Gallo, CEO of Sapphire Risk Advisory Group, observed that a police department’s expectations for a cannabis store frequently depend on the market’s maturity and familiarity with legal marijuana marketplaces, as well as the store’s location. Gallo opines that police in mature cannabis markets simply don’t want to bear any extra costs because of issues that could emerge at a marijuana facility. They want to know how the cannabis business will prevent a diversion in their area.

Regardless of how established a market is, cannabis executives need to be cognizant that if they operate many facilities, each one will need a different security strategy.

Observers also noted that while some security expenses, such as those for cameras and alarm systems, decrease gradually, new markets generally have higher security needs than more established ones. As a result, start-ups will spend more on security than they had anticipated.

However, as law enforcement and authorities learn what is needed to safeguard cannabis establishments, these expenses may eventually decline. And as markets mature, cannabis entities, especially cultivators, also see their need for cultivation equipment from the likes of Advanced Container Technologies Inc. (OTC: ACTX) also growing as they move more products to retailers.

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420 with CNW — State Data Shows Marijuana Sales in Missouri Totaled $126M in March

Latest data shows that cannabis sales in the state of Missouri for the month of March hit $126.2 million. This is month two since recreational retailers were launched in the state, after voters passed a measure to legalize the recreational use of the drug last year.

The revenue generated represents a 22.4% increase in marijuana sales from the amount generated in February. Broken down, recreational and medical marijuana sales stood at $93,500,000 and $32,700,000 respectively.

Projections expect that before the year ends, collective marijuana sales in Missouri may hit $1 billion.

The aggregate sales total for the budding recreational market and the medical cannabis program is also closing in on the $1 billion mark, having already reached $871 million.

Last week, the state’s Division of Cannabis Regulations also revealed that more than 14,000 jobs had been created in the cannabis sector, as per data from Missouri Cannabis Trade Association (MoCannTrade).

In a press release, MoCannTrade’s Andrew Mullins stated that Missouri was well-positioned to make a huge impact on its economy with its consumer-friendly marijuana program and record sales. The economic impact of the marijuana industry on the state is expected to continue growing, especially since voters in various counties and cities passed local cannabis tax initiatives at the ballot last week.

Missouri’s Department of Health and Human Services has been commended for its establishment of a regulated market, which it began planning for prior to the November 2022 elections. By February 2023, regulators had already approved some dispensaries to begin selling cannabis to eligible consumers and started taking applications for individuals to grow their own marijuana at home.

Missouri is among many other states recording strong cannabis sales in the country, as more markets are launched. For instance, the state of New Mexico celebrated its one-year adult-use cannabis market anniversary recently. Thus far, the state has raked in more than $300 million in sales, with the industry creating numerous job opportunities.

Over in Massachusetts, the recreational marijuana market surpassed $4 billion in sales earlier in January. The state’s recreational market was launched in November 2018. In Arizona, the 2022 total for adult-use marijuana purchases hit $1.4 billion.

In other news, Missouri’s House may soon approve a measure that would legalize psilocybin therapy for eligible patients while also promoting studies into psilocybin. In addition to this, the bill would expand the scope of the state’s Right to Try statute for severely ill individuals.

With the way the industry is growing so quickly, one could expect a variety of opportunities to be availed for various ancillary product and service providers such as Advanced Container Technologies Inc. (OTC: ACTX) operating within the state.

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420 with CNW — Maryland Legislators Finalize Details of Recreational Marijuana Sales Launch

The 2023 Maryland General Assembly recently reached the policy goal the state has been edging toward for years, approving regulations for recreational marijuana sales. Maryland residents aged 21 years and older will be able to purchase recreational marijuana starting on July 1, 2023, if Governor Wes Moore signs the legislation into law, which he is certain to do.

Cannabis was made legal in the state constitution by a ballot referendum that was approved by voters in November. Legislators promptly carried out their directives, prioritizing the historic reforms at the top of their to-do list even before the first session.

The comprehensive legislation established a framework for governmental monitoring and resolved a number of business-related issues, such as the types and number of marijuana licenses that can be issued as well as the amount of sales tax that must be charged by businesses. Overall, politicians from both chambers worked together to achieve two key objectives: stop unlawful sales before the deadline of July 1, 2023, and restore tax income and economic opportunity to areas that have been disproportionately disadvantaged by marijuana prohibition and punishment. Each purpose is interwoven throughout the entire 100-page document.

Senator Brian Feldman, a cosponsor of the legislation in the Senate, claimed that in the run-up to implementation, many of the broad objectives had been met. But he anticipates changes in subsequent sessions as legislators examine its structure.

The existing medical marijuana market will support the new market for the first six months. Additionally, the Maryland Marijuana Administration, a state body established under the bill, will be in charge of regulating both recreational and medical cannabis products. The former oversight authority will merge with the new one.

There are an estimated 100 medicinal cannabis dispensaries in Maryland that will be required to switch their licenses to be allowed to sell recreational marijuana. However, according to the law, dispensaries must keep enough product on hand for medical customers and provide express lanes or dedicated hours to make the shopping experience easier.

Medical dispensaries must pay the state 8% of their 2022 gross revenues as well as a minimum of $100,000 and a maximum of $2,000,000 to change their licenses. The conversion fee for medical processors and cultivators will be equal to 10% of their 2022 gross revenues, with the same maximum and minimum limits. The bill gives businesses a conversion period of 18 months, during which they must have finished paying the fee.

New dispensaries must be located at least 500 feet away from a learning institution, library, playground or public park. Dispensaries themselves must also be at least 1,000 feet apart.

As cannabis production ramps up to meet the growing demand for recreational marijuana in the state, plenty of opportunities will be created for numerous ancillary companies that follow in the footsteps of entities such as Advanced Container Technologies Inc. (OTC: ACTX), which specialize in availing what cannabis industry players need to serve their clients.

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420 with CNW — German Cannabis Imports Grow to Record Levels

Germany shipped an unprecedented 25,000 kilos (27.6 tons) of medicinal and experimental cannabis last year, up 19% from 2021, per the Federal Drug Institute and Medicinal Devices (BfArM). But it also represents the smallest increase since BfArM started disclosing information on cannabis imports in 2018.

Due to the potential for inferior products or re-exportation to various nations, a sizable fraction of the shipments may have failed to reach patients. The German National Association of Statutory Health Insurance Funds claims that the increase in imports is also at odds with the constant state subsidies for medical marijuana products, which have been steady since 2020.

Industry sources also assert that the quantity of cannabis sent to pharmacies is far less than that which is shipped into Germany. Only eight tons of medicinal cannabis had been shipped to pharmacies in Germany as of September 2022, a significant decrease from the 19 tons shipped during the comparable period the year prior.

Demecan’s boss, Constantin von der Groeben, thinks that the import statistics accurately depict the increasing development trend of the entire German medicinal cannabis market. Finn Hänsel, creator and executive director of Sanity Group, believes there is a compelling reason for continuing to import marijuana because cannabis grown outside of Germany is of a similar grade and is more affordable.

However, due to probable market uncertainty, projecting beyond a year can be difficult. Given that a sizeable portion of imports might end up being re-exported to various European markets, the import figures might not provide an accurate depiction of the marijuana industry in Europe’s biggest economy.

Additionally, the volume of cannabis shipped to dispensaries is far less than what is imported, and state reimbursements for medicinal cannabis goods have not increased at the same rate as imports. The German trade’s fastest-growing segment was cannabis extracts, which had a 26% trade share in October 2022 (up from 21% the year before).

The modest increase in growth in 2022 and the difference between the quantity imported and the proportion delivered to drugstores, while Germany’s marijuana import industry looks to be expanding, point to future market concerns. Concerns also exist regarding the imports’ eventual resting place and product quality. However, there is a compelling argument for continuing imports given the reduced cost base of foreign marijuana and its similar quality to locally produced cannabis.

It is notable that Germany currently allows the use of cannabis for medical purposes. This recognition of the therapeutic value of marijuana has given rise to several for-profit entities such as IGC Pharma Inc. (NYSE American: IGC) that are going a step further to develop pharmaceutical-grade formulations from this plant.

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420 with CNW — Cannabis Prices Slump in Massachusetts Amid Supply Glut

A chronic oversupply problem has caused cannabis prices in Massachusetts to slump for several months. In October 2022, recreational cannabis in Massachusetts averaged $7.76 per gram of cannabis, the lowest cannabis prices had been since the launch of the adult-use market.

Prices had decreased steadily since June 2021, with the most significant falls in cannabis prices occurring in September and October 2022.

Interestingly, sales revenue from recreational cannabis went down as well, with adult-use cannabis retailers bringing in $112.2 million in November 2022, the lowest retail sales revenue since the start of the year. Joseph Lekach, CEO of cannabis company Apothca, said at the time that there was an “extreme oversupply” of edibles, flower, concentrates, vapes and other cannabis products.

State data now shows that prices for legal cannabis in Massachusetts have hit a five-year low, allowing users to purchase more cannabis without digging deeper into their pockets. However, while the low prices may be a boon for customers in the short-term, cannabis businesses will likely pay a price in the long-term. Recreational cannabis retailers in Massachusetts now have to sell twice as much product to bring in the same amount of revenue they were making just a few months ago.

The wholesale value of cannabis has also dropped significantly. This may impact producers who invested in large cultivation operations to cash in on the nascent but lucrative cannabis market. This will likely result in some “natural attrition” occurring in the cannabis market, said Jushi chief strategy director Trent Woloveck. Jushi is the parent company of a Massachusetts-based, vertically integrated medical and recreational company called Nature’s Remedy.

The consensus among many executives in the state’s cannabis market is that oversupply is the main reason for slumping cannabis prices. With plenty of sellers attracted by the seemingly endless profits in the cannabis industry, the Massachusetts market has seen a multitude of new operations open their doors in a relatively short time. This surge in supply was more than the market demand for cannabis, however, resulting in a supply surplus that has significantly dampened profitability.

Ethos vice president of Marketing Blandine Jean-Paul says that one of the largest hurdles cannabis businesses face is becoming cash positive because it is becoming increasingly harder to make decent profits. Additionally, the fact that cannabis businesses in every state cannot deduct their expenses increases their tax bill and burdens their cash flow even more.

Some businesses will likely bow out of the industry due to cash-flow constraints. Once states such as Massachusetts thin out the number of players in their cannabis markets, oversupply issues will reduce, and prices will likely increase again.

This oversupply won’t just impact companies that directly deal in marijuana or its products. Ancillary businesses such Advanced Container Technologies Inc. (OTC: ACTX) could also see an effect on their bottom lines if the companies they serve reduce their production capacity.

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420 with CNW — Colombian Authorities Seize More Than 8,000 Pounds of Marijuana in Maritime Operations

More than 8,000 pounds of cannabis were confiscated last week in several maritime operations that resulted in two ships sinking. Three ships in total were intercepted, while one sunk while attempting to evade Navy ships, according to a statement released by the Columbian Navy on Saturday. The Navy released a video on Twitter showing officers unloading marijuana packages, which were estimated to be worth $29 million.

The first incident took place when a Navy aircraft discovered a ship that was traveling in the northern Pacific region at a “high velocity.” The vessel eventually sank as a result of the water absorption brought on by the bad weather. Two people on board were rescued by authorities, who also seized cannabis packages totaling almost 5,000 pounds.

In another raid, authorities claimed that a fast ship had been spotted in the middle of the Pacific. Officials who intercepted the boat reported that more than 1,000 cannabis packages totaling 2,000 pounds were seized, and two people on it were arrested.

In the third incident, units from the Pacific Maritime Naval Force discovered a vessel with three people on board about 50 miles from the Baha Solano Coastline. Officials said the boat attempted to escape using evasive maneuvers but was unsuccessful and eventually sank. Those on board were rescued from drowning by the officers. Later, the Navy reported that 46 packages that had drifted to sea and contained around 2,000 pounds of cannabis were recovered.

Officials reported that a total of seven people were arrested and that more than 700,000 doses of cannabis were seized from the three incidents. The suspects will be charged with a number of felonies, including producing, trafficking, and carrying illegal drugs.

The Navy of Colombia has been active in capturing drug-laden ships off the country’s coast. A semi-submarine ship carrying almost 1,000 cocaine packages was stopped last month. Three men who were on board were arrested during the seizure. About a week prior, authorities in the same area busted another submarine carrying an enormous amount of drugs, two dead bodies, and two survivors. The 50-foot sub was carrying nearly 5,800 pounds of cocaine, which is worth more than $87 million. According to the Navy, the ship was headed for Central American nations, and the seizure prevented the sale of more than 6 million cocaine doses on the black market.

If marijuana were legal in Columbia, there would probably be fewer cannabis seizures since citizens would have access to a legal supply of the substance, and there would be additional benefits arising from the mushrooming of ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) serving players in the U.S. marijuana space.

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420 with CNW — Montana Senators Reject Bill Seeking to Impose THC Limits, Ban Adult-Use Shops

Last Thursday, Montana’s Senate Committee for Economic and Labor Affairs approved SB 546 on a 6-to-4 vote count, giving it a pass for further Senate discussion. The bill, introduced by Senator Keith Regier, aimed to significantly reduce the potency of the medicinal cannabis plant and products in Montana by outlawing adult-use marijuana businesses, increasing the taxation on medical cannabis from 4% to 20%, and placing strict restrictions on the amount that can be legally possessed. It also aimed to reduce the number of marijuana plants grown for personal use from two to one.

Advocates for medicinal marijuana challenged the law, claiming it would prevent patients who depend on it for treating pain and other conditions from accessing it. Numerous individuals would not have been able to afford medical marijuana because of the anticipated tax rise.

Three GOP committee members — Committee Chair Jason Small, Senate President Jason Ellsworth and Senator Sales Walt — joined forces with all three Democratic members to reject the measure. Supporters of medical cannabis who have pushed for access to relatively affordable medical marijuana celebrated this ruling as a victory.

The strength of cannabis and youthful access were issues brought up by the bill’s supporters at the committee session on Thursday and the debate on Wednesday. Bill 546 would have reduced the permissible concentration of the psychoactive component THC in medicinal cannabis flowers from 35% to 10% and outlawed concentrates with higher THC concentrations.

The bill’s opponents said that it would have resulted in the loss of dozens of industrial jobs, encouraged the growth of a black market and prevented the state from collecting a significant amount of taxes. Although Small admitted that he favors some aspects of the proposal, he claimed that the bill is difficult to pass at this point of the session.

Currently, Montana regulation does not place a limit on the potency of cannabis extract products. The committee’s move to table the draft SB 546, which sought to regulate the strength of medical cannabis flower and extracts in Montana, suggests that additional discussion is required prior to passing any new laws.

It’s crucial to strike a balance between the demands of patients who require medical cannabis and worries about strength and young individuals’ access, as well as the effects on industry employment and tax income. The proposed measure might later be amended or reintroduced.

The failure of this measure leaves patients with marijuana cards still able to grow their own medicinal cannabis plants using some modern equipment, such as the mini-gardens sold by Advanced Container Technologies Inc. (OTC: ACTX).

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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