420 with CNW — Legislators in the US Virgin Islands Approve Bill to Legalize Recreational Marijuana

Legislators in the U.S. Virgin Islands recently passed a bill to legalize cannabis for recreational use. This move brings the total number of U.S. territories and states that have legalized the recreational use of marijuana to 21.

The possession of an ounce of marijuana was decriminalized in the Caribbean Island territory almost a decade ago in 2014, with the legislature approving a bill to allow the medical use of cannabis years later, in 2019. At the moment, the medical use of marijuana has been legalized in 37 states. However, the drug still remains illegal at the federal level because it’s still classified as a Schedule I substance under the Controlled Substances Act.

Under the recently approved measure, visitors to the island territory as well as its residents will be allowed to buy medical cannabis and adult-use marijuana at licensed dispensaries.

Senator Jannelle K. Sarauw sponsored the bill, which was approved in the senate on Dec. 30, 2023, during the last session that Senator Donna A. Frett-Gregory served as senate president. Frett-Gregory voiced her support for the legislation, noting that it would be irresponsible to not advance the legislation as government funds had been spent.

Media reports expect that Gov. Albert Bryan will sign the measure given how vocal he has been in the past, expressed his support for marijuana policy reform. The measure was passed together with another legislation to expunge prior convictions for cannabis-related offenses.

In a press release, Sarauw stated that the measure was a collaborative effort by advocates who have overcome opposition to comprehensive marijuana policy reform. She added that she was proud of the work done by advocates and community stakeholders as well as senators of the 34th legislature, all of whom contributed to the structure of the final bill that was voted on.

Sarauw also noted that due diligence was done to protect the best interests of the residents, which would ensure that everyone had the opportunity to take part in the industry, particularly minorities. In addition, the senator highlighted that the provisions included in the bill would see to it that the industry was diverse and inclusive as well as safe, adding that she hoped the current administration would implement both adult use and medicinal use to their full potential for the benefit of the territory’s residents.

It should be noted that while the measure was approved in a vote of 11 to 1, the legislature hasn’t yet approved regulations to govern the cultivation and sale of cannabis, which is necessary before a regulated marijuana industry can commence operations in a legalized economy.

As the rules around cannabis cultivation become known, equipment makers such as Advanced Container Technologies Inc. (OTC: ACTX) could find themselves having an uptick in orders from licensed cannabis growers.

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

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.

420 with CNW — New York’s Recreational Cannabis Market Faces Hurdles

In April 2021, New York legalized recreational cannabis sales for people aged 21 and older, becoming the 15th state in the country to approve adult-use cannabis sales. Eligible New Yorkers would now be able to possess up to three ounces of cannabis or 24 grams of concentrates with no legal repercussions.

While the legislation didn’t outline a specific schedule for recreational sales, they were expected to begin sometime in 2022. Lawmakers behind the bill and reform advocates predicted that the move to legalize adult-use marijuana in New York could prove to be extremely lucrative, creating a market worth an estimated $4.2 billion and surpassing most other states with recreational markets.

An estimated 40% of the tax revenue generated from recreational cannabis sales in New York would be allocated to Black and Brown communities that had been disproportionately affected by the war on drugs.

However, it will be quite a while before New York’s recreational cannabis industry reaches the heights lawmakers and activists dream of. For starters, we still don’t know when dispensaries will open their doors and begin sales, and entrepreneurs are still waiting eagerly for word from regulators.

Office of Cannabis Management spokesperson Aaron Ghitelman conceded that the state needed more than one recreational cannabis dispensary and that the office was working to approve more stores. New York is currently home to only one dispensary. The Housing Works Cannabis Co. opened its doors for just a few hours on December 29. New York Office of Cannabis Management executive director Chris Alexander made the first ceremonial purchase of the day, buying 100 milligrams of THC gummies and an eighth-ounce of locally grown cannabis flower.

While this was undoubtedly great, a single store is far below the 20 stores that Governor Kathy Hochul had promised before the start of the year. Housing Works Cannabis Co. sold to more than 500 customers in the first four hours after it opened its doors, signifying the immense demand for recreational cannabis among New Yorkers.

Conversely, sales in nearby New Jersey began last April with around 12 operational locations.

It is still unclear when state regulators will allow other adult-use cannabis retailers to open their doors. Furthermore, New York is still plagued by a massive illicit cannabis market, an issue that also affects states such as California that are among the largest cannabis markets in the world.

Alexander pledged to provide more law enforcement to handle New York’s cannabis black market in the wake of numerous cease and desist letters and raids of unlicensed cannabis operations by police and the New York City Sheriff.

As the legal production of adult-use cannabis grows, there is likely to be a bigger market for indoor cultivation equipment, such as that made by Advanced Container Technologies Inc. (OTC: ACTX), as players compete to carve out for themselves a segment of this new market.

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

About CNW420

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.

420 with CNW — Six Marijuana Trends to Watch for in 2023

There is an air of optimism at the turn of every new year, and the marijuana industry isn’t left behind. Cannabis business moguls are optimistic that profitable trends shall emerge for the industry’s fiscal year 2023.

Last year saw some lows for the industry, from limited capital lending and investment to inflation and other factors. The new year starts with great hopes for the industry, and the market can look for several trends as the year progresses. Some 2023 trends to look out for in the cannabis industry include the following:

Key market consolidation

The COVID-19 business boom created the analogy that the cannabis industry cannot suffer a recession. However, Colorado and Washington are grappling with falling prices as Michigan and Massachusetts markets are saturating. This has caused employee layoffs to cut costs. Incidentally, mergers and acquisitions have significantly gone down as capital lending for cannabis entrepreneurs has decreased. The new year is likely to see plenty of consolidation in the industry.

Delta-8 THC stands its ground at the industry’s helm

Most state markets sought to tether the delta-8 THC wave in 2022 because unregulated products skyrocketed bringing stiff competition for licensed traders. The 2018 farm bill legalized hemp production in the United States if the plant where the hemp was produced met the lawful definition of hemp. This year is likely to bring a lot of activity in terms of laws to regulate delta-8 THC products.

Segmentation of product vis-à-vis consumer polished tastes at retail level

Marijuana flower sales continue to increase in all markets, but this may have to pave the way for vapes, concentrates and edibles as consumers acquire new tastes and habits. Infused pre-rolls sales have increased, and vapes have returned, ranking as the second-best-selling product in the space.

Struggle by New York market after introduction of recreational cannabis

Unlicensed entrepreneurs are popping up kiosks and clinics trying to sell cannabis, a threat to the licensed market. In a bid to discourage consumers from purchasing from illicit traders, the state needs to create friendly conditions and low taxes for businesses to encourage more traders to formalize their companies. This would help create a safe and healthy playground for both entrepreneurs and consumers.

Canadian cannabis companies’ woes may be sliced

Canadian companies have been trading cannabis at a loss in a bid to undermine their competitors. This trend might die out if Wall Street funding dries up. Canadian farmers are producing cannabis in excess, causing some shops to close in states where the market is already oversaturated. With a reduction in financing, selling at subsidized prices will end, forcing companies to find better ways to stand out on the market.

Continuous success of unionization endeavors

This will continue moving forward given that the cannabis industry stands as the largest in the United States with potential for increased growth. Even in Canada where some industrial action has taken place, unionization is likely to pick up pace.

As these developments take shape, it would be interesting to follow how ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) fare in response to the direction the marijuana industry takes.

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

About CNW420

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.

420 with CNW — NORML Analysis Reveals Significant Uptick in Cannabis Research in 2022

Researchers have been busy, publishing more than 4,300 scientific papers on marijuana, making 2022’s tally a new record for annual cannabis research published. It is said that cannabis and its components are the most understudied, yet they have attracted plenty of researchers’ attention in current times. With cannabis being a federally illicit substance, studying it would be most agreeable to most people, especially given that more states are legalizing marijuana in one form or another.

Largely, a societal misconception has it that cannabis is not extensively studied hence a lot of myths carry the day as far as policy reforms are concerned.

An analysis targeting the federal Pubmed.gov site shows that more than 4,300 scientific research publications have been made available worldwide targeting cannabis and its derivatives. This number of articles exceeds last year’s 4,200 articles.

The claims that marijuana has not been amply studied falls flat when such a sizeable annual tally of research papers is considered, and interest in studying cannabis has sharply increased recently even as we try to understand the plant and its potent components, including pharmacokinetics and pharmacodynamics, as well as its effects on the user and society at large, according to a blog post penned by Paul Armentano, NORML’s deputy director.

Armentano added that politicians need to cease assessing cannabis negatively and engage in evidence-based discussions about cannabis and policies that bring to light more objective or factual information about the plant. Advocates looking to support the marijuana bill have merged with prohibitionists in support of extensive cannabis research. This is emphasized due to President Joseph Biden assenting to a standalone bill streamlining marijuana/cannabis studies.

Separately, the House and Senate passed a similar bill on cannabis research in late 2020 though none of those bills made it to President Trump’s desk for approval by the end of his tenure in office. Researchers in Congress have released a report detailing challenges encountered because of the prohibition from federal governments and the possible options available to the lawmakers to address.

The Drug Enforcement Administration (DEA) has also stepped in to approve new marijuana growers to boost the supply for these studies. Finally, the National Institute on Drug Abuse published an appeal for applications from authorized growers as new contractors to supply the plant to the agency for research purposes.

Biden signed a large-scale framework legislation that contained provisions which would allow researchers to study the real plant purchased by consumers from state-licensed suppliers instead of using government-grown cannabis only.

NIDA director Nora Volkow has admitted that scientists have been limited in getting research data for the study of cannabis and it would be good to establish a body to initiate a policy change that allows access to marijuana products from the state-legal outlets.

As more research finds its way into the public domain, perceptions are likely to undergo a dramatic shift, and it may not be long before many people take up the legal cultivation of cannabis indoors using the latest compact indoor grow equipment from manufacturers such as 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

About CNW420

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.

420 with CNW — Minnesota Medical Association Backs Statewide Drug Decriminalization

The Minnesota Medical Board has endorsed decriminalization of illicit drugs, low quantity possession expungements and promotion of harm-reduction projects. Approved this month, the recommendation is to remove criminal sanctions for possessing a negligible amount of illicit drugs or drug paraphernalia for personal use.

The board also asked for an administrative panel to be created to provide treatment advice and lawful penalties to petty offenders who are found in possession of drugs. This dual approach ensures the policy reduces harm, similar to the one at play in Portugal.

The board said it is urgent to increase investment for harm reduction and installation of programs for the treatment of patients with opioid disorders. The board also noted that freeing inmates currently imprisoned over low amount possession and expungement of a criminal record on an inmate were also important.

A private draft of the complete proposal states that the medical board didn’t accept penalties of a criminal nature for small quantity possession for personal use, but the board did note that civil punishments are acceptable if they trigger a benefit to the health of the population. There is negligible data to corroborate the usefulness of criminal punishment for substance abuse. It would seem that the penalty yields the opposite effect, bringing harm to the populace through convictions, incarcerations, arrests and criminal records among others.

This is the first time a medical board endorsed a policy for drug reform denoting a vibrant reflection of the wave of public opinion away from models of criminalization of substance use. This proposal might entice conversations of drug policy among lawmakers as they prepare for the 2023 session. The medical board is willing to educate policy makers on health harms arising from imposing harsh penalties for minor possession of drugs and how inefficient the criminal penalty is for such infractions.

This endorsement has been in the works for months, with the policy council within the medical board creating an “illicit drug harm reduction and decriminalization” work group, in which members surveyed weighty matters and were handed a comprehensive preview showing drug usage and trends of policies. Nationally, Americans support the decriminalization of drugs and support the operation of centers for overdose prevention where users can consume illicit drugs in a controlled, medically approved setting.

The state’s medical board has yet to approve the cannabis legalization proposal, though it is a priority to Minnesota Governor Tim Walz, who looks forward to its speedy passage next year given now that Democrats have majorities in the legislature.

As policies around marijuana ease in different jurisdictions, opportunities will eventually arise for adults to grow their own cannabis indoors using innovative equipment such as that manufactured by Advanced Container Technologies Inc. (OTC: ACTX) and other such entities.

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

About CNW420

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.

420 with CNW — Florida Regulators Start Process to Grant More Medical Cannabis Business Licenses

State health officials have set in motion a process to issue at least 22 medical marijuana licenses in a move to double Florida’s medical cannabis market. The health department has also published a rule making it quite expensive to renew the marijuana trading license every two years, by increasing it from $60,000 to $1 million. This increase came when Governor Ron DeSantis said the marijuana enterprises need to pay more to operate within Florida.

The health officials will implement batching cycles for the license applications. The reason behind the batching introduced is to avoid costly litigation costs. This batching will be established in a separate rule. The health officials did not disclose how many licenses will be made available. The application fee for new licenses has also been increased from $6,830 to $146,000, creating a buzz among the attorneys, investors and lobbyists within the industry.

Jeff Brandes, a former senator, said that the number of licences isn’t the problem; rather, the structuring is the issue, says Brandes. “It is illegal to only grow marijuana in Florida. If one is to distribute or have treatment kiosks only, that’s also illegal,” he stated. “A marijuana entrepreneur has to be involved in the entire process from growing to distributing marijuana. This makes marijuana very expensive than it ought to be. This in turn causes marijuana facilities to run out of products quite too often.

He added that the government could have addressed this, but owing to laxity, cartels now run the show, which poses a risk to the health of patients.

According to a cannabis data analysis company Headset, Florida’s 22 million population, the aged included, is a perfect hub for the medical marijuana market countrywide. Florida has a total of 22 licensed entrepreneurs and recorded $1 billion in revenue for the first half of 2022.

A 2017 law created a framework for the medical marijuana segment, allowing the health department to issue new licenses because of the influx of new patients. But since the installment of the incumbent governor in 2019, this process has been left hanging. The governor blames the supreme court of Florida for the delay due to litigation.

The move to accord more licenses was appreciated by players in the industry. The new, increased renewal fee was calculated by factoring in the regulation costs the state incurs. Consequently, to renew a license will cost a marijuana entrepreneur about $1.3 million between January 2023 and December 2024.

The rules were released a month after the health department installed Christopher Kimball, an ex-Navy member and counsel, as the new cannabis czar of Florida.

As more applicants are granted licenses to enter the regulated marijuana industry, the potential for other entities that are serving the cannabis industry, such as Advanced Container Technologies Inc. (OTC: ACTX), to also expand their reach increases.

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

About CNW420

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.

420 with CNW — Report Shows Quarterly New Jersey Recreational Cannabis Sales Surpassed $100 Million for First Time

Last week, the state of New Jersey released ITS latest sales figures, which show that adult-use cannabis sales surpassed $100 million for the first time during the third quarter of this fiscal year. New Jersey’s adult-use market was officially launched in April of this year. During the first 10 weeks of sales, the state raked in almost $5 million in cannabis tax revenue.

The state’s Cannabis Regulatory Commission reported that adult-use marijuana sales between July and September totaled $116,572,533. This represents a 46% increase from the $79,698,831 recorded in the second quarter. Medical cannabis sales also grew slightly, moving to $61,138,231 from the $59,262,014 recorded in the previous quarter. In total, recreational and medical marijuana purchases in New Jersey added up to $177, 710, 764.

In a press release, the executive director of the New Jersey Cannabis Regulatory Commission, Jeff Brown, stated that this was only the beginning of what was possible for marijuana. He explained that the commission had awarded 36 licenses for recreational marijuana businesses to entrepreneurs in the state, including 15 annual licenses for dispensaries.mBrown noted that greater competition and more locations would significantly grow the market while also growing marijuana’s consumer base and reducing product prices.

Dianna Houenou, the chairwoman of the state’s Cannabis Regulatory Commission, stated that the commission looked forward to seeing local, small entrepreneurs taking part in this profitable market. Houenou added that new initiatives and the priority application process that will be launched in 2023 by the New Jersey Business Action Center would make it easier for more individuals to be included in the market.

Officials also expect the state’s industry to expand as more licenses for public marijuana consumption areas are approved. These areas offer a social- use option to patients and adults. Regulators in New Jersey approved regulations for this type of license a few weeks ago.

Recently, an assembly committee in New Jersey passed a measure that would offer state-level protections for insurers and banks that worked with licensed cannabis businesses. This comes after the full assembly passed a resolution a few months ago that would permit licensed cannabis businesses to deduct specific expenses on their state tax returns. This is said to be a partial remedy as the industry is still hindered from making federal deductions under Section 280E of the Internal Revenue Code.

In other news, Governor Phil Murphy of New Jersey revealed that the state planned to revisit the criminalization of homegrown cannabis for personal use in the future, after the commercial market had matured. The possibility of revising the marijuana law in New Jersey to allow home cultivation of the plant, if implemented, could expose NJ residents to modern indoor cultivation equipment for enterprises such as 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

About CNW420

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.

420 with CNW — A Recap of Cannabis Reform Wins in 2022

The 2022 cannabis reform has notched sizeable wins, adding three new states into adult-use cannabis legalization. NORML emphasizes how active lawmakers have been under the prohibition status quo and are looking for new policies that would build on the cannabis reform movement.

By last count, 21 states have legalized cannabis for adult use with a even more accessing medical marijuana. Voters were instrumental in repealing prohibitions placed on marijuana, thus offering relief to millions suffering from the effects of prohibition, said NORML deputy director Paul Armentano. While the focus is on legalization and reform setbacks, lawmakers have achieved some victories.

Legalization

Rhode Island, Missouri and Maryland were the new entrants to the legalization of adult-use marijuana arena. Maryland and Missouri reached that status through voting, while Rhode Island passed a state reform that was signed into law.

Expungement

California, Colorado and Illinois lawmakers approved bills for cannabis expungement or record sealing. Governor Gavin Newsom of California demanded court record sealing processes and other relief forms for individuals with verifiable cannabis convictions on record within a specified period.

Medical marijuana

An estimated 12 states agreed to pass medical marijuana reforms this year. California signed a law to prevent localities from prohibiting service delivery, thus reducing the patient access gap. The University of Kentucky has a cannabis research center facilitating studies on the benefits and risks of cannabis.

Louisiana is allowing nurses to issue a medical marijuana recommendation and let out of state clients with specific conditions to access cannabis clinic facilities. Washington, DC, increased the limit for marijuana possession for patients, while also allowing adults of 21years and over to declare themselves as medical cannabis patients.

Utah, Virginia, Maine, Pennsylvania, South Dakota and Tennessee have also enacted reforms.

Workplace drug testing

This policy has three states enacting a reform to this effect. California banned employers from discriminating against workers whose drug tests show THC metabolites are present. Medical marijuana employment protections were recently made law in Louisiana and Washington, DC.

Equity

Anyone with a previous drug record could not be employed meaningfully in Maine. But the state repealed this to allow for ex-offenders to apply for work and not be discriminated against.

Industry and interstate trade

California governor signed a revised bill for the marijuana tax structure in order to remove barriers to gain entry into the market and cutting off the black market. Another bill allows the governor to enter into interstate marijuana commerce, awaiting a federal policy change.

These and other reforms that occurred in different jurisdictions around the country suggest that the overall cannabis market is going to keep growing, and plant-touching and nonplant-ouching enterprises such as Advanced Container Technologies Inc. (OTC: ACTX) all have a chance to tap the opportunities this growth presents.

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

About CNW420

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.

420 with CNW — Report Documents Safety Risks Linked to Cash-Intensive Marijuana Businesses

The congressional marijuana banking reforms are in limbo. A report highlights one key issue that supporters argue makes legislation paramount: the fact that cash intensive marijuana dispensaries are seriously exposed to crime. While some think those entities are prone to burglary because thieves come for the product, other report that cash is the primary lure.

Marijuana markets are the target of burglaries, including some that turned violent and even fatal in 2021. In less than five months, almost 100 shops in Washington state were robbed, leading to increased calls from lawmakers to pass the Secure and Fair Enforcement (SAFE) banking act, which would allow cannabis traders access to traditional monetary institutions. The act was passed in the House, but it got stuck in the Senate. Lawmakers were discouraged to discover that SAFE was not included in the National Defense Bill.

According to some research, cash is the target in 50% of cannabis robberies, even though the product also plays a strong role. In other robberies, both money and the product are taken. There is urgency to pass the SAFE bill because this would provide relief to cannabis entrepreneurs. But there is a flaw, a report intimated: as focus to normalize depository transactions for such businesses without a proper language to address the credit card processing, cannabis firms will use cash in almost all their transactions. More needs to be done after the bill passes Congress for the robbery issue to be addressed, including allowing purchase transaction, or a means through which cash enters the system. Currently SAFE language only recognizes depository banking. Other issues include worker training and security outside of the premises.

The report recommended passing an incremental reform legislation for marijuana or the SAFE bill. Federal and state regulators need to review policies aimed at facilitating a larger adoption of epayment for marijuana stores.

States should provide funding for security to SMEs and improve employee training to emphasize deescalating tension and cooperating with robbers to avoid fatalities. The bill’s House sponsor said he was looking for an alternative reform vehicle.

Omitting the banking bill in the National Defense Authorization Act (NDAA) has been a disappointment to advocates, potentially leading to a tiff over enacting it through a different channel. Details are emerging about a SAFE Plus package that Senate majority leader Chuck Schumer is working on with bipartisan and bicameral offices. The package would be introduced and spearheaded as standalone and center on the SAFE Bill Act.

Lawmakers are also discussing including the SAFE Plus phrasing to protect users’ second amendment rights. Legalized states need to exempt users from federal limitations that bar any cannabis user from owning a gun; SAFE Plus seeks to enjoin the Gun Rights & Marijuana Act (GRAM).

Schumer, in October, said Congress was close to tabling as well as passing the cannabis banking and expungements bill, denoting progress during discussions with Republican senators. Senator Cory Booker said with the election over, Democrats who wish to enact marijuana reform must act now. Booker initially opposed taking the banking reforms before Congress but softened and became quite liberal to moving incremental legislation.

Some advocates would like to see the bill tweaked to fund minority deposit-taking institutions (MDIs) as well as community-based development financial institutions (CDFIs), which support companies being owned by minorities. They also ask for changes demanding banks work with marijuana industry to lend indiscriminately.

The Independent Community Bankers of America (ICBA), a bankers’ association, wrote to the Senate asking members to call a vote on SAFE banking soon. Soon is what the entire marijuana industry, together with related companies such as Advanced Container Technologies Inc. (OTC: ACTX), would like to see regarding the passing of cannabis banking regulations.

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

About CNW420

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.

420 with CNW — Connecticut Governor Announces Cannabis Expungements to Start in 2023

Recently, Governor Ned Lamont of Connecticut announced that the state would start clearing low-level cannabis records in 2023. The governor revealed that the state had identified more than 40,000 eligible cases for possession that would automatically be processed at the start of next year, under a provision of the marijuana legalization measure he signed in 2021.

Gov. Lamont explained that old low-level marijuana possession convictions shouldn’t hinder individuals from pursuing their professional, housing, career and educational aspirations. The governor also noted that this was especially important as employers in Connecticut sought to employ hundreds of thousands. Lamont’s office has also announced that individuals with an extensive range of minor convictions on their records will have the opportunity to petition the courts to seal their records under a separate reform measure that was enacted earlier this year.

In addition, Lamont also signed a large-scale budget measure earlier in the year, which includes provisions that would allow the state to provide eligible patients access to psychedelic-assisted therapy using substances such as psilocybin and MDMA.

The governor’s latest announcement comes as the state of Connecticut comes closer to launching its first adult-use cannabis market. It also comes weeks after President Joseph Biden issued a mass pardon for individuals with federal marijuana possession offenses.

Last month, President Biden applauded the move made by Governor Kate Brown of Oregon to grant thousands of cannabis pardons. He also urged governors in the country to follow suit by providing relief at the state level.

Governors in the country are of mixed opinions, with some promising that they would analyze their options while others opine that their hands are tied on the matter. For instance, Governor Roy Cooper of North Carolina voiced his support for cannabis decriminalization in October, noting that the time had come to end the stigma. Governor Cooper also announced that he was exploring his options for granting relief independently to individuals with existing convictions.

Governor Andy Beshear of Kentucky also signed a pair of cannabis-related executive orders in November 2022. One of the orders would regulate delta-8 THC product sales while the other would protect patients eligible for medical marijuana and allow them to possess products legally obtained from dispensaries not located in the state.

Lamont, who celebrated the change in policy, has championed for marijuana legalization for quite some time. When asked about whether he would consume cannabis now that it was officially legal in the state, he stated that he wasn’t ruling out that option at the moment.

As the market expands in the state, the demand for the indoor cultivation equipment from Advanced Container Technologies Inc. (OTC: ACTX) and other such manufacturers is likely to grow, boosting the bottom lines of these entities.

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

About CNW420

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.