Compared to other states, cannabis legalization efforts in New York have been slow. Both hemp and marijuana bills have been held up in various stages of the legalization process, and the emergence of the coronavirus has thrown a wrench into the works. For instance, Governor Cuomo had been planning on carrying out benchmarking visits to legal cannabis states, but he has stated that the tour has been delayed as the country deals with the coronavirus pandemic.

However, there is still a glimmer of hope after lawmakers recently rolled out a revised bill to legalize marijuana in the state. Filed last week on Thursday, the bill would allow individuals 21 and over to purchase cannabis from licensed retailers and grow up to six plants for personal use.

Cannabis sales would be subject to an 18% tax which will be used to cover the costs of implementation. The remainder will go towards three areas: 25% will go to a state lottery fund designated for the Department of Education, 25% will be used for a drug treatment and public education fund, and 50% will go to a community grants investment fund.

Governor Cuomo has in the past stated that the budget should be the vehicle to enact reform, and he has included legalization in his budget proposal for the second year in the row. And despite the current state of world affairs, he has insisted that pushing reform through the budget is the best way to move forward.

Melissa Moore, New York deputy state director of the Drug Policy Alliance states that in an ideal world, language from the revised bill would be inserted into the budget before it arrives at Governor Cuomo’s desk. “But that prospect seems dimmed in light of the current crisis, which has shifted legislative priorities,” Moore says.

“We have to make the political decisions. The budget is the time to make the political decisions,” stated Governor Cuomo, adding that “without the budget, the easiest thing for a legislative body to do is to do nothing.”

The measure hasn’t received overwhelming support, with some wondering whether the bill will be passed in its entirety. According to Senate Deputy Leader Mike Gianaris, issues like marijuana reform could be delayed as lawmakers ‘try to be incredibly effective this week, to only come in as necessary.’

“I think at this point it’s pretty unlikely that adult-use moves in the expedited budget the NY legislature is working on. Sounds like they’re focusing on essential items and policy provisions like this are falling out as they try to close the budget by Friday,” says Moore.

The Senate version of the bill is currently sitting at the Finance Committee and the Assembly version is in the Codes Committee.

It would be interesting to hear what sector players like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) have to say about this latest move to legalize marijuana legislatively in New York State.

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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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With more and more states legalizing medical marijuana, and the laws differing from state to state, medical marijuana cardholders and applicants should review state and local regulations to avoid breaking them.

As recreational marijuana laws within the states are passed, the state medical marijuana programs tend to suffer. Data from medical marijuana programs in Colorado and Oregon show that the number of patients in the MMJ database started declining months and years after its legalization of recreational marijuana. Although the medical market still serves its purpose, the purchasing of marijuana shifts towards the recreational market. Depending on state laws, medical marijuana cardholders continue to enjoy the benefits of being part of the state’s medical marijuana program.

Below are the benefits medical marijuana cardholders might enjoy even after the legalization of recreational marijuana.

Priority over Recreational Customers

Having a medical marijuana card gives you precedence over recreational consumers.

Compared to recreational customers, medical marijuana patients must be served immediately in case of any shortages. This provision was passed in Nevada and Illinois, as they allowed medical marijuana patients to bypass the long lines in the dispensaries, which make buyers to take several hours to be served. In such cases, patients are advised to contact a staff member for medical patient access.

Besides, Illinois gives priority to the medical market when supplying cannabis.

Taxes

Depending on the state, medical cardholders are provided with tax breaks. In some states, medical marijuana cardholders do not pay any fee, while in other states, they are provided relief on pricey marijuana, as well as waivers on additional excise taxes.

Accessibility of Adult-Use Shops by Underage Patients

Patients who are approved by the state can enter and purchase medical marijuana products from the retail stores. If a consumer does not have a medical marijuana card, they must wait until they are either 18 or 21 depending on the state’s medical marijuana program provisions.

Also, underage patients cannot go to a dispensary alone to buy medical weed; they must be accompanied by their guardian or designated caregiver.

The Products are More Potent than for the Adult-Use Market

Some medical marijuana patients require a higher dosage of marijuana than the permitted dosage for the recreational market. Therefore, if they were to buy from the recreational market, it would mean that they would not get relief from their medicine. However, with a medical marijuana card, some states waive the limit placed on purchasing, allowing medical marijuana patients to access products that would otherwise be unavailable to the recreational market.

As you can see, many reasons exist to explain why you still need to get a medical marijuana card even if recreational marijuana has been legalized where you live. Experts say you could also learn a lot about these two pot markets (recreational vs. medical sector) by reading the information put out by various companies, such as Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF).

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Recreational marijuana sales in Maine will be launched in June, which is three months later than what the state regulators expected. Recreational marijuana was legalized in 2016 through the ballot by voters. Adult-use cannabis legalization was done through the approval of the Marijuana Legalization Act and was expected to be effective in 40 days after its passage.

The delay in launching recreational marijuana sales was due to delays in licensing marijuana businesses and testing laboratories. Maine’s associate commissioner of tax policy, Michael Allen, said that after consultations with the Office of Marijuana Policy, the state’s revenue forecasting committee is expecting cannabis sales tax proceeds to start coming in June, which is three months later than it was previously expected.

However, before legal sales can be launched, the state needs to have at least one lab that is fully operational to make sure that the state is complying with Maine laws governing marijuana safety, purity, and potency. Currently, there is only one lab that is almost fully licensed and four more are considering venturing into the marijuana industry.

Adult-use marijuana businesses must possess licenses issued by the state to start operating, and so far, Maine has received 197 applications. And about 80 of the applications are due for regulatory review. The director of the Office of Marijuana Policy, Erik Gunderson, said that the agency is about to issue the first round of conditional permits.

The applicants must obtain the approval of the local government where they are planning their marijuana retail outlet once they have been issued with the conditional license by the state. Depending on the local government, approval can take from two weeks to one year. The applicants then have to go back to the state regulators to receive an active license once the local jurisdiction has granted permission.

Gunderson further said that after a testing lab has been issued with the permit, permission to operate would be granted once the state regulators have licensed more than one retail shop to be ready to run during the launch.

Gunderson further said that this would allow the products to go through the stipulated testing schedule, manufacturing process, and finally allow retail stores to fully stock their shelves with a wide array of marijuana products. He then noted that he hopes that there would be enough products to cater for the first day, first weekend, and first-week demand. He hopes that they won’t encounter marijuana product shortages like other states, such as Illinois.

Gunderson did not issue a clarification on the number of retail outlets that would be open for business before the permits are issued. Belinda Ray, a Portland City councilor, said that the licensing process is time-consuming.

State officials are expecting to collect a total of $500,000 in cannabis taxes this financial year which ends on June 30, irrespective of the delay in launching adult-use marijuana sales.

It is believed that sector players like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) may be unhappy that the people of Maine are being to wait a lot longer than is necessary to access the opportunities that come with cannabis legalization, such as employment opportunities.

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In an effort to outpace the illegal market, marijuana companies in Canada are introducing lower-priced, ‘value brand’ marijuana products. The illicit market in Canada accounts for about 70% of all marijuana sales.

Canada legalized recreational marijuana in 2018 under the Cannabis Act. After Uruguay, Canada is the second country on the globe to legalize marijuana for adult-use purposes nationally.

Statistics Canada released a report in December last year stating that marijuana sales in Canada in that year were around $908 million, and the number of retail marijuana outlets was more than 400 in the country. However, as of September 2019, 15% of the total revenue was generated from online sales shops and retail stores.

Since marijuana was legalized in Canada in 2018, a total of 13.3% of business represented online sales from marijuana stores, while retail sales from licensed cannabis stores and wholesalers accounted for a total of 1.9%, the report said.

According to Statistics Canada, marijuana that was sourced legally was sold at an average price of $7.84 per gram, while on the black market, it was sold at an average price of $4.36 per gram during the fourth quarter of 2019.

The stiff competition in the marijuana industry has prompted three of the largest marijuana producers in Canada, Aurora, Canopy Growth, and Tilray, to introduce into the market low-priced marijuana products that are offering consumers an equal, if not better value for their money.

According to CNBC, this April, Canopy Growth would be offering a one-ounce product referred to as Twd. 28. Twd. 28 would be priced at $4 per gram, and the THC concentration would be ranging from 13% to 25%.

Speaking to CNBC, the head of business development at Canopy Growth Adam Greenblatt said that the new products and the lower pricing are all designed to pull customers from the black market back to the legal sources.

Greenblatt further said that the new product is there to provide more variety and value to the ideally mature marijuana market. He also noted that low-priced marijuana attracts bulk-purchasers, and people who are looking to buy marijuana by the ounce. The legal market has been having a challenge attracting people who purchase marijuana by the ounce, and the black market took advantage of this shortcoming.

Tilray is launching a brand known as The Batch, and it will be sold in three sizes, with the highest being seven grams having THC levels ranging from 10% to 15.9%.

Speaking to CNBC, the Chief marketing officer at Tilray, Adin Fabiani-Carter, said that The Batch is focused on providing marijuana consumers with quality marijuana flowers and pre-rolls at competitive prices.

Fabiani-Carter further said that his company expects the new product to increase revenue and profitability over the long term.

Aurora would be introducing a new brand known as Daily Special. Its THC level will range from 15% to 21%. It will be available in three sizes, with the largest being 15 grams.

It remains to be seen what lessons industry players like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) will draw from this shift in pricing strategy.

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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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It would be pointless to make mistakes or make yourself sick while cultivating marijuana as if there were no rigorous controls at an approved professional cultivation facility. On rare occasions, marijuana products might be contaminated, and their health benefits might turn to be health hazards.

For this reason, you should buy marijuana products from licensed dispensaries and also avoid growing your own marijuana if you do not know what you are doing. This will minimize the risks of consuming contaminated cannabis.

Discussed below are some of the contaminants that can be found in untested marijuana products.

• Mold

Marijuana, which is ready to be consumed, should never feel damp, wet, or gooey. If your cannabis is wet or squishy, it must be holding water, which is an issue as it can be a breeding ground for mold, as mold grows in moist places.

Botrytis cinerea is a type of fungus that causes marijuana buds to rot. Although it is not toxic, in some cases, it can lead to a respiratory allergic reaction known as hypersensitivity pneumonitis, which causes inflammation of the alveoli. Even if it is rare, hypersensitivity pneumonitis can be severe. And common symptoms are coughing, fever, and labored breathing.

• Heavy Metals Found in the Soil

These include cadmium, arsenic, lead, mercury, and uranium. The presence of minerals in the soil depends on the location; therefore, farmers should survey their land before cultivating marijuana because marijuana roots can suck up and retain the heavy metals as well as other chemical contaminants. A study conducted in 2002 and published in Industrial Crops and Products found that the highest concentration of the minerals was accumulated in the leaves, seeds, and fibers.

• Pathogens

These are bacteria, fungi, viruses, and other microorganisms that cause illness, and they include rhinovirus and coronavirus.

A report released by the Cannabis Safety Institute stated that pathogen bacteria could not be associated with living marijuana plants because living marijuana plants do not support a high concentration of bacteria growth. The report also noted that pathogenic bacteria that are extremely resistant to drying could survive on marijuana and eventually be transferred to humans through marijuana consumption.

Salmonella is the pathogenic bacteria that can survive when marijuana is dried, and it is transferred to people through inhalation. It causes severe fevers and fatigue, and it is not easily diagnosed.

Other types of pathogens include Aspergillus, which is found in both indoor and outdoor environments. It can cause harmful lung infections. E-coli is another type of bacteria that is found in poop and contaminates everything that comes into contact with poop. It can cause diarrhea and lung infections.

• Pesticides

Pesticides are a double-edged sword because they make cultivation of commercial marijuana possible, but they can also be harmful if the products retain too much of it. For instance, in October, Oregon called back two batches of cannabis (Dr. Jack, batch no. G6J0051-02, and Marionberry, batch no. G6J0051-01) because it was found that they had high pesticides residuals known as spinosad after they were tested.

Spinosad causes irritation and redness if it comes into contact with your skin or eyes.

• Controlled Substances

Marijuana products found on the black market may be laced with illicit substances such as phencyclidine or opiates. This is done to trick consumers into thinking they are buying high-quality marijuana. And this can create dependence in their buyers since they are not aware that the products are infused with other addictive drugs.

To reduce the risk of buying contaminated marijuana products, make sure that you are purchasing only from registered marijuana dispensaries. Experts think that this need for care could explain why cannabis companies like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) encourage consumers to read third-party lab reports before purchasing any marijuana product.

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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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On Thursday, the Kentucky House of Representatives passed legislation legalizing medical marijuana within the state.

This comes after the Judiciary Committee voted in the bill last week in a vote of 65-30. The Legislation now proceeds to the state Senate.

If the legislation is enacted into law, patients will be in a position to access medical marijuana from licensed dispensaries, but only after the patients have been certified as suffering from a condition found on the list of qualifying conditions. The legislation would also establish a body to develop rules to govern the program and determine the various medical conditions that individuals would be suffering from to access cannabis.

The legislation would also prohibit smoking of weed and would leave the regulators to decide if they should permit the use of marijuana edibles. A minimum of 25 dispensaries will be allowed to sell medical marijuana, according to the current form of the bill.

The legislation was sponsored by Rep. Jason Nemes (R). In his opening remarks, Nemes said that he is proud to have been involved in the drafting of the tightest medical cannabis bill in the industry. However, he was disappointed by the smoking ban because he believes that smoking is the quickest means of delivery and can be useful for specific ailments.

The legislation has a provision subjecting the gross receipts of marijuana sales from a farmer to processor to dispensary to a 9% tax. Eighty percent of the tax proceeds would be assigned to a general state medical marijuana trust fund, and the remaining 20% would be distributed to regions where marijuana businesses are allowed to operate.

Before approving the legislation, the lawmakers passed several floor amendments, and they include;

• That the list of qualifying conditions must consist of at least chronic pain, epilepsy, multiple sclerosis and nausea or vomiting.
• Families to return the remaining medical marijuana products to the dispensaries within ten days if the patient has died.
• An amendment prohibiting the advertisement of medical marijuana businesses.
• Allowing law enforcement to access marijuana sales data from licensed dispensaries
• Banning the sale of marijuana vaping products to people under the age of 21.
• Prohibiting dentists, podiatrists, and optometrists from prescribing or recommending medical marijuana.
• Hospitals to report instances where medical marijuana patients are diagnosed with cannabinoid hyperemesis syndrome.
• Prohibiting the sale of medical marijuana to minors and action would be taken against dispensaries that do so.

The chamber rejected a provision that would have increased the penalties for people selling marijuana purchased from the dispensary.

Matt Simon said that patients within Kentucky were relieved after the House approved the bill, but they are aware the legislation will face a considerable amount of challenges in the Senate.

Although a medical marijuana legalization bill was approved by the Judiciary Committee in 2019, it did not receive any floor action. It is uncertain how the current proposal will fare in the Senate, but the Senate President, Robert Strivers (R), agreed that 2020 might be different.

Strivers said that although there is a chance of the bill being approved in the Senate, it is minimal.

Kentucky Governor Andy Beshear (D) is in favor of medical marijuana legalization as it would help fight the opioid crisis.

A poll released last month showed that out of 10 residents of Kentucky, nine were in favor of medical marijuana legalization.

Industry watchers believe that cannabis companies like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) will be hoping that the lawmakers consider the needs of patients and pass this bill so that another treatment option is available to those who need it.

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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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A new study has found that the majority of young adults do not comprehend the levels of tetrahydrocannabinol (THC) in the advertised marijuana edibles. However, researchers have suggested a new manner of communicating the concentration of THC as well as other information on the product labels.

The new study tested the efficacy of THC labeling on marijuana edibles. Between 2015 and 2016, research shows that in the United States, about ten percent of the adult population and approximately twenty-four percent of the youths had consumed marijuana within the past year.

And since then, marijuana consumption has been on the rise. A study conducted on teens in the state of California showed that thirty-three percent of teens in grades 9-12 had consumed marijuana at one point in their lives and that the majority of them had consumed edibles.

Edibles include products such as cookies, brownies, and candies that are infused with marijuana. Over the last couple of years, marijuana edibles have gained immense popularity. This has raised concerns because their marketing is almost similar to that of ordinary sweets; thus, attracting underage consumers. Most often, consumers underestimate the effect of marijuana edibles because they may not be aware of the THC concentration therein. THC is the psychoactive compound of marijuana.

The new research sought to shed light on the ways to determine the level of THC in edibles as displayed in the labels as well as how different labeling systems communicate the information to young adults.

The final and corresponding author of the study, is a professor at the University of Waterloo School of Public Health and Health Systems in Canada, Prof. David Hammond. The research findings can be found in the Journal of Drug and Alcohol Dependence.

The motivation to study and examine the levels of THC in edible marijuana product labeling is because using the THC number to express the product potency has little meaning to young consumers in Canada, Prof. Hammond explained.

He further said that for years people have struggled to understand the details on food packages. And, it is more challenging for marijuana consumers to understand the THC numbers indicating the potency of the marijuana product listed on the product labels.

Prof. Hammond and his team of researchers conducted two experiments to examine how well various labels transmit information about marijuana potency.

They conducted an online survey where they used 870 respondents between the age of 16 -30 in Canada.

In the first experiment, the researchers used three labeling conditions, no label, a label that explained the THC content in milligrams, or a label that used ‘doses’ of THC per package, and assigned the respondents randomly.

In the second experiment, the researchers used the traffic light system to indicate potency. Green was low and red high potency. During this experiment, they also tested the effectiveness of no labels, labels with percentages, and those with THC in milligrams.

The researchers found that labeling in doses per package elicited the best understanding of a serving of THC, with over 54% of the respondents attesting to it.

The traffic light system also enabled the respondents to identify the THC concentration, whereby 85% of the participants accurately identified products with low THC levels, and 86% identified products with high levels of THC.

In conclusion, Prof. Hammond and his team of researchers said that few consumers could understand and apply quantitative THC labeling.

The study findings further suggest that other products such as oils, concentrates, and buds will need more straightforward THC labeling.

Experts say that this research provides a lot of food for thought for marijuana industry actors like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) since they will prompted to rethink how they convey product information to their intended customers.

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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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On Monday, Colorado Governor Jared Polis unveiled a plan through which he seeks to increase the number of financial institutions conducting business with the legal marijuana industry.

Rep. Ed Perlmutter joined Polis at the press conference for announcing the new legislation “Roadmap to Marijuana Banking and Financial Services.” The Assembly-led legislation was sponsored by Perlmutter, and the legislation’s aim is to protect financial institutions from being punished for transacting with the legal marijuana businesses within Colorado.

Polis said that federal prohibitions on marijuana have forced banks to rejects opening accounts for marijuana businesses, blocking them from accessing financial services. The lack of banking opportunities and other financial services in the states is a significant economic threat. It also serves as a public safety threat because many marijuana businesses are operating on a cash basis, making them vulnerable to attacks by thieves and other criminals.

Polis further said businesses not only in Colorado but the whole of the U.S. need certainty regarding federal rules, and it is their responsibility to do what they can with the tools they have to fix it.

According to the press release, the Roadmap to Marijuana Banking and Financial Services presented by Polis features seven main areas of focus. These include providing clear regulatory guidance, encouraging new and emerging technologies in the financial services sector, minimizing barriers, and upholding consumer protection rights as well as providing state support for commercial businesses looking to explore marijuana banking.

The bill is accompanied by another document which calls for a 20% increase in the number of banks transacting with marijuana companies by June 30. This is one of the goals the state is tracking through an online tool.

For each provision in the plan, the documents describe its strategy, policy action, and status of those objectives.

One of the goals of the plan is to provide financial institutions doing businesses with legal marijuana businesses with guidance and protection.

Another objective of the plan is for the State Attorney General to provide legal guidance under the Money Transmission Action and the Trust Companies Act on service provision as well as guiding the consumers and the cannabis industry. Currently, Colorado is conducting an assessment of the specific issues that need to be addressed, and officials are hopeful that by the spring of 2020, they would have gotten the guidance.

The Executive Director of the Department of Regulatory Agencies Patty Salazar said that Colorado financial institutions are afflicted by uncertainty and apprehension to provide financial services to state-legal marijuana businesses due to lack of federal clarity. Through the roadmap, banks and credit unions can explore whether or not to offer financial services to the marijuana industry.

During the press conference, Perlmutter, who sponsored the SAFE Banking Act, said that Colorado had been a leader of marijuana banking issues from the start, and with the roadmap presented by the governor, it remains a leader.

Perlmutter further said that he is optimistic about the legislation being approved by the Senate Banking Committee and the full chamber. Mike Crapo (R-ID), the Banking Committee Chair, highlighted some of the amendments he wanted to make as well as those suggested by industry stakeholders.

Industry watchers think that the entire industry, including companies like Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF) and Dama Financial are optimistic that with or without federal support, states where marijuana is legal will eventually work out a viable solution to the banking bottleneck faced by the industry.

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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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The legalization of recreational marijuana in Canada took place in October 2018, and since then, the country has been facing a lot of issues, many of which offer valuable insights to entrepreneurs and government officials. Forewarned is forearmed; countries such as the United States and others looking for national legalization of adult-use marijuana should learn from Canada.

Discussed below are the lessons other countries should learn from the legalization of marijuana in Canada.

1. Marijuana Stocks were not Trading on Fundamentals

Investors looking to invest their money in marijuana stocks should be careful. According to the BBC, marijuana stocks in Canada have gone through several overwhelming changes, and the slow marijuana sales have led to a 17% drop in wholesale prices, which has, in turn, caused a dip in the prices of pot stocks for publicly traded cannabis companies.

Speaking to the BBC, the CEO of New Leaf Data Services, Jonathan Rubin, said that it was evident that the stocks were trading on fantasy,  not fundamentals. He further said that there are frustrations that come with legalization, but marijuana legalization was not a failure.

According to the data which was quoted in the New York Times, marijuana stocks in the five major marijuana companies in Canada had a 56% drop in price in the first year of legalization. US entrepreneurs can learn to make investment decisions based on fundamentals rather than market sentiment.

2. Delay in Dispensary Approval by Governments

Since October 2018, Canada has been experiencing a stable increase in marijuana sales, but the stock has been rising at a rapid rate, which led to the oversupply of the product.

Besides, the government has been slow to approve dispensaries in the densely populated areas such as Ontario and Quebec; instead, they have been awarding the permits at a glacial pace, according to local media. This has forced customers who would have bought their cannabis products from the legal market to turn to the black market because the products are cheaper (no taxes) and readily available.

Here the entrepreneurs can learn about supply and demand. Cannabis business is about more than producing quality marijuana, but also about having suppliers who are good at packaging their products. They should also be good at marketing and managing the stock as well as setting smart prices.

3. Lack of Edibles

Canadian officials legalized marijuana before allowing the sale of edibles because they wanted time to establish rules around cannabis edibles, and this limited the potential for marijuana market growth because in the U.S., marijuana edibles saw an increased sales by 900 percent. They also give consumers additional ways to consume marijuana other than smoking.

According to the Financial Times, Canadian authorities are expecting a wave of insolvencies this year, but many are hoping that the introduction of marijuana-infused drinks and edibles will help the stocks to bounce back.

These challenges being faced by Canada should be a lesson to U.S. government officials and entrepreneurs, and other countries looking to legalize marijuana. Experts are sure that pot companies like Willow Bioscience Inc. (TSX: WLLW) (OTCQB: CANSF) are carefully taking note of all those issues and making adjustments so that they can thrive in these challenging times for the industry.

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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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To get more states to legalize marijuana, the cannabis community has been convincing the people as well as the leaders by estimating the amount of tax revenue states could generate from the sale of legal weed. And from the look of things, lawmakers are starting to heed their cries as more and more states move to legalize either medical or recreational marijuana, or even both. However, the tax imposed on marijuana sales is too high in some states such that consumers are opting to buy weed from the black market where it is affordable. For Illinois residents, the better option now seems to be legal medical marijuana which is taxed at a lower rate.

Recreational marijuana sales were launched at the beginning of the year in Illinois, and customers have gotten a sticker shock after seeing some of the highest marijuana sales taxes in the U.S. Some cannabis consumers have sworn to stick to the black market until the legal markets offer them affordable prices. However, some of the consumers have devised a way to avoid the high taxes by joining the state’s medical marijuana program, where taxes are much lower.

Local media outlets reported that since the beginning of January, more than 2,600 people have applied for medical marijuana cards. This represents a 34% increase in the total number that applied for medical marijuana cards in the first two weeks of December 2019. The report further said that the rise could be attributed to people wanting to participate in the legal marijuana system.

Most of the marijuana consumers are opposed to the high tax rates in the adult-use sector; thus, the reason they are opting to join the medical side. Additionally, since the products sold in the recreational and medical markets are the same, customers do not have to queue for long to be served when buying medical cannabis as is the case when buying recreational weed.

The Illinois tax system is complex, and the marijuana sales tax rates are high. The growers within the state of Illinois are expected to pay a 7% tax and a series of additional excise taxes depending on the type of product. Customers are also expected to pay fees depending on the type of product and potency. The fees imposed are as follows; for the consumer’s buds 10%, edibles 20%, and any products whose THC is 35% or more 25%, as well as additional state and local taxes.

Overall, the customers are expected to pay a 41% tax. The tax rate has forced many customers to turn to the illicit market. Ironically, instead of people turning to the legal market after the legalization of marijuana, most are buying from the black market.

However, for people to be issued with medical marijuana cards, they need to get a doctor’s certification saying that they have one or several of the illnesses in the qualifying conditions list, such as Alzheimer’s, and cancer as well as pain issues. The patient also has to pay an application fee of $100 to $250 so that they can start purchasing medical marijuana once their card arrives. Medical marijuana purchases are taxed at 1%.

Soon, the state of Illinois will have to consider reviewing its tax system as more and more people are securing medical marijuana cards to escape the high tax rates in the recreational market.

Experts believe that cannabis companies, such as Willow Biosciences Inc. (TSX: WLLW) (OTCQB: CANSF), would like to see states tax marijuana sales in a way that doesn’t make the products too expensive for consumers. A review of the tax regime in Illinois may therefore be warranted so that the black market isn’t inadvertently given a shot in the arm.

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 a 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.