420 with CNW – Senate Committee Confirms Marijuana Banking Hearing Date

On Monday, we reported that a key senate committee would soon schedule a hearing on marijuana banking. Now the Republican-controlled committee on Banking, Housing and Urban Affairs has revealed that it will hold this hearing on Tuesday next week (July 23).

This announcement comes as yet another indicator that marijuana reform is gaining momentum at the highest levels of decision making in the country. The legislation to be discussed is geared at finding a solution to the challenges that marijuana businesses have been having regarding access to banking services.

A similar law, which was passed by a Congressional committee, now has almost half of the members of Congress as co-sponsors after 206 representatives signed on. The Senate companion bill so far has 32 senators signed on from a total of 100 senators in that chamber.

The senate hearing slated for Tuesday is titled “Challenges for Cannabis and Banking: Outside Perspectives.” Representatives of CUNA (Credit Unions National Association), Smart Approaches to Marijuana (a prohibitionist advocacy group) and Citywide Banks will testify during this hearing.

Jim Nussle, the CEO and president of CUNA remarked that his organization was willing and happy to work with senate leaders to find a solution to marijuana banking which is a public safety issue.

John Lord, the CEO of LivWell Enlightened Health (a marijuana retail chain) is also lined up to testify before the senate committee, as will Cannabis Trade Federation’s Neal Levine (who also testified before a sub-committee of Congress on how prohibition can be ended).

Sen. Cory Gardner (R-CO), the main GOP cosponsor of the Senate cannabis banking bill has also been booked to appear before the committee during this hearing.

Support for marijuana banking has been growing steadily with pressure being mounted for action on this matter by the highest financial sector regulators in 25 states, a huge majority of state attorneys general, 20 state governors from both sides of the political divide, banking associations from 50 states across the country and the National Association of State Treasurers. All these groups want the STATES Banking Act to be passed by Congress.

While Chairman Crapo is personally opposed to marijuana, his scheduling of the senate committee’s hearing on this matter shows that he recognizes that matters of cannabis banking present serious public safety concerns that have to be addressed soon rather than later.

Consensus is also growing on the need to make broader reforms to marijuana policy beyond access to banking services. The clearest example of this was the Congressional subcommittee hearing last week at which all parties agreed on the need for reform although there were some disagreements on how that reform can be realized.

Industry watchers believe that the entire marijuana industry, including Geyser Brands Inc. (TSX.V: GYSR) and Earth Science Tech Inc. (OTCQB: ETST), is now encouraged to believe that federal marijuana reform may happen soon.

About CNW420

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

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420 with CNW – Alzheimer’s Patients Can Now Register for Medical Marijuana in Minnesota

Starting from July 1, patients suffering from Alzheimer’s can start enrolling for medical marijuana in Minnesota. Once these patients are registered, they will be permitted to buy medical marijuana from the two licensed manufacturers in the state.

The Department of Health first announced in December last year that Alzheimer’s would be added to the list of qualifying conditions for medical marijuana.

While a review panel had recommended that seven conditions be added to the list, only Alzheimer’s was approved by Jan Malcom, the Health Commissioner. The others which had been proposed include traumatic brain injury and opioid use disorder.

The addition of Alzheimer’s now brings the number of medical marijuana qualifying conditions to 14. This number has been growing every year since the medical marijuana program started five years ago with just 9 qualifying conditions.

Currently, statistics put the number of patients on the state’s medical marijuana program at 15.687 by March 31. The inclusion of Alzheimer’s among the qualifying conditions has the potential to increase the number of registered patients significantly since the Alzheimer’s Association estimates that there are at least 94,000 people who are living with Alzheimer’s in the state. Even if just one tenth of this number signs up for medical marijuana, the patient numbers on the program will swell by a huge percentage.

It isn’t just the Alzheimer’s patients who will benefit when medical marijuana is available. Approximately 254,000 family members and friends are involved in taking care of these patients. When marijuana brings improvements in the behavioral effects of Alzheimer’s, it get easier for caregivers to look after their loved ones.

The Department of Health in Minnesota will use the month of July to process the applications of Alzheimer’s patients and these people will start accessing medical marijuana on August 1. The details of what patients require in order to be certified on the program have been availed on the department’s website.

While no scientific studies have provided any conclusive proof that marijuana can cure, prevent or slow the progress of Alzheimer’s, some recent studies suggest that this could be possible. A small study recently showed that marijuana inhibits the formation of the protein plaque which has been associated with the onset of dementia, one of the leading symptoms of Alzheimer’s.

Minnesota now joins the ranks of states and territories which have included Alzheimer’s among the conditions for which patients may use medical cannabis. Marijuana industry advocates speculate that while the industry players like Earth Science Tech Inc. (OTCQB: ETST) and Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) may have been disappointed that only one condition was added, they could be pleased that thousands of patients and their families will benefit from medical marijuana.

About CNW420

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

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420 with CNW – Company Invents CBD Extraction Method Aimed at Bringing Prices Down

While the popularity of cannabidiol (CBD) has been growing, the current price of high-quality CBD oil is so high that it is out of reach for many of the people who need it the most. Draconis Extraction Technology (DET) has come up with a system which will extract crude CBD on an industrial scale and lower the cost of the final product.

The large-scale ethanol extraction process is patented and is set to start being used to avail winterized, full-spectrum de-waxed CBD oil.

Paul Baskis, the person who invented the extraction system says he was driven by a desire to help those who badly need CBD oil but struggle to afford it. He singled out veterans who suffer from different conditions, such as PTSD and anxiety.

Currently, 1,000mg of CBD oil costs $350 on the market and this oil can last approximately 11 days for a person weighing 180 pounds with a recommendation of 5mg for each pound of body weight. How many people can afford such a cost, he wondered.

The technology introduced by DET will make it cheaper for crude CBD oil to be available without sacrificing the quality of the product. Paul Baskis boasts that the crude oil his extraction system will produce is so pure that someone can vape it without seeing any residues in the vape pen.

The other novel thing about this extraction method is that no waste is generated. The oils and waxes removed are also products in their own right. For example, the waxes are sold as raw materials for the cosmetics industry while the pulp is ready to use in the manufacture of bioplastics, paper and fabrics.

The hemp pulp can also be converted into fuel to power the extraction system and the residue from this fuel is a high-quality carbon-based fertilizer.

Max Le Pera, the Vice President of Draconis, explained that the company feels strongly about environmental sustainability and the need for a circular economy in which each section of the company feeds another without causing any adverse effect on the environment.

The example set by DET shows just how far the recently legalized hemp industry can go in terms of offering solutions to the different problems facing the country, such as reviving the economy of rural areas where hemp can be grown.

The unveiling of this new extraction technology must be having industry players like Geyser Brands Inc. (TSX.V: GYSR) and Earth Science Tech Inc. (OTCQB: ETST) imagining how easier things are going to get as more innovators enter the cannabis and hemp space.

About CNW420

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

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420 with CNW – Church of England Starts Investing in Marijuana

If you were wondering how fast marijuana could become a mainstream substance, the Church of England has just provided further proof that this once heavily stigmatized plant is getting the recognition and acceptance that it deserves. The Church of England has instructed its number crunchers to start making investments in medical marijuana companies.

In the past, the Church Commissioners for England (the entity which manages the $16 billion investment portfolio of the Church of England) rigidly adhered to their self-imposed policy of not holding stocks in cannabis companies.

The new policy allows the Church of England to hold stocks of medical marijuana companies. Recreational cannabis is still a no-no and any company which obtains more than 10 percent of its revenue from the sale of recreational cannabis is off-limits for the Church of England.

Edward Mason, the head of responsible investment at the Church Commissioners for England confirmed that they “make a distinction between recreational and medicinal cannabis” and are content with marijuana being used for medical purposes. Mason concluded by saying that the Commissioners for England are happy to invest in medicine.

The Church Commissioners for England have a huge reputation for their “ethical” investment decisions. They will only invest in companies which meet their strict definition of what constitutes Christian values. Consequently, the group will never invest in industries of questionable moral character, such as pornography, gambling and tobacco. Marijuana, or at least its medical side, is now acceptable to the group.

The decision by the Commissioners for England to start investing in medicinal cannabis is a huge step forward in the eyes of patients using medical marijuana because it helps to put a dent in the wall of stigma which those patients have to deal with on a daily basis.

Many people regard anyone using cannabis as stoner, even if the person is consuming medical cannabis purely for therapeutic purposes rather than for the recreational purposes. This stigma has compelled patients to resort to hiding while they are taking medical marijuana, and others have restricted themselves to more discreet modes of administration, such as edibles and suppositories.

Medical marijuana patients therefore hope that the step taken by the Church of England is followed by all the other religious denominations. In this way, medical marijuana will get the broad acceptance which it deserves as a form of medicine.

Both laypeople and cannabis industry analysts wonder how the more favorable direction taken by the Commissioners for England regarding medical marijuana will impact the future plans of industry participants like Earth Science Tech Inc. (OTCQB: ETST) and Chemistree Technology Inc. (CSE: CHM) (OTCQB: CHMJF).

About CNW420

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

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420 with CNW – Illinois Just a Step Away from Legalizing Marijuana After Assembly Passes Senate Bill

The Illinois Senate passed a bill legalizing recreational marijuana and left the Assembly with just two days to approve the changes made to HB 1438 before the current legislative session ends. The House did just that on Friday (May 31), and what is left is for the governor to sign that bill into law so that the state becomes the 11th across the country to fully legalize marijuana.

Gov. Pritzker campaigned on a platform of marijuana legalization, so he is widely expected to sign off on the bill when it gets to his desk.

If the bill becomes law, adults in Illinois aged 21 or older will be allowed to possess up to 30 grams of cannabis and the patients who are registered on the state’s medical cannabis program will now have the liberty to grow a limited number of plants for their own use. Recreational users will not be allowed to grow marijuana.

Nonresidents of Illinois will also be allowed to possess a maximum of 15 grams of marijuana without any risk that they will be prosecuted.

Rep. Kelly Cassidy, who sponsored the bill, was visibly elated and cheered as the votes came in during a session to pass the bill. The final count was 66-47, and supporters erupted into loud celebration once it was announced that the bill had passed, just in time before the end of the legislative session.

Cassidy remarked that Illinois had taken a big step towards setting the gold standard for a regulated marijuana industry which is based on equity and repair (of the harms done during the war on drugs).

This bill couldn’t have passed at a better time because the state is currently cash-strapped. The tax revenue from the regulated industry is expected to go a long way towards improving the fiscal position of the state. Currently, the pension programs of the state are short by approximately $134 billion, and the state has unpaid bills totaling $7 billion as a result of the persistent budgetary shortfalls.

During his campaign, Pritzker is on record saying that a regulated marijuana industry has the potential of adding $1 billion in tax revenue to the state each year, and the law enforcement agencies would be free to focus on other serious crimes instead of spreading themselves thin going after people who use marijuana.

However, not everyone is as positive as the governor regarding marijuana legalization. For example, Rep. Anthony DeLucas (D-Chicago Heights) regrets the passing of the bill saying that it is taking the state in the wrong direction. Earth Science Tech Inc. (OTCQB: ETST) and Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) are certain that time will disprove the fears of Anthony DeLucas and all those who think like him regarding a legalized marijuana industry.

About CNW420

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

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420 with CNW – New York Legislators Introduce New Marijuana Legalization Bill

The sponsors of the first recreational cannabis bill in New York have now introduced a new bill which will replace the one that wasn’t included in the budget framework read early this year. The sponsors of this new bill are convinced that this version stands a higher chance of success because it incorporates the ideas suggested during negotiations prior to reading the budget.

Sen. Liz Krueger (D-Manhattan) says that the new bill creates a single government entity which will be responsible for regulating all the cannabis and cannabis-related products, such as hemp and CBD products.

Hemp and CBD products are included in this bill in order to remove the legal gray area since those products aren’t currently covered by any existing law. By including these products in this bill, the lawmakers want to save the time and resources which would have been used to draft and pass a separate bill for those products.

Crystal Peoples-Stokes, the Assembly Majority Leader and longstanding supporter of cannabis legalization, says that the new bill also has a social equity provision through which a portion of the tax revenue collected will be allocated for spending in communities which suffered the worst of the futile war on drugs.

Other provisions of the bill deal with expunging past criminal records, helping people from disadvantaged communities to enter the legal cannabis industry and agreeing on a taxation structure.

One major issue that was divisive was the home cultivation of marijuana. Opponents of cannabis legalization don’t want this included in any legalization law, while supporters, such as New York Mayor Bill de Blasio, insist that home cultivation should be allowed so that “Big Marijuana” doesn’t dominate the industry.

Some money will also be set aside to facilitate the police to enforce the new recreational cannabis law, while more money will be allocated to cannabis research, drug prevention and treatment.

Another compromise which is included in the new bill relates to marijuana criminal record expungement. The previous bill recommended mass expungement and this was met with stiff opposition. The revised bill suggests that only misdemeanor cannabis convictions will be expunged.

Many aspects of the medical cannabis program are also tackled in this bill. For example, the bill seeks to allow doctors to exercise their discretion in determining whether medical cannabis could be helpful for a given patient, instead of being restricted to prescribing it only for patients who suffer from one or more of the 17 qualifying conditions listed in the law in place.

The entire cannabis industry, including Earth Science Tech Inc. (OTCQB: ETST) and Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) hope that this new bill receives a more favorable reception so that cannabis legalization isn’t delayed any longer.

About CNW420

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

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420 with CNW – Two Cannabis Bills to be Voted on by Congressional Committee this Week

Two bills dealing with access to medical marijuana by veterans are slated to be voted on by a congressional committee today (Wednesday, May 8). This vote comes barely a week after the Veterans’ Affairs Subcommittee of Health conducted a hearing on the bills.

One of the bills up for a vote has to do with allowing VA doctors to prescribe medical marijuana. This bill also seeks to codify into law an existing policy which protects the VA benefits of veterans who use medical cannabis in accordance with state law.

The second bill that will be voted on seeks to compel the VA department to conduct research about the medicinal effects of cannabis for the common conditions which veterans suffer from. These include post-traumatic stress disorder and chronic pain.

A third bill which isn’t going to be voted on focused on allowing VA doctors to recommend medical cannabis for veterans who can be helped by the substance. This bill, sponsored by Rep. Earl Blumenaeuer, will not be voted on because its contents are already included in another bill that has been scheduled for a vote.

The broader bill also includes a clause which stops VA doctors from making medical records that state that a veteran suffers from “substance abuse disorder” if that individual uses cannabis in a state where marijuana is legal.

Another clause which was added to that bill asks the VA secretary to generate new diagnostic codes tailored to cannabis use.

Advocates have urged the Veterans’ Affairs committee to take action now so that veterans no longer have to go underground to access medical cannabis to relieve their symptoms. The advocates added that medical marijuana is here to stay, so there is no point in continuing to think along prohibitionist lines.

These bills to be voted upon mark yet another step in the push to reform federal marijuana laws. In March, another House committee passed a bill which intends to protect banks from federal prosecution resulting from the banks’ dealings with state-legal marijuana companies.

These bills being fronted in different House committees are in line with the “blueprint” designed by Rep. Blumenaeuer last year. In that blueprint, the congressman urged different committees to push through marijuana law reforms that fall in the ambit of their committees so that at the end of that process, the overall federal marijuana policy will have been overhauled.

Earth Science Tech, Inc. (OTCQB: ETST) and Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) hope that the bills are passed by the House committee and the entire Congress so that the men and women who have served this nation in the armed forces access medical marijuana in their time of need.

About CNW420

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

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