420 with CNW – First 8 Days of Recreational Weed Sales Generate More Than $1.6 Million in Michigan

It looks like the newly legalized weed industry in Michigan is set to hit major milestones pretty quickly. The first eight days of legal adult-use marijuana sales at the five retail outlets that were open in Michigan amounted to $1.6 million. Three of the five shops either run out of stock or had an inadequate supply of marijuana products.

From the first to the eighth-day of sales, the total was $1,629,007. The 10% excise tax imposed on then recreational products amounted to $162,900, and the 6% state sales fee raised $107,514.

Once the recreational marijuana industry is stabilized by 2020, the state House Fiscal Agency estimates that the annual sales for adult-use cannabis will be $949 million, out of which the 10% excise tax charges on the sold products would be $94.9 million and 6% sales tax of $57 million.

The ballot proposal which was approved by the voters in 2018 stated that the first $20 million dollars from excise tax raised from the sale of recreational marijuana within the first two years after the launch of retail sales would be used to advance studies on the benefits of cannabis and how it is used to treat different medical conditions, such as PTSD.

The remaining excise fees would be divided between municipalities and counties allowing marijuana businesses within their jurisdictions to fund school and road infrastructure programs. The House Fiscal Agency projected that by 2020, the excise fee total would be $97.5 million and that by 2023, it would rise to $163 million. This amount is just a tiny fraction of the state budget of $60 billion.

For comparison purposes, Colorado recorded about $1 million in sales on the first day of recreational marijuana retail sales. However, these sales were made at 24 open retail outlets. Michigan had more than 2,200 customers on the first day in the five stores.

There were three stores open on the recreational marijuana sales launch day, which include, Greenstone Provisions, Arbor Wellness, and exclusive Brands. While Michigan Supply and Provision in Morenci opened on the evening of the first day.

Greenstone ran out of marijuana stocks for several days consecutively, while Michigan Supply had low supply. In the first two days of retail sales, Lit Provisioning, the fifth store, run out of stock after servicing 750 customers, after each spent an average of $103.

The president and Chief Operating Officer of Lume Cannabis Company, Doug Hellyar, who is also the owner of Lit Provisioning, said that they were humbled that customers chose to buy products from their shop during the first week of recreational marijuana sales. He also noted that people traveled across the state, despite the chilly weather and stood in line for several hours to purchase cannabis.

The sales launch comes a year after voters legalized adult-use weed through a ballot. Michigan is the 10^th state to allow the sale of adult-use marijuana.

The state of Michigan has issued 21 licenses to recreational marijuana businesses since it started accepting applications on November 1. It has also pre-qualified 73 applications. Out of the 1,771communities, 1,400 have vetoed the sale of legal weed in their towns, which has posed a challenge for weed businesses.

It is however hoped that those communities opposed to weed will come around as time goes by. Experts think this optimistic outlook may be exactly what industry players like LiveWire Ergogenics Inc. (OTC: LVVV) and VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF) are counting on for the success of their counterparts operating in Michigan.

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

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420 with CNW – US Virgin Islands Governor Asks Legislators to Hold Special Marijuana Legalization Session

The U.S Virgin Islands Governor Albert Bryan Jr. is calling on the lawmakers to consider recreational marijuana legalization in a special session, which would be held later this month.

If the proposed measure is approved, the U.S. Virgin Islands (USVI) will be the third territory in the U.S. to legalize adult-use marijuana, following in the footsteps of Guam and the Commonwealth of the Northern Mariana Islands.

In a press conference, Bryan said that the new measure would create a regulated system and enable tourists to visit the U.S.Virgin Islands. It would also increase the tax fees collected by the Virgin Islands government. He further called marijuana a new revolution that has taken the U.S. by storm.

Bryan also said that the legislature would add the measure to the territory’s current medical marijuana program on Dec. 18. Earlier this year, Governor Bryan signed the bill legalizing medical marijuana; however, it has not been implemented because the legislature has been delaying to make nominations to the regulatory body.

As reported by Vibe High, the new proposal stipulates that people who are 21 years and above would have to acquire a permit from the USVI to purchase and cultivate weed. The term recreational marijuana was not used when the governor was discussing the bill; instead, he used “non-prescribed” or “non-medicinal” when referring to the licenses. The governor also noted that the medical marijuana program would stay intact.

The USVI government revealed that marijuana recreational sales would be eligible for up to thirty percent tax. The government would use this tax as follows: 75% would be allocated to the government retirement scheme, 20% would be assigned to the territory’s senior citizen’s programs, and 5% to the USVI Office of Marijuana Regulations.

Bryan further said that it is time for taking action by having a dependable funding system.

According to Bryan, tourism is supposed to contribute to the Islands’ tax revenue. Day passes for recreational marijuana will be issued to tourists as most of them come to the USVI for a vacation and to relax. He also noted that tourists would be required to pay $10 per day to utilize the legal status of the territory’s marijuana system.

In a year, when tourism is at the peak, USVI receives 2.1 million visitors. They are issued with a $10 per day pass, and if 10% of them smoke weed, that will equate to $2 million in day passes alone.

According to Vibe High, the measure’s language aims to help farmers as it states that retail marijuana outlets must source 70% of their products locally.

Bryan further said one of the key policies in the legislation is to call for the expungement of past marijuana convictions and to exonerate those convicted and serving marijuana felony sentences.

What do marijuana companies like LiveWire Ergogenics Inc. (OTC: LVVV) and Green Hygienics Holdings Inc. (OTCQB: GRYN) think of this plan targeting tourists as the main source of marijuana revenue for the U.S. Virgin Islands? Experts can only speculate.

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CannabisNewsBreaks – LiveWire Ergogenics Inc. (LVVV) Set to Benefit Upon Senate Passing SAFE Banking Act Legislation

LiveWire Ergogenics (OTC: LVVV) is diligently watching the progress of the SAFE Banking Act, which would permit banks and credit unions to offer financial services to legal cannabis businesses once passed by the Senate. A recent article discussing the company reads, “In December 2018 the U.S. Farm Bill was passed, which de-scheduled hemp as a Schedule 1 drug, although the use, sale and possession of cannabis with over 0.3 percent THC remains illegal under Federal law. Despite that reclassification, most financial institutions continue to avoid providing services to businesses operating in the cannabis space. . . . The Secure and Fair Enforcement (SAFE) Banking Act of 2019, HR19-1595, could change that. The bill was passed by the House of Representatives in September and then sent to the Senate, where it was referred to the Committee on Banking, Housing and Urban Affairs. According to the official summary by the Congressional Research Service, the SAFE Banking Act prohibits federal banking regulators from punishing a financial institution for offering financial services to a legal marijuana-related business. . . . Passage of the SAFE Banking Act in the Senate and signing of the bill by the President will open access to broad financial services in the multibillion-dollar marijuana industry (http://cnw.fm/h8HqV) and would clearly give legal and vertically integrated operators such as LiveWire a significant boost.”

To view the full article, visit http://cnw.fm/sWeJ2

About LiveWire Ergogenics Inc.

LiveWire Ergogenics, Inc. (LVVV) specializes in identifying and monetizing current and future trends in the human and veterinary health and wellness industry. The company is focused on acquiring, managing and licensing specialized “closed loop” turnkey cannabis real estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the state-wide distribution of these products. This includes verification of zero pesticide products for quality brands via its “7X Pure” Cannabis Verification System, the development, licensing and distribution of legal and high-quality cannabinoid-based products and services and the creation of the high-quality “Estrella Weedery” brand. LiveWire Ergogenics does not produce, sell or distribute products that are in violation of the United States Controlled Substance Act. For more information, visit the company’s website at www.LiveWireErgogenics.com.

NOTE TO INVESTORS: The latest news and updates relating to LVVV are available in the company’s newsroom at http://cnw.fm/LVVV

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CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW – President Trump Thinks Drug Prohibition is Doomed to Failure

During a vaping discussion held on Friday, President Donald Trump voiced his acknowledgment of the failure of policies banning drugs. He said that prohibiting access to drugs such as cigarettes, alcohol would only force consumers to acquire them through illegal routes.

During the meeting, the president met with both the supporters and opposers to debate on whether to endorse restrictive policies like banning of flavored vaping products, a proposal that was brought up by his administration.

President Trump further said that banning vaping products will force people to buy from the black market where they might buy products laced with poison instead of safe products.

In the face of the recent outbreak of vaping-related lung injuries, some policymakers and marijuana prohibitionists expressed their support for a total ban on selected vaping products. In response, marijuana advocates said that doing that would cause more harm than good.

President Trump responded to these remarks and asked them how they were going to solve the fact that after banning the vaping products, people would later ship them from Mexico – which is the problem they are currently facing with drugs and everything else that is illegal.

Trump’s remarks echo some comments he made back in 1990, when he voiced his support for drug legalization to weaken the black market. At the time, he said that America is losing the war against drugs, and for them to win, drugs must be legalized so that profits can be seized from the drug lords.

During the meeting held on Friday, marijuana did not crop up, but President Trump’s stand could be applied to the debate on contaminated THC cartridges, which are the primary source of the outbreak of vaping-related lung injuries. Marijuana prohibitionists argue that the outbreaks should be a valid reason for not legalizing weed. However, health agencies working under the Trump administration said that the majority of the THC-cases involved unregulated products bought from the illegal market.

Advocates of marijuana reforms argued that marijuana should be legalized to deter people from buying products from the illicit market, which was where most people who suffered from the vaping injuries obtained the products. Just like alcohol and tobacco, marijuana should have a legal and regulatory framework.

Scott Gottlieb, who is the former Food and Drug Administration Commissioner, said that in light of the recent vaping illnesses outbreak, there is a need for a federal regulatory system for the marijuana market.

Trump was in favor of harm reduction in vaping products. According to an expert, vaping is less dangerous than smoking combustible cigarettes.

On several occasions, the president has expressed his support for states to set their marijuana policies. In August, Trump said that the legalization of marijuana reforms is a big subject, and right now, states are allowed to make their decision.

The jury is still out on how far-reaching President Trump’s comments will be, but experts don’t expect marijuana companies like ChineseInvestors.com Inc. (OTCQB: CIIX) and LiveWire Ergogenics Inc. (OTC: LVVV) to read so much into these comments made during this meeting.

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CannabisNewsBreaks – LiveWire Ergogenics Inc. (LVVV) Completes Official Launch of 7X Pure Verification System and Website

LiveWire Ergogenics (OTC: LVVV) today announced the launch of the first 7X Pure Compliance and Dosage Verification System for cannabis products and website www.7XPure.org. LiveWire Ergogenics, in cooperation with Basso Botanicals, launched the 7X Pure system, which provides third party verification of material of origin, potency, purity, dosage, labeling and more and, after approval, verifies each product with a digital identity and clearly-identifiable chain of custody. “We have been working closely with Basso for some time to fine tune and perfect our 7X Pure Testing and Verification system,” Livewire Ergogenics CEO Bill Hodson said in the news release. “We are pleased that Basso’s Peppermint Tincture will be the first product being marketed nationwide after having passed through the rigorous 7X Pure verification system. We are looking forward to making the 7X Pure system available to manufacturers in the entire industry, creating the opportunity to increase transparency and accountability throughout the supply chain with the goal to improve product quality and reliability and increase consumer confidence in their product purchase decisions.”

To view the full press release, visit http://cnw.fm/A7zaD

About LiveWire Ergogenics Inc.

LiveWire Ergogenics, Inc. (LVVV) specializes in identifying and monetizing current and future trends in the human and veterinary health and wellness industry. The Company is focused on acquiring, managing and licensing specialized “closed loop” turnkey cannabis real estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the state-wide distribution of these products. This includes verification of zero pesticide products for quality brands via its “7X Pure” Cannabis Verification System, the development, licensing and distribution of legal and high-quality cannabinoid-based products and services and the creation of the high-quality “Estrella Weedery” brand. LiveWire Ergogenics does not produce, sell or distribute products that are in violation of the United States Controlled Substance Act. For more information, please visit: LiveWireErgogenics.com.

NOTE TO INVESTORS: The latest news and updates relating to LVVV are available in the company’s newsroom at http://cnw.fm/LVVV

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420 with CNW – Key Congressional Committee Passes Marijuana Legalization Bill

On Wednesday, a key Congressional committee passed legislation that would decriminalize and tax marijuana as well as expunging federal marijuana convictions. However, to become law, it has to be approved by the full House and the Republican-controlled Senate. The House Judiciary Committee passed the bill by a vote of 24 to 10.

The bill is known as the Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019 and was introduced by Rep. Jerrold Nadler (D-NY) and co-sponsored by more than 50 legislators. The legislation has the following provisions:

Remove weed from Schedule 1 of the Controlled Substance Act, which includes drugs such as heroin, fentanyl, and ecstasy.
Allow states to create their own marijuana policies, decriminalize low-level marijuana felonies, and seal the record for past federal convictions.
Create a Cannabis Justice Office that would impose a 5% tax on legal marijuana sales to fund job training, legal aid, and help people who are negatively affected by marijuana prohibition.

In a statement, Nadler said that the MORE Act has been long overdue. He further said that rather than handling marijuana as an issue of personal choice and public health, the government has been taking it as a criminal justice problem. Nadler asserted that it is unwise and unjust to federally arrest, prosecute and incarcerate people for using recreational or medical marijuana.

The Pew Research Center conducted a survey in November 2019 which revealed that more than two-thirds of American adults support the legalization of medical and adult-use marijuana. However, only 8% said that marijuana should remain illegal in all forms.

According to the National Conference of State Legislatures, currently, in the U.S., medical and recreational marijuana is legal in eleven states, including the District of Columbia, while medical marijuana is legal in 33 states.

Although the public is in favor of the bill, the majority of the Republicans are still on the fence about pursuing marijuana legalization.

On Wednesday, Colorado Republican and Committee member, Ken Buck said he is doubtful the Republicans will back this bill. He is almost sure that the Senate will not even consider it. Buck’s suggestion for the House is to deal with other measures that would get bipartisan support.

All 2020 presidential candidates, except the former Vice President Joe Biden, are in favor of marijuana legalization. Biden openly opposed marijuana legalization during the primary debates on Wednesday saying that more scientific research is needed to prove that it is not a “gateway drug.” Although the Centers for Disease Control agree with the need for further studies, the organization also noted that people who use weed do not proceed to use other hard drugs.

One can only imagine that marijuana companies like LiveWire Ergogenics Inc. (OTC: LVVV) and No Borders Inc. (OTC: NBDR) will only celebrate once the MORE Act is approved by Senate and signed into law by the President.

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CannabisNewsBreaks – LiveWire Ergogenics Inc. (LVVV) Announces Financial Report for Q3 2019

LiveWire Ergogenics (OTC: LVVV), a health and wellness company with a focus on special purpose real estate acquisitions and the licensing and management of high-end and permitted facilities for the production of cannabis-based products and services in California, today released its financial results for the third quarter of 2019. ”The cannabis market is ever-changing and complex. While a flood of investment has entered the market over the last two years based on overly optimistic projections, questionable market analysis and unproven business models, these expectations are now being hit by the reality of a still unconventional business, complicated by the typical growing pains of a rapidly emerging new industry,” LiveWire CEO Bill Hodson said in the news release. “With the industry now set to explode, companies must begin scrutinizing their operations for inefficiencies and evaluate what works and what doesn’t. In other words, “doing it right”; a principle that LiveWire has been trying to follow strictly for the last two years, supporting the momentum of this new and promising industry, which according to some industry experts is expected to reach $80 Billion by 2030.”

To view the full press release, visit http://cnw.fm/0qRYQ

About LiveWire Ergogenics Inc.

LiveWire Ergogenics, Inc. (LVVV) specializes in identifying and monetizing current and future trends in the human and veterinarian health and wellness industry. The company is focused on acquiring, managing and licensing specialized “closed loop” turnkey cannabis real estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the state-wide distribution of these products. This includes verification of zero pesticide products for quality brands via its “7X Pure” Cannabis Verification System, the development, licensing and distribution of legal, high-quality cannabinoid-based products and services, and the creation of the high-quality “Estrella Weedery” brand. LiveWire Ergogenics does not produce, sell or distribute products that are in violation of the United States Controlled Substance Act. For more information, visit the company’s website at www.LiveWireErgogenics.com.

NOTE TO INVESTORS: The latest news and updates relating to LVVV are available in the company’s newsroom at http://cnw.fm/LVVV

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CannabisNewsBreaks – LiveWire Ergogenics Inc. (LVVV) Transforming Historic Paso Robles Ranch Property Into High-End Cannabis Facility & Wellness Retreat

LiveWire Ergogenics (OTC: LVVV), a forward-thinking company engaged in the acquisition, licensing and management of fully compliant turnkey facilities for the production of cannabis-based products and services in California, purchased an historic Paso Robles ranch property earlier this year (http://cnw.fm/QljG1). An article discussing the company reads, “Located in the heart of California wine country, the 265-acre property was once owned by George R. Hearst, the eldest grandson of the late William Randolph Hearst. In addition to eventually hosting LVVV’s essential cannabis cultivation and manufacturing facilities, plans for the property include transforming it into the world’s first estate-grown weedery. When complete, the ranch will be one of the largest, vertically integrated, high-end cannabis facilities and wellness retreats in California. . . . ‘This is by far the most significant milestone in our company’s development and possibly the most significant real-estate acquisition in the entire California cannabis industry,’ said LiveWire CEO Bill Hodson. ‘We are developing it into the center piece of our business model with the goal to establish a shining example for the entire cannabis industry and Estrella Ranch-branded products, soon to be recognized as one of the finest in California.’

To view the full article, visit http://cnw.fm/jrv4A

About LiveWire Ergogenics Inc.

LiveWire Ergogenics specializes in identifying and monetizing current and future trends in the human and veterinarian health and wellness industry. The company is focused on acquiring, managing and licensing specialized, closed-loop cannabis real-estate locations of fully compliant and permitted turnkey facilities that produce cannabis-based products and services in California. This includes verification of zero-pesticide products for quality brands via its 7X Pure Cannabis Verification System, and the development, licensing and distribution of legal, high-quality, cannabinoid-based products and services. LiveWire Ergogenics does not sell or distribute products that are in violation of the United States Controlled Substance Act. For more information, visit the company’s website at www.LiveWireErgogenics.com.

NOTE TO INVESTORS: The latest news and updates relating to LVVV are available in the company’s newsroom at http://cnw.fm/LVVV

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CBDNewsBreaks – LiveWire Ergogenics Inc. (LVVV) Establishes Research Team to Study CBD-Based Treatments for High-Performance Horses

LiveWire Ergogenics (OTC: LVVV), a forward-thinking company specializing in identifying and monetizing current and future trends in the health and wellness industry, has formed a dedicated research team to explore the efficacy of CBD for the treatment of specific ailments in high-performance horses. An article discussing the company reads, “The soon-to-commence research project will explore the potential application of CBD for high-performance horses in the hunter/jumper and dressage sectors. The research will target ‘the use, efficacy, safety and future of CBD’ for treating equine joint inflammation, anxiety, gastronomical disorders and pain as well as supporting general well-being (http://cnw.fm/4BOz3). Its motive is to ‘accelerate the advancement of the medical knowledge in the field, support the continuing effort for further legalization and eventually provide credible and high-quality applications that will benefit the entire equestrian field,’ the company’s news release states.”

To view the full article, visit http://cnw.fm/6i1dE

About LiveWire Ergogenics Inc.

LiveWire Ergogenics Inc. (LVVV) specializes in identifying and monetizing current and future trends in the human and veterinarian health and wellness industry. The company is focused on acquiring, managing and licensing specialized closed-loop turnkey, cannabis, real-estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the statewide distribution of these products. This includes verification of zero-pesticide products for quality brands via its 7X Pure Cannabis Verification System, and the development, licensing and distribution of legal, high-quality, cannabinoid-based products and services. LiveWire Ergogenics does not sell or distribute products that are in violation of the United States Controlled Substance Act. For more information, visit the company’s website at www.LiveWireErgogenics.com.

NOTE TO INVESTORS: The latest news and updates relating to LVVV are available in the company’s newsroom at http://cnw.fm/LVVV

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420 with CNW – Poll Shows Americans Still View Marijuana as Safer Than Alcohol and Electronic Cigarettes

A new poll released on Tuesday by POLITICO and Harvard’s T.H. Chan School of Public Health shows that the majority of Americans believe that alcohol and tobacco are more harmful than marijuana.

Only 1 in every 5 Americans believes marijuana to be harmful to its consumers while 2 in 5 Americans believe alcohol is detrimental to its users. 52% of Americans consider cigarettes to be very dangerous, while 80% say that tobacco is very harmful.

Robert Blendon, the Harvard professor for health policy and political analysis who conducted the poll of 1007 Americans, said that in the past decade, people were being jailed for marijuana, but today, they are saying marijuana is not harmful.

Since the 2012 ballot referendum authorizing recreational marijuana in Colorado and Washington, marijuana legalization is rapidly being adopted by different states across the U.S. Currently there are 33 states in the U.S. that have legalized the use marijuana medically or recreationally. However, marijuana is still categorized as an illegal drug at the federal level.

The poll shows that despite the outbreak of the vaping-related lung illnesses which left 37people dead, people’s perception of marijuana was not affected. THC was present in the vaping products linked with the lung ailments. THC is a compound of cannabis that gives the high effect. According to the survey, some of the vaping products were purchased from the black market, and only a few of the products were purchased through legal channels.

The poll was conducted in October, a month after the outbreak of the vaping related lung illnesses. Blendon said that people have termed vaping as very dangerous, but the same is not true for cannabis.

During the poll, almost half the participants did not know what CBD is. Among the 8% of the adult participants familiar with the product, 5% said that the product is very harmful. Most of those familiar with CBD said that the federal government should not interfere with the product. And half of those said that the Food and Drug Administration should oversee the safety of products infused with CBD.

Fifty-five percent of those familiar with CBD said they would buy CBD over the counter regardless of whether those products passed or failed clinical trials. And, 3 out of 5 Americans said that they would still use their favorite products, even after the FDA confirms that it does not fulfill its intended purpose.

Blendon said that people do not perceive CBD as harmful; so, the FDA regulations of this cannabinoid should not be stringent.

Federal legalization of marijuana is supported by 67% of the Democrats, 69% of the independents, and 45% of the Republicans, which translates to 62 percent of all Americans. This is a marked increase from 44% in 2009, said Blendon.

Analysts believe that it is opinion poll findings like these which make marijuana companies, such as LiveWire Ergogenics Inc. (OTC: LVVV) and VIVO Cannabis Inc. (TSX.V: VIVO) (OTCQX: VVCIF), to wonder why the federal government is so out of touch with the sentiments of the citizens.

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