420 with CNW – Research Shows Cannabis Could Be a Potent Antibacterial

As the novel Coronavirus tears through most continents on the planet, one thing that’s become increasingly clear is that we have dropped the ball on hygiene. The disease is transmitted through droplets expelled from an infected person due to coughing or sneezing, and just a few months since it first appeared in Asia, it has caused quite some damage. More than 400,000 have been infected, and governments are imploring residents to practice social distancing coupled with constant and thorough hand washing to curb its spread.

The World Health Organization (WHO) recently announced that antibiotic-resistant bacteria may claim over 50 million lives by 2050, and this brings into question the availability and viability of alternative antibacterial options like cannabis.

Although the plant is still illegal at the federal level, there have been several studies into its medical capabilities. It produces a group of unique chemicals called cannabinoids, and they hold most of its medical potential. The most prevalent ones are THC, the psychoactive chemical responsible for marijuana’s high and cannabidiol (CBD), which is probably the most medically potent cannabinoid we know of at the moment.

Previous studies have found cannabis to be especially good at clearing bacteria, with a January 2020 study published in the Cureus Journal finding that it cleaned plaque better than over the counter hygiene products.

“Cannabinoids have the potential to be used as an effective antibacterial agent against dental plaque-associated bacteria. Moreover, it provides a safer alternative to synthetic antibiotics to reduce the development of drug resistance,” the researchers wrote.

Another study by the University of Queensland’s Institute for Molecular Bioscience’s Center for Superbug Solutions in Australia into cannabis’ antiseptic properties found that it was not only a potent anti-inflammatory but also has potential as an antibiotic. Researchers concluded that “cannabidiol was remarkably effective at killing a wide range of Gram-positive bacteria, including bacteria that have become resistant to other antibiotics and did not lose effectiveness after extended treatment.”

Brandon Novy, a microbiology researcher at Reed College in Portland also presented a similar CBD focused study that found cannabidiol has the potential to fight gram-negative infections. Given WHO’s prediction of antibiotic-resistant bacteria, he believes these findings warrant more attention.

“Given cannabidiol’s documented anti-inflammatory effects, existing safety data in humans and potential for varied delivery routes, it is a promising new antibiotic worth further investigation. The combination of inherent antimicrobial activity and potential to reduce damage caused by the inflammatory response to infections is particularly effective,” says Dr. Mark Blaskovich, lead researcher of the University of Queensland’s study.

It is widely believed by analysts that industry players like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) aren’t surprised by the research indicating cannabis’ antimicrobial properties, and more is yet to be discovered about this versatile plant.

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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CannabisNewsBreaks – Plus Products Inc.’s (CSE: PLUS) (OTCQX: PLPRF) Distinguished Leadership Team Positions Company for Success

California-based cannabis-products company Plus Products (CSE: PLUS) (OTCQX: PLPRF) is led by a seasoned leadership team that boasts experience in technology, finance and social media. An article discussing the company reads, “The PLUS leadership team spans a wide range of expertise, work experience and industry exposure. After working at Facebook, CEO Jake Heimark co-founded PLUS. Chief strategy officer Craig Heimark lends high-powered finance expertise to the company gained from his experience at UBS and other similar firms. Managing the company’s finances is CFO Jon Paul, who brings more than 25 years of CFO experience to the team. . . . Navigating the constantly changing legal framework is chief risk officer Jennifer Tung, utilizing skills and expertise gained from her time spent at Uber and Facebook. Chief Scientific Officer Ari Mackler brings product knowledge to the company from his role as VP of clinical development at the Wonderful Company, as well as his PhD in neuroendocrinology.”

To view the full article, visit http://cnw.fm/iqu7C

About Plus Products Inc.

PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable — beginning with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, California. For more information, visit the company’s website at www.PlusProducts.com.

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

About CanadianCannabisWire

CanadianCannabisWire (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 – How to Avoid Germs While Consuming Marijuana

One thing the coronavirus pandemic has brought to light is that we could do so much better in terms of hygiene. As we all take precautions to prevent the spread of the virus, germs and any sort of dirt have become enemy number one, with people observing a level of hygiene never seen before. That mindset should also be applied when consuming cannabis.

Now, the medical benefits of cannabis have been discussed in great detail. You get a reprieve from anxiety, insomnia, and chronic pain among a plethora of other conditions, but what many don’t know is that cannabis can get very germy. Moose Labs, a Los Angeles-based cannabis accessories company co-founded by brothers Dan and Jay Rush recently ran a study to quantify just how germy cannabis can get, and the results were quite interesting.

“We found that the average public toilet is cleaner than the average bong that we tested, and that’s horrifyingly disgusting. The average gas station toilet seat has about 900 bacteria per square inch, whereas the average bong has 3,000 bacteria per square inch,” says Jay Rush.

Given the times we’re in, maintaining a high level of hygiene ought to be a priority. Here are a few tips to avoid germs the next time you consume cannabis.

Keep your equipment clean. Pipes, bongs and dab rigs can accumulate an astonishing amount of bacteria, and cleaning them regularly is the best way to prevent this. The most common method is using rubbing alcohol (99% isopropyl) and coarse sea salt, but there are several other methods that work. On top of bacteria, unclean equipment significantly hinders the flavor of your cannabis.

Use smoking accessories, especially if you participate in a lot of communal smoking sessions. The MouthPeace created by Moose Labs, for instance, is a universal smoking accessory that fits into bowls, pipes, and vapes. It acts as a barrier between your mouth and any bacteria on the equipment, and it also filters out the amount of dirt and residue going into your lungs. With accessories like these, you’ll be able to take part in a communal session with little worry about germs.

Be proactive. Prevention is better than cure every time, so limiting your germs intake should be your first priority. Moose Labs offered 200 participants free hits from a dab rig, and they found that only 5% of the participants used the free alcohol wipes offered to cleanse the piece before smoking. Being mindful of how many people have taken a hit before you will show you the level of precaution you need to take, whether it’s wiping down the piece or whipping out a smoking accessory.

You could also lightly run a flame over the piece but Moose Labs found that it wasn’t as effective as rubbing alcohol. “We tested a lighter pass and T-shirt wipe and both of them reduced bacteria, but not to a sanitary level, more like from 1,800 to 1,100 bacteria per square inch.”

This information regarding how important hygiene should be among cannabis consumers is likely to be very helpful to industry players like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) who would like to do everything they can to ensure that their customers are safe while using cannabis products.

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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CannabisNewsBreaks – Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) Releases Shareholder Letter Discussing COVID-19 and Strategic Changes

Plus Products (CSE: PLUS) (OTCQX: PLPRF), a leading branded cannabis products company based in California, today released a letter from its Co-founder and CEO, Jake Heimark, discussing the COVID-19 pandemic and recent company developments. “We do not know how COVID-19 will affect our business, but we believe that we are well prepared to respond to this crisis. For our company’s full response and real-time updates on the actions we are taking to respond to this crisis, please visit PlusProductsInc.com/coronavirus,” Heimark stated in the letter. “PLUS continues to have a strong foundation as a leader in the California cannabis market. We have set three critical objectives as a Company over the next four quarters: 1) to ensure the safety and health of our employees and customers, 2) to continue to establish ourselves as a clear, long-term leader in the California edibles space and 3) to become a cash-flow positive business.”

To view the full press release, visit http://cnw.fm/v1xDs

About Plus Products Inc.

PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable — beginning with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, California. For more information, visit the company’s website at www.PlusProducts.com.

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

About CanadianCannabisWire

CanadianCannabisWire (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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CannabisNewsBreaks – Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) Broadening Portfolio to Reach New Demographics

Plus Products (CSE: PLUS) (OTCQX: PLPRF), a cannabis and hemp-branded products company in California, recently reported plans to increase its brand portfolio in Q1 2020 to target consumers beyond its main demographic (http://cnw.fm/7AcMk). An article further discussing the company’s growth plan reads, “According to the company’s investor presentation, PLUS expects to release two new lines this year: one falling in the get-high, have-fun space and one falling in the wellness/relief category. Specific details are still to come, but PLUS has built a reputation for producing superior products that become top sellers within months of release.”

To view the full article, visit http://cnw.fm/JwcY1

About Plus Products Inc.

PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable — beginning with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, California. For more information, visit the company’s website at www.PlusProducts.com.

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

About CanadianCannabisWire

CanadianCannabisWire (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 – 5 Successful People You Didn’t Know Consumed Marijuana

People have often assumed that marijuana consumers are lazy people with no future goals, and whose brain cells are slowly deteriorating. However, the reality is entirely the opposite, because while marijuana helps you relax when you are tired, you will find that some of the most famous and successful people in the world consume marijuana and this doesn’t detract from their productivity.

DBS Analytics is a market research company, and recently they conducted a study which revealed that 20% of marijuana consumers in California and Colorado graduated with a master’s degree and that their annual income is higher than those who do not consume marijuana ($93,800 to $70,000). Compared to people who do not consume marijuana, cannabis consumers were found to be more social, prone to volunteering, and are more responsible.

People should therefore be glad that they can easily purchase marijuana in Los Angeles, Denver, or Las Vegas. Discussed below are some of the most successful people who consume marijuana, and you did know they did.

Elon Musk

Elon Musk smoked a joint during a webcast hosted by Joe Rogan in 2018, and it created a storm. Some people said that he was out of line, while others claimed it to be a new trend, but Musk did not comment on the issue. Later this year, some cargo will be sent to space to see whether the cosmic journey has any effect on the plants, and he plans on including hemp and coffee.

Carl Sagan

He is a well-known astronomer and cosmologist who is famous for the science and assembling of the first physical messages to be sent into space. Sagan was a cannabis consumer and an advocate for its legalization, as well as the benefit it brings. He believed that marijuana could have a positive impact on our brains, so he was outspoken about weed until he died in 1996.

Whoopi Goldberg

She is probably one of the most outspoken and prominent voices advocating for marijuana. Goldberg is well known for her love of vape pens as she wrote a love letter praising the benefit of using weed. She is a comedy legend, businesswoman, a co-founder of a marijuana brand known as Om Edibles alongside Maya Elisabeth. They both focus on how to help women manage their menstrual pains using marijuana.

Richard Branson

Branson is a British activist, philanthropist, and business guru. He is the founder of Virgin, which currently controls over 400 companies around the globe. Branson is also a member of the Global Drug Commission, and he actively voices the benefits of marijuana. He also advocates for parents to smoke weed with their children, claiming that it is better than leaving them to explore the world of marijuana on their own.

Martha Stewart

Stewart is a businesswoman, writer, and TV personality. She is the role model of the perfect housewife, but also a strong and independent woman. Stewart has experimented with marijuana products for their health and beauty benefits. She is collaborating with a marijuana company to develop a series of animal, food, and cosmetic products which are cannabis-based.

This list is quite impressive since the people above are role models to many. And with all the growing support for marijuana legalization, the assumption that every marijuana consumer is a lazy person with no future is finally dwindling. Experts say this is exactly what cannabis companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) mean when they assert that the misconceptions about pot can only be peeled away by exposing the truth about marijuana use and its benefits.

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 – Canadian Survey Shows Teen Marijuana Use Has Dropped After Legalization

Although politicians keep issuing warnings about the consumption of marijuana amongst teenagers, surveys show that marijuana consumption among teenagers is dwindling after the recreational legalization of cannabis.

In February, Statistics Canada’s findings showed that marijuana consumption has significantly dropped in adolescents aged 15-17 years by about ten percent, a year after the country legalized adult-use marijuana.  And in the U.S., the state of Denver also has similar results.

In a survey carried out in 2019 involving 537 teenagers, Denver City officials were statistically measuring how their High Costs campaign, which is focused on educating the youth about marijuana, has affected marijuana consumption among the young adults. The survey findings revealed that 81% of teenagers in Denver between the age of 13-17 do not use marijuana. And only 18% of the male generation in that age bracket said that they were using cannabis, which is a decrease from the previous year’s findings, 27%.

The executive director of Denver Excise and Licenses, Ashley Kilroy, said that other cities and states turned to Denver to learn how to regulate marijuana after Denver successfully became the first major city to legalize retail marijuana. Kilroy has been responsible for overseeing marijuana regulation in Denver since 2014.

As we near the election day, marijuana legalization has become a hot topic of discussion, and during last week’s Democratic Presidential debate, marijuana legalization took center stage. The issue of teenagers having free access to marijuana and damaging their brain has been a bone of contention at both the state and federal level. Mike Bloomberg, the former Mayor of New York, said that the reason he is opposed to removing marijuana from the Controlled Substances Act is due to the damage it can inflict on the young.

Bloomberg further said that people should listen to doctors and scientists when they say to go slowly on marijuana since there is not enough research or evidence. He noted that it is nonsensical to move ahead with legalization when we do not know the science of cannabis.

A study conducted in Canada showed that adolescents who developed cannabis use disorder (CUD) later in life had increased levels of a brain protein which is connected to Alzheimer’s disease, depression, and neural inflammation. It was also found that consumption of marijuana among young people could lead to decreased cognitive function and that it could be worse than alcohol for young people’s brains.

JAMA Pediatrics published a study that showed that marijuana legalization might discourage teen marijuana consumption. The latest data released by Denver shows that 57% of the teens said that they had not used marijuana before, and 24% said that they have tried cannabis before but are not currently using weed.

Kilroy said that he is hoping that their effort to educate the youth to wait until they are above 21 can be an example that other states across the U.S. should adopt. Use facts instead of scare tactics to educate the youth about marijuana, he adds.

Industry watchers believe that cannabis companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) fully support the approach of being upfront when talking to kids about marijuana since those kids can tell what is true and what isn’t by using the internet.

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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CannabisNewsBreaks – Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) Builds on Strong Cannabis Brand Foundation to Expand into New Markets

Plus Products (CSE: PLUS) (OTCQX: PLPRF), a cannabis and hemp-branded products company in California, has built a brand in the largest competitive market, setting itself up for expansion into new markets. An article discussing the company reads, “From day one, Plus Products’ strategy for growth was to build a brand and product in the largest competitive market and achieve success before moving to new markets. After six quarters with a product sitting at California’s top spot, PLUS has proven to the consumer its commitment to superior products. PLUS Uplift sour watermelon gummy was the best-selling cannabis product in California, and PLUS was the largest infused-gummy brand over that time period. However, the company has eyes to further prove itself to a larger market. Looking forward, the company has set its sights on becoming the world’s strongest cannabis brand portfolio (http://cnw.fm/4OMxT). . . . With that goal in mind and with its products available in over 300 licensed retailers across California, PLUS made its move. In Q3 2019, the company unveiled a website featuring a new product line of 100% hemp, CBD-infused gummies that are available online in more than 40 states, and in Q4 2019, PLUS launched its best-selling product line in Nevada.”

To view the full article, visit http://cnw.fm/TMt8n

About Plus Products Inc.

PLUS is a hemp and cannabis food company focused on using nature to bring balance to consumers’ lives. PLUS’s mission is to make cannabis safe and approachable — beginning with high-quality products that deliver consistent consumer experiences. PLUS is headquartered in San Mateo, California. For more information, visit the company’s website at www.PlusProducts.com.

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

About CanadianCannabisWire

CanadianCannabisWire (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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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420 with CNW – What Pot Companies Can Learn from Federal Hemp Legalization

The National legalization of hemp under the 2018 Farm Bill provides marijuana business with essential lessons to use when preparing for a highly analyzed, commodity-driven industry. The lessons would especially be valuable to small companies that are well managed.

The co-founder and president of the American Trade Association for Marijuana and Hemp, Michael Bronstein, said that although hemp and marijuana are different industries, marijuana can learn some few things from the national rollout of hemp.

Experts advise companies to anticipate changes in the marijuana industry, even if it takes a few more years before marijuana can be legalized at the federal level. The companies should become more professional in their operations by adopting standards from other industries that are highly regulated.

Bronstein said that companies, whether they are specializing in the production of CBD, THC, or both, should adopt best practices and participate responsibly in the industry.

The co-founder of Canna Advisors Diane Czarkowski said that companies should expect constant changes as well as more regulations in the industry. Canna Advisors is based in Colorado and offers several consulting services to marijuana and hemp companies.

Discussed below are some of the lessons marijuana companies should learn from the national legalization of hemp:

  1. It will take a while to develop federal rules

After the enactment of federal reforms on marijuana law, there is a possibility that cannabis policy development will drag. The chief of the National Hemp Association in Washington DC, Geoff Whaling, said that it is going to take years before hemp policies are implemented.

The USDA took 11 months to finalize interim final rules for hemp, and it continues working on them. And more months had to elapse before financial institutions could accept to serve the hemp industry.

  1. Expect federal and state oversight

After the federal legalization of marijuana, there would be a lot of scrutiny from several federal agencies such as USDA, FDA, and DEA. Therefore, marijuana companies should be prepared on how to deal with the regulations, how to implement them, and their impact on their businesses.

Bronstein said that his trade group is collaborating with state regulators in the development of standard testing, devices and appliances, transport, quality management, security, and track and trace systems. These will come in handy after the federal legalization of marijuana.

Companies should also anticipate inter-state marijuana businesses.

  1. Prepare for green rush 2.0

In the U.S., the pot sector has already experienced a ‘green rush,’ and another rush might happen after cannabis is legalized federally.

The executive director of the U.S. Hemp Growers Association, Caren Wilcox, said that in January 2019, the hemp industry experienced a rush where every farmer wanted to plant hemp. If this happens in the marijuana industry, only farmers with strong skills and are savvy in business would survive and thrive.

  1. Prices to fall as marijuana becomes a commodity

According to a senior attorney at McAllister Garfield, David Wunderlich, after commoditization of marijuana, cannabis companies should expect a drop in the price of retail and wholesale pot. The law firm specializes in hemp and marijuana law.

Wunderlich noted that since hemp was legalized, the price per kg has dropped to $1,000-$1,500 from $6,000-$7,000.

Industry experts have predicted that marijuana will become more of a commodity after it is federally legalized.

Wunderlich further said that marijuana companies should include several assumptions in their models and not assume that after legalization, the prices will remain constant and overinvest.

He also noted that a drop in prices affects the supply chain, which may result in a breach of contract, and delays in delivery.

According to experts, these are serious concerns that cannabis companies like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) may be thinking about since only the companies that can quickly adapt to the evolving landscape will survive the initial surge of players once pot is legalized federally in the U.S.

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 – First Month of Illinois Recreational Pot Sales Earn the State $10M in Taxes

The first month of legal recreational marijuana sales in Illinois raked in more than $10 million in sales tax.

The Department of Revenue in Illinois said that the legal sales were so strong such that they expect to surpass their original and conservative estimate for the first half year of sales. They are optimistic that they are going to collect more than $28 million from taxes on marijuana sales within the first six months of adult-use marijuana sales.  Despite the shortages that plagued the state during the first month of legal sales, the state said that the retailers sold $40 million in cannabis.

According to the state, $7.3 million was collected from weed-specific taxes, while $3.1 million was collected in standard fees, which is also charged on marijuana sales.

During the financial year 2021, which starts on July 1, the state expects to collect $127 million in marijuana taxes. And, it will be the first full year of legal adult-use marijuana sales within the state.

Different types of taxes are imposed on marijuana sales. For example, 10% to 25% is imposed at the retail point of purchase, and this varies depending on the THC concentration in the product. The consumers bear the tax. THC is responsible for inducing the high associated with pot. The state also charges 7% tax on the cultivators at the point of sale to retailers.

During the first month of marijuana sale in Illinois, consumers were paying approximately 27% in combined sales taxes on retail purchases.

The state would also start collecting taxes on behalf of the cities and counties from July 1, and they are allowed to charge a 3% tax on all marijuana sales. According to the Tax Foundation, Illinois’ overall tax rate would place Illinois taxes below Washington, whose overall tax charge is 37% and above Colorado’s 30%.

Half of the tax revenue earned from marijuana sales will be used in communities that were most affected by drug arrests, violence, poverty, and substance abuse, as well as funding mental health treatment. The remaining tax proceeds will be divided between the state’s general revenue fund and local governments.

In comparison, Michigan launched the sale of legal adult-use marijuana on December 1 and the state sold about $6.5 million worth of weed during the first month. The state expects the industry to multiply as more retail outlets are licensed. According to the Michigan Regulatory Agency, the state collected a little over $1 million in sales and excise fees from its first month of sales.

Experts say that the entire cannabis industry, including sector players like Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF), will be vindicated in their belief that marijuana legalization brings untold economic benefits to states and other jurisdictions where it is permitted.

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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