Todd Maisch, the CEO and president of the Chamber of Commerce in Illinois, says the total sales of marijuana in the state may easily surpass the $1 billion mark this year, and the monthly figures seem to suggest that the milestone is possible. For example, data collected in March shows that recreational marijuana sales totaled $110 million, and the year is just approaching the halfway mark.

One factor that Maisch identifies as helping cannabis sales to hit those high numbers is the lack of legal marijuana programs in states neighboring Illinois. He says when Colorado and Washington launched their programs, out-of-state buyers contributed significantly to the success of the legal cannabis markets in those two states, and a similar pattern may be playing out in Illinois.

Already, taxes from recreational marijuana sales in Illinois have dwarfed those from the sale of alcohol, and so the Chamber of Commerce CEO feels justified in projecting that total sales for this year could exceed a billion dollars.

However, Maisch believes that some factors may derail this trend of record-breaking recreational marijuana sales. The first factor he mentions is taxes. If the state raises cannabis taxes to prohibitive levels as was the case with tobacco products, buyers may resort to sourcing their marijuana from illicit market players, which could hurt the legal side of the industry.

The second factor that could put the brakes on the growth of Illinois’ recreational cannabis sector is the legalization of the substance in the surrounding states. Once that happens, buyers from across state lines will dwindle, unless the programs in those nearby states levy taxes that make Illinois’ cannabis more affordable for people along the borders.

Maisch observes that not everything is rosy with regard to the explosive growth seen in the recreational cannabis market of the state. For instance, he points out that all individuals who choose to consume marijuana are potentially making themselves ineligible for jobs where safety is paramount, such as operators of heavy machinery and job opportunities linked to federal government agencies. He says it may be easy to keep tabs on the taxes the state is generating, but it may not be easy to put a number on how many people fail to get jobs due to failing a pre-employment or random drug test at their places of work.

Nevertheless, those concerns seem to pale in comparison to the current benefits that the state of Illinois is reaping since it established a legal market for recreational marijuana.

The success of the cannabis program in Illinois may be considered at as a broad pointer of what could be happening in other jurisdictions where companies such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) operate.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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

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A wave of cannabis reform is sweeping across America, and the country’s most conservative states are taking notice. At the moment, more than 30 states allow medical cannabis use for patients with qualifying conditions, and there are several more medical cannabis bills in state legislatures. Studies have found the controversial plant to be capable of treating conditions such as anxiety, chronic pain and epilepsy, and a majority of Americans are behind medical cannabis use.

Conservative states have been slow to adopt cannabis reform, with most of them outlawing recreational cannabis and launching some of the strictest medical cannabis programs in the country. Still, there has been an influx of medical cannabis bills in Republican-controlled states, and advocates are hoping even the most conservative states will eventually see the potential of cannabis.

North Carolina’s medical marijuana program has the support of Republican Sen. Bill Rabon, who is also the chair of the Rules Committee in the state senate. The program would see patients suffering from debilitating medical ailments such as glaucoma, epilepsy, and cancer gain access to medical marijuana. According to the founder of NC Cann (a legalization advocacy group) Garrett Perdue, Rabon’s backing affords the legislation ‘decent chances’ of making it past the Senate wall.

The Alabama House recently passed the medical cannabis bill with a 68 to 34 vote. The bill had initially been passed by the Senate in February before heading to the governor’s desk. While Republican Gov. Kay Ivey already passed other fairly limited medical marijuana bills in the state’s past, it is unclear whether she supports broad cannabis legalization.

Kansas probably won’t pass a medical marijuana bill this year despite having a Democratic governor who is a vocal supporter of legalizing medical cannabis. Although the Kansas House passed a draft bill to make medical marijuana legal by a 78 to 42 vote, the bill didn’t go past the state Senate. Still, the Senate has referred the bill to committee and plans to pick it up next January, so all hope is not lost.

Texas, which is home to a limited medical cannabis program, recently approved a bill to expand the state’s program. The bill was sponsored by Republican Rep. Stephanie Klick, and it will expand Texas’ list of eligible conditions from intractable epilepsy to include autism, PTSD and multiple sclerosis (“MS”). It would also raise the maximum THC limit from 0.5% to 5%.

Minnesota is also on track to expand its relatively limited medical cannabis program. This would include an end to the prohibition of cannabis flower products, which cannabis reform supporters say has made medical cannabis too expensive and reduced enrollment in the state’s medical cannabis program.

As these conservative states enact cannabis laws, a time may come when national policies will be eased thereby creating uniform laws which sector players such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) can analyze as companies ponder how to make their entry into the U.S. market.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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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Anyone who consumed cannabis in the ‘80s and ‘90s knows that these days, the compound is much stronger. The controversial plant is now allowed in several countries around the world with more than 40 states in America legalizing it in different ways. As the relatively young state-legal cannabis industry grows and matures, some have raised questions about marijuana’s increasing potency and the effects it may have on developing brains.

THC is the main cannabinoid responsible for cannabis’s intoxicating effects, and as cannabis companies develop more potent products, lawmakers across the country have started talking about potency caps. However, these lawmakers have faced plenty of pushback as the industry is now worth billions of dollars, with most projections predicting continuous growth. For instance, the executive director of Colorado’s Marijuana Industry Group Truman Bradley says potency limits are a “nonstarter,” although he does say that businesses in the cannabis space are open to conversation.

The human brain typically continues developing until a person turns 25, and studies have shown that chronic cannabis use can hamper this process. Potency caps are designed to keep highly potent products away from the hands of children and young adults. Colorado House Speaker Alec Garnett says high-potency products are becoming a problem and lawmakers need to tighten cannabis laws to protect young ones. Parents in Colorado are becoming increasingly worried about high THC products as well, with the left-leaning group Bule Rising Together adding THC potency caps on its agenda.

Additionally, chair and co-chair of the Senate Caucus on International Narcotics Control Senators John Cornyn and Dianne Feinstein issued a report that, among other things, argued for THC caps.

Still, cannabis industry advocates say potency caps are no different from the “reefer madness” of the yesteryears. Dodgy science coupled with irrational fears are the primary drivers behind the debate for THC potency caps, they argue, and cannabis should be treated like any other drug, including alcohol and tobacco. If lawmakers are successful in putting potency caps on marijuana products, advocates predict that people will simply turn to the black market to purchase the compound.

Mentioning the 2019 vaping crisis, which was largely caused by illegal and low-quality THC vaping products, National Cannabis Industry Association’s spokesperson Morgan Fox cautions against forcing customers to go underground for the highly potent cannabis products they’ve become accustomed to.

With more states opting to allow recreational cannabis, the debate surrounding the need for THC potency caps will rage on even stronger. Only time will tell which side comes out on top.

As that debate rages on, a number of companies that operate in the cannabis extracts space, including Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), will continue to abide by any regulations that are set up to regulate the cannabis sector.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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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Nonprofits in the state of California are receiving a funding boost from a surprising source — the sale of marijuana. For the past couple of years, California has allocated some of the taxes and fees collected from cannabis businesses to a grant program targeting community-based organizations serving populations that have taken the brunt of the failed war on drugs.

At the moment, almost $100 million has so far been awarded as grants to nonprofits, and this funding is expected to reach $175 million by May.

A typical example of the beneficiaries of this funding is Fathers & Families of San Joaquin. This small community-based nonprofit serves young people as well as adults who have been incarcerated and released. The organization was the recipient of $1 million in 2019 from the state’s grant program. The nonprofit trains ex-convicts to become peer counselors on matters of substance abuse. These counselors are then sent out to talk to inmates in correctional facilities.

Samuel Nunez, the executive director of Fathers & Families, says that most of the problems his teams address can be traced to the futile war on drugs. He recalls how he was terrified as a child when the police would come and knock down the front door of his home. This overzealous policing wasn’t unique to his home, he says. Instead, it was common throughout the entire neighborhood, and it traumatized residents.

The grant program has especially been helpful to the smaller nonprofits that are close to these disproportionately affected communities. Many of these organizations gratefully admit that the grants funded by marijuana taxes and fees are the biggest funding that they have ever received, and such funding has allowed the nonprofits to confidently plan operations in the coming years.

A clear example of this game-changing effect is the nonprofit Painted Brain. The organization was the beneficiary of a grant of $900,000 over three years. This funding has allowed the group to expand its job training and placement, art programs, and mental health outreach services to people who suffer from mental health conditions.

However, this grant program has also come with a big challenge for a number of the nonprofits targeted. Many have found it difficult to wrap their minds around having to accept “marijuana money” in their fight against the use of marijuana.

The pragmatic ones have ended up reasoning that it is better for them to accept the funding and use those resources to educate young people about the dangers of using marijuana rather than waiting to deal with the problem after it has occurred. To these organizations, the dollars are coming from Californians to support Californians.

As cannabis sector players such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) grow and become more established, so will its beneficial impact upon the communities where it operate grow regardless of the jurisdiction where they are based.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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Although the state-legal cannabis industry is insanely lucrative, cannabis businesses have a lot stacked against them. From lack of access to banking services to being banned from advertising on most channels, companies in the cannabis space have to take great care not to run afoul of the countless laws that govern legal cannabis markets. In California, marijuana businesses were dealt a major blow last November after a court ruled that they weren’t allowed to advertise on billboards along all interstate and state highways crossing the state’s border.

Judge Ginger Garrett of the San Luis Obispo County Superior Court made the ruling, relying on language in Proposition 64, the 2016 ballot measure that asked Californians if the state should legalize recreational cannabis. The legislation also established a regulatory framework for the state’s recreational cannabis industry, including restrictions against advertising or marketing cannabis products.

For instance, recreational marijuana establishments cannot advertise within 1,000 feet of a school, playground or any other environment with children. In addition, they cannot use imagery such as toys or inflatables that appeal to children, and they aren’t allowed to use influencers who are younger than 21 to advertise and market their products.

In her ruling, Garrett said that the Bureau of Cannabis Control (“BCC”), which is in charge of regulating California’s cannabis market, did not have the authority to limit the advertising ban to only a 15-mile radius of the state’s borders. The agency should have instead prohibited cannabis businesses from placing any marijuana ads on all state and interstate highways that cross California’s border. In mid-January, Garrett ordered the BCC to notify all licensed cannabis businesses in the state about these advertising restrictions.

The Bureau of Cannabis Control has since then been working to rid the more than 4,300 miles of highways traversing the state’s 1,900-mile border of cannabis ads. According to the BCC’s spokesman Alex Traverso, the agency is currently working with cannabis operators to remove any and all billboards as fast as possible. Mike Berk, owner of Palm Royal Collective, says that although his South California cannabis company has been running ads on billboards for around 18 months, the company is planning to take all ads down.

Industry insider Rob Costello argues that outdoor marketing is crucial for cannabis businesses to capture the consumers’ attention. Costello, who is a chief growth strategist at 10K Advertising in Los Angeles, says outdoor marketing legitimizes the sector in the eyes of the public.

However, Assemblymember Jacqui Irwin, a Democrat who authored one of the most restrictive cannabis proposals in the country, says these cannabis billboards are “clearly advertising” to children and go against Proposition 64.

U.S.-based cannabis companies face many legal challenges. Other companies operate in less restrictive landscapes, such as that in Canada, where players like Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) can cross borders from one province or territory to another. In the United States, federal law prohibits cannabis from crossing state borders.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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The Internal Revenue Service (“IRS”) is a United States government agency that is responsible for collecting taxes and enforcing tax laws contained in the Internal Revenue Code. Below are a few terminologies that the agency uses — and which every cannabis business needs to know.

Tax Deficiency

This is basically the difference between what the IRS has determined is owed to the federal government based off of its records and what a taxpayer reports on their return.

The Audit Technique Guide/Participant Guide

These guides are internally written and published by the IRS and are used to assist agents in auditing businesses. While the Audit Technique Guide is made public for companies and can be used by businesses to help in paying federal taxes, the Participant Guide remains confidential and was published for IRS use only.

The Authorization Form

This form is used by agents of the IRS to request targeted audit programs, commonly referred to as a Compliance Initiative Project. The form, which includes a description of the audit, its scope and its objectives, must be completed by agents and signed by their superiors.

Compliance Initiative Project (“CIP”)

As mentioned above, this is the formal title for a targeted series of audits for noncompliant industries and taxpayer groups. The objective of the targeted audit programs are to find returns when the agency suspects that taxpayers have underpaid their federal taxes.

Since 2010, the Internal Revenue Service has launched at least five CIPs targeting cannabis companies.

• The Internal Revenue Code’s Section 280E: This prevents any company that is engaged in the trafficking of Schedule 1 or 2 controlled substances from obtaining standard business deductions on their federal taxes. As a result of this section, licensed cannabis businesses pay higher taxes when compared to businesses in other industries.
• CHAMP: Refers to a major legal case that focuses on section 280E and its application to state-legal cannabis businesses. The case, “Californians Helping to Alleviate Medical Problems vs. Commissioner,” was closed in 2007 after a ruling was issued, which found that the plaintiff’s caregiving service was separate from the dispensary.
• Olive: This is the shorthand reference for another section 280E legal case, which was decided in 2012. The case, “Olive vs. Commissioner and CHAMP,” along with CHAMPS, are considered to be important legal precedents for how the IRS applies Section 280E of the internal revenue code to cannabis businesses.
• Freedom of Information Act (“FOIA”): This federal law was enacted to ensure government transparency,in 1967. It is commonly referred to using its abbreviation forma: FOIA. The FOIA allows United States citizens to ask for documents from any government agency.

Many U.S.-based cannabis companies may be wondering when changes will be made to the federal laws governing marijuana so that they can enjoy equal treatment by tax authorities in the way companies in Canada, such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), are regarded where cannabis is legal across the country.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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Although West Virginia passed a bill to legalize medical cannabis back in 2017, the state still hasn’t launched a medical marijuana industry. Now it seems like a bill that would have expanded the space to include cannabis edibles has stalled in a state health committee. Bill SB 590, which was introduced by Senators Mike Woelfel, Stephen Baldwin, Shelley Moore Capito, Ron Stollings, and Richard David Lindsay II would have allowed the state’s medical cannabis program to incorporate edibles, but it looks like its chances of moving forward are slim.

On March 24, the Senate overwhelmingly voted in favor of the bill, eliminating language in the state medical cannabis bill that banned medical cannabis edibles. The bill advanced to the House of Delegates and has since been in the House Health and Human Resources Committee, but it has failed to make it to a meeting agenda. During the floor session on April 1, Delegate Mike Pushkin unsuccessfully tried to convince the health committee to discharge the edible medical marijuana bill and forward it to the House Judiciary Committee.

However, Majority Leader Amy Summers tabled his motion. Pushkin had argued that allowing edibles would expand access for medical cannabis patients and provide them with more treatment options. Woelfel, one of the bill’s backers, said he sponsored the legislation because he had friends suffering from cancer who would benefit a great deal from medical marijuana. Senate Majority Leader Tom Takubo is also a doctor, and he says he has seen patients benefit from using medical marijuana.

If the state could find a way to manufacture medical cannabis edibles, patients suffering from conditions such as cancer, MS and chronic pain could have another way of consuming medical cannabis that doesn’t endanger their lungs, he says.

However, the bill has seen plenty of pushback. Although Woelfel insisted that gummies, or anything shaped like fruits, animals or humans that would be attractive to children was off the table, Senator Robert Karnes argued that the restrictions were not limiting enough. Any sugar or chocolate-flavored edible product is sure to attract children, he argues. As long as it is sweet, children will grab the bag and start eating.

On the other hand, Mike Romano said that such fearmongering was the reason why the state still hasn’t moved forward with its medical marijuana sector, despite passing medical cannabis legislation back in 2017. Similarly, Senate Health Committee Chairman Mike Maroney said the fact that the state’s cannabis program isn’t up and running is embarrassing. But with the House Health and Human Resources Committee not meeting again this session, the edible medical cannabis bill is more than likely dead for this session.

It is unfortunate that the medical cannabis program in West Virginia is taking so long to take off while users in other states or countries with enabling laws have a wide array of high-quality products made by a number of manufacturers such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF).

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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Last week, a committee in Nebraska passed legislation to legalize medical cannabis in the state. The bill, sponsored by Senator Anna Wishart, would permit patients living with various conditions that make them eligible for the medical cannabis program to buy and possess up to 2.5 ounces of marijuana from licensed dispensaries in the state. However, it would not permit patients to smoke cannabis.

Members of the Judiciary Committee passed the legislation in a 5 to 2 vote, which allowed them to advance the measure to the legislature for consideration.

Sen. Adam Morfeld and Sen. Wishart have been champions of marijuana reform for quite a while now. Last year, the two senators announced that while this legislation was a fairly limited measure to legalize medical cannabis in the state, they would continue working on putting the question of legalization of adult use marijuana before voters in the state in 2021.

The pair’s campaign, dubbed Nebraskans for Medical Cannabis, is also gathering signatures for a medical marijuana legalization measure that they plan to place on next year’s ballot. This will not be the first time the group attempts this. Last year, the group qualified a proposal to legalize medical cannabis on the 2020 ballot. However, the state’s Supreme Court hindered the proposal’s progression, citing concerns with a single-subject issue.

Steve Lathrop, chair of the Judiciary Committee, voted in favor of the latest medical marijuana legislation, noting that it was a superior vehicle for marijuana reform in comparison with the measure that would be placed on the voter’s ballot.

If reform activists gather enough signatures to qualify either the recreational or medical marijuana measure, they could still face problems at the polls, as mid-terms voting generally has lower turnouts in comparison with presidential elections.

In spite of this, the driving momentum for reform through the voter’s ballot may encourage legislators to pass medical marijuana legislations such as Wishart’s measure for the time being.

However, another hurdle the activists may encounter is Gov. Pete Rickets, who has been vocal about his stance on cannabis reform and seems likely reject any medical marijuana bill that legislators advance to him. For instance, 2020’s Nebraska medical marijuana measure, which was shut down, would have allowed physicians to recommend marijuana to patients who suffer from debilitating medical conditions. The measure would have also allowed those patients to buy, possess and cautiously grow cannabis for personal use.

Cannabis regulatory challenges aren’t present in Nebraska alone. Companies such as Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) have to keep in mind the specific rules in the jurisdictions of their international partners, and tweaking product packaging and other elements often drives up the cost of production. Nonetheless, the companies persevere in the hope that things will get better as more people learn about marijuana.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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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