Over the last couple of years, the stance on marijuana in the United States has shifted, which can be observed by the number of states that have decriminalized and/or legalized the medical and recreational use of marijuana. According to BDS Analytics, marijuana sales in the United States are expected to be $16.2 billion this year, with marijuana beverage sales making up $1 billion of that amount.

According to the National Cannabis Industry Association, only three states in the country lack some form of legal marijuana; those states are Nebraska, Kansas and Idaho. During the November 2020 elections, Arizona and New Jersey approved measures for adult recreational use of marijuana, with New York possibly following suit in the months to come.

A New Frontier Data survey found that while prior studies couldn’t agree on whether marijuana legalization affected alcohol sales, wellness and health have progressively become consumer priorities, with 81% of marijuana consumers claiming that marijuana is safer when compared to alcohol. This may explain why many alcohol companies have been making considerable investments in marijuana, particularly in the industry’s beverage space, and hedging their bets.

A good example of this would be Constellation Brands, which made a 10% investment into Canopy Growth, a cannabis company based in Canada, a few years ago. This move was followed by other big companies in the alcohol industry getting involved in marijuana. For instance, Great North Distributors, a Southern Glazer subsidiary, started distributing marijuana brand Aphria in 2018 while earlier this year, a CBD-infused sparkling water known as Truss was launched by Molson Coors. Additionally, Pabst and Lagunitas, which are both owned by Heineken, have launched beverages that are infused with THC.

The marijuana beverage market is made up of two primary categories: hemp-derived CBD beverages and THC beverages. With cannabis beverages being seen as healthier alternatives to alcohol and marijuana gaining benefits from the shift towards wellness and health, especially now that millennials are consuming less alcohol, Canopy predicts that the market demand for CBD products derived from hemp will be valued at $10 billion by the year 2023, with hemp-derived CBD beverages making up nearly $1.1 billion of that amount.

However, there are still a few issues these companies have to overcome, both with regard to market challenges and legal hurdles. The first is the fact that CBD and THC are not allowed in alcoholic beverages. With a growing number of players in this burgeoning field, many are excited to see what opportunities this field may offer.

One company that is set to benefit from the interest of the alcohol industry in the cannabis sector is Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), whose vast experience and dominance of the extracts segment in Canada puts it in pole position to be the ingredient supplier of choice for alcohol companies venturing into making cannabis-based drinks.

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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America’s state-legal cannabis industry has had quite a run, creating thousands of job opportunities, providing states with millions of dollars in tax revenue, and changing the lives of thousands of individuals with prior cannabis-related offenses. Despite achieving so much in a relatively short time, the sector has a lot stacked against it due to its status as a controlled substance at the federal level. One major challenge the industry has faced so far is lack of access to financial services, as banks and lending institutions shy away from working with cannabis businesses.

According to a Congressman who has been an ardent supporter of cannabis reform, financial institutions may soon be able to work with state-legal cannabis businesses without fear of federal reprisals. The Secure and Fair Enforcement (“SAFE”) Act, which protects banks working with cannabis businesses, was reintroduced in the House and will advance, said co-sponsor Earl Blumenauer during a press call alongside other co-sponsors of the bill.

Lawmakers plan to pass the banking legislation first before they begin working on more comprehensive legalization legislation because lack of banking access has become a public safety crisis, Blumenauer says. With banks staying away from marijuana businesses, those businesses are forced to work on a cash-only basis, making them prime targets for theft and burglary. The coronavirus pandemic added additional risk, placing workers in situations where handling cash may increase their risk of infection. Even though comprehensive cannabis reform will eventually come, the banking issue needs to be addressed as soon as possible, Blumenauer says.

Not everyone was of that opinion, with some advocates arguing back in 2019 that Congress should have focused on comprehensive cannabis reform, specifically social equity, instead of banking. Sherrod Brown, the newly appointed Banking Committee Chair, is of the same school of thought.

He has said that he is willing to hold a hearing on the banking reform legislation on the condition that it is passed together with provisions that aid individuals with prior cannabis-related offenses. Thousands of lives have been ruined by the failed war on drugs, and lawmakers need to figure out how to help everyone in prison because of cannabis-related offenses before he can move on the bill, he says.

It looks like the pro-cannabis reform legislators still have work to reach a measure of consensus regarding which reform issues need to be tackled first by the Democrats who now control both Congress and Senate.

Meanwhile, Canada legalized the cannabis industry years back, and sector players are enjoying the benefits of that legalization. Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), for example, has distinguished itself as the undisputed leader in the extracts segment, which is worth $2.7 billion every year in Canada.

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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Despite being relatively young, the state-legal cannabis industry in the United States has made plenty of strides in just a couple of years. The industry is incredibly lucrative, earning millions in tax revenue at a time when state coffers are running dry, and creating thousands of employment opportunities. These days, the cannabis market has become flooded with high-potency products, with cannabis retailers in the U.S. selling $797 million worth of concentrates in 2020. According to some lawmakers in Colorado, this trend is worrying, especially for the nation’s children.

Back in 2014, Colorado made only 14% of the medical and recreational cannabis in the state, with cannabis flower making up most of the sales. By 2019, however, cannabis flower made up less than 50% of the market while concentrates made up one-third. With high THC concentrates becoming more popular and even more accessible, some lawmakers and political groups are worried about teenagers who have no idea about the long-term impact of frequently indulging in concentrates.

Consequently, lawmakers are currently working on legislation to regulate the state’s cannabis industry more tightly. The legislation, which would be the largest cannabis bill since Colorado allowed recreational cannabis back in 2012, contains several proposals that would put the state’s cannabis industry under a tighter leash. That legislation includes a requirement that people only obtain medical marijuana cards in person to ensure doctors and patients have a relationship, better data collection so the state enforces purchasing limits more strictly and a possible cap on THC potency.

Although supporters say the proposal is meant to protect the state’s children, stakeholders and cannabis advocates say it would regress the industry to a level of “soft prohibition” and increase racial inequality within the cannabis industry. The proposal’s public face, Rep. Yadira Caraveo, is a Democrat who was a pediatrician before entering public service. Over the last few years, she has seen an increased number of teenagers who use cannabis concentrates frequently, she says.

Wanda James, owner of Denver-based Simply Pure Dispensaries, sees it differently. Teenagers using cannabis concentrates more frequently isn’t a business issue but a parenting issue, James says. She is one of the state’s few dozen Black cannabis business operators compared to the nearly 2,000 white operators in the state. You can buy a truckload of high alcohol content spirits such as Everclear at a liquor store, she says, but state lawmakers don’t seem to want to install purchasing limits or limit its 95% alcohol content.

Caraveo’s bill would place a cap on concentrates (no percentage has been set yet), create a database of individuals who buy more than Colorado’s daily purchasing limits, and ban medical marijuana patients from applying for or renewing their medical cannabis cards online. The legislation is still in negotiations.

Across the border in Canada, many firms are thriving under the favorable cannabis laws implemented by Health Canada. For example, Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) has distinguished itself as the undisputed leader of the marijuana extracts segment in 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

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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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Since 2017, Nevada has allowed recreational cannabis sales, and as a result, the state has seen an influx of tourists looking to purchase and consume cannabis before they head home. However, since state law requires that recreational cannabis be consumed in a private residence, which excludes hotel rooms, these tourists essentially break the law when they consume cannabis. To fix this issue, there have been several unsuccessful attempts to legalize cannabis consumption lounges over the years.

Thanks to a new bill in the legislature seeking to legalize marijuana consumption lounges, tourists may soon be able to consume marijuana legally in the state. The legislation’s sponsor, Assemblyman Steve Yeager, D-Las Vegas, says the state needs to provide an avenue for people to consume cannabis responsibly. Tick Segerblom, Clark County Commissioner, says the fact that Nevada encourages people to come from out of state and buy cannabis but makes it practically illegal for them to consume it is crazy.

Efforts to launch cannabis consumption lounges in the past have been unsuccessful. The Nevada Resort Association, for instance, has opposed such efforts claiming that placing marijuana consumption lounges next to casinos could result in federal reprisals. Although several states, including Nevada, have legalized cannabis, it is still illegal at the federal level. Association president Virginia Valentine said the resort association doesn’t have an opinion on Yeager’s cannabis lounge bill as it is still in the drafting stage.

Back when Segerblom was a state senator in 2017, he tried to advance a bill to allow cannabis consumption lounges with little success. At the time, the bill also noted that on special events, such as Electric Daisy Carnival, applications for public consumption permits could be made. In 2019, former Assemblyman William Mccurdy also pushed a consumption lounges bill, but it too gained little traction.

In May 2019, the Las Vegas City Council approved an ordinance that would legalize marijuana consumption lounges within city limits. The council’s plans were, however, dashed when Gov. Steve Sisolak had the Legislature amend a bill barring local government from allowing any sort of cannabis consumption within its jurisdictions for two years while regulators studied the issue. With the study complete, regulators are now ready to work on legislation for cannabis consumption lounges.

Bill sponsor Yeager says the details are still being worked out, adding that the finer points of the legislation may ultimately be up to the cannabis board. He believes the state will see an influx of cannabis tourists after the pandemic, making marijuana consumption lounges even more crucial.

Farther north, Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) is set to reap maximum benefits as the Canadian cannabis industry reaches maturity and consumers switch to extracts. Pure Extracts is already the leader in this segment, so changing consumer preferences will bring bigger returns for the company.

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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Earlier this week, Gov. Phil Murphy of New Jersey signed three legislations into law, which decriminalized small amounts of cannabis possession and made adult use cannabis legal in the state. After the bills were approved, state officials moved to end arrests and dismiss any pending cannabis charges.

This makes New Jersey the 13th state in the United States to legalize marijuana, joining Massachusetts, California, Vermont, Colorado and Maine, where marijuana is legal. The state legislature in Pennsylvania is also considering legalizing cannabis.

The legislations also limit the use of prior cannabis convictions and create a carefully regulated marijuana marketplace that will give the state of New Jersey a boost economically. Murphy stated that in place of unreasonable cannabis laws were laws that would help establish a new industry that was based on equity, and that would reinvest into communities.

During the November 2020 elections, a majority of voters from New Jersey voted in favor of legalizing cannabis through a change in the constitution of the state. However, as no law had been enacted at the time, New Jersey law enforcement made arrests of more than 6,000 individuals for low-level cannabis possession.

Carly Wolf, a member of NORML, a group that supports cannabis legalization, stated that the enactment of these legislations was long overdue. Wolf added that residents of the state would no longer be subject to a criminal record and arrest for their personal use of cannabis.

Among many other clauses, the new cannabis laws in the state of New Jersey mean that:

• Retail cannabis sales are subject to state sales tax, with 70% of tax revenue going to lower-income communities.
• Adults in the state can legally buy up to an ounce of cannabis.
• Adults can possess up to six ounces of cannabis without facing any civil or criminal penalties.
• Individuals found with larger quantities of cannabis will have their criminal penalties reduced.
• A Cannabis Regulatory Commission whose purpose is to oversee the applications for licensing marijuana businesses will be set up.
• For the first two years, the state will give out licenses to 37 cannabis growers.
• The bill created a pathway to vacate active sentences for individuals who had already been charged with cannabis offences, with pending charges and cases also being dismissed

Murphy acknowledged that a commission would be required to address the issue on when cannabis will be sold in stores.

As New Jersey is gearing up to get its recreational marijuana market off the ground, other companies are flying high in jurisdictions that have had enabling marijuana laws for years. An example is Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), which has established itself as the leader within the cannabis extracts segment in Canada.

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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Despite a pandemic ravaging the global economy last year, the cannabis industry survived relatively unscathed. In most states where legal marijuana markets categorized the controversial crop as essential, cannabis sellers were allowed to continue their operations amid lockdown orders. But while cannabis flower enjoyed consistently high sales numbers, cannabis concentrates were also carving out a market for themselves.

Comparing sales data collected from January to November 2020 to data collected over the same period the year before, data analytics firm Headset found that there was a 40% surge in marijuana concentrate sales in states such as Colorado, Nevada, California and Washington. Oregon’s recreational and medical marijuana markets registered the same increase in sales. According to the Seattle-based firm, total cannabis concentrate sales increased to $797 million in 2020 from $567 million in 2019. The boom in cannabis concentrate sales can be attributed to the following:

Maturing consumption. Marijuana users usually start with cannabis flower and, as they get more experienced, work their way up to the more potent stuff. President and CEO of Ammonite Mike McDonald says heavy users consume cannabis every day, building up a tolerance over time. The San Francisco Bay Area-based firm has seen concentrates become popular in more mature markets such as California and Colorado, McDonald says. Since concentrates contain up to 90% THC, people usually start using them as they grow more experienced.

Technological advancements. Consuming a concentrate isn’t as simple as smoking cannabis flower or dining on an edible. It requires a complicated smoking tool known as a dab rig, a major reason why many users wait until they are more experienced to give concentrates a try. But with the development of new portable technology such as handheld vaporizers, more customers can use concentrates. Small, portable, battery-powered vaporizers have pushed the trend, says McDonald, allowing customers to carry the vaporizer along with a one-gram jar of concentrate discreetly and with ease.

An alternative to vaping. Vape pens were all the rage when they first came out. However, after the vaping health crisis in 2019 left more than 2,500 people hospitalized with cases of lung illness, most users became extremely careful about what they consumed and how they consumed it. Gone were the solvents and common additives as people started turning to solventless extracts such as live resin and rosin. Katie Bacjar, director of marketing at Spherex, a cannabis extraction company based in Aurora, Colorado, says people are moving towards cleaner cannabis oils and other products.

Although solventless products are difficult to scale up, she says that they are steadily reducing the fear of vaping.

Speaking of cannabis concentrates, Canada-based Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) has distinguished itself in that market as the leader in extracting cannabis compounds, a rapidly growing segment of the industry.

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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A South Dakota circuit judge has rejected an amendment that was approved by voters in the state during the November polls, ruling it as unconstitutional. The judge, who had been appointed by South Dakota Gov. Kristi L. Noem, stated that the change, which would end cannabis prohibition in the state, should not proceed.

Judge Christina Klinger supported her ruling by stating that Constitutional Amendment A violated the state’s constitution as it conflicted with the constitution’s language, in addition to defying single subject rule.

Pennington County Sheriff Kein Thom and the South Dakota Highway Patrol Superintendent Rick Miller, as well as attorneys for the case’s plaintiffs, argued in January that Constitutional Amendment A ought to be viewed as a revision instead of an amendment because it did not modify an existing clause in the state’s constitution but added a completely new section to the constitution of the state.

Klinger, however, stated that a failure to present Constitutional Amendment A through the proper process as cited in the constitution not only had no effect but also nullified the amendment.

Amendment A, which was approved by voters in the November 2020 election, would have legalized all forms of cannabis in addition to legalizing the growing, sale and licensing of cannabis in the state. The measure was approved with a margin of 8% and was to go into effect on July 1 this year.

Noem, who opposed the ballot initiative, ordered that the legal fees for the role Miller played in challenging the measure be paid for by the state.

Many expect that the decision will be appealed to the South Dakota Supreme Court.

The Attorney General’s office chief of staff Tim Bormann stated that the office, which was charged constitutionally with defending any ballot initiatives that were approved by voters in court, was currently reviewing the judge’s decision but declined to give any further commentary, adding that the office was treating this as an ongoing case.

The group that had placed the initiative on the voters’ ballot, Representing South Dakotans for Better Marijuana Laws, also gave its opinion on the judge’s decision. Brendan Johnson, who represents the group, stated that it disagreed with the judge’s ruling and would be appealing to the state’s Supreme Court.

Noem applauded the court’s ruling, stating that she expected an appeal on the judge’s ruling to have similar results. In a statement sent to a news outlet, she noted that the decision made by the judge protected and safeguarded the South Dakota state constitution, adding that she was confident that the state’s Supreme Court would came to a similar conclusion.

While South Dakota is still working to legalize cannabis, plenty of companies are thriving in jurisdictions with legal marijuana markets. For instance, Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) based in Canada has a vertical engaged in white labelling because its reputation commands customer interest, especially for edibles and oils.

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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