420 with CNW — The Arguments For, Against Capping THC Concentration

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

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 – Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) Signs Agreement with Leading Cannabis Sales Agency

Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, through its wholly owned subsidiary, Pure Extracts Manufacturing Corp., is partnering with Cannavolve Inc. The agreement between Pure Extracts and Cannavolve, one of Canada’s premier adult recreational cannabis retail sales agencies, outlines a national cannabis sales solution; Cannavolve will also oversee field-level sales and in-store product knowledge training. In the announcement, Cannavolve officials pointed to the company’s strong track record of building brands in Canada and noted that it looks forward look forward to being part of Pure Extracts’ national growth. “With approximately 2,000 licensed cannabis retailers in Canada and over 650 in each of Ontario and Alberta alone, we are pleased to have entered into this sales representation agreement with an established agency like Cannavolve with their boots-on-the-ground presence in every province,” said Pure Extracts CEO Ben Nikolaevsky in the press release. “There is no substitute for having a regular, in-person, sales presence at the actual point of purchase retail outlet where brand awareness originates.”

To view the full press release, visit https://cnw.fm/E0bVW

About Pure Extracts Technologies Corp.

Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. On Sept. 25, 2020, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act. In addition, the company’s stock began trading on the Canadian Securities Exchange (“CSE”) on Nov. 5, 2020. For more information about the company, please visit www.PureExtractsCorp.com.

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

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 — California Nonprofits Secure Funding from Cannabis Sales

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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420 with CNW — California Cannabis Firms Can No Longer Advertise on Billboards after Latest Court Ruling

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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CannabisNewsBreaks – Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) Prepares to Ship 1st Vape Cartridge Orders to Provincial Distribution Channels

Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp, functional mushrooms and the rapidly emerging psychedelic sector, today announced that its wholly owned subsidiary, Pure Extracts Manufacturing Corp., has begun production of 25,000 vape cartridges for the Canadian retail market. Demand for Pure Extracts’ Pure Pulls branded 510 Vape cartridges is strong within the provincial markets, and the company estimates approximately $750,000 in retail sales revenue for this production run. The cartridges will be filled with a selection of Pure Extracts’ 30+ proprietary, full-spectrum-oil (“FSO”) formulations, including Super Lemon Haze, Grand Daddy Purple and Girl Scout Cookies/GSK. “We are excited about preparing to ship our first vape cart orders to the provincial distribution channels,” said Ben Nikolaevsky, CEO of Pure Extracts. “We have created the high-quality FSO vape products that consumers now demand and believe that we will quickly build brand loyalty with both legacy and new entrants in the vape space.”

To view the full press release, visit https://cnw.fm/sDWzv

About Pure Extracts Technologies Corp.

Pure Extracts features an all-new, state-of-the-art processing facility located just 20 minutes north of world-famous Whistler, British Columbia. The bespoke facility has been constructed to European Union GMP standards aiming towards export sales of products and formulations, including those currently restricted in Canada, into European jurisdictions where they are legally available. On Sept. 25, 2020, Pure Extracts was granted its Standard Processing License by Health Canada under the Cannabis Act and the company’s stock began trading on the Canadian Securities Exchange (“CSE”) on Nov. 5, 2020. For more information, visit the company’s website at www.PureExtractsCorp.com.

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

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)

For more information please visit https://www.CanadianCannabisWire.com

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420 with CNW — IRS Terminology Every Cannabis Entrepreneur Should Know

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.

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

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420 with CNW — West Virginia Medical Cannabis Edibles Bill Appears Stalled

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.

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

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW — Legislators in Nebraska Approve Medical Cannabis Legalization Bill

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.

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

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420 with CNW — Why the Alcohol Industry Is Investing in Cannabis

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.

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

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 — Key Congressman Reveals Cannabis Banking Will Be Handled Before Legalization Is Considered

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.

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

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

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