420 with CNW — New Poll Says Most Americans Want Cannabis Federally Legalized

America has prohibited cannabis at the federal level for decades, prosecuting and sentencing people with cannabis-related convictions harshly. Even though dozens of states have now legalized cannabis and several lawmakers are working on federal legalization bills, it is unlikely that marijuana will be federally legalized any time soon.

However, drug-reform activists and industry stakeholders will be glad to know that a significant percentage of the American population supports federal legalization. A recent poll by CBS News revealed that two-thirds of U.S. citizens would like cannabis to be legal at both the state and federal levels.

Additionally, most people said that they wouldn’t mind having a licensed cannabis business in their community. At the moment, 18 states have legalized recreational cannabis while 37 states allow medical marijuana.

The House has passed a bill that would federally legalize cannabis and launch a legal market several times, but the bill has repeatedly failed to advance past the Senate. Senate Majority Leader Chuck Schumer is also planning on formally unveiling a cannabis legalization bill before the August recess, but it is unlikely to advance past the Senate without the support of GOP senators.

One reason for the public’s general support for marijuana legalization could be financial interest. The cannabis market is insanely lucrative, generating billions of dollars in sales and filling up state coffers with millions in tax revenue.

A significant portion of the taxes derived from cannabis sales has been invested in community programs that help the disadvantaged as well as communities that were disproportionately affected by the drug war. The cannabis industry is also a major job creator and has employed more than 300,000 people.

According to the CBS News poll, three in ten (30%) Americans opposed the idea of having a legal recreational cannabis business in their neighborhoods. Expectedly, most of these folks were also opposed to the idea of legalizing recreational cannabis in the first place. In addition, 36% of those who were polled said they didn’t care either way. Most of those who revealed that they use cannabis (37% of Americans) were even more supportive of legalizing the plant and didn’t mind having a cannabis business in their neighborhoods.

Only a small portion of those who said they don’t use cannabis supported legalization. Unsurprisingly, they didn’t support cannabis reform as strongly as those who said they use cannabis and were not as enthusiastic about a cannabis business pitching a tent in their communities.

Even so, most of them were generally in favor of cannabis legalization or said they didn’t care much about the issue. Such opinions in favor of legalization raise the hopes of the entire cannabis industry, including companies such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF), that public pressure could gradually mount and force the federal government to act on this issue.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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 — Schumer Postpones Tabling Cannabis Legalization Bill as Consultations Continue

Senate Majority Leader Chuck Schumer has made it clear that he is a strong supporter of comprehensive marijuana reform at the federal level. For the past couple of months, he has been working with Senator Cory Booker and Senate Finance Committee Chair Ron Wyden on a bill that would federally legalize cannabis and regulate sales.

Dubbed the Cannabis Administration & Opportunity Act (CAOA), Schumer’s bill was first unveiled in 2021 to mixed reviews. The draft bill intended to deschedule cannabis at the federal level, expunge prior nonviolent cannabis convictions from people’s records, allow states to continue running their own cannabis markets, and even allow people with prior cannabis convictions to petition for resentencing.

It would also use some of the funds raised from marijuana sales for programs that support communities that were disproportionately affected by the war on drugs.

Schumer has now revealed that he will not introduce his Cannabis Administration & Opportunity Act this month due to a timeline extension. The additional time will be spent working on various provisions with the help of more than 10 Senate committees and input from several federal agencies. The senate majority leader had said on numerous occasions that he would formally file the federal legalization bill by the end of April. The legislation’s official introduction has now been pushed to sometime before the August recess.

Two weeks ago, Schumer revealed that he and his colleagues had reached out to GOP senators to see what they would like to see included in his bill before he formally unveiled it. At the time, he said that they hoped to file the bill towards the end of April.

Although stakeholders in the nascent cannabis sector would love to get a federal legalization bill as soon as possible, taking their time will allow Schumer and his colleagues to drum up more support for the CAOA. At the moment, Democrats hold a slim majority in the Senate and are unlikely to pass the federal cannabis legalization bill without GOP support.

For instance, the Secure and Fair Enforcement (SAFE) Banking Act has advanced past the House several times but keeps stalling in the Senate.

In a press release, Schumer called his cannabis bill a “critical legislation” that will finally lift federal cannabis prohibition and attempt to alleviate the damage caused by the over-criminalization of cannabis. He said that his bill would not only strike cannabis from the country’s list of controlled substances, but it would also promote restorative justice, help to repair the country’s criminal justice system and protect public health.

If this delay results in better chances of the measure being passed, the wait will be worthwhile to the entire cannabis industry, including major sector players such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF).

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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 — American Marijuana Consumers See Investment Opportunities in European Cannabis Sector

According to a survey conducted by Bloomwell Group, a medical cannabis holding company, consumers of marijuana in the United States believe that the widely anticipated legalization of recreational cannabis in Germany will create great opportunities for investment, travel and trade. The survey found that 80% of American cannabis consumers were convinced that great investment opportunities exist in marijuana companies. Six in ten individuals surveyed also revealed that they would invest in European-based marijuana stocks.

The new coalition government in Germany made up of the SDP party, the Greens and the FDP party announced last year that adult-use marijuana would be legalized and sold in licensed outlets. Although no definitive schedule for this legalization was given, the news has created massive excitement because of its ramifications for the cannabis industry in Germany (where medical marijuana is already legal) and the broader European Union block.

It is expected that once Germany opens its cannabis market fully, there will be a domino effect of legalizations in other countries in mainland Europe. Additionally, Germany is likely to be the largest marijuana market in the world given that its population is bigger than that of California or Canada, the two jurisdictions that currently dominate the legal cannabis industry.

The Bloomwell Group survey polled 845 marijuana users in the U.S. in order to determine their views about the upcoming marijuana legalization in Germany. A huge majority (87%) were of the view that cannabis prohibition should be ended globally, while 52% acknowledged that Germany will become the largest cannabis market once legalization takes effect. An estimated 65% of the survey respondents expressed a desire to visit a German city in order to experience what its marijuana industry was like.

The respondents also revealed their awareness that massive investment opportunities would open up when legalization is implemented. This expectation is supported by an analysis conducted by BDSA showing that the German cannabis industry has the potential to generate at least $3 billion annually three years from its opening. Other analysts forecast a market size of at least $10 billion annually if the supply challenges that plagued the launch of the medical marijuana market are avoided.

The U.S. cannabis industry has a huge opportunity to plug those supply gaps, at least in the beginning, if the needed regulatory reforms can be passed at the federal level. For example, the passing of the MORE Act can allow American companies to transact with the German marijuana sector without impediment.

If those reforms don’t happen soon enough, the United States risks being a bystander as cannabis takes off in one country after another on the European continent and globally. Such an eventuality would rob entities such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) of a great opportunity to expand into Europe and make their mark on that huge market.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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 – Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Provides Update Regarding Restructuring, Strengthening of Balance Sheet

Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a multistate cannabis operator and house of premium brands, has completed a companywide restricting, which resulted in the elimination of $115 million in liabilities and more than $22 million in annual expenses. Highlights of the strategic moves include the completion of the sale of its Granville, Illinois, facility; the repayment of $51.7 million secured debt and the elimination of $6.3 million of annualized debt servicing; and transitioning to an asset-light, brand-rich model that eliminated more than $13 million in associated annual operating expenses, inclusive of $8 million in cash operating costs. In addition, the company streamlined brands, contributing to the potential elimination of more than $60 million in future royalty payment liabilities that will impact the company’s third-quarter 2021 balance sheet. In addition, RWBYF completed reductions of employees, consultants and contractors that resulted in more than $2.5 million annualized cost savings and paid off $3.8 million in additional liabilities as well as repayment of secured debt. “Having recently obtained full operational control of our intellectual property, brands and operations across all assets, we’ve expeditiously mobilized our teams to optimize our strategy for the current and anticipated market conditions to maximize shareholder value,” said Red White & Bloom CEO Brad Rogers in the press release. “We are very pleased with the significant balance sheet and operational improvements we have made in a relatively short period of time. Today’s announcement is the culmination of an in-depth review and rationalization of assets and operations. We have reduced well over $100 million of liabilities without any dilution to our shareholders and have exited the one state that had not contributed any revenue from THC operations to our results since our inception.”

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

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Illinois, Massachusetts and Michigan with respect to cannabis, and the United States and internationally for hemp-based CBD products. For more information about the company, please visit www.RedWhiteBloom.com

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

About CannabisNewsWire

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

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CannabisNewsBreaks – Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) on ‘Solid Ground in 2022 and Beyond’

Red White & Bloom (CSE: RWB) (OTCQX: RWBYF), a company positioning itself to be one of the top three multistate operators in the United States in cannabis and hemp-derived product lines, has adopted a strategy anchored in operating a house of brands as it anticipates the commoditization of the cannabis market. “This is going to be a commoditized market, and our strategy is such that we are going to stand on our brands going forward. We just need to fortify what we are doing in the markets that we are in right now,” a recent article quotes RWB CEO Brad Rogers in his closing remarks issued during a November corporate update call. “This company has been building… and we’ll catch up with respect to where we want to be. So, when we look across 2021, the new acquisitions, the markets, etc., we’ve been building towards that. We have now set the stage in the form of infrastructure to start reporting all revenues and assets of these businesses, most of the one-time expenses and large non-cash items are behind us, putting us on solid ground in 2022 and beyond.”

To view the full article, visit https://cnw.fm/NzbMr

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Illinois, Oklahoma, and Michigan with respect to cannabis, and the U.S. and internationally for hemp-based CBD products. For more information about the company, visit www.RedWhiteBloom.com.

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

About CannabisNewsWire

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

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

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420 with CNW — Ukraine War Upends Marijuana Industry Supply Chains

Before the global supply chains can recover from the upheaval triggered by COVID-19, the world is again reeling from the disruptions caused by Russia’s decision to invade Ukraine. The resultant supply chain challenges are starting to bite within the cannabis industry, as is the case with other sectors of the economy.

Experts say the supply chain challenges facing the marijuana industry could possibly last for the rest of this year, maybe even longer. This is particularly likely for companies categorized as ancillary to the marijuana industry, such as those providing packaging and specialized consumables to marijuana companies. The solvents used in the production of marijuana concentrates are one example of the specialized consumables that are bearing the brunt of the disruptions resulting from the invasion of Ukraine by Russia.

Packaging is likely to be hard hit because every cannabis brand wants to be unique and stand out from all others, which often means relying on foreign-sourced packaging materials. As the turmoil due to the pandemic showed, depending on offshore suppliers can be extremely troublesome in times when the entire global economy is shaken or brought to its knees by one factor or other.

Liz Geisleman, CEO of Colorado-based Rocky Mountain Reagents, says that the ongoing war in Ukraine just made the market for petroleum “go crazy.” She says as a result, fuel prices have given marijuana delivery companies a body blow, and the knock-on effects are spreading to other commodities, such as the ethanol used in cannabis processing.

Geisleman adds that the full impact of the rise in fuel prices hasn’t been felt yet because there is a lag between sourcing crude petroleum and refining it into final products that are released into the market. Once a few months elapse, the high cost of the recently procured petroleum will hit home, and many cannabis companies could find themselves in a tight spot, especially if they haven’t rebuilt their cash reserves that were zapped during the pandemic. According to Geisleman, she hasn’t seen the kind of price instability in the current solvents market in her entire career spanning 25 years.

And things could get worse if China joins the war in support of Russia and the United States responds by imposing additional trade barriers or tariffs on Chinese products coming into the country. Already, a 25% tariff imposed during President Donald J. Trump’s time in the White House has made Chinese-sourced inputs for the cannabis industry quite expensive.

With the rising costs of labor, the shipping delays and price increases, players in the marijuana industry may be in for some rocky times that could leave only companies with deep roots such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) standing.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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 — Illinois Officials Say Cannabis Sales Recovered to $131 Million in March

A report released earlier this week by the Department of Financial and Professional Regulation in the state of Illinois shows that the state recorded about $131 million in legal recreational marijuana purchases in March.

The state broke its annual record for marijuana sales last year, with more than $1.4 billion in cannabis being sold. However, cannabis product purchases reduced during the first two months of this year.

This new figure makes this the state’s second-highest recorded sales for adult-use cannabis since the industry’s opening in 2020. In the report, the department stated that last month, about $90.3 million in adult-use marijuana sales was generated from consumers who are also residents in the state, with roughly $40.7 million coming from nonresidents.  It should be noted that these totals don’t include the sale of medical marijuana products because they are reported by another state agency.

State data shows that last year, Illinois generated roughly $100 million more in tax revenue from the sale of adult-use cannabis than it did from alcohol. The state is using a portion of this revenue to fund equity initiatives in the state. For instance, officials announced last year that applications for new grants, which would be funded by marijuana tax revenue, were open. These grants will support programs to reinvest in the communities that were disproportionately impacted by the war on drugs.

This is the second time funds will be issued through the Restore, Reinvest and Renew program, which was set up under the state’s adult-use marijuana legalization policy. The law stipulates that 25% of cannabis tax revenue be allocated to that fund for use in providing services such as financial support, community re-entry, youth development and legal aid to disadvantaged individuals.

In July last year, officials in the state allocated $3.5 million in marijuana-generated funds toward efforts to decrease violence via street-intervention programs. In addition to allocating funds, the state’s governor, J.B. Pritzker, announced that his office had processed more than half a million pardons and expungements for individuals with low-level marijuana convictions on their records. The state also set up an initiative to help residents with prior cannabis convictions acquire legal aid to have their records expunged.

Meanwhile, a Senate committee in the state recently debated a measure that would protect workers from losing their jobs for using marijuana in their free time. This bill will prevent employers from discriminating against job applicants or firing their workers for testing positive for cannabis use.

The millions recorded in cannabis sales in Illinois in March alone suggest that sector players such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) have earned the trust of consumers, which may be why marijuana products are flying off the shelves.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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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CannabisNewsBreaks – Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) Gaining Momentum, Fortifying Vertically Integrated Businesses

Red White & Bloom (CSE: RWB) (OTCQX: RWBYF) has so far set base in Michigan, Florida, California, and Illinois, in what marks an aggressive and successful expansion plan. “For the balance of 2021 and throughout 2022, the company will focus on the continued growth of our top-line revenue and bottom-line results through expansion of our house of brands that continue to gain momentum, fortification of our vertically integrated businesses, and the synergies from our M&A success,” a recent article quotes Brad Rogers, the chairman and CEO of the company, as saying. RWB recently announced the acquisition of PharmaCo. “The purchase sees the transfer of 21 medical and adult-use cannabis licenses to RWB. Additionally, the company now has access to eight fully-operating dispensaries, two operational indoor cultivation facilities, one municipality licensed 10-acre outdoor cultivation facility, and 22 owned properties for potential additional cultivation and dispensary locations, among others…. At the beginning of the 2022 calendar year, RWB also closed on a lease agreement for a 15,000 square foot manufacturing/processing and distribution facility in Warren, Michigan…. This move also saw RWB’s expansion of its Platinum Vape products and the strengthening of its human resources….”

To view the full article, visit https://cnw.fm/iLqeP

About Red White & Bloom Brands Inc.

Red White & Bloom is a multistate cannabis operator and house of premium brands in the U.S. legal cannabis and hemp sector. RWB is predominantly focusing its investments on the major U.S. markets, including Arizona, California, Florida, Illinois, Oklahoma, and Michigan with respect to cannabis, and the U.S. and internationally for hemp-based CBD products. For more information about the company, visit www.RedWhiteBloom.com.

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

About CannabisNewsWire

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

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

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

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

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

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420 with CNW — Analysts Say Marijuana Unlikely to Be Legalized But Banking Reform Could Happen This Year

The past couple of years have been positive ones for cannabis. Dozens of states have legalized recreational and medical marijuana, granting millions of Americans access to a plant that had been outlawed for decades. Furthermore, the state-legal cannabis industry has been incredibly lucrative, generating billions of dollars in sales and creating hundreds and thousands of new employment opportunities.

Despite these successes, cannabis is still criminalized by federal law. Consequently, drug reform activists, industry stakeholders and some lawmakers have been championing federal legalization. Not only would this open the cannabis market even more, but it would also allow the country to start repairing the harms caused by the war on drugs.

Last week, news that lawmakers voted in favor of federal cannabis legislation in the House of Representatives, possibly legalizing cannabis at the federal level, set the industry abuzz. Federal legalization would significant benefits for consumers, businesses, states and even the federal government. However, analysts say there is a slim chance of federal cannabis legalization becoming a reality this year.

Cannabis banking, on the other hand, could pass in 2022. The director of policy research at BTIG Isaac Boltansky is confident that lawmakers will pass cannabis banking this year, stating that it could be attached to legislation such as the China competitiveness bill or the defense bill. It is more likely that we will see a banking bill with some research and restorative justice provisions pass, Boltansky said during an interview with Yahoo Finance Live.

A few days ago, the House of Representatives passed the Marijuana Opportunity Reinvestment and Expungement Act, however, as in 2020, the MORE Act will most likely stall in the Senate where the Democrats have a slim majority. The bill would legalize cannabis at the federal level and allow the cultivation, processing, sale and possession of cannabis products.

Furthermore, the MORE Act would include provisions for the expungement of previous nonviolent cannabis convictions. It would also impose a 5% tax on sales with a portion of the taxes being invested in mentoring, job training, legal aid, substance abuse and re-entry service programs.

The SAFE Banking Act of 2021, which would finally allow state-legal cannabis businesses to access financial services, has already been passed by the House six times. If it gets past the Senate this time, financial institutions such as banks will be able to transact with cannabis businesses without any reprisals from the federal government.

It would make the industry safer by eliminating cash payments and granting cannabis businesses access to a wider pool of capital. Rep Earl Perlmutter, who introduced the SAFE Banking Act, hopes the seventh try will be the charm.

When federal laws are reformed to allow cannabis businesses to access banking services, entities such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) will have fewer security headaches to grapple with since their customers will no longer be limited to cash payments.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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 — Firm Selected by DEA to Cultivate Research-Grade Marijuana Seeks NASDAQ Listing

A Fort Lauderdale, Florida-based company that has been tapped by the U.S. Drug Enforcement Administration (DEA) to cultivate cannabis for scientific research could soon make history by becoming the first American cannabis company to trade its shares on Nasdaq. Bright Green Corp. recently filed paperwork with the U.S. Securities and Exchange Commission to trade its shares under the moniker BGXX on the Nasdaq market. The Florida company noted in its SEC filing that the DEA had granted it “conditional approval” to produce cannabis for research purposes.

Once the cannabis company receives regulatory approval, investment advisor EF Hutton will calculate its initial share price for the market. Bright Green Corp. began building a massive $300 million cannabis cultivation and manufacturing plant in rural New Mexico after receiving a memorandum of agreement (MOA) from the DEA.

A public statement released at the time by New Mexico Governor Lujan Grisham said that the facility would bring around 200 research and agricultural jobs, and 170 construction jobs to New Mexico. Bright Green’s majority owner Lynn Stockwell said at the time that the project would place her company and the state of New Mexico at the forefront of cannabis research.

Thanks to federal prohibition, research into the potential benefits and risks of cannabis have been virtually impossible for decades. But now that dozens of states have legalized medical and recreational cannabis and millions of Americans are using the controversial plant, the need for cannabis research has increased exponentially.

Prohibition has also made it impossible for American companies that deal with cannabis from registering their shares and trade on the New York Stock Exchange and NASDAQ even though Canadian companies such as Aurora Cannabis and Canopy Growth can trade on major U.S. exchanges. Village Farms International, which produces cannabis in Florida, trades shares on NASDAQ through its British Columbia-based subsidiary Pure Sunfarms.

Alongside Bright Green Corp., nearly 30 private companies in California, Arizona and Pennsylvania have applied for an MOA from the DEA. The federal agency has not revealed the number of MOAs it will ultimately issue.

Bright Green has taken special care to differentiate itself from state-legal cannabis businesses, which are considered illegal by federal law. The company noted in its SEC filing that while state legal companies are only legal under state law and sell cannabis directly to consumers, Bright Green has the green light from federal authorities to exclusively cultivate cannabis for “research and manufacturing purposes.”

As many more U.S.-based cannabis companies get the nod from the DEA and list on major exchanges, momentum could soon build to change federal law and allow state-legal entities such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) to access capital through the domestic stock exchanges.

NOTE TO INVESTORS: The latest news and updates relating to Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) are available in the company’s newsroom at https://cnw.fm/RWBYF

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

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.