420 with CNW – Almost 70% New Jersey Voters Support Pot Legalization

Last December, the New Jersey Senate approved a resolution that would put a referendum on legalizing marijuana on this year’s November ballot. Although certain lawmakers had pegged their hopes on legalizing cannabis legislatively, numerous disagreements over the specifics of the bill made it impossible, forcing them to put the question of broad cannabis reform onto the voters. A recent survey conducted by DKC Analytics and released on Tuesday has found that a supermajority of New Jersey voters is in support of the measure.

The poll involved phone interviews with 500 New Jersey likely voters from July 7 to 12, and 68% of the respondents said they backed the policy change, a 7% increase compared to a separate poll on cannabis reform released in April. 78.5% of the Democrats polled supported legalizing cannabis, with 57% of Republicans and 63% of Independents also in favor of cannabis reform. 70% of the respondents said they feel a regulated cannabis program would hurt the black market, 61% said legalization would ensure the products being sold were safer, and 60% said that decriminalizing cannabis would save taxpayer dollars that would otherwise go to law enforcement.

Additionally, 57% of the respondents said legalization would stimulate the economy and create jobs while 43% felt that cannabis is safer than alcohol. On the other hand, those against legalization were concerned about folks driving while impaired (38%), increased youth access to cannabis (27%), and cannabis serving as a gateway drug (24%).

On whether individual jurisdictions should be able to ban marijuana businesses, 44% of the respondents were in support while 44% said they shouldn’t. 71% of the respondents said cannabis consumption should be on private property while 68% supported expunging the records of individuals with prior low-level marijuana convictions. 68% of the respondents also said that tax revenue from cannabis sales should go toward drug education and awareness programs.

“The polling results confirmed our belief that there is overwhelming support for the creation of a regulated, adult-use cannabis marketplace in New Jersey,” says John Fanburg, an attorney at Brach Eichler, which commissioned the survey. “Respondents supported it because it will create tremendous opportunity. It will create vitally needed new business, the state will receive significant tax revenues and illegal sales will be dramatically reduced, if not eliminated. Voters see this as a win for everyone.”

Charles Gormally, also of Brach Eichler, states that decriminalizing cannabis will go a long way in reversing the damage done by the war on drugs on certain communities. “The strong level of support for correcting this decades-old inequality, especially in the context of recent protests of inherent racial bias in law enforcement, should be well noted by our legislators who will be taxed with correcting this unfortunate consequence of the failed policy of prohibition.”

Experts believe that the results of this poll may not have come as a surprise to sector players like Sugarmade, Inc. (OTCQB: SGMD) who have seen how much public opinion has shifted in favor of ending prohibition.

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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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CannabisNewsBreaks – Sugarmade, Inc. (SGMD) Announces New Form 8K Highlighting Further Details on Performance and Outlook

Sugarmade (OTCQB: SGMD), today announced the publication of a new Form 8K Current Report filing (the “8K”) with the United States Securities and Exchange Commission (the “SEC”) highlighting specific information about multiple issues pertinent to its performance and outlook. According to the update, the 8K covers information about Sugarmade’s reported purchase orders for non-medical personal protective supplies, its progress toward opening multiple new locations for its cannabis delivery service in the Los Angeles regional market, its investment position in Indigo Dye Group, Inc (“Indigo’), and its outlook regarding the trends defining the California cannabis delivery marketplace.

To view the full press release, visit http://cnw.fm/mb9oR

About Sugarmade, Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. More information on Sugarmade can be accessed at: www.Sugarmade.com. Sugarmade sees opportunities in business operations that combine the best areas of on-demand consumer distribution with certain areas of synergistic manufacturing and packaging to create a business model that capitalizes on the many changes in the cannabis industry. The company has made agreements with several market participants, which will be announced in 2020. The company views these opportunities as scalable and capable of producing strong revenue growth for the company.

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

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420 with CNW – What Potential Marijuana Entrepreneurs Need to Know

The cannabis space is one of the most exciting industries at the moment. At least 30 states have legalized cannabis, with several more considering legalizing it in the near future. Valued at $13.6 billion in 2019, the industry is projected to reach. $73.6 billion by 2027. These crazy numbers have attracted entrepreneurs and investors looking to cash in on cannabis’ popularity in droves. The fact that most states that allow cannabis declared it essential at the start of the pandemic made the industry even more attractive to entrepreneurs.

Like every other industry, cannabis has its own set of risks, especially for an entrepreneur who doesn’t know the ins and outs of the cannabis space. While there is plenty of demand for cannabis products, the fact that it is still federally prohibited poses quite a challenge. Here are a few of the issues you will have to contend with if you decide to start a cannabis business:

Regulatory nightmare. One of the biggest challenges you will have navigating the cannabis industry is the wide-ranging regulations. The federal government prohibits cannabis and the states that allow it all regulate their programs differently. In California, for instance, there are three different cannabis regulatory agencies, each with their own regulations on how to handle cannabis waste. Additionally, most states with cannabis programs allow cities and municipalities to enact their own cannabis policies.

The legal cannabis landscape is also constantly shifting, and with laws and regulations constantly changing, you will have to keep an eye on them to make sure your business is always in compliance.

Banking issues. Another issue you will have to deal with is lack of access to banking services. Fearing retaliation from the federal government, financial institutions have avoided working with cannabis businesses, and you may have a hard time securing loans as well as setting up cashless payment services. The Secure and Fair Enforcement (“SAFE”) Banking Act, which would grant cannabis businesses access to banking services, was passed by the House in a historic vote but it is stuck in limbo in the Senate Banking Committee.

Stiff competition. State legal cannabis is one of the hottest industries right now, and its allure will increase exponentially when the federal government legalizes it. The sector is flush with firms looking to make a killing on the cannabis craze. You’ll be up against players who have been in the game for years and have amassed tons of experience and funding, and you will have to find a way to stand out from the pack.

These issues notwithstanding, savvy entrepreneurs can still earn big from this sector, as the success stories of companies like Sugarmade, Inc. (OTCQB: SGMD) clearly illustrate.

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420 with CNW – Congress Could Vote on Marijuana Legalization in September

Last year, Judiciary Committee Chairman Jerrold Nadler teamed up with Senator Kamala Harris to file legislation that would end federal prohibition of cannabis in the country and seek to repair some of the damage done by the decades’ long war on drugs. The Marijuana Opportunity Reinvestment and Expungement (“MORE”) Act would remove marijuana and THC from the Controlled Substances Act, provide for the expungement and resentencing of prior marijuana convictions and prevent federal agencies from using cannabis as a reason to deny access to benefits or citizenship status for immigrants.

According to multiple sources familiar with the lawmaker’s plans, the Leadership of the House of Representatives is moving toward holding a floor vote on the bill in September. The bill has already been approved by the House Judiciary Committee, a move that observers stated would set the stage for a full floor vote. The coronavirus pandemic has already stalled legislative efforts on various issues, including cannabis legalization efforts in several states, but sources in the advocacy world and an aide to a key House Committee say that there are plans to hold a floor vote in September.

“Looking at the legislative calendar, realistically we have limited time to get this on the House floor for a vote before time runs out and Congress has to turn their attention elsewhere,” says Queen Adesuyi, policy manager for the Drug Policy Alliance (“DPA”). The DPA is part of a coalition of drug reform advocates, including the ACLU, Human Rights Watch, and NORML, that circulated a letter to members of Congress urging them to pass the MORE Act.

“This Congress, the house-made history when it passed an industry-led marijuana bill,” says Adesuyi, referring to the passage of a marijuana banking bill by the House of Representatives late last year. The legislation protects banks that service the cannabis industry from being penalized by federal regulators. “It would be shameful for them, as one of the most progressive groups of electeds in recent memory, to end the war on drugs without addressing victims of the war on drugs or centering those most adversely impacted by marijuana’s criminalization. We need the MORE Act now.”

Aside from federally rescheduling cannabis, the bill would also expunge the records of those with prior marijuana convictions as well as impose a federal five percent tax on cannabis sales. This tax revenue will be reinvested into communities most impacted by the war on drugs.

Analysts say marijuana companies like Sugarmade, Inc. (OTCQB: SGMD) are hoping that the legislation not only succeeds on the House floor but in Senate too.

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420 with CNW – Activists Put Pressure on Mexican Lawmakers to Legalize Recreational Marijuana

The past few years have been great for cannabis. Advanced research into its effects on the body that has found it has plenty of medical benefits, coupled with changing attitudes towards the plant, have pushed it more into the mainstream. As a result, plenty of territories have passed legislation allowing either recreational or medical marijuana within their borders. Many more jurisdictions have cannabis legalization on the books or they are at least considering it.

In Mexico, activists have demanded that the Senate include the legalization of recreational cannabis in the next special session that starts on July 29. This comes after the Mexican Cannabis Movement accused the Senate of possible contempt of a 2018 ruling by the Supreme Court of Justice of the Nation (“SCJN”). The court ruled that an absolute ban on the recreational use of marijuana was unconstitutional and gave Congress until December 15 to regulate public consumption of marijuana. However, according to activists, legislators have consistently failed to do that.

“We see constant delay, a delay in this legislation, now there is already one more extension, until Dec 15, and there is a Senator who wants to postpone the ruling even more under the excuse of the COVID-19 pandemic,” says Leopoldo Rivera, coordinator of the movement. They are holding a demonstration in front of the Senate in downtown Mexico City, where they have planted 420 marijuana plants of up to 2.5 meters tall. The activists want legislators to pass a law that upholds four core values: free personal or associated cultivation, simple free possession, dignified treatment, and public spaces for safe, responsible, and regulated consumption.

“We decided to start this movement of planting weed, and planting ourselves as citizens, as users of cannabis and as responsible citizens against a law that clearly does not do justice, that clearly criminalizes, that is clearly useless,” Rivera says. This March, the senate discussed a marijuana regulation law that would allow people to possess up to 28 grams of marijuana, and wouldn’t criminalize cultivating or using cannabis for medical purposes. However, it was met with opposition from activists who claimed it did not comply with the ruling by the SCJN and favored the interests of private companies.

“We’ve been here more than five months and only four months and only four senators have come down. Who do they legislate for? What they are proposing is a cosmetic change, which is not going to solve the problems of unconstitutionality pointed out by the Supreme Court,” says Rivera, adding that the Supreme Court shouldn’t grant any extensions to the Mexican Senate. “The police are mistreating the people, they are mistreating us, they are mistreating the citizens, they arrest them even when they are not consumers to extort them, to deprive them of their freedom, and that goes against the Mexican constitution.”

It would be interesting to hear what thoughts cannabis companies like Sugarmade, Inc. (OTCQB: SGMD) have about the bumpy ride that marijuana legalization is taking despite a categorical ruling from the Supreme Court of the country about the topic.

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CannabisNewsBreaks – Sugarmade, Inc. (SGMD) Announces Publication of New 8K Highlighting Specific BudCars Investment Information

Sugarmade (OTCQB: SGMD), today announces the publication of a new Form 8K Current Report filing (the “8K”) with the United States Securities and Exchange Commission (the “SEC”). According to the update, the 8K highlights specific information about the Company’s investment position in Indigo Dye Group, Inc., which conducts business as a cannabis delivery service under the name “BudCars.” The 8K also contains current information about the performance of BudCars in terms of gross receipts from operations during the three months ended June 30, 2020.

To view the full press release, visit http://cnw.fm/82Kvr

About Sugarmade, Inc.

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420 with CNW – What Current Research Says About Marijuana and Memory

We all know the stereotype of the bumbling, forgetful stoner. Cannabis has for long been associated with memory loss, and that has been one of the main arguments against legalizing. However, most of these claims lacked any scientific backing but over the past few years, researchers have been steadily learning more about cannabis and its effect on the human body, especially the brain. To understand how cannabis affects memory, we’ll first have to discuss short and long term memory.

Your short term memory stores immediate events temporarily, for instance, to remember a phone number that has just been recited. It can hold information for approximately twenty to thirty seconds, and it is pushed out when new items are presented. Long term memory, on the other hand, stores information indefinitely. Research has shown that marijuana intoxication does have an effect on short term memory, temporarily altering or distorting short term memory processing.

However, this can’t be blamed on ‘cannabis’ as a whole. The plant produces hundreds of chemicals called cannabinoids, and they are responsible for its effects. In this case, the cannabinoids in question are THC (delta-9 tetrahydrocannabinol) and cannabidiol (“CBD”). When you consume cannabis, these two components disrupt neural signaling by binding with receptors responsible for forming memories in the brain. This can result in problems with concentration, loss of interest, and eventually impact learning.

What’s interesting is that the two cannabinoids have quite different effects. THC, the chemical responsible for cannabis’ infamous high, has a negative effect on short term memory and it increases the risk of developing mental health problems. Cannabidiol, on the other hand, has been found to prevent neural decline. It has a positive impact against neurodegenerative diseases that affect memory such as psychosis, Alzheimer’s, Huntington Chorea, and epilepsy. In fact, some animal studies found that it could prevent the onset of these diseases through the creation of neurons.

There are several different cannabis strains, each with varying levels of CBD and THC, and they have different effects on memory. For instance, cannabis with high levels of THC but little to no CBD will have a negative effect on memory, especially in adolescents. It impacts their ability to retain and recall information, but this isn’t permanent and will stop once you stop consuming cannabis. However, a strain with high CBD levels can prevent neural decline. This goes to show that different types and strains of cannabis can have both positive and negative effects on memory.

The cannabis sector, including entities like Sugarmade, Inc. (OTCQB: SGMD), are glad that the myths against cannabis are being dismantled one at a time by solid scientific data.

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420 with CNW – Montana Activists Say Cannabis Reform Measures Will Be on November Ballot

When the coronavirus pandemic struck, there were tens of marijuana legalization initiatives in states across the country. However, social distancing and self-isolation orders made signature collection virtually impossible and as a result, states such as New York and Idaho have had to postpone their legalization efforts until next year and beyond. Montana, on the other hand, is on track to putting marijuana reform on the ballot this November. On Friday, marijuana activists in the state that based on both county-level signature validation as well as their own verification process, said they were surer they had collected enough signatures to qualify two cannabis reform measures for the November ballot.

Although the coronavirus pandemic initially impeded New Approach Marijuana’s signature collection efforts, the group relaunched their efforts in May with coronavirus related safety measures in place to keep both the signature collectors and the public safe. The group’s revised strategy paid off, and they managed to collect enough valid signatures for a statutory cannabis legalization measure and a separate constitutional amendment that would make a technical change stipulating that only those 21 and older could participate in the market.

The statutory measure, which would establish a regulated cannabis market for adult use in the state, required about 25,000 signatures to qualify for the ballot. New Approach Montana says that 33,000 signatures have been collected and verified. The separate constitutional amendment stipulating that only those 21 and over could participate in the cannabis market required about 51,000 valid signatures and the group collected 52,860 signatures.

According to Pepper Petersen, spokesperson for New Approach Montana, the campaign is “really excited” to have seen such broad support for drug reform in the state. “Every single legislative district submitted signatures to this in Montana. We think that shows a huge level of support out here, and we’re excited going forward. We’re confident that people are going to support this at the ballot as much as they did in the signature-gathering process.”

He says that it was both the commitment of volunteers and the widespread interest in the policy change among voters that led to the campaign’s success. “I think that the success, is of course, our volunteers and our staff were really hard workers and our supporters contributed to that. But it was just the excitement of the Montanans. Montanans want this change and they think it’s well past time for it.”

The Secretary of State has until August 20 to verify to the governor whether the two initiatives will make the ballot. Industry watchers say sector players like Sugarmade, Inc. (OTCQB: SGMD) will be hoping that Montanans finally get to decide whether cannabis should be legal or not during the November polls.

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420 with CNW – Illinois Earns Double the Cannabis Taxes Predicted for First Six Months

The first half of 2020 has been brutal. After being discovered in Wuhan, China in late 2019, the coronavirus quickly spread to Europe and the U.S., and by late March, billions of people across the world were under lockdown. All but the most essential businesses were ordered to shut down, and within a month, the U.S. was approaching Great Depression era levels of unemployment. The travel and service industries were especially hit, and they have shouldered most of the job losses.

One industry that seems to be weathering the health and economic crisis fairly well is cannabis. Deemed essential by most states with a legal cannabis program, the industry has continued operations amidst the lockdown orders, all the while posting record profits. Illinois, for instance, has collected almost $52.8 million in tax revenue over the past six months, more than double what Illinois Governor J.B. Pritzker originally predicted.

He predicted that the state would collect $28 million in cannabis tax revenue before June 30, but Illinois has seen rising recreational marijuana sales. In June alone, dispensaries sold a record $47.6 million worth of recreational cannabis, all while the state’s economy declines due to the coronavirus. Over the first six months of 2020, total recreational marijuana sales in Illinois topped $239.1 million, all while the state’s finances were stretched thin by the ongoing pandemic.

Of the $52.8 million collected by the taxman from cannabis sales, $34.7 million was from cannabis excise tax while $18 million was from tax on sales. The state intends to direct $25.9 million to a general fund which pays for most day-to-day operations while a portion of the remaining tax revenue will be reinvested in communities that were disproportionately affected by the war on drugs.

According to June’s briefing from the Commission on Government Forecasting and Accountability, Illinois’ general fund revenues ended the fiscal year with $1.1 billion less than last year. The Commission’s report states that the coronavirus crisis has hit three main tax revenue sources, personal income, corporate income and sales tax. Even the less lucrative taxes like cigarette and insurance taxes also suffered, so cannabis provided a much needed inflow of cash.

The trend has been similar in most states that allow cannabis. Cash flows from most industries have pretty much dried up, but cannabis has consistently brought in tax revenue, with states like Illinois making monthly sales records.

This news from Illinois is likely to be celebrated by the entire cannabis industry, including companies like Sugarmade, Inc. (OTCQB: SGMD), since it justifies what the industry has always said about the economic benefits of establishing regulated marijuana markets.

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420 with CNW – Democratic Senator Claims Congress Will Legalize Cannabis in 2021

Marijuana legalization is a highly divisive topic and even as more and more states move to legalize medical and adult use marijuana, the topic still remains controversial. And although the federal government legalized industrial hemp in December 2018, marijuana is still illegal at the federal level. Although the presumptive Democratic presidential candidate has in the past said that he supports decriminalization, moderate rescheduling, record expungement and medical cannabis legalization, he does not stand behind legalizing adult use cannabis.

However, according to a U.S. Democratic Senator, lawmakers will move very quickly to legalize marijuana regardless of his position if the Democratic Party reclaims the Senate and Congress in November. Sen. Ed Markey was recently on the Young Jurks podcast and he was asked about a variety of issues related to cannabis legalization. He told host Mike Crawford that the democrats are ready to advance marijuana reform as soon as they have a majority in both chambers of Congress.

“From my perspective, this is another issue that’s just right there on the ballot in November. We’ll move very quickly in January to change these laws to make sure that there are national protection put in place. But unfortunately, Trump controls the discretionary use of these personnel, and they’re kind of committed to keeping this crazy non-scientifically based analysis of marijuana front and center,” he said, adding that he and home state colleague Elizabeth Warren are “confronted with this obstinate, obdurate opposition from the Trump administration.”

Host Mike Crawford mentioned that this position is against former vice president Biden’s current stance on adult use legalization, which is that additional research on cannabis is required before he supports broad reform. “We’ll have the majority of the votes in the United States Senate, and I know Senate Minority leader Chuck Schumer has moved in that direction, he’ll be the majority leader,” Markey said in response. “I think we’ll have the votes to just move it, and science has moved there.”

“I think what’s going to happen on so many issues is that Congress is a stimulus response institution, and there’s nothing more stimulating than what’s happening out there, on climate change, on cannabis. And after this election, we need to move on these policies and have our own 1933, our own New Deal.”

Analysts say the marijuana industry, including Sugarmade, Inc. (OTCQB: SGMD), will not think much about the Senator’s pronouncements until they are turned into concrete results.

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