420 with CNW – Four Key Lessons After Four Years of Recreational Marijuana in Colorado

Last year Colorado marked four years of legal marijuana sales and the data from the state government shows a number of lessons that other states can learn from Colorado’s experience. The following are some of those key lessons.

The Revenue Potential is High

It wasn’t just hype when marijuana legalization advocates campaigned on the promise that legalizing marijuana would be good for the economy. Colorado’s data reveals that cannabis sales amounting to more than $6 billion were recorded between 2014 and 2018. These sales resulted in tax revenue exceeding $1 billion, and the state coffers are the better for it.

States that are considering legalizing marijuana should therefore have no doubt that the industry has the potential to boost their economies if they design appropriate laws and regulations.

Medical Marijuana Declines in the Wake of Recreational Marijuana

Colorado’s experience also shows that the medical marijuana segment tends to register falling numbers if recreational marijuana is legalized. For example, two-thirds of the marijuana sales described earlier were for recreational marijuana. Since legalization, medical marijuana sales have registered a 13 percent decline.

This drop has occurred in spite of the incentives established to boost the medical marijuana segment of the market. For example, Colorado offers tax exemptions and allows patients to buy larger quantities of medical marijuana.

Marijuana is Good for Tourism

The four-year statistics from Colorado also reveal that tourism was boosted as a result of the legalization of marijuana. So far, 3,388,000 “canna-tourists” have been recorded in the state. These are non-residents who have purchased either recreational or medical marijuana in Colorado.

If this number of non-residents has bought legal marijuana in Colorado, they have also spent on other products and services, such as accommodation, food and transportation. This goes to show the extent of the ripple effects of legalizing marijuana.

Innovations Drive a Saturated Market

Four years after the marijuana industry was legalized in Colorado, it is reasonable to say that the industry is almost saturated. At this point, innovations, such as new marijuana delivery systems, social consumption lounges and the development of niche markets are the new frontier of opportunity in the sector.

This means that other states that have either legalized marijuana or are planning to do so must have a robust and responsive regulatory system so that the industry doesn’t stagnate when it nears saturation.

Industry analysts strongly believe that the different cannabis industry players, such as The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), take careful note of the lessons that each market offers and they use that data to fine tune their next moves.

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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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420 with CNW – 4 Mistakes You Should Avoid While Making Marijuana Edibles

Nearly all people learn how to make marijuana edibles through personal experiments that have their fair share of “trial and error.” However, there are a number of common mistakes that you can be on guard for as you venture into your journey of marijuana culinary delight. The following are some tips to help you stay clear of making many mistakes.

Decarboxylate Your Weed

Fresh cannabis will not transfer its effects to the different food items to which you add it. The effects of the weed can only be unlocked through a process called decarboxylation. To decarboxylate the weed, heat the marijuana on its own before you add it into your recipe. You will know that decarboxylation has occurred when the smell of your weed gets overpowering. Now is the time to add the marijuana to the products you are preparing. If you add raw weed, what you prepare will have a terrible taste and no one who consumes those edibles will get high.

Grind the Weed Sparingly

Finely ground weed is hard to strain from the oil you infuse it in, and the edibles you prepare will have a grassy taste as well as a green tint. Avoid these problems by grinding the marijuana sparingly so that it remains in sizeable particles that can be caught by a strainer. Grinding the marijuana in your hands is a good way to avoid overdoing it, so leave your fancy grinder out of this.

Stick to the Basics When Heating Weed

As a beginner, it is helpful to heat your oven to 245°F before you let the marijuana heat for between 30 and 40 minutes. As you gain more experience, you can tweak the temperature range and the duration of heating depending on how you want your edibles to taste. Otherwise, forgetting the basics of heating will result in costly lessons that will leave you frustrated that you just can’t seem to get the process right.

Err on the Side of Caution When Determining Dosage

Did you prepare the cannabis-infused oil yourself? Establish how strong it is by taking a teaspoon of that oil and observe how your body and mind respond in an hour. The buzz you feel will guide you on how much oil to use when making different servings of marijuana edibles. In this way, you will expect how high each edible will make you and there will be no unpleasant surprises.

It would be nice to know what marijuana industry players like The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) suggest beginners can do to simplify the process of making cannabis edibles.

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420 with CNW – Federal Court Orders DEA to Explain Cannabis Research Block

A federal court has ordered the U.S. Drug Enforcement Administration (DEA) to file a written response to a lawsuit filed by a research company seeking for an explanation about the status of the applications submitted to the DEA by entities that expressed interest in growing research-grade marijuana.

In 2016, the DEA called for applications from interested parties that wished to be licensed to grow marijuana for research purposes in order to supplement what was available from the only licensed facility at Mississippi University.

To date, the DEA doesn’t appear to have taken any action regarding the processing of those applications which were submitted years ago.

Researchers from the Scottsdale Research Institute (SRI) therefore went to court to compel the DEA to explain why additional manufacturers of research-grade cannabis haven’t been licensed since 2016 and yet the products currently available from Mississippi University are woefully inadequate in terms of quality and quantity.

In fact, research done on the products from Mississippi found that qualitatively, the marijuana availed to researchers by the licensed grower was closer to industrial hemp that being similar to the marijuana available at licensed dispensaries in states where cannabis is legal.

SRI, one of the entities which submitted an application to grow marijuana for research purposes, now wants the courts of law to resolve the matter of the DEA dragging its feet on making a decision on the applications submitted.

The D.C. Circuit of the U.S. Court of Appeals seems to agree with the research group and has written an order to the DEA asking the agency to submit a response, in less than 7,800 words, to the petition filed by SRI. The court has given the federal agency 30 days within which to submit their response.

In a press statement, SRI contends that the actions or inactions of the DEA are counter to the spirit of the Controlled Substances Act, and harms the interests of SRI as well as the veterans who would benefit from the research that SRI wants to conduct on the therapeutic effects of marijuana on people suffering from PTSD.

SRI further argues that everyone, including the federal government, agrees that independent marijuana research is needed, so there is no reason why the DEA continues to stonewall companies which are interested in conducting this needed research.

Attorney General William Barr took office in February with the promise that he would look into the status of the applications before the DEA from entities that wished to grow and manufacture marijuana products for research purposes. However, he too has done nothing on the matter, just like his predecessor Jeff Sessions.

Industry analysts believe that the entire marijuana industry, including players like The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF), will be following this lawsuit closely since the outcome could make it easier for reliable research to be done on the medicinal effects of cannabis, or any other area of interest on this plant.

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420 with CNW – More than 100 Cannabis Businesses Ask Congress to Consider Social Equity During Legalization

A coalition of more than a hundred cannabis companies and industry groups has sent a letter to Congress urging lawmakers to include social equity in any legislation that is proposed as a way of ending marijuana prohibition.

The letter, sent on Thursday last week, asserts that the work of Congress will be incomplete if they only stopped at legalizing marijuana without going further to address issues of social equity.

More specifically, the groups and associations that signed this letter express concern that the people who were worst affected by the War on Drugs are likely to be left behind as the marijuana industry takes off because those individuals who have a past conviction for marijuana-related charges are explicitly barred from participating in the legal marijuana industry in the states where marijuana is legal. These individuals are also unable to raise the capital needed to participate meaningfully in what the signees called “the new green rush.”

The letter states that in 2018, the sale of recreational and medical marijuana in the states that approved marijuana generated $10.4 billion, and $1.2 billion went to state governments in the form of taxes. Additionally, more than 200,000 people have jobs in the legal cannabis industry, but a significant proportion of people from the communities which were disproportionately affected by the prohibitionist laws are staying behind due to the constraints they face.

The coalition proposes a number of suggestions that Congress can consider in order to right the wrongs done during the War on Drugs.

For example, the letter suggests that in addition to descheduling marijuana at the federal level, Congress should pass a law allowing banks to service cannabis businesses without any fear of federal action against them.

The coalition also recommends that Congress should appropriate funds towards a social equity program so that the individuals and communities who suffered the most during prohibition can be facilitated or supported to take part in the legal cannabis industry across the country.

Another recommendation is that the criminal records of people on charges related to marijuana should be expunged so that those people no longer suffer the collateral consequences of those convictions.

4Front Ventures led the effort to write this letter. Other signees included Marijuana Policy Project, Michigan Cannabis Industry Association, MJ Freeway, Minority Cannabis Business Association, Americans for Safe Access, National Cannabis Industry Association (NCIA), and Berkeley Patients Group, among others.

This letter comes soon after another coalition of drug reform and civil rights groups also wrote to Congress making suggestions regarding how marijuana justice could be realized in any law that is passed to end cannabis prohibition.

Pundits believe that the marijuana industry, including companies like Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), will be hoping that Congress uses the recommendations made by the different groups that have written to it when debating a comprehensive marijuana policy reform law.

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420 with CNW – Marijuana Justice Coalition Releases Statement on Principles for Ending Marijuana Prohibition

The Marijuana Justice Coalition, an entity that brings together different groups that want to see justice in all matters connected to marijuana, have released a statement in which they outline the principles that the federal government and Congress should bear in mind as they consider bringing an end to the prohibition of marijuana nationwide.

The entities which signed this statement include Human Rights Watch, Center for Law and Social Policy, Immigration Legal Resource Center, Students for Sensible Drug Policy, Center for American Progress, Drug Policy Alliance, and NORML, among others.

The group starts by remarking that marijuana prohibition has devastated people’s lives for decades, and that 600,000 people are arrested annually for marijuana-related offenses. However, people of color are disproportionately affected since their chance of being arrested quadruples the chance of a white person being arrested for marijuana possession even if the rates of using the substance don’t vary across the races.

The coalition also points out that minor marijuana possession was the fourth most cited cause for non-citizens being deported from the U.S. The coalition was disturbed that these arrests and deportations continue even when polls show that 68 percent of American voters favor an end to prohibition while 73 percent say that marijuana convictions should be sealed automatically.

The Marijuana Justice Coalition suggests seven principles that Congress should think about and include in any legislation that will bring cannabis prohibition to an end.

For example, they say that marijuana should be descheduled since retaining it in the Controlled Substances Act preserves the criminalization of marijuana and provides a basis for the continued enforcement of prohibitionist laws.

Any law passed should also include provisions that get rid of barriers to public benefits, such as housing, nutritional assistance and other benefits that people are otherwise entitled to or eligible for.

Additionally, the coalition wants to see protections from immigration action against non-citizens who use or participate in the marijuana industry once it is legalized federally. This is aimed at ending the arrests and deportations, as well the denial of entry into the U.S.

Another principle listed by the Marijuana Justice Coalition has language to the effect that a portion of the revenue generated by the federal government from the marijuana industry should be allocated to entities or units of local governments that will reinvest that money in communities or individuals most impacted by the prohibitionist laws, especially for removing the collateral harms (lack of access to education or housing loans, for example) of the war on drugs.

This statement comes at a time when a Congressional sub-committee is receiving testimony from different experts who are expected to shed light on how prohibition can be ended. Analysts opine that the entire cannabis industry, including players like The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) could be very pleased that this influential group has come out so strongly on the issues that will bring justice regarding all things marijuana.

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420 with CNW – Bipartisan Senators Table Cannabis and CBD Research Bill

A bipartisan group of senators introduced legislation on Thursday (June 27) intended to facilitate federally-approved research into cannabis and its derivatives, such as cannabidiol (CBD).

The first section of the bill centers on the process through which research institutions can apply to the federal government for authorization to conduct marijuana research. If the bill passes in its current form, the U.S. attorney general would have a maximum of 60 days within which to approve the applications for cannabis research or request the applicant to avail more information.

The first section of the bill also creates a mechanism through which research organizations can get expedited approval if they want a larger quantity of Schedule I drugs, such as marijuana, for their research activities. Currently, the approval process takes a very long time and virtually renders research a near impossibility.

This section of the bill also deals with the process through which entities can apply to become manufacturers of research-grade marijuana products. At the moment, the University of Mississippi has the only federally-approved manufacturing facility across the U.S. The bill seeks to impose a 60-day deadline on the Department of Justice to approve manufacturing applications or ask the applicant to provide supplemental information.

The second section of the draft legislation focuses on the Federal Drug Administration (FDA) and how it approves drugs derived from marijuana. To encourage innovation in this area, the bill seeks to allow any accredited medical or osteopathic institutions, schools, practitioners and manufacturers who have been registered to have access to Schedule I drugs to start growing their own marijuana for research purposes.

The bill also has a provision which gives the Drug Enforcement Administration authority to scrutinize and approve applicants who wish to manufacture any approved drug that is derived from marijuana. These approved manufacturers would also be permitted to import any marijuana products that they deem necessary for doing cannabis research.

Sen. Brian Schatz (D-HI), one of the sponsors of this bill, commented that there is a lot of anecdotal evidence about the therapeutic benefits of marijuana and its derivatives, but the country cannot rely on anecdotal evidence to make policies about the treatment of health conditions. He added that the bill is intended to remove the barriers that make it difficult for the needed research to be conducted to ascertain the truth in the claims regarding marijuana’s medicinal effects.

The 22-page bill has been endorsed by a number of mainstream medical associations, such as the American Medical Association, American Academy of Pediatrics, American Society of Addiction Medicine and American Psychological Association. Several pro-marijuana advocacy groups, such as NORML and Americans for Safe Access have also voiced their support for this draft legislation.

Marijuana industry analysts think that the entire cannabis industry, including players like Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), will be keeping its fingers crossed hoping to see this bill become law.

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420 with CNW – How Marijuana Legalization Law in Illinois Differs from All Others

If, as is widely expected, Gov. Pritzker signs a bill that was passed to legalize recreational cannabis in Illinois, the state’s legalization law will be different from all others in several aspects.

First, Illinois will have defied the odds to legalize adult-use marijuana legislatively. All the other ten states have done so through voter initiatives. Lawmakers in New Jersey and New York at one time seemed poised to pass bills legalizing recreational marijuana but intraparty disagreements have torpedoed those plans.

Another way in which Illinois’ law is unique is that it contains provisions which are aimed at promoting social equity in the marijuana industry. The law creates a Cannabis Business Development Fund through which minorities will be supported to join the legal industry. $12million has been earmarked for this fund and a fraction of the fees levied on players in the cannabis industry will go to this fund as well.

Additionally, licensing fees will be lowered for applicants from minority communities who wish to start recreational marijuana businesses. Loans will also be given to these “equity” applicants at low interest rates. This will address the longstanding difficulty that members of these communities have always had when it comes to accessing business loans.

The law also stipulates that at least eight community colleges should offer marijuana business education programs by September 2020. A minimum of five of those colleges should enroll at least half of their students from low-income communities since those are the primary beneficiaries of this provision in the law.

Another unique feature of the Illinois law is that 25 percent of the sales tax levied on recreational marijuana sales as well as 25 percent of all other fees levied in the industry will go towards funding a “Restore, Reinvent and Renew” program through which grants will be given for the purpose of combating violence and revitalizing the communities most affected by the war on drugs.

The lawmakers in Illinois didn’t just talk about social justice and equity; they went all out and formulated a law which spells out exactly how these ideals will be brought to life in the state. This law is certainly going to be a model from which other jurisdictions borrow ideas when formulating their own laws.

One has no choice but to believe that the entire marijuana industry, including Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) and The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF), are likely to be pleased by this cannabis news coming out of Illinois.

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420 with CNW – NBA Commissioner Says the League’s Cannabis Rules Could Be Updated

After the NFL announced that it was studying the possibility of using marijuana as a pain treatment for players, the NBA Commissioner Adam Silver has revealed that they too are considering the matter.

While the Commissioner was non-committal about when the rule changes would be made, he did admit that the matter was up for discussion with NBAPA (NBA Players Association).

Any changes to the marijuana rules of the NBA can only come as an inclusion in the collective bargaining agreement signed with the players association. However, the commissioner says that the players haven’t reached a consensus on the matter, so more discussions are needed to get everyone on board.

Commissioner Silver revealed that some players are concerned that if a teammate gets on the court while high on marijuana, such as player could let down the entire team by not giving the game their all.

Silver also said that in his opinion, there was nothing wrong with a player taking some cannabis as a way of winding down after a major game. To him, this is no different than taking a drink, and he feels that the NBA hasn’t moved with the times in permitting such social use of marijuana.

Silver is also open to looking into the medical uses, such as pain relief, of cannabis for NBA players. This is major attitude shift from the position he held two years ago when he told the press that he saw no need to amend the NBA policies to accommodate medical marijuana.

While the commissioner hasn’t made any firm commitments regarding reforming the cannabis policy of the league, the good news is that he is open to the possibility. However, any changes to be made are likely to take a few more years before coming into force since the current collective bargaining agreement with the association of players is still in force until the 2023/24 season comes to an end.

All the same, the fact that the NBA and other sports associations are looking into the potential benefits of marijuana is good news to advocates since such associations have always been notoriously conservative.

The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) hope that the NFL updates its marijuana rules next year as is widely expected. This will open the way for other associations to follow this lead and update their own policies as well so that players enjoy the benefits of marijuana.

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420 with CNW – Spanish Company Develops First THC-Free Cannabis Plant

A Spanish company, Hemp Trading, has developed a new cannabis strain that has no THC. This development became possible after the company partnered with UPV (Universitat Politecnica de Valencia) university in Spain. The new cannabis plant is expected to have numerous therapeutic benefits.

This first-of-a-kind marijuana strain has no legal restrictions imposed upon it since it doesn’t contain any controlled ingredient in it, especially the psychoactive THC which is responsible for the controlled substance status of marijuana around the world.

Ernesto Liosa, the CEO of Hemp Trading, reveals that the company developed this unique cannabis strain by blocking some of the steps through which the biosynthesis of cannabinoids takes place as a cannabis plant grows.

The company’s scientists managed to block the formation of THC while increasing the quantity of cannabigerol (CBG). CBG has several possible medicinal effects. The researchers discovered that CBG is the first cannabinoid of cannabis to form. Consequently, CBG can be regarded as the “mother cell of marijuana” because as the plant grows, CBG is transformed into the two major known cannabinoids (CBD and THC) as well as the other dozens of cannabinoids present in cannabis. This conversion causes CBG to disappear almost completely.

This research has therefore made it possible for the levels of CBG in cannabis to be elevated to concentrations which were unheard of. The other strains of marijuana on the market have concentrations of CBG which range between 0.1 percent and 0.5 percent. The strain developed by Hemp Trading raises the CBG concentration to 15 percent.

The minute quantity of CBG in the current cannabis plants meant that hardly any research was done on this cannabinoid by the scientific community. Most attention went to CBD and THC since these occur in large amounts in most cannabis plants.

Now that CBG has been boosted to 15 percent, the way has been opened for the scientific community to look into the potential therapeutic uses of this cannabinoid.

CBG holds great promise because it is easier to extract when compared to how CBD is extracted from the existing strains of marijuana. The extracts have to be purified to get rid of the THC content. Even hemp which is known for its low THC level must also undergo this purification process in order to eliminate those trace amounts of THC.

The strain developed by UPV and Hemp Trading will be more affordable to process in order to extract the CBG since there is no THC in the plant. The savings made during this extraction process are certain to make the products more competitive on the market.

So far, CBG has been linked to fighting inflammation, reducing intraocular pressure (thereby showing promise in fighting glaucoma), fighting insomnia and depression. More research is likely to unearth additional therapeutic benefits.

Supreme Cannabis Company Inc. (TSX: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) congratulate Hemp Trading and UPV upon their groundbreaking research which will take the medical cannabis sector to another level.

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420 with CNW – New Jersey May Turn to a Referendum to Legalize Recreational Marijuana

As it becomes increasingly clear that the bill to legalize recreational marijuana is unlikely to get enough support in the New Jersey senate, lawmakers are beginning to consider the possibility of letting voters make the decision through a referendum in 2020.

It is now six weeks since a vote on the legalization bill was suddenly called off, but legislative leaders and Gov. Murphy don’t seem to have made any progress is securing the “2-5 votes” needed to guarantee that the legalization bill will pass on the senate floor. The Assembly doesn’t have the same problem and they are just waiting for the senate to be ready before they vote to pass the bill.

That wait doesn’t show any signs of ending soon, and some lawmakers are beginning to float the possibility of letting voters have the final say on marijuana legalization.

New Jersey is unique from other states because voters cannot initiate a referendum or ballot measure as it is known elsewhere in the country. Instead, legislators have to agree and draft the appropriate referendum question so that voters cast their ballots for or against the question presented.

Gov. Murphy laid down a deadline of end of May and threatened to expand the medical marijuana program administratively if the legalization bill isn’t passed by that time. Expanding the medical marijuana program would most likely spell doom for legalization by legislative means since there will be no urgency to debate and pass a standalone recreational marijuana legalization bill.

Sen. Nicholas Scutari (D-Union County), who drafted the legalization bill, is of the opinion that pursuing legislative means to legalize recreational marijuana would bring better and faster results than using a referendum to change the law.

Scutari added that for a referendum to be binding, it needs to be drafted to the effect that the constitution would be amended to allow recreational marijuana in the state. The state should only resort to a referendum if all else fails, he affirmed.

Gov. Phil Murphy is interested in seeing the recreational marijuana bill passed, but the cries of patients who want to see the medical marijuana program expanded may force him to act on having the medical marijuana expansion bill passed on its own. For example, the six existing dispensaries are woefully inadequate to serve the more than 40,000 medical marijuana cardholders.

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) call on the lawmakers to put aside their differences so that the people of New Jersey aren’t forced to wait for years before recreational marijuana is legal in the state.

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