420 with CNW — SAFER Banking Bill Clears Panel, Heads to Senate Floor

The Senate Banking Committee advanced a new bill on Sept. 27, 2023, that would grant marijuana businesses access to banking services. The bipartisan measure, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, seeks to provide legal safeguards for financial institutions that choose to offer services to state-regulated cannabis enterprises.

Senator Jeff Merkley (D), the bill’s lead sponsor, celebrated this progress as a historic event, highlighting the remarkable spirit of cooperation across party lines.

He expressed his concerns about the current scenario where legal cannabis businesses are forced to operate solely in cash, terming it an invitation to criminal activities such as organized crime, robberies and money laundering. Merkley articulated his commitment to fostering bipartisan support to ultimately enact legislation that eradicates the cash-driven marijuana economy, thereby bolstering public safety nationwide.

The bill also boasts support from Senate Majority Leader Chuck Schumer (D) and Senators Steve Daines (R), Kyrsten Sinema (I) and Cynthia Lummis (R). The lawmakers issued a joint statement underscoring the legislation’s potential to create safer environments for small businesses and local communities by granting legal marijuana enterprises access to conventional financial services, such as bank accounts and small business loans.

Despite the legalization of marijuana for medical and recreational use in 39 states, the industry has grappled with growth limitations due to its classification as a Schedule I substance under federal law. This has deterred many banking institutions from offering financial services to cannabis-related businesses, thus restricting their access to capital and broader markets. As a result, state-regulated marijuana enterprises have been compelled to conduct their operations exclusively in cash, exposing them to the perils of theft, organized crime and money laundering.

Given the expansion of recreational marijuana markets in various states, analysts from the MJBizFactbook anticipate that the combined sales of recreational and medical marijuana in the United States will reach $33.6 billion by the close of 2023.

The recent Senate vote represents a historic milestone, marking the first time the Senate has considered such legislation. While a previous iteration of the bill, the SAFE Banking Act, enjoyed multiple House approvals, it faced repeated obstacles in the Senate under both Republican and Democratic control.

The latest version of the bill also includes stringent provisions for federal regulators, preventing them from closing cannabis-related accounts without valid justification and from denying banking services based on political motivations and personal beliefs. The fate of the bill now hinges on the potentially more challenging terrain of the Republican-controlled House.

The entire cannabis industry, including major entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), is waiting with bated breath as they follow how this landmark bill will be handled on the U.S. Senate floor.

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 — New York Clamps Down on Marijuana Black Market as Licensed Firms Struggle

New York authorities are intensifying their efforts to combat the proliferation of unlicensed shops selling marijuana across the state in response to the ongoing struggle to establish a thriving legal marketplace for the substance. With the legalization of cannabis in 2021, an influx of unauthorized vendors peddling cannabis, vape products, edibles and more has posed a significant challenge to the state’s legal cannabis industry, with New York City bearing the brunt. Presently, only 23 legal cannabis dispensaries are operational statewide, and nine are located in NYC.

A recent study conducted by the Independent Budget Office of NYC revealed that approximately 1,500 unregulated retailers within the city may be holding marijuana products worth $484 million. If these products were to be sold through legal channels, it could generate a substantial $19.4 million in revenue for NYC.

In response, the state has escalated its efforts to crack down on unregulated shops by increasing the frequency of inspections, imposing fines and even ordering closures when necessary. These measures extend beyond the stores themselves, with landlords now facing penalties of up to $10,000 if they knowingly lease commercial properties to unlicensed sellers.

The crackdown on these illicit operations is not just a legal matter; it also has significant economic implications. Unlicensed sales deprive the state of much-needed revenue, as the state imposes a 13% retail tax on all cannabis products, with additional taxes based on the potency levels of THC.

Beyond the financial considerations, unlicensed shops also present substantial health risks. A 2022 study commissioned by the New York Medical Marijuana Industry Association, which examined products from 20 illicit stores in NYC, discovered that around 40% of these products contained harmful contaminants such as salmonella, lead and E. coli.

The state’s Marijuana Control Board recently announced plans to open up license applications to the general public as well as to multistate medical companies and manufacturers. Previously, licenses were restricted to individuals with prior cannabis-related convictions under the Conditional Adult Use Retail Dispensary (CAURD) program. This move is expected to expand the number of legal cannabis shops throughout the state, further shaping the future of New York’s cannabis industry.

While illicit sales have been fueled partly by delays in the opening of legal dispensaries, experts anticipate a decline in such sales in the years ahead. New Frontier Data, a marijuana research company, projects that illicit sales, which were estimated to reach $7 billion annually in 2023, will decrease to approximately $3 billion by 2030 in New York.

The black market isn’t only a concern in New York. Major marijuana companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) also have to contend with illicit marijuana sellers in the jurisdictions where they operate, and authorities are constantly trying to weed out black market actors so that only licensed operators can sell their products.

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420 with CNW — NY Recreational Cannabis Rollout Hits Another Snag as Judge Halts Business Licensing

The rollout of recreational cannabis in New York has faced yet another hurdle as a judge from the state’s Supreme Court has put a halt on all applications for business licenses to establish adult-use marijuana dispensaries. The judge cited inconsistent and unclear information from regulating officials. This recent setback adds to the challenges that have characterized the launch of legalized marijuana in New York.

The issue revolves around a program called the Conditional Adult Use Retail Dispensary (CAURD), managed by the Office of Cannabis Management (OCM). When the state legalized marijuana in March 2021, lawmakers and cannabis regulators initially announced that a portion of retail licenses would be reserved for small nonprofit organizations and individuals who had been adversely affected by the war on drugs.

This exclusion left out several potential marijuana businesses, including those with existing medical cannabis licenses, often owned by larger multistate operators. Some of these operators took legal action against the state earlier this year. Additionally, a group of service-disabled military veterans filed a lawsuit against the state, arguing that the CAURD program violates their rights and is unconstitutional because they were not eligible for permits.

As a response to this lawsuit, Judge Kevin Bryant, presiding over the State Supreme Court, issued an injunction on Aug. 7, 2023, which temporarily suspended all CAURD applications. This injunction was subsequently upheld on Aug. 18. While the OCM has granted licenses to a few hundred emerging CAURD businesses, records from the agency indicate that only 23 legal marijuana retail stores are operational in the state. Interestingly, more than 1,500 unlicensed cannabis retailers are currently operating exclusively in New York City.

Last week, a glimmer of hope emerged for certain applicants when the state released a list of 30 CAURD applicants that had made significant progress in the application process and were thus exempt from Judge Bryant’s order. However, in a subsequent ruling last week, Bryant noted that information from the OCM indicated that not all 30 applicants had fulfilled the necessary licensing prerequisites. As a result, he directed OCM to provide an updated list of potential injunction-exempt applicants under oath, planning a comprehensive, individualized order.

This series of events has taken many by surprise and left both applicants and observers feeling perplexed. Osbert Orduña, CEO of the Cannabis Place, which is in the process of applying for a CAURD license to operate in Queens, expressed disappointment in the recent developments. He emphasized that this setback has negative repercussions for small businesses, potential employees and cannabis consumers in New York — all affected by a lawsuit initiated by a small group of individuals.

These regulatory hiccups can be massively disruptive, and even established companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) may possibly reconsider staying in a market that doesn’t have a reliable regulatory regime guiding operators, creating uncertainty about the stability of the rules under which they operate.

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CannabisNewsBreaks – Lucy Scientific Discovery Inc. (NASDAQ: LSDI) Acquires High Times Intellectual Property, Featured in Financial News Media Article

Lucy Scientific Discovery (NASDAQ: LSDI) today announced the acquisition of the intellectual property (“IP”) of High Times, an iconic brand in the cannabis industry. In addition to the Hightimes.com domain, the transaction also includes the trademarks for the Cannabis Cup and 420.com brands and their respective domain names. In exchange, High Times will receive a 19.9% stake in Lucy’s outstanding stock as well as performance-based payments.

“Lucy expects this acquisition to drive high margin revenue quickly and sustainably across the cannabis sector around the world. This is a great opportunity to grow the market presence of the nearly 50-year-old High Times brand globally through licensing and online distribution,” Lucy Scientific Discovery Executive Chairman and CEO Richard Nanula stated in the news release. “We are confident that this opportunity can add significant value for our shareholders.”

In addition, Lucy Scientific Discovery (NASDAQ: LSDI) was featured in a Financial News Media article together with other companies active in the burgeoning global cannabis market, including SNDL Inc. (NASDAQ: SNDL), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), and Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY). The piece discusses opportunities in the market driven by increased legalization of cannabis and rising acceptance of its use for medical purposes. Statista projects that revenue in the global cannabis market is projected to reach US$51.27 billion in 2023, at an annual growth rate (“CAGR” 2023-2028) of 14.95%, resulting in a market volume of US$102.90 billion by 2028.

To view the full press release/article, visit https://cnw.fm/IdURM and https://cnw.fm/FjOGd

About Lucy Scientific Discovery Inc.

Lucy Scientific Discovery is a Nasdaq-listed company with holdings and operations in a variety of psychotropic businesses. The company holds a Controlled Drugs and Substances Dealer’s License granted by Health Canada’s Office of Controlled Substances. Lucy Scientific Discovery Inc. and its wholly-owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (“APIs”) used in controlled substances and their raw material precursors. With a focus on pioneering innovative therapies for patients in need, Lucy Scientific Discovery Inc. is dedicated to advancing the understanding and applications of psychotropic medicines, improving mental health outcomes, and enhancing well-being for individuals worldwide. For more information, visit the company’s website at www.LucyScientific.com.

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

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CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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420 with CNW — Pharmacies in Portugal to Begin Selling Medical Marijuana in April

Medical marijuana in Portugal may soon be accessible through pharmacies from April. The country legalized the use of medical cannabis in 2018 and established a regulated medical marijuana industry.

Portugal had earlier decriminalized the possession and use of illegal drugs such as marijuana in 2001, through Law 30/2000. The purpose of this was to limit drug problems. Costa Rica and Colombia also have similar policies.

The policy has established a certain number of grams that an individual would roughly consume in a period of 10 days. If an individual is caught in possession of an illegal drug whose quantity is more than the decriminalization amount stipulated for the drug, the individual will be brought before the Dissuasion of Drug Addiction panel, where their case will be examined. This will help determine individuals who need treatment.

This does not mean, however, that the distribution, growing and sale of these drugs is legal. These acts are still illegal under the law, with individuals convicted of trafficking facing anywhere from 1 to 12 years in prison, depending on the particulars of their case. Growing cannabis for personal use had been considered for decriminalization earlier in 2001 but had been withdrawn. This is why, even today, growing cannabis for personal use remains illegal in Portugal.

According to the June 2018 law that legalized marijuana medicines, a doctor is allowed to prescribe these medications, provided that all other therapies have either brought about unpleasant reactions or haven’t been successful in achieving the intended outcome.

Maria do Céu Machado, president of the Portuguese Medicines Agency Infarmed, stated that by the end of 2021, the agency would have identified regulations necessary to regulate cannabis medicines, including everything from marijuana cultivation to its distribution. Currently, the body oversees the regulation of drugs in the country.

Machado added that the organization was working to make sure that all the products manufactured in the future would be effective and of high quality. This, she said, would be done by creating laws for regulation and ensuring that finished products were sold in pharmacies.

Infarmed also granted market authorization to Tilray Inc. (NASDAQ: TLRY), which is a licensed global marijuana producer, to sell medical marijuana products in Portugal. This confirms that the company, which is the only company that has been granted authorization, produces medical products that meet the highest international and national standards. Tilray will be using its Portugal production facility to produce marijuana-based products that will be used in Portugal as well as be exported to the EU and other countries across the globe.

Tilray isn’t the only Canada-headquartered firm that has gained recognition in the medical/recreational cannabis space. Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) specializes in the plant-extraction space and now has ongoing cannabis extraction contracts with local and international partners.

NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) are available in the company’s newsroom at https://cnw.fm/PULL

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420 with CNW — Medical Marijuana Shares Off to a Great Start on London Stock Exchange

Marijuana shares in the UK have been rising quickly, with investors now looking toward a new investment class in the market: medical marijuana shares.

Last week, MGC Pharma, which is London’s first marijuana stock, debuted on the London Stock Exchange. The firm raised £6.5 million ($9 million) on its premiere, with the stock moving to 4.25p (59 cents) a share from a 1.475p (25 cents) per share opening price. This left the company with a market cap of more than £75 million ($104 million).

In a way, the increase in the London stock mirrored the American market, when investors from Reddit’s r/WallStreetBets forced the price of various marijuana stocks to rise on the back of an Aphria and Tilray merger. The likelihood of President Joe Biden’s administration federally legalizing the marijuana industry has also helped.

Tilray Inc. (NASDAQ: TLRY) rose by 50%, which added more than $2 billion in value to the company’s stock. This upped the company’s yearly gains to more than 670%. Other companies that have recorded significant gains this year are Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), which has increased by more than 120% so far; Aphria Inc. (NASDAQ: APHA), which was up by 280%; and Canopy Growth Corp. (TSX: WEED) (NYSE: CGC), which rose by 110%.

So far, London has been slow to launch medical marijuana IPOs. However, following MGC Pharma’s remarkable reception last week after a two-year campaign by Memery Crystal, a London law firm, attitudes may at last be changing.

Up until now, regulators and banks were concerned that marijuana businesses would be seen as almost-criminal enterprises; turns out, this may not be the case. Memery Crystal CEO, Nick Davis, who is also an advocate campaigning for the medicinal use of marijuana, stated that after MGC Pharma’s successful IPO, he received calls from America, Canada and Israel, all from companies that wanted to list in the United Kingdom.

Over in the United States, medical marijuana is legal in 30 states. Projections from Prohibition Partners show that by 2024, the country’s market will be valued at $37.9 billion. The firm also estimates that by 2024, nearly 340,000 patients in the UK will be using marijuana treatments. Additionally, their research states that by 2024, UK’s legal marijuana market will be valued at nearly £2.3 billion.

In the UK, research focused on the medical applications of marijuana is still in the early stages. Many are hopeful, however, that London may soon become the right place for the growing marijuana market to raise funds to finance further medical studies and research. However, advocates are still emphasizing that the whole point of this is not to help individuals get high but to help manage pain and relieve human suffering.

Furthermore, guidelines from the National Institute for Health Care and Excellence asserted that the medication from MGC Pharma was effective, which assisted in moving things along.

Back in the States, Gage Growth Corp. (d.b.a. Gage Cannabis) , which operates within the Michigan marijuana market, has initiated a number of steps intended to grow its brand. For example, the compamy has exclusive brand partnerships with some of the most recognizable brands, such as Cookies, across the country. Such partnerships are likely to see the company grow more rapidly than its competitors.

NOTE TO INVESTORS: The latest news and updates relating to Gage Growth Corp. (d.b.a. Gage Cannabis) are available in the company’s newsroom at https://cnw.fm/GAGE

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420 with CNW – Tilray, Inc. (NASDAQ: TLRY) Announces Positive Research Results for Cancer Sufferers

Medical cannabis is probably one of the most controversial topics at the moment. Critics of the medical marijuana movement have claimed that there is hardly any evidence of therapeutic benefit and that the hype has far outpaced the science. On the other hand, cannabis reform activists have argued that due to its diverse medicinal properties, medical cannabis can be a great alternative to pharmaceuticals.

Quite recently, Tilray (NASDAQ: TLRY) announced that Australian researchers have found that medical cannabis has shown promise as a treatment for nausea and vomiting for cancer patients undergoing chemotherapy in a clinical trial. The trial’s preliminary findings, which showed a significant improvement in the control of chemotherapy-induced nausea and vomiting, were published in the Annals of Oncology. The pilot phase of the study consisted of 81 patients who had experienced nausea and vomiting during chemotherapy and it ran for two and a half years.

A quarter of the participants taking medical cannabis experienced no vomiting or nausea compared to 14 percent of people who took a placebo. “The side-effects associated with chemotherapy are some of the primary causes of treatment discontinuation,” says Philippe Lucas, Vice President of Global Research and Access at Tilray, “so improving the control of nausea and vomiting can not only improve the quality of life of patients, but by allowing those affected by cancer to complete their treatment it can also potentially save lives.”

At the moment, the most prescribed medicine for chemo-induced nausea is the synthetic drug Marinol, owned by biotech company AbbVie. However, plenty of patients have been unable to continue with it due to side effects such as mood changes, confusion, trouble concentrating, dizziness, and anxiety. “Nausea and vomiting are among the most distressing and feared consequences of chemotherapy,” says Peter Grimson, leader of the study, medical oncologist at Chris O’Brien Lifehouse and Associate Professor at the University of Sidney.

Although side effects such as sedation, drowsiness, and dizziness were present in moderate to severe levels in about one-third of the people using medical cannabis, researchers considered them manageable. “These encouraging results indicate medical cannabis can help improve quality of life for chemotherapy patients,” Grimson says.

“The trial will now move to a larger phase to determine with much more certainty how effective medicinal cannabis is and whether it should be considered for use in routine cancer care. The next phase of the trial is ongoing and will recruit an extra 170 people.” Grimson added.

Experts say this research goes a long way towards confirming what pot companies like Pac Roots Cannabis Corp. (CSE: PACR) have always said about the myriad of benefits of marijuana.

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Savvy Companies Eye Promising Potential in Multi-Billion-Dollar Industry

CannabisNewsWire Editorial Coverage: A recent Data Bridge Market Research report notes that the once-hot cannabis industry looks to be heating up again — in a big way. The report includes predictions that the global legal marijuana market will total more than $90 billion by 2027. Smart companies are jostling for a strong position in this explosive space, looking to leverage their expertise to capitalize on opportunities the multi-billion-dollar sector provides. Recognizing key challenges in the industry, including availability of often subpar quality of available product along with the high cost of development and land acquisition, Pac Roots Cannabis Corp. (CSE: PACR) (PACR Profile) is focusing on its state-of-the-art genetics to ensure production of premium-quality products. In addition, the company is relying on science and key strategic partnerships to eliminate quality and cost barriers to success. Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) has received regulatory approval for its acquisition of one of 10 vertically integrated licenses in New York while Tilray Inc. (NASDAQ: TLRY) has received complete GMP certification at its EU campus. Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) has almost completed the first phase of a business transformation focused on setting up the company for success in this burgeoning space. And in the medical-use sector, Arena Pharmaceuticals Inc. (NASDAQ: ARNA) is pursuing a significant unmet opportunity for a targeted IBS pain treatment using olorinab, a peripherally acting, highly selective, full agonist of the cannabinoid receptor 2 (CB₂).

Absolute access to one of Canada’s largest live, genetic cannabis library provides PACR with more than 350 lab-tested, field-tested cultivars.
Superior flowers are key to producing superior cannabis products.
Pac Roots chooses best outdoor growing climates in Canada for its growing cultivation operations.

Click here to view the custom infographic of the Pac Roots Cannabis Corp. (CSE: PACR) editorial.

Delivering the Best

While it may seem obvious, the availability of high-quality flowers is essential to the process of producing high-quality cannabis products. Yet as demand for cannabis products has increased and more companies have entered the flourishing space, the quality of raw cannabis product may actually be slipping as companies focus more on market share than quality.

Pac Roots Cannabis Corp. (CSE: PACR) is committed to delivering the finest cannabis genetics to its customers, preserving the superiority of its carefully cultivated elite strains while also working to introduce unmatched new strains. While some companies may work to be the largest cannabis grower, Pac Roots believes that product quality is paramount. With demand for premium products at an all-time high, Pac Roots is dedicated to becoming a leader in the premium-cannabis space.

The company achieves this objective in part through its strategic licensing agreement with Phenome One Corp, which gives Pac Roots complete access to one of Canada’s largest live, genetic cannabis library with both field- and lab-tested, selectively bred cultivars. Pac Roots utilizes the cultivars in the Phenome One library to grow, breed and clone its own distinctive brands. Through vigilant breeding and cultivation, Pac Roots offers everything from CBD-dominant plants with rare terpene profiles and soaring 30%-plus THC giants to West Coast outdoor, botrytis-resistant plants.

Pac Roots and Phenome One are developing exclusive strains with several beneficial characteristics. The impressive catalog consists of more than 350 tested cultivars; approximately 50 are in the super-elite category. The aim for the partnership is to offer the highest-quality cultivars that have been proven and tested under variable commercial conditions to provide the greatest resilience. The two companies share a dedication to delivering rich THC and CBD cultivars with unique terpene profiles while continuing to attain industry-leading GPW yield.

Key to Quality Cannabis

Superior genetics isn’t the only key to cultivating quality cannabis. Optimized farming systems are crucial in the pursuit of quality product. Pac Roots works closely with carefully selected partners to improve cultivation through proprietary methods, including the following fundamental components:

Nutrients are custom formulated from raw salts for specific cultivars.
Systematic planting of young, hardy cultivars, measuring up to 18 inches, which provides maximum opportunity for growth and resilience.
Row compaction and mowing for weed control, enabling a selected harvest
Complex irrigation systems with direct-nutrient and spring-water delivery to each plant site.

In addition to observing tested and refined cultivation methods, Pac Roots carefully selected its cultivation sites, focuses its operations on the finest outdoor growing climates in Canada, including the South Okanagan Valley and the Fraser Valley Regional District.

Golden Mile Cultivation

Known as the Golden Mile and now referred to as the Napa Valley of the North, the South Okanagan Valley in British Columbia is the location of Rock Creek Farms, a 100-acre, premium-hemp, joint venture that Pac Roots started in May 2020 after receiving its hemp cultivation license from Health Canada.

Planting began in June when approximately 130,000 premium-hemp CBD seedlings, which had been sown earlier in greenhouses to ensure optimum growth and reduce environmental impact, were systematically planted across two 50-acre parcels. With harvesting projected to begin in October, the hemp plantation crop is expected to be between 500,000 and 700,00 pounds of biomass; 100% of that yield is already under contract with a processor at fair market value.

“It has been a busy for months since listing on the CSE in early May 2020,” said Pac Roots CEO Patrick Elliott. “We are proud to have a healthy crop and remain bullish on delivering a premium, high-yielding product to our customer. In early 2020, we had a goal of becoming a revenue generator in 2020 as market appetite was evolving towards a cash flow scenario and realizing on projected forecasts as paramount to survival in this industry. We are privileged to be involved with our strategic partners at Rock Creeks Farms, Phenome One and Speakeasy Cannabis Club as a production scenario in our first year of operation would not have been possible without the generous leasing of land, equipment, licenses, infrastructure, genetics, operations team, management and expertise to round off the joint venture.”

Fraser Valley Production

In addition, the company is slated to soon complete a share purchase agreement of 250 acres of prestigious land in the Fraser Valley Regional District (FVRD) of British Columbia. The agreement, made with 1088070 BC. Ltd. outlines Pac Roots’ plans to acquire all of the issued and outstanding shares of 1088, which owned nine parcels of pristine property in FVRD, one of the most productive and intensively farmed areas in Canada. The area offers the finest soil, a favorable climate, ample water and a local market of an estimated 2.5 million people. Agriculture in this region yields an annual economic value of more than $3 billion.

“The addition of such a substantial package of land to our portfolio is a major step for Pac Roots,” said Elliott. “We are pleased to have the opportunity to add significant acreage with an acquisitional cost base of $9,600 per acre. This land has no zoning restrictions and is not situated within the Agricultural land reserve, which provides for infinite development possibilities.”

The acquisition of the 250 FVRD acres combined with the 100-acre hemp joint venture in Rock Creek, along with the company’s plans for an indoor cultivation facility in Lake Country, British Columbia, demonstrates a long pipeline of development projects for Pac Roots. Through these recent achievements, the growing company is confirming its ability to optimize cultivation with seasoned expertise. Its commitment to maximizing yield while lowering production costs seems evident throughout Pac Roots’ strategic growth plan.

With demand for superior cannabis products only expected to increase as large-scale growers appear incapable of delivering a premium-grade flower, Pac Roots looks to have firmly established its focus on offering the best crops available and developing the future of genetics. “Preserving the excellence of our elite strains while introducing the highest quality of new strains to the public is our passion,” the company’s website declares, and its recent activity in the cannabis market looks to support that mission.

Becoming Cannabis Players

While Pac Roots is distinctive in its approach and commitment to quality, it isn’t the only company vying for market share in the flourishing cannabis sector.

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) announced that it has received regulatory approval for its acquisition of 100% of the membership interests of Gloucester Street Capital, the parent entity of Valley Agriceuticals LLC, via a merger between Gloucester and an indirect subsidiary of Cresco Labs. Valley Agriceuticals holds one of the 10 vertically integrated cannabis business licenses granted in the State of New York by the New York State Department of Health. Each license gives the operator the right to operate one cultivation facility and four dispensaries in New York. The acquisition is expected to close by the end of August.

Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) recently released an update on its business operations, including the announcement of a new CEO, Miguel Martin. “Over the last six months, Aurora has focused on building the infrastructure and capabilities necessary for a successful and diversified business,” said Aurora executive chairman and interim CEO Michael Singer. “The first phase of our business transformation, which is now substantially complete, included the rationalization of our cost structure, reduced capital spending, and a more prudent and targeted approach to capital deployment. As a result, we now have a far more efficient asset base and infrastructure to supply our key global markets. I am delighted to now be transitioning the CEO responsibilities to Miguel, and I am confident that Aurora is in a strong position to succeed under Miguel’s leadership.”

Tilray Inc.’s (NASDAQ: TLRY) wholly owned subsidiary Tilray Portugal Unipessoal Lda. has received a Good Manufacturing Practice (GMP) certification in accordance with European Union standards, for its manufacturing facility in Cantanhede, Portugal. The certification expands the company’s international export capacity to serve authorized medical cannabis markets and provides authorization to complete medical cannabis extraction on-site as well as produce bulk extracts for the manufacture of medical cannabis oil as a finished product. The certification signals another milestone for Tilray’s EU campus, which serves as the company’s international medical cannabis hub.

Another player in the medical space is Arena Pharmaceuticals Inc. (NASDAQ: ARNA). The company has recognized a significant unmet opportunity for a targeted IBS pain treatment and is involved in a Phase 2, placebo-controlled, parallel-group study to evaluate the safety, tolerability, and efficacy of olorinab in patients with irritable bowel syndrome who are experiencing abdominal pain.

In an industry anticipated to top $90 billion by 2027, strategic steps taken by companies operating in the cannabis space appear to reinforce the sector’s promising future. Companies that focus on high-quality products through genetics while controlling costs could reap outsized market rewards as the sector continues to grow and mature.

For more information about Pac Roots, please visit Pac Roots Cannabis Corp. (CSE: PACR).

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Cannabis Sales Surge During Lock Down

CannabisNewsWire Editorial Coverage: COVID-19 devastated the economy but created a surge in cannabis sales, bolstering long-term trends.

As the pandemic wreaked havoc on the U.S. and global economies, cannabis sales rocketed higher across multiple markets in North America. California cannabis sales soared nearly 160% compared to the same day in March 2019, while sales in Washington climbed 100% and Colorado saw a 46% increase on the same day. This surge gives no indications as a one off and is strong reinforcement of long-term trends in the industry. After a lot of early hype, the cannabis sector is on firm ground and is posting impressive numbers. A strong performer in the sector, Cannabis Strategic Ventures (OTCQB: NUGS) (NUGS Profile), is now on pace for over $2.7 million in quarterly sales and approximately $11 million in annualized sales, based on its strong performance in April and May. Simultaneously, the company increased its harvest size by as much as 2.5x and is now selling product at an 11% premium to industry standard. Powerful new deals confirm sector viability and vitality. Village Farms International Inc. (NASDAQ: VFF), one of North America’s largest vertically integrated greenhouse growers, recently launched a majority-owned joint venture for a large-scale, low-cost, high-quality cannabis production. HEXO Corp. (NYSE: HEXO), an established consumer packaged goods cannabis company, just closed a public offering for total gross proceeds of C$57,546,000. Amyris Inc. (NASDAQ: AMRS), a global science and technology leader of pure, sustainable ingredients for consumer products, just announced a major breakthrough in CBD delivery, improving efficacy of CBD by 10-40X as the carrier oil chassis for the skin care market. Tilray Inc. (NASDAQ: TLRY) a global leader in cannabis research, cultivation, processing, and distribution announced a C$90.4 million registered offering. The surge in cannabis sales during lockdown only adds to a sector that is thriving.

Click here to view the custom infographic of the Cannabis Strategic Ventures (OTCQB: NUGS) editorial.

Pandemic’s Unexpected Windfalls

COVID-19 has had a crippling effect on many industries. Shops and restaurants forced to close, manufacturers unable to operate their plants, companies across the manufacturing and service sectors seeing demand plummet. The layoffs and losses are very real, and no one knows yet what the long-term economic impact will be.

But some businesses actually benefited from the economic disruption the pandemic has wrought. There are obvious ones like pharmaceutical companies and those producing protective equipment for medical staff. There are the tech businesses that facilitate working from home, providing software for virtual workspaces and online meetings. And there has been a huge increased demand for home entertainment, which has spilled over into a less obvious sector – cannabis producers such as Cannabis Strategic Ventures (OTCQB: NUGS) (NUGS Profile).

COVID Lends Cannabis a Lift

Cannabis was already a boom industry in North America. This has been driven by a range of recent changes, such as recreational legalization in Canada, federal legalization of hemp in the US, and the repeal of prohibition across a growing number of states. This has allowed the growth of companies such as Cannabis Strategic Ventures, which cater to a growing market as customers move from criminal supply channels to legal ones.

Demand exploded during the early stages of COVID-19’s spread through North America. According to the Bank of America Securities, there were record sales of cannabis as consumers stockpiled, preparing for a lockdown. While some people bought mountains of toilet paper or tinned food, both medical and recreational cannabis users were making sure they had enough to see them through a crisis.

The result was a spike in sales in April and May, to the benefit of companies with recognizable quality brands such as Cannabis Strategic Ventures. Sales could have been stymied as states locked down and restricted business to control the spread of COVID-19. But most states classified cannabis as an essential product, allowing sales to continue even as other parts of the economy were shutting down.

Together, these factors led to record sales for some cannabis companies, with Cannabis Strategic Ventures celebrating increased sales of cannabis product from its core cultivation facility and adding staff to address the rising demand.

Strong Contender Seizes Market Opportunity

These sales marked an extraordinary month for NUGS. Despite restrictions on business due to COVID-19, the company had record-breaking sales in the final week of April, putting monthly sales 800% higher than the monthly average for Q1.

Any fears that this might be a blip caused by panic buying at the start of the pandemic vanished the following month, when the company announced sales from its most recent harvest. With cannabis sales in the US average roughly $1,525 per pound, the company sold its product at around $1,700 per pound, 11% above benchmark levels. This was a particularly impressive price given that it had been selling at a discount relative to the benchmark only six months before.

Of course, not all cannabis companies will benefit from the crisis. Their ability to profit depends in large part on the strength of their existing business. NUGS had been building up its business prior to the crisis, with the addition of a six-acre cultivation site in 2019, capable of four or five harvests per year.

Seizing the market opportunity brought by COVID-19, the company has announced further improvements in the first half of 2020. Work on both the quantity and the quality of output has more than doubled the output of cultivation facilities while supporting rising prices for its products.

Cannabis Industry Evolves

The long-term expansion of legal markets has led to dramatic growth for cannabis companies over the past decade, and the COVID-19-related influx of revenues provides well-run businesses the resources they need for further expansion. Late April and early May saw Cannabis Strategic Ventures sell out its entire stock every week for a month.

“We have never seen anything like this,” said Cannabis Strategic Ventures CEO Simon Yu. “We booked $100,000 in one day to clear out all of our remaining inventory. We anticipated this dynamic but still underestimated the force of the trend. Too much demand is always the problem you want to have.”

NUGS sold $929,000 of cannabis products in May and expects to see even greater sales in June. Expanded inventory and product range have supported this growth even in a time of crisis, while reinvestment from that growth will let the company further expand its capacity.

Part of the sector’s success comes from producing a varied range of brands and products. Rather than just selling weed, the more successful companies have been developing a variety of cannabis derivatives for different markets. While the recent boom in sales has come from demand for cannabis itself, related brands have diverse interests in supporting long-term growth of the market, normalizing cannabis and its derivatives as consumer products, and protecting companies against a disruption in any individual part of the market.

Cannabis Players Execute on Varied Strategies

The boom in sales brought about by the COVID-19 crisis has created an opportunity for a range of growing companies.

Village Farms International Inc. (NASDAQ: VFF) is one of the largest and longest-operating vertically integrated greenhouse growers in North America. The company announced that its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has received from Health Canada its cannabis cultivation sales license based on an initial production area within its second 1.1 million square foot greenhouse facility in Delta, British Columbia.

HEXO Corp. (NYSE: HEXO) is an award-winning consumer packaged goods cannabis company that creates and distributes innovative products to serve the global cannabis market. The company serves the Canadian adult-use markets under its HEXO Cannabis and Up Cannabis brands, and the medical market under HEXO medical cannabis. The company recently closed a public offering for total gross proceeds to the company of C$57,546,000.

Amyris Inc. (NASDAQ: AMRS) is a global science and technology leader of pure, sustainable ingredients for the Health & Wellness, Clean Beauty and Flavors & Fragrances markets. The company recently presented clinical data showcasing the superiority of its natural sugarcane squalane (marketed and sold as Neossance Squalane) as a carrier of CBD versus other oils. In order for CBD to be effective in topical applications, skin penetration is a key factor. Amyris sugarcane squalane improves the efficacy of CBD by 10-40X as the carrier oil chassis for the skin care market based on new data.

Tilray Inc. (NASDAQ: TLRY) is a global leader in cannabis research, cultivation, processing and distribution. An industry pioneer, Tilray was the first GMP-certified medical cannabis producer to supply cannabis flower and extract products to tens of thousands of patients, physicians, pharmacies, hospitals, governments, and researchers on five continents.

COVID-19 devastated the global economy but spurred a revenue spike in the cannabis industry, substantiating the opportunity in an already rapidly expanding sector.

For more information on Cannabis Strategic Ventures, please visit Cannabis Strategic Ventures (OTCQB: NUGS)

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CannabisNewsBreaks – technical420 Highlights Five Emerging Must-Watch Cannabis Markets

A recent editorial by Anthony Varrell of technical420 reviews five emerging cannabis markets suggested as “need-to-watch” for investors in 2020. These include Colombia, Uruguay, Australia, Israel and China. The publication also highlights companies that are laser-focused and positioning for opportunity within these markets, including Chemesis International Inc. (CSE: CSI) (OTCQB: CADMF) (FRA: CWAA) and its wholly owned subsidiary La Finca, Aurora Cannabis (TSX: ACB) (NYSE: ACB) and its ICC Labs, Aleafia Health (TSX: ALEF) (OTCQX: ALEAF) and CannaPacific, Tilray, Inc. (NASDAQ: TLRY) and Canndoc Ltd., a wholly owned subsidiary of InterCure Ltd. (OTC: IRCLF) (TASE: INCR), as well as Canrim Growth Group, CGA and NSG. “From Australia to South America, from Europe to Africa, countries all over the world are enacting pro-cannabis legislation and this is a trend that is expected to become more significant in 2020,” Varrell writes. “Today, we want to highlight 5 emerging international markets as well as companies that are focused on these burgeoning opportunities.”

To view the full article, visit http://cnw.fm/uxGg6

About technical420

Technical420 is dedicated to educating investors about the risk and rewards of investing in the cannabis industry. It highlights companies that have the most growth potential by utilizing its proprietary analytics platform. For more information, visit www.technical420.com.

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