420 with CNW – State Statistics Reveal Less than 50 Percent of Ohio Patients Have Purchased Medical Marijuana

Medical marijuana was legalized in Ohio in 2016 and sales only started this year. Figures coming in from the state show that only 15,339 of the patients who hold medical marijuana cards have so far visited a dispensary and purchased medicinal marijuana products. Several factors can explain why just 49 percent of the cardholders have bought medical marijuana.

First, very few medical marijuana dispensaries have opened their doors to patients. Out of 56 dispensary licenses which were issued, just a paltry 15 establishments have started operating. These few dispensaries aren’t evenly distributed across the state, and this may explain why few patients have visited them and bought products.

Secondly, the price of the available products is still too high for many patients. The high prices may be resulting from the limited competition between the few dispensaries which have opened. Additionally, not many growers and processors are currently operating in the state. Prices are expected to reduce as more growers and processors come on board to supply the dispensaries in the state.

The state agencies involved in regulating the medical marijuana program also released other statistics related to the program.

For example, out of the 31,075 patients registered on the medical marijuana program, 171 have a diagnosis for a terminal illness, such as cancer. This could suggest that these people are taking medical marijuana to deal with pain.

The medical marijuana register also has 2,109 people registered as caregivers. Caregivers buy and administer medical cannabis to minors or people whose illness is so severe that they cannot buy and administer the medical marijuana by themselves.

In terms of sales, $5.8 million has been recorded as the revenue earned by medical marijuana businesses in the first four months of 2019. This is way below the potential of the industry since Ohio is ranked 7th in the country in terms of its population and GDP.

In total, 750 pounds of marijuana plant material were sold by the medical cannabis dispensaries in the past four months. 3,610 units of manufactured cannabis products, such as oils and tinctures, were also sold.

Larger volumes of products are expected to be sold as medical marijuana becomes more readily available and as more people qualify for medical cannabis cards after more qualifying conditions were added to the initial list of 21 qualifying conditions.

TransCanna Holdings Inc. (CSE: TCAN) and Therma Bright Inc. (TSX.V: THRM) (OTC: THRBF) encourage all the entities that have received medical cannabis licenses to start operations quickly so that they can contribute to the growth of the medical marijuana industry in Ohio.

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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NCIA’s Cannabis Business Summit & Expo Offers Opportunity to Network with the Best and Brightest

Who’s going to deliver the keynote address at NCIA’s 6th Annual Cannabis Business Summit & Expo at the San Jose McEnery Convention Center in San Jose, California? Last year, it was James Cole, a former deputy attorney general who thinks that the federal government should treat cannabis as a medical pharmaceutical substance. The year before it was Vicente Fox; a former president of Mexico who set the tone at the 2017 conference with an insightful talk on the social injustices created by the war on drugs and the positive effects of global cannabis legalization.

This year’s event – the nation’s most influential, award-winning cannabis conference and trade show – promises to be no different. Expect a few headliners among the 10,000+ cannabis industry leaders and…

Read More>>

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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.

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 – Medical Marijuana Edibles Now Legal in Maryland

Edible medical cannabis products are now legal in Maryland after Gov. Larry Hogan signed two related bills on Monday this week (May 13). Medical marijuana businesses stand to boost their revenue potential with the addition of these products to their offerings.

The medical marijuana edibles bill was signed along with a related antitrust law on the same day. There are three major highlights of those two laws as explained below.

First, no single individual or business entity will be allowed to get more than four medical marijuana dispensary licenses in the state. This provision is intended to spread the economic opportunities in the industry to as many individuals as possible. The lawmakers didn’t want to see a situation in which “Big Marijuana” sets foot in the state and dominates the entire industry, to the detriment of small players.

Another provision states that the regulators of the medical marijuana industry will not grant an applicant more than one cultivation or processing license. This clause is also intended to ensure that there is rigorous competition in the industry since many players will be involved in cultivating and processing medical marijuana in Maryland. Innovation will flourish as a result, because growers and cultivators will be hard at work looking for more cost-effective ways to grow or process medical marijuana.

Universities and other research institutions were also allowed to purchase medical marijuana for purposes of conducting research. This provision clears any gray areas which may have existed in the medical marijuana laws that set requirements for a person who wishes to buy, possess and consume medical cannabis.

Under the previous law, research institutions couldn’t get their hands on medical marijuana because they aren’t patients, and they therefore needed to go through a lengthy, often unclear process to get special permission from regulators in order to access medical marijuana. The legal change clarifies how research institutions can access medical marijuana.

Medical marijuana sales started towards the end of 2017 across the state. By the end of 2018, medical marijuana sales grossed nearly $110 million. Figures released by the state show that the first quarter of this year (2019) has seen medical cannabis sales totaling $49 million. The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) and The Flowr Corporation (TSX.V: FLWR) (OTC: FLWPF) hope that the passing of these two laws will provide an added impetus to the industry so that the annual sales hit higher and higher levels as the industry matures.

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 – Patients Still Face Challenges Accessing Medical Marijuana, Toronto Conference Attendees Reveal

One would imagine that once a country or jurisdiction legalizes medical cannabis, then the patients there will find it easy to access prescription medical cannabis products. Sadly, this isn’t the case as panelists and attendees of the Medical Cannabis Conference in Toronto last week revealed.

The first major challenge that medical cannabis patients face is the high prices of products. A clear example of this is in Canada which has had medical marijuana since 2001.

Gerald Major, who is the president of a medical cannabis advocacy group in Canada called Canadians for Fair Access to Medical Cannabis, revealed during the conference that the legalization of recreational marijuana in Canada has made matters worse for patients taking medical cannabis.

For example, the high taxes imposed on recreational marijuana have increased the cost of medical marijuana as well. Additionally, the supply shortages in the recreational segment have also reduced inventory for the medical cannabis retailers, and this has forced patients to underdose or go without medical cannabis for a while.

Furthermore, restrictions that didn’t exist earlier have now been imposed on medical marijuana users as well. For example, no exceptions for medical cannabis patients have been made in the rules governing driving while impaired. Gerald Major says such traffic stops are likely to victimize patients using medical cannabis and yet the patients face a bigger impairment threat from the conditions which they are treating rather than the cannabis medication that they consume.

Patients using medical cannabis in Europe also don’t seem to be faring any better. A panelist from Germany and another from the UK revealed that the red tape one must bear in order to get a medical cannabis prescription is extraordinary.

For example, in the UK, specialist doctors must complete a lot of paperwork to the effect that conventional treatment options have been exhausted and the last resort is to try medical marijuana. The requirements make doctors responsible for treating patients with medical marijuana, but doctors are reluctant to prescribe medical marijuana because they don’t have sufficient literature to enable them feel comfortable about prescribing medical cannabis.

In addition to that, the cost of medical marijuana is very high in European where it is legal, and more than a third of all reimbursement claims to insurance companies are rejected for no clear reason. The lack of insurance cover for medical cannabis has put medical marijuana products out of reach for most patients because the cost is prohibitive.

Sproutly Canada Inc. (OTCQB: SRUTF) (CSE: SPR) (FRA: 38G) and SinglePoint Inc. (OTCQB: SING) agree with the panelists that urgent steps need to be taken to remove all the barriers to access to medical marijuana in all jurisdictions where it is legal.

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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Next-level cannabis investor forum MjMicro debuts in NYC on June 25

MjMicro Conference (www.mjmicro.com), the next-level investor forum for publicly traded cannabis companies, debuts in New York City on June 25 at the Westin Grand Central Hotel. This one-day conference provides an exceptional opportunity for cannabis-related public entities to connect with private capital investors and also features presentations from noted industry experts.

The MjMicro Conference is an invitational networking forum exclusively created to enable best-in-class and emerging public companies in the cannabis industry to meet with high-net-worth investors, venture funds and family offices, helping drive private investment capital into public entities, promote trading liquidity, and increase media and analyst coverage.

“Our goal is to provide both the most exciting and diverse range of public company investment opportunities, ranging from micro to mid-cap companies that have proof of concept, revenue streams, audited financials and public market liquidity,” noted George Jage, president of MjLink.com and producer of MjMicro. “This event creates direct C-suite access for investors to provide insight into their vision, strategy and performance.”

Confirmed presenting companies include 1933 Industries (CSE: TGIF) (OTCQX: TGIFF), CannAmerica Brands (CSE: CANA) (OTCQB: CNNXF), Cannex Capital Holdings (CSE: CNNX) (OTC: CNXXF), Cardiol Therapeutics (TSE: CRDL) (OTC: CRTPF), Dixie Brands (CSE: DIXI.U), (OTC: DXBRF), (Frankfurt: 0QV), Emerald Health Therapeutics, FSD Pharma (CSE: HUGE) (OTCQB: FSDDF), Helix TCS Inc. (OTCQB: HLIX), High Tide Inc. (CSE:HITI) (OTCQB:HITIF), House of Jane, Province Brands of Canada, MJ Freeway, Tauriga Sciences (OTCQB: TAUG), United Cannabis Corp. (OTCQB: CNAB), and Vireo Health (OTC: VREOF).

“FSD Pharma, a spotlight presenter, is endemic of the exciting opportunities in the market. They are a Canadian licensed producer developing cutting-edge technology and conducting research related to the treatment of chronic pain, fibromyalgia and other medical conditions that are typically treated with pharmacological applications,” noted Todd Markey, director of investor relations at MjMicro.

“There are over 400 cannabis-related public companies in the market today, and we project that anywhere between 100 and 200 others will get listed in the next 24 months,” stated Jage. “There has been a race for cannabis companies to access the public capital markets, but the industry lacks the access to institutional capital that you would expect in such a fast-growth industry. This event provides the solution on both sides of the table.”

MjMicro is scheduled to be held four times a year with events in New York, Beverly Hills, West Palm Beach and Seattle.  MjMicro is produced by MjLink.com Inc., which is a wholly owned subsidiary of Social Life Networks (OTC: WDLF).

To learn more about MjMicro Conference or to request an invitation to attend, sponsor or present, please visit https://www.mjmicro.com.

About MjLink.com Inc.

Social Life Network (OTC: WDLF), a cloud-based social media and social network technology company based in Denver, Colorado, announced on Sept. 25, 2018, that the Company had spun its cannabis technology division out of the parent company and incorporated MjLink.com Inc., a Delaware Corporation, as its wholly owned subsidiary. MjLink operates as a multinational cannabis technology and media organization with two separate social networks: WeedLife.com, a consumer-to-consumer network; and MjLink.com, a business-to-business social network. On April 4, 2019, the president of MjLink, George Jage, announced the launch of a new division of the Company that is focused on providing the industry with best-in-class financial, B2B and B2C cannabis-centric events that complement the Company’s global social networks.

For more information about Social Life Network and to download the MjLink Investor Deck, visit https://social-life-network.com

Disclaimer

This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. No information in this press release should be construed as any indication whatsoever of the Company’s or MjLink’s future financial results, revenues or stock price. There are no assurances that the Company will successfully take MjLink.com, Inc public. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. The relationship between Social Life Network and the other companies mentioned currently does not extend beyond inviting them to send representatives to speak at the MjMicro Conference.

Contact:

Investor Relations:
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855-933-3277

Corporate Communications:
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About CannabisNewsWire

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This article contains Third-Party Content submitted by third parties, including articles submitted through the CNW Premium Partnership Program. All opinions, statements and representations expressed by such third parties are theirs alone and do not express or represent the views and opinions of CNW or its affiliates and owners. Content created by third parties is the sole responsibility of such third parties, and CNW does not endorse, guarantee or make representations concerning the accuracy and completeness of all third-party content. You acknowledge that by CNW providing you with this internet portal that makes accessible to you the ability to view third-party content through the CNW site, CNW does not undertake any obligation to you as a reader of such content or assume any liability relating to such third-party content. CNW expressly disclaims liability relating to such third-party content. CNW and its members, affiliates, successors, assigns, officers, directors, and partners assume no responsibility or liability that may arise from the third-party content, including, but not limited to, responsibility or liability for claims for defamation, libel, slander, infringement, invasion of privacy and publicity rights, fraud, or misrepresentation, or an private right of action under the federal securities laws of the United States or common law. Notwithstanding the foregoing, CNW reserves the right to remove third-party content at any time in its sole discretion.

Hemp Companies Move to Tackle CBD Shortfall

CannabisNewsWire Editorial Coverage: A boom in demand for cannabidiol (CBD) has created an alarming shortage, which savvy hemp companies are aggressively looking to solve.

Cultivation supplies company Sugarmade Inc. (OTCQB: SGMD) (SGMD Profile) has acquired several other suppliers, allowing it to benefit from economies of scale. Canadian cultivator Tilray Inc. (NASDAQ: TLRY) is investing heavily in new growing space. Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) has expanded from Canada into the United States and is collaborating with other companies to meet demand. Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has received a substantial inflow of funds from a tobacco company and is investing some of it in R&D. Charlotte’s Web Holdings Inc. (OTCQX: CWBHF) (CSE: CWEB) is focusing on growing high-quality hemp to supply…

Read More >>

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DISCLAIMER: CannabisNewsWire (CNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by CNW are solely those of CNW. Readers of this Article and content agree that they cannot and will not seek to hold liable CNW for any investment decisions by their readers or subscribers. CNW is a news dissemination and financial marketing solutions provider and is NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

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420 with CNW – Health Canada Changes Tactics in a Bid to End Cannabis Shortages

Tired of the endless cannabis shortages which have threatened to hand the legal cannabis industry back to the black market, Health Canada has come up with a new way to increase how soon a newly licensed cultivator can start growing cannabis.

The solution that Health Canada wants to start implementing entails giving production licenses to entities which already have a cultivation facility ready.

This means that companies which want to grow cannabis will have to first construct the greenhouses they intend to use so that the facilities can be ready for inspection by Health Canada. Facilities which pass the inspection can then be licensed to start operation immediately.

This new approach is likely to favor the bigger players at the expense of smaller entities which want to enter the cannabis cultivation space.

For example, Aphria has been waiting for its new Ontario-based cultivation site to be approved by Health Canada for more than a year. If this new rule had been in place from the very start, Aphria would have started cultivation long ago, thereby getting a head-start in the market while other entities without ready grow facilities play catch up.

The key question is, will this change in the regulatory approval process bring the cannabis shortage to an end?

The realistic answer is that the move will have a very small difference in fixing the problems causing marijuana shortages in Canada. For example, one of the reasons for the persistent shortages is that it has been difficult for harvested marijuana to be processed and packaged due to a shortage of packaging materials which meet the strict requirements set by Health Canada.

Many cultivators have cannabis which cannot be released onto the market because it hasn’t been packaged in a way that complies with the Cannabis Act. Speeding up how soon a licensed firm starts growing cannabis will not fix this packaging nightmare.

Another reason why switching to licensing cultivators who already have grow facilities may not solve the supply shortages is the red-tape at Health Canada. Many entities have been waiting for over a year to have their license application considered even without the requirement to have ready cultivation facilities. It is hard to imagine how the processing of applications will miraculously speed up just because Health Canada now says they will give priority to applicants with cultivation facilities already set up.

Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) and Net Element Inc. (NASDAQ: NETE) look forward to the time when Health Canada fixes all its internal issues which have played a part in perpetuating the cannabis shortages in the country.

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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 – 38 Attorneys General Urge Congress to Open Banking System to Marijuana

Thirty-eight attorneys general have written a letter to Congress asking the lawmakers to pass legislation which will enable the banking industry to receive money from legitimate marijuana businesses. The attorneys general are from different states and territories where marijuana is legal in some form.

While more than 33 states have legalized medical marijuana and 10 states plus the District of Columbia have legalized recreational cannabis, the federal government still regards marijuana as an illegal substance. This federal government position means that banks face a risk of federal enforcement action if money from the cannabis industry finds its way into any bank.

Consequently, most banks have been reluctant to accept marijuana companies as clients, and those that do charge high fees which make it very costly for cannabis businesses to access the most basic of banking services.

The attorneys general say this situation has created a public safety nightmare since the large amounts of cash held by cannabis businesses are an attractive target to criminals. They therefore call on Congress to pass the SAFE Banking Act or any other similar legislation so that the $8.3 billion cannabis industry can be admitted into the banking system.

Once all this money goes through banks, it would be easy for tax authorities to trace it in order to confirm that the cannabis companies are paying taxes as they should. Public safety will also be enhanced because the chance of robberies will have been reduced if cannabis businesses aren’t holding a lot of cash in their premises.

Towards the end of March this year, the Financial Services Committee of Congress advanced the SAFE Banking Bill and it now has 175 bipartisan co-sponsors.

The letter from the attorneys general shows how much support such a practical requirement attracts from state authorities who are at the forefront of this legal gray area in which legitimate cannabis businesses are entitled to all services like other businesses but federal law looks at them as pariahs.

Insiders say that the major stumbling block to the enactment of the SAFE Banking Act seems to be the senate leadership that don’t see the matter as a priority even if the bill may have sufficient votes to pass.

Nabis Holdings (CSE: NAB) (OTC: INNPF) (FRA: 71P) and MustGrow Biologics Corp. hope that the voices of different groups, such as the attorneys general, finally get Congress and the Senate to pass this commonsense law to allow states to make and enforce their own marijuana laws, which include giving banks assurances that they will not be sanctioned for working with the legal marijuana industry.

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 – China Reaps from Cannabis Industry Boom

Look around your home and nearly half (or even more) of the products you see may have been made in China. Now China has jumped into the fray and it is bringing loads of CBD to the market in cosmetics, ingestible oil and other products.

This boom is largely centered in just two of China’s 34 provinces. These provinces are cultivating the plants even if Chinese law is very strict on psychotropic drugs, with death sentences routinely handed out to drug traffickers.

Hanma Investment Group is one of the first companies that secured a license to grow cannabis in Southern China in 2017. The CBD extracted is marketed outside China in balms, oils and sprays.

Hanma Investment Group has a subsidiary that is cultivating industrial hemp on more than 1,600 acres in Yunnan Province.

For thousands of years, hemp and marijuana were widely grown across China for making ropes, fabrics, paper and for medicinal purposes until the People’s Republic of China was founded and clamped down on the plant in 1949.

Hemp was also outlawed in 1985 when China signed the UN Convention on Psychotropic Substances despite hemp having just trace amounts of THC.

It is only recently (2010) that China softened its stance and allowed Yunnan province to resume growing hemp for textiles, especially for making uniforms for the People’s Liberation Army.

The exploding interest in CBD around the world has made Yunna Province to add oil extraction to the growing list of products for which hemp is grown. This booming industry has breathed new life into the economy of Yunna since farmers can earn much more from growing hemp ($300 from an acre) when compared to growing other crops, such as rapeseed or flax.

Yunna Province now has four companies that have, in total, opened more than 36,000 acres of land for hemp cultivation.

The other province which is reaping from hemp is Heilongjiang Province. Other provinces are catching on and plans are underway to license companies to start growing hemp in more regions of China.

The announcements that different companies have started growing hemp have caused such a stir on the stock exchanges that regulators were forced to intervene and stop trading in the shares of those companies.

Chinese companies are also aggressively staking their claim on the U.S. hemp landscape. For example, Hanma Investment Group has acquired a CBD extraction plant in Las Vegas, Nevada, and it has also set its eyes on Canada as well.

The 2018 Farm Act removed hemp from the list of controlled substances and it is now an agricultural commodity like any other within the U.S. The onus is now on U.S. companies to take full advantage of this legal reform so that China doesn’t muscle out local players in the CBD industry. Marijuana Company of America Inc. (OTCQB: MCOA) and Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) hope that U.S. companies are up to the challenge so that foreign firms don’t dominate the local CBD market.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000

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

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

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

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