420 with CNW – Rhode Island Invites Blockchain Tech to Help Track Medical Marijuana

According to a notice published on Monday (June 3), Rhode Island hopes that blockchain technology can be harnessed to help the state to track medical marijuana and identify illegal actors.

The state has called on blockchain technology developers to submit concepts from which the state will select a provider to develop a system that is customized for the medical marijuana program in Rhode Island.

In a press release, the department of Business Regulation revealed that the call for concepts is a challenge to the blockchain companies to showcase their value to government institutions by testing blockchain technology applications within government entities.

The notice published was categorical in stating that Rhode Island was seeking technology which would increase the visibility of the medical marijuana industry from seed to sale so that opportunities for fraud and abuse could be reduced.

Additionally, blockchain technology could also assist different government agencies in designing an authoritative record of the chain-of-custody during the gathering of evidence while criminal investigations are conducted. This is particularly needed for the enforcement of marijuana laws.

Rhode Island looks at this as the first step towards understanding how blockchain technology can facilitate the improvement of government processes now and in the future.

Bijay Kumar, Rhode Island’s CIO added that he was “excited to see the possibilities regarding the ways in which this technology is helping public and private entities become more innovative in security, business and other areas.”

Developing new technologies to track cannabis sales has taken on an increasing level of urgency given that financial institutions are reluctant to work with marijuana businesses for fear that the federal government will take enforcement action against them. A reliable tracking system can provide assurance that only state-legal marijuana is passing through the system, and this can provide a basis for banks and other institutions to defend themselves.

Jared Moffat, Marijuana Policy Project’s political director in Rhode Island, welcomed the move by the state government to explore new ways to make the medical cannabis program more efficient.

While the notice doesn’t make any reference to medical marijuana banking, Rhode Island seems interested in using the encryption of the blockchain technology system to track the transactions which take place within the industry. This will provide a trail for regulators to confirm that the companies are paying the requisite taxes and no marijuana from licensed growers is leaking out to the black market.

Organigram Holdings Inc. (TSX.V: OGI) (NASDAQ: OGI) and Net Element Inc. (NASDAQ: NETE) commend Rhode Island for being forward-looking and seeking to deploy blockchain technology in the nascent medical 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 – California Senate Passes Bill to Create Cannabis Banks

The senate in California passed a bill on Tuesday (April 21) paving the way for the creation of state-chartered banks for the cannabis industry. These banks will help the cannabis industry to get around the banking restrictions resulting from the federal status of marijuana.

Under the bill, credit unions and private banks can apply to the state for a limited purpose charter to provide depository services to legitimate marijuana businesses within the state. This bill was passed with a 35-1 vote and now awaits approval by the Assembly and Gov. Gavin Newsom.

Currently, all marijuana businesses, such as cultivators and retailers, are forced to accept only cash because federally-chartered banks are afraid to accept them as clients. California will therefore exert pressure on the federal government to consider easing its marijuana banking regulations since California is the most populous state in the nation.

Robert Hertzberg, California’s Senate Majority Leader, remarked when introducing the bill last month that while the proposed law wasn’t an ideal remedy to the dilemma facing cannabis banking, it was a good step to take along the journey of treating cannabis businesses as legitimate businesses like all others. The bill would allow money from the cannabis industry to be taken from the streets to bank accounts.

The financial institutions which get the special-purpose charters would print special checks that marijuana businesses can use to pay rent, local and state taxes as well as any other fees. The financial institutions created to work with cannabis businesses will not offer any loans to their clients, so marijuana businesses will still have to get funding using other methods.

The lack of banking services has made it very difficult for regulators and law enforcement to stamp out illegal marijuana businesses since both legitimate and black market activity is cash-based.

It isn’t clear whether financial institutions will warm up to cannabis businesses once this bill becomes law. Banking institutions are wary of working with cannabis businesses because they are exposed to enforcement action by the federal government, so it is not yet clear whether this proposed law will allay their fears.

Currently, more than 30 states have legalized medical marijuana while 10 states, plus the District of Columbia, have legalized recreational cannabis. More are considering bills or petitions to pass their own marijuana laws. The step taken by California will therefore be watched closely since other jurisdictions may follow its lead if the measure produces tangible results.

Organigram Holdings Inc. (TSX.V: OGI) (OTCQX: OGRMF) and Net Element Inc. (NASDAQ: NETE) look forward to the enactment of SB 51 so that cannabis businesses in California can access the limited banking services envisaged in that draft law.

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 – 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.

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 – 3 Things We Get Wrong When We Look at Cannabis as We Do Alcohol

As more states move to legalize cannabis in the U.S., there is a tendency to think about marijuana in the same light as alcohol, and this sets up people to make a number of mistakes. Below are three things that you are likely to get wrong when you look at cannabis through the same lens as you think about alcohol.

Expecting Quick Results from Consuming Marijuana Edibles

When you take alcohol, it is fairly easy to know when you are approaching your limit and are now crossing into the realm of intoxication.

When some people consume cannabis edibles for the first time, they make the mistake of thinking that the products will produce immediate effects in a way that is similar to the timeline within which alcohol produces its effects.

What you may not know is that while alcohol can be absorbed by the stomach lining, cannabis edibles have to be digested and absorbed in the small intestine before you can notice the effects of the edible.

Consequently, it is possible to consume more than is needed to generate the effects that you want just because what you ate took long to kick in.

Expecting THC Concentration to Match Intoxication Levels

For decades, scientific data has existed showing that when someone’s blood alcohol level exceeds a certain concentration, then that person will be impaired. For this reason, courts have always upheld the charges against those found to be driving while under the influence of alcohol.

Many law enforcement agencies are taking the same view when determining driving while under the influence of marijuana. What these agencies don’t seem to appreciate is the fact that marijuana acts differently from alcohol.

It is therefore not possible for one to claim that someone was under the influence just because their blood had more THC than is stipulated as the legal limit.

Prosecutors are therefore likely to face a hard time from defense attorneys who bring into question the science behind the THC limits upon which intoxication is presumed.

Expecting Marijuana to Have the Same Effect

The effects of alcohol are fairly uniform across the different types. For example, someone who takes a certain number of glasses of wine is expected to be affected in a certain way. Similarly, one can predict how a given number of pints of beer will affect an individual.

However, the same cannot be said of cannabis due to the varying combinations and concentration of the components available in a given plant or strain. For example, the terpenes that give cannabis strains their flavor and taste can influence the effect of consuming that cannabis.

It is therefore erroneous to make generalizations about the effects of cannabis because it is hard to predict how the different cannabis products will react once consumed.

Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) and Net Element Inc. (NASDAQ: NETE) call for cannabis to be studied thoroughly so that the plant isn’t judged based on misconceptions borrowed from what is known about other substances.

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 – StatsCan Reveals that Cannabis Legalization Resulted in Canadian Weed Becoming More Expensive

Data released by Statistics Canada last week shows that after recreational cannabis was legalized in Canada on October 17, 2018, the price of legal marijuana increased by approximately 17 percent.

However, the Canadians who are buying pot from the licensed suppliers are paying about 57 percent more for the product when compared to those who are getting their weed from the black market.

Statistics Canada (StatsCan) arrived at these figures after collecting data from residents who were asked to volunteer information without any fear that they would be victimized for revealing their cannabis buying habits.

This creative approach helped StatsCan to get badly needed information about not just the legal cannabis market but most importantly the illegal market.

19,433 people volunteered information about their purchase of cannabis on the black market before recreational marijuana became legal in the country. The responses show that Canadians paid approximately $6.85 for each gram of cannabis on the black market.

After legalization, the average cost of a gram of marijuana increased to about $8.04. This is an increase of about 17.3 percent.

However, Statistics Canada cautions that their findings should not be wholly relied upon even if they cleaned the data and remained with only 936 responses from those that came in from the volunteers.

The Canadian official data collection agency says that the information could still suffer from statistical bias due to the limited number of responses and also because the responses were self-reported.

Smaller provinces and territories were particularly noted for the limited number of responses submitted. For example, just a handful of responses came in from Nunavut. In contrast, a disproportionately high number of responses were submitted from Quebec and Ontario.

Nevertheless, the data collected paints a believable picture of the Canadian marijuana industry. For example, the post-legalization average price of $8.04 for each gram of cannabis based on the data collected is a true reflection of the average cost of cannabis on the legal market and the black market combined.

Most importantly, the statistics show that the cannabis on the black market isn’t just more affordable, but its price is dropping fast. The data shows that the illegal weed cost $6.79 before marijuana legalization and it has now dropped to $6.37 a gram.

The data also shows that government-run marijuana retail stores were the most expensive with the average price being $10.73 for a gram of weed.

233 of the respondents admitted that they have continued to buy marijuana from the black market because the price of the legal stuff is too high for them. This provides some food for thought for the regulated marijuana market since the black market will continue to thrive if prices don’t reach affordable levels. U.S. states where recreational marijuana is legal can also learn from these findings and do some introspection about how to bring down the cost of cannabis on the regulated market.

Net Element, Inc. (NASDAQ: NETE) and Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) advise the cannabis industry to analyze the findings of Statistics Canada and use the information to make decisions that will take the legal cannabis industry forward.

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 – Israel Decriminalizes Recreational Cannabis

New cannabis laws that were passed in Israel on April 1 decriminalize recreational cannabis. This means that people found with small amounts of cannabis will be fined instead of facing criminal charges if those individuals don’t have a license to use medical cannabis.

The day when adult-use marijuana was decriminalized was also the day when the fourth edition of the annual CannaTech conference was held in Tel Aviv. Ehud Barak, a former Israel premier, spoke eloquently at the CannaTech conference about the immense benefits of medical cannabis. He went as far as saying that the Israeli motto may be updated to “the land of milk, honey and cannabis.”

Why would Ehud Barak deliver a keynote address at a cannabis conference? It so happens that the former premier is the chairman of an Israeli medical marijuana company called Canndoc/Intercure.

Barak joins a growing list of politicians who previously opposed cannabis but are now ardent advocates. He joins the likes of former speaker of Congress, John Boehner. Vicente Fox, the former president of Mexico, also changed from being a kingpin in the fight against marijuana to calling for an overhaul of prohibitionist marijuana laws.

Ehud Barak pointed out during his keynote address that the future of marijuana belonged to the bigger and more assertive players who would “swiftly enter the cannabis market.”

He was referring to the decision of the Israeli parliament that passed a law in December last year paving way for Israeli companies to export medical marijuana. This law positioned Israel to be one of the biggest players in the international marijuana industry.

Barak also talked about Israeli cannabis companies like Tikun Olam (a Hebrew expression meaning “repair the world”) that already had a major stake in the cannabis market. This company alone commands an estimated 40 percent share of the global medical cannabis industry.

His statements should not be taken lightly, because major milestones, such as the discovery of the endocannabinoid system in humans, can be traced to Israeli doctors or researchers.

Meanwhile, the Ministry of Health in Israel has revealed that more than 550 farms in the country have submitted their applications for licenses to grow medical cannabis. There is no guessing which market these cultivators are eyeing, since the local market cannot utilize all the cannabis grown by these farms.

Israel has a short list of qualifying conditions for which patients can get a prescription for medical marijuana. These include epilepsy, Parkinson’s, cancer and many other terminal illnesses. Most of the medical cannabis grown in Israel is therefore likely to be headed out of the country.

MustGrow Biologics Corp. and Net Element, Inc. (NASDAQ: NETE) congratulate Israel upon taking the important step of decriminalizing recreational cannabis. The next step should now be full legalization.

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 – Proposed Bill Aims to Make Illinois Medical Cannabis Program Permanent

A bill sponsored by Rep. Bob Morgan seeks to make the pilot medical program in Illinois permanent. The bill also has provisions to include more qualifying conditions for the program.

The pilot program was approved in 2013 and lawmakers expanded as well as extended its duration to mid-2020.

Under the existing program, patients who suffer from one or more of the 40 qualifying conditions can buy a maximum of 2.5 ounces of medical cannabis every fortnight as long as a doctor approved their enrollment on the program.

It should be noted that law enforcement agencies haven’t raised any red flags about the program. For example, no reports have emerged of people using medical cannabis when they aren’t licensed to do so.

In contrast, the program has received a lot of praise from patients because those patients have been able to wean themselves off of stronger prescription drugs as a result of using medical cannabis.

Currently, about 58,000 people are registered on the medical marijuana program. However, this number is small when compared to the number of patients on the medical cannabis programs of other states.

One of the reasons for the low enrollment in Illinois is that chronic pain isn’t one of the qualifying conditions for which someone can enroll on the program.

This is set to change if Morgan’s bill becomes law. Chronic pain, migraines, autism, irritable bowel syndrome, osteoarthritis and several other conditions will be added to the list of qualifying conditions.

The bill also wants to make it possible for doctors to receive payment from patients or medical marijuana businesses. This payment is necessary because a lot of responsibility is given to doctors and yet no compensation was prescribed for the services that they offer to keep the medical marijuana program running.

However, the bill clearly states that doctors will not be paid for making medical cannabis referrals. Instead, they can be paid for conducting medical cannabis research.

Notably, the bill tabled by Rep. Morgan also wants to put in place mechanisms for veterans to access medical marijuana. Veterans need special attention in this regard because marijuana is still illegal under federal law, so Veterans Affairs doctors cannot prescribe it.

Morgan’s bill wants medical marijuana to be available to veterans as an alternative to the opioids that the veterans take to deal with chronic pain.

If all goes according to plan, the bill introduced by Morgan may be passed by fall. MustGrow Biologics Corp. and Net Element, Inc. (NASDAQ: NETE) hope that Rep. Bob Morgan’s bill sails through so that patients aren’t left wondering what will happen to them once the pilot medical cannabis program runs its course.

About CannabisNewsWire

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

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420 with CNW – First Specialist Medical Marijuana Clinic Opens in the UK

Last Saturday (March 9) saw history being made in the UK as the first specialist medical cannabis clinic opened in Manchester. The clinic is called The Beeches Consulting Center.

The opening of this clinic has been widely welcomed by patients and clinicians in the UK. This cannabis clinic is owned by European Cannabis Holdings (ECH), a group of companies that plans to open many more such clinics across the UK.

The clinic will be headed by two respected professionals in the medical field. These are an independent pain specialist, Dr. David McDowell, and the second is a consultant neurologist, Professor Mike Barnes.

Dr. McDowell also holds the distinction of being the first specialist to issue a medical cannabis prescription in the UK when the British government enacted a law that made it possible for patients to access medical cannabis starting from December 1. 2018.

Forzana Nazir is one of the first patients that Dr. McDowell issued a medical cannabis prescription to. She is eternally grateful for this because she has been able to transition from taking 13 different medications for her genetic disorder to just three prescription medications ever since she started taking medical marijuana.

Nazir suffers from Ehlers Danlos Syndrome that made her nearly bedridden on a permanent basis due to the severe pain, vomiting and nausea. She credits medical marijuana for significantly improving her quality of life and also for weaning her off many prescription opioids.

The opportunities offered by this new clinic have huge significance given the difficulties that patients have been experiencing if they want to access medical cannabis through the NHS (National Health Service).

Patients are required to establish exceptional clinical circumstances, exhaust all the current treatment options available in the UK, get approval from an NHS Trust Medical Director and then get a medical specialist who is willing to accept liability for their medical cannabis treatment. Only then can a patient receive medical marijuana from the NHS. Any wonder that only four patients have so far accessed the NHS medical marijuana?

The clinic in Manchester, and others that will be opened, will offer an alternative to the complicated bureaucracy associated with getting medical marijuana through the NHS. For now, the clinic will treat chronic pain (due to arthritis, spasticity, fibromyalgia, etc.), psychiatric conditions (anxiety, depression, PTSD, etc.) and neurological conditions, such as Parkinson’s disease, Alzheimer’s, multiple sclerosis and epilepsy.

Net Element, Inc. (NASDAQ: NETE) and Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) congratulate ECH upon that major milestone of opening the first specialized medical marijuana clinic in the UK. That is a major investment which should open the eyes of other businesses to the massive opportunities that exist in the cannabis industry.

About CannabisNewsWire

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

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420 with CNW – The US Cannabis Industry Has So Far Created 211,000 Full-Time Jobs

Because marijuana remains illegal at the federal level, it isn’t possible to get accurate statistics about the jobs available in the industry from federal agencies like the Bureau of Labor Statistics. However, Whitney Economics and Leafly.com decided to painstakingly gather the data from each state where cannabis is legal and their findings are eye-catching.

The data analysts discovered that so far, the legal cannabis industry has created 211,000 full-time jobs within the U.S. This shows that the industry is one to watch if the problem of unemployment is to be tackled.

The statistics collected show that out of the 211,000 full-time jobs created so far, 64,000 were filled in 2018 alone. Not bad for an industry that remains illegal at the federal level.

There is no indication that the increase in cannabis jobs is going to slow down any time soon. For example, 2017 saw a 21 percent increase in the number of jobs created in the industry while that number jumped to 44 percent in 2018. 2019 should show a higher rise in the percentage of new jobs created.

You may be wondering how the cannabis workforce increase compares to other sectors/industries. According to the Bureau of Labor Statistics, three industries are likely to have the highest increase in jobs over the coming ten years.

The demand for wind turbine technicians is expected to increase by 96 percent while the demand for solar voltaic installers is likely to increase by 105 percent. The need for home health care aides will rise by 47 percent. All these figures predict workforce increases over at least a decade. However, the data collected by Leafly and Whitney Economics shows that the marijuana industry will achieve a 110 percent increase in jobs created in just over three years!

The figures get even more astounding when they are broken down on a state-by-state basis. For example, Florida saw a 703 percent increase in the cannabis jobs created during 2018. New York ended 2018 with an extra 5,000 full-time jobs in the cannabis industry, marking an increase of 278 percent.

Five states (Oklahoma, California, Arkansas, Massachusetts and Florida) are currently in need of thousands of employees in the cannabis sector, and this demand may keep rising over the coming years as the industry matures. Net Element, Inc. (NASDAQ: NETE) and Phivida Holdings Inc. (CSE: VIDA) (OTCQX: PHVAF) welcome the research done by Leafly and its partners since this data proves that cannabis can bring huge economic benefits wherever it is legalized.

About CannabisNewsWire

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

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420 with CNW – Does Legalization of Recreational Marijuana Mark the Death of Medical Cannabis Programs?

You may be wondering what becomes of the medical marijuana programs and products once a jurisdiction legalizes recreational pot. Some people even conclude that medical marijuana dies quietly once recreational cannabis becomes legal. Is this true?

It may be true that the process of getting a medical marijuana card is a bit cumbersome (find a doctor willing to recommend medical marijuana for your health challenge, then apply and pay license fees, etc.). The legalization of recreational cannabis means that access to marijuana now just requires you to present a valid government-issue photo ID at a dispensary or retail outlet in order to buy cannabis. Viewed from this angle, some patients may opt to buy recreational marijuana and use it to manage their symptoms.

However, one key reason why the legalization of recreational cannabis cannot mark the death of medical marijuana is that patients often require customized or specially formulated cannabis products to manage their symptoms or treat the qualifying conditions for which they were enrolled on the medical cannabis program. For this reason, the commencement of recreational sales cannot signal doom to medical cannabis.

Secondly, the legalization of recreational weed also boosts medical cannabis because it widens the market for marijuana products. That wider market generates a lot of interest among researchers and business entities. Consequently, more research will be conducted, and this research can result in a better understanding of how cannabis can be used to treat different conditions. This is clearly happening in Canada where recreational sales have sparked greater interest among cannabis researchers and innovators.

Thirdly, players in the cannabis industry may be unwilling to turn their backs upon their medical cannabis clients because these patients are more reliable clients when compared to recreational users. You see, a patient needs medical cannabis while cannabis is just a want to a recreational user. This means that addressing the needs of patients results in more assured business when compared to chasing the wind as you try to keep up with the fickle interests of recreational users. From a business perspective, medical cannabis ensures steady sales so it will stay despite the legalization of recreational sales.

More importantly, recreational cannabis normalizes medical cannabis. Patients are often viewed as disguised stoners in jurisdictions where only medical cannabis is legal. However, the end of cannabis prohibition often results in more information becoming available to people in that area. Consequently, they will develop a greater appreciation of the medical benefits of cannabis and patients will no longer have to be on the defensive as they use medical cannabis.

As you can see, the end of cannabis prohibition doesn’t necessarily mean that medical cannabis programs will suffer a slow death. MustGrow Biologics Corp. and Net Element, Inc. (NASDAQ: NETE) insist that different people have different needs, so it may not be right to think that the commencement of recreational sales means the death of medical cannabis.

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