420 with CNW – Medical Marijuana Dispensary Introduces its Own Credit Cards to Reduce Cash Transactions

Columbia Care, a medical marijuana company, has rolled out its own credit card as the cannabis industry struggles to find alternatives to having to deal in cash only.

Just like banks, credit card providers have been reluctant to embrace the marijuana industry because of fears that they would be sanctioned by the federal government since marijuana remains an illegal substance federally.

This has compelled most dispensaries to accept only cash, with ATMs being a frequent sight on the premises of dispensaries. Some dispensaries have designed systems which accept ATM or debit cards for making payments for purchases made.

Columbia Care has been running trials of its credit card in New York and it now plans to roll out this system in Chicago where it has a dispensary within the Jefferson Park neighborhood. Nicolas Vita, the company’s CEO says that patients spend approximately $144 each time they visit the dispensary in Chicago.

He added that the introduction of the credit cards will make it easier for patients to access the medical marijuana products that they need. He singled out patients who have mobility challenges and those who travel long distances to find a dispensary as some of the patients who may buy more products once they have the credit card. Buying more during a single visit reduces the frequency of making trips to purchase replenishments.

To get the credit card, patrons will be asked to use the tablet in the dispensary to fill a form. The credit card will then be processed quickly and the dispensary client will be in position to use that card during that same visit.

Columbia Care revealed that it is working hard to secure intermediaries and financial institutions in all the 12 states where the company has operations. Those partnerships will make it possible for dispensary clients to use the credit card in those other states.

Unlike other credit cards, the one issued by Columbia Care will not attract any fees. Its annual interest rate (15.99 percent) is also lower than the industry average (17.73 percent).

When the credit card was tested in New York, customers bought approximately 18 percent more products when using the credit card when compared to the purchases made when paying cash or using an ATM or debit card.

Other attempts have been made to find alternative ways to receive payments, but some of those methods border on illegality. For example, some companies accept credit cards but the purchases are reflected on credit card statements as spending at a florist’s while other companies ask clients to buy a gift card and then use that gift card to buy marijuana products.

Meanwhile, there has been a recent push by different groups, such as Attorneys General and banking associations, urging Congress to enact legislation bringing marijuana industry money into the banking system.

It would be interesting to know what industry players like Sugarmade Inc. (OTCQB: SGMD) and Sproutly Canada Inc. (CSE: SPR) (OTCQB: SRUTF) (FRA: 38G) think about some of the unorthodox payment methods that some marijuana companies have resorted to.

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

Demand for CBD Places Power in Hands of Extraction Providers

CannabisNewsWire Editorial Coverage: Extraction technology plays a crucial part in the production of cannabidiol (CBD) from hemp.

Sugarmade Inc. (OTCQB: SGMD) (SGMD Profile), a company already established in the hydroponic equipment business, is making plans to add extraction technology to its repertoire. Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) has been researching new medical applications for CBD and related chemicals — medicines for which extraction will be critical. KushCo Holdings Inc. (OTCQX: KSHB) has moved from providing support services to CBD-related companies to running its own store and has recently bolstered its leadership team for further growth. Harvest Health & Recreation Inc. (CSE: HARV) (OTCQX: HRVSF) has expanded swiftly over the past six years, growing from a single operation to a presence in five U.S. states. And in a boost to CBD’s public profile, Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) has teamed up with UFC to research the application of CBD and related treatments for…

Read More >>

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.

Receive Text Alerts from CannabisNewsWire: Text “Cannabis” to 21000

For more information please visit https://www.CannabisNewsWire.com and or https://CannabisNewsWire.News

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

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

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.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, CNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment.

CNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CNW undertakes no obligation to update such statements.

420 with CNW – Cancer Patient Launches Legal Challenge to Michigan Cannabis Testing Rules

Sherry Hoover, a retired nurse suffering from stage 4 cancer, has taken Michigan to court to challenge its newly imposed medical marijuana testing rules. The lawsuit filed in a federal court seeks to obtain a temporary restraining order so that the plaintiff can continue accessing her marijuana-derived medicine which has since become hard to obtain due to the new testing rules imposed by the state regulator.

The 57-year old plaintiff was diagnosed with mastocytosis leukemia in 2011. She used several prescription drugs, such as fentanyl patches and Norco, with limited effect until she discovered that medical marijuana could improve her appetite, alleviate her pain and enable her to sleep better.

Before April 1 this year, LARA (Licensing and Regulatory Affairs) permitted untested medical marijuana products to be sold in medical marijuana dispensaries. However, those untested tinctures, oils and other medicinal products made by registered caregivers would no longer be sold without being tested once the April 1 deadline passed.

The testing rules have since taken effect, and Hoover is finding it hard to access the products which have been instrumental in giving her a better quality of life. The lawsuit she filed on Wednesday (June 5) seeks to compel the state to extend the commencement of enforcing the testing rules to December 31.

She argues that the current restrictions have resulted in stock-outs in the only two licensed medical marijuana dispensaries which carried the products she uses. Continuing to enforce the testing rules may therefore leave her with no choice but to resort to the black market for her medicine, a step she doesn’t want to take.

The suit states that the four licensed testing facilities cannot cope with the demand for testing services from licensed cultivators, manufacturers and caregivers. Additionally, the added steps, such as transporting the untested products to the testing facilities and then hiring transport firms permitted to carry tested products to medical marijuana dispensaries prolongs the duration needed to get tinctures and other medical marijuana products made by caregivers to the dispensing points where patients can buy them.

In short, Hoover argues in her suit that the state is violating her rights of access to medical marijuana products and yet she is licensed and duly authorized to use such products.

This isn’t the first time that Sherry Hoover is suing the state. Last year, she successfully sued LARA to compel it to extend deadline imposed for unlicensed dispensaries to get the necessary permits or close by December 31, 2018. Her lawsuit was successful and the deadline was extended to April 1 this year.

Sugarmade Inc. (OTCQB: SGMD) longs for the day when all the kinks in the way medical marijuana is regulated are fixed so that these seemingly endless deadline extensions and lawsuits in Michigan come to an end.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CBD Surge Puts Pressure on Cultivation Supplies

CannabisNewsWire Editorial Coverage: Growing demand for CBD is increasing pressure on companies that provide key cultivation equipment and industry supplies.

As part of its commitment to build a large and well-supplied sales channel, hydroponic supplier Sugarmade Inc. (OTCQB: SGMD) (SGMD Profile) is in the process of making acquisition of companies that supply the hemp industry. An increasing need for supplies is coming from companies such as Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), a major cultivator and processor making moves on the CBD drinks and well-being markets. Cronos Group Inc. (TSX: CRON) (NASDAQ: CRON) has entered into a supply agreement with another provider to ensure the materials it needs for its products. Global efforts by companies such as New Age Beverages Corporation (NASDAQ: NBEV) and Aphria (TSX: APHA) (NYSE: APHA) may further strain U.S. supply chains, due to greater…

Read More >>

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.

Receive Text Alerts from CannabisNewsWire: Text “Cannabis” to 21000

For more information please visit https://www.CannabisNewsWire.com and or https://CannabisNewsWire.News

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

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

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.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, CNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment.

CNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CNW undertakes no obligation to update such statements.

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.

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

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 >>

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.

Receive Text Alerts from CannabisNewsWire: Text “Cannabis” to 21000

For more information please visit https://www.CannabisNewsWire.com and or https://CannabisNewsWire.News

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

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

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.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, CNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment.

CNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CNW undertakes no obligation to update such statements.

420 with CNW – Moosehead Teams up With Sproutly Canada to Produce Cannabis Beverages

Moosehead Breweries Ltd, one of the largest breweries in Canada, has announced that it plans to form a joint venture with Sproutly Canada, Inc. in order to make cannabis-infused drinks. The drinks will be introduced on the Canadian market by the end of this year.

Andrew Oland, the CEO of Moosehead Breweries Ltd, said that the company wants to enter the cannabis beverages space as soon as the federal government in Canada releases rules to regulate cannabis edibles in the country.

As a leader in the beer industry, Moosehead is convinced that the company is well placed to be a major player in the cannabis drinks sector.

Once the joint venture is finalized, Mathew Oland will be its head. Mathew Oland is a former Vice President of Moosehead Breweries and in that role, he superintended the supply chain infrastructure of the brewery. While at the joint venture, Mathew Oland will oversee Research and Development (R&D), procurement and distribution as well as the operations of the new entity. A name for the joint venture hasn’t yet been agreed upon. The financial aspects of the joint venture are also yet to be finalized.

Keith Dolo, the CEO of Sproutly Canada, revealed that the joint venture will be given exclusive rights to use Sproutly Canada’s technology for five years, which can be extended for two more years.

Dolo added that working with Moosehead will expedite the process of getting the drinks developed to the market in a sector that is expected to be highly competitive.

To get an idea about how tough the competition is likely to get, consider the fact that Canopy Growth and Constellation Brands are finalizing a bottling line for cannabis beverages. Another cannabis company, Hexo Corp. also teamed up with Molson Coors Brewing Company to make marijuana-infused drinks. Other small players have also expressed their interest in entering the cannabis drinks market.

However, the drinks made using Sproutly Canada’s technology may have an edge in the industry since this technology shortens the time within which a person can feel the effect of the drink he or she has consumed.

Just for comparison purposes, the cannabis drinks available in California take more than an hour to kick in and the effects wear off between 4-8 hours later. In contrast, Sproutly’s technology results in a cannabis drink whose effects are felt within five minutes and those effects wear off in less than two hours. No prizes for guessing which product stands a higher chance of being a hit in the market!

Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) and Sugarmade Inc. (OTCQB: SGMD) congratulate Sproutly Canada, Inc. and Moosehead Breweries Ltd upon their desire to form a joint venture so that Canadians can have an increased number of options to select from when they want a cannabis beverage.

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

420 with CNW – Maine Releases Recreational Marijuana Draft Rules

Ever since voters in Maine approved a ballot measure to legalize recreational marijuana in 2016, the state had never formulated rules to regulate the commercialization of adult-use cannabis even if residents were allowed to grow a limited number of cannabis plants soon after the midterm vote that paved the way for recreational marijuana. Two years later, the state has released its draft rules indicating how the recreational market will be regulated.

The draft rules indicate that applicants will first have to obtain a conditional license from the state before getting the approval of the town or city where the applicants wish to operate their recreational marijuana businesses. Once the local authority approves, then the state will give the applicant a license that is valid for 12 months.

According to the draft rules, the state will take approximately 90 days before giving applicants the conditional license (the first step of the licensing process). During that time, the state will look into the criminal background of the applicant as well as any other needed checks before the applicant is given the conditional license.

However, the biggest hurdle that applicants may have to navigate is the different conditions that local authorities (towns and cities) will impose before one obtains their approval. Some local jurisdictions have already formulated their own recreational cannabis rules while others are holding out until the state releases their final rules. The local authorities will then analyze those state rules and decide whether recreational marijuana will be allowed within their jurisdictions or not.

The draft rules released by the state indicate that any local authority that doesn’t pass its own recreational marijuana rules will remain cannabis-free since their non-action will be deemed as a lack of interest in having recreational marijuana businesses within their jurisdiction.

It is also worth noting that the draft rules restrict the ownership of recreational cannabis businesses within Maine to residents of the state. Corporate veils to sidestep this requirement are strictly prohibited.

In fact, the rules state that from June 2021, only residents who have filed their tax returns in Maine for at least 4 years will be eligible for marijuana business licenses. The ballot measure that legalized recreational marijuana had stated that medical cannabis businesses would be given first priority when issuing recreational cannabis licenses.

However, that provision was changed legislatively so that the emphasis could be placed on being a resident of the state. This change was intended to ensure that Mainers benefited from this industry.

The draft rules go deeper into the specific conditions that one must fulfill in order to obtain a cultivation, product manufacturing and retail license. Rules governing product testing will be released later, and they will not need legislative approval.

The current draft rules are now open to public comment and the state hopes to start receiving applications later this year if the legislators can approve the draft rules before the summer break of the legislature commences.

Sugarmade, Inc. (OTCQB: SGMD) and Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTCQX: SPRWF) hope that the long-awaited draft rules will be processed quickly so that Maine can enjoy the benefits of commercializing recreational cannabis.

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

Hemp Boom Spawns Lucrative Deals

CannabisNewsWire Editorial Coverage: Ever since the Farm Bill was signed into law, farmers across the United States have rushed into hemp cultivation, driving demand for the supplies needed to grow the crop necessary to meet surging CBD use.

  • Global hemp industry to reach $22 billion in 2022.
  • CBD market could increase 40 times in the next four years.
  • Hemp farming skyrockets to meet demand.
  • Serious squeeze on hydroponic and cultivation supply products.

Hemp is booming across the country, and nowhere more so than in Kentucky, where the applications to grow hemp are expected to increase fivefold, and acreage dedicated to growing the crop is set to more than triple this year. At the forefront of this explosive market growth, Sugarmade Inc. (OTCQB: SGMD) (SGMD Profile) recently inked a strategic supply contract with Hempistry Inc., a leading Kentucky-based cultivator of high CBD content hemp. Since passage of the farm bill, other major Canadian producers have also been making deals to expand hemp and CBD operations south of the border. Tilray Inc. (NASDAQ: TLRY) announced the acquisition of a large hemp foods maker, and Canopy Growth Corporation (NYSE: CGC) (TSX: WEED) is making substantial investments in New York state. Aphria (NYSE: APHA) (TSX: APHA) temporarily withdrew from the U.S. market while fighting off a hostile takeover bid. And after a $1.8 billion investment from a U.S. tobacco giant, Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) is expanding globally with eyes to the U.S. markets in the future. Even the largest Canadian licensed producers are betting on…

Read More >>

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.

Receive Text Alerts from CannabisNewsWire: Text “Cannabis” to 21000

For more information please visit https://www.CannabisNewsWire.com and or https://CannabisNewsWire.News

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

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

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.

The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, CNW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment.

CNW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CNW undertakes no obligation to update such statements.