July 2020 - Page 3 of 6 - CannabisNewsWire

MondayJul 20, 2020 4:20 pm

420 with CNW – New Jersey Governor Convinced Marijuana Legalization Key to Coronavirus Economic Recovery

The coronavirus crisis has dealt the economy a blow it will take years to recover from. Industries that were especially hit by shut down orders like airlines, restaurants, and tourism are looking at a long, tough road before they can get back to pre-pandemic levels. With all but the most essential businesses shut down and commerce brought to an almost complete standstill, states have lost millions in tax revenues over the past few months. However, proponents for marijuana legalization have argued that marijuana sales could help stimulate the economy as it recovers. In the weeks before the shutdowns began, cannabis…

MondayJul 20, 2020 11:39 am

Sugarmade, Inc. (SGMD) Releases Numbers, Calls June ‘Breakout’ Month for BudCars Growth for ‘Every Single Metric’

SGMD’s BudCars sales topped more than $500,000; company grew for third consecutive month ‘We did more business with more people and booked a significant jump in gross profits while holding our 47% gross margin level as volume increased,’ CEO reports Company expects to close out first half of 2020 with a linear pace already at $6 million Sugarmade (OTCQB: SGMD), a product and branding marketing company investing in operations and technologies with disruptive potential, released June numbers for its burgeoning BudCars Cannabis Delivery Service. Of note in the report were sales that topped more than $500,000 and impressive growth for…

MondayJul 20, 2020 4:20 am

420 with CNW – Illinois Earns Double the Cannabis Taxes Predicted for First Six Months

The first half of 2020 has been brutal. After being discovered in Wuhan, China in late 2019, the coronavirus quickly spread to Europe and the U.S., and by late March, billions of people across the world were under lockdown. All but the most essential businesses were ordered to shut down, and within a month, the U.S. was approaching Great Depression era levels of unemployment. The travel and service industries were especially hit, and they have shouldered most of the job losses. One industry that seems to be weathering the health and economic crisis fairly well is cannabis. Deemed essential by…

FridayJul 17, 2020 4:20 pm

420 with CNW – Congress Asks Federal Agencies to Reconsider Firing Employees Who Use Marijuana

Although several states have legalized either medical or recreational marijuana, it remains illegal at the federal level. This duality in legislation means that sometimes, individuals who work with or consume state-legal cannabis face federal repercussions. However, a series of reports for spending bills released by a key House committee contain a wide range of marijuana-related provisions seeking to change this. The directives from the House Appropriations Committee were attached to spending bills containing legislative reform provisions including previously tabled proposals that would protect state marijuana laws from federal interference as well as protect banks who work with cannabis businesses from…

FridayJul 17, 2020 4:20 am

420 with CNW – VA States Marijuana Industry Employed Veterans Aren’t Barred from Receiving Home Loans

The state legal cannabis industry has made great strides in the past couple of years, but there’s still a long way to go. The industry was valued at $13.6 billion in 2019 and experts expect it to grow in leaps and bounds over the years but the ongoing federal prohibition is severely holding it back. Unfortunately, this trickles down and negatively affects the tax paying folk who work in state legal cannabis establishments. One such instance of discrimination, according to Rep. Katherine Clark and other lawmakers, is against veterans seeking home loans. For the past year, she’s been pressing the…

ThursdayJul 16, 2020 4:20 pm

420 with CNW – Democratic Senator Claims Congress Will Legalize Cannabis in 2021

Marijuana legalization is a highly divisive topic and even as more and more states move to legalize medical and adult use marijuana, the topic still remains controversial. And although the federal government legalized industrial hemp in December 2018, marijuana is still illegal at the federal level. Although the presumptive Democratic presidential candidate has in the past said that he supports decriminalization, moderate rescheduling, record expungement and medical cannabis legalization, he does not stand behind legalizing adult use cannabis. However, according to a U.S. Democratic Senator, lawmakers will move very quickly to legalize marijuana regardless of his position if the Democratic…

ThursdayJul 16, 2020 4:20 am

420 with CNW – 4 Tips to Get the Full Value of CBD Products

As 2018 drew to a close, Congress passed the 2018 Farm Bill, legislation that finally ended the federal prohibition of industrial hemp and all of its cannabinoids. Just a few months into 2019, there was already a booming market for cannabidiol (“CBD”), one of the over 100 chemicals produced by hemp. Initial research had found the cannabinoid effective against a variety of medical conditions and soon after it was legalized, there was a plethora of CBD products on the shelves. As it is still new and barely regulated, the industry represents a minefield for first-time buyers who don't know their…

WednesdayJul 15, 2020 4:20 pm

420 with CNW – Why Marijuana Entrepreneurs Need to Keep Proper Records

Although it is still fairly new, the marijuana industry has great potential for growth, especially as more research on the medical benefits of cannabis is carried out. At the moment, however, legal cannabis sellers face a harsh federal landscape that makes it quite difficult for them to operate effectively compared to players in other industries. One of the biggest issues, perhaps, is the industry’s lack of access to banking services, and a business that doesn’t find ways to circumvent this limitation will have a tough road ahead of them. Despite being denied access to banking services, you are still required…

WednesdayJul 15, 2020 4:20 am

420 with CNW – White House Completes Reviewing FDA’s Cannabis Research Guidelines

Back in December 2018, Congress passed a bill legalizing the cultivation and sale of industrial hemp and its derivatives. CBD or cannabidiol is one of the chemicals produced by the cannabis plant, and research has found it to be effective against a wide range of medical conditions. An industry quickly grew to cater to the rising demand for CBD and by the time tons of companies were marketing and selling CBD products, the industry was still barely regulated. For more than a year, advocates, stakeholders, and lawmakers have urged the U.S. Food and Drug Administration (“FDA”) to create a comprehensive…

TuesdayJul 14, 2020 4:20 pm

420 with CNW – Kansas City Council Decriminalizes Marijuana Possession

For the past three or so decades, the federal government has punished individuals charged with marijuana possession quite harshly. Ever since the 'War on Drugs' began, certain communities have been unfairly stereotyped, targeted and punished for marijuana offenses. Although people of all races are likely to purchase and consume cannabis, people of color are much more likely to be arrested and prosecuted compared to other races. Proponents for marijuana legalization have argued that decriminalizing marijuana will go a long way in righting these wrongs. Last week, the Kansas City Council in Missouri passed an ordinance ending all penalties for marijuana…