December 2020 - CannabisNewsWire

ThursdayDec 31, 2020 4:20 pm

420 with CNW — Sales Data Shows Americans Spent 67% More on Cannabis This Year

Revenue and tax data acquired from different states shows that sales of adult-use and medical cannabis in the United States has grown by 67% this year, owing to the coronavirus pandemic and the subsequent lockdown that was implemented. The data shows that this year, Americans bought $17.9 billion worth of marijuana product, a significant increase from cannabis product sales last year, which totaled approximately $10.7 billion. Washington DC and 15 other states have legalized marijuana for use by adults while medical cannabis is legal in 37 states in the United States. On the onset of the pandemic, many in the…

ThursdayDec 31, 2020 4:20 am

420 with CNW — Cannabis Delivery Firms Thrive Despite COVID-19 by Implementing Models Used by Black Market

Arguably the biggest health crisis the world has seen in a century, the coronavirus pandemic has crippled industries around the world. However, while the tourism, business travel and hospitality sectors shouldered millions of job losses over the course of the year, the nascent cannabis industry has weathered the pandemic fairly well. In the United States, most states deemed the sector essential, allowing cannabis dispensaries to continue their operations, albeit with COVID-19 health measures in place, such as online ordering, curbside pick up and home deliveries. Despite several states legalizing cannabis in various forms, the cannabis black market is still thriving,…

WednesdayDec 30, 2020 4:20 pm

420 with CNW — Case Report Shows CBD Oil Used with Other Medications Could Help Individuals Living with Batten Disease

A case report proposes that adding cannabis oil to conventional anti-seizure medications may be an effectual way to manage life-threatening seizures caused by status epilepticus that may need urgent medical treatment. These findings support other reports and growing evidence that call attention to the anti-seizure effects that marijuana-based compounds possess. The study researchers note that despite their findings, additional research is still required to confirm the efficacy and safety of cannabis oil for epilepticus, in addition to decreasing overall seizures in patients. The study was reported in the “Journal of Neurology Research.” In pediatric neurodegenerative disorders, the most prevalent group…

WednesdayDec 30, 2020 4:20 am

420 with CNW — Prominent Illinois Hemp Grower to Acquire Cannabis Cultivation License

As the coronavirus pandemic raged on, closing down thousands of businesses and confining folks to their homes for weeks, the cannabis industry chugged along. While several industries have been brought to their knees during the pandemic, medical and recreational cannabis dispensaries across the country have brought in millions of dollars in much-needed tax revenue. Now, a Toronto cannabis company that has been growing hemp in Illinois has announced that it signed an agreement to acquire the issued as well as outstanding shares of a marijuana company called Cannabis Capital Partners Inc. With this acquisition, Red White & Bloom Brands Inc.…

TuesdayDec 29, 2020 4:20 pm

420 with CNW — No Action Taken Against Marijuana Businesses with Expiring Licenses, Says LA

Regulators in the cannabis industry of Los Angeles have provided no less than 57 firms with a lifeline, a few days after stating that the licensed businesses under consideration would not be permitted to carry out any commercial marijuana activity after Dec. 31 this year. The Los Angeles Department of Cannabis Regulation (DCR) sent an email this week to those license holders stating that it would not proactively report the expired statuses of the said licenses to state agencies or the city’s police department (LAPD). The agency also added that it would not take part in any enforcement action linked…

TuesdayDec 29, 2020 12:41 pm

Gage Cannabis Co. Announces $20 Million Investment from JW Asset Management as Reg A Offering Closes the General Public Access

Gage Cannabis secures minimum $20 million investment from JWAM to expand cultivation and retail footprint, pursue accretive acquisitions, and solidify position as leading operator in the state of Michigan JW Asset Management is widely recognized as one of the premier investors in the cannabis sector In just over a year, Gage operations have grown to five provisioning centers, three cultivation facilities, and one processing facility As general public access for its Regulation A, Tier 2, equity financing closed, Gage Cannabis Co. announced that it has secured a minimum $20 million investment from JW Asset Management LLC (“JWAM”) as part of…

TuesdayDec 29, 2020 4:20 am

420 with CNW — Growing Budget Deficit Could Force New York to Legalize Recreational Cannabis

In the last two years, the debate over the legalization of cannabis for adult use has dragged on in New York State. However, this may take a turn for the better next year as the state’s legislature goes back to Albany, despite the Democrats being divided on various aspects on the issue, which may make negotiations a tad bit difficult. The main concern seems to be how the state will utilize the revenue generated from the recreational-use cannabis industry. According to forecasts from the state, the cannabis industry is expected to generate roughly $300 million each year once the industry…

MondayDec 28, 2020 4:20 pm

420 with CNW — Medical Marijuana Firm Sues Miami Beach Over ‘Unfair Restrictions’

Since 2019, a Florida-based medical marijuana company has waged a legal war against the city of Miami over what it considers unfair restrictions. In three separate lawsuits, Altmed is suing the city to overturn restrictions on the location of cannabis dispensaries and to open a dispensary named Müv at 607 Fifth Street near Washington Avenue. Additionally, Altmed has petitioned a Miami-Dade Circuit Court appellate panel to have a city board’s denial of a variance to get its building permit overturned. Altmed submitted a building permit application in November 2018, holding regular meetings between its contractors and city and zoning officials…

MondayDec 28, 2020 4:20 am

420 with CNW — Retailers Reveal Shortage of Legal Marijuana in B.C. Is Promoting Illicit Trade

According to the British Columbia provincial government, the municipalities of Hope, Whistler, Abbotsford, West Vancouver, Richmond, Surrey, Delta, Pitt Meadows, Coquitlam, and Burnaby as well as the city of Langley still do not provide local access to cannabis, despite cannabis being legalized in those areas two years ago. The lack of storefronts to legally access marijuana encourages the cannabis black market in these areas. Municipalities have the power to reject the sale of marijuana within their borders in the British Columbia Coast, which is frustrating to many firms in the cannabis industry. Co-founder and CFO of Burb Steven Dowsley explains…

WednesdayDec 23, 2020 4:20 pm

420 with CNW — DEA Releases Final Rule on Authorizing Additional Producers of Research-Grade Cannabis

In the United States, researchers who want to study the benefits and side effects of cannabis can obtain the crop from only one source: a single federally licensed cultivation facility at the University of Mississippi. However, there have been numerous complaints that the crop produced by the facility is substandard, with studies finding it to be more genetically similar to hemp than commercial cannabis. Additionally, further studies have found that the cannabis cultivated at the University of Mississippi has lower levels of both THC and CBD compared to commercial cannabis products. In March 2020, the Drug Enforcement Administration (DEA) announced…

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Month: December 2020