April 2021 - Page 3 of 7 - CannabisNewsWire

WednesdayApr 21, 2021 4:20 pm

420 with CNW — Study Finds Illinois Was Fifth-Top Cannabis Tax Earner in 2020

A study that was carried out recently found that in 2020 the state of Illinois generated $175 million in cannabis sales tax, which is the fifth-highest amount in the country. This amount makes up 0.4% of the state’s total 2020 revenue. At the moment, 16 states across the nation have now fully legalized cannabis, with 11 of these imposing retail sales taxes on cannabis and cannabis products. The study, which was released by the U.S. Drug Test Centers, also found that youth and adult usage of cannabis grew in the past year. The state of Illinois had initially awarded 75…

WednesdayApr 21, 2021 10:59 am

Pac Roots Cannabis Corp. (CSE: PACR) (OTCQB: PACRF) (FSE: 4XM) Seeks to Step into Gap as Rivals Lose Market Share

Recent study delving into Canadian cannabis market revealed declining market shares for large Canadian cannabis companies Pac Roots and its peers have looked to increase their share of market, with Pac Roots recently increasing its total area under cultivation Key feature boosting Pac Roots’ prospects has been its focus on producing premium quality strains through meticulous cultivation process A recent study centered around the Canadian cannabis market and carried out by investment banking firm ATB Capital Markets in early April 2021 came up with a startling conclusion: Large Canadian cannabis cultivators had surprisingly seen their market shares decline between the…

WednesdayApr 21, 2021 4:20 am

420 with CNW — Governor Evers Encounters Pushback Against Proposal to Legalize Marijuana

Governor Tony Evers of Wisconsin included plans to legalize marijuana in his budget plan this year. However, his Badger Bounceback budget is encountering some resistance, especially the proposals on medicinal and recreational cannabis. In his proposal, Evers suggests that residents of the state who are at least 21 years of age should be allowed to possess up to two oz. of cannabis and also grow up to six cannabis plants for recreational use. The plan indicates that nonresidents of Wisconsin may only carry a maximum of 0.25 oz of cannabis. The proposal also has provisions on reforms to the criminal…

TuesdayApr 20, 2021 4:20 pm

420 with CNW — New Poll Finds That Most Connecticut Voters Favor Cannabis Legalization

With legislation to legalize cannabis in the state of Connecticut advancing through the legislature, a survey recently found out that cannabis reform has strong support among state residents. The survey was conducted March 23–31, 2021, and involved 1,000 Connecticut residents. The poll, which was released earlier this week by Sacred Heart University, revealed that nearly 66% of residents in the state supported the legalization of marijuana for adult use, with only 27% opposing reform. If the policy change is approved, 62% of the respondents stated that those who had been convicted of cannabis possession and other related charges prior to…

TuesdayApr 20, 2021 4:20 am

420 with CNW — IRS Terminology Every Cannabis Entrepreneur Should Know

The Internal Revenue Service (“IRS”) is a United States government agency that is responsible for collecting taxes and enforcing tax laws contained in the Internal Revenue Code. Below are a few terminologies that the agency uses — and which every cannabis business needs to know. Tax Deficiency This is basically the difference between what the IRS has determined is owed to the federal government based off of its records and what a taxpayer reports on their return. The Audit Technique Guide/Participant Guide These guides are internally written and published by the IRS and are used to assist agents in auditing…

MondayApr 19, 2021 4:20 pm

420 with CNW — Medical Cannabis Bill Awaits Floor Vote in Alabama House

Patients suffering from a variety of serious ailments in Alabama are a step closer to accessing medical cannabis after a House Committee made several amendments to a bill that would legalize medical marijuana in the state. The legislation, which has already passed the Senate, would allow qualifying patients to purchase and possess up to 70 daily doses of medical cannabis. Additionally, the bill would establish an Alabama Medical Cannabis Commission and task it with implementing industry legislations and issuing licenses. Senator Tim Melson, who sponsored the bill, stated that giving patients access to medical cannabis could reduce the number of…

MondayApr 19, 2021 12:33 pm

Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) Announces LOI Aimed at U.S. Expansion

Pure Extracts plans affiliate partnership to install cannabis and hemp extraction system in existing Michigan facility Company CEO notes excitement about launching into first US initiative with experienced and entrenched partners Agreement outlines planned renovation of existing 2,600-square-foot facility located in central Michigan Pure Extracts Technologies (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ), a plant-based extraction company focused on cannabis, hemp and functional mushrooms, has inked a letter of intent (“LOI”) to form a joint venture that paves the way for the company’s entrance into the United States. Based on the LOI, PULL will partner with the affiliate of a publicly traded multi-state…

MondayApr 19, 2021 4:20 am

420 with CNW — New York Company Says Device Can Identify Drivers Impaired by Cannabis

As more states across the United States decriminalize or legalize recreational and medicinal cannabis, concerns about cannabis impairment have been floated, with some of the opinion that the plant’s legalization will bring about increased dangerous driving. Various studies have been conducted on marijuana and driving while impaired. So far, it has been determined that knowing whether a driver’s ability has been impaired by cannabis is a distinctly different task than determining whether an individual has been driving with too much alcohol in their bloodstream. This is mainly because THC, which is the main active chemical in cannabis, can stay in…

FridayApr 16, 2021 4:20 pm

420 with CNW — Ailing MTA Employee Mulls $5 Million Suit Against New York for Denying Him Medical Cannabis

Although more than 30 states have legalized some form of cannabis, the drug still remains illegal at the federal level. So while people in states with legal cannabis markets can consume cannabis legally, they are still liable to federal repercussions in certain situations. This is especially true for individuals who are employed by federal organizations, which base their policies on federal regulations and consequently penalize employees who use cannabis. An ailing Metropolitan Transportation Authority (“MTA”) worker found this out the hard way after the NYC Transit Authority suspended him and forced him to attend drug rehab classes for using medical…

FridayApr 16, 2021 12:20 pm

Largely Untapped Market for Hallucinogenic Draws Attention of Researchers at XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT)

XPhyto Therapeutics Corp., a life sciences technology accelerator, is looking for ways to turn promising psychedelics into therapeutic pharmaceutical drugs, and recently added mescaline to its study profile Mescaline is illegal under U.S. federal law, but some state-centric efforts to legalize or decriminalize the hallucinogenic have launched in a manner similar to the populace effort that produced a wave of cannabis product legalization Mescaline has historically defied predictable outcomes by researchers, but advocates cite it as a means of successfully treating some mental health and substance abuse disorders A number of psychedelics production stocks saw huge gains during the past…