June 2020 - Page 5 of 6 - CannabisNewsWire

TuesdayJun 09, 2020 4:20 am

420 with CNW – Federal Financial Regulator Says Marijuana Banking is a Difficult Issue

Despite being federally prohibited, the state-legal marijuana industry has been growing steadily for the past few years. Things haven’t been rosy for the often controversial sector, and the fact that marijuana is illegal at the federal level has made it challenging for businesses to operate. Admittedly, the biggest hurdle that the industry has faced is lack of access to banking. Fearing legal retaliation from the federal government, most banking institutions avoid marijuana businesses, locking them out of accessing credit or loans and forcing them to operate on a cash-only basis. There have been numerous calls from stakeholders and advocates to…

MondayJun 08, 2020 4:20 pm

420 with CNW – Uruguay Sends Another Huge Consignment of Marijuana to Europe

Last month, Uruguay-based Fotmer Life Sciences exported a large shipment of medical cannabis to Portugal. This came about six months after Fortmer shipped one metric ton of high-THC cannabis flower to the same country. The 2019 shipment of high-THC flower was believed to have been the largest ever amount of cannabis flower exported in a single shipment, but weighing in at 3,133 pounds, the May shipment takes the cake. According to Uruguayan documents dated May 19, 2020, the declared customs value of the latest shipment was about $2 per gram, including costs, insurance and freight. Although no company has publicly…

MondayJun 08, 2020 11:24 am

Singlepoint Inc.’s (SING) 1606 Original Hemp Cigarettes See Record Sales Rise

SinglePoint Inc. announced that its range of pre-rolled hemp cigarettes, 1606 Hemp Direct, saw revenues growth by 133% quarter-on-quarter CBD-infused cigarettes target smokers looking for smoother alternative to tobacco, with CBD-infused product market set to reach $23.7 billion by 2023 1606 Hemp Direct cigarettes currently sold by network of 400 retailers across 19 states, with the company seeking to expand its number of vendors in near future SinglePoint forecast that its 1606 Hemp product could generate between $2.75 million - $5.5 million in annual revenues per 1,000 stores As public opinion of nicotine cigarettes continues to sour with each increasingly…

MondayJun 08, 2020 4:20 am

420 with CNW – The White House is Reviewing FDA Research Guidelines on Marijuana and CBD

For the past year or so, the U.S. Food and Drug Administration (“FDA”) has been under mounting pressure from advocates and stakeholders to create a comprehensive regulatory plan for the growing CBD industry. Although the nascent industry is already worth millions in sales and filled with tons of sellers, it is barely regulated. Not only has this made it difficult for businesses to operate, but it has called into question the efficacy and safety of the products being sold. Last week, the agency submitted a draft of a federal plan for marijuana and CBD research titled 'Cannabis and Cannabis-Derived Compounds:…

FridayJun 05, 2020 4:20 pm

420 with CNW – Maine Sued for Giving Non-Residents Access to its Marijuana Market

The state of Maine is being sued by local marijuana businesses for refusing to enforce a component of its marijuana laws. On Friday, the Maine Cannabis Coalition filed a lawsuit against the state, claiming that the Department of Administrative and Financial Services was in violation of state law after it failed to enforce the residency requirements included by lawmakers in the Marijuana Legalization Act. According to the law, only Maine residents can run a recreational marijuana grow, manufacturing, or retail operation. Last month, the state announced that it would abandon the residency requirement, a move that garnered outrage from stakeholders…

FridayJun 05, 2020 4:20 am

420 with CNW – Cannabis Businesses Hit by Vandals and Robbers During Ongoing Protests

On May 25, 2020, George Floyd, a black man, died at the hands of a Minneapolis Police Department officer, leading to nationwide protests against systemic police brutality against unarmed black men. Although the protests were peaceful at first, they became violent, leading to widespread rioting and looting over the weekend. Tons of business establishments nationwide have been affected by the looting, and marijuana businesses haven’t been spared. Dozens of cannabis shops in Oregon, Illinois, San Francisco and California have been vandalized and according to the business owners whose businesses were hit, looting was carried out by professional criminals, and not…

ThursdayJun 04, 2020 4:20 pm

420 with CNW – Poll Shows Most Arizona Voters Support Cannabis Legalization Measure

Cannabis has come a long way indeed. Despite suffering federal prohibition for decades, attitudes towards the plant are changing, and more people are looking at cannabis with an open mind. At the moment, numerous states have legalized either medical or recreational marijuana, or even both, and despite the current coronavirus crisis, there are several legalization initiatives currently in the works. According to a new poll, if marijuana activists in Arizona are able to place a legalization initiative before voters this November, it will likely pass by a wide margin. The survey described the proposed measure, the Smart and Safe Arizona…

ThursdayJun 04, 2020 4:20 am

420 with CNW – Four Ways the Marijuana Industry Can Benefit from the HEROES Act

Experts say we may be facing up to two years of intermittent lockdowns before the coronavirus is finally eradicated, and the economy will take even longer to spring back to pre-pandemic levels. At the moment, most regions in the U.S. are still under lockdown orders, and while this has helped reduce infections, the effect it has had on the economy has been catastrophic. The cannabis sector was one of the few industries that were deemed essential and allowed to continue operating amidst lockdown orders. However, due to federal prohibition, the industry has been operating at a stark disadvantage. The federal…

WednesdayJun 03, 2020 4:20 pm

420 with CNW – Reasons for Some Marijuana MSOs Thriving While Others Struggle During This Pandemic

2020 will without a doubt go down in history as one of the most challenging years of the century. It started with the discovery of a novel coronavirus in Wuhan, China in late 2019, and snowballed into a global health and economic crisis that we will take years to recover from. The pandemic has led to an economic downturn of immense proportions, with the U.S. suffering Great Depression-era levels of unemployment. The crisis has hit most businesses hard, especially those in the tourism and hospitality sector. The state legal cannabis industry was declared essential by most states, allowing them to…

WednesdayJun 03, 2020 4:20 am

420 with CNW – Cannabis Could Hold the Key to the US Obesity Pandemic

For the past decade and more, the U.S. has been up against a silent but deadly foe, obesity. According to statistics from the Centers for Disease Control (CDC), 36.5% (one third) of American adults and 17% of children were obese by 2019, and the numbers aren’t reducing any time soon. Further research has suggested that over half of the country’s population will be obese within the next ten years, with one in ten Americans being severely obese. While there are genetic factors that will increase your chances of being obese, it is often a result of poor lifestyle choices, and…