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‘Biggest thing, ever’: Marijuana rescheduling recommendation hailed
By Chris Roberts, Reporter
August 30, 2023 - Updated August 30, 2023
The disclosure Wednesday that top Biden administration health officials this week officially recommended marijuana be reclassified from a Schedule 1 substance to Schedule 3 – the same category as Tylenol with codeine – was hailed as the biggest development in MJ policy reform in more than 50 years.
Marijuana investors concurred, boosting stocks of major U.S. cannabis companies approximately 20%.
“It’s historic. It’s the biggest thing that’s happened in cannabis reform at the federal level, ever,” Shane Pennington, a partner at Washington DC-based law firm Porter Wright, told MJBizDaily in a phone interview.
While much more needs to happen before tangible effects are felt – including a separate U.S. Drug Enforcement Administration review and, possibly, a judicial review –the health officials’ statement that cannabis has medical value remains “a game changer,” Pennington noted.
“This is essential to ending the dumpster fire that is cannabis policy,” added Pennington, who has published extensively on federal marijuana law.
“It’s a huge deal. And it has an even broader effect.”
Rescheduling marijuana would dramatically reduce the steep federal taxes now paid by U.S. marijuana companies.
It also could spur more banks and financial institutions to offer traditional banking services to cannabis companies, reducing their long dependency on cash.
The letter Tuesday from Assistant Secretary for Health Rachel Levine, sent to DEA Administrator Anne Milgram – first reported by Bloomberg News – is the latest development in a first-of-its-kind process launched last October by President Joe Biden.
For more than 50 years, federal law has classified marijuana as a Schedule 1 controlled substance, officially designated as more harmful than fentanyl and methamphetamine and on the same level as heroine and LSD.
Schedule 1 cripples industry
Long dismissed as scientifically and medically unsound by a generation of experts, that classification has also stymied the state-legal marijuana industry, shutting off access to banks, blocking typical business deductions on tax returns and forbidding interstate commerce.
On Oct. 6, 2022, calling current federal drug laws a “failed approach,” Biden announced he would direct the attorney general and the secretary of the Department of Health and Human Services to “review expeditiously how marijuana is scheduled under federal law.”
Earlier in the summer, Health Secretary Xavier Becerra suggested that an HHS review could be completed by the end of the year.
Instead, “This administrative process was completed in less than 11 months, reflecting this department’s collaboration and leadership to ensure that a comprehensive scientific evaluation be completed and shared expeditiously,” an HHS spokesperson told MJBizDaily via email.
A DEA spokesperson confirmed receipt of the letter from the assistant secretary for health in a statement Wednesday:
“DEA has the final authority to schedule or reschedule a drug under the Controlled Substances Act. DEA will now initiate its review.”
The agency declined to comment further.
Neither agency provided a copy of the letter, which MJBizDaily requested via a Freedom of Information Act request.
DEA response before Election Day – or sooner?
There’s no hard and fast deadline for a DEA response, but most observers believe a recommendation is likely before the November 2024 presidential election.
However, the unprecedented speed with which the HHS completed its leg of the process suggests the DEA could issue a recommendation even sooner – which would then trigger a federal rulemaking process.
More federal reform would be required for marijuana companies to legally ship product between states or other countries.
But the cannabis industry was near ecstatic Wednesday, as the value of shares in major multistate operators such as Cresco Labs and Green Thumb Industries shot up by more than 20%.
The gains reflected the knowledge that the IRS’ punitive Section 280E, which prohibits marijuana companies from taking typical business deductions on their federal tax returns, would no longer apply – even as business leaders called for rescheduling to happen on an even more accelerated timeline.
“We hope that this recategorization occurs promptly,” said Boris Jordan, executive chair of New York-based MSO Curaleaf Holdings.
“It’s very clear that Americans are ready for this, and it’s time for our political leaders to catch up.”
The future of SAFE Banking
Wednesday’s revelation could also help break a logjam in Congress, where still-necessary reform measures such as federal legalization and banking protections remain in near-limbo.
“Ultimately, I believe that cannabis should be descheduled with strong federal regulations put in place to protect public health and safety,” said U.S. Sen. Ron Wyden, an Oregon Democrat and the lead sponsor of the SAFE Banking Act, which would forbid federal banking regulators from penalizing financial institutions that do business with state-legal marijuana operators.
Previous versions of SAFE Banking have passed the House of Representatives seven times only to be blocked in the Senate, though the bill did have an informational hearing in May.
Experts say SAFE Banking will still be necessary even if marijuana is rescheduled.
“However, the recommendation of HHS to reschedule cannabis as a Schedule III drug is not inconsequential,” Wyden added in his statement.
“If HHS’s recommendation is ultimately implemented, it will be a historic step for a nation whose cannabis policies have been out of touch with reality.”
Federal health agency recommends easing marijuana restrictions Landmark decision!
By David Ovalle and Laurie McGinley
Updated August 30, 2023 at 8:54 p.m. EDT|Published August 30, 2023 at 7:39 p.m. EDT
The nation’s top health agency is recommending easing restrictions on marijuana in what could portend a landmark shift in federal policy on cannabis.
The Department of Health and Human Services has recommended to the Drug Enforcement Administration that marijuana be reclassified as a lower-risk, Schedule III controlled substance, according to a person familiar with the recommendation who spoke on the condition of anonymity because they were not authorized to speak on the issue. Marijuana is currently a Schedule I controlled substance, deemed alongside heroin and LSD as having the potential for abuse and with little or no accepted medical use.
DEA, which said it has the final authority to classify a drug under federal law, confirmed it has received a recommendation from HHS and said it will now initiate its review, a process that could take months. If DEA follows the health agency’s recommendation, marijuana would be placed in the same category as anabolic steroids and ketamine, which can
Huge Tax Savings for Cannabis companies with rescheduling
Cannabis stocks jump as feds call for easing restrictions
By John Pletz
August 30, 2023 12:16 PM UPDATED 12 HOURS AGO
Cannabis stocks jumped on news that the federal government is moving closer to reclassifying marijuana, which would cut taxes on companies at a time when they desperately need the cash. Verano Holdings jumped 20% to $3.20 per share. Green Thumb Industries shares rose 18% to $8.15 and Cresco Labs stock climbed 13% to $1.15. All three companies are based in Chicago.
HHS calls for easing restrictions on marijuana, sending cannabis stocks higher
PUBLISHED WED, AUG 30 20233:33 PM EDTUPDATED 19 MIN AGO
Annika Kim Constantino
@ANNIKAKIMC
Stefan Sykes
@THESTEFANSYKES
KEY POINTS
The U.S. Department of Health and Human Services has recommended easing restrictions on marijuana, a spokesperson for the Drug Enforcement Administration told CNBC on Wednesday.
That move could potentially expand the market for cannabis, sending shares of Canopy Growth, Tilray Brands and Cronos Group higher.
Marijuana is currently classified as a Schedule I drug, a designation reserved for drugs with no currently accepted medical use and a high potential for abuse, such as heroin.
James Romano trims flower while working in CommCans processing facility in Medway, MA on Oct. 27, 2021. Beneath the trimmed flower is a tray collecting shake, cannabis flower that has naturally broken down through handling. Shake can be used in CommCans p
The U.S. Department of Health and Human Services has recommended reclassifying marijuana as a lower-risk drug, which would in turn ease restrictions on the budding business, a spokesperson for the Drug Enforcement Administration told CNBC on Wednesday.
Marijuana is currently a Schedule I drug under the Controlled Substances Act, meaning it’s deemed to have no currently accepted medical use and a high potential for abuse. Despite being legalized for recreational use in nearly half of states, marijuana’s federal classification alongside drugs such as heroin and LSD has hindered the industry’s growth.
After enjoying a sales surge during the Covid-19 pandemic, the industry is in free fall as investors turn away and capital dries up. The industry has also been barred from accessing most banking services, or from being traded across state lines, resulting in a glut of cannabis in many states and a drop in prices.
A federal reclassification could potentially expand the market for marijuana, which is a multibillion-dollar industry in the U.S. and a cash crop in many newly legalized states.
The news sent shares of several cannabis companies, including Canopy Growth
, Tilray Brands
and Cronos Group
, jumping Wednesday. The recommendation was first reported by Bloomberg.
In a letter addressed to DEA officials, the HHS called for marijuana to be reclassified as a Schedule III drug under the Controlled Substances Act, a DEA spokesperson told CNBC. Schedule III is defined as drugs with a moderate to low potential for physical and psychological dependence.
The DEA, which regulates controlled substances, has the final authority to reschedule marijuana. The agency will now initiate a review of the drug, the spokesperson said.
A lack of federal regulation has meant cannabis businesses in states where recreational sales are legal still can’t access traditional banking services or institutional capital. A congressional bill called the Secure and Fair Enforcement Banking Act, or SAFE, would lift such restrictions but hasn’t made it through the Senate, despite passing in the House several times.
Patrick Rea, managing director at cannabis investment firm Poseidon Garden Ventures, said his fund is “cautiously optimistic” for the changes a reclassification could bring to the industry.
“Certainly, moving cannabis off of Schedule 1 is the right decision and long overdue,” Rea said in a statement. “Though a full descheduling would be preferred and likely most appropriate for cannabis, we welcome smart decisions and progress towards full legalization and regulation in the legal cannabis industry.”
Biden administration moves to loosen weed restrictions
The recommendation is the result of a yearlong review initiated by the president.
“We believe that rescheduling to Schedule III will mark the most significant federal cannabis reform in modern history,” said Edward Conklin, executive director of the US Cannabis Council, an advocacy and trade group. “President Biden is effectively declaring an end to Nixon’s failed war on cannabis and placing the nation on a trajectory to end prohibition.”Cannabis is currently a Schedule I substance on the CSA, which means it is deemed to have a high likelihood of abuse and no medical uses. | Hans Pennink/AP Photo
By NATALIE FERTIG
08/30/2023 03:19 PM EDT
Updated: 08/30/2023 04:26 PM EDT
The Biden administration’s Department of Health and Human Services is recommending that the Drug Enforcement Agency significantly loosen federal restrictions on marijuana but stopped short of advising that it should be entirely removed from the Controlled Substances Act.
The health agency wants the drug moved from Schedule I to Schedule III under the CSA, potentially the biggest change in federal drug policy in decades.
HHS Assistant Secretary of Health Rachel Levine wrote in a Tuesday letter to the DEA, first reported by Bloomberg News, that the recommendation was based on a review conducted by the Food and Drug Administration.
The DEA confirmed to POLITICO that it received the letter.
“As part of this process, HHS conducted a scientific and medical evaluation for consideration by DEA. DEA has the final authority to schedule or reschedule a drug under the Controlled Substances Act,” a spokesperson for the agency said in a statement. “DEA will now initiate its review.”
The HHS letter is part of the official review process initiated by President Joe Biden last October: The FDA conducts the review, which is then sent to the National Institute on Drug Abuse and HHS, after which HHS transmits a letter of recommendation to the DEA. The DEA is not required to follow HHS’s recommendation.
The White House on Wednesday refused to comment on the review process.
“The administration process is an independent process led by HHS, led by the Department of Justice, and guided by evidence,” White House Press Secretary Karine Jean-Pierre told reporters. “We’re just not going to comment on that.”
Federal law has failed to keep up with massive changes over the last decade in state cannabis policies. Twenty three states now allow anyone at least 21 years old to legally posses the drug, while 38 states have established medical marijuana programs.
The response to the news from the cannabis industry was ebullient.
“We believe that rescheduling to Schedule III will mark the most significant federal cannabis reform in modern history,” said Edward Conklin, executive director of the US Cannabis Council, an advocacy and trade group. “President Biden is effectively declaring an end to Nixon’s failed war on cannabis and placing the nation on a trajectory to end prohibition.”
US Health Officials Urge Moving Pot to Lower-Risk Category
Bloomberg
Change would remove drug from most restricted designation
Cannabis industry stocks respond with double-digit jumps
https://www.bloomberg.com/news/articles/2023-08-30/hhs-calls-for-moving-marijuana-to-lower-risk-us-drug-category#xj4y7vzkg
Cannabis Stock on FIRE on news!!
Trulieve up 20%
Med Marij up 15%,
Hempco up 13%
TinRay up 11%
Maybe, just maybe PVSP and the Cannabis industry is ready to Run!!!
This is HUGE for Cannabis Industry!!!!
Moving cannabis to Schedule III would also unlock marijuana industry tax opportunities that are currently unavailable.
The U.S. Department of Health and Human Services (HHS) is officially recommending that marijuana be moved from Schedule The U.S. Department of Health and Human Services (HHS) is officially recommending that marijuana be moved from Schedule I to Schedule III under federal law—a historic development that means the top health agency no longer considers cannabis to be a drug with high abuse potential and no medical value.
After completing a scientific review into cannabis under a directive from President Joe Biden last year, HHS is now telling the Drug Enforcement Administration (DEA) that it believes marijuana should be placed in Schedule III of the Controlled Substances Act (CSA). The recommendation is not binding, and DEA has the final say, but the scientific analysis combined with growing political support for cannabis reform may well influence DEA to make the change.
Moving cannabis to Schedule III would also unlock marijuana industry tax opportunities that are currently unavailable.
Pervasip Corp. First Harvest Oregon
@PervasipC
·
$PVSP 1st ever Artizen Oregon harvest this Friday! Perfect Fall start, with gorgeous flower, and a happy crew. It takes about 3 - 4 harvests to dial in a new cultivation center and the team in Ashland is already ahead of schedule!
Pervasip Corp Tweet: LA Partners
@PervasipC
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41s
$PVSP Great few days with our LA partners! Locking down agreements and getting ready!
https://twitter.com/PervasipC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
Germans stage rally demanding legalization of cannabis
US needs to do the same thing and get the Safe Banking and other legislation moving this year.
Nik Martin
2 hours ago2 hours ago
Chancellor Olaf Scholz's cabinet is due this week to discuss a draft bill that would allow the limited consumption of hashish and marijuana. The plans have been widely criticized as impossible to police.
https://p.dw.com/p/4V6Az
Protesters hold up signs calling for the legalization of cannabis, in Berlin, Germany, on August 12, 2023
The Hanfparade (Hemp Parade) has been held annually since 1997Image: Annette Riedl/dpa/picture alliance
Hundreds of people joined the annual cannabis legalization protest in Germany's capital Berlin on Saturday, days before the cabinet is due to discuss a draft law that will overturn a ban on the drug.
Police said between 500-600 people took part in the Hanfparade (Hemp Parade). The numbers were, however, about a third of last year's 1,500 participants.
The parade started with a rally at the city's Rotes Rathaus (Red town hall) and the protest route included the Unter den Linden boulevard, the government district and Alexanderplatz.
"Hemp is great for peace and climate," was the motto of this year's demonstration.
The Hemp Parade has been held annually since 1997. The purpose is to call on the government to liberalize laws on soft drugs such as marijuana and hashish, which are derived from the cannabis plant.
Parade organizers also advocate for easier access to medical cannabis and the widespread use of hemp, which is the same plant species as cannabis.
Germany set to ease drug laws
The government is planning to legalize cannabis, potentially allowing adults to possess up to 25 grams of cannabis and grow a maximum of three plants for personal use.
Under aproposed law, the drug could be cultivated and sold by so-called cannabis clubs, subject to strict rules, including in neutral packaging and a maximum of 50 grams per customer per month.
The cabinet is due to discuss the bill in the coming week, Health Minister Karl Lauterbach was cited by DPA news agency as saying.
Pro-cannabis advocates within the coalition government are hoping to legalize the drugs this year.
The Health Ministry thinks the measure could save the country's police, legal system and prisons more than €1 billion ($1.11 billion) in costs per year.
However, the proposed law faces many hurdles, including from the German Judges' Association (DRB), which believes that it will be cumbersome to uphold.
"This very small-scale law would necessitate a high level of control, which would lead to numerous new disputes and to many proceedings before the courts," DRB federal director Sven Rebehn told DPA on Saturday.
DRB says the proposed law will also have little impact on the black market for drugs.
Germany's police criticizes law
Earlier this month, the deputy head of the German police union (GdP) said the new law would place a huge burden on the police.
GdP deputy federal chairman Alexander Poitz told the Redaktionsnetzwerk Deutschland (RND) network that the draft bill lacked precision and foresight.
"At no point in the draft paper does it become clear how the expected increased technical and personnel effort of the police and other authorities are to be managed," Poitz said.
The planned law would allow people to smoke marijuana in public, but not within 200 meters of schools, day-care centers, playgrounds or sports fields.
"I hope that the Federal Ministry of Health doesn't think our colleagues would measure the required 200-meter distance between a consumer and a day-care center with a tape measure."
The Free Democratic Party (FDP), the smallest in Chancellor Olaf Scholz's coalition, has also criticized the plans.
"In its current form, it would create a real bureaucratic monster that can hardly be controlled," Kristine Lütke, the FDP's addiction and drug policy spokesperson told the Rheinische Post newspaper last month.
"The FDP parliamentary group firmly rejects an upper limit for possession. After all, no one controls how many bottles of wine someone stores in the cellar," she said.
Instead, she called for "proportionate and accurate regulations that provide real protection for young people and at the same time do not lead to an additional burden on the police and the judiciary."
https://www.dw.com/en/germans-stage-rally-demanding-legalization-of-cannabis/a-66517257
Yea, that is it, LOL, LOL
Good Grief what will you come up with next, LOL
Forbes Article: Cannabis index down 76% from Jan 2021!
Very good article on Cannabis future and 2023 reset. This is not about little ole PVSP Artizen, this downturn is sector wide and management has nothing to do with it, they could have press release everyday and it would not matter. The only thing that will move the price higher is investor interest and CASH flowing in on the BUY side, and that will happen when people feel the momentum has returned, Safe Banking could be the spark that starts the run.
https://www.forbes.com/sites/investor-hub/article/cannabis-stocks-what-you-need-to-know/?sh=7eaebfd2355a
Cannabis Tilray on FIRE again, up 35% today!!
Hope you guys had some Tilray in your cannabis holdings, it up 100% in just the past month on record volume, and Cannabis may be finally rebounding!!
PVSP Twitter
Pervasip Corp
@PervasipC
$PVSP A few asked re the "Limited" indicator. 2 small disclosure errors … a service provider in Disclosures not listed in the company Profile and the name of the controlling person not listed. It is fixed and they will remove asap.
4:34 PM · Jul 31, 2023
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12
Views
Stock Surges after Cannabis Company Improve Bottom Line
MARIJUANA
Tilray stock surges after cannabis company improves bottom line
PUBLISHED WED, JUL 26 202311:11 AM EDT
Stefan Sykes
@THESTEFANSYKES
KEY POINTS
Cannabis company Tilray Brands’ stock is up after it reported a narrower fourth-quarter loss than the year-ago period.
Revenue increased a record 20% to $184.2 million, up from $153.3 million in the prior-year quarter and above analysts’ expectations.
While a Canadian company, Tilray has been positioning itself to be a leader in the U.S. adult-use cannabis market.
TLRY
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spiked Wednesday after the Canadian cannabis producer reported a narrower loss for its fiscal fourth quarter than a year ago and a solid revenue beat.
The stock opened nearly 20% higher Wednesday at just under $2 per share.
While a Canadian company, Tilray has been positioning itself to be a leader in the U.S. adult-use cannabis market, but its plans have been hindered by the lack of major action on banking reform and federal legalization.
Tilray said its net loss for the three months ended May 31 was $119.8 million, or 15 cents a share, an improvement from the year-ago period when it lost $457.8 million, or 99 cents a share. Analysts polled by Refinitiv, however, expected a loss per share of just 5 cents per share.
Meanwhile, revenue increased a record 20% to $184.2 million in the period, up from $153.3 million in the prior-year quarter. That came in above analysts’ expectations of $154 million, according to Refinitiv.
Cannabis sector on FIRE !!
sundial up 11%
Medical Marijuana up 10%
Canopy Growth up 13%
Growlife up 15%
Green Thumb up 3%
Good to see improving fundamental in the Cannabis sector, now a little legislative progress like Safe Banking and we could see a runaway train!!
Tilray up 30% Beats Estimates Cannabis Recovery
These guys are one of the largest MSO and just as we saw with PVSP Artizen improvement in margins, revenue and operating profit, the Cannabis industry is gaining traction once again.
2023 and beyond could look very, very different than the recent past.
EBIDTA grew to about $726,000, a 437% improvement!!!!!
For the six-month ended period on May 31, 2023, the Company’s EBIDTA grew from about $167,000 to about $726,000, a 437% improvement
Achieved break-even operating cash during the Six Month Ended on May 31
Pervasip Corp.
Tue, July 18, 2023 at 9:15 AM EDT·6 min read
In this article:
PVSP
0.00%
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Watchlist
Pervasip Corp.
Pervasip Corp.
SEATTLE, July 18, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, and its wholly owned subsidiary, Artizen Corporation, today announced the filing of its unaudited financial statements for its 2nd Quarter ended May 31, 2023.
Key Highlights
The Company achieved break-even Net Income from Operations in its second quarter, compared to a loss of $1,111,980 in the same period in 2022.
The Company also achieved break-even operating cash during the Six Month Ended on May 31, compared to a $854,221 loss of cash for the same 6 months period in 2022.
SG&A in this six-month period is down by $476,308 compared to the same period last year.
For the six-month ended period on May 31, 2023, the Company’s EBIDTA grew from about $167,000 to about $726,000, a 437% improvement
The Company achieved break-even!!! NICE
Highlights
The Company achieved break-even
Net Income from Operations in its second quarter, compared
to a loss of $1,111,980 in the same period in 2022
We are proud to report significant margin growth and expense improvements in the past quarter.
LOL, Mr Free Shares is a dope, LOL,LOL
Pervasip Corp Twitter
@PervasipC
$PVSP The harsh truth about projecting audit completions = you never get that right = at 99% complete it has been "one more week" for the past 4 weeks. On other fronts, about to finalize Los Angeles setup and Slurped distribution for CA, Oregon coming along beautifully, and ...
4:16 PM · Jul 14, 2023
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4
Views
Pervasip Corp
@PervasipC
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1m
$PVSP soon more to share re what we will do with Pervasip. Yes, we ARE following through on splitting into two fully functioning companies! Exactly as announced back in late Fall of '22. Patience is key.
Maryland expects billion-dollar cannabis industry after weed sales soar
BALTIMORE -- Recreational cannabis sales in Maryland are booming since being legalized on July 1st.
The first week of legalized recreational cannabis in Maryland proved extremely profitable, with the state's residents spending more than $20.9 million at dispensaries. This early windfall offers a glimpse of what officials believe could ultimately become a billion-dollar industry for Maryland.
Within the first seven days, both medical and recreational users have contributed significantly to sales figures, greatly benefiting local dispensaries.
"It has definitely boosted our business for certain," Linda Condon, clinical director at Nature Care Wellness, said. "I looked at a week's worth of data and I think we had almost 2000 new customers come through in 7 days."
Recreational users accounted for just over half the total revenue, their purchases contributing more than $10 million in sales.
This group was taxed at a rate of 9 percent, the proceeds from which are directed to a fund intended to aid communities previously harmed by cannabis prohibition.
"That money goes to fund the community investment and repair fund established by the general assembly," said Andrew Garrison, a representative of the Maryland Cannabis Administration. "The fund was created to help communities that have been disproportionately harmed by cannabis prohibition."
Despite the hefty tax, consumers are flocking to take advantage of the newly legalized substance.
"We're excited we're optimistic, and we're going to keep working with the industry to make sure that they're going to meet the demand and are doing so responsibly," Garrison added.
Businesses like Nature Care Wellness in Cecil County continue to accommodate a steady stream of medical card holders and new recreational users. They, along with others, hope to see the industry continue to grow and contribute to the community reinvestment and repair fund, which receives 35 percent of the special tax revenue.
"I think that's great if they can really put that money to where they can help the underprivileged populations and get that education out there. It's phenomenal because it's been such a taboo subject for so long," Condon said.
Looking to the future, officials expect cannabis to become a billion-dollar industry for Maryland by 2025. Starting in January 2024, the state will begin issuing licenses to social equity applicants - individuals who live in an area or have been personally affected by the war on drugs.
Oregon looks to crack down on illegal pot growers by holding landowners responsible
Politics Jun 9, 2023 9:17 PM EDT
SALEM, Ore. (AP) — Oregon has long been known as a mecca for high-quality marijuana, but that reputation has come with a downside: illegal growers who offer huge amounts of cash to lease or buy land and then leave behind pollution, garbage and a drained water table.
Now, a bill passed by the Oregon Legislature seeks to tackle that by making the landowners themselves responsible for the aftermath. The bill also prohibits the use of rivers or groundwater at the illegal site, as well as criminalizes seizing the identity papers of migrant workers who tend the plants or threatening to report them for deportation.
Under the bill, local governments are authorized to file a claim of lien against property used for illicit marijuana, if the owner doesn’t pay for the cleanup.
A leader of the state’s cannabis and alcohol regulatory agency has said southern Oregon is to marijuana what Bordeaux is to wine. But the state faces challenges on two fronts: The regulated industry has a glut of product that has slashed prices and profit margins, and there has been huge growth in illegal pot farms operating under the guise of growing hemp, which became legal nationally in 2018.
After passing the Senate and House, the House Speaker Dan Rayfield signed the measure Wednesday, over the objections of some Republicans. Democratic Gov. Tina Kotek is expected to sign it next week.
READ MORE: Antigua and Barbuda grant Rastafari right to grow sacramental marijuana
“This is just an assault on property rights here in the state of Oregon,” GOP Sen. Dennis Linthicum said on the Senate floor.
But Sen. Jeff Golden, of Ashland, said property owners should know something is amiss when they are “approached at the beginning of the growing season with requests to lease their property for tens, sometimes hundreds of thousand dollars for a single year.”
Witnesses have described backpacks with thousands of dollars in cash being handed over to landowners and getting numerous offers to buy.
“We pay CASH and offer a fast close,” says one letter received by a landowner last year, one of three offers.
Jackson County Sheriff Nathan Sickler told lawmakers that after police raid illegal pot farms, neither landowners nor the suspects make efforts to remove the cheaply built greenhouses, known as “hoop houses,” latrines, and other debris, including plastics and chemicals.
“Frankly, it’s an eyesore for our community, with no means to deal with it,” Sickler said.
Some two years ago, the ideal growing conditions began attracting criminal gangs from Mexico, Russia and other countries, police said. Thousands of hoop houses cropped up and police were overwhelmed, nailing only a fraction of the sites. Workers at these farms often live in squalid conditions and use open latrines, and they are sometimes cheated out of their pay.
Due to persistent police raids, which netted over 100 tons of illegal marijuana across the state last year, the grow sites have become smaller and more dispersed. For example, on Thursday, Josephine County Sheriff’s deputies and other officers raided a property in Cave Junction and destroyed about 2,000 marijuana plants and 100 pounds of processed marijuana.
Landowners who have been intimidated and suffered environmental damage from illegal grow sites are applauding the bill.
“At least most of the landowners knew what they were doing was wrong. I believe this measure will help to stem the tide,” said Jack Dwyer, who has a house near the community of Selma. In 2021, Dwyer said a large illegal grow site nearby siphoned all the water from a creek that runs through his property, causing it to run dry.
Christopher Hall, who works to engage the public in water stewardship, said the bill shows that Oregon officials understand the problem of large-scale illicit cannabis operations and are committed to solving it.
The illicit sites “not only turn streams into gravel roads but also lead to serious human rights violations and dumping of trash, sewage, chemicals, and other waste into ditches, riparian areas, and streams,” he said.
The Senate approved the measure before GOP senators began a walkout on May 3 over Democratic measures on abortion, gender-affirming care and gun safety. The House passed the marijuana bill on a 53-3 vote on May 31. The bill will now go to Kotek to sign into law, taking immediate effect.
“The governor supports cracking down on illegal cannabis operations that have been prevalent in southern Oregon,” said Elisabeth Shepard, Kotek’s spokesperson.
Left: Marijuana plants for the adult recreational market are seen inside a greenhouse at Hepworth Farms in Milton, New York, U.S., July 15, 2022. REUTERS/Shannon Stapleton
Cannabis Benchmarks: Washington State looking Good!
Washington State Spot Index prices are looking very good now and price continue to hold up well for 2023!! We are seeing this in the numbers recently reported for 2023, averaging about $1.35M per month. As prices improve our Revenue numbers are going to look very strong for 2nd half of 2023.
"Washington State wholesale spot price is likewise well-situated, trading near the top of a $69 range that has been in place since January 2023. "
https://www.cannabisbenchmarks.com/reports/u-s-cannabis-spot-index-may-5-2023/
PVSP Shareholders OS 5.5 Billion will receive 15 Million Shares
Check the math again. Artizen insiders will hold 85% of the 100M OS, and PVSP shareholders will receive 15% or 15 Million Shares. We each will receive the same % of 15M shares that we currently hold of the 5.5 Billion PVSP shares.
Plus we keep all of our PVSP shares
Marijuana Banking Bill Signed Into Law By Missouri Governor
Published 4 hours ago on July 7, 2023By Marijuana Moment
States are tired of waiting for the FEDs to act on Safe Banking!!
“There’s this divide between the federal and the state perspective on the topic that puts banks in a kind of tricky position.”
By Rebecca Rivas, Missouri Independent
Missouri’s marijuana businesses will have fewer obstacles when it comes to accessing banking, but they must now get fingerprint background checks from all their new employees and contractors, under legislation that Gov. Mike Parson (R) signed on Thursday.
Few banks nationwide serve cannabis businesses and their owners—or even their auxiliary partners —because most want nothing to do with a business that sells a product the federal government still considers illegal. That’s true even in states that have legalized marijuana.
The governor signed a wide-ranging public safety bill that in part allows the Department of Health and Senior Services, which oversees the state’s marijuana program, to share inspections and other information banks need to serve cannabis businesses.
Because the state agency hasn’t had this authorization previously, banks have been repeating the work DHSS has already done to meet federal financial guidelines—something not all banks are equipped for.
“In lieu of doing our own inspections,” Jim Regna, CEO and founder of Triad Bank, told lawmakers in March, “it’d be very, very helpful for us to be able to get this information from the Department of Health and Senior Services to make the program fluid and keep us in compliance with federal regulators.”
Also under the legislation, everyone working in Missouri’s cannabis industry will now be required to submit to a fingerprint background check.
Under the constitutional amendment that voters passed in November to legalize recreational marijuana, only the owners of cannabis companies were required to submit their fingerprints to the Missouri Highway Patrol for a criminal background check. Employees currently undergo a background check but aren’t required to be fingerprinted.
This legislation extends the fingerprinting requirement to all employees, contractors and volunteers of cannabis businesses.
The provision had support from both DHSS and the Missouri Cannabis Trade Association, which represents marijuana professionals and business owners.
However, the fingerprinting requirement could slow down the process of getting new cannabis employees to work, just as the state is seeing a surge in job growth, a cannabis human-resource specialist told The Independent in April.
The provision was part of a separate bill that the governor signed Thursday as well, which also makes some revisions to the background check process for schools and child care facilities.
Supporters of the banking provision also said helping cannabis businesses get access to banking is a public safety issue. Major credit card companies don’t permit cannabis purchases. That means all transactions for cannabis businesses nationwide are done in cash.
“There’s this divide between the federal and the state perspective on the topic that puts banks in a kind of tricky position,” said Jackson Hataway, president of the Missouri Bankers Association previously told The Independent.
That divide has left businesses unbanked, victims of frequent robberies and at the mercy of companies offering banking services for exorbitant fees—some that have now been deemed in violation of federal financial laws.
The association is advocating for the federal SAFE Banking Act, which is proposed legislation aiming to allow banks to do business within states that have legalized marijuana. It’s cleared the House several times, but has not yet passed.
“So we remain in the current quagmire we’re stuck in,” he said, “where you have a lot of states like Missouri that have upward pressure from businesses to have a secure and safe banking environment. Because if they’re all cash, they’re very risky.”
NEWS Leaking, LOL
50M on BID at.005!!
Bipartisan Pennsylvania Senators Unveil New Marijuana Legalization Bill
Published 3 hours ago on July 6, 2023By Kyle Jaeger
Bipartisan Pennsylvania senators have officially introduced a new bill to legalize marijuana in the state.
Sens. Dan Laughlin (R) and Sharif Street (D) filed the legislation on Thursday, about two months after first announcing their plans to team up on a reform push again after their joint cannabis efforts in prior sessions.
“Legalized adult use of marijuana is supported by an overwhelming majority of Pennsylvanians and this legislation accomplishes that while also ensuring safety and social equity,” Laughlin said in a press release.
“With neighboring states New Jersey and New York implementing adult use, we have a duty to Pennsylvania taxpayers to legalize adult-use marijuana to avoid losing out on hundreds of millions of dollars of new tax revenue and thousands of new jobs,” he said.
The two senators previously sponsored a legalization bill that was not ultimately enacted last session, but they say the newly filed proposal represents a significant improvement that they hope to advance.
“We have a unique and singular opportunity to correct decades of mass incarceration, disproportionate enforcement against marginalized communities, the criminalization of personal choice and the perpetuation of violence, which all materialized from the failed war on drugs,” Street said.
“Legalizing the adult use of cannabis will help us fully and equitably fund education, lower property taxes, and address a variety of community needs throughout Pennsylvania,” he added.
Here’s what SB 846 would accomplish:
Adults 21 and older could purchase, possess and gift up to 30 grams of cannabis.
The legislation would allow medical cannabis patients to grow up to five plants for personal therapeutic use, but adult-use consumers would not have a homegrow option.
Marijuana products would be subject to an eight percent sales tax, and retailers would additionally need to pay a five percent excise tax on cannabis that it sells.
The tax revenue would go to a Cannabis Regulation Fund under the state treasury department. Tax dollars would cover administrative costs and then be distributed to municipalities that allow cannabis businesses to operate in their area and the state general fund to “provide economic relief to this Commonwealth.”
Marketing that targets youth would be prohibited and there would be “workplace requirements regarding marijuana use for all those operating in good faith,” according to the sponsors’ press release.
The Administrative Office of Pennsylvania Courts would work with police to identify records for people with prior cannabis convictions and facilitate automatic expungements.
People who’ve been disproportionately impacted under criminalization and meet income requirements would be eligible for social and economic equity business licenses.
The measure would prioritize public safety, giving law enforcement the ability to “adjudicate” impaired driving and empower them to “eradicate” the illicit market.
While federal law prohibits people who use marijuana from buying or owning firearms, the bill would provide state-level protections against losing gun rights over cannabis.
Possession or use of marijuana by parents or guardians could not be used as the sole basis for adverse child custody actions.
These are the State Tax Revenue Numbers
Very accurate and State audits them to catch cheaters, LOL
Artizen April Sales were nice too, $1.3 Million
As cannabis price continue to rise after falling 65% the past few years, our sales will continue to grow!!
https://www.topshelfdata.com/wa/lacey/artizen-cannabis-company-1
UP 50% now, Market Cap was $300M now $450M LOL
Same thing is going to happen to PVSP when Artizen spins off and we get some normal funding, not the PINK junk stuff.
Shorts getting Killed, LOL
Cannabis stocks are RUNNING on the Canopy news, they are up 30% and others 3 to 6% today!!!
Artizen spin off will get us off this horrible PINK crap that no normal lenders will touch with 10 foot pole. Get the Audit done, move to OTC, spin off Artizen with only 100M shares, and we will ROCK.
Safe Banking, descheduling, and legalization decriminalization could all happen the second half of 2023.
Canopy Growth raises $150 MILLION Institutional Investor
Canopy market cap is $under $300m and Institutional investor decided to do a convertible for $150 Million, which tells you the company is worth way more than $300M, just as PVSP Artizen is worth a lot more than $1.6 Million.
Money is coming back into the beaten down Cannabis Sector as the shares are so CHEAP across the sector.
Everyone of them are 65 to95% off their recent 2 year high prices, and PVSP and Artizen are no different.
Actually Artizen has done very well in keep revenues basically flat to slight growth when cannabis prices have fallen on average 65% over past two years. Word is that pricing is finally firming and beginning to increase which is a great sign for increasing revenues!
Apple has 16 BILLION shares, we have around 5B LOL
Board is a joke, too funny!
Top Biden Official says Federal Descheduling by YEAR END!!!!!!
Congressional Cannabis Caucus Leaders React To Marijuana Scheduling Update From Top Biden Official
Published 2 days ago on June 16, 2023By Kyle Jaeger
Congressional marijuana reform leaders say that they are encouraged that a top Biden administration official told Marijuana Moment on Thursday that he believes a cannabis scheduling review that he’s overseeing could be completed “this year.”
In the months since President Joe Biden directed the U.S. Department of Health and Human Services (HHS) and Justice Department to carry out the administrative review, advocates and stakeholders have eagerly waited for a status update. HHS Secretary Xavier Becerra finally offered a tentative timeline, saying he hopes to send the president a scheduling decision “this year.”
Three co-chairs of the Congressional Cannabis Caucus weighed in on the news in statements to Marijuana Moment, expressing cautious optimism that the secretary will follow through with action in the coming months.
“I will be disappointed if we cannot make significant progress within the year,” Rep. Earl Blumenauer (D-OR) said. “There should be a greater sense of urgency for this long overdue action.”
Blumenauer also led a letter to Becerra and Attorney General Merrick Garland in March, alongside 15 other bipartisan members of Congress, demanding transparency in the cannabis scheduling review.
The letter said that Biden’s scheduling directive represents “an opportunity to make honest assessment of the origins and implications of federal policy,” adding that “marijuana was scheduled based on stigma not science,” and it’s “time to address marijuana’s existing reality as a state-regulated substance.”
Rep. Dave Joyce (R-OH) told Marijuana Moment on Friday that he’s “glad to have the support of Secretary Becerra to work on a commonsense, extensive review of the scheduling process.”
And Rep. Barbara Lee (D-CA) made clear that she wants the review to conclude with a determination to remove cannabis from the Controlled Substances Act (CSA) entirely.
“Federal descheduling is long overdue,” the congresswoman told Marijuana Moment. “We’ve been pushing the Biden administration to take bold steps to end the war on drugs, and I’m hopeful they will.”
As lawmakers work to enact more incremental marijuana legislation like the bipartisan Secure and Fair Enforcement (SAFE) Banking Act, Lee said last week that the Biden administration needs to take action on federal cannabis scheduling “now,” before the upcoming election.
According to Becerra, who spoke to Marijuana Moment during a press briefing in Sacramento on Thursday, that timeline may actually be achievable—and could even come months before the November election.
“What I can tell you is that the president instructed us at HHS—FDA in particular—to take a look at how we treat marijuana to see if we can update our review of marijuana as a drug and how we can make sure how we treat it going forward on the federal level,” the secretary said. “Places like California have already changed the laws, the federal government has not, and so we’ve been instructed and we’re underway with that review as we speak.”
He said that HHS, along with other agencies like the Drug Enforcement Administration (DEA), are “working together to try to see if we can give the president an answer that’s based on the science and the evidence. Stay tuned. We hope to be able to get there pretty soon—hopefully this year.”
Once HHS finalizes its review, it will send a scheduling recommendation to DEA, which makes the final call. The health agency’s scientific findings are binding, but DEA could theoretically flout the resulting recommendation.
“We are working to try to get out there as quickly as we can on marijuana,” Becerra said.
The Form 10 Filing requires 60 days to become effective
SEC Form 10-12B
By ELIZABETH BLESSING
Updated June 15, 2022
What Is SEC Form 10-12B?
SEC Form 10-12B is a filing required by the Securities and Exchange Commission (SEC) when a public company issues a new stock through a spinoff. The SEC requires parent companies to register the securities to be spun off and to disclose information about the spinoff to its shareholders and the public. Companies will use SEC Form 10-12B to do this.
As part of its filing and disclosure obligations, the parent company must provide extensive information about itself and the spinoff company. This includes financial statements and pro forma financial information, along with a disclosure of risk factors.
KEY TAKEAWAYS
SEC Form 10-12B is a regulatory filing that the issuer of shares via a spinoff must report.
A spinoff occurs when a parent company creates a new independent company through the distribution or sale of new shares of its existing business.
The purpose of SEC Form 10-12B is for the parent company to disclose to shareholders and the trading markets relevant information regarding the proposed spinoff.
An SEC Form 10-12B filing includes pro forma financial statements, a letter explaining the reason for the spinoff, details on how the new company will operate, and a disclosure of risk factors.
?Understanding SEC Form 10-12B
SEC Form 10-12B has its origins in the Securities Exchange Act (SEA) of 1934.
In the United States, all publicly traded companies listed on stock exchanges must comply with SEA requirements. The SEA authorized the formation of the Securities and Exchange Commission to enforce securities laws, regulate the securities market, and protect investors from securities fraud.
SEC Form 10-12B is the form a company files with the SEC when it issues new stock through a spinoff. A spinoff is a type of divestiture that occurs when a parent company decides to create a new independent company through the sale or distribution of new shares of its existing business. The purpose of SEC Form 10-12B is to provide adequate and transparent information to the public about the proposed spinoff.
Requirements of SEC Form 10-12B
SEC Form 10-12B includes a letter from the parent company to shareholders explaining the reason for the spinoff as well as pro forma financial statements showing how the spinoff would have performed in the past if it had already been an independent entity. The form also includes details about how the new company will operate, the potential strengths and weaknesses of the new company, and the outlook for the new company's industry.
While companies are required to make complete disclosures in their filing materials, the SEC is not responsible for evaluating the worthiness or merits of the spinoff as an investment.
? As with any investment, it is the investor's responsibility to perform due diligence before investing in a spinoff.
Before investing in a spinoff company, investors can search the SEC's EDGAR database to find the 10-12B filing related to a particular spinoff. Investors can review the filing for key financial information that might impact their investing decision.
Special Considerations
Companies often do spinoffs for strategic reasons. Spinning off a subsidiary may help management focus on their core business, allowing the spinoff to become the focus of attention and resources under its new management. This may allow the subsidiary to more fully realize its potential value for shareholders.
Spinning off a subsidiary may also allow the parent company to more fully realize its value if the spun-off subsidiary was in a slow-growth industry that created a drag on parent company earnings. Selling off a subsidiary may also be used as a takeover defense, potentially making the parent company less attractive to suitors.
HUGE: Key Senate Committee Will Vote On Marijuana Banking Bill In ‘Next Two Or Three Weeks,’
Chairman SaysPublished 5 seconds ago on June 7, 2023By Kyle Jaeger
Senate Banking Committee Chairman Sherrod Brown (D-OH) says his panel will vote on sending a bipartisan marijuana banking bill to the floor “in the next two or three weeks.”
The committee held an initial hearing on the Secure and Fair Enforcement (SAFE) Banking Act, sponsored by Sens. Jeff Merkley (D-OR) and Steve Daines (R-MT), last month. And now, the chairman says, it’s heading to a markup this month before advancing to the floor.
As its currently drafted, the measure would protect banks and credit unions, as well as depository institutions, from being penalized by federal regulators for working with state-licensed cannabis businesses.
“We’re looking at markup on [a fentanyl-related bill], the executive compensation issue and the SAFE Banking Act issue,” Brown told Bloomberg Law, adding that “we want to do all that in the next two or three weeks.”
Senate Majority Leader Chuck Schumer (D-NY) and others have discussed plans to amend the legislation on the floor to adopt “critical” criminal justice provisions such as expungements for prior marijuana convictions, calling broader effort to repair the harms of the drug war a “moral responsibility” for Congress.
It’s unclear if members will move to make any revisions to the measure in committee at the forthcoming markup, but at least one Democratic senator on the panel has previewed changes he would like to make to the main banking provisions.
Sen. Jack Reed (D-RI) and some consumer groups have raised concerns that Section 10 of the bill could inadvertently limit the ability of regulators to take action against people exploiting banking services.
Brown himself previously said that he worried banking representatives were trying to use the legislation to “weaken bank rules” and “undermine” regulations.
Advocates, stakeholders and certain lawmakers have also floated other changes that they’d like to see incorporated into the cannabis bill such as expanding protections to free up marijuana industry access to all forms of financial services, including representation on major U.S. stock exchanges.
That request has faced some criticism from other advocates who say that would be an inappropriate move to help businesses while efforts to legalize marijuana stall in Congress.
A major cannabis lobbying firm apologized last month after sending a letter to Senate Banking Committee leadership concerning the banking bill that contained “inappropriate” references to investments from China in a “misguided attempt” to push for amendments expanding the legislation.
Sen. Jacky Rosen (D-NV) also recently said that she wanted the SAFE Banking Act to pass with an amendment allowing cannabis businesses to access federal Small Business Administration (SBA) services.
In April, Schumer said that he was “disappointed” that a so-called SAFE Plus package of cannabis reform legislation didn’t advance last year, saying “we came close,” but “we ran into opposition in the last minute.” He said lawmakers will continue to “work in a bipartisan way” to get the job done.
The majority leader has been holding meetings with Democratic and Republican members in the early months of the new Congress to discuss cannabis reform proposals that might have bipartisan buy-in this year.
Sen. Cory Booker (D-NJ) said recently that lawmakers are working to “resurrect” the cannabis reform package, acknowledging that failure to advance a banking fix for the industry “literally means that hundreds of businesses go out of business.
Rep. Earl Blumenauer (D-OR), who is a lead sponsor of the House version of the SAFE Banking Act, said at a recent press briefing that thinks it’s important that advocates and lawmakers align on any incremental proposals to end the drug war, warning against an “all-or-nothing” mentality.
The American Bankers Association (ABA) also recently renewed its call for the passage of the legislation. And all 50 of its state chapters did the same, as did insurance and union organizations, in recent letters to congressional leadership.
Paul Riss at NASDAQ Closing Bell Ceremony today 4PM
PVSP will be doing the NASDAQ next year!!
Here-to-Serve Holding Corp. (OTC:HTSC)
@HeretoServe9
Watch $HTSC CEO at the Nasdaq closing bell ceremony 4 pm May 26th. He serves as the audit committee chairman of $MGRM. Congrats to Monogram for its Nasdaq listing!
10:44 AM · May 25, 2023
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