Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
PVSP Key Highlights Qtr 1 Report
Pervasip Corp.
Mon, April 17, 2023 at 9:15 AM EDT
SEATTLE, April 17, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its 1st Quarter ended February 28, 2023.
Key Highlights
1. Completed transition of 35,000sf cultivation facility to further rationalize its WA State business, moving from negative operating margins to net positive contribution of $25,000 monthly.
2. Reduced weekly cash repayments for debt service from $40,625 to $33,224, freeing up almost $30,000 monthly to deploy to operating needs and expansion opportunities.
3. While Q1 (December, January, February) are traditionally the lowest revenue months of the year and the market contraction continued through January 2023, the Company realized only a small reduction in revenues compared to Q1 2022. Q1 revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability.
4. The company continued to right size its cultivation operations to better align with current retail sales with a 43% reduction in inventory values from the same period a year ago.
5. 25% reduction of personnel year over year (“YOY”), largely a result of infrastructure and technology upgrade implements over the last twelve months.
6. While Retail gross margin decreased due to continuing price pressure in the overly competitive retail space, the market appears to be correcting with wholesale gross margin up 9.5% YOY.
7. The company also realized gross margin gains for certain retail products, with its margin for vape cartridges increasing 3% YOY.
Pervasip Announces First Quarter Financials
Press Release | 04/17/2023
SEATTLE, April 17, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its 1st Quarter ended February 28, 2023.
Key Highlights
Completed transition of 35,000sf cultivation facility to further rationalize its WA State business, moving from negative operating margins to net positive contribution of $25,000 monthly.
Reduced weekly cash repayments for debt service from $40,625 to $33,224, freeing up almost $30,000 monthly to deploy to operating needs and expansion opportunities.
While Q1 (December, January, February) are traditionally the lowest revenue months of the year and the market contraction continued through January 2023, the Company realized only a small reduction in revenues compared to Q1 2022. Q1 revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability.
The company continued to right size its cultivation operations to better align with current retail sales with a 43% reduction in inventory values from the same period a year ago.
25% reduction of personnel year over year (“YOY”), largely a result of infrastructure and technology upgrade implements over the last twelve months.
While Retail gross margin decreased due to continuing price pressure in the overly competitive retail space, the market appears to be correcting with wholesale gross margin up 9.5% YOY.
The company also realized gross margin gains for certain retail products, with its margin for vape cartridges increasing 3% YOY.
Missouri cannabis companies face product shortages, price hikes after adult-use launch
Missouri tops $126 MILLION in Marijuana sales in March
By Chris Casacchia, Staff Writer
April 17, 2023
What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state by state insights and benchmarks. Get the 2023 Factbook.
The Clovr production facility in Kansas City has felt the impact of the flower shortage in Missouri. (Photo courtesy of Clovr)
It didn’t take long for Missouri’s newly established adult-use cannabis market to feel growing pains.
The Midwestern market, which launched recreational sales on Feb. 3, is off to a sizzling start and on pace to break $1 billion in sales in its first full year.
But strong demand from medical marijuana patients as well as local and out-of-state consumers has far exceeded operators’ expectations and resulted in the kind of product shortages and higher wholesale prices experienced in other newly launched recreational markets.
In some areas of the state, particularly near the Kansas border, Missouri retailers are seeing foot traffic increase ninefold since expanding into recreational sales.
In southeastern Missouri, Illinois consumers are crossing the Mississippi River in droves for St. Louis cannabis that’s significantly cheaper than back home.
Even illicit marijuana feeding the market from neighboring Oklahoma hasn’t quelled demand in Missouri, leading to big spikes in wholesale flower prices and inventory shortages throughout the supply chain.
“There just isn’t enough bulk flower for the sort of demand that’s come into the market,” said Ben Burstein, strategy analyst at New York-based wholesale technology platform LeafLink.
“It’s one of the only markets in the country that you can actually say that demand is exceeding supply.”
It’s a stark contrast from other markets such as Massachusetts, Michigan and Oregon, where falling prices and a supply glut are challenging business viability.
Operators in Missouri are also avoiding overleveraging production and resources, a recipe that has led to a glut of product oversupply in markets such as California and Colorado.
With dozens of retailers and manufacturers buying bulk flower from only 50 cultivators – and most of them producing at less than half-capacity – the price of wholesale flower has skyrocketed the past few months.
According to LeafLink – which tracks nearly all wholesale volume in Missouri through its online marketplace – the price of bulk flower has doubled to $3,000 per pound since the launch of adult-use sales.
Meanwhile, the number of product stock-keeping units (SKUs) has dropped by two-thirds during that time. Bulk-flower availability is down nearly 79%, according to LeafLink data.
“It’s going to be a couple more months where you have these bulk shortages,” Burstein said.
Product and inventory shortages have followed the launch of recreational sales in several markets over the years, including California, Illinois and Washington state.
Despite the early hiccups, Missouri adult-use and MMJ retailers generated $126.2 million in sales in March, up nearly 23% over February.
Total marijuana sales in the state are projected to hit $1.3 billion in the first year ofrecreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
ADVERTISEMENT
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months ofrecreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
ADVERTISEMENT
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months of
recreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
ADVERTISEMENT
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months of recreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months of product inventory in its vault. After the launch, Clovr was operating at net zero inventory week-to-week, essentially keeping little or no material in stock.
“I probably missed out on about an additional 25% of sales,” said CEO Josh Mitchem, who’s beefed up staff, added a second shift and ordered specialty equipment to expand extraction capabilities.
“So that bottleneck will be resolved. I’m guessing that I’ll be able to start building some sort of back-stock inventory here within the next three weeks.”
The flower shortage has helped edibles brand Zen Cannabis attract new customers, but filling manufacturing positions has proved difficult at its facility outside Springfield.
“The biggest challenge has been employment and having enough personnel to keep up with the demand and extra shifts,” founder Jeremy Zachary said.
The company, which employs about 20 workers in two shifts, is prioritizing popular products such as gummies on its production line.
“We were able to stack some inventory or some raw materials because we knew there was a tidal wave coming,” Zachary said.
“We did as best we could. But I’d be lying to say that we didn’t have our own shortages.”
Border buyers
Retail product shortages vary across Missouri, but problems are more acute near the Kansas border, according to industry insiders.
“They’re still seeing nine times the amount of traffic they saw when it was medical,” Mitchem said.
“There are vertical groups that don’t even have enough flower for their own stores.”
A Greenlight outlet in the Kansas City area is drawing 80% of its visitors from Kansas, where marijuana remains illegal.
“It’s a big number, and a bunch of these border (retailers) are seeing similar situations,” Mueller said.
Missouri holds the rare distinction of bordering eight states, and only Illinois has recreational marijuana sales.
BeLeaf, which operates five Swade dispensaries in the St. Louis area, has been selling its Sinse Cannabis brand to retailers in western Missouri to satisfy demand.
“That volatility is not being consistently experienced across all operators,” Nelson said.
Turning the corner
While inventory shortages have driven up wholesale prices, retail product prices have gone up only about 10%, according to sales data and operators.
“I just don’t see much more than that,” Mueller said.
Price consistency is partly a reflection of the state’s low retail tax rate of 6%, which will increase another 3% in dozens of jurisdictions later this year after voters overwhelmingly approved cannabis tax hikes in an April 4 ballot measure.
The jury is out on when inventory shortages will dissipate.
Manufacturers will start turning the corner at the end of the month, Clovr’s Mitchem predicts.
“I think we’re still going to see some pain points through the beginning of summer,” Zen’s Zachary suggests.
And with April 20 only a few days away, the market will likely get another demand surge.
“April will be a big tell month,” Nelson said.
“It’s a cannabis holiday obviously, and these big events can tax inventory levels.”
Cannabis industry will add $100 billion to US economy in 2023,
MJBiz Factbook projects
By Andrew Long, Data Reporter
April 12, 2023
The total U.S. economic impact generated by cannabis sales is expected to top $100 billion in 2023, up more than 12% from last year, according to a fresh analysis from the newly published MJBiz Factbook.
Looking ahead, upward of $160 billion in additional spending will be added to the U.S economy in 2027, thanks to the opening and/or expansion of new recreational and medical markets in states such as New York, Maryland, Missouri and Kentucky.
To measure the industry’s economic impact, MJBizDaily analyzed similar industries, consulted with economists and applied a standard multiplier of 2.8 on projected recreational and medical marijuana retail sales.
The projections are a best estimate given the unique nature of the rapidly expanding marijuana industry, which is governed by a patchwork of state laws but remains illegal under federal law.
Marijuana businesses encompass a range of agricultural, manufacturing and retail operators as well as non-plant-touch ancillary companies such as lighting suppliers and law and accounting firms.
Top House Democrat And Republican Congressman File Bill To Prepare For Federal Marijuana Legalization
April 14, 2023
By Kyle Jaeger
The top House Democrat and a Republican lawmaker have refiled a bill to lay the groundwork for federal marijuana legalization.
Rep. Dave Joyce (R-OH) and House Minority Leader Hakeem Jeffries (D-NY) introduced the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act on Thursday.
The incremental reform would direct the attorney general to create a commission charged with making recommendations on a regulatory system for cannabis that models what’s currently in place for alcohol.
“With nearly every state adopting its own set of cannabis reforms, an end to federal cannabis prohibition is inevitable,” Joyce, co-chair of the Congressional Cannabis Caucus, said in a press release.
“Now is the time for the federal government to respect the will of our constituents and begin the conversation on fair and effective cannabis regulation,” he said. “The PREPARE Act will give lawmakers a bipartisan platform to legislate not only a fair and responsible end to prohibition but also a safer future for our communities.”
The prospects of comprehensive marijuana legalization advancing in the Republican-controlled House this session are questionable, but certain members have expressed confidence that modest reform could be achievable on a bipartisan basis. The PREPARE Act could represent an area of agreement to that end.
“Americans across the political spectrum recognize that now is the time for cannabis reform, and the federal government should be ready to embrace and lead this change,” Jeffries said. “Since the failed war on drugs began over 50 years ago, the prohibition of marijuana has ruined lives, families and communities—particularly communities of color.”
“The PREPARE Act is one of the bipartisan solutions that will lay the groundwork to finally right these wrongs in a way that advances public safety and boosts our economy,” he said. “I am grateful to Congressman Joyce for reintroducing this important bill and his leadership to help the federal government be ready for the inevitable end to cannabis prohibition.”
Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
—
While legalization legislation was introduced last Congress, with Democrats in control of both chambers plus the White House, they did not advance on the Senate side, with leadership acknowledging the challenge of meeting a 60-vote threshold with a narrow majority.
Advocates are also closely following for developments on a package of incremental reforms that’s expected to contain marijuana banking and expungements legislation. Efforts to push that through last session similarly stalled out.
The PREPARE Act, meanwhile, is mostly identical to the version the lawmakers filed last Congress, with some minor changes to the commission’s responsibilities and legislative appointments.
Here’s what the bill would accomplish:
Require the attorney general to establish a “Commission on the Federal Regulation of Cannabis” within 30 days of the bill’s enactment.
The commission would be responsible for studying federal and state regulatory models for alcohol and make recommendations about how they could inform marijuana regulations.
Among other things, the commission’s report must look at the impact of marijuana criminalization, particularly as it concerns minority, low-income and veteran communities.
The panel would also examine the “lack of consistent regulations for cannabis product safety, use and labeling requirements,” including those related to youth safety, as well as the “lack of guidance for cannabis crop production, sale, intrastate, interstate, and international trade.“
It would also need to make recommendations on how to remedy cannabis-related banking and research barriers as well as address measures to ensure the “successful coexistence of individual hemp and cannabis industries, including prevention of cross pollination of cannabis and hemp products.”
Members would further be mandated to study and make recommendations on “efficient cannabis revenue reporting and collecting, including efficient and tenable federal revenue frameworks.”
The panel would be required to issue a report to Congress within 12 months.
The bill was revised for the new Congress to make it so the commission would also have to look at “requirements to protect youth and reduce harms to youth” as part of its directive to assess the lack of consistent safety standards in marijuana regulations.
Another revision requires the House minority leader to appoint a commission member who is an “expert in the history of cannabis criminalization and the impact of criminalization on various communities, particularly minorities, medical patients, and veterans.”
Previously, the minority leader was tasked with appointing someone who was “medically licensed with substantial knowledge and demonstrated research into cannabis use and medical treatments.” That would instead be the majority leader’s responsibility under the amended bill, whereas the previous version would have had the majority leader appoint a medical cannabis patient or advocate, a role that is no longer contemplated under the new bill.
The commission would also include representatives of:
Department of Health and Human Services
Department of Justice
Department of Agriculture
Department of Veterans Affairs
Department of Interior
Department of Education
Department of Labor
Department of Commerce
National Institutes of Health
Alcohol and Tobacco Tax and Trade Bureau
Food and Drug Administration
Internal Revenue Service
Bureau of Alcohol, Tobacco, Firearms and Explosives
National Highway Traffic Safety Administration
Occupational Safety and Health Administration
National Institute of Standards and Technology
Small Business Administration
U.S. Trade Representative
It would also include a person formerly incarcerated for a non-violent cannabis use or possession crime, a substance use disorder prevention expert, a representative from a trade organization or nonprofit representing highly regulated adult goods and consumer package goods and two people who have worked to develop state-level regulatory systems.
Some of the appointments would be made by the attorney general, and others would come from congressional leaders. The bill also contains a stipulation that, “if after the commission is appointed there is a partisan imbalance of commission members, the congressional leaders of the political party with fewer members on the commission shall jointly name additional members to create partisan parity on the commission.”
“The PREPARE Act would ensure that Congress thoughtfully approaches regulating the rapidly growing legal consumer marketplaces at a time when a majority of Americans live in a state that has legalized adult-use cannabis,” Justin Strekal, founder of the BOWL PAC, said.
“With Congressional precedent to pass a bill to end prohibition and expunge prior marijuana charges, the biggest remaining unknown is how to properly and efficiently address labeling, advertising, public health concerns, and other post-prohibition regulatory aspects that have yet to be approached in a bipartisan way and this bill can be the vehicle to do just that,” he said.
(Disclosure: Strekal supports Marijuana Moment’s work through a monthly pledge on Patreon.)
Attorney General Merrick Garland, for his part, has repeatedly said that he doesn’t feel that intervening in states that have legalized cannabis is an appropriate use of Justice Department resources.
He said last month that the federal government is “still working on a marijuana policy” amid an ongoing administrative review into cannabis scheduling that President Joe Biden directed late last year.
On the Senate side, Majority Leader Chuck Schumer and colleagues have held early meetings with bipartisan members this session after failing to advance the so-called SAFE Plus package last year.
Here is a good laugh, LOL
Shaker is so upset about PVSP lower prices but why? I am BUYing a company that I like a lot, at a better price than what was available just a few weeks ago, why would anyone be mad about a better price? It was a good BUY at .0008 and it is even a better BUY at .0004, what a Tool the Shaker is
Shaker777
Apr 14, 2023 9:04 PM
$PVSP Where are the pumpers who said it's a good buy @ .0008?
It's a dilution scam as i told you one year ago
They will continue to sell shares at lower priced to pay a $100 electricity bill
2023 will go same way as year 2024
Market is fedup with their scam and they will never succeed in regaining market trust.
Plus you are getting a quadrupling of PVSP
Most are not even paying attention to the PVSP shares but in effect common stock shareholders are going from 15% ownership to 80% and the remaining 20% will be used for capital raising activities or acquisitions where and when appropriate.
Tremendous deal for current shareholders!!
Pervasip’s common shareholders of record on the record date of the spin-out transaction.
Artizen Spin-Out
To that end, we previously announced Pervasip’s plan to distribute 100% of its equity in Artizen to Pervasip’s shareholders, and thereby enable Artizen to commence trading as a separate public company with an initial listing on OTCQB. Critically, and in contrast to Pervasip’s current capital structure, the structure of the spin-out transaction will not include convertible securities of any kind, and it will result in Artizen having 100,000,000 fully diluted issued and outstanding common shares upon completion. 15,000,000 of those shares will be distributed to Pervasip’s common shareholders of record on the record date of the spin-out transaction. The remaining 85,000,000 shares will be issued to Pervasip’s preferred shareholders of record as of the same date. As previously stated, we believe that a properly capitalized Artizen has the potential to justify a current valuation of more than $50 million without accounting for growth. And we strongly believe that the Pervasip spin-out transaction will finally give us the ability to access and leverage a fair valuation to raise long-term growth capital on shareholder friendly terms.
We are extremely excited by the potential of that transaction to position Artizen for significant growth while simultaneously giving all Pervasip common shareholders more than a “double” on their current positions in Pervasip. That “doubling” prospect is extremely important to us, and we have several surprises planned to facilitate and amplify that result.
Has nothing to do with Buying interest
Converting Debt to Equity (shares) has nothing to do with Trading Volume, or Selling shares.
The Debt Conversion is eliminating PVSP debt and allowing the previous debt holder to own shares in PVSP and get the Artizen share with the Spinoff.
He converted debt for shares PVSP to get Artizen
PVSP debt is going to be eliminated and the PVSP shares he holds will get him the same percentage ownership in Artizen.
Converting debt does not mean he has sold any shares.
IMO as I said weeks ago, Brad was Converting debt to shares of PVSP to get the Artizen deal.
MM short EVERY trade
Pinks are only traded with MM, no listing trades between Buyers and Sellers like on Nasdaq or NYSE.
Every trade MM make is marked a "Short" they don't hold trips in inventory, they are not stupid.
The ASK is mostly MM Shorting to Trade
IMO very, very few individuals are actually selling at this insane low price. Market Cap is like $2 million which is just laughable.
The MM that is front running the ASK with his own shorted share, is the one that is handling the conversions and we will probable see a T trade later today, most likely below the BID so he can make a few dollars on the trade.
Ask Buffet says, forget the price, focus on the value of the company.
Major Alcohol Association Executives Urge Industry To Support Efforts To Legalize Marijuana
Published 50 mins ago on April 6, 2023
By Kyle Jaeger
The top executives of a major alcohol association are rallying industry stakeholders to support its new policy backing federal marijuana legalization.
Both the chairman and CEO of Wine & Spirits Wholesalers of America (WSWA) discussed the cannabis reform position with representatives of each three tiers of the alcohol industry at the association’s annual event Access LIVE this week.
“We believe that the successful state-based regulatory model [for alcohol], which has served America’s consumers and our industry so well, should be a part of the discussion” when it comes to marijuana, WSWA Chairman Tom Cole said. “I call upon my industry colleagues to support our efforts and to lend your voice and experience to the conversations happening on Capitol Hill.”
As part of its advocacy for federal reform, WSWA sent a letter to congressional leadership last month, imploring them to take action on the issue to resolve what they described as an untenable “conflict.”
The letter pointed to a policy brief the association first drafted in 2021 that lays out regulatory priorities that it says lawmakers should keep in mind as members work to replace prohibition with a legalization framework.
The brief says that policymakers should draw from the experience of alcohol regulations to develop a model for marijuana that promotes industry competition, innovation and public safety.
WSWA President Francis Creighton spoke to people in the wholesalers sector of the alcohol industry at this week’s conference about why the association is promoting federal cannabis reform.
“I think we can all agree that the federal government’s inaction on cannabis isn’t working for anyone—consumers and non-consumers,” he said.
“People don’t know, and often shouldn’t trust, that what they are putting into their bodies isn’t tainted product—because there is no federal standard for testing,” he added. “Consumers don’t know what the potency is—there is no standard for accuracy and no regulator at the federal level to ensure accurate labeling for dosing.”
WSWA came out in support of states rights to legalize cannabis in 2018 and followed up with a briefing on Capitol Hill to inform lawmakers and congressional staffers about its position.
In 2021, the association also endorsed a Senate bill to allow hemp derivatives such as CBD to be used in consumable products like foods, drinks and dietary supplements.
Some advocates see the alcohol association’s engagement on the issue as a boon to reform efforts, especially given its widespread network of members and connections to Congress.
Others have been skeptical about the industry and have warned against modeling marijuana after alcohol, arguing that it could disrupt state markets and threaten small businesses if they’re given too much influence over legalization legislation.
Feds unveil corruption charges in Mich. marijuana probe involving Rick Johnson
Another example of corrupt government officials stealing money for giving out licenses, just sickening, put them in prison.
Robert Snell
Craig Mauger
The Detroit News
Lansing — Former Michigan House Speaker Rick Johnson and three others were charged in a bribery scandal Thursday following a years-long investigation involving the state’s marijuana licensing operations, according to prosecutors who unveiled the largest public corruption scandal in the state’s capital in 30 years.
Johnson, 70, a Republican from LeRoy, pocketed more than $100,000 from multiple people who were pursuing bribes in exchange for licenses to operate marijuana facilities at the dawn of Michigan's cannabis industry, federal officials said. The bribes included free private jet flights from Oakland County businessmen John Dawood Dalaly, Grand Rapids U.S. Attorney Mark Totten said Thursday.
Johnson was charged with accepting bribes, including approximately $68,000 from Dalaly. Dalaly, 70, of West Bloomfield, was charged with paying bribes to Johnson.
Also charged Thursday are two lobbyists who were charged with conspiracy to commit bribery:
? Brian Pierce, 45, of Midland.
? Vincent Brown, 32, of Royal Oak.
All four have reached plea agreements with the government and are cooperating with the FBI and U.S. Attorney's Office, Totten said.
“Johnson accepted these bribes corruptly…with the understanding that these bribes were offered to influence him or reward him for actions he might take,” Totten told reporters at a press conference outside of the Michigan Capitol.
Totten was joined by James Tarasca, special agent in charge of the FBI in Michigan, who helped in the investigation.
The criminal cases are expected to amount to the largest federal corruption case in Michigan's capital in a generation. The Detroit News' reporting about the investigation has raised new questions about financial pressures on Lansing, the state's ethics policies while the GOP controlled the Legislature and whether politicians, businessmen and lobbyists rigged Michigan's burgeoning marijuana industry.
Rick Johnson chairs the committee as it meets before a capacity crowd in Lansing, Monday, June 26, 2017, at the first open meeting of the Michigan Medical Marijuana Board.
The News exclusively revealed the investigation in February, reporting that FBI agents were scrutinizing Johnson's nearly two-year tenure as chairman of the state board that determined which businesses could sell and grow medical marijuana.
The News later reported that former marijuana lobbyist Brian Pierce, 45, of Midland, was under investigation and that FBI agents had searched his home in August 2020 as part of a broader series of raids targeting people central to the probe. Pierce is expected to be charged alongside Johnson on Thursday, sources familiar with the investigation said. The sources requested anonymity because they were not authorized to discuss the secret grand jury investigation.
Johnson, 70, a Republican from LeRoy who held the top position in the Michigan House from 2001 through 2004, was appointed by then-Gov. Rick Snyder to serve as the Medical Marihuana Licensing Board's chairman in May 2017, a decision that drew sharp criticism because of Johnson's work as a lobbyist.
Dalaly’s website portrays him as a prolific Michigan businessman who developed and marketed international health care services.
Prosecutors said he had two marijuana-related businesses, including one that sought state licensese to operate provisioning centers and one firm that explored creating a digital currency platform for marijuana transactions.
Johnson voted in support of a marijuana business during his tenure leading the board and then accepted a $75,000 loan from an investor with a stake in the deal, a Detroit News investigation revealed.
Court records pointed to a tangled, troubled deal between the Republican farmer from LeRoy who led the Medical Marihuana Licensing Board for two years and Bloomfield Hills-based real estate investment company MSY Capital Partners.
The loan violated the spirit of a state law aimed at preventing corruption, according to the legislator who sponsored the policy, and raised new concerns about secret financial arrangements at the dawn of Michigan's marijuana industry, which generated more than $2 billion in sales in 2022.
On April 25, 2019 — the date of the final meeting of the medical marijuana board before it was disbanded — Johnson and two other panel members voted to "pre-qualify" JAR Capital LLC for a pot license. One of the investors in JAR Capital was Metro Detroit lawyer Gregory Yatooma.
Then, on June 24, 2019, MSY Capital Partners, a firm run by members of the Yatooma family, loaned Johnson $75,000, according to court records and internal documents provided by MSY. Those documents show Johnson personally emailed Gregory Yatooma on June 18, 2019, seeking a $75,000 loan to "pay off" another short-term loan from a "business associate" and to gain "funds for finishing up spring 2019 planting."
A 2016 law creating the marijuana licensing board prohibited board members from entering into a contract with an applicant, including those with a 10% ownership interest in an applicant or those who manage the applicant, for four years after their service on the board. While Gregory Yatooma's name was listed in the JAR Capital application, Gregory Yatooma spokesman Mort Meisner said he was a minority investor of less than 10% ownership in the marijuana company.
Meisner, speaking on behalf of brothers Christopher and Gregory Yatooma, two members of MSY Capital Partners, said in a statement the $75,000 loan had nothing to do with Johnson's role on the licensing board. MSY also provided emails that showed attempts to collect on the loan throughout most of 2020 before Johnson eventually repaid them. The loan had a 60-day term with varying interest rates depending on the status of repayment.
"MSY regrets providing the loan, as they did not know the issues surrounding Mr. Johnson, and unequivocally the loan was not made for any actions during Mr. Johnson’s time on the board," Meisner said, referencing what he called “Johnson’s consistent record of bad behavior.”
KK owns your sole, LOL
I knew he had all your money, but apparently he owns you mind too, LOL
PVSP shareholders get same % ownership in Artizen
What are you trying to say, you get the same % of the New Artizen shares that you own in PVSP.
The only way to own NEW Artizen shares is to BUY PVSP now!!
You ask some strange questions for a so call long, not just pvsp but every other stock you post on.
You could always SELL if you are not happy, just do it.
New Revenue Stream, expansion to multi State, Great NEWS!!
Press release says they are expanding to multi States in the next few months!!
Great to have acquired an existing Real PRODUCT that will generate revenue day 1, and only get better as we expand the markets to a national foot print.
Tweet: Excited to bring Slurped into the Artizen fold and launch our first nano-emulsified product!
@PervasipC
·
4h
$PVSP Excited to bring Slurped into the Artizen fold and launch our first nano-emulsified product!
Mgt: "Look for various announcements of expanding Slurped into other states over the next few months."
From announcement today!
Good to hear, major expansion for Slurped products to other States!!
121 MILLION on the BID, Lol
Write that one down, largest BUY number of shares ever for PVSP in IMO.
Check out the Slurp products, Nice
Banana Deisel, Blue Dream, Blueberry 12', Wedding Cake, and OG Kush
https://www.minglewoodbrands.com/slurped
Minglewood Brands is our Distributor for Slurped !!!
Check it out Minglewood also handles Distribution for Cheech and Chongs products!!
https://www.minglewoodbrands.com/
NEWS PVSP Acquires Slurped !!
Schumer To Speak At 4/20 Marijuana Policy Forum Inside The U.S. Capitol Alongside Other Lawmakers
Published 2 hours ago on April 5, 2023By Kyle Jaeger
Marijuana reform advocates announced on Wednesday that they’ll be holding a policy forum inside the U.S. Capitol Building on the unofficial cannabis holiday 4/20 that will feature speakers including Senate Majority Leader Chuck Schumer (D-NY).
The National Cannabis Policy Summit’s Congressional Forum, hosted in the Capitol Visitors Center’s Congressional Auditorium, will bring together advocates, experts, lawmakers, stakeholders and patients for a discussion on the need for federal reform with a focus on promoting equity.
While pro-legalization festivals and forums have been held outside of the Capitol in Washington, D.C. in April in recent years, this policy-centric event—details of which were shared exclusively with Marijuana Moment ahead of the announcement—will be the first of its kind to take place inside the Capitol Building, a sign of the normalization of marijuana issues as more states have enacted legalization and the pressure for federal reform continues to build.
Further underscoring that normalization is the fact that top congressional lawmakers will attend and speak at the event. Schumer is the most high profile legislator to be scheduled to appear, likely discussing his efforts to end federal prohibition while negotiating a deal to enact modest cannabis reforms related to banking and expungements this session.
Also speaking at the event will be Sen. John Hickenlooper (D-CO) and Reps. Earl Blumenauer (D-OR), Barbara Lee (D-CA), Dave Joyce (R-OH), Nancy Mace (R-SC) and Brian Mast (R-FL).
“We are thrilled to bring the National Cannabis Policy Summit’s Congressional Forum to the Capitol Building during this critical time for cannabis policy reform,” Caroline Phillips, founder of the National Cannabis Policy Summit, said in a press release. “To sit inside the Capitol Building and hear directly from the Members of Congress making the policy decisions shows just how far we’ve come as a country in reimagining drug policy, and on April 20th, we’ll have a chance to discuss how much farther we need to go.”
The congressional event is being held two days ahead of the 7th annual National Cannabis Festival, which will take place at RFK Stadium in Washington, D.C.
As the legalization movement has spread, 4/20 has become more than a celebration of cannabis culture, with lawmakers and government officials—as well as major brands and celebrities—across the country using the symbolic day to push for marijuana reform.
Schumer used the holiday as an opportunity to reaffirm his commitment to ending prohibition in the past, including in speech on the Senate floor in 2021.
He also spoke about his “promise” to introduce his much-anticipated legalization bill during last year’s National Cannabis Policy Summit, held the week of 4/20. The majority leader fulfilled that promise over the summer, though the legislation did not end up advancing.
The chances of enacting comprehensive legalization this session remain in doubt, especially given that Republicans took back control of the House after last year’s election, but there are hopes that marijuana banking and expungements legislation could still pass in the divided Congress.
Meanwhile, President Joe Biden granted a mass pardon last year for people who’ve committed federal cannabis possession offenses and directed an administrative review into marijuana scheduling.
The head of the U.S. Department of Health and Human Services (HHS) said recently that he doesn’t expect the agency to complete its scientific assessment of cannabis by 4/20, though he has shared marijuana news at exactly 4:20 PM on several occasions.
Florida recreational marijuana proposal tops 635,000 signatures
TALLAHASSEE - Supporters of a proposed constitutional amendment that would allow the recreational use of marijuana are moving closer to meeting a petition-signature requirement.
The state Division of Elections website listed 635,961 valid signatures Tuesday, with 891,589 needed to put the proposal on the 2024 ballot.
The political committee Smart & Safe Florida is leading the initiative effort, which has been bankrolled by the Trulieve medical-cannabis firm.
Under the "Adult Personal Use of Marijuana" proposal, people 21 or older would be allowed "to possess, purchase, or use marijuana products and marijuana accessories for non-medical personal consumption by smoking, ingestion, or otherwise."
In addition to having enough valid signatures, the committee needs approval from the Florida Supreme Court of the proposed ballot wording.
New Biden Proclamation Highlights Marijuana Criminalization’s Role
We are getting closer and closer !!!!!!
New Biden Proclamation Highlights Marijuana Criminalization’s Role In Blocking Employment And EducationPublished 6 hours ago on April 4, 2023By Kyle Jaeger
President Joe Biden has issued a proclamation declaring April “Second Chance Month” for people who have served time in prison, and in the document he took the opportunity to tout his marijuana pardons and address the collateral consequences of cannabis convictions.
The proclamation, issued on Friday, isn’t directly focused on marijuana clemency. It’s more broadly meant to raise attention to “helping people forge the new beginnings they have earned and building a safer and more just society.”
Biden said that his administration has worked to prevent crime and break “the cycle of recidivism,” and part of that effort involved granting a mass cannabis pardon late last year for people who’ve committed federal marijuana possession offenses.
He said that the White House has “taken historic steps to end our Nation’s failed approach to marijuana.”
“Sending people to prison for possession has upended too many lives for conduct that many States no longer prohibit,” the proclamation says. “It has seen Black and Brown Americans disproportionately arrested, prosecuted, and convicted; and imposed unfair barriers to housing, employment, and education.”
“Last fall, I announced a full pardon for Federal and D.C. simple possession offenses, while calling on other elected officials to do the same at the State and local levels where most marijuana prosecutions take place,” it says.
While presidential pardons do symbolically represent formal forgiveness by the federal government, there’s some debate about the extent to which they actually impact “unfair barriers” to things like housing, as the records aren’t expunged and could still be used against people in certain circumstances, according to congressional researchers.
The White House similarly argued that the pardons could lift social and economic barriers as part of a factsheet that was released ahead of the president’s State of the Union address in February.
In February, the president separately signed an executive order on promoting equity within the White House and federal agencies that also mentioned the earlier marijuana pardons.
Biden’s related push for state-level relief could deliver more meaningful results for those who’ve been caught up in cannabis criminalization. He’s repeatedly noted his message to governors, but this proclamation’s mention of local clemency is a new detail he’s promoting.
The president has repeatedly talked up his pardon action over recent months, stating that it’s “changed the lives of thousands of people” and emphasizing racial disparities in cannabis enforcement.
The Justice Department also recently released applications for people who received the pardon to get a formal certification showing that they’ve been forgiven.
In addition to pardoning several thousand people, Biden additionally directed federal agencies to complete an administrative review into federal marijuana scheduling. Officials have committed to carrying out that review expeditiously, though the exact timing is unclear.
More than a dozen bipartisan congressional lawmakers sent a letter to top Biden administration officials last month, demanding transparency in the ongoing marijuana scheduling review.
Attorney General Merrick Garland said at a Senate hearing last month that DOJ is “still working on a marijuana policy” while awaiting the results of the scientific review from health agencies.
April 17 next Qtrly Report Date
This one will be for Dec, Jan, and Feb, 2023.
We may see the NEW Audited Financials which are also projected any day now.
Boxers and Wrestlers partnering with Cannabis, LOL
Great to see so much NEW interest in the Cannabis sector, lets get a deal!
Mike Tyson and Evander Holyfield to launch ‘Holy Ears’ cannabis-infused edibles
PUBLISHED MON, NOV 14 20221:34 PM ESTUPDATED
MON, NOV 14 20221:38 PM EST
Stefan Sykes
@THESTEFANSYKES
KEY POINTS
Former boxing rivals Mike Tyson and Evander Holyfield are launching Holy Ears, a line of THC- and Delta 8-infused edibles.
The collaboration is a nod to Tyson biting a chunk of Holyfield’s ear off during their heavyweight title fight in 1997.
Holyfield will launch his own cannabis line in 2023.
In this article
Referee Lane Mills (C) stops the fight in the third round as Evander Holyfield (R) holds his ear as Mike Tyson (L) watches 28 June 1997 during their WBA heavyweight championship fight at the MGM Grand Garden Arena in Las Vegas, NV.
Referee Lane Mills (C) stops the fight in the third round as Evander Holyfield (R) holds his ear as Mike Tyson (L) watches 28 June 1997 during their WBA heavyweight championship fight at the MGM Grand Garden Arena in Las Vegas, NV.
Jeff Haynes | AFP | Getty Images
Boxing legends and former rivals Mike Tyson and Evander Holyfield are teaming up to launch a line of cannabis-infused edibles called “Holy Ears.”
The collaboration was announced Monday and comes 25 years after the pair’s infamous heavyweight championship matchup, in which Tyson was disqualified for biting a chunk off of Holyfield’s ear.
The former opponents are reuniting under the newly formed cannabis company Carma Holdings, which also houses Tyson 2.0, Tyson’s existing cannabis company.
Tyson 2.0 already sells cannabis-infused products called Mike Bites, which are shaped like ears with a bite mark. Carma plans to release Holyfield’s own cannabis line in 2023.
“From Mike Bites to Holy Ears, now cannabis fans around the world can experience the same wellness benefits that plant-based products have brought me,” Tyson said in a statement, adding that it is a “privilege to reunite” with his former opponent.
“Mike and I have a long history of competition and respect for one another. And that night changed both of our lives. Back then, we didn’t realize that even as power athletes, we were also in a lot of pain,” Holyfield said in a statement. “Now, nearly 20 years later, we have the opportunity to share the medicine we really needed throughout our careers.”
Tyson 2.0 and Carma said Holy Ears products will be available starting this month online and at retail locations in Arizona, Illinois, Nevada and New Jersey. They will be offered in THC, Delta 8 and other hemp-cannabinoid varieties.
Last week, Carma Holdings also said it would house a cannabis product line by former wrestler Ric Flair.
NBA Will Let Players Invest In Marijuana Industry And Promote Cannabis Brands Under New Union Deal,
LOL, NBA players can now endorse Cannabis Brands, and Invest in companies, getting better and better everyday!!!!
According To ReportPublished 2 hours ago on April 3, 2023By Kyle Jaeger
The National Basketball Association (NBA) isn’t just reportedly removing marijuana from its banned substances list for players—it’s also planning to let those players promote and invest in cannabis companies.
That’s the latest detail that’s surfaced in reporting on the new seven-year collective bargaining agreement that came together over the weekend, which is also expected to remove drug testing requirements for marijuana. Shams Charania of The Athletic and Stadium first noted the cannabis investment policy.
With respect to league’s broader marijuana reform, it would formally codify what has been the league’s decision to temporarily suspend cannabis testing for the past three seasons.
Many professional sports leagues have started moving in that direction, but letting players promote and invest in marijuana companies would set NBA apart as especially progressive on the issue.
Major League Baseball (MLB) announced last year that teams could sell sponsorships to CBD businesses—and the league has since signed a deal with a major CBD brand that it plans to promote at the upcoming World Series—but NBA’s policy appears more expansive.
NBA Commissioner Adam Silver signaled in late 2020 that its temporary policies could eventually become permanent after the league initially suspended cannabis testing when players competed in a quarantined “bubble” in Orlando at the start of the coronavirus pandemic earlier that year.
“We decided that, given all the things that were happening in society, given all the pressures and stress that players were under, that we didn’t need to act as Big Brother right now,” he said at the time. “I think society’s views around marijuana has changed to a certain extent.”
Rather than mandate blanket tests, the commissioner said the league would be reaching out to players who show signs of problematic dependency, not those who are “using marijuana casually.”
Now, according to Charania, “NBA players will no longer be prohibited for marijuana under the new seven-year Collective Bargaining Agreement.”
“It’s been removed from the anti-drug testing program, a process that began during 2019-20 season,” he reported.
NBA and the National Basketball Players Association announced on Saturday that they “reached a tentative agreement on a new Collective Bargaining Agreement, pending ratification by players and team governors,” but that details won’t be released until a term sheet is finalized.
Michele Roberts, a onetime head of the National Basketball Players Association (NBPA) who also joined the board of the major cannabis company Cresco Labs in 2020, previously predicted that a formal change to codify the policy could come soon.
In 2021, it was announced that the online marijuana marketplace Weedmaps is teaming up with NBA star Kevin Durant for a multi-year partnership that’s aimed at destigmatizing cannabis and showcasing the plant’s potential value for “athlete wellness and recovery.”
This latest action from NBA comes as the national discussion about cannabis testing policies for athletes continues to unfold—an issue that made international headlines following the suspension of U.S. runner Sha’Carri Richardson from participating in the Olympics over a positive THC test.
The runner said that she’d feel “blessed and proud” if the attention her case raised would affect a policy change for other athletes. Even the White House and President Joe Biden himself weighed in on the case, suggesting that there’s a question about whether the marijuana ban should “remain the rules.”
However, the World Anti-Doping Agency (WADA) decided last year to keep marijuana on the list of banned substances for international athletes following a scientific review and a determination that cannabis use “violates the spirit of sport.”
MLB has stood out among other professional sports leagues as more willing to respond to the changing marijuana policy landscape. For example, it clarified in a memo in 2020 that players will not be punished for using cannabis while they aren’t working, but they can’t be personally sponsored by a marijuana company or hold investments in the industry.
The league also said at the time that it was teaming with NSF International to analyze and certify legal, contaminant-free CBD products in order to allow teams to store them on club premises.
The update built upon MLB’s decision in 2019 to remove cannabis from the league’s list of banned substances. Before that rule change, players who tested positive for THC were referred to mandatory treatment, and failure to comply carried a fine of up to $35,000. That penalty is now gone.
A number of athletic governance bodies have recently relaxed rules around cannabinoids as laws change and medical applications become more widely accepted.
UFC announced in 2021 that they would no longer be punishing fighters over positive marijuana tests.
Separately, students athletes that are part of the NCAA would no longer automatically lose their eligibility to play following a positive marijuana test under rules that are were recommended by a key committee last year.
Meanwhile, the NFL’s drug testing policy already changed demonstrably in 2020 as part of a collective bargaining agreement.
NFL players no longer face the possibility of being suspended from games over positive tests for any drug—not just marijuana—under a collective bargaining agreement. Instead, they will face a fine. The threshold for what constitutes a positive THC test was also increased under the deal.
Marijuana icon Snoop Dogg, who was featured at the Super Bowl halftime show last year where an ad separately aired that indirectly supported legalization, argued that sports leagues need to stop testing players for marijuana and allow to them to use it as an alternative to prescription opioids.
Cannabis and sports was also a topic of discussion amid the detention of U.S. basketball player Brittney Griner in Russia over THC vapes.
70k at .004, is $28 dollars, LOL
Most of the MM cover trades are T- trades, and have been done below the BID which is normal. The past week the 15M were at .000485.
These are double counts, the 15m sold at 5 are shorted by the MM and then covered with converted shares at end of day or after hours.
3/30 Thurs 13.5M were shorted to BID by MM and covered at end of day, Purple Trade 13.5M
3/28 Tues: 15M were shorted to BID on open, and 15M covered end day .00485, Purple Trade.
Forget fundamentals right now, this is all about Conversions and excess supply driving price lower. When it stops, the price will explode to the upside even without news.
Brad at Mammoth must be in trouble as they decided to dump shares at any cost to raise some cash. His loss is our gain for smart BUYERS.
The NBA Is Lifting Its Ban On Marijuana In New Deal With Players Union
According To ReportPublished 3 hours ago on April 1, 2023By Tom Angell
The National Basketball Association (NBA) is reportedly removing marijuana from its list of banned substances and will no longer drug test players for it as part of a new seven-year collective bargaining agreement.
The move, first reported on Saturday by Shams Charania of The Athletic and Stadium, formally codifies what has been the league’s decision to temporarily suspend cannabis testing for the past three seasons.
NBA Commissioner Adam Silver signaled in late 2020 that the policy could eventually become permanent after the league initially suspended cannabis testing when players competed in a quarantined “bubble” in Orlando at the start of the coronavirus pandemic earlier that year.
https://www.marijuanamoment.net/the-nba-is-lifting-its-ban-on-marijuana-in-new-deal-with-players-union-according-to-report/
“We decided that, given all the things that were happening in society, given all the pressures and stress that players were under, that we didn’t need to act as Big Brother right now,” he said at the time. “I think society’s views around marijuana has changed to a certain extent.”
Rather than mandate blanket tests, the commissioner said the league would be reaching out to players who show signs of problematic dependency, not those who are “using marijuana casually.”
Now, according to Charania, “NBA players will no longer be prohibited for marijuana under the new seven-year Collective Bargaining Agreement.”
“It’s been removed from the anti-drug testing program, a process that began during 2019-20 season,” he reported.
NBA and the National Basketball Players Association announced earlier on Saturday that they “reached a tentative agreement on a new Collective Bargaining Agreement, pending ratification by players and team governors,” but that details won’t be released until a term sheet is finalized.
Michele Roberts, a onetime head of the National Basketball Players Association (NBPA) who also joined the board of the major cannabis company Cresco Labs in 2020, previously predicted that a formal change to codify the policy could come soon.
In 2021, it was announced that the online marijuana marketplace Weedmaps is teaming up with NBA star Kevin Durant for a multi-year partnership that’s aimed at destigmatizing cannabis and showcasing the plant’s potential value for “athlete wellness and recovery.”
This latest action from NBA comes as the national discussion about cannabis testing policies for athletes continues to unfold—an issue that made international headlines following the suspension of U.S. runner Sha’Carri Richardson from participating in the Olympics over a positive THC test.
The runner said that she’d feel “blessed and proud” if the attention her case raised would affect a policy change for other athletes. Even the White House and President Joe Biden himself weighed in on the case, suggesting that there’s a question about whether the marijuana ban should “remain the rules.”
However, the World Anti-Doping Agency (WADA) decided last year to keep marijuana on the list of banned substances for international athletes following a scientific review and a determination that cannabis use “violates the spirit of sport.”
MLB, one of the most progressive professional sports leagues when it comes to cannabis policy, recently signed a CBD company to serve as the league’s first-ever cannabis sponsor—with plans to promote the business at the upcoming World Series.
The decision came about four months after it was reported that MLB started allowing baseball teams in the league to sell sponsorships to cannabis companies that market CBD products, as long as they meet certain criteria.
MLB has stood out among other professional sports leagues as more willing to respond to the changing marijuana policy landscape. For example, it clarified in a memo in 2020 that players will not be punished for using cannabis while they aren’t working, but they can’t be personally sponsored by a marijuana company or hold investments in the industry.
The league also said at the time that it was teaming with NSF International to analyze and certify legal, contaminant-free CBD products in order to allow teams to store them on club premises.
The update built upon MLB’s decision in 2019 to remove cannabis from the league’s list of banned substances. Before that rule change, players who tested positive for THC were referred to mandatory treatment, and failure to comply carried a fine of up to $35,000. That penalty is now gone.
A number of athletic governance bodies have recently relaxed rules around cannabinoids as laws change and medical applications become more widely accepted.
UFC announced in 2021 that they would no longer be punishing fighters over positive marijuana tests.
Separately, students athletes that are part of the NCAA would no longer automatically lose their eligibility to play following a positive marijuana test under rules that are were recommended by a key committee last year.
Meanwhile, the NFL’s drug testing policy already changed demonstrably in 2020 as part of a collective bargaining agreement.
NFL players no longer face the possibility of being suspended from games over positive tests for any drug—not just marijuana—under a collective bargaining agreement. Instead, they will face a fine. The threshold for what constitutes a positive THC test was also increased under the deal.
Marijuana icon Snoop Dogg, who was featured at the Super Bowl halftime show last year where an ad separately aired that indirectly supported legalization, argued that sports leagues need to stop testing players for marijuana and allow to them to use it as an alternative to prescription opioids.
Cannabis and sports was also a topic of discussion amid the detention of U.S. basketball player Brittney Griner in Russia over THC vapes.
Kentucky Governor Signs Medical Marijuana Legalization Bill Into Law
Published 1 hour ago on March 31, 2023By Kyle Jaeger
The governor of Kentucky has signed a bill to legalize marijuana, making the state the 38th in the U.S. to enact the reform.
Just one day after the House approved the legislation from Sen. Stephen West (R), Gov. Andy Beshear (D) fulfilled his pledge to sign in into law on Friday. The governor had rallied citizens to pressure their state representatives to pass the bill.
“Far too many of our people face the obstacle of having chronic or terminal diseases like cancer, or those like our veterans suffering from PTSD or Kentuckians living with epilepsy, seizures, Parkinson’s or more,” Beshear said. “These folks want and deserve safe and effective methods of treatment.”
Advocates have been optimistic about medical marijuana’s prospects this year. The House had advanced similar measures in past sessions, only to have them stall in the Senate—but things proved different this time, with the other body taking the lead in advancing the issue.
“One of the prime reasons I sponsored this bill and moved it along is addiction. Other states that have adopted this have seen not only a 20-30 percent reduction in opioid use, but also a 20 or 30 percent reduction in drug addiction,” West, the bill sponsor, said at a press conference on Friday alongside the governor. “If you haven’t looked, Kentucky has a severe addiction problem, and I think Senate Bill 47 and medical marijuana can be part of the solution.”
Rep. Jason Nemes (R), who carried medical cannabis bills in the House for several sessions, said “there are thousands and thousands of Kentuckians who just want to be, and want to feel better—and this will help them with that.”
Here’s what SB 47 will accomplish:
Patients with recommendations from doctors or advanced nurse practitioners can qualify to use cannabis if they have cancer, severe pain, epilepsy, multiple sclerosis, muscle spasms or spasticity, chronic nausea or cyclical vomiting, post-traumatic stress disorder or any other medical condition or disease which the Kentucky Center for Cannabis deems appropriate.
Smoking marijuana will be prohibited, but patients can still access raw cannabis for vaporization.
Home cultivation will not be allowed.
Patients can possess a 30-day supply of cannabis in their residence and a 10-day supply on their person.
Patient registration will only last up to 60 days, and the initial visit must be in person.
There will be a 35 percent THC cap on flower marijuana products and 70 percent cap for concentrates. Edibles cannot exceed 10 milligrams per serving.
Medical cannabis will be exempt from sales and excise taxes.
The Cabinet for Health and Family Services will be charged with overseeing the program, including setting regulations and issuing business licenses.
License categories include three tiers of cultivators as well as producers, processors, safety compliance facilities and dispensaries.
Local governments can opt out of allowing cannabis businesses to operate, but citizens can petition to have their municipalities opt back in.
A nine-member Board of Physicians and Advisors will be created consisting of seven physicians and two advanced nurse practitioners.
Regulations will need to be finalized by January 1, 2024.
The state Board of Physicians and State Board of Nursing will be responsible for certifying practitioners to recommend cannabis.
Medical marijuana bill passes in Kentucky, governor expected to sign
Updated: 7:36 PM EDT Mar 30, 2023
FRANKFORT, Ky. —
Medical marijuana passed through the House 66-33 Thursday, giving it final passage. It now heads to the governor's desk, who is an avid supporter, and has said he will sign it into law on Friday.
Senate Bill 47, medical marijuana, made its greatest strides this year, passing the Senate for the first time ever, 26-11.
On Thursday, the House L&O committee passed it 18-2. It then went to the House for final passage.
"This is a truly historic day here in the commonwealth and one that many people deserve, especially the constituents who’ve approached me over the years to share their stories," Sen. Steve West, R-Paris, said in a news release.
This content is imported from Twitter. You may be able to find the same content in another format, or you may be able to find more information, at their web site.
The bill makes medical marijuana legal, but the qualifying conditions required are not expansive, and it would be strictly regulated. It will prohibit smokable cannabis.
Any of the qualifying conditions would have to be diagnosed by a doctor for the patient to receive a certification to possess. For those under 18, they would need assistance from a designated caregiver.
https://www.wlky.com/article/medical-marijuana-kentucky-legislature-bill-law/43465829#
Cannabis industry gears up for potential gold rush
If a ballot initiative succeeds next year, Floridians won’t need a medical card to buy cannabis, and legalization of the weed would be a business bonanza. But risks abound.
By Brian Hartz | 8:00 a.m. March 29, 2023
Key takeaway: Momentum is building to legalize adult, non-medical use of cannabis in Florida, with a ballot initiative well on its way to becoming a factor in the 2024 general election. Legalization could lead to a business bonanza as the Sunshine State, with only a medical marijuana program currently, is already the nation’s third-largest cannabis market.
Core challenge: Gov. Ron DeSantis has not made cannabis use one of his culture-war issues, but his administration has drastically raised the cost of new licenses and license renewals. Also, all forms of cannabis use remain illegal at the federal level, causing financial and regulatory headaches for the industry.
What’s next: Spearheaded by a political action committee dubbed Smart & Safe Florida, the petition for the 2024 ballot initiative has collected more than half of the required 891,589 signatures. Medical cannabis giant Trulieve, one of the first operators to enter the Florida market, has donated $30 million to the cause.
Two years from now, Florida might be among the rapidly growing number of states that allow adult, non-medical use of cannabis.
As of March 3, more than 420,000 Floridians had signed a petition in support of the Florida Marijuana Legalization Initiative, which would appear on the 2024 general election ballot and allow voters to decide whether the state constitution should be amended to allow for full legalization of cannabis use and sales.
Led by Smart & Safe Florida, a $30 million political action committee funded mostly by medical cannabis giant Trulieve, petitioners are more than halfway to their goal of 891,589 signatures, making it likely the fate of adult recreational cannabis use will be decided on Nov. 5, 2024. If challenged in court, the Florida Supreme Court could rule against it, of course, but proponents believe the ballot initiative is worded in such a way that it will pass muster, legally. Other initiatives for recreational marijuana, in 2019 and 2021, didn't make it to election day.
“I think if it gets on the ballot, it does pass,” says Brady Cobb, CEO of Sunburn Cannabis and son of the late Bill Cobb, one of Florida’s most notorious marijuana smugglers. “The polling has been relatively consistent in that in that respect. Getting it on the ballot has always been the stumbling block. But I think of all the amendments thus far, this one has the best chance to do it, based on how it's drafted.”
Florida has had a successful medical cannabis program since 2017 — at least based on usage and growth metrics. More than 800,000 Floridians have obtained a medical marijuana card, and the state has 2,540 qualified physicians and 546 approved medical marijuana treatment centers (MMTCs) or dispensaries, as they’re more commonly known, according to data from the Florida Department of Health's Office of Medical Marijuana Use.
The nascent industry has been a boon for Florida’s coffers, generating $73.8 million in tax revenue in 2020 alone, in addition to more than $50 million in license fees.
Even without a non-medical program, Florida’s cannabis industry is now the third-largest in the nation, according to Leafly, a company that specializes in cannabis news and education. Many who work in the industry believe that, given its already fast-growing population and popularity with tourists, it could easily be No. 1 if the ballot initiative passes.
Two years after approving non-medical adult use of cannabis, “Illinois collected more tax revenue than alcohol,” says John Sullivan, an attorney and executive vice president of government affairs at Cresco Labs, a Chicago-based company that owns and operates 27 dispensaries in Florida, including five in the Tampa Bay region. “We're seeing that in state after state. It’s a boon for state economies. You look at job creation — Illinois is up to 30,000 jobs in cannabis right now. You'll see a huge amount of job growth.”
Indeed, in 2020, when Florida employers shed hundreds of thousands of jobs at the height of the pandemic, the medical cannabis industry hired some 15,000 people.
Follow the money
Tallahassee-based Trulieve, publicly traded on the Canadian Securities Exchange, has donated $30 million to Smart & Safe Florida, a political action committee behind a proposed 2024 statewide ballot initiative that would allow for full legalization of cannabis use and sales. Trulieve donated $5 million six separate times to the PAC between Aug. 9, 2022, and Feb. 7, according to a Florida Department of State Division of Elections database. (The donations are connected to a Trulieve address in Clearwater.)
Trulieve posted $1.2 billion in revenue in 2022, up 32% over 2021, according to its most recent earnings report. It had gross profit of $682 million and a gross margin of 55% in 2022.
According to a 2021 report by New Frontier, which produces studies and industry reports covering a variety of cannabis industry topics worldwide, if Florida were to legalize recreational adult cannabis use, the industry’s annual revenue could reach $1.6 billion by 2025. That would generate up to $305.4 million in state tax revenue — based on a 10% excise tax, a 6% sales tax and a 1.5% local tax on cannabis sales.
“It’s certainly a win for business,” Sullivan says, “but it's a bigger win for the state.”
November 2024 might seem far off, but several presidential campaigns are already underway or — in the case of Gov. Ron DeSantis — are all but certain to launch soon. What should current medical cannabis license holders, and those who aim to break into the industry, do now so they’re well positioned to get a piece of the lucrative adult-use pie? What can be done to mitigate risk?
At your service
Despite marijuana being illegal at the federal level, a cottage industry of cannabis-related professional services has sprung up in Florida. Some enterprising banks, law firms and even a fintech company are helping marijuana businesses navigate regulatory complexities and establish a solid footing from which to grow.
“At some point, we're going to move forward in Florida with recreational cannabis, but who knows what will happen at the federal level?” says Chris Hartman, Cogent Bank’s cannabis banking expert and chief deposit officer.
Red, White, Blue & Green
An overwhelmingly majority of U.S. adults support legalization of cannabis for medical use, recreational use, or both, according to a November 2022 Pew Research poll. Some 59% of respondents say recreational and medical use should be legal, while 30% say medical use only should be legal. Only about 10% say all forms of marijuana use should be illegal.
The politics of pot are also rapidly shifting. According to Pew, “45% of Republicans and Republican-leaning independents favor legalizing marijuana for both medical and recreational use, while an additional 39% say it should only be legal for medical use.”
Also, Pew says, “About four in 10 conservative Republicans (37%) say marijuana should be legal for medical and recreational use, compared with a 60% majority of moderate and liberal Republicans.”
Headquartered in Orlando, Cogent Bank has branches in several Gulf Coast cities, including Clearwater, Fort Myers, Naples and Tampa. It offers basic banking services for cannabis companies but cannot issue credit cards, because of restrictions imposed by Visa and MasterCard. The bank has, however, financed the construction of cultivation and processing facilities, and it’s loaned money for commercial real estate deals that involve shopping centers and strip malls with tenants that include medical cannabis dispensaries.
“We are seeing a great deal of interest,” Hartman adds, saying the state is expected to begin accepting applications for new medical cannabis licenses later this year. At present, Florida has granted 22 licenses but that number could double if the Department of Health follows through on an expansion plan announced in December. One big obstacle: the cost to renew a license is set to rise drastically, from $60,000 to $1 million, while the fee for a new license will increase from $60,000 to $146,000.
Rent is Due
While more service providers than ever before are willing to work with cannabis companies, that doesn’t mean it’s all a smooth roll. Dustin Robinson, owner and operator of Mr. Cannabis Law, a law firm with offices in Fort Lauderdale and New York, says commercial real estate landlords should tread carefully when leasing space to cannabis companies.
“Most mortgages basically have language that says if you operate an illegal business [on the property], you’re in default of the mortgage,” he says. “So, if a landlord has that type of mortgage on their property, and they lease to a cannabis company, they risk being foreclosed upon. As a result, trying to help secure real estate that doesn't have a mortgage on it like that tends to be very complicated. There’s a low supply of landlords who own their property outright or have a mortgage on it that doesn't have that type of clause.”
Robinson says landlords will use risk factor as an excuse to charge higher lease rates for cannabis companies — one of dozens of challenges facing the industry as it tries to prepare for the possibility of adult use being legalized. However, there are ways to avoid such pitfalls, and they begin and end with a key term: disclosure.
“If you're a cannabis company and you're entering into a lease,” Robinson says, “you want to have some language in there to the landlord, just letting them know that your business is federally illegal and that they need to check their mortgage. It’s all about disclosure.”
In addition to specialty law firms such as Robinson’s, fintech companies that cater to the cannabis sector are popping up. Bonita Springs-based Green Check Verified, for example, serves both cannabis businesses and the service providers, such as banks, those companies rely on — in fact, one of its clients is Cogent Bank.
Paul Dunford, Green Check Verified’s co-founder and vice president of knowledge, describes the company’s platform as a “compliance rules engine.” It’s capable of monitoring dispensary transactions to ensure that they comply with local and state regulations. That's more important than it might sound, because most of the cannabis companies in Florida are multistate operators that do business in other parts of the country.
“You have to be able to demonstrate that every dollar is the result a legal sale,” he says.
Dunford says the company’s platform has been met with open arms, because most banks either didn’t have the knowledge or were too risk averse to develop banking products and services for cannabis companies.
“Cannabis is something people in banks and credit unions have been told for their entire careers that they can't touch — in fact, they have to keep it out,” he says. “So, there’s been a huge shift that we had to effect in the industry, to say, ‘Yes, you can do this; you're not going to lose your charter; other folks are doing it.’ So, we also have a consulting piece of the business, which involves working with financial institutions to literally build out their [cannabis banking] programs from scratch.”
Green Check Verified’s financial success is indicative of the gap it’s helped fill in the marketplace. The company recently closed a $6 million Series A funding round led by Mendon Venture Partners, a venture capital investment firm focused on the intersection of innovative technology and banks, and it ended 2022 with 87% revenue growth, 55% growth in financial institution clients and 261% growth in number of cannabis businesses served.
Florida Freedom
The Bellamy Brothers, a Pasco County-based global country music duo, have played a key role behind the scenes in the move to legalize recreational marijuana in Florida.
One half of the act, David Bellamy, for example, is the chairperson of Smart & Safe Florida, the political action committee behind the initiative, Florida campaign records show. In addition, according to a 2022 story from the News Service of Florida, the duo previously joined forces with medical marijuana company Trulieve on a line of cannabis products. (Trulieve has donated $30 million to Smart & Safe Florida.)The act made their musical debut in 1968 in San Antonio, Pasco County, at the Rattlesnake Roundup, and are now based on a 150-acre ranch in Darby, Pasco County, when not touring, according to their website. The brothers, in an email response to questions from News Service last year, said “as we travel the country, we see the benefits of adult use and as Florida residents we love the ‘freedom state’ moniker and believe that Florida needs to join the millions of Americans whose adults are free to use cannabis without fear of being incarcerated.”
The influx of capital has emboldened Green Check Verified, which already works with 130 financial institutions and more than 4,000 cannabis-related companies, to expand its business: It recently launched Green Check Connect, a marketplace that connects cannabis companies to reputable service providers.
“We’re pulling in marketplace providers that are willing to work with the industry, such as lenders, payroll companies, HR companies — pretty much any financial service a cannabis business could need,” Dunford says.
Lindsay Larson, Cogent Bank’s Bank Secrecy Act and anti-money-laundering compliance officer, says services such as Green Check Verified and Green Check Connect are welcome additions to the cannabis industry because of how much those entities can help mitigate risks to both cannabis companies and the firms that do business with them.
“There are stories out there about banks whose cannabis program was shut down for not having the right anti-money-laundering tools in place,” she says. “That’s one of the reasons why at Cogent we’re conservative and vet our clients. We wouldn’t take on the risk of any group that didn’t intend to follow the law, because one tarnish and you’re done as a bank or a marijuana-related business.”
Vertically challenged
Dunford, with Green Check Verified, says legalization of adult, non-medical cannabis use would not only be a lucrative opportunity for current cannabis companies in Florida, It would also potentially allow entrepreneurs and small- and medium-sized businesses to gain a foothold in the industry, he says.
That’s because the state, in issuing more licenses, could also make licenses available for companies that want to specialize in, say, secure transportation and delivery of cannabis. Such a development would, in turn, significantly lower the barrier to entry, because at present, only companies that are vertically integrated — meaning those businesses cultivate, process and sell cannabis, from seed to shelf — are eligible to be licensed by the state.
“Florida has been marked by the presence and dominance of multi-state operators,” Dunford says, referring to companies such as Cresco Labs that are headquartered in another part of the country and have the financial muscle to meet the incredibly high cost of establishing a comprehensive cannabis operation. “Vertical integration usually doesn't exist in adult use programs … there are so many people and providers involved.”
Industry fragmentation would almost certainly bring down the astronomical cost of cannabis licenses, says Mr. Cannabis Law's Robinson — who adds he’s helped facilitate license transactions that have ranged from $28 million to $65 million.
“Just to submit your application, it’s $146,000,” he says. “You’re going to spend at least $250,000 to $500,000 on legal fees and application drafting, then you’ve got to enter into leases, get the property, build the team, do site plans … it’s a very, very expensive endeavor.”
A lot could change between now and November 2024, but it’s notable that, so far, there’s no formal, organized opposition to the pro-cannabis ballot initiative, and DeSantis — possibly in a savvy reading of national political tea leaves, but also in a nod to how successful Florida’s medical cannabis program has been — has not made marijuana one of his culture-war issues.
“Cannabis polls extremely well, nationally,” says Sullivan, with Cresco Labs. “The tide has certainly shifted, and if I were running for president, I would certainly be pro-cannabis legalization at this point. The numbers are just undeniable, even from a Republican primary voter perspective.”
https://www.businessobserverfl.com/news/2023/mar/29/cannabis-industry-gears-up-for-potential-gold-rush/
Democrats are no longer alone in the attempt to legalize marijuana at the federal level.
A Republican-led bill has come out as an alternative to Democrats’ efforts to legalize and tax marijuana in the United States.
Marijuana Moment revealed last week a draft bill, called States Reform Act, led by Republican Nancy Mace (Rep.-SC), which would federally reschedule marijuana and create a regulatory scheme.
The draft legislation would federally reschedule marijuana from the list of controlled substances, and it would impose a 3.75% excise tax on cannabis sales.
As marijuana would be treated similarly to alcohol, the Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for this market.
The Food and Drug Administration (FDA) would be instead limited in its regulatory authority. While it could prescribe serving sizes, certify designated state medical cannabis products and approve and regulate pharmaceuticals derived from marijuana, it couldn’t ban the use of cannabis or its derivates for non-medical use.
The existing state-licensed cannabis operators would be exempt from the federal scheme to ensure continued patient access and reward participation in the legal market.
Advertising is likely to be restricted, and only adults (from 21 years old) will be legally entitled to consume recreational cannabis. Only federal cannabis convictions with no-violent records would be eligible for expungement. Furthermore, the draft bill would protect veterans from discrimination in federal hiring due to their cannabis use, and doctors with the U.S. Department of Veterans Affairs could recommend medical cannabis treatment for veterans.
Revenue from taxation would aim to support grant programs for reintegration, law enforcement, and aids for newly licensed businesses and Small Business Administration (SBA) agency, which would need to treat marijuana businesses the same as other regulated markets.
The Bureau of Labor Statistics (BLS) will issue a report to Congress on the marijuana industry, according to the 116-pages draft bill.
The draft bill has yet to be introduced in the U.S. House of Representatives. However, Marijuana Moment reported that a final version will be officially filed later this month.
Mace, who took office earlier this year, was the only Republican lawmaker to support the Marijuana Research bill to conduct clinical trials into the therapeutic potential of marijuana for military veterans. The House Veterans Affairs Committee approved the bill on November 4.
Although Mace has yet to speak publicly about the draft bill, the proposal seems a compromise with other far-reaching Republican draft bills.
According to the information leaked by Marijuana Moment, the draft bill seems to be based on a regulatory scheme meant to foster and protect the single states’ decisions over regulating the marijuana industry.
Like the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, the Republican draft bill would aim to end the criminalization of cannabis by removing it from the list of controlled substances.
Both proposals aim to reintegrate to eliminate related criminal penalties and enact several criminal and social justice reforms, including the expungement of prior convictions. However, the Republican proposal has specifically mentioned that only those cannabis-related convictions with no-violent records will be eligible for expungement.
The excise tax on cannabis proposed by the Republican-led draft bill (3.75%) is slightly lighter than the MORE Act’s Proposed Excise Tax Design (start at 5% and increase the tax to 8% over three years).
However, speculations apart, we need to wait for its introduction to have a complete overview of the Republican proposal to legalize cannabis at the federal level.
In the meantime, the cannabis stock market seems to have reacted positively. As reported by MarketWatch, cannabis stocks rose Monday, November 8, for the second straight day following the reveal of the States Reform Act.
But the general optimism about the advancement of federal legalization has been galvanized by the Gallup poll released last Thursday.
The survey revealed that over two in three Americans (68%) support legalizing marijuana, maintaining the record-high level reached last year. But while most Democrats (83%) and political independents (71%) support legalization, 50% of Republicans are in favor.
It will be interesting how the Republican cleavage that emerged in the survey on marijuana legalization will affect the Republican debate around the States Reform Act.
Jan Sales up 19.7% month/month, up 48% yr over yr !!!
Artizen Topshelf Data shows Jan 2023 Sales up 19.7% month over month, and up 48% year over year!!!
Good news in a market where prices have dropped by 50% over past year. When prices recover, and they will as market glut of weed is reduced over time, which is what has been happening the past year.
December 2022 Sales: $1,145,170
January 2023Sales: $1,370,671
https://www.topshelfdata.com/wa/lacey/artizen-cannabis-company-1
PVSP Shareholders are increasing their equity by 65%, total of 80%
This is a major deal for existing shareholders in PVSP who currently own 15% of the companies equity, because of the Preferred Shares that have 85% Conversion rights. Immediately after the Artizen Spin Off, the Preferred will be restructured to 20% and those will be used to absorb convertibles and debt.
What a SWEET Deal for loyal shareholders, management has STEPPED UP!!!
We are extremely excited by the potential of that transaction to position Artizen for significant growth while simultaneously giving all Pervasip common shareholders more than a “double” on their current positions in Pervasip. That “doubling” prospect is extremely important to us, and we have several surprises planned to facilitate and amplify that result.
The New Pervasip
While Pervasip common shareholders of record at the spin-out closing date will collectively receive 15% of Artizen’s common shares in addition to keeping their existing Pervasip common shares, Pervasip’s Series K preferred stock will be restructured immediately after completing the Artizen spin-out to reduce the applicable conversion rights from 85% of Pervasip’s fully diluted issued and outstanding stock to 20%. Importantly, that 20% then will also absorb the full impact of all other Pervasip convertible equity and debt securities. As a result, in addition to receiving 15% of Artizen in the spin-out transaction, Pervasip’s common shareholders will collectively hold 80% of Pervasip’s fully diluted shares immediately after the spin-out transaction instead of the current 15%.
Accumulation, This is where the MONEY is made !!!
When there is blood in the streets, no buyers to be found, everyone standing on the sidelines with Frozen Deer in the Headlights, LOL
It is a great time to go LONG on Artizen and PVSP.
The only way to get Artizen shares at this completely insane price is the BUY shares of PVSP and wait for the Spin Off which could happen as soon as the Audited financials are completed, which could be any day now.
New bill aims to legalize marijuana in North Carolina, expunge past offenses
By Andrew McMillan, wsoctv.com
March 28, 2023 at 10:58 am EDT
CHARLOTTE — While the North Carolina General Assembly is weighing whether or not to enact a limited medical marijuana bill, seven legislators have introduced a separate bill that would legalize the recreational use of marijuana in the state.
Senate Bill 346 was filed last week, and it would allow people over the age of 21 in North Carolina to possess small amounts of cannabis.
The state senators who introduced the bill say that “cannabis prohibition, like alcohol prohibition before it, has been a wasteful and destructive failure,” and that prohibition “has had an unfair, disparate impact on persons and communities of color” and “diverts law enforcement resources from violent and property crimes.”
The bill, if passed, would also enact a 20% state tax on the sale, and municipalities would be able to enact another 3% tax. The tax revenues would then be split up between new and existing programs, like this:
25% to a Community Reinvestment and Repair Fund created by the bill.
10% to a Social Equity Fund created by the bill.
3% to a Cannabis Education and Technical Assistance Fund created by the bill.
7% to the Department of Health and Human Services for evidence-based, voluntary programs for substance abuse treatment or prevention.
2% to the DHHS for a public education campaign for youth and adults about the health and safety risks of alcohol, tobacco, cannabis, and other substances, including driving while impaired.
2% to the DHHS for cannabis research.
Up to 1% to the Department of Public Safety for advanced impaired driving enforcement and drug recognition training.
The remaining 50% of the tax revenue would go to the general fund.
https://www.wsoctv.com/news/local/new-bill-aims-legalize-marijuana-north-carolina-expunge-past-offenses/JDRQWM6VPZBNPHYBHDFONGKTRQ/
Delaware Senate approves marijuana legalization and regulation; all eyes now on staunch foe Gov. Carney
The governor vetoed the legalization measure last year and House members could not override his action last year. The governor won’t say what he’ll do now.
ByCris BarrishMarch 28, 2023
With Tuesday’s historic Senate vote, for the first time both chambers of the Delaware Legislature have approved marijuana legalization and regulation, putting the ball firmly in the court of one fervent opponent, Gov. John Carney.
All eyes are on Carney to see whether he will again use his veto pen, as he did last year for the legalization bill, which removes all penalties for having less than an ounce. Currently, having less than an ounce is a $100 civil fine.
The House had passed that bill overwhelmingly last May but its attempt to override Carney’s veto with the required three-fifths majority failed in June when six lawmakers changed their yes votes to no.
The House had failed to approve the regulatory structure last May after a co-sponsor, Rep. Larry Mitchell, was reportedly ill and failed to vote though he was monitoring the meeting online. Mitchell lost his bid for re-election, however.
Carney told WHYY News this month that he remains opposed to adult-use legalization, citing reports that use by minors increased in some other states that have legalized weed.
But the governor stopped short of saying whether he would veto either bill, and Tuesday, his spokesperson also demurred on legalization, which is House Bill 1, and regulation, which is House Bill 2.
“The governor continues to have strong concerns about the unintended consequences of legalizing marijuana for recreational use in our state, especially about the impacts on our young people and highway safety,’’ Emily Hershman said. “He knows others have honest disagreements on this issue. But we don’t have anything new to share today about how the governor will act on HB 1 and HB 2 if they reach his desk.”
Many advocates thought the years-long crusade to legalize weed was dead until Carney leaves office in January 2025. But the primary sponsor, Rep. Ed Osienski, resurrected the bills, buoyed by results of the 2022 elections that put more supporters in office.
Earlier this month, both Democrat-led measures sailed through the House with enough votes to override a veto.
The Senate did the same Tuesday.
Senators approved simple legalization with a party line 16-4 vote, with Republican Dave Wilson absent.
The marketplace bill, formally known as the Marijuana Control Act, passed 15-5, with Sussex County Republican Dave Buckson, who had approved legalization, voting no on the regulatory part.