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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.
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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.
Major Alcohol Industry Association Calls For Federal Marijuana Legalization,
Recommending Regulatory Framework
Published 6 days ago on March 22, 2023By Kyle Jaeger
A major alcohol industry association is officially backing federal marijuana legalization, sending a letter to congressional leadership on Wednesday that implores lawmakers to “regulate adult-use cannabis at the federal level.”
The Wine & Spirits Wholesalers of America (WSWA) said that “the current conflict between state and federal law is not only causing adverse consequences for consumers and non-consumers of cannabis but will also have long-term public health and safety costs that are too great to ignore.”
The association made two main points in its letter: 1) the current system for the regulation of alcohol “serves as a strong model” for cannabis and 2) a “piecemeal” approach to marijuana reform is untenable, so lawmakers should “comprehensively” address the issue.
“The fact is cannabis legalization at the state level is here to stay, as evidenced by nearly a decade of new legalization efforts and no meaningful effort to undo them. Rather, the states that have legalized are expanding their markets and even discussing ways to begin interstate commerce of the product. Yet they receive no support from the federal government in determining how to ensure that products are safe or that the market is fair—especially as that market becomes increasingly national in scope.”
The letter, which was noted earlier by Politico, also emphasizes that states should be able to “maintain the flexibility to legalize—or not legalize—cannabis within their borders.”
“Addressing cannabis federally in a piecemeal manner amounts to de facto federal legalization without protecting consumers and non-consumers alike,” WSWA wrote in the letter to Senate Majority Leader Chuck Schumer (D-NY), House Speaker Kevin McCarthy (R-CA), Senate Minority Leader Mitch McConnell (R-KY) and House Minority Leader Hakeem Jeffries (D-NY). “The current fragmentary approach widens the door for the negative impacts of cannabis legalization without additional safeguards for public health and public safety. By not taking action, the federal government is also losing out on tax revenue.”
It also makes a point to endorse the idea of having the federal government open the doors to interstate cannabis commerce—a position widely embraced by industry stakeholders and lawmakers in a growing number of states.
WSWA pointed to a policy brief it first drafted in 2021 that lays out regulatory priorities that the association 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.
The transition from alcohol prohibition to legalization represents “an American success story” that should be replicated with cannabis, it said.
Again, the association isn’t suggesting that federal regulations should totally supplant those that have been established in states across the U.S., but some level of regulatory oversight and taxation could support those programs and help normalize the cannabis sector.
WSWA detailed four key principles for federal oversight of an adult-use marijuana supply chain:
1. The federal permitting of cannabis producers, importers, testing facilities and distributors.
The association said states should manage licensing for marijuana retailers, but it recommended that the federal government require permits for cannabis producers, importers, testing facilities and distributors through the Department of Treasury’s Alcohol and Tobacco Tax and Trade Bureau (TTB).
2. The approval and regulation of cannabis products.
New cannabis products should be subject to pre-market approval and federal registration, also through TTB, the association said. That would support existing quality control policies that are in place at the state level.
A standardized label should be included on all marijuana items, too. They should feature information, at a minimum, about the product name, THC potency, net content, producer name and address, a government health warning and the country of origin (for imports).
3. The efficient and effective collection of federal excise tax.
WSWA advised that a federal excise tax should be imposed for cannabis products at the producer or importer level, and it should be based on potency just as beverages are taxed based on alcohol concentration. The taxes should be payable to TTB on a semimonthly basis.
4. Effective measures to ensure public safety.
With respect to public safety, the association focused on deterring impaired driving, and it said that lawmakers should prioritize collaborative partnerships with law enforcement and researchers to develop technology that can identify active impairment from cannabis while also funding training for drug recognition experts on the roads.
WSWA, which came out in support of states rights to legalize cannabis in 2018, ended its policy brief by explaining why it’s taking this step to advise on federal reform. Since the end of alcohol prohibition, a “safe and economically vibrant marketplace has developed—one that serves the dual needs of regulators and consumers,” it said.
“While individual regulations have been modified over time, the basic federal regulatory structure of permitting and tax collection has stood the test of time,” WSWA’s paper says. “As policymakers consider the future of adult-use cannabis, we believe it is important to share the learnings of our industry. America’s wine and spirits wholesalers are a proud part of this system and believe that the principles outlined here can be extended to a national adult-use cannabis system.”
The House has twice passed bills to federally legalize and regulate marijuana, but comprehensive reform hasn’t advanced in the Senate, despite leadership having introduced much-anticipated legislation to end prohibition last session.
A key difference between that bill from Senate Majority Leader Chuck Schumer (D-NY) and the alcohol association concerns the distribution of regulatory responsibility. Advocates have worried about the Senate measure’s deference to the Food and Drug Administration (FDA), and it’s likely that WSWA’s position on having basic oversight managed by TTB would prove more acceptable to many stakeholders.
An earlier WSWA press release on the policy brief contains strong language about the need to lower barriers to entry for those who’ve been “victimized by the federal government’s failed war on drugs,” as well as its support for “efforts of experts who advocate for other social equity measures to alleviate the damage done to these communities.”
However, the brief itself is light on recommendations to that end, simply including a note that people with “non-violent cannabis-related offenses that occurred prior to federal legalization/descheduling” should not be disqualified from receiving federal permits to operate marijuana businesses. The proposal does not provide for any prioritization in permitting for people from communities damaged by the drug war.
Legalization advocates say WSWA’s involvement could bolster efforts to get lawmakers to look more seriously at the issue.
“It’s with a nervous excitement that we welcome WSWA into the lobbying efforts to end federal marijuana prohibition,” Justin Strekal, founder of BOWL PAC, told Marijuana Moment. “With WSWA’s footprint of members in nearly every state and congressional district, there is no better time than now to engage lawmakers both in D.C. and at home about the need to remove marijuana from the Controlled Substances Act and implement a regulatory structure that fosters an environment for small and medium-sized businesses.”
But Strekal also said he would like to see more of an equity focus in the group’s recommendations.
Maryland Senators Approve Marijuana Sales Bill As State Prepares For Legalization this Summer
Published 11 mins ago on March 27, 2023By Kyle Jaeger
A Maryland Senate committee has amended and approved a marijuana sales bill to get the state ready for the implementation of a voter-approved legalization referendum, sending it to the floor—where a vote is expected this week.
At a meeting of the Senate Finance Committee, members passed the legislation from Sens. Brian Feldman (D) and Antonio Hayes (D) in a 7-2 vote.
Senate President Bill Ferguson (D) said last week that there were a number of issues that lawmakers needed to address before advancing the measure, including input from existing hemp businesses who’ve expressed concern about possible ramifications of the measure as introduced.
The top senator said that “a lot of legislators are struggling with it right now,” describing it as a “tough issue” that will be addressed as the bill moves.
The House of Delegates already approved its companion version this month. The bills were identical when introduced, but the House and Senate bills have now been amended in different ways.
The Senate panel adopted a large-scale amendment that largely aligns the legislation with the House version. That includes approving numerous technical revisions, setting the sales tax on cannabis at a consist nine percent rate, changing polices on the structure of the advisory commission and amending definitions related to delta-8 THC that could impact the state’s existing hemp industry. The definition of a social equity applicant was also changed to mirror the House legislation.
Members adopted additional revisions that differ from the House bill, for example to require a process for verifying ID for cannabis consumers at retailers and prohibiting on-site consumption of combustable cannabis products.
The committee defeated several GOP-led revisions that deal with issues related to labor peace agreements, requiring cannabis processors to be awarded microgrower licenses and giving existing hemp businesses more time to either close shop or apply for a marijuana business license.
“We have a date by which we’re supposed to stand up this program,” Sen. Melony Griffith (D), the chair of the Finance Committee, said at the meeting, referring to the July 1 start date for legalization.
“There has been a lot of work from each of the members on this committee and many of our colleagues in the Senate,” she said. “Many stakeholders have provided input. Some have been working in partnership with our colleagues in the House. Our staff has put in a lot of time and a lot of hours hearing from each of us about little modifications—some little, some big—that we would like to see to this bill.”
Prior to the House vote on its version of the regulations bill this month, the Senate president said that he expects that bicameral lawmakers will work to “resolve” differences between the two versions, “potentially” in a conference committee, “sooner than later.”
“We want to get this moving. There’s a lot of pieces to this,” he said. “And I think, you know, there’s no such thing as perfect in legislation. It’s doing the best you can to mitigate any of the potential unintended consequences that we can imagine today.”
Here’s what the SB 516 as amended would accomplish:
Cannabis would be taxed at nine percent. Medical marijuana patients would be exempt from the tax.
Thirty percent of marijuana tax revenue would go toward a community reinvestment fund for at least the next 10 years. The bill further calls for 1.5 percent of revenue to go to localities, 1.5 percent to counties and 1.5 percent each for a Cannabis Public Health Fund and the Cannabis Business Assistance Fund.
The Marijuana Alcohol and Tobacco Commission would be renamed as the Maryland Alcohol, Tobacco and Cannabis Commission, which would be responsible for regulating the program. Under the commission, there would be a Division of Cannabis Regulation and Enforcement that would be tasked with reviewing and issuing marijuana business licenses.
Existing medical cannabis dispensaries would be converted into dual licensees at the same time that legalization takes effect on July 1 if they’ve paid a fee. Regulators would need to start approving additional marijuana business licenses by July 1, 2024.
Social equity applicants would need to have 65 percent ownership by people who have lived in disproportionately impacted areas for at least five of the past 10 years, attended public school in such an area for at least five years or meet other criterial based on a disparity study.
A Capital Access Program would be created under the state Department of Commerce to promote industry opportunities for social equity applicants and provide low-interest loans.
The bill stipulates that $5 million would be appropriated annually for grants to existing medical cannabis dispensaries that form “meaningful partnerships” with social equity applicants that involves mentorship, training and/or shared business space.
Localities could not impose additional taxes, nor could they prohibit existing medical cannabis businesses that convert to dual licenses from operating in their area.
Medical cannabis patients would be able to grow up to four plants for personal use, rather than two under the current law. They would not have to pay taxes on medical marijuana products.
The House version was amended in several ways before being approved on the floor. For example, it was revised to allocate 1.5 percent of cannabis tax revenue to counties and a requirement was removed stipulating that the head of the regulatory commission needed to be a member of law enforcement.
Also, the House panel adopted an amendment that eliminates a 200 license cap for delivery services, with members determining that the category would be covered under the separate micro-dispensary licenses.
Members also revised the legislation’s definition of a social equity applicant, clarifying that a disproportionately impacted area is one that has experienced more than 150 percent the state’s average cannabis possession charge rate over the past 10 years. Also, social equity applicant eligibility was changed to include those who attended for at least two years either an HBCU or one of certain other institutions of higher learning in the state.
The measure was further amended to prohibit localities from imposing licensing, operating or other fees or requirements that are greater or more burdensome than businesses “with a similar impact on the area.”
The House bill was also revised to include language allowing both adults and medical patients to purchase plants and other cultivation supplies through the licensed market.
Finally, the chamber’s version now says that existing medical marijuana businesses have the option to either convert to a dual-market retailer, selling products to both adults and medical patients, or sell their license to another operator.
Because the bills are considered emergency legislation that would take effect immediately, they must be approved with three-fifths of the vote in both chambers to be enacted. The legalization of possession of up to 1.5 ounces of cannabis takes effect on July 1, putting pressure on lawmakers to get regulations in place for commerce.
A spokesperson for Gov. Wes Moore (D) told The Baltimore Banner that the governor considers the proposal “a well-crafted piece of legislation and is looking forward to future collaboration with the legislature.”
The bill is partly a product of extensive work from bipartisan and bicameral lawmakers who were part of House Cannabis Referendum and Legalization Workgroup, which was formed in 2021 by Speaker Adrienne Jones (D).
Members have held numerous meetings to inform future regulations following Maryland voters’ approval of a legalization referendum during last year’s election, which triggered the implementation of complementary legislation covering rules for basic policies like possession and low-level home cultivation.
In addition to legalizing the purchase and possession of up to 1.5 ounces of cannabis for adults starting this summer, the legislation will also remove criminal penalties for possession of up to 2.5 ounces. Adults 21 and older will be allowed to grow up to two plants for personal use and gift cannabis without remuneration.
Past convictions for conduct made legal under the proposed law will be automatically expunged, and people currently serving time for such offenses will be eligible for resentencing. The legislation makes it so people with convictions for possession with intent to distribute can petition the courts for expungement three years after serving out their time.
Parts of the referendum took effect at the beginning of the year. Possession of up to 1.5 ounces of cannabis became a civil offense, punishable by a $100 fine, with a $250 fine in place for more than 1.5 ounces and up to 2.5 ounces.
Adult-use legalization began to advance through Maryland’s legislature in the 2021 session, but no votes were ultimately held. The Senate Finance Committee held a hearing that year on a legalization bill, which followed a House Judiciary Committee hearing on a separate cannabis proposal.
Maryland legalized medical cannabis through an act of the legislature in 2012. Two years later, a decriminalization law took effect that replaced criminal penalties for possession of less than 10 grams of marijuana with a civil fine of $100 to $500.
It's a Roadmap, Aritzen to QB, then Pervasip to QB, then NASDAQ!!
Pervasip Corp
@PervasipC
·
Mar 2
Replying to
@mick8724
It’s a roadmap! Let’s get the spin-out done and get Artizen listed on QB, then get the newly renamed Pervasip up on QB, get traction and build that business and at then look to NASDAQ. Patience and persistence!
PVSP Shareholders will quadruple % ownership !!!
$PVSP More than quadrupling the % held in PVSP by the float and all common shareholders post spin-off
And our new focus for Pervasip post spin-off will be a low entry cost, high growth national and global market. ?? ?? ??
85M of the 100M will be Lock Up Restricted!!
85% shares LOCK UP RESTRICTED,
That means that only 15M shares that will be held by current PVSP common shareholders could comprise the trading float and it may be significantly less.
Share price is going to ROCK, with profitable company with $20m in Revenue and NO DEBT!!!
Likewise, holders of Pervasip’s Series K and other convertible securities will receive an aggregate of 85,000,000 shares of Artizen common stock, the vast majority of which will be subject to lock-up restrictions prohibiting sales prior to Artizen’s realization of material growth and other performance objectives. Artizen will have 100,000,000 common shares outstanding on a fully diluted basis upon completion of the transaction, with no convertible debt or other securities.
7 Best Marijuana Stocks to Buy
Time to pick up some cheapies for the next MAJOR Leg up and it could happen any time!
"We remain optimistic about cannabis stocks, and we think that these dips should generally be bought," New Cannabis Ventures analysts said in a recent newsletter.
Bargain hunters looking to buy and hold should consider these weed stocks.
By Matt Whittaker
Edited by Jordan Schultz
March 2, 2023, at 4:04 p.m.
U.S. News & World Report
7 Best Marijuana Stocks to Buy in 2023
Marijuana Farm Industry - weed and commercial cannabis. Close up of Cannabis Cultivation.Marijuana Farm Industry - weed and commercial cannabis. Close up of Cannabis Cultivation.
Like many firms in other industries, cannabis companies have been struggling with high inflation adding to their costs. But marijuana companies also face a host of headwinds unique to them.
Stocks of legal marijuana companies are in a slump, and the near-term outlook is hazy.
But while 2023 might not be a year to buy in expectation of rapid gains, this could be a great entry point for purchasing some solid cannabis stocks at a discount and holding them in anticipation of eventual federal legalization in the U.S., the world's biggest pot market.
The New Cannabis Ventures global cannabis stock index is down about 65% over the past year through March 1, compared with a roughly 10% slide for the broader market, as measured by the S&P 500.
"We remain optimistic about cannabis stocks, and we think that these dips should generally be bought," New Cannabis Ventures analysts said in a recent newsletter.
These are the top marijuana stocks to buy:
Green Thumb Industries Inc. (ticker: GTBIF)
Curaleaf Holdings Inc. (CURLF)
Trulieve Cannabis Corp. (TCNNF)
Verano Holdings Corp. (VRNOF)
Cresco Labs Inc. (CRLBF)
Cronos Group Inc. (CRON)
Aurora Cannabis Inc. (ACB)
Headwinds for Cannabis Stocks
Like many firms in other industries, cannabis companies have been struggling with high inflation adding to their costs. But marijuana companies also face a host of headwinds unique to them, including competition from the illegal market and falling prices for marijuana because of competition and oversupply.
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In Canada, despite federal legality, the industry has been weighed down by high taxes. In the U.S., where the drug remains federally illegal, taxes are also high, and the industry faces onerous hurdles to financing from banks. Because of federal illegality in the U.S., plant-touching companies can't list on major exchanges, and many institutional investors don't want to buy shares of companies trading over the counter, limiting marijuana firms' ability to raise money.
"In the U.S., the industry continues the challenge of operating under the shadows of federal law, and uncertainty as to the nature, extent and timing of federal reform continues to weigh on investor sentiment," said Matt Karnes, founder of consultancy GreenWave Advisors LLC, adding that some cannabis companies pay upward of 70% of their operating cash in taxes.
In the face of federal prohibition, investors worry about the future of many of the public companies unless they get bought or receive outside capital, he said.
"From a stock perspective, the marijuana industry has not experienced the same bounce back that other beaten-down sectors have experienced since the market's bottom in October," said Tom Bruni, senior writer for The Daily Rip & Markets newsletter at Stocktwits. "Part of that is because, from a regulatory or business standpoint, there have yet to be any significant catalysts to spark a renewed interest in the space."
Considering Multistate Operators
For investors trying to gain exposure to weed through cannabis stocks, large marijuana companies that operate in more than one U.S. state where the drug is legal – known as multistate operators, or MSOs – offer advantages for those willing to buy shares and hold them for what will likely be a considerable time.
Top-tier MSOs depend less on outside capital, Karnes said. They also trade at significant discounts to expected revenue and earnings before interest, taxes, depreciation and amortization, "offering an attractive entry point for long-term investors."
A silver lining for operators in mature markets facing slowing sales growth is that falling marijuana prices because of competition and oversupply should help the legal market compete with the illicit one, according to Jason Wilson, cannabis research and banking expert at ETF Managers Group. While that might not move the needle for share prices in 2023, it should be beneficial in the longer term, he said.
"Notwithstanding some regional bumps in the road, overall, sales across both the domestic and global markets are expected to continue to experience strong growth," he said.
According to cannabis market research company BDSA, global legal cannabis spending will grow at a compound annual growth rate of 13.2% from 2022 to 2027, when the market size will hit $59.6 billion. The firm expects legal U.S. cannabis sales to grow 14% by the end of 2023 despite economic uncertainty and rising inflation.
According to Bruni, continued consolidation could also be a longer-term positive for the industry:
https://money.usnews.com/investing/stock-market-news/slideshows/best-marijuana-stocks-to-buy#:~:text=According%20to%20cannabis%20market%20research,size%20will%20hit%20%2459.6%20billion.
Sit Tight And Hang On To Your Cannabis Stocks says Top Analysis
Sit Tight And Hang On To Your Cannabis Stocks, Analyst Talks Momentum & Who Will Come Out On Top
by
Joana Scopel, Benzinga Staff Writer
January 4, 2023 3:50 PM | 2 min read
Cantor Fitzgerald's Pablo Zuanic says the U.S. cannabis industry has great value but is in a tight and defined investable pool.
But there's hope: “We are confident about the regulatory tailwinds pushing the U.S. marijuana industry forward, taking a long-term view,” said Zuanic, however “in the near term, operators face macro pressures, limited funding opportunities, and runaway licensing in some states.”
SAFE Banking Act’s failure to materialize:
Zuanic said that without the SAFE Banking Act and a divided Congress, he is even more confident "of the durability, scalability, and long-term outlook of the larger and better-capitalized U.S. MSOs."
However smaller operators could be excluded and “in some cases, new licensees may not even be able to raise capital to start operations,” Zuanic said in a recent note. “Still, the question of 'investability' (we do not mean fundamentals) remains a concern, with at best a TSX listing (and increased U.S. custody services?) helping in the next 12 months. Increasingly, we believe a rescheduling scenario by 3Q24 (not before) is becoming more likely, but that may delay/entangle other reform efforts in the interim.”
https://www.benzinga.com/analyst-ratings/analyst-color/23/01/30280493/sit-tight-and-hang-on-to-your-cannabis-stocks-analyst-talks-momentum-who-will-come-