 We are pro cannabis media Hi everyone, welcome to weed talk news. I'm Jimmy young from pro cannabis media and I'm Kurt Dalton from cannabis dot net Every week Kurt and I get together to talk about the news of the week in the cannabis industry So all I can say Kurt is five for five, right? Cannabis did very well at the state level Jimmy not so much at the Senate level But if at the time of this filming, you know Mr. Biden peers to have the clear path the presidency that's a win for cannabis to and of course We can focus on the results of all the states. Were you surprised with the overwhelming results from the cannabis world? maybe in some of the red states like the South Dakota getting both passed at once that's you know That's a pretty big swing from four years ago But in general the rest of them they the coffers are empty the unemployment lines and the funds are out You know the tax revenue is needed just like Cuomo said New York now needs the money. We're doing this Especially since New Jersey is now legal. That's the last thing New York wants is one border going to New Jersey The other border going to Massachusetts or Vermont at this point So I think that they'll get that done and I got to tell you having New York and New Jersey on the East Coast along with Massachusetts I Think that'll have a pretty good impact on the cannabis industry. Don't you think well I think look at it even the numbers are we up to about 42 or 43 that have some form of a program cannabis program and then I think 15 are wreck There's only 50 states Jimmy I mean, I don't know what the federal government at some point common sense kicks in and says, you know 88% of our Vote inhabitants here now have some form of legal cannabis. So maybe we should tax it and just move on and Create some jobs as you know There was another little item on the ballot box this week the presidential election and at the time of this recording Democrat Joe Biden leads Republican President Donald Trump in the popular vote and in the electoral college with 264 electoral votes He only needs six more to get to the magic 270 while President Trump is at 214 now there are a number of contested states still counting ballots Kurt for cannabis advocates though good news so far but a Tempered result for many Democrats who had hoped for a sweeping change as you mentioned in the Senate and in the house And that has not happened No, and it's really scary that if there is a way that you know the current President Trump is reelected You're really going to see a standstill on cannabis for a while again. So Got the states. That's great. Again. It's the kissing your sister metaphor. It's better than you know, it is progress at small steps But obviously the Senate would have been the crusher if you get that and you get the presidency You'd see it happen in 2021 with no resistance, but I still think this is going to happen where it's going to get done in 2021 I think President Biden assuming that's who it is Will go further than just decriminalized. That's what he's saying to get the moderate vote He has Kamala Harris as vice president as a co-sponsor of one of the big cannabis bills and the Republican senators who would Who have to pick and choose what to veto now or block like health care and tax issues? Their states are making a lot of money from from weed tax right now And they really probably don't want to get in front and stop that even because their coffers are getting full So you're really going to get Biden in there. That's that's important right now and and hopefully Perhaps hopefully we'll actually get a result Maybe even before the weekend is out some are saying as much as another week But right now it does look like one more state can come on board and push mr. Biden Vice president Biden over the top but as we peer into the future We do think as Kurt mentioned that this is good news for those of us in the cannabis business More good news comes from Deborah Borchardt at the Green Market Report in New York Deborah Thanks guys while most people were focused on the news of the elections this week the cannabis industry just kept chugging along GW Pharmaceuticals reported total revenue of a hundred and thirty seven point one million dollars for the quarter ending in September That was a big jump over last year's ninety one million and it beat the analyst estimates for a hundred and twenty seven million They also reported that their net losses fell to twelve point two million And that's versus last year's net loss of thirteen point eight million Terrascent announced preliminary financial results for its third quarter ending in September They had net sales of fifty one million dollars And that's an eight percent jump sequentially and a ninety percent increase over last year Afria entered into an agreement to acquire SW brewing company Which is one of the largest independent crap boars in the US based on volume that deal is valued at three hundred million dollars Now despite cannabis beverages having very little market share in the cannabis industry The stock market cheered and their shares jumped on the news and that's it for this week I'm Deborah Borchardt with the Green Market Report for weed talk news one Interesting news item to add is the fact that while we await results from the congressional races There is still some acceptance of cannabis in other industries Kurt. You know what an MRB is right? Sure do a marijuana related business is part of a lot of the banking acts as well as in the finance stuff they're talking about and Since both our companies are MRB's one of the challenges We all face is normalcy with anything having to do with finances the 280 tax code or Retirement benefits for employees and sure enough I found one company that has figured out how to offer 401k plans for MRB's Asset strategy in the Boston suburb of Natick, Massachusetts now I talked with one of their financial experts on the next in the weeds John Gentry is the director of retirement at that firm and the first hurdle for anything having to do with businesses Of course that are either plant touching or just ancillary companies Is can you create something nationally that the feds will actually deem legal now asset strategy can but it wasn't easy So we have the solutions. They're legal. They're in place There are already quite a number of MRB's who have plans They're up and running and have been for quite some time. So there are solutions now There are also very well known large national Providers in the industry who simply aren't comfortable Being first movers not only did we run into? Vendors who simply wouldn't consider it didn't want to have the conversation weren't even comfortable discussing it and You know no way John not a chance. There's just too many federal Potholes to step in and we're gonna wait until everything is absolutely safe, right? So we ran into that not only that we also ran into Directly from the MRB's where we were suggesting they should install a retirement plan and they they push back saying that it couldn't be done and And that's simply because they had tried and tried and tried and they finally gave up and And not realizing that the industry has evolved the retirement plan industry has evolved to catch up To the cannabis industry so that you know the retirement business can service the cannabis industry and you know It's actually a really exciting time Wow, that's fantastic news Jimmy because anything to do with finance retirement and benefits for cannabis companies are complete disaster right now So that's really great news to hear that they have a solution for cannabis business Absolutely and one International news item we want to share because we've talked about New Zealand's vote to legalize cannabis Well unlike the newest five states in the United States that measure failed in New Zealand and and Curt wouldn't you know it? They're newly elected Prime Minister Jacinda Ardern comes out in favor of legalization after the vote. Does that make any sense? No, that's the scuttlebot We did a big story on Germany voting down recreational marijuana as well as New Zealand and New Zealand's Prime Minister did not announce her Affinity for or against till after the vote So a lot of the pro cannabis people in New Zealand are a little bit disgusted that if that's what you thought say it up front It might have swung the vote enough It's it's a little bit of a debate, but she would not at the end after the vote She said she did support it So I don't know, you know if you're gonna support something and you're elected I don't know if you get to do that, you know hide behind the Monday morning quarterback and as we like to say Absolutely, and by the way, do you know who the US ambassador to New Zealand is by any chance John tWitchell? No I did take a shot. It did take a shot. I appreciate that. I thought you'd say Dennis Rodman, but that's not right either No, that's not Korea. That's right. I forgot No, it's former shooting guard for the mighty jumbos of Tufts University Scott Brown Also known as a LeBron's dad and a former US senator by the way in college He was not a fan of cannabis because I actually roomed with him and at the basketball house for about a month at Tufts and Let's just say he moved out. Anyway Basketball and weed sports and CBD What can I tell you now? It's time to toss to our main man, Rye Russell with this week's main report, right? Rye Russell from weed buds radio with your main cannabis report for weed talk news Cannabis has made it to many ballots across the nation and that includes Maine's largest city of Portland or maybe we should call it potland after this favorable vote Portland residents have voted in favor of all cannabis related topics for the past seven years and this year was no Different the city of Portland voted to remove the cap on licenses that was originally slated for 20 stores And in addition to that Residents also voted to reduce the mandatory buffer between licensed cannabis establishments from 250 feet to only 100 According to election data the question to remove the cap one by six points with a total of 20,000 people Individuals voting in favor of this reform. Thank you for tuning in to your main cannabis report I'm Rye Russell from weed buds radio reporting for weed talk news DEA has introduced a new rule about CBD that has angered many members of that new industry The DEA has drawn a line in the sand or in this case hemp a warning that if your plant tests over 0.3% THC you can be prosecuted under the controlled Substances act now Kurt de scheduling from schedule one is a priority if the results all stay the same now, right? Yeah, this is what's called a hot hemp which will push your Your crop above the 0.3. It's based on genetics as well as how it's grown So that's gonna be something that they're gonna have to look at in Washington for honest mistakes Yes, there will be people who blur the line and do it intentionally to get marijuana across the state line But speaking of Washington, let's go right to Phil Adams vote pro podcast. Hi This is Phil Adams from vote pro podcast here with the weed talk news DC report Representative Earl Blumenauer of Oregon exalting over the sweep of cannabis reform initiatives in this year's election During a zoom call Q&A session Blumenauer expressed his belief that the cumulative effect of the passage of medical and adult use ballot initiatives in five states Will make federal legalization that much easier This is what voters want said Blumenauer. It is a continuation of progress that has been going on since 1996 Normal executive director Eric Altari agreed saying quote These results once again illustrate that support for legalization extends across geographic and demographic lines voters approved legalization measures in Arizona, Mississippi, Montana, New Jersey and to in South Dakota Interrelated story some DC based cannabis industry lobbyists are downplaying Expectations for federal legalization after Republicans appeared to have maintained control of the US Senate Michael Correa a lobbyist for the National Cannabis Industry Association expressed tempered optimism saying quote I thought the Senate would switch so I'm sort of recalibrating my expectations of what we think we can get a Lobbyist for the National Cannabis Roundtable Saphira Golube agrees saying that with the defeat of senator Cory Gardner of Colorado legalization lost a key GOP advocate a Republican Senate without Cory Gardner said Golube is an industry without a Republican champion We've never had a Republican who was as overtly and enthusiastically fighting for us That's the weed talk news DC report for this week. I'm Phil Adams from vote propocast and Finally tonight actress Gwyneth Paltrow is not only one of the most talented in Hollywood She is now in the weed game Paltrow is a celebrity investor in can CANNN a cannabis infused beverage She calls cannabis the hero ingredient of the future Kurt no surprise there No, we actually did a big post cannabis net this week The late crowd celebrities getting into the game and this she was included in it The only problem I see with the THC crowd we I've done a lot of pieces on the mixing of alcohol I don't think that's going to be a hit based on what your desired result will be from that drink But if you're gonna go THC only as a drink, it's the sticker shock right now They're depending on what state you're in a beverage a can whether it comes into bottles running between seven and nine dollars Around five milligrams maybe THC so that it's a little bit of sticker shock when you go by a six pack And you know if you're gonna break it down by price per gram or price per for THC That's pretty expensive right now and if you drink all six of the cans in the six pack Does that mean you're you're ingesting? 30 milligrams. There's only one way to find out Jimmy and the cameras are rolling. I think this sounds like a show Maybe down the road sometime Kurt great to talk with you as always that'll do it for weed talk news for this week I'm Jimmy young And I'm Kurt Dalton with cannabis net remember. It's a whole new world a weed out there use it responsibly Thanks for watching. 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