 We are pro cannabis media. Hi everyone, welcome to We Talk News. I'm Jimmy Young, the founder of pro cannabis media. And I'm Kurt Dalton, the founder of cannabis.net. Every week, Kurt and I get together and talk about the biggest stories in the cannabis universe locally here in Massachusetts, coast to coast and around the world. And this week's no different, Jimmy. Vermont is actually getting a little bit closer to recreational sales. We have hemp thieves stealing hemp, thinking that they're getting marijuana. And one of the biggest brands in the world, cookies, is making its way to Florida. But let's go right to Deb Borchard of the Green Market Report for our Wall Street Minute. Take it away, Deb. Thanks guys. This week, the Vermont Senate cast a final vote in favor of S54 legislation that would legalize, regulate and tax cannabis sales. The bill now proceeds to the desk of Governor Phil Scott and he hasn't said whether or not he's going to sign it. This would be the latest New England State to legalize cannabis and that puts more pressure on the bordering state of New York. Aurora Cannabis delivered its official results for the fourth quarter. Only problem is, they said that revenues are going to decline in the coming first quarter. Now a couple of weeks ago, you may recall, Aurora said its fourth quarter net revenue fell 5% to $72 million. Now they're saying first quarter revenue is only going to come in between $60 million and $64 million. Kushko holding said that it expects its fourth quarter revenue now to come in between 25 and a half million and 26 million. This is better than the third quarter revenue that came in and only $22.3 million. And it's an improvement over the previous guidance where they said they thought revenue was going to come in at between $24 and $26 million. Kushko said that the 14 to 17% expected increase in revenue is being driven primarily by an increase in sales to its top 100 customers. And that's the big business news for this week. I'm Deborah Borchart from The Green Marker Report for We Talk News. So while we wait for Vermont Governor Phil Scott to pen the legalization bill for sales of cannabis in Vermont, there's another part of that bill that we should mention. It has to do with the expungement of records of inmates who've been convicted for small cannabis possession crimes. Laura Subin, who is the executive director of the Vermont Coalition to Regulate Cannabis released this quote, we view this as a critical component of a movement towards racial justice and cannabis policy. It recognizes and aims to repair some of the horrific legacy of racism and the enforcement of cannabis prohibition laws. Unquote. Kurt, I think she nailed it right on the head. Yeah, an expungement is such an important part of this process because the things that were taken away from their lives when they were arrested, like voting rights, access to jobs with a background check, a criminal check, that has to be reversed as well. So they have to have the ability to vote. People have to have the ability to get a job or have a record cleaned when there's a background check done, it's the right way to do it. And another news item out of Washington, DC from the marijuana moment, is that there is now a coalition of cannabis advocacy businesses who are trying to legalize interstate commerce between legal states. The Alliance for Sensible Markets Campaign is pushing governors of legal cannabis states to enter into an interstate compact. Now, before the lawyers get involved with this and kind of challenge the constitutionality of this, keep in mind that a recognized agreement between two or more states to establish a framework for interstate commerce is actually a precedent that was set back in 1921 when New York and New Jersey signed a similar agreement that created the Port Authority of New York. So if New Jersey makes it legal and New York has a medicinal program, they could work out an exchange as well as Western states, California and Oregon. Kurt, do you think we'll ever see this? In this form, it has 0% chance of going through. What they don't mention, and God bless the effort, is that you're dealing with a Schedule I drug by the federal government and states do not have the authority to supersede federal law or create it or change it. That's kind of been the whole problem. So while I value the look at history and the loophole that they're trying through, it'll never happen this way and it has zero chance of that going through. So obviously after the election, if there actually is a change of leadership in the United States, it has a better chance of going through, agreed? I would agree that that is certainly the first choice. Lawsuits like Steve DiAngelo's challenging the constitutionality at the federal level are second. This is another kind of wink, wink, hail Mary that I don't see this ever working. Not to mention, even if you've got momentum, the federal government could challenge us for years in different appeals courts. All right, so it is harvest season for hemp and marijuana, but it's the fields of hemp that are being targeted by thieves, since of course it's tough to tell the difference between a hemp plant and the same cannabis plant with DHC in it. It has always been a target of people who think they're stealing weed and end up with non-intoxicating hemp. It happened in Georgia when a farmer interrupted an attempted theft from his industrial hemp patch. Over 10 pounds of hemp was recovered when the thieves were caught and cooperated with police. The price of those plants, about $1,000 for 10 pounds. Kurt, a big difference between 10 pounds of hemp and 10 pounds of marijuana. Yeah, this is a seed right out of a Will Ferrell or Mark Wahlberg movie where the thieves sneak into the field, they cut down a truck load and they're all happy and realize they have hemp. So unless they're planning on making some CBD take-to-chairs or some really nice CBDs drops, they're gonna be greatly disappointed after they use the hemp. And pay their fines for doing it. All right, another story about illegal grows is coming from New Mexico, where illegal cannabis is growing amongst legal grows of hemp. Now, adding the fact that these farms are just off Native American lands and owned by Chinese businessmen, they have caught the attention of the Council of the Navajo Nation, the Department of Homeland Security and many other law enforcement entities. It seems that kids are being trafficked into New Mexico to tend to these crops. Some of these kids are as young as 10 years old. Illegal grows are starting to get more and more attention from law enforcement and this may have uncovered a human trafficking ring, certainly probably something they'd like to stop, especially the human trafficking and certainly not what you wanna see in a hemp or in a cannabis field, correct? Yeah, we talked about things that are compressing the margins all the way around on the bottom line where you have to find a way to create some margin. And unfortunately, child labor and forced labor, it's certainly a way to find some margin on the bottom line. And unfortunately, this is an ugly side of a lot of parts of life, whether it be a sneaker factory or out of the United States, picking tomatoes or whatever it's gonna be, hemp and cannabis are being attached to this and it's a black eye all the way around, not just for the hemp and cannabis industry, but just child labor and child trafficking is a pretty sick thing altogether. Absolutely, has to start, has to stop. So now in Fortuna, California, a $1,000 a day fine will be administered as a deterrent for local illegal grows once local enforcement issues are warning. Now, those who do get fined will not be prosecuted or arrested for this misdemeanor, but is that $1,000 a day enough to stop growing illegally, Kurt? Depends how big your grow is. And if you're thinking about this, you'd wanna have grows in multiple locations and just realize this may be the new cost of doing business on the black market. If you have four or five locations and you know, hey, one's gonna get taken down every six months and you work that into your financial equations, the fact it's not a criminal charge and as a warning first, I think people are gonna continue to push the limits as we like to say. Everybody's doing a little bit of a cash grab. Meanwhile, up in Canada, it's time for Solomon Israel's MJ Biz Daily International Report and another record set from our Northern borders. Take it away, Solomon. I'm Solomon Israel from Marijuana Business Daily International and this is your Weed Talk News Canadian cannabis report. Canadian sales of recreational marijuana hit yet another new high in July. The regulated markets surpassed 231 million Canadian dollars, up more than 15% over June. On an annualized basis, July's figures imply a market worth 2.8 billion Canadian dollars. Meanwhile, Aurora Cannabis posted a net loss approaching 1.9 billion Canadian dollars for the quarter ended June 30th. All told, the company lost 3.3 billion during its 2020 fiscal year. New CEO Miguel Martin said he plans to refocus Aurora's grant portfolio to prioritize premium brands. And the government of British Columbia is working on a program to allow farm gate sales from small licensed cannabis producers. That would let those drovers sell their own crop directly from stores located at their production sites. But there's a catch. The program isn't scheduled to launch until 2022 and a provincial election is scheduled before then. You can read those stories and more at mjbizdaily.com. I'm Solomon Israel from Marijuana Business Daily. According to M.J. Bizdaily, cannabis consumers are spending more during COVID per visit in California, Nevada, Washington State and Colorado. Facts like that are available in the M.J. Bizdaily 2020 Factbook. You can get yours at mjbizdaily.com. A California company known for its celebrity ownership called Cookies has just bought a license to operate a medical dispensary in Florida. Kurt, do you know of a rapper named Burner? I've heard of him before, yes. I haven't before I read this story. Anthony Mulan is his real name and he will be the first person of color to own a license to operate in Florida and it will be located in Port Richie scheduled to open in 2021. So I guess that's a good thing, right? Yeah, Cookies is a great brand. If you've read the backstory, it's still privately held and they've just done such a good job establishing the difference in a commodity, right? We've always talked about how cannabis is gonna be a commodity. Tomatoes, cabbage, grapefruit, whatever it's gonna be. And Cookies has really defined the market. It's what men should have been, right? That's kind of where it's at where Cookies is the success story that went under the radar privately held. They're doing it right in every state. As soon as you see the store, you know it for its quality as well as its design. Again, it's kind of where men should have been. The vision, Cookies actually is the reality. And Cookies is a great name for a weed dispensary. Let's face it, because there's always munchies involved, right? I mean, that's obviously where they came from. Anyway, hard to believe. There is an issue with delivery in Colorado, a state where it's been legal for 10 years. Sure enough, Colorado Springs is banning the delivery of medical marijuana citing a public safety issue and the cost of regulation. Kurt, I do not get this one. No, it's funny, the price of cannabis per pound or marijuana in Colorado is like a three-year high, which tells me if it's just supply and demand. There's a lot of demand, whether it's black market or above the board for that Colorado bud. So it's strange to see a medical thing. Maybe there's an incident there or what about recreational? So I think it's a little more to that story and there could be some players making that happen for strategic purposes in their business, but we'll have to wait and see. And now it's time for the DC Report with Vote Pro Podcast, Phil Adams. Phil? Here with the Weed Talk News, DC Report. Postponing a house vote on the more act until after election day will not slow the momentum toward cannabis reform, say industry lobbyist. That is provided the Democrats retain control of the house. David Manjone of the Liaison Group at DC Lobby Firm for the National Cannabis Roundtable expects lawmakers to push for cannabis de-scheduling with a social justice component. Manjone believes this will offer a more comprehensive solution toward aligning state and federal marijuana laws. Saying, quote, the house has set a new line in the sand. This is what impactful cannabis reform will look like. Cannabis Trade Federation advisor Steve Fox agrees saying, quote, social justice is leading the push for reform and the drive for a regulated market. It's really where we've been at the state level. The Food and Drug Administration will release draft guidelines designed to streamline approvals of CBD-based medications. The FDA announced it is soliciting public feedback from researchers who are interested in submitting new drug applications for CBD products. Guidelines come two years after the agency approved Epidiolex, a brand of CBD-based epilepsy medication. The FDA is also actively seeking research contractors to help study the non-toxicating cannabinoid. In news from outside the Beltway, Ethos Cannabis announced the purchase of three medical dispensaries in Maryland. The Philadelphia-based company has acquired the rights to forefront dispensaries in three locations along the DC Baltimore Corridor. The purchase is part of an $18 million deal with multi-stake cannabis company Forefront Ventures. Currently operating under Forefront's mission brand, the dispensaries will be rebranded to Ethos. That's the Weed Talk News DC Report for this week. I'm Phil Adams from Vote Pro Podcast. A few months ago, Kurt and I talked with Melissa Metley, who was one of the principals at the group called South Dakota for better marijuana laws. Now legalization for adult use and medical marijuana are both on the ballot in South Dakota. And a recent poll says that over 60% of the voters there are planning on approving those initiatives. That group released some disturbing but not so surprising stats about cannabis arrests in that state. Did you know one of nearly 10 arrests in 2018 was for cannabis possession and many were carried out on a racially disproportionate basis? Once again, Kurt, weed legalization is now more about racial profiling than making the plant legal. Yeah, especially in a state like that. I mean, I was gonna say good, we can get the child labor straightened out off the Indian reservations on a state like that. But to see 61%, we had talked to Melissa before, it's really gaining traction. And her group, if you remember, was the one that was really behind both of those ballot questions and pushing it. So congrats to her for not only getting it there, but obviously having a strong majority ready to legalize. Absolutely, and hopefully after election day and if it passes, we'll reach back out to Melissa to congratulate her for sure. Now, one last story about those devastating fires on the West Coast in Oregon specifically. And sure enough, the Small Business Administration confirmed that none of the farms that were destroyed are eligible for any kind of relief funds. Now, the Oregonian is reporting that seven companies lost everything. Canyon Cannabis, Grateful Meds, Blue River Grass Station, and Fireside Dispensary were a few. And amazingly, the fire came within three miles of Jim Belushi's farm, but the wind changed direction and it was spared. Jim Belushi issued an appeal for his fellow growers yesterday. He wants you to go to the Jackson County United Way website, they have a campaign, to try to raise funds specifically for that area. And we are showing the link for you to go to that. Basically it's unitedwayofjaxsoncounty.org, backslash give, backslash. So Kurt, hopefully people will feel bad about this and donate some money back to some of the businesses that were just, you know, isn't it interesting? Our citizens have to do what our federal government won't do. Yeah, it's kind of this tightrope to walk due to insurance policies for cannabis in some states and what's covered in crops. So it's a real disaster, even the California fire. So anybody that can, you know, you enjoy the plant, you enjoy the product, if you can give a little, everybody gives a little, it just goes a long way for those farmers who are growing the product you enjoy. Just trying to make a living. Growing Belushi, the show on Discovery is hoping for a second season. They're actually in negotiations right now. Now I understand there's a virtual convention this coming weekend, 10X. And I believe we know someone involved with that. Kurt, you and Bruce Linton getting together for that, are you? I think there may be a little banter back and forth. If you wanna check it out, it's the finals of Cannabis 10X coming up this weekend. Judges are Cheech Marin and Bruce Linton and we'll be doing a piece kind of before the final judging. So stay tuned for that. And there's a YouTube video out there that promotes that event. And Kurt, I discovered it and told them the correct way to spell your name, which they screwed up the first time, although they were very happy and very apologetic. They had done that to you, but I got your back, man. Hey, thank you. There's a level of Belushi's at the Discovery channel. I'm at the YouTube misspelling of my name, but it's a long way to the top, Jimmy, and I'm still going. All right, that'll do it for this week's weed talk news. I'm Jimmy Young for Pro Cannabis Media. And I'm Kurt Dalton with cannabis.net. Remember, it's a whole new world of weed out there. Use it responsibly. Thanks for watching. Thanks for listening. We Talk Now, We Talk News, and In The Weeds are all available on most major podcast distributors like iTunes, Spotify, Google Play, and our friends at clnsmedia.com and our flagship, cannabis.net. 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