The Governor of Illinois, J.B. Pritzker, came forward with one of the most progressive laws for the legalization of marijuana. The state of Illinois announced a new R3 program (Restore, Reinvest, Renew). According to this new law, 25 percent of the cannabis tax revenue must go the R3 program.
Cannabis Tax Revenue Program
This program aims to distribute $31 million in cannabis tax revenue to the communities that have been severely affected by the war on drugs. The state has asked everybody to fill out the forms by Monday, July 20,2020. All the necessary instructions and information regarding the application procedure can be viewed here.
The Restore, Reinvest and Renew program is one of the best steps taken by the government of any state to put into use the money by the legalization of marijuana for a good cause. These examples of social equity are guiding footsteps for all.
Previously, Governor J.B. Pritzker’s policies during the COVID-19 crisis to avoid unemployment have been praised all over the country. The changes in insurance policies to assist the newly unemployed people due to COVID-19 was surely a good step to console the poor. Moreover, these recent steps taken by Pritzker show his political soundness.
Welfare via Tax Revenue
The George Floyd case has stirred up anxiety in the general public. The battle of racism that America thought was won is very deep rooted. The murder of George Floyd shows that eradication of racism is going to take us a lot more time. Protests all over the world are taking place. American policies towards racism and welfare of the public are being largely questioned because of their recent negligent attitude. This step for the betterment of impoverished communities will help America catch the straw.
In the light of news, while this step is a commendable one people are assuming it is just to put on a show. Many critics have commented that this initiative is to divert the attention of people and cool down the situation.
$25k to $850k grants
$25k to $850k grants are being distributed to non-profit organizations, organizations that work for the social service programs, local municipalities that primarily work on the objectives of the Restore, Reinvest and Renew program. Government has asked all the organizations that work for social services and provide financial funding to the needy to apply for the grant.
The objectives of the R3 program revolve around youth development, economic development, civil legal aid, violence prevention and reentry from the criminal justice system. In short, the program aims at spending this money on the social and economic well-being of the people.
The government wants to bridge the social gap between the different strata. Pushing the people in the right direction with a little help can reduce crimes. This program will help people the victims of violence, unemployment and drugs.
This map highlights all the areas that are a part of the Restore, Reinvest and Renew program. Street-level resolution is provided in this map.
These are tough times. People are looking for the lightest ray of hope, the first drop of rain and the last streak of the pink sky to take them back to the normal times. This law of spending the tax revenue on well-being of communities is a good thing to look forward to!
Are You Planning To Get A Cannabis Business License In Connecticut? Read To Begin Planning
The cannabis business in Connecticut is likely to develop new opportunities for people. It will be beneficial for the state and the public. The business community is excited to begin marijuana involving operations as the state has legalized pot for recreational purposes.
Entrepreneurs, investors, and growers; are developing business plans and gathering information to obtain a license to begin cannabis businesses. Specific licensing criteria and application deadlines have not been established by the authorities yet. However, Connecticut law provides some guidance to entrepreneurs and investors to begin planning about their pot business.
Applicants For Cannabis Business Licenses In Connecticut
According to the law, two groups of applicants can apply to access a pot businesses license. The two groups are the Social Equity Group and general applicants.
A Social Equity Group may consist of an individual or multiple individuals. It must be 65 percent owned and controlled by an individual or individuals of specific qualities. The individual(S) in this group can be from an average household with a revenue of less than 300% of the state median household income and had been taxpayers.
An individual with residency in a disproportionately impacted area for not less than five of ten years immediately preceding the application can apply as a Social Equity Group applicant. An applicant with 65% ownership and who had been a resident of a disproportionately impacted area for not less than nine years before turning 18 can also apply.
The Connecticut Department of Consumer Protection will not award a license to any lottery applicant who has two or more licenses, of the same type at the same time of lottery until June 30, 2025. An applicant may submit as many applications as desire. It is because the legislature has not set any limitations on the number of applications by an applicant.
License Types And Application Expenses
Cannabis business licenses are of seven types. General applicants and Social Equity Group; both can apply for any license type. The retailer and hybrid retailer license, lottery entry fee is $500, the fee for provision license is $5000 and renewing this type of license costs $25000.
The lotter entry fee, provision license fee, and renewal fee of a cultivator license type are $1000, $25000, and $75000, respectively. The third type of license is Micro-cultivator. The entry fee, fee for provision license, and final fee for Micro-cultivator are $250, $500, and $1000, respectively.
Product manufacturer license, entry fee is $750, its provision fee is $5000, and the final charge is $25000. Cannabis food and beverage manufacturer license, entry fee is $250, provision fee is $1000, and renewal or final fee is $5000. The product packager license type, entry fee costs $500, the provision fee costs $5000, and the final fee is $25000.
Are There Any Discounts
Individuals who qualify as Social Equity Group applicants will receive a 50% discount from the Connecticut government for the first three renewal cycles. Moreover, people who meet qualifications will get substantial financial savings. Doing so will allow them to begin operations effectively.
Individuals who have medical cannabis business licenses and desire to transform into another license type can do so after paying some fee.
If an applicant desires to convert their medical cannabis dispensary license into a hybrid retailer license, they must pay $1000000 as a fee. Likewise, an existing medical pot producer can convert their license, to include recreational marijuana production by paying $3000000.
Already established cannabis businesses in Connecticut will not receive a 50% discount even if they belong to the Social Equity Group. However, they can become eligible for discounted license fees if they show dedication to creating equity joint ventures.
Cannabis Giant – Canopy Growth Losses Mega Money And Execs Earns Bonuses
Canopy Growth is a cannabis and cannabinoid-based consumer-product company. The marijuana giant experiences huge losses CA$1.7 billion, and there have been some profits. Ups and downs in sales and profits are part of trade and business activities.
Canopy Growth executives received more than 4 million Canadian dollars (equivalent to $3.2 million) in cash. According to a regulatory filing, executives receive bonuses after making solid progress in the year. The company lose CA$1.7 billion and reduces its labor force by laying off hundreds of workers.
Compensation Packages Of Ontario-based Cannabis Company
According to Smith Falls, the annual general meeting was scheduled for September 14 via webcast. Executive compensation figures were disclosed before the meetings. The compensation packages for executives consist of salaries and bonuses.
ALSO READ: Is Tobacco Industry Shifting To Cannabis
Canopy Growth company also provides long-term and short-term incentives as it is their policy. Five of the executives of the cannabis giant company will be receiving bonuses as short-term incentives. The company grants long-term bonuses annually in March. But in 2021, these were awarded on June 9.
The LTI bonuses were not awarded in the total compensation table. However, they were issued after the end of the fiscal year. The proxy noted that the company is determined to fix the regular timing of annual LTI grants. Moreover, from the beginning of Fiscal 2022, annual LTI grants will occur in June of each year. In Fiscal 2021 no LTI awards were granted by the cannabis company.
Canopy Growth Performance Measures
The world-leading marijuana company uses four measures to evaluate performance. Depending upon performance related to corporate objectives, executives get cash rewards or annual bonuses.
Performance in maintaining free cash flow has the highest weighting in the four performances measures. It weighs 50%. Net revenue weightage is 20%, adjusted EBITDA contributes 20 percent, and an individualized objective contributes 10% in performance measures.
In the fiscal 2021 year, the company could not meet its net revenue and adjusted EBITDA. However, the company was bale to meet goals for free cash flow. Free cash flow was half the shortfall the company predicted.
Adjusted EBITDA is a measure of profitability, and in the 2021 fiscal year, the adjusted EBITDA came in a negative $258 million. The cannabis company had an objective of negative $246 million. There were slight changes in net revenue and other performance measures.
Canopy Growth announces to give David Klein a cash bonus worth CA$2.2 million. David Klein is the CEO of the company. The chief financial officer of the marijuana company Mike Lee will receive a cash bonus of CA$579,000.
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Rade Kovacevic is the president and chief product officer and will receive from the cannabis company a short-term cash bonus worth CA$659000. The chief commercial officer of the pot company is Julious Grant. The company is awarding Julious Grant a bonus of CA$360,000 in cash. Phil Shaer is the legal officer of Canopy Growth and will be receiving a cash bonus of Canadian dollar three hundred and fifty-one thousand.
According to the proxy statement, the executive leadership team put great efforts and performed well in reducing financial losses, maintaining success. Teamwork to help the company revise CPG strategy and improve financially. Dealing with the challenges of the environmental changes caused by the pandemic situation was difficult for everyone. Continuing to work efficiently and perform well in difficult times was a remarkable effort of the company.
Four members of the executive leadership team, received a modest increase in their salary, between CA$14000 to CA$25000. The CEO David Klein will not be receiving any raise in income. He will continue to get CA$1.2 million salaries as the CEO of Canopy Growth cannabis company.
Originally covered on: mjbizdaily
Can Cannabis-based Drug Treat Brain Tumors? UK Trials Designed To Discover More
Brain research studies have occurred previously, but the UK-based trial will analyze cannabis-based drug efficacy in treating brain tumors. Thus, this clinical project is different, and its findings can be life-changing for many patients.
The University of Birmingham is planning to coordinate a UK trial. The aim of organizing this trial is to analyze the efficacy of Sativex in treating the most aggressive brain tumors. Sativex is a marijuana-based drug.
ALSO READ: Is Tobacco Industry Shifting To Cannabis
Within the United Kingdom, the NHS has allowed only limited medical marijuana products. Doing so controls the use of medical pot products. It also makes it difficult for all patients to get access to pot-based treatment programs.
Brian tumors are very aggressive sometimes and may remain silent for multiple years. Treatment of such tumors is complex. But there are possibilities of treating them with the marijuana-based drug. The UK trial will help to determine efficacy, safety, and chances of treating neurological tumors.
The UK Trial On Cannabis-Based Drug
The Brain Tumor Charity is funding the new phase II trial. The trial involving cannabis-based drugs is going to launch at 15 NHS hospitals. The phase I study in 27 patients has shown promising results, and researchers are hopeful about effectiveness in the new phase II trial.
Glioblastoma is an aggressive brain tumor that has an average survival of fewer than ten months. The treatment is not much effective, and its progression occurs at a faster rate. Due to multiple reasons, patients suffering from glioblastoma are unable to continue living a healthy life.
In the UK trial, patients will receive Sativex together with their chemotherapy. The trial will determine whether or not the cannabis-based drug Sativex increases the survival rate of patients with brain tumors.
Phase I Cannabis Involving UK Trial
Sativex is a marijuana-based drug, it is an oral spray that contains cannabinoids THC and CBD. This drug has shown promising results in phase I trial and improves the condition of people fighting with glioblastoma.
The cannabis-based drug has a good efficacy profile in treating patients with multiple sclerosis. During the phase one trial, Sativex was effective when given chemotherapy to patients suffering from a brain tumor.
During the phase, I study the number of patients on Sativex who were observed to live longer than those patients, that were on placebo. However, sufficient data from the phase I study, to show survival impact was not gathered.
Phase II UK Trial To Determine Pot Role In Treating Brain Tumors
The phase II trial is called ARISTOCRAT. This trial will continue to research and investigate by observing patients receiving cannabis-based medicine for three years. A placebo group will also be under observation during this time.
More than 230 patients with brain tumors are to gather from all across the UK nations to conduct the trial. The procedure will begin in early 2022, and the process of funds collection is ongoing.
Due to the pandemic, the income of the Brain Tumour Charity decreases by 25 percent last year. As a result, they had to discontinue their research grant funding program. Today the organization launched an appeal to raise £450,000 to open the trial involving the cannabis-based drug.
Glioblastomas are one of the most common and aggressive forms of brain cancer. Each year in England alone, about 2200 people are diagnosed with it, with the lowest survival rate.
Moreover, glioblastomas are fast-growing, highly diffusive, have poor boundaries, and extend to multiple parts of the brain. After intensive treatments, including surgery, these brain tumors develop again and again in different areas.
Cannabis-based drug effectiveness can give hope and relief in treating and prolonging the life of patients with these aggressive tumors. It is essential to conduct the trial as soon as possible.
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