Plant-based biotech company 22nd Century Group, Inc. (NASDAQ: XXII) reported its results on Thursday for the third quarter ended September 30, revealing net sales of $7.8 million for the period, up 6.9% from the prior year’s period.
Moreover, its year-to-date net sales totaled $23 million, up 11% from the corresponding period of last year.
The Buffalo, New York-based company, involved in cannabis and hemp research, as well as tobacco harm reduction, reduced nicotine tobacco and improving health and wellness via plant science, also disclosed that it is in the process of applying for a USDA Organic Certification for its hemp farm, Needle Rock Farms.
James A. Mish, CEO of 22nd Century Group, said he is proud to “begin to monetize our highly disruptive hemp/cannabis plant lines and IP.”
Q3 2021 Financial Highlights
Gross profit for the third quarter of 2021 improved by $87 thousand, or 24% to $449 …
Original Source: benzinga.com
Congress Under Pressure: Colorado Officials Push for Cannabis Banking Reform
With the end of Congress’ session just around the corner, marijuana advocates, stakeholders and lawmakers continue to push for marijuana banking policy change.
This time, Colorado Gov. Jared Polis (D) joined forces with Lt. Gov. Dianne Primavera (D), Attorney General Phil Weiser (D), Treasurer Dave Young (D) and Department of Public Safety (DPS) Executive Director Stan Hilkey in urging congressional leaders to revisit the issue, reported Marijuana Moment.
In a letter sent on Monday to both House and Senate leaders, Colorado officials focused on the impact which a bipartisan marijuana banking bill will have in terms of public safety and industry equity,
“The lack of safe banking and financial services for the cannabis industry in the State of Colorado has become a dire public safety issue for highly regulated cannabis businesses operating in compliance with state …
Original Post: benzinga.com
New Data Shows Weed Legalization a Boon for Real Estate, New Jobs and Tax Revenue
A new report from the Federal Reserve Bank shed light on the economic impact marijuana legalization has had in recent years, reported Marijuana Moment. Policy changes on the state level have resulted in increased commercial real estate demand, as well as a surge in tax revenues while creating more jobs.
According to an analysis from the Kansas City arm of the Central Bank, which collected data from several states under its jurisdiction, the Tenth Federal Reserve District, the cannabis industry has become one of the main economic sectors positioned to grow substantially in the coming period.
“Overall, the marijuana industry has had a significant effect on the economies of Tenth District states in the initial years after legalization,” the report said. “The emergence of the industry has …
Will Missouri Legalize Cannabis? Amendment 3 Suffers Another Attack This Time by State NAACP
Cannabis legalization efforts in Missouri are under attack once again, this time by The Missouri State Conference of the NAACP.
The Missouri NAACP, breaking with chapters in the St. Louis area is urging its members to vote against Amendment 3 on the Nov. 8 ballot, reported the Saint Louis Post-Dispatch.
The group announced Thursday that it believes recreational marijuana legalization, as it is proposed under Amendment 3, would prevent minorities from entering the cannabis industry.
“Marijuana possession should not be a constitutional crime. Additionally, for years now, Black people, other minorities, and people who have been criminalized by marijuana laws in the past have been unable to enter the medical marijuana market,” the Missouri NAACP wrote. “That is not right. In an effort to prevent the permanent exclusion of minorities from the cannabis industry in the state of Missouri, the NAACP calls upon every voter to reject the criminalization of marijuana possession, de facto racist regulation of the cannabis market, and the wool being pulled over our eyes by the supporters of Amendment 3.”
Under Amendment 3, the first “comprehensive” cannabis business licenses would be provided to existing medical marijuana companies.
The state’s chapter highlighted that the amendment “does not increase the number of available full market licenses” and claims that giving “micro” business licenses to disadvantaged groups makes a “very limited” program.
According to Nimrod “Rod” Chapel Jr., president of the Missouri NAACP, members agreed last week …
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