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Pasha Brands Ltd. (CSE: CRFT) (OTC: CRFTF) (FSE: ZZD), Canada’s national craft cannabis organization, announced today that its wholly owned subsidiary BC Craft Supply Co. has signed a supply agreement with Canandia Bioceutials, based in Delta, BC. This supply contract will add approximately 500kg of specialized craft cannabis to BC Craft’s supply chain and brings the number of licensed micro-producers BC Craft has signed supply agreements with to four.
Based in Vancouver, British Columbia, Pasha Brands is a vertically integrated organization that is firmly rooted in BC’s craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product, processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha’s subsidiary, BC Craft Supply Co. Ltd., is developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft Supply Co. Ltd. is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
The U.S. Drug Enforcement Agency recently announced plans to expand cannabis research after a prolonged delay. The DEA said it hopes to receive a variety of compelling research about marijuana after the agency delisted CBD, or cannabidiol, from the Schedule 1 list last year.It is important to note, however, that the cannabis plant itself is still a Schedule 1 drug. CBD, meanwhile, is a compound found within the hemp plant, which falls within the cannabis family. Previously, cannabis research was heavily limited as there were only few researchers who were allowed to cultivate and provide cannabis for medical purposes. However, over the past several years, many researchers have delivered uplifting results from clinical trials that proved cannabis is a reliable and effective medical treatment. Now, medical cannabis is predominantly being used to alleviate symptoms associated with afflictions such as chronic pain, cancer, and epilepsy. The positive data has even led many U.S. states to legalize medical cannabis. And as of 2019, there were 33 states and the District of Columbia that have already moved to legalize medical cannabis. In general, the U.S. was one of the earliest adopters of medical cannabis when California first legalized medical use in 1996. Since then, a number of countries such as Australia, Colombia, Germany, France, Spain, Thailand, and South Korea have all been influenced by the remarkable data and have also moved to legalize medical cannabis. As a result, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%, according to data compiled by Grand View Research.
While most regions are legalizing cannabis primarily for medical purposes, a number of countries have also decided to either decriminalize or legalize recreational use as well. Specifically, some countries are looking to legalize recreational use for the economic benefits as well as a means to end the war on drugs in high profile regions. In particular, countries such as Mexico, the U.S., and New Zealand are potentially likely candidates to implement nation-wide legislation in the coming future. Nonetheless, Canada and Uruguay are the only two countries that have fully legalized cannabis as of now. However, in an economic perspective, it was speculated that Americans spent roughly between USD 8.6 Billion and USD 10 Billion on legal marijuana in 2018, according to Marijuana Business Daily. And while the sales of cannabis are helping boost the overall industry, they also help drive bolster the economies of the states where the plant is legally sold. For instance, Washington has implemented a 37% sales tax on legal recreational cannabis, while California has implemented a 15% sales tax, while cultivators also pay a product tax per ounce. Notably, Washington collected the most taxes last year with an estimated USD 319 Million while California came in second with an estimated USD 300 Million in cannabis tax revenue, according to Niall McCarthy, Senior Data Journalist at Statista. Leafly said that the tax revenue is being used by states to support jobs in school, construction, drug abuse programs, and medical research. Moreover, the acceleration of the legal cannabis market created 300,000 jobs last year, bolstering the economy with higher tax revenues. “One of the biggest pro-legalization arguments was that states would be able to bring in a new source of tax revenue,” said Liberty Vittert, Professor of Practice in Data Analytics at Washington University. “While there are still many unknowns surrounding the legalization of recreational marijuana, I believe that this shows that it will be a positive influence.”
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