Bjones2
5 hours ago
Congressional Lawmakers Demand DEA ‘Promptly’ Reschedule Marijuana,
Regardless Of ‘Internal Disagreement’ At The Agency
Published on April 25, 2024By Kyle Jaeger
A coalition of 21 congressional lawmakers is telling the Drug Enforcement Administration (DEA) to “promptly remove marijuana from Schedule I,” while recognizing that the agency may be “navigating internal disagreement” on the issue.
In a letter led by Sens. Elizabeth Warren (D-MA) and John Fetterman (D-PA), as well as Reps. Earl Blumenauer (D-OR) and Barbara Lee (D-CA), members told DEA Administrator Anne Milgram and Attorney General Merrick Garland that it’s been eight months since the U.S. Department of Health and Human Services (HHS) recommended that DEA move cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA)—and it’s “time for [DEA] to act.”
They added that the current Schedule I status of marijuana “produces a cascade of severe penalties for marijuana users and businesses, including for criminal records, immigration statuses, employment, taxation, health care, public housing, social services, and more.”
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Citing prior letters, the lawmakers—including Senate Majority Leader Chuck Schumer (D-NY)—reiterated that while a Schedule III reclassification would be a “meaningful improvement, the only way to remedy the most concerning consequences of marijuana prohibition is to deschedule marijuana altogether.”
“The DEA now has the power to determine whether it will continue the failed approach of keeping marijuana in Schedule I,” the letter says.
“Although some at the DEA have indicated that the agency’s review of an HHS scheduling recommendation often takes up to six months, almost eight months have now passed since the DEA received HHS’s recommendation,” they said. “While we understand that the DEA may be navigating internal disagreement on this matter, it is critical that the agency swiftly correct marijuana’s misguided placement in Schedule I.”
That point references reporting in The Wall Street Journal that said DEA officials are “at odds” with the Biden administration over the scheduling review.
“The longer marijuana remains scheduled in the CSA, the longer our communities face senselessly severe penalties and the longer the marijuana laws of the majority of U.S. states remain in conflict with federal law,” the letter continues. “Right now, the Administration has the opportunity to resolve more than 50 years of failed, racially discriminatory marijuana policy.”
“We trust that the DEA is working as quickly as possible toward a decision on how marijuana is scheduled, as Vice President Kamala Harris recently reassured stakeholders. We are also hopeful that the DEA will not make the unprecedented choice to disagree with HHS’s medical finding that a drug does not belong in Schedule I.”
The letter concludes by applauding President Joe Biden for promoting marijuana reform during his State of the Union address and saying Second Chance Month represents a “prime opportunity to finally begin remedying the harms of marijuana’s scheduling by removing marijuana from Schedule I.”
“We look forward to your prompt action and appreciate your attention to this important matter,” they said.
The letter, which was first reported by HuffPost, also cites a response several senators received from DEA earlier this month explaining that the agency is carrying out its duties in the cannabis review and “must follow the procedures set forth in the [CSA], including an opportunity for a public comment period and a hearing.”
That’s notable, as it appears to be the first time DEA has explicitly acknowledged the likelihood of a public feedback period including a public hearing after it announces the conclusion of its review.
Other signatories on the letter include Senate Finance Committee Chairman Ron Wyden (D-OR), Sens. Bernie Sanders (I-VT), Jeff Merkeley (D-OR), John Hickenlooper (D-CO), Reps. Robert Garcia (D-CA), Dina Titus (D-NV) and more.
Meanwhile, the head of the Food and Drug Administration (FDA) says there’s “no reason” for DEA to “delay” making a marijuana scheduling decision.
Last month, HHS Secretary Xavier Becerra defended his agency’s rescheduling recommendation during a Senate committee hearing and also told cannabis lobbyist Don Murphy that he should pay DEA a visit and “knock on their door” for answers about the timing of their decision.
jobynimble
2 days ago
Pervasip Announces First Quarter Financial
Reports 2024 First Quarter Revenues of $3.34 Million from Artizen Corporation
April 23, 2024 14:40 ET
| Source: Pervasip Corp.
SEATTLE, WASHINGTON, April 23, 2024 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced its 2024 first quarter financial results.
Key Highlights
Gross Profit for the quarter ending February 29, 2024 totaled $831,079 on $3,347,086 in revenues, compared to gross profits of $716,213 during the same period in 2023.
Gross Margins increased from 20% to 25%, a 25% increase. The improved gross margin reflects increases in production yields and gains in production efficiencies.
Revenues of $3.34 million decreased slightly from 2023 first quarter revenues of $3.66 million, achieved in a market that continues to battle over supply and price compression.
Operating Loss for the quarter increased to $618,623, deeper than the $501,283 loss reported in the first quarter of 2023. This increase is attributable to one-time expenses related to the restructuring of operational staff and completion of the company’s 2022 audit.
Operating cashflow for the quarter ending February 29, 2024 totaled $98,320 compared to negative cashflow of ($38,044) during the same period in 2023.
Generated first retail sales in Oregon recreational market, fulfilling company’s goal of expanding its retail brand on the West Coast.
The Company initiated its debt and operational restructuring, continuing to reduce low yielding real estate footprint, entering into a voluntary debt restructuring, consolidating operations, and exiting one of its largest facilities which had seen 65% utilization over the past years. With a focus on higher margin products, operational objectives focus on improving gross and operating margins in preparation for the spin out of all of the Company’s cannabis assets.
“We are entering our final phase of restructuring which involves making difficult decisions to ensure additional expense reductions and separating the Company from assets it has held for many years,” said German Burtscher, Pervasip’s president and chief executive officer.
As part of the restructuring, George Jordan has resigned from his duties as CFO and COO of the company and will stay on as an advisor, supporting management through its final phase of changes in preparation of the spin out of Artizen Corporation.
The Company has engaged with Frucci & Associates for the completion of the fiscal 2023 audit of the Company and of Artizen Corporation, which is needed for a spinout and uplisting of Artizen Corporation to OTCQB. In the meanwhile, the Company also has entered into negotiations with several parties to bring to Pervasip certain technologies and related opportunities once the spinout is complete.
The basic and diluted loss per share remained constant at $(0.00), with the weighted average number of shares outstanding increasing slightly to 5,429,231,963 from 5,329,231,963.
As we continue our efforts to streamline operations and focus on higher-margin products, these quarterly figures reflect both the challenges and the ongoing strategic adjustments being undertaken by the company. Our commitment to improving our financial performance remains steadfast as we prepare for the strategic spin-out of Artizen Corporation and engage in new opportunities that align with Pervasip's growth trajectory.
For further information, please contact:
T: 206-590-2408, Extension 102
E: info@pervasip.net
Complete release: https://www.globenewswire.com/en/news-release/2024/04/23/2868067/0/en/Pervasip-Announces-First-Quarter-Financials.html
Bjones2
6 days ago
Bloomberg Marijuana Stocks Gain Momentum on Cannabis Reform Hopes
US Edition
Markets
By Carmen Reinicke
April 19, 2024 at 12:00 PM EDT
Updated on April 19, 2024 at 4:20 PM EDT
Marijuana Stocks Gain Momentum on Cannabis Reform Hopes
Two cannabis funds have beat the S&P 500 in last six months
Investors see major upside for the industry with policy change
Bloomberg
By Carmen Reinicke
April 19, 2024 at 12:00 PM EDT
Updated on April 19, 2024 at 4:20 PM EDT
Investors have been diving into cheap pot stocks in hopes that a change in US policy will unlock major upside for cannabis companies.
A look at funds and stocks following the marijuana industry ahead of the unofficial marijuana holiday of April 20, popularly known a
Bjones2
1 week ago
Schumer And Other Democrats Amplify Calls For Marijuana Reform Ahead Of 4/20
Which Congressman Says Should Be Celebrated ‘Every Day’
Published on April 17, 2024By Kyle Jaeger
Democratic senators, including Senate Majority Leader Chuck Schumer (D-NY), are “trying to recruit Republicans” to join them in the push for federal marijuana legalization, Senate Finance Committee Chairman Ron Wyden (D-OR) said at an event ahead of 4/20, which another lawmaker said is a holiday that should be celebrated “every day” this year as advocates work to get reform “across the finish line.”
At a press briefing organized by the Last Prisoner Project (LPP) on Wednesday, multiple congressional champions of cannabis legalization marked progress in the fight to end prohibition.
As Schumer, Wyden and Sen. Cory Booker (D-NJ) prepare to file a bill to federally legalize marijuana later this month, Wyden said the trio are “out right now trying to recruit Republicans to join in.”
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“I want you to hear what my message is. I’m gonna say one word: Deschedule,” he said. “Descheduling ought to be a Republican dream… Sometimes I think they’re only for states’ rights if they think the state is right.”
Schumer, meanwhile, applauded advocates and discussed his work on legalization and cannabis banking reform in a pre-recorded video that was shared with Marijuana Moment ahead of a National Cannabis Policy Summit on Wednesday.
“My commitment to ending federal prohibition on cannabis remains as strong as ever,” he said. “As many of you know, cannabis reform is an issue I’ve cared about, and I’ve been working hard on, for years. And as many of you know, momentum is now in our favor.”
“Here in Congress, we’re making some good progress,” he said, pointing to the Senate Banking Committee passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act last September. Schumer also reiterated his interest in attaching a measure to incentivize state-level cannabis expungements to the legislation when it’s brought to the floor.
The majority leader also talked about his forthcoming Cannabis Administration and Opportunity Act (CAOA) to legalize marijuana.
“Cannabis legalization has proven successful at the state level. It’s high time that Congress catches up with the rest of the country,” Schumer said. “Of course, we know none of this is easy, especially in divided government. We need all of you to continue reaching out to members, especially Republican members, so we can make cannabis reform a reality.”
Back at the LPP event, Congressional Cannabis Caucus founding co-chair Rep. Earl Blumenauer (D-OR) touted his 51 years of work to reform state and federal marijuana laws. He also said it’s “appropriate” that advocates and lawmakers are celebrating 4/20 three days early because, “this year, we ought to be celebrating 4/20 every day.”
“Forces are aligned to be able to end this failed war on drugs and mobilize unprecedented support across the country,” he said. “And, frankly, the Biden administration has been doing a little realignment, which I welcome. But it’s time to not just realign but get it done.”
“President Biden, if I was interested in mobilizing young people—if I was interested in energizing them—this is a no-brainer,” Blumenauer said.
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