YiLoLife, Inc., the largest manufacturer of marijuana-infused edibles in Arizona, recently announced a pledge of $200,000 in support of the state’s ongoing Campaign to Regulate Marijuana Like Alcohol (CRMLA), which has until later this month to collect 150,000 signatures ahead of a potential vote in November. Two weeks ago, the company committed an initial donation of $100,000, and it is currently in search of 10 additional donors to match its contribution for a finalized donation of $200,000. YiLoLife’s influence in Arizona’s medical marijuana market has been on the rise since it opened its first YiLo Superstore in Phoenix in December 2015. Today, the company wholesales its products to the vast majority of dispensaries across the state.
“We believe YiLoLife can be a valuable ally to CRMLA and the broader movement to legalize marijuana in Arizona,” Carsten Loelke, chief executive officer of YiLoLife, stated in today’s news release. “We are already delivering innovation and differentiation to the medical marijuana industry, and are proud to also lend financial and promotional support of the initiative that seeks to legalize and regulate and tax marijuana instead of criminalizing it.”
The future of the fast-growing marijuana industry across the United States is currently in a state of flux, as, despite legalization measures in several states, marijuana is still classified as a schedule I drug on a federal level, meaning that it is deemed to have no beneficial medical qualities. This status has continued to cause problems in states where recreational cannabis use has been legalized. In a February 2016 report, Inc. highlighted some of these issues (http://dtn.fm/gcBk6). Despite the fact that about 30 percent of cannabis companies had bank accounts, none of them were permitted to accept debit or credit cards, as companies such as Visa (NYSE: V) and MasterCard (NYSE: MA) have stayed on the sidelines until federal law changes. When combined with the knowledge that cash businesses tend to lose 10 percent of revenues due to theft, according to the same report, it’s easy to see why operating in the $6.7 billion marijuana industry is often a logistical nightmare.
Luckily for companies like YiLoLife, the hardships associated with the marijuana industry could be set for a big change in the coming weeks. According to a report by the Motley Fool (http://dtn.fm/D7phJ), a number of medical studies have recently come to light that suggest health benefits associated with marijuana. GW Pharmaceuticals (NASDAQ: GWPH), in particular, has a liquid cannabidiol-based formulation, known as Epidiolex®, which has helped to reduce seizure frequency in patients with Dravet syndrome in early clinical tests. GWPH built on these results last week (http://dtn.fm/G9eWC) through the announcement of positive phase III trial results in the treatment of Lennox-Gastaut syndrome. With these promising studies and others like them, a reclassification of marijuana by the Drug Enforcement Agency (DEA) could occur in the near future.
Though the DEA’s decision will play a role in the trajectory of the marijuana industry, the sector already offers opportunities for considerable financial growth. Cannabis Sativa, Inc. (OTCQB: CBDS) is a shining example of this. The company’s line of marijuana products, marketed under the ‘hi’ brand, has helped it establish a sizable presence in the national cannabis industry, as well as a place on Forbes’ list of the eight hottest publicly traded marijuana companies (http://dtn.fm/Sl2O0). Likewise, California-based Terra Tech Corp. (OTCQX: TRTC) has leveraged a growing network of its Blüm retail medical cannabis facilities in California and Nevada to capture the attention of investors.
For YiLoLife, support of Arizona’s CRMLA could play a significant role in expanding the marketability of its YiLo™ brand edibles moving forward. YiLoLife has already developed a reputation for its premium quality medicated chocolates, drinks, brownies, candies and snacks in the medical market, and success of the CRMLA, as well as a potential rescheduling of marijuana by the DEA, could open the door for tremendous financial growth in the future.
For more information, visit www.yilo.com
