Banking is one of the most hotly debated issues amongst marijuana stocks and in the cannabis industry. While the issue mostly pertains to the U.S. cannabis industry, other markets and pot stocks located outside the U.S., also have a reason to want proper banking laws. Recently, the coronavirus has helped to highlight just why this is so important. During the past few months, the demand for cannabis has shot up right alongside the number of statewide shutdowns. This is simply because more people are inside, and therefore more people are using cannabis. But, with this increasing demand, many states have chosen to make cannabis an essential service during this time.

Although they are considered essential, the federal government has yet to see the importance of the cannabis industry and therefore has not put any permanent banking laws in place. In April of this year, Florida reported selling over 120,000 ounces of cannabis. This number represents a more than 50% increase over the month of January. In addition, many leading marijuana stocks have actually opened new locations in the state since the shutdown began. But, it is extremely clear that federal banking laws continue to go against what states and the people want.

For the past couple of months, the coronavirus disease 2019 (COVID-19) pandemic has wreaked havoc on the U.S. and global economy. In the U.S., more than 39 million people have filed an initial jobless claim within the past nine weeks, while the unemployment rate in India has increased from 8.7% in March to more than 27% by May 3. Regardless of the country, the results are similar.

COVID-19 has also been relatively indiscriminate when it comes to the economy. Though pockets of strength have emerged, most industries have been negatively impacted by the spread of the coronavirus and the mitigation measures put in place to curb its transmission.

But this hasn't been the case the marijuana industry. Surprisingly, pot sales have rocketed higher throughout numerous markets in North America.

Researchers specializing in infectious disease at the University of Saskatchewan in Canada are turning to cannabis as they build a new COVID-19 virus vaccine candidate. The research team says that a plant-based antigen may be easier to produce commercially on a broad scale than animal-based antigens.

Zyus Life Sciences, a medical cannabis company based out of Saskatoon, Saskatchewan, will determine if cannabis-based compounds can play a role in the fight against the novel coronavirus that causes COVID-19. Last year, the company received its license from Health Canada to develop cannabis-based medical products.

Zyus Life Sciences partnered with the Vaccine and Infectious Disease Organization-International Vaccine Centre (VIDO-InterVac) at the University of Saskatchewan in an effort to develop proteins for a vaccine candidate using the cannabis plant. It is one of many efforts in the race for a viable vaccine.

More than 11,500 convictions for cannabis offenses are set to be expunged or reduced in Santa Clara County, California this week as part of a continuing effort to clear criminal records of actions that are no longer a violation of state law. The expungements are scheduled to be granted on Wednesday by Judge Eric S. Geffon, according to a release from the Santa Clara County Superior Court.

“The Santa Clara County Superior Court is pleased to be able to order the record clearance of thousands of people today,” Presiding Judge Deborah A. Ryan said in a statement that noted the collateral damage of marijuana convictions. “We hope this process will provide a sense of closure to those individuals. Having a clear record also will assist those seeking employment, an issue that is especially important as businesses begin the process of reopening.”

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