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Trump's trade war will stifle the cannabis industry

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Trump's trade war will stifle the cannabis industry

The 25% increase in tariffs impact on vaping & cannabis

PR Newswire

NEW YORK, July 24, 2018 /PRNewswire/ -- Today, The Blinc Group's Co-CEO is testifying at The Office of the U.S. Trade Representative (USTR) public hearings regarding proposed tariffs on approximately $16 billion worth of Chinese products.

These proposed tariffs increases - including HTS No. 8543709930 and HTS No. 8543709940 related to vapor product devices, batteries intended for use in vaping devices, and pre filled pods and cartridges - will do great harm to American businesses, medical marijuana patients and adult use consumers while doing nothing to empower American companies to manufacture these products themselves.

The current administration's trade war raged against China will:

  1. reduce access to reduced risk vapor products and therapeutic cannabis products to American citizens,
  2. not bring back jobs to America,
  3. cut current medical marijuana and adult use States tax revenues by over 25%,

Arnaud Dumas de Rauly, Co-CEO of The Blinc Group also stated that "Increasing tariffs may have worked 20 years ago, when US manufacturing was at its highest, but given the current economy, it is a major mistake to believe that this will bring jobs back to American citizens."

With regards to taxes, "The State of Colorado has collected over $247M in Cannabis tax revenue in 2017. Considering that over the same period, cannabis vaping products comprised 25% of sales volumes, the loss of taxes due to non-availability of the products, would represent $61.75M, which represents the cost of educating 10,445 students. Yes ladies and gentlemen, this revenue is used to fund education, regulation, substance abuse prevention and treatment programs."

For access to the full pre-hearing testimony of The Blinc Group, please click here.

About The Blinc Group

The Blinc Group is the first of its kind platform for developing and distributing cutting edge technologies in vaping and ancillary cannabis products. The Blinc Group Incubator Program is an exclusive platform that helps the members develop, research, develop and brand the best technology in cannabis and nicotine vaping space. With our proprietary distribution platform, Puffmen, The Blinc Group is building a world-class platform for distribution of unique and exclusive products that come out of the Incubator Program as well as innovative in-house products and from our trusted partners.

http://www.theblincgroup.com & http://www.puffmen.com

For more information, contact Arnaud Dumas de Rauly - press@theblincgroup.com - Tel: +1 (212) 879 2329

Cision View original content:http://www.prnewswire.com/news-releases/trumps-trade-war-will-stifle-the-cannabis-industry-300685576.html

SOURCE The Blinc Group

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