420 with CNW — Ohio Campaigners Look to 2023 Ballot to Legalize Adult-Use Marijuana

Cannabis reform activists in the state of Ohio are hoping to get a recreational cannabis legalization bill on the November 2023 ballot. Earlier this year, the campaign behind a legalization measure announced that the bill would not be on the 2022 ballot but that there was a chance of getting the measure on the subsequent year’s ballot.

The Coalition to Regulate Marijuana Like Alcohol had filed a complaint for declaratory judgment in April to ensure that the measure made it onto last month’s ballot. The suit was unsuccessful, however, and the coalition reached an agreement with legislative leaders and the secretary of state which put their legislation on track to appear on next year’s ballot.

Tom Haren from the coalition said at the time that the most important thing was that Ohio voters would still have the chance to decide on recreational cannabis legalization even if it wasn’t during the November 2022 ballot. He added that the campaign “wasn’t going anywhere” and that supporters were resolute in their goal to legalize adult-use cannabis in the state.

The Coalition to Regulate Marijuana Like Alcohol is comprised of cannabis business owners; the group managed to raise more THAN $1 million last year in its efforts to legalize recreational cannabis. In fact, the group collected a total of $212,500 in the first half of 2021, with $150,000 coming from procannabis legalization organization the Marijuana Policy Project, $50,000 was donated by the owner of Ohio-based medical cannabis cultivator and processor Klutch Cannabis while $12,500 came from Riviera Creek, a cultivator and processor in Youngstown.

The campaign’s lawsuit was concerned with the complex timing and deadline involved in the multistep process of getting an initiative on the ballot. Lawmakers, the campaign, and the court settled out of court, agreeing that the campaign has until early January to present a recreational cannabis proposal to the Ohio General Assembly.

Haren, the lawyer working on the adult-use cannabis campaign, said that the legislature has only four months to craft and pass a similar recreational cannabis bill. Since it is likely that the legislature will not pass adult-use legislation, the campaign will have to collect around 130,000 signatures in around eight weeks to qualify for the November ballot once it receives the proposal from the Ohio General Assembly. Haren is optimistic about the campaign’s chances of success, stating that advocates will prepare staff to collect signatures and expect to have enough before the deadline elapses.

The onward march of cannabis legalization brings opportunities not only for companies that will directly deal with plant-touching products but also for others such as Advanced Container Technologies Inc. (OTC: ACTX) that are tangentially linked to the industry.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Nevada Conducts Lottery to Select Cannabis Consumption Lounge Licensees

As the Cannabis Control Board of Nevada had earlier announced, regulators held two lotteries on last week to pick the first set of licensees that will be allowed to open marijuana consumption lounges in the state. A total of 40 licenses were awarded during the lotteries.

Half of the licenses went to existing marijuana businesses that wished to add consumption lounges to their facilities while the other half went to companies that wished to open standalone cannabis consumption lounges. Of this number, 10 went to social-equity applicants while the remaining 10 went to other applicants that didn’t fall in the category of social-equity applicants.

During the lottery, regulators had a livestream of all the participating application numbers entered into the draw. All the numbers that were randomly selected were published, and the agency also later published online the names of the companies that had been selected to receive licenses.

It is expected that the consumption lounges will further boost cannabis sales in the state. Nevada earned about a billion dollars during this fiscal year, with the tax collections amounting to at least $152 million. The bulk of these taxes are being channeled to giving schools the funding they need. An increase in sales would therefore make more money available for the public school system in the state.

Governor Steve Sisolak has vowed to keep promoting equity as well as social justice within the marijuana industry. For example, he pardoned at least 15,000 individuals who had been convicted for simple cannabis possession. Those pardons in 2020 were possible as a result of a resolution tabled before the state’s Board of Pardons by Sisolak. The commissioners on that board supported the resolution unanimously, paving way for the governor to proclaim those pardons.

Nevada is moving systematically on the path to end the remnants of cannabis prohibition. For example, a judge in the state recently made a ruling that Nevada’s Board of Pharmacy was in violation of Nevada’s constitution by maintaining the classification of marijuana as a Schedule 1 controlled substance.

This ruling came as a result of a suit filed by the Nevada chapter of ACLU alleging that the Board of Pharmacy’s classification of marijuana created a loophole that allowed police to keep arresting people on marijuana charges despite the existence of a law legalizing both recreational and medical marijuana. The Board of Pharmacy has filed a notice of appeal against this ruling.

That aside, the new licensees are expected to start serving the public in the first part of 2023. This step marks yet another forward step for the legal cannabis industry around the country, including for players such as Flora Growth Corp. (NASDAQ: FLGC) in jurisdictions elsewhere.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Gallup Data Suggests Young Americans Are More Likely to Use Marijuana Than Tobacco

Cigarette smoking in the United States has been on a decline since 1964 when adult smoking prevalence rates peaked. As the population has become more cognizant of the health risks of smoking, fewer young people have picked up the habit. By 2020, only 13 out of every 100 adults in America (12.5%) smoked regularly.

A new report from Gallup has now revealed that young Americans are two times more likely to report smoking cannabis compared to tobacco cigarettes. Gallup analyzed survey data on marijuana and tobacco use among adults from 2001 to 2022, finding that past-week tobacco use by adults aged 18–29 has gone down from 15% in 2016 through 2018 to 12% in 2019 through 2022.

Interestingly, there was an increase in cannabis use during this period, with 26% of adults in the 18– to 29–year-old age group reporting that they smoke cannabis in 2019 to 2022 compared to 21% of adults in 2016 to 2018. The preference for cannabis in favor of tobacco was strongest among the youngest generation of adults. This is likely due to a variety of factors, such as increased public campaigns on the dangers of tobacco as well as a change in perception of the purported harms of cannabis.

Furthermore, there is also a chance that people are more comfortable reporting cannabis use amid countrywide drug reform efforts that have seen dozens of states legalize cannabis and lawmakers table legislation to legalize cannabis at the federal level.

Although around 40% of adults in the 18- to 29-year-old age group were more likely to vape or smoke something, 11% reported smoking only cannabis compared to 3% who only smoked tobacco. On the other hand, adults in the 30- to 49-year-old age group were more likely to report smoking only cigarettes in the past week (11%) compared to those who smoked only cannabis within the past week (8%).

This latest poll adds to the growing body of research showing that tobacco use is experiencing a steady decline while cannabis use is becoming more preferable to young adults.

A different poll released by Gallup in August was the first-ever survey where more Americans openly admitted to consuming cannabis in the past week compared to those who reported smoking cigarettes.

Another Gallup poll from 2019 revealed that young people are more likely to smoke cannabis than cigarettes. The poll found that cigarette consumption was at a 75-year low at 15% while cannabis use had remained relatively stable for the previous four years at 12%.

As more entities enter the cannabis space to serve the growing number of consumers, companies such as REZYFi Inc., which provide funding to marijuana companies, are likely to see surging demand for their services.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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REZYFi, Inc. Eyes Developing Californian Cannabis Market Amid Approval of Ballot Measures to Expand Retail

  • California voters recently approved 12 local ballot measures in the 2022 midterm elections to either expand or create cannabis markets in a dozen municipalities
  • These approvals, it is projected, will translate to over 70 new retail licenses and countless other business opportunities for plant-touching and ancillary companies that serve those retailers
  • Having positioned itself as one of the first cannabis mortgage bankers in the United States, REZYFi’s management is confident that these approvals, coupled with the growing conversation around marijuana and its growing expansion into additional states, will significantly strengthen its brand recognition and equity
  • The company looks to accumulate at least $285 million in retail origination in 2023, coupled with $250 million in wholesale origination for the same period

REZYFi, a growth mortgage origination and specialized financing company, is looking to capitalize on the recently approved cannabis ballot measures to expand retail within California and add to the growth of its market share. The recent approval by California voters of 12 local ballot measures in the 2022 midterm elections is projected to either expand or create retail cannabis markets in a dozen municipalities, mainly within San Diego and Los Angeles counties (https://cnw.fm/y81F6). REZYFi is comfortable that these approvals will aid in growing its customer numbers and revenues.

REZYFi, through its two wholly owned subsidiaries- REZYFi Lending and ResMac Inc., has continued to carve out market share in the U.S. market, with operations growing for over 13 years. The company has closed over 20,000 loans for over 15,000 clients and now looks to accumulate at least $285 million in retail origination in 2023. It also aims to accumulate $250 million in wholesale origination for the same period.

The California cannabis ballot approvals is projected to translate to over 70 new retail licenses and countless other business opportunities for plant-touching and ancillary companies that serve those retailers. It is expected that by 2025, California will command a 20% share of the legal cannabis market, the largest in the United States (https://cnw.fm/NWaGT). This will be mainly influenced by the state’s progressive approach towards the sector and the supportive legislative framework that has aided its growth so far. Given that REZYFi targets owners of real estate who lease to cannabis companies and homeowners seeking a variety of real estate-related and additional mortgage-based financing and project-specific financings, the move by California voters offers a key growth opportunity for the company.

In a report issued by The National Association of Realtors, published in April 2021, it was noted that where prescription and recreational cannabis use was legal, over a third of surveyed agents reported a notable increase in demand for warehouses. In addition, 23% of those surveyed noted an increase in the demand for storefronts, with 28% observing an increased demand for land (https://cnw.fm/OcjsN). With previous state legalizations of recreational marijuana reflecting an increased opportunity for REZYFi’s cannabis-focused initiatives, the company is optimistic that the recent developments in California will further contribute to the company’s growth in the coming months.

REZYFi is currently licensed in 34 states in the U.S. with plans to expand to the remaining states in the future. With more states pushing for the legalization of recreational marijuana, the company hopes its customer base will continue to grow, as will its revenue. REZYFi is aggressively pushing the marijuana conversation forward as it works to lay the foundation for those interested in venturing into this space.

The company is optimistic that, as the conversation around marijuana legalization continues to evolve, the reception for its products and services will continue to build. In addition, having positioned itself as one of the first cannabis mortgage bankers in the United States, its management is confident that its expansion into remaining states will significantly strengthen its brand recognition and bolster its brand equity.

For more information, visit the company’s website at www.REZYFi.com.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi are available in the company’s newsroom at https://cnw.fm/REZY

About CannabisNewsWire

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420 with CNW — Marijuana Growers Face New Challenges as Washington State Clocks a Decade of Legalization

Voters in Washington state chose to legalize recreational cannabis a decade ago, opening the state up to a multibillion-dollar industry that has seen significant growth in just a few short years. But, even though the adult-use cannabis industry has proven to be quite lucrative with retailers in Washington state selling around $1.5 billion to $1.7 billion worth of cannabis in 2022, the industry is not without its challenges.

A decade after legalizing recreational cannabis sales, Washington’s cannabis industry still faces a myriad of problems that have prevented the space from fully realizing its potential. For starters, there is a crippling lack of access to capital because outside investment has been hindered due to the state’s residency requirements for cannabis retailers.

Additionally, an influx of cultivators in Washington has resulted in an oversupply of cannabis flower and reduced wholesale prices for the plant. There has also been a shortage of social-equity opportunities for entrepreneurs hailing from marginalized communities that were disproportionately affected by the war on drugs.

Despite these challenges, the state’s cannabis industry has achieved the objective outlined in its cannabis legalization bill: to launch a state-legal market for licensed cannabis companies. According to the latest MJBiz Factbook, cannabis sales in the state may reach a whopping $2.3 billion to $2.5 billion by the year 2026.

Verda Bio CEO Jessica Tonani stated during a recent panel that Washington state has come an extremely long way in regard to cannabis reforms and public attitudes.

One of the major challenges in the cannabis industry in states such as Oregon, Washington and Colorado is low wholesale cannabis-flower prices. Attracted by the insane profits players in the cannabis market have been raking in, multitudes of growers have been flooding the market.

Harvests have been particularly good this year, thanks to a robust growing season and limited adverse weather events. Given that the cannabis flower market was already oversupplied, these bountiful harvests saturated the market even further, causing prices to drop even lower.

Cannabis grower Ryan Sevigny said that the cannabis industry is a tough place for farmers at the moment, especially for small craft farmers. Evergreen Market CEO Shannon Vetto is of the same opinion, stating that being a farmer is hard right now and that craft farmers are “hurting the most.”

With the state charging nearly 50% excise, local and state taxes, some consumers are opting to buy from the illicit market to avoid the high prices. In some jurisdictions, the use of indoor cultivation equipment availed by Advanced Container Technologies Inc. (OTC: ACTX) and other such suppliers is reducing how much those people need to spend on dispensary-bought cannabis products.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Massachusetts Company Creates Marijuana Gummy to Help Weight Loss

Many people tend to connect marijuana to “the munchies” and appetite boosting, but a Wareham, Massachusetts, company is proving that its marijuana edible can not only suppress appetite but also provide an energy boost that will help you coast through your workout session.

Coast Cannabis, founded by a husband-and-wife team (Brian Cusick and Angela Brown), makes marijuana gummies that give their consumers an unmistakable energy boost. While speaking about how their unique edible came to be, Brown reveals that she ate the gummy while getting ready to head to the gym and felt a burst of energy that lasted throughout her gym session. She reports that she was actually able to follow her workout plan, and as a result, she has managed to lose weight. The gummies are her preworkout source of energy.

These gummies contain THC-V, a cannabinoid that has effects that are different from those of delt-9 THC. Delta-9 THC is the cannabinoid responsible for making marijuana consumers “high,” and it is abundant in marijuana plants.

In contrast, THC-V is a lesser-known cannabinoid, and it isn’t psychoactive. Brown and Cusick believe that their cannabis edible can help those on a diet achieve the desired results. They add that they are receiving plenty of feedback from consumers who say that the product has helped them stick to their chosen diet plans aimed at losing weight.

The couple proudly say that Coast Cannabis is the only company in Massachusetts that manufactures marijuana edibles that contain THC-V.

The key question? Does the claim that THC-V can help with weight loss have any basis? Apparently, some doctors think so. One such doctor is Benjamin Caplan, a doctor who is passionate about medical cannabis research. He asserts that THC-V suppresses appetite, which makes its effects to be opposite those of delta-9 THC.

Caplan is currently conducting experiments to test whether THC-V can help patients with diabetes, and he has seen some of his patients get off insulin injections by using just THC-V. However, Caplan adds that these anecdotal reports shouldn’t lead to the conclusion that THC-V is efficacious in a medical sense; he notes that a lot of research is needed to study the compound both for its therapeutic value as well as its longer-term effects.

A lot is still being discovered about the potential effects of marijuana and its different compounds, so it shouldn’t be surprising when future research reveals that the marijuana products of enterprises served by ancillary companies such as REZYFi Inc. have additional benefits that aren’t currently known today.

NOTE TO INVESTORS: The latest news and updates relating to REZYFi, Inc. are available in the company’s newsroom at https://cnw.fm/REZY

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Moves Forward With Exploration of Patented DehydraTECH(TM)-Processed CBD for Dementia

  • Approximately 55 million people worldwide have dementia, which is expected to grow to 78 million by 2030
  • The dementia treatment market was valued at $13.78 billion in 2021. The market is expected to grow at a CAGR of 8.32%, resulting in a value of $26.13 billion by 2029
  • Clinical studies have established a connection between hypertension and dementia
  • With DehydraTECH(TM)-CBD already evidencing that it can lower blood pressure  and its propensity to cross the blood-brain barrier, Lexaria is investigating the potential for a positive outcome in the DEM-A22-1 study

According to the World Health Organization (“WHO”), dementia is the seventh leading cause of death among all diseases and one major cause of disability and dependency among older people worldwide. Dementia is characterized by the deterioration of cognitive function, affecting memory, thinking, orientation, comprehension, calculation, learning capacity, language, and judgment. Although consciousness is not impaired, it is commonly accompanied by mood changes, emotional control deficits, behavior changes, and motivational impairments. It is estimated that approximately 55 million people have dementia worldwide, a number expected to grow to 78 million by 2030 (https://cnw.fm/lYnyd).

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is exploring its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) for use against dementia. As previously evidenced in animal studies, DehydraTECH-CBD crosses the blood-brain barrier much more effectively than originally thought possible.

Clinical studies have established a connection between hypertension and dementia – individuals who have high blood pressure are more likely to develop vascular dementia, which is the second most common form of dementia, following Alzheimer’s Disease. Vascular dementia is caused by a reduced blood flow to the brain, starving brain cells of oxygen and nutrients needed to function properly. Previous studies of DehydraTECH-CBD for potential hypertension treatment have proved successful with no adverse reactions experienced by subjects in the human trials.

The company recently announced the launch of its first-ever study to investigate DehydraTECH-CBD and dementia (DEM-A22-1). Given the propensity of DehydraTECH-CBD to cross the blood-brain barrier, the established fact that it lowers human blood pressure, and CBD’s vasodilation properties, Lexaria is eager to investigate the potential of DehydraTECH-CBD’s positive effects on dementia (https://cnw.fm/6bEnw).

Based on research conducted by Maximize Marketing Research (“MMR”), the dementia treatment market was valued at $13.78 billion in 2021. The market is expected to grow at a CAGR of 8.32%, resulting in a value of $26.13 billion by 2029. An increase in R&D expenditures, increased frequency of Alzheimer’s Disease indications, a surge in the geriatric population, an upsurge in awareness about neurodegenerative diseases in emerging countries, and a rich pipeline of new treatment alternatives are expected to drive the market during the forecast period (https://cnw.fm/KoFRj).

The DEM-A22-1 study is a dose-ranging, two-month program involving a total of 32 Long Evans rats that will be dosed with DehydraTECH-CBD. A novel object recognition test, commonly used to assess memory in rodents, is being used to investigate whether CBD enables cognitive performance enhancements in the test model. The study is being undertaken by a third-party testing laboratory in Canada, with expected completion in late January 2023, with data and reporting to follow shortly after. Depending on the study’s outcome, additional investigation into DehydraTECH-processed nicotine (another agent evidenced to enhance cognitive performance) may follow. Lexaria will provide updates on DEM-A22-1 as they become available.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW — Federally Financed Study Finds Cannabis Legalization Doesn’t Increase Use Among Teens

The cannabis industry has proven to be extremely lucrative, generating billions of dollars in taxes and creating hundreds of thousands of job opportunities. For the past two decades, states across the country have passed legalization measures and allowed cannabis sales to cash in on the profits. More than 20 states now allow adults aged 21 and over to purchase and consume recreational cannabis at registered retailers.

However, efforts to legalize the controversial plant were regularly met with resistance from critics who argued that legalizing cannabis sales would significantly escalate drug use among the youth and lead to increased criminal activity. However, years after states began legalizing cannabis for adult use, studies have repeatedly shown that the wave of cannabis reform hasn’t been associated with an uptick in drug use among the youth.

A new study from a federal drug agency has added to this growing body of research, concluding that there has not been a commensurate increase in youth drug use since states began legalizing marijuana. In the study, researchers analyzed data from three longitudinal studies that looked at past-year marijuana consumption and frequency in adolescents; the data was collected in New York, Washington State and Oregon from 1999 to 2020.Washington legalized cannabis in 2012, and voters in Oregon allowed marijuana in 2014 while New York has yet to begin sales despite approving a legalization measure last year.

As these and other states chose to legalize cannabis, drug reform opponents argued that this would encourage more youth and children to consume cannabis.

Researchers from Colorado State University, Oregon Social Learning Center and the University of Washington have now found that these claims were baseless, concluding that legalization has not resulted in a significant increase in past-year cannabis use. They published their findings in the “American Journal of Protective Medicine.”

The researchers said that their findings, when taken together with prior research on the matter, made it clear that there hasn’t been an upward trend in adolescent cannabis use in the wake of marijuana legalization. They noted that their research expanded on previous studies that came to this same conclusion, such as a study from Michigan State University, which concluded that retail marijuana sales were not associated with increased cannabis use in underage individuals who could not purchase cannabis from registered outlets.

A survey from the Colorado Department of Public Health and Environment also found that cannabis use among young people has dropped dramatically. This countrywide trend is most likely due to stringent controls put in place in legal cannabis outlets to prevent underage patrons from accessing legal cannabis.

These studies confirm that in a way, licensed marijuana companies such as Flora Growth Corp. (NASDAQ: FLGC) are directly and indirectly helping to combat cannabis use by minors in the jurisdictions where marijuana is legal.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Lawmakers Scramble to Secure Agreement on Marijuana Banking During Lame Duck Session

The reality that the House of Representatives will be controlled by Republicans in the coming Congress has created a sense of urgency among legislators who want to see marijuana banking legalized. These advocates are working feverishly to garner support so that a deal is reached during this lame duck session of Congress. Otherwise the prospects are dim if this opportunity is missed.

Members from both sides of the political divide are working tirelessly to secure a compromise position between those who say that the banking bill doesn’t go far enough and those at the other end who think it goes beyond what they find acceptable. Sherrod Brown (D-Ohio), the chair of the Senate banking committee, says that he is optimistic that a deal can be struck this lame duck. He and Senators Jeff Merkley and Steve Daines recently met Chuck Schumer the Senate Majority Leader regarding the SAFE Banking Act.

It will be a tough job getting cannabis banking approved given that two key considerations have to be fulfilled. First, proponents must address the need to pass banking provisions while also combining them with provisions geared at reforming the criminal justice system with respect to marijuana. This is no easy task, because it must please the progressives who want far-reaching reforms, and yet it mustn’t alienate Republicans who can only stomach very modest marijuana policy reforms.

Secondly, the compromise reforms drafted must get the nod of the chair of the Financial Services Committee of the House of Representatives, the leader of the Banking Committee in the Senate and the leaders of both parties in both chambers of Congress. That is a task that will require major negotiations and political gymnastics.

Nevertheless, hopes are high, and efforts to attain both of those goals are already in high gear. For example, Daines, a Republican from Ohio, says that his party colleagues don’t have any problems with the HOPE Act, a House bill tabled by Alexandria-Ocasio Cortez and Dave Joyce. This bill aims at securing federal funding for expungements at state level. Joyce says they are open to including provisions on marijuana research, but if lawmakers want a lot more added, the bill’s chances could dim significantly.

There has also been talk of SAFE Plus, a law that would address cannabis banking while also including language on social justice matters. A number of legislators, including Schumer, are strongly against passing marijuana banking without providing relief to communities that have suffered the worst of the prohibition laws. How these different interests are addressed in one reform package will test the proponents’ negotiation skills to the max, and industry actors such as Flora Growth Corp. (NASDAQ: FLGC) will be watching closely to see whether the lame duck session yields success on this front.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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http://www.CNW420.com
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CNW420 is part of the InvestorBrandNetwork.

420 with CNW — NY Selects Companies to Construct Social Equity Cannabis Business Premises

America’s state-level cannabis reform movement has put plenty of consideration into ensuring that individuals from marginalized communities are given a chance to participate in the billion-dollar industry. It’s no secret that the war on drugs, and cannabis policing to be more specific, had a disproportionately negative effect on members of Black and Brown communities.

Black people are much more likely to be arrested and receive harsher sentences for cannabis offenses compared to white people despite similar use rates.

Social equity provisions in marijuana legalization bills were meant to give individuals from these communities a leg up in the industry and allow them to profit from a product that was once used to persecute them. New York, which legalized recreational cannabis in March 2021 and expects to launch its recreational cannabis industry by the end of the year, has now selected companies to handle the construction of social equity marijuana premises.

Officials announced late last week that they had chosen 10 teams that would be tasked with constructing close to 150 facilities for social equity applicants to open and run their businesses once New York launches legal sales. The announcement came just a few days before the state Cannabis Control Board (CCB) holds a meeting to approve the first social equity cannabis retailer licenses and advance regulations for the new industry.

A recent notice from the dormitory Authority of the State of New York (DASNY) stated that several agencies were involved in the approval of the 10 firms. The notice, titled “Firms Selected to Design & Build New York Adult-Use Retail Cannabis Dispensaries,” reported that the teams would build storefront facilities for entrepreneurs who had secured a Conditional Adult Use Retail Dispensary (CAURD) license via the NY State Office of Cannabis Management (OCM).

The team of 10 firms includes AOW Construction LLC, Anderson Porter Design, SEI Design Group Architects, DPC/Bette & Cring and the Pike Company.

The Social Equity Servicing Corporation (SESC) has already begun looking for sites to house the first dispensaries. The agency has around $200 million in funding from the Social Equity Cannabis Fund, and the process of finding sites is projected to go on through the next year.

Meanwhile, the New York OCM met last Monday to discuss potentially approving the state’s first set of CAURD licenses. The OCM has also provided a preview of regulations that it had developed to govern the state’s recreational cannabis industry. The regulations involve licenses that cover cultivation, processing, distribution and retail.

As patients permitted to use medical marijuana start growing their own cannabis, many of them may experiment with cultivation options offered by a variety of companies, such as Advanced Container Technologies Inc. (OTC: ACTX), that are touted to help boost yields for indoor growers.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.