Author: CannabisNewsWire (CNW)

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. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

420 with CNW — Indoor MJ Growers Give Insights into How Preharvest Care Can Optimize Yields

The harvest phase is an essential step in making marijuana products such as flowers and oils. Before the crops are collected, a lot of careful planning and preparation happens. Different growers, whether they’re growing indoors, in greenhouses, or outdoors, need to learn different ways to do this. Each place has its own challenges.

For indoor growing, it’s important to have a clear plan and to be able to watch over the plants closely. Nic Robertson from 4Front Ventures says the company creates daily schedules for its plants leading up to harvest. This is when the plants finish their life cycle. Ryan Cook from Jushi Holdings agrees that planning and preparing well are keys to success in harvesting.

Although there are many ways to grow, there are some things that all successful growers do. They make sure the lighting is right, control the temperature and humidity, manage nutrients and take care of the leaves.

Indoor growers use special lights to help the plants grow. They start with lower-intensity light and gradually increase lighting as the plants develop. This helps the plants make more of the good stuff such as cannabinoids and terpenes, which make the plants valuable. They also use red light to improve the flavors and yields.

Temperature and humidity are important factors too. Growers adjust these to make sure the plants stay healthy and produce good yields. As plants get closer to harvest, the temperature and humidity are lowered to protect the valuable compounds and keep the plants safe from harmful things.

Nutrients the plants receive are carefully managed too. As the plants grow and start to produce buds, they need different nutrients. Nitrogen is decreased, while phosphorus and potassium are increased. This helps the plants make better buds and resin.

Watering the plants is like giving them a drink. But as harvest time approaches, watering changes. This helps the plants get rid of extra nutrients and prepare for harvest. It’s important to do this carefully so the flavor and smell of the final product stay good.

As the plants get closer to harvest, growers need to be very attentive. The plants need less water, so growers have to be careful not to overwater them. Some growers use special tools to measure how much moisture is in the plants’ growing medium. This helps them make the right decisions and keep the plants healthy.

In the end, everything comes down to balance. The right amount of light, the best temperature and humidity, the nutrients, and the water — everything needs to be just right. And as the time for harvest comes, growers carefully balance all these factors to make sure the plants are healthy and ready to become the products that people enjoy. It’s a mix of science and care, creating a special connection between humans and the plants they grow.

When the cultivation conditions are just right, upstream companies such as IGC Pharma Inc. (NYSE American: IGC) can obtain top-notch cannabis compounds to use in their efforts to develop standardized medicines that meet FDA requirements.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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 — Recreational Marijuana Legalization Law Takes Effect in Minnesota

Minnesota has recently joined the growing list of states that have legalized recreational cannabis use for adults aged 21 and older. This move marks a significant shift in the state’s approach to cannabis. Below are several key developments shaping the new landscape:

Legalization timeline

Minnesota’s journey toward cannabis legalization has been gradual. In 2014, the state took its first steps by legalizing limited medical marijuana use, which included nonsmokable forms such as oils and pills.

In 2022, edibles containing small amounts of hemp-derived THC were also legalized. This year, on May 30, 2023, Governor Tim Walz signed a comprehensive cannabis legalization bill into law, permitting recreational use for adults starting on Aug. 1.

Dispensaries and tribal sovereignty

While recreational dispensaries are not expected to open until the state establishes a licensing system and tribal governments have been granted more autonomy. Minnesota’s 11 Native American tribal nations hold sovereignty, allowing them to operate independently of state regulations.

This unique situation led to the opening of the first recreational marijuana dispensary, NativeCare, on the Red Lake Nation on Aug. 1.

Possession and cultivation

Although dispensaries are not yet fully operational, Minnesotans have the right to possess, use and even grow cannabis within certain limits. Possession of up to two ounces in public is no longer a crime, and individuals can also have edibles with up to 800 mg of THC as well as cultivate up to eight marijuana plants at home. However, exceeding this limit could result in penalties.

Taxation and regulation

Minnesota has introduced a 10% tax on retail cannabis products, with 80% of the proceeds designated to cover state regulatory costs and the remaining 20% benefiting local governments.

The newly established Office of Cannabis Management will oversee the regulation of the industry, including setting standards and managing licensing. The funds generated will also support public health initiatives, training for drug recognition evaluators and research on cannabis.

Variations and employer policies

Local municipalities have the authority to impose temporary restrictions on cannabis sales until 2025. This has led to a patchwork of regulations across different cities and towns. Similarly, employers can still prohibit cannabis use for certain safety-sensitive roles but must inform employees of their drug-testing policies.

Criminal records and expungement

Minnesota is taking steps to address the impact of previous marijuana convictions. Records related to low-level offenses are being automatically sealed, benefiting thousands of individuals. Cases involving more serious offenses will have a pathway for review and potential expungement, though those involving violence or danger are unlikely to qualify. This process aims to provide a fresh start for many who have been affected by past convictions.

Medical marijuana and future outlook

Minnesota’s medical marijuana program remains intact, serving patients with qualifying conditions. The impact of recreational legalization on medical cannabis providers is uncertain, as is the potential entry of these providers into the recreational market.

The state continues to evolve its cannabis regulations, with changes to the medical program scheduled for 2025.

Minnesota state fair policy

The Minnesota state fair, while possessing its own legal autonomy, has chosen to prohibit cannabis smoking on its grounds in 2023. Discussions about potential rule changes for future fairs remain open.

The implementation of the recreational marijuana law in the state is likely to come with a boom in the sales of many companies, including ancillary ones such as Advanced Container Technologies Inc. (OTC: ACTX).

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Intent for Human Clinical Study for Diabetes and Weight Loss Following Positive DehydraTECH(TM)-CBD Results in Animals

Lexaria’s patented DehydraTECH(TM)-CBD achieved promising results for diabetes control and weight loss in animals during the pre-clinical animal study DIAB-A22-1
The weight loss drug market was valued at $1.90 billion in 2021 and is expected to reach $13.26 billion by 2029, growing at a CAGR of 24.7%
Many drugs used to control diabetes have produced results in managing obesity, which Lexaria plans to leverage with its DehydraTECH(TM) technology

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, recently announced its intent to conduct a human clinical study to examine its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) for diabetes control and weight loss. The company has already completed a pre-clinical diabetes study in animals, which supports its advancement to human trials for diabetes control and weight loss (https://cnw.fm/H1XXZ).

Lexaria had announced in two prior press releases, on March 2 and June 16, that its pre-clinical diabetes study DIAB-A22-1 in obese diabetic-conditioned animals, that DehydraTECH-CBD had achieved the following:

Lowered blood glucose levels by 19.9% (p<0.05)
Lowered overall body weight by 7% sustained over eight weeks
Witnessed a statistically significant increase in locomotor activity (p<0.05)
Lowered triglyceride levels by more than 25% (p<0.007)
Lowered blood urea nitrogen levels by 27.9% (p<0.001)

Based on these successful pre-clinical results, the management of Lexaria has decided to undertake a human diabetes clinical study to investigate whether any of these improvements will also be evidenced in humans. Lexaria is currently designing the study, which will be followed by submission to an independent review board to gain necessary approvals.

According to the Centers for Disease Control (“CDC”), managing one’s blood sugar levels is important to avoid diabetes-related conditions, including vision loss, heart disease, and kidney disease (https://cnw.fm/cgbJX). Generic CBD studies, mainly conducted in animals, indicate that it may be ineffective in controlling blood sugar. Lexaria hopes to study whether the DehydraTECH-CBD formulation provides additional insight into human blood sugar control. The company is encouraged by DehydraTECH-CBD’s ability to reduce animal blood sugar levels and believes it warrants additional investigation.

The DehydraTECH technology is designed specifically for formulating and delivering lipophilic (fat-soluble) drugs and active pharmaceutical ingredients (“APIs”). DehydraTECH increases effectiveness and improves the way these APIs enter the bloodstream. The benefits of ingesting a DehydraTECH-enabled drug or consumer product include the following:

Speeds up delivery with effects of the product felt in minutes
Increases bioavailability due to its effectiveness in delivering a drug into the bloodstream
Increases brain absorption, with animal testing evidencing higher drug quantities delivered across the blood-brain barrier
Improved drug potency, with more of the drug available to the body, requiring lower dosages
Reduced drug administration costs, meaning that lower dosages require less drug cost overall
Mask unwanted tastes and reduces or eliminate the need for sweeteners

The company has also collaborated with the National Research Council (“NRC”), the Canadian government’s premier research and technology organization. DehydraTECH is covered by over 30 granted patents, with more pending worldwide. The patent protection includes formulations for specific delivery of cannabinoids, antiviral drugs, nicotine and more.

Many drugs used to control human blood glucose levels have shown promising weight loss results. The weight loss drug market was valued at $1.90 billion in 2021 and is expected to reach $13.26 billion by 2029, growing at a CAGR of 24.7% (https://cnw.fm/of7Pg). The market is growing due to the public’s growing interest in how obesity contributes to other health problems. Lexaria is positioning itself to potentially penetrate this market with its human-based clinical trial of DehydraTECH-CBD and diabetes control.

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 — Bipartisan Senators in Pennsylvania File Bill Allowing Licensed Patients to Grow Medical Marijuana

A group of bipartisan senators in Pennsylvania have introduced a measure to expand Pennsylvania’s medical marijuana program by allowing patients aged 21 years and older to cultivate cannabis plants at home for personal use. The measure would allow registered medical marijuana patients in the state to grow up to six cannabis plants at home in a locked and enclosed location away from “ordinary public view.” Furthermore, it would grant medical cannabis dispensaries the right to sell cannabis seeds for home cultivation to registered patients.

Introduced by Senators Dan Laughlin and Sharif Street alongside half a dozen other senators, the bill does not seem to limit the total number of cannabis plants that could be cultivated in a home with more than one registered medical cannabis patient.

The measure has now been sent to the Senate Law and Justice Committee. Street and Laughlin said that since Pennsylvania legalized medical cannabis in 2016, the state’s medical cannabis program has ensured citizens across the Commonwealth can access lifesaving medicine. In a memo soliciting cosponsors for their medical cannabis home cultivation bill, the two senators wrote that while Pennsylvania’s MMJ industry has undoubtedly been beneficial, it is still inefficient in terms of access and cost.

They noted that records from the PA Department of Health show that some patients have to travel for more than two hours to access a medical cannabis dispensary, making the treatment unfeasible for a lot of Pennsylvanians. Furthermore, the senators wrote, medical cannabis patients in the state have long complained of the high costs of purchasing medical marijuana that make the treatment even more inaccessible.

The two stressed the importance of creating policies that “meet people where they are,” adding that legalizing home cultivation of medical cannabis would address the key issues of accessibility and cost that bog down Pennsylvania’s medical marijuana industry. It would also ensure that Pennsylvania residents have better means of meeting their health needs and are treated fairly and equitably under the state’s medical cannabis law.

As per the proposed measure, patients who cultivate more than the allowed number of cannabis plants or gift cannabis plants or products to other people may be liable to punishments, such as the loss of their home cultivation rights.

Laughlin and Street had introduced a recreational cannabis legalization bill last session, but it ultimately failed to advance. However, the two senators say the medical cannabis home cultivation bill is a significant improvement to the recreational cannabis bill, and they are optimistic about its chances of success.

With more people turning to medical marijuana to ease their symptoms in different jurisdictions, the marijuana-based formulations being developed by enterprises such as IGC Pharma Inc. (NYSE American: IGC) could have a large market to address, especially among those who want the medical benefits marijuana can bring minus running the associated risks, such as job losses due to positive drugs tests.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — NYC Ranks First Globally Among Cannabis-Consuming Cities

A recent study reveals that New York City stands as the global leader in marijuana consumption, surpassing all other cities with an annual intake of 62.3 metric tons, equivalent to around 137,000 pounds. Conducted under the title “2023 Global Marijuana Price Index,” this comprehensive research effort was orchestrated by the CFAH, a reputable source for health-related information. The meticulous data collection spanned 140 urban centers worldwide, analyzing marijuana pricing trends.

The CFAH team closely scrutinized nations at the extremes of marijuana consumption, a criterion that aided in narrowing down the selection of cities for the study. The legal framework for marijuana in each geographical area played a pivotal role in this selection process. Ultimately, 140 cities were singled out to present a comprehensive and insightful global marijuana pricing comparison.

The CFAH relied on WHO data and analytics to capture the overall consumption landscape. Meanwhile, the pricing trends within the United States were modeled using the SARIMA method, which effectively accounts for data trends.

In terms of marijuana consumption, NYC differs from its peers by a large margin. Despite Australia’s official prohibition of marijuana, Sydney came in second with a consumption of 45.7 metric tons per year. Los Angeles, with an annual intake of 36 metric tons, took third place. Rome and Chicago, with 24.9 and 21.8 metric tons each, came in fourth and fifth, respectively. Other cities that were included in the study and made it to the top 20 list include Toronto, Houston, Tokyo, Vienna, Prague, Phoenix, Hamburg, Montreal, Vancouver, Melbourne, Uskudar, Philadelphia, Dublin, Annapolis and Denver.

Tokyo has the highest cannabis prices, commanding a rate of $33.8 per gram. Dublin, Ireland, came in second at $22.50, while Tallinn, Estonia, followed closely with $22.10 per gram. In contrast, Montreal, Canada, boasted the most affordable marijuana, priced at a mere $5.90 per gram. Following at $6 and $6.20 per gram, respectively, were Bangalore, India, and Notre Dame, Canada.

While the prevailing assumption often links legality to increased accessibility and subsequently reduced prices, the study highlights a more nuanced reality. Both the priciest and the most budget-friendly marijuana cities maintained a delicate equilibrium between legal and illegal statuses.

Among the ten cities with the highest marijuana prices, six enforced prohibitions while the remaining four legalized marijuana. Likewise, the cities offering the least expensive marijuana displayed a minor divergence, with six embracing legality and four upholding its illegal status.

These high marijuana consumption rates create openings for entities such as Advanced Container Technologies Inc. (OTC: ACTX) to do brisk business supplying cultivation equipment to the enterprises growing this marijuana for sale on the market.

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

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CannabisNewsBreaks – Sustain SoCal Announces IBN as Media Sponsor for Upcoming Annual Water Solution Event

Sustain SoCal, a nonprofit organization, is partnering with IBN (InvestorBrandNetwork), an innovative corporate communications firm and content distributor, for its upcoming annual Water Solutions 8 (“WS8”) event. IBN will serve as media sponsor for the water solutions series, which is returning for the eighth year. The in-person event is scheduled for Aug. 24, 2023, in Irvine, California. According to the announcement, Sustain SoCal has built a reputation “as the leading information hub, advocacy platform and educational forum to improve the discourse and actions on economic progress and sustainable environment in Southern California and the surrounding regions.” This year’s Water Solutions event features an array of presentations and discussions exploring real-life strategies and innovations in reuse, desal, stormwater, energy nexus, contamination, investor tends, policy and big data. In its capacity as media sponsor, IBN will provide content distribution, syndicated placement, content curation, press releases and optimized social media strategies, all designed to increase awareness of the event and strengthen recognition of expert speakers, participating companies and the event itself.

To attend the event, visit https://cnw.fm/3n0Vi

To view the full press release, visit https://cnw.fm/MvhcY

About Sustain SoCal

Sustain SoCal, a nonprofit organization, accelerates sustainability and economic growth through innovation, collaboration and education in southern California. The organization has a 10-year history of exploring and implementing pragmatic, real-world solutions to the challenges created by growth, change and inefficiency. The company conducts conferences, workshops and networking events that lead to initiatives that positively impact our region’s economic progress and sustainability. For more information, visit the company’s website at www.SustainSoCal.org.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Reports Results from Human Oral Nicotine Study Evaluating DehydraTECH(TM)-Nicotine

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, is reporting results from its 2023 human oral nicotine study NIC-H22-1. The study compared Lexaria’s DehydraTECH(TM)-Nicotine tobacco-free pouch to two world-leading brands: ZYN(R) and on!(R) ZYN(R) is from Swedish Match and on! comes from Altria Group Inc. subsidiary Helix Innovations LLC. According to the report, DehydraTECH-Nicotine reached maximum blood saturation levels faster than either of the two other brands. In addition, superior subjective performance characteristics were observed in the study. Specifically, Lexaria’s oral nicotine pouch was significantly faster in the median time required to reach comparable maximum nicotine concentrations within the bloodstream than both on! and ZYN, 15% faster and 20.2% faster respectively. According to the announcement, the next step for the company is to seek to commercialize DehydraTECH-Nicotine with suitable industry partners based on its clinical and intellectual property advancements.

“With just five short years of R&D and product development, Lexaria has been able to develop an oral nicotine product that meets or exceeds the performance of the world’s leading existing brands,” said Lexaria Bioscience CEO Chris Bunka in the press release. “This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths. We’ve always had an overwhelming determination and fierce conviction that we can make the world a better place and reduce the carnage caused by smoked cigarettes, and now we have human study data that demonstrates advantages of DehydraTECH processed nicotine relative to the competitive landscape.”

To view the full press release, visit https://cnw.fm/nKBWn

About Lexaria Bioscience Corp.

Lexaria Bioscience’s patented drug-delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bioabsorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 35 patents granted and many patents pending worldwide. For more information about the company, please visit 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

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420 with CNW — DEA Chief Promises to Ask DHS for Cannabis Scheduling Review Timeline

Anne Milgram, chief of the Drug Enforcement Administration (DEA), has promised to speak to the U.S. Department of Health and Human Services about the timeline for conducting a review of marijuana’s status at the federal level. Milgram made the statement during a recent DEA oversight meeting where she was questioned by the House Judiciary Subcommittee on Crime and Federal Government Surveillance.

Unlike most industries, cannabis exists in a precarious landscape where dozens of states allow medical and recreational marijuana-related commerce, but federal law still considers cannabis as a Schedule I controlled substance. This federal classification presents several challenges to companies operating within the state-legal cannabis industry, including limited access to banking services and financial aid.

After being pressed by Representative Matt Gaetz on marijuana’s federal status during the DEA meeting, Milgram told committee members that her agency still hadn’t received an official timeline for the review of cannabis’s classification at the federal level but added that she would ask for a timeline. The DEA head noted that the Department of Health and Human Services (DHHS) had not provided the DEA with its review of marijuana’s federal classification and recommendation for action. Without the DHHS’s review and recommendation, the DEA cannot launch an internal evaluation process that would pave the way to potentially rescheduling marijuana.

Cannabis’s status at the federal level has consistently been a thorn in the sides of recreational and medical cannabis operators in America’s state-legal marijuana sector for years. Federal law classifies marijuana as a controlled substance with no medical application even though more than 30 states allow the therapeutic use of marijuana and a growing body of literature has shown that cannabis has several medical applications.

This disconnect between federal law, state law and scientific literature has prompted reform activists and lawmakers to ask for a review of federal cannabis policy.

The drug’s status at the federal level also limits the industry’s access to banking services and forces companies working in the space to operate on a cash-only basis, increasing their risk of violent robberies and making it harder for them to meet their tax obligations. Furthermore, Gaetz explained, federal cannabis prohibition significantly limits further research into cannabis as accessing scheduled drugs for research is incredibly difficult.

Gaetz also talked about the connection between state-level legalization of cannabis and decreased opioid prescription rates and asked the DEA head to consider the effect cannabis legalization has on opioid prescription rates while reviewing federal cannabis prohibition.

While the cannabis industry remains anxious to know the outcome of the federal marijuana scheduling review, other entities such as IGC Pharma Inc. (NYSE American: IGC) may not be overly bothered. This is because drug development from cannabis and other substances has a stable federal regulatory framework that interested parties adhere to in their bids to bring new formulations onto the national and international market.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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CannabisNewsBreaks – Sustain SoCal Announced as Host of Eighth Annual Water Solutions Gathering

Sustain SoCal, a nonprofit organization, will host this year’s Water Solutions (“WS8”) event; the in-person event is slated for Aug. 24, 2023, and will be held in Irvine, California. According to the announcement, Water Solutions 8 is a premier gathering that focuses on exploring real-life strategies and innovations for the reuse, desal, stormwater, energy nexus, contamination, investor and policy trends and big data in southern California and the surrounding region. The event agenda features well-known thought leaders and experts who are recognized as specialists in the design and implementation of practical solutions to ensure sufficient and affordable supplies of water in the region. Attendees will enjoy keynote addresses, presentations, networking sessions and audience discussions. In addition, attendees will have opportunities to interact directly with speakers, pose questions, ask about best practices, and develop a better understanding of the opportunities and challenges in the current business, policy and regulatory landscape. “We are very pleased to be able to advance the conversation on this crucial matter, catalyze the development of an ecosystem in our region, and support technological, policy and legislative shifts towards building out capacities to better manage this issue,” said Sustain SoCal president and CEO Scott Kitcher in the press release. “At Sustain SoCal, we are thrilled to be bringing speakers with a deep well of expertise in southern California and surrounding regions.”

To attend the event, visit https://cnw.fm/xt5mx

To view the full press release, visit https://cnw.fm/ORGi4

About Sustain SoCal

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420 with CNW — Marijuana Companies Columbia Care, Cresco Labs Announce Termination of Proposed Merger

Marijuana producers Columbia Care Inc. and Cresco Labs have announced the termination of a $2 billion merger between the two companies. First announced in March 2022, the merger would have seen Cresco Labs buy Columbia Care for $2 billion in an historic deal that would have resulted in the largest marijuana producer in the country. Executives from Cresco noted at the time that the resulting company had the potential to be as large as Johnnie Walker or Coca-Cola and dominate the increasingly lucrative cannabis industry.

The merger was a major bet on the growth and future of the cannabis industry. However, it appears that executives from both companies don’t see the merit of making any big bets in the sector. Cresco Labs CEO Charles Bachtell said that due to recent developments in America’s state-legal marijuana industry, company leaders terminated the merger to protect the company’s and shareholders’ long-term interests.

Cannabis may be generating billions of dollars in revenue per year, but players in the sector regularly deal with a myriad of issues that threaten their profitability and make it incredibly hard to operate in the cannabis market. For instance, due to federal prohibition, the sector has barely any access to financial institutions and cannot rely on banks to facilitate contactless payments. This has led to many cannabis operators relying on a cash-only basis and increased the risk of violent robberies in retail cannabis establishments.

Limited efforts by lawmakers to pass cannabis banking legislation coupled with a recent announcement from MasterCard banning the use of its cards for cannabis-based transactions means that cannabis operators won’t be facing a reprieve from their banking-related issues any time soon.

Investing in a major merger at a time when the industry has limited access to a critical resource such as banking and is still waiting for congressional reform (which could take years), doesn’t seem like a good idea in the near-term.

Cresco Labs and Columbia Care have also discontinued a deal with entertainment mogul Sean Combs to invest an estimated $185 million in the acquisition of divested operations in Illinois, Massachusetts and New York. The two companies said that they will face no termination-related fees or penalties as the decision to terminate the merger was mutual.

The cancellation of their merger underscores the weaknesses currently facing America’s struggling cannabis industry.

According to Bachtell, the industry is currently going through a “tough economic time” and Cresco would be better served focusing on its core business. These tough economic conditions could also be impacting the operations of numerous ancillary entities, such as Advanced Container Technologies Inc. (OTC: ACTX), which do significant business with marijuana operators.

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

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