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 — Lawmakers Author Amendments to Change Cannabis Rules for Security Personnel, Military Recruits

Past and current cannabis use still comes with a myriad of disadvantages for people in certain fields. Even though dozens of states now allow medical and recreational cannabis use, federal law still prohibits cannabis use. As a result, applicants and employees who work in certain fields or agencies often face stringent zero-tolerance drug policies that do not allow cannabis use regardless of local state law.

Professional athletes in most major sports, truck drivers and army recruits are among the classes of individuals that are subject to workplace drug tests and can face termination for failed drug tests and, in some cases, past cannabis use.

A pair of lawmakers is looking to loosen the policies on prior cannabis use for recruits in the military and people seeking security clearance. This would alleviate what the bipartisan pair of legislators call a “retirement and retainment crisis” by increasing the applicant pool for Defense Department personnel.

Every single branch of the U.S. military has struggled to meet its recruiting goals since 2022 amid record-low numbers of eligible Americans. Furthermore, experts say that of those who qualify to serve, few are willing to join the military, leading to one of the most prolific recruitment crises in U.S. history. An internal survey by the Defense Department found that only 9% of young Americans who qualify to enlist are interested in joining the military.

Representative Matt Gaetz is proposing an amendment to the National Defense Authorization Act to eliminate cannabis testing for military recruits and to allow applicants who have used cannabis in the past to join the military. Gaetz argued that past cannabis use should never exclude citizens from enlisting in the military and said that rather than penalizing them, such recruits should be embraced for stepping up to serve America.

Ret. Lt. Gen. Thomas Spoehr of the think tank Heritage Foundation said that the military has not seen such a massive recruitment shortfall since 1973 when America exited Vietnam and officially ended the draft. Army’s chief of staff, Gen. James McConville, said in 2022 that over three-quarters of U.S. adults aged 17 to 24 are disqualified from enlisting in the military largely due to drug use, obesity or criminal records, and the pool of eligible applicants shrinks each year.

Additionally, a 2022 survey by Monmouth University found that 54% of American adults have used cannabis in their lifetime. Eliminating candidates for past cannabis use effectively cuts the already-small applicant pool by one-half. In 2022 alone, close to 5,000 applicants did not make the cut due failed drug tests, an increase of 33% from 2020.

Eliminating drug-testing requirements and penalties for prior cannabis use would widen the applicant pool and allow the military to meet some of its recruitment demands in the short term.

The drug-development programs of companies such as IGC Pharma Inc. (NYSE American: IGC) could also address the needs of those who currently use marijuana for medical reasons since these formulations would be subjected to the FDA approval process, and success would mean that no one would be sanctioned for using those medicines once they can be prescribed by doctors.

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 — Key Senators Plan on Cannabis Banking Vote This Month

Cannabis banking has been one of the most contentious issues since states began legalizing medical and recreational cannabis. Although more than 30 states now allow the purchase and use of either recreational or medical cannabis, federal law still classifies cannabis as a Schedule I controlled substance.

As a result, players in the cannabis market typically cannot access financial services that are accessible to every other industry This includes access to banking institutions and federal aid, forcing businesses to operate on a cash-only basis and making it difficult for them to access capital.

Lawmakers introduced a bill called the Secure and Fair Enforcement (SAFE) Banking Act in 2019 to finally grant cannabis businesses access to financial services. However, despite being passed by the House several times, the SAFE Banking Act has consistently failed to advance past the Republican-controlled Senate.

A group of senators has now revealed that it hasn’t given up on the cannabis banking bill and is poised to vote on the banking bill in a key committee. In a recent series of interviews, several senators discussed their opinions on the controversial cannabis banking act.

Senate Banking Committee chair Sherrod Brown said that he would like to hold a committee vote on the bill after the July 6, 2023, recess. However, Brown said that the vote depends on whether unrelated legislation that had passed through his panel advances past the Senate floor. The committee held an initial hearing on the banking legislation in May and is currently debating section 10 of the proposal under the guise that it could significantly limit regulators’ ability to deal with people taking advantage of banking services.

The issue was first flagged by Senator Jack Reed, who argued that the language used in the section would make it harder for regulators to point out customers who present a risk to banking institutions, allowing for the proliferation of criminal activity in various sectors.

According to Senator Steve Daines, the cannabis banking bill still has the best chances of advancing through Congress even with Republicans holding a majority position in the House. Still, Daines noted in a separate interview that committee members still hadn’t reached a consensus on a final deal and are still holding discussions on the matter. He said that Democratic senators should limit the scope of the legislation to increase its chances of passing.

According to a spokesperson from Daines’ office, the Republican senator is open to revising the bill to add provisions for the expungement of prior cannabis-related convictions.

When marijuana banking becomes a reality, more industry companies could access the funding they need to expand their operations, and this could in turn create a bigger market for downstream businesses 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

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)

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CannabisNewsBreaks — Lift Events and Experiences Announces Inaugural US Cannabis Food & Beverage Event

Lift Events and Experiences will be hosting its first U.S. event: Lift San Francisco. The two-day event will be held on Aug. 3–4, 2023, at the Moscone Convention Center in San Francisco. According to the announcement, the event will feature the inaugural Taste at Lift: Cannabis Food & Beverage Experience, which is designed to allow attendees to participate in exclusive demos, in-depth presentations and expert panels led by the top innovators in the cannabis food, beverage and hospitality space. The first day of the Lift San Francisco event will feature the Lift Cannabis Business Conference & Arcview Investment Summit, with Taste at Lift on the second day. The Lift Expo will be open both days so that event participants have ample time to check out new and emerging brands, and engage in Lift’s invaluable networking opportunities.

The expo also offers attendees an opportunity to see, touch, smell and sample live flower. Other event highlights include an extensive budtender program; evening receptions designed to provide ideal opportunities for insightful conversations and business-building connections; and a signature Lift After Party to end the two-day gathering. “I believe food and beverage is the real opportunity in cannabis today, drawing in the canna-curious and educating them through familiar ways of consumption,” said Lift’s director of cannabis food & beverage growth Chef Jordan Wagman in the press release. “Taste at Lift is the first platform for the cannabis food and beverage supply chain to connect, ideate, educate and celebrate obstacles overcome and successes achieved. Our team has been hard at work developing a program that showcases new and innovative ways to highlight cannabis food and beverage brands. From delicious edibles to refreshing cannabis-infused cocktails, Taste at Lift is sure to surprise, educate and delight attendees.”

To view the full press release, visit https://cnw.fm/9NgxR

About Lift Events & Experiences

Lift Events & Experiences serve the cannabis community as both a meeting place and a destination for discovery. With dates across North America, each Lift event showcases leading-edge content and premiere exhibitors in a high-energy setting for thousands of cannabis growers, processors, manufacturers, brands, budtenders, retailers, educators, advocates, regulators, consumers, investors and more, all while paying tribute to the roots of this rapidly evolving industry. For more information, visit www.LiftEvents.com.

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 844-397-5787 (U.S. Mobile Phones Only)

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4th Annual Cannabis Drinks Expo, San Francisco

Cannabis enthusiasts, investors, business executives, researchers, and industry leaders are invited to attend the 4th Annual Cannabis Drinks Expo to be held in San Francisco, CA on July 27, 2023. As the cannabis industry gains progress and modernization, the premier Expo is set to showcase innovative products with a specific focus on cannabis-infused beverages.

The Cannabis Drinks Expo is a highly anticipated event for industry leaders and professionals looking to explore vibrant cannabis-infused drinks. It serves as an incredible platform to bring together beverage distributors, manufacturers, professionals, and retailers, from different parts of the world. The professionals from the hospitality industry will get a unique opportunity to meet industry experts and gain valuable insights into the emerging cannabis drinks industry.

The Cannabis Drinks Expo will enable professionals to showcase their unique range of products, including CBD-infused drinks, cannabis-infused beverages, wines, craft beers, spirits, and much more. The Expo will be held in a vibrant, technologically-advanced facility designed to cater to the specific needs of attendees and exhibitors alike.

Accelerating the Cannabis Industry

The Cannabis Drinks Expo will feature a series of panel discussions and educational seminars. Led by established thought leaders, these sessions will provide attendees with a great opportunity to learn from the brightest minds in the industry. They will get valuable insights into the latest trends, market regulations, and advancements in the cannabis beverage industry.

These educational sessions will equip attendees with the tools and skills needed to excel in the ever-evolving cannabis landscape. Participants will also get a chance to explore a range of delicious and advanced cannabis-infused drink offerings, exhibiting the vision and ability of the industry’s top brands. They can engage directly with industry experts, share experiences, and build valuable business partnerships to drive innovation in the cannabis industry.

To learn more, please visit https://cnw.fm/8GI3s.

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

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

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420 with CNW — Missouri Conducts Outreach Events as Cannabis Microbusiness Lottery Looms

The cannabis industry in Missouri is likened to the modern-day “gold rush,” according to Tiffany and Anwar Lee, a couple from St. Louis. Intrigued by the potential, they contemplate participating in a lottery system by paying a $1,500 application fee for a chance to obtain a coveted cannabis microbusiness license.

The new initiative, designed to foster opportunities for businesses in marginalized communities, stems from the constitutional amendment that legalized recreational marijuana following last year’s voter approval. Discussing their prospects at an outreach event in St. Louis, Anwar acknowledges the financial potential the industry holds, providing a means to achieve a comfortable standard of living.

However, the odds of success for applicants such as the Lees remain slim, given the limited number of licenses to be awarded. In August, the Missouri lottery will select only six winners per Congressional district, totaling 48 licenses across the state.

Abigail Vivas, Missouri’s chief equity officer, leads various outreach events to explain the eligibility criteria for a microbusiness license. Vivas anticipates around 5,000 applicants statewide, although other estimates suggest it could be around 1,000 per congressional district.

The program became a focal point during the campaign to legalize marijuana, countering opponents’ claims that the law would further entrench an unjust and unequal licensing system, benefiting only the wealthy. Supporters of the program highlighted its uniqueness nationwide and its potential to diversify an industry predominantly dominated by white entrepreneurs.

Although the term “equity” is not explicitly stated in the program’s constitution, its underlying spirit is to prioritize applicants who have been impacted by unfair marijuana-related legal actions. Individuals with past nonviolent marijuana offenses, residing in impoverished areas or experiencing high unemployment levels qualify for consideration.

While the program’s intention is commendable, concerns arise regarding the use of ZIP codes for eligibility assessment. Some ZIP codes correlate to courthouses, potentially allowing affluent residents in certain neighborhoods to apply for and receive licenses meant for disadvantaged communities. This discrepancy has prompted discussions, and the Department of Health and Senior Services (DHSS) has issued a variance, accepting alternative forms of proof, such as statements from elected officials attesting to historical incarceration rates.

Vivas acknowledges the challenges and uncertainties surrounding the microbusiness program’s implementation but affirms the department’s commitment to staying flexible and aligned with the spirit of the law. While it may not be a perfect system, the state is striving to ensure a fair and inclusive process for applicants seeking to participate in the burgeoning cannabis industry.

These state-level laws aren’t applicable for companies that target making FDA-approved medicines from marijuana. Enterprises such as IGC Pharma Inc. (NYSE American: IGC) that have set their eyes on developing THC-based formulations against chronic pain follow drug-development guidelines established by the FDA, and so they don’t have to pander to the patchwork of marijuana laws existing in different states.

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.

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

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420 with CNW — Maryland Legislators Recognized ‘Marijuana’ as Racist Term While Formulating Cannabis Law

In 1924, the people of Baltimore awoke to a startling illustration in their leading newspaper. It depicted a devil emerging amid the fumes of cannabis being cooked in a pot over coals. The smoke drove those with the habit of secluding themselves into a frenzy.

The headline of that August edition of the Baltimore Sun read, “The Mystery of the Peculiar Mexican Herb,” as several news outlets at the time used similar imagery and language. The article continued, attributing all kinds of negative tendencies to indulgence in the dreaded “marihuana weed” from Mexico. This sentiment was part of a wider anti-Mexican wave that often masked itself as a call for banning a dangerous substance.

Mexican newspapers had used the term “marihuana” as early as the 19th century when indigenous Mexicans embraced the medicinal and recreational use of the plant after its introduction by Spanish colonizers.

As Maryland recently joined other states in legalizing recreational cannabis use for adults, the debate over what to call the drug also arose. In the past, “marijuana” and “cannabis” have been used interchangeably. However, some scholars pointed out that the term “marijuana” had stigmatized the plant, particularly within Mexican and broader Latino communities, leading some to consider it racist.

In Maryland, lawmakers chose to use “cannabis” in the statute ending the criminalization of the drug, with the primary focus being reducing the incarceration rates of Latinos and Blacks for drug possession. The state is also committed to educating Latinos through workshops about legalization and cannabis business opportunities to counter misinformation and reduce stigma.

The negative connotations of the word “marijuana” resonate with Antonio Valdez, director of the National Hispanic Cannabis Council (NHCC), reminding him of his mother’s disapproval, a cultural aspect that brought shame within Latino households. A study by the NHCC showed that parents often cause feelings of shame over cannabis among Hispanic individuals, though many of them use the substance recreationally or medicinally. Interestingly, the study revealed that 41% of respondents were comfortable with the term “marijuana” compared to “cannabis,” while another 41% had no strong preference.

Santiago Guerra, a Colorado College professor of Southwest studies, emphasized the importance of using culturally significant terms for cannabis to foster inclusivity within the industry. Referring to the plant as “marijuana” recognizes the historical connection between indigenous Mexican populations and the plant, he said. Guerra emphasized that branding “marijuana” as racist overlooks the true reason behind the U.S. criminalization of the plant, which was fueled by anti-Mexican sentiments following the Mexican-American War.

As more states legalize the drug, Guerra believes it is essential to recognize Mexico’s historical role in its relationship with cannabis. By silencing this history, the true understanding of the term “marijuana” is lost, he added.

While legalization is intended to put an end to some of the social ills resulting from prohibition, it will also open up business opportunities for several cannabis-touching and ancillary actors 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

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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420 with CNW — Oklahoma Cannabis Companies Sue Regulators over Proposed Fees

Although most cannabis reform activists and industry stakeholders are delighted with nationwide efforts to legalize cannabis and promote social equity, they aren’t happy with the fees and taxes cannabis businesses are forced to pay. Cannabis operators in most states with legal markets have long complained of excessively high fees and taxes they are required to pay under their respective regulatory policies.

Even though cannabis is still illegal at the federal level, taxes across the country are so high that they exceed taxes for alcohol by a wide margin in many states. These fees significantly limit participation in the market, increase prices for legal cannabis and allow the already massive cannabis black market to continue attracting most of the market.

A group of medical cannabis companies in Oklahoma have teamed up with a cannabis industry advocate to sue the state over the increasingly high fees levied on cannabis businesses.

Regulators recently approved a new fee structure that increased licensing fees for medical cannabis cultivators, processors, laboratories and dispensaries. Cannabis businesses that used to pay a flat $2,500 fee for licenses will now have to pay thousands more per year, with the largest cultivators required to pay up to $50,000 annually to retain their licenses.

The lawsuit claims that these fee increases are in violation of Oklahoma’s constitution and are no different from a “revenue-raising” measure. Oklahoma law requires that revenue bills receive more votes to advance compared to traditional bills. However, the lawsuit argues that since the new cannabis fees did not receive supermajority votes and were passed just as the 2022 session drew to a close, they cannot be codified as law.

Furthermore, the lawsuit explained that it called the fees a revenue-raising measure because the bill did not outline any regulations that would be funded by the extra funding raised by the increased fees. As such, the lawsuit said, the legislation was designed to raise additional revenue for the state rather than being regulatory in nature.

The lawsuit says that the new regulations would have a major financial impact on the medical cannabis industry, costing players in the sector close to $30 million in fees per year.

Oklahomans for Responsible Cannabis Action founder Jed Green and one of the petitioners on the suit says that the lawsuit raises constitutional questions that affect every taxpayer in Oklahoma. He was joined in the petition by medical cannabis cultivator Pharside, medical cannabis dispensary Oklahoma Natural Cures, and cannabis processor Bingo 101.

For enterprises such as IGC Pharma Inc. (NYSE American: IGC), which operate under the drug-development regulations of the FDA, no such disputes over fees can arise because there is a national structure governing the fees drug developers have to pay as they seek permission for each phase of the process that they seek to conduct.

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.

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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CNW420 is part of the InvestorBrandNetwork.

420 with CNW — Home-Grow Cannabis Law Takes Effect in Connecticut

Starting this week, adults aged 21 years and older in Connecticut have been granted the legal right to grow their own cannabis for personal use, as per the latest provision of the state’s marijuana legalization law. As a reminder of this policy change, the DCP released a notice that emphasized the value of responsible cultivation and provided a thorough rundown of the requirements that must be adhered to.

Some of the key points that adults should be aware of regarding cannabis home cultivation include:

  • Individuals aged 21 and older can grow a maximum of six marijuana plants, with only three of those plants allowed to be in a mature state for personal use.
  • Regardless of the number of adults residing together, the household plant limit is capped at 12 plants.
  • The cultivation must take place indoors, away from public view, in a secure location inaccessible to minors and pets.
  • After harvesting, adults are strongly advised to store the cannabis in child-resistant packaging to ensure safety.

The legalization law that is being put into effect allowed medical cannabis patients the opportunity to start growing their own plants in October 2021, and that privilege is now being extended to all adult users over the age of 21.

Interestingly, home cultivation legalization comes some six months after Connecticut’s first recreational cannabis retailers opened, resulting in a significant expansion of the market. Recreational sales have risen to previously unheard-of heights and, as of May, have surpassed those for medical use.

Recently, Governor Ned Lamont signed a cannabis omnibus bill that introduces several reforms. Included in this are limitations on consuming hemp-derived goods, the creation of a new Connecticut Office of the Marijuana Ombudsman, and the issuance of permits for cannabis businesses to hold off-site events. Also included in the measure are definitions of edible marijuana products and revisions to the state lottery’s licensing policies.

In the meantime, the governor approved budget legislation last month that includes clauses to give state tax relief to legalized cannabis entities that are now forbidden from taking federal deductions under IRS code section 280E.

Moreover, a bill to improve the state’s cannabis legalization and expungement statute was approved by the House of Representatives in May. The measure calls for the release of people who are currently in prison on cannabis-related offenses as well as requests for judges to impose lighter terms or drop charges for a wider variety of cannabis-related convictions.

Similarly, the House approved a bill in May decriminalizing the possession of psilocybin mushrooms; however, the Senate did not consider these proposals before the legislative session ended.

The commencement of marijuana home cultivation is likely to create a bigger demand for indoor cultivation equipment in the category of what Advanced Container Technologies Inc. (OTC: ACTX) makes. If this happens, suppliers will likely a spike in sales.

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) – A Zacks Update

  • Lexaria just released its mid-year update, highlighting its key milestones so far and its objectives going forward, summarized in a recent Zacks update
  • Of note was the company’s most ambitious clinical study yet, HYPER-H21-4, along with its growing patent portfolio that now sees six additional patents awarded across Australia, Japan, the U.S., and Canada so far in 2023
  • The company also noted its $2 million capital raise back in May, a strong indicator of shareholders’ confidence in the brand, and its efforts to grow its operations
  • Lexaria looks to build on the momentum gathered so far, and its management is optimistic that it will achieve its objectives for the 2023 calendar year

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just released its mid-year update, marking significant strides both in its research and in creating value for its shareholders. In a report by Zacks Small Cap Research, the company’s critical milestones for the current calendar year were highlighted, from recent publications to awarded patents and capital raised thus far.

Of note was Lexaria’s most ambitious clinical study yet, HYPER-H21-4, a clinical study exploring the potential of the company’s patented DehydraTECH(TM)-processed cannabidiol (“CBD”) for the treatment of hypertension. Enrollments for the study kicked off in April 2022, with dosing beginning ahead of schedule and completed on July 27th (https://cnw.fm/1HQdu). With the success of this study so far, Lexaria is on track to file an Investigational New Drug application with the U.S. Food and Drug Administration, for DehydraTECH-processed CBD later this year, in addition to tapping into the hypertension treatment market that is estimated to hit $39.5 billion in value by 2030 (https://cnw.fm/zNTt1).

Lexaria has also made significant strides in growing its patent portfolio, with its 28th patent worldwide being awarded in late December 2022. Two additional announcements were made in April and June highlighting several global grants, in addition to six patents awarded across Australia, Japan, the United States, and Canada so far in 2023. This goes a long way in strengthening the Lexaria brand, as evidenced by the $2 million capital raise on May 8th.

This capital raise in a public offering saw 2,106,000 units sold at $0.95 per unit, consisting of one share of stock and a warrant with an exercise price of $0.95 per share, offering a five-year term. It showed shareholders’ confidence in the company and its efforts to grow its operations and fulfill its mandate. It was also a show of the company’s growth and future ambitions.

Lexaria also noted significant progress on its nicotine operations, particularly given its receipt of Independent Review Board (“IRB”) approval for its human nicotine study designated NIC-H22-1. Similar progress was made on its Estradiol hormone study, with the recently-concluded animal study HOR-A22-1 demonstrating successful delivery of estradiol and its metabolite estrone using DehydraTECH. These, and more efforts from Lexaria, were recognized in research circles, with eight research paper publications playing a massive role in it.

In a June 22nd press release, Lexaria acknowledged its most recent publication in the International Journal of Molecular Sciences, titled Differences in Plasma Cannabidiol Concentrations in Women and Men: A Randomized, Placebo-Controlled, Crossover Study. The publication noted that CBD concentrations were higher in women than men and correlated with the proportion of adipose tissue. The difference in sexes, it noted, was attributed to higher levels of fat tissue in women than men.

Lexaria looks to build on its momentum so far and achieve its objectives for the 2023 calendar year. Its management is optimistic that these goals, and more, will be achieved in the year and that the company will continue to create value for its shareholders while at it.

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

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420 with CNW — Maryland Starts Implementing Adult-Use Cannabis Law

Two months after Maryland approved legislation to create a regulatory framework for recreational cannabis sales, the state has officially launched its adult-use market. State lawmakers approved Senate Bill 516 in April following months of negotiation on key issues such as social equity and taxation before forwarding it to the governor’s desk.

Governor Wes Moore signed the measure into law in May and set the stage for recreational sales in Maryland, stating at the time that the bill would make sure Maryland’s recreational cannabis market would provide equitable opportunity. The recreational cannabis bill finally took effect last week and made simple possession and personal cultivation of cannabis legal. It will also allow existing medical cannabis dispensaries to begin selling adult-use marijuana, ensuring that the state’s recreational market will see a relatively quick launch just months after legalization.

Regulators have already approved close to 100 dispensaries and converted their medical cannabis licenses to dual licenses that will allow businesses to serve both medical cannabis patients and adult consumers from July 1, 2023. The Maryland Cannabis Administration (MCA) has also approved 38 recreational cannabis cultivators and manufacturers to help supply the burgeoning market.

Cannabis is without a doubt one of the fastest-growing industries in the world. The industry has created hundreds of thousands of new job opportunities and generated billions of dollars in annual taxes, with states such as California regularly reporting hundreds of millions of dollars in cannabis taxes per year.

Most states with legal cannabis markets have also included social equity provisions that ensure members of communities that were disproportionately affected by the failed war on drugs have equitable access to the lucrative cannabis market.

Speaking at a recent Cannabis Regulators Association (CANRA) conference, Governor Moore noted that cannabis policy has been used to oppress people of color in the past and weakened not just certain communities but the country as a whole. He said that the state was now penning a new chapter in America’s sordid tale with cannabis, a chapter focused on ensuring both equity and economic growth.

Acting MCA Director Will Tilburg said that the association is excited to “offer safe, legal and tested” cannabis products to adults, and urged consumers to learn about the recreational cannabis law and practice safe, responsible cannabis consumption.

Customers can now purchase pre-rolled joints, dried cannabis flower, disposable vape pens, vape cartridges, capsules, topical products and edibles with no more than 10mg of THC per serving and 100 mg of THC per package.

Smoking in public spaces, restaurants and moving cars is not allowed, and it is still illegal to drive while under the influence of marijuana or transport cannabis products out of the state of Maryland.

As more U.S. states start implementing recreational cannabis programs, several enterprises such as IGC Pharma Inc. (NYSE American: IGC) are also working to raise the bar for the medical use of marijuana by developing formulations that meet the requirements of regulators such as the FDA before such formulations are licensed for use within the healthcare system.

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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