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

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

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 — 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

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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 — Records Show Arizona Crossed $100M Mark for Monthly Cannabis Sales

State data has revealed that Arizona’s recreational cannabis market passed the $100 million sales threshold in March. The state legalized recreational cannabis in 2020 via the Safe and Smart Arizona Act, allowing the purchase, possession and use of recreational cannabis by adults aged 21 years of age and older.

It took Arizona a little more than a year after legalization to reach $100 million in adult-use cannabis sales, with recreational marijuana sales tripling medical cannabis sales over the last three months. According to the Arizona Department of Revenue, the state’s medical marijuana market has averaged $30 million in sales every month. Recreational cannabis sales in March were close to $101 million, increasing by more than $10 million from the $86.5 worth of recreational cannabis sold in April.

Cumulative sales for both recreational and medical cannabis reached $100 million in March 2021 with $59 million in recreational cannabis sales and more than $473 million in medical cannabis sales. Although overall cannabis sales in Arizona have surpassed $100 million every month since, March 2023 was the first time recreational cannabis sales alone breached the $100 million mark.

While recreational cannabis sales have seen an upward trajectory since March 2021, medical cannabis sales have been on a steady decline since peaking at $73.3 million in April 2021. Medical cannabis sales in July 2021 were under $40 million, and they have ranged from $33 million to $28.6 million from September 2022 to February 2023 when Arizona saw its lowest month of medical marijuana sales since it started reporting sales figures.

On the other hand, Arizona residents bought $93.4 million worth of recreational cannabis in December 2022, $91.3 million in January 2023 and $84.5 million in February 2023 before breaching the $100 million mark in March.

Arizona is already earning millions of dollars in tax revenue from cannabis sales, with the recreational market providing $15.4 million in revenue and the medical market providing $10.4 million. The state levies a 16% excise tax on adult-use cannabis sales and a 6% sales tax on medical cannabis while local governments charge an extra 2% on all cannabis sales.

According to the report, 30% of the total taxes collected from cannabis go to community college and provisional community college districts, 31% goes to public safety programs, 25% to the Arizona Highway User Revenue Fund and 10% to the justice reinvestment fund.

The sales numbers represent the enduring consumer demand for recreational cannabis around the country. States such as California, which have had legal recreational cannabis markets for much longer, are now home to behemoth markets that sell billions of dollars’ worth of adult-use cannabis each year.

These thriving markets for cannabis have created additional opportunities for entities such as Advanced Container Technologies Inc. (OTC: ACTX), which see a gap in the availability of the supplies that actors in the marijuana industry need.

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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420 with CNW — NBA Formally Removes Cannabis from List of Banned Substances

The National Basketball Association, as well as its players’ association, has officially come to terms on an agreement that brings significant changes to the league’s approach toward cannabis. In a comprehensive document spanning 676 pages, various provisions related to cannabis have been outlined, with the major change being the deletion of marijuana from the organization’s list of banned drugs for players.

One key aspect of the new agreement is that players are now allowed to invest in and promote cannabis brands, but with specific conditions. Players can hold an ownership interest, either directly or indirectly, in entities involved in producing or selling CBD products, provided that the THC content in the cannabis does not exceed 0.3% dry weight. Additionally, players are permitted to invest in cannabis firms, as long as their ownership is passive while also being below 50%.

Promotional activities by players are also addressed in the agreement. Players can endorse CBD products from entities that don’t fall under the category of cannabis companies. However, if a player wishes to endorse cannabidiol (CBD) products from a marijuana entity, they must seek permission from both the NBA as well as the association bringing together all the players.

Permission may be withheld if the cannabidiol products are marketed through a brand which also includes cannabis products. If the endorsement could cause confusion with cannabis-related items, permission could also be denied.

The collective bargaining agreement establishes sanctions for players found guilty of driving while intoxicated by alcohol or any controlled substance, as well as for those involved in felonies related to cannabis distribution. The use of cannabis or its products by players is treated similarly to alcohol, and teams are allowed to refer players to the medical director for mandatory evaluations if they have reasonable cause to suspect substance use or dependency issues.

The agreement also acknowledges the potential dangers of synthetic cannabinoids such as delta-8 THC and provides a voluntary treatment option for players seeking help in such cases. While voluntary entry into the program incurs no penalties, noncompliance after enrolling could lead to fines and possible suspensions.

By formally eliminating cannabis from the list of banned substances, the NBA ratifies its decision to suspend cannabis testing for the past three seasons.

This move was praised by well-known personalities, such as Snoop Dogg, an iconic figure in the cannabis community and a commentator for the NBA. Snoop Dogg commended the league’s decision, recognizing the benefits of cannabis for medical purposes and as an alternative to opioids.

Michele Roberts, a former head of the NBPA and a board member of Cresco Labs, a major cannabis company, had previously anticipated that the league would eventually adopt a formal policy change to support cannabis use, which has now become a reality with the signing of the new collective bargaining agreement.

It isn’t surprising that the NBA is making these adjustments to its rules. It has been known that numerous enterprises such as IGC Pharma Inc. (NYSE American: IGC) are making headway in commercializing FDA-approved treatments based on cannabis constituents including THC, so the NBA can no longer deny the therapeutic potential of cannabis.

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 — Italy Moves to Regulate Its ‘Marijuana Light’ Program

Last week, Italian lawmakers presented proposals aimed at regulating Italy’s booming low-THC cannabis industry. Dubbed “cannabis light,” Italy’s industry is now home to multitudes of retail outlets selling cannabis with low levels of THC. Although legislators didn’t initially set out to legalize recreational cannabis, a measure meant to legalize industrial hemp, a type of cannabis that has little to no THC, opened a loophole that allowed the cannabis light sector to take root.

The government is now working to regulate the sector. On June 20, 2023, Italian Prime Minister Gorgia Meloni proposed amending tobacco legislation and extending it to cover low-THC hemp flower as well. Meloni’s proposal would have laid out a tax framework for low-THC hemp and created an authorization system via the Customs and Monopolies Agency (DM).

However, a day after the recently instated prime minister tabled the proposed amendment, the government withdrew the proposal. Industry sources and local media still believe that lawmakers will soon reintroduce the proposed amendments in another bill.

The tax framework created by the proposal would tax the sale of cannabis-light products at 56.5%, the same rate as tobacco. Local marijuana industry association Canapa Sativa Italia notes that this high level of taxation would hamper the development of Italy’s hemp industry. The proposal would also limit places that could sell cannabis-light products to tobacconists with a specialized license. These authorized tobacconists would have to use “authorized tax warehouses” under “supervisory measures,” the proposal stated.

Tax warehouses are buildings in Italy where businesses can store and process imported and domestic products without paying any VAT with the guarantee that the goods will not be sold in the warehouse. Such warehouses keep goods in free circulation and allow businesses to pick up goods without having to go through time-consuming formalities.

Some industry players fear that while these measures will provide a regulatory framework for Italy’s cannabis light industry, they will penalize artisanal producers and small businesses that have been in the game for years. Smaller businesses would have an especially hard time managing tax warehouses and ensuring product quality while in these warehouses.

According to industry association Canapa Sativa Italia, the proposed measures would lead to the growth of a new black market because illicit sellers wouldn’t be subjected to high taxes or strict operating requirements. And major cannabis states such as California have proved that it can be extremely hard to compete with a cannabis black market once it has taken root.

Implementing effective strategies to contain the black market isn’t only beneficial to enterprises that directly deal in marijuana. Others, such as Advanced Container Technologies Inc. (OTC: ACTX), may also see an uptick in business if all industry players are adhering to the same rules or standards.

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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420 with CNW — Despite Ongoing Challenges, California’s Legal Cannabis Market Remains Huge

Despite facing financial and tax challenges, California’s marijuana industry remains unparalleled as the largest cannabis market globally. According to the recent MJBizFactbook report, the state is projected to generate approximately $5.9 billion in legal medical and recreational cannabis sales in 2023.

To provide perspective, this revenue could sustain the economy of a small island country. For instance, the International Monetary Fund (IMF) estimates that Barbados’s gross domestic product (GDP) will reach $6.1 billion this year. Additionally, the IMF forecasts Fiji’s GDP to be approximately $5.4 billion.

Given California’s colossal cannabis market, its magnitude is not surprising. If California were an independent country, its GDP for 2022, totaling $3.6 trillion, would rank fifth globally, positioned between Germany and India with $4.2 trillion and $3.2 trillion, respectively.

Furthermore, marijuana has become a prominent agricultural product in California, competing with and sometimes surpassing two major crops. In 2022, grape production, renowned for the state’s exceptional wine industry, reached a value of $5.5 billion, followed by almonds at $3.5 billion.

Comparatively, other marijuana markets in the United States pale in comparison to California’s sales. Michigan, the second-largest American marijuana market in terms of sales, is projected to generate only one-half of California’s consumer purchases, amounting to $3.1 billion in combined medical and recreational cannabis sales this year.

Until states with large populations such as New York or Pennsylvania bolster their markets, California is unlikely to face significant competition. This also holds true for countries such as Germany, which have yet to establish legal recreational markets.

While acquiring precise data on international legal cannabis sales is challenging, Canada, arguably the largest legal adult-use market outside the United States, reported recreational sales of just $3.4 billion in 2022.

Meanwhile, a bill to legalize marijuana cafes in California was recently approved by the state’s assembly committee. The measure allows dispensaries to offer noncannabis food and beverages at their locations, subject to local approval. California is also taking steps to broaden the market for marijuana outside of the state. Regulators are asking the attorney general’s office for a formal opinion on whether allowing marijuana commerce across state lines would put California at a heightened risk of federal enforcement action.

The governor approved a statute last year giving him the authority to enter into deals with other legal jurisdictions to import and export marijuana goods. The request for advice from DCC is an important first step that might ultimately result in the law being put into effect.

Companies such as IGC Pharma Inc. (NYSE American: IGC) that are looking to commercialize pharmaceutical-grade medicines from THC will not have to be concerned about laws surrounding interstate commerce in marijuana products because the moment a given formulation gains FDA approval, the makers are free to market it anywhere within the country.

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 — Montana Legislators Override Cannabis Tax Distribution Bill Veto

Last week, lawmakers in Montana defied Governor Greg Gianforte’s veto yet again, this time overriding an appropriations bill that contains provisions for directing cannabis tax funds to a program aimed at enhancing habitats. The Montana Wildlife Federation, the Montana Association of Counties and Wild Montana all expressed their approval of the legislature’s decision to override Gianforte’s veto of HB 868, the appropriations bill.

The groups are currently suing the state’s secretary and Gianforte because of the governor’s veto of SB 442. The bill, which enjoyed widespread support, seeks to redistribute revenue from Montana’s cannabis tax toward county road funding, the Wildlife Habitat Improvement Program, the Habitat Montana program and other initiatives. Additionally, it aims to modify the structure established by lawmakers during the 2021 session.

In his veto letter for SB 442, which coincided with the Senate’s adjournment on May 2, 2023, Gianforte criticized the bill for not including an appropriation and therefore rendering it ineffective. However, supporters of HB 868 argued on the day of the veto and in the subsequent weeks that the bill included provisions for appropriating funds to SB 442.

An analysis conducted by the Program Planning and Budget Office confirmed that HB 868 indeed contained an appropriation for SB 442. However, it also noted that the inclusion of this language, along with coordinating amendments, seemed to fall outside the bill’s intended scope. As a result, the amendments and statutory appropriation appeared to be invalid.

Senator Mike Lang, the bill’s sponsor, along with the groups involved in its development, have maintained that the governor’s SB 442 veto was inappropriate. They argue that since the bill was not read on the Senate rostrum before the adjournment vote, legislators should be allowed to attempt an override through a poll.

The Montana Association of Counties filed a lawsuit against Gianforte and Christi Jacobsen, the state’s secretary, on June 7, 2023, seeking a court order to enable the legislature to do a poll override vote or to declare the bill as law due to alleged procedural violations by Gianforte.

The Montana Wildlife Federation and Wild Montana also filed lawsuits against Jacobsen and Gianforte on the same day. Their lawsuit sought the judge to order Gianforte to give Jacobsen the veto so that she could give lawmakers a poll on a veto override.

There is no established hearing date for either lawsuit. According to court documents, the plaintiffs’ lawyers are requesting subpoenas for Jacobsen and Gianforte in both cases.

But the associations expressed their satisfaction with the legislature’s decision to overturn HB 868. To override Gianforte’s veto, the override poll needed two-thirds of the votes in both the House and the Senate, which it received with 72 votes in the former and 35 in the latter. Since the end of the session, lawmakers have overridden four vetoes.

As the recreational cannabis market stabilizes in the state, we could see the mushrooming of various ancillary companies similar to Advanced Container Technologies Inc. (OTC: ACTX) rising up to the opportunity presented by the needs of cannabis firms.

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 – Alt Pro Expo to Take the Stage in Dallas

Following successful events in North and South America, the Alternative Products Expo (“Alt Pro Expo”), a production of ZJ Events, is coming to the vibrant city of Dallas, Texas. The Dallas Expo 2023 is set to take place at the Kay Bailey Hutchison Convention Center in the heart of downtown from July 13-15, 2023. The center of retail distribution in the American southwest, Dallas is well on its way to becoming one of the largest hubs in the alternative products industry. The burgeoning space is now generating $25 billion in annual revenues in the vaping, hemp and smoke shop segments alone. “The Alternative Products Expo is the leading platform for showcasing the very best of the counterculture industry,” said Sebastian Carmona, director of partnerships. “We provide a wholesome and exciting atmosphere, optimized for both business efficiency and meaningful conversations, where attendees can explore hundreds of innovative products and services. We are privileged to be coming to Dallas, a market that has been gaining incredible traction. This is a truly wonderful opportunity for well-established industry professionals, avid customers, passionate community members and curious culture watchers to learn about the sector and create invaluable networks along the way.”

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

About Alternative Products Expo

Alternative Products Expo, formerly USA CBD Expo, is a production of ZJ Events. Its founders were once exhibitors who, after attending countless trade show events, saw an opportunity to build upon their experience and create an event that combined the best they had seen with their own notion of what was missing in these business gatherings. By bringing the alternative community together, Alternative Products Expo seeks to provide industry professionals from all corners of the market with an immersive and unique opportunity for networking and business expansion. For more information, please visit AltProExo.com.

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420 with CNW — Florida AG Tells Supreme Court Cannabis Legalization Measure is Misleading to Voters

Florida Attorney General Ashley Moody is working hard to keep a cannabis legalization initiative off the 2024 ballot. The attorney general recently issued a brief to the Florida Supreme Court detailing why she is opposed to the addition of the legalization measure on next year’s ballot.

Moody had received a two-week extension from the court to give her more time to finish the brief, and she submitted it on the Monday deadline. The Attorney General’s office is looking to nullify the marijuana legalization measure based on the argument that its ballot summary’s language is “affirmatively misleading” in several ways.

According to Moody, the summary does not take adequate steps to inform Florida voters that cannabis will remain illegal at the federal level. She notes in her brief that prior court opinions on ballot legalization measures did not stress the fact that “voters need clear guidance” before being asked to eliminate state-level penalties for possessing a substance that would still be illegal per the federal law. The note stated that “rampant disinformation in the press” and the measure’s sponsor made the need for clarity in the measure summary even more necessary.

Moody also argued that the ballot measure was misleading because it suggested the legislation would raise the number of cannabis retailers when the reality is it would simply allow existing operations to expand their retail outlets. Increased competition in the cannabis marketplace would increase product quality and professionalism among cannabis producers and retailers while reducing retail prices, the brief explained.

However, Moody said in her note, the state only allows medical marijuana treatment centers to take part in the cannabis trade at the moment, and the ballot measure won’t take any steps to change this. Moody states that the measure is also misleading because it would leave “reasonable voters” with the impression that they have limited immunity for the possession of up to three ounces of cannabis when in reality they would be subject to certain penalties for possessing more than the allowable amounts of cannabis.

Furthermore, the measure would limit the legislature’s ability to increase the maximum possession limit for cannabis and home marijuana cultivation in its entirety, allowing companies such as Trulieve, which financed the measure, to “entrench their monopoly in the marijuana market.”

Finally, the attorney general said that the ballot measure is misleading because it does not mention that the Florida Department of Health won’t be granted “constitutional regulatory authority” in the adult-use cannabis industry like it has medical cannabis. She noted that the bill neglected to disclose that there will be a significant period after legalization when medical cannabis dispensaries take part in the unregulated recreational cannabis trade.

In general, Moody concluded, the measure asks voters to usher in major changes to the state constitution without explaining what those changes would be; The bill should therefore be nullified, she states.

It is interesting to note that most controversy regarding marijuana in Florida and indeed around the world hinges on the recreational use of the substance. Enterprises that specialize in leveraging the medicinal properties of the plant, such as IGC Pharma Inc. (NYSE American: IGC), are insulated from those debates because they operate in a stable environment guided by the FDA drug-development protocols.

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 — Minnesota Marijuana Sales Expected to Reach $1.5B

According to a forecast from a top marijuana law firm, Minnesota’s legalized marijuana market will increase to more than $1.5 billion annually by 2029. Nearly 700,000 adult-use and medicinal marijuana users are anticipated to be served by Minnesota cannabis companies as the industry matures.

Travis Copenhaver, a partner at the psychedelics and cannabis law firm Vicente LLP, stated at a seminar on marijuana entrepreneurship recently held by Surly Brewing in Minneapolis that the state’s recent legalization of recreational cannabis highlights new economic prospects for entrepreneurs in Minnesota. Vicente’s market analysis suggests that Minnesota’s legal marijuana market growth will closely resemble trends observed in other states.

Upon the commencement of recreational cannabis sales, the market will experience limited supplies, resulting in higher prices. However, as more retailers and producers enter the market, supplies will rise, leading to a decline in prices. It is predicted that the state’s overall marijuana economy will reach its peak, approximately $1.5 billion annually, in the next 10 years. According to the projection, 650,000 Minnesotans, or 15% of the state’s population aged 21 and older, are expected to use cannabis once a month or more regularly.

However, convincing current recreational cannabis users to switch to the regulated market won’t happen quickly. The estimates predict that the great majority of people won’t be able to purchase marijuana from licensed merchants until 2030. Minnesota lifted its prohibition on cannabis last month, following Governor Tim Waltz’s signing of a bill legalizing recreational cannabis in the state. Starting August 1, 2023, adults aged 21 years and older will be permitted to possess up to two ounces of marijuana in public places. The legislation also permits persons aged 21 and older to cultivate a small amount of cannabis in their homes as well as possess up to two pounds of marijuana in private residences.

It also makes it legal for businesses to produce and sell cannabis, and it also permits the sale of recreational marijuana under certain conditions, subject to regulations developed and approved by the marijuana management office, a newly established state agency. The new organization will also control hemp-derived cannabis goods and medical marijuana.

According to Minnesota Public News, state authorities have set a goal date of May 2024 for when they will start accepting applications for recreational marijuana retail stores. Thereafter, sales are expected to begin in January 2025. Once regulated sales of recreational cannabis commence, adults will have the freedom to purchase eight grams of marijuana concentrate and edible products containing a maximum of 800mg of THC.

When this marijuana market opens and takes off, many opportunities could open up for many enterprises, including those that operate similar to Advanced Container Technologies Inc. (OTC: ACTX), supporting marijuana companies but not directly dealing with marijuana 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

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