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 — Legislators in Hawaii Pass Measure Urging Governor to Establish Clemency Program

Legislators in the state of Hawaii have passed a measure urging the governor to establish a clemency program for individuals with previous cannabis convictions on their records.  The measure, which was approved by the House earlier last month, was championed by Representative Jeanné Kapela.

The legislation states that the prosecution of marijuana offenses has deprived many of access to housing, higher education, individual liberty, the right to vote, and employment, with the overall drug war destroying indigenous, immigrant and low-income communities. It also calls attention to the mass pardon issued by President Joseph Biden in October 2022 for persons with simple federal marijuana possession offenses. In addition, it mentions that some states have legalized cannabis and included expungement pathways for previous convictions.

LPP Senior Policy Associate Frank Stiefel argues that setting up a clemency program would be an important first step in addressing the harms caused by failed policies implemented as a result of the war on drugs The measure also encourages Governor Josh Green to work with advocacy groups such as the Hawaii Innocence Project and The Last Prisoner Project.

Earlier in November, the governor announced that he’d sign a legislation to legalize marijuana for adults, adding that he had ideas on how taxes from cannabis sales could be used. Despite this, the state has yet to legalize the recreational use of marijuana after an adult-use marijuana legalization measure that was approved in the Senate ultimately stalled in the House.

Legislators hope to enact the reform in the second half of the two-year legislative session. That hope was strengthened after the AG announced that her office would not oppose cannabis legalization anymore and would, instead, liaise with stakeholders and legislators to help advance reform. Attorney General Anne Lopez revealed that her office would develop a comprehensive regulatory legislative package that could be attached to any measure to legalize cannabis.

Additionally, the state was the first in the country to legalize medical cannabis in 2000. More than a decade later, the law was expanded to include a regulated cultivation and dispensary system. With an already established medical cannabis system, recreational use is not far behind.

In other news, the state’s senate passed a resolution to establish an advisory council to explore regulations on access to breakthrough treatments such as MDMA and psilocybin for mental health conditions. The resolution from Representative Adrian Tam would also evaluate FDA breakthrough therapies within three months of the substance receiving its designation.

As states such as Hawii move to expand their marijuana laws beyond medical marijuana, several companies, including IGC Pharma Inc. (NYSE American: IGC). are investing research dollars with the aim of bringing to market cannabis-based medicines that meet the strict requirements of the FDA so that more people can access these treatments even if the jurisdictions in which they live don’t permit the use of marijuana.

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 — Maine Legislator Files Anticipatory Bill to Facilitate Cannabis Interstate Commerce

A proposal that would enable Maine to sign interstate marijuana commerce contracts with other U.S. states that have legalized cannabis has been presented by a state legislator. Democratic Representative Joseph Perry’s bill would permit, with certain restrictions, the transportation, manufacturing, testing, acquisition, distribution and sale of marijuana or cannabis-related items entering and exiting Maine.

According to the legislation, such agreements are only permitted if the federal statute is changed, financing for interstate implementation is restricted and the Justice Department issues a statement stating that allowing trade between states would not put the state at greater risk of enforcement actions. Businesses that sell marijuana outside of Maine are required to abide by the laws there and cooperate with any inquiries into violations.

If passed, Maine would join Oregon and California in enabling interstate marijuana commerce when federal legislation changes.

The senate president of New Jersey submitted a comparable bill last year, but that proposed legislation hasn’t yet been passed. Regulation issues in Maine could arise from the movement of cannabis across states that forbid it. Maine is a small, remote state with only New Hampshire as a neighbor, and neither state has permitted cannabis for recreational use.

Maine’s cannabis authorities determined in a report issued a year ago that the state’s introduction of an adult-use marijuana business has already surpassed projections in terms of reducing unlawful sales. However, a cannabis company from Oregon filed a complaint in the U.S. courts last year asserting that the state’s prohibition of marijuana exports and imports from and to other states is unconstitutional.

In the same manner that a federal appeals court determined last year that Maine’s regulations preventing foreigners from holding medical cannabis enterprises within the state infringed the commerce provision of the Constitution of the United States, legal experts speculate that preventing the import and export of medicinal cannabis across consenting states may be viewed as restrictive and unlawful. This reasoning might also be used to undermine state-level restrictions on the import and export of marijuana.

If federal regulation changes, the proposed bill in Maine gives the state a chance to gain from interstate trade, perhaps strengthening its economy and generating jobs. However, Maine’s capacity to enter into such accords is now constrained. The measure attempts to give Maine access to the potential sources of income in the developing cannabis business. Additionally, it aims to safeguard public safety and create an oversight structure for cannabis sales.

When interstate commerce for marijuana is ever permitted, there could arise a production boom for the substance. Such a boom would have a positive effect on not only marijuana companies but also other industries that arise to meet the different needs of the thriving cannabis companies. Businesses such as Advanced Container Technologies Inc. (OTC: ACTX) could therefore benefit from allowing cross-state trade in marijuana.

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

About CNW420

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX), Featured in Recent Research Report by Zacks SCR

  • Zacks recently released a research report covering Lexaria Bioscience, a global innovator in drug delivery platforms
  • The report discusses the company’s ongoing research and development (“R&D”) programs, forecasting penetration into global markets for hypertension, oral nicotine delivery, and antiviral product categories
  • Lexaria is targeting conditions with significant market potential, including hypertension, diabetes, dementia, and seizures
  • These programs position the company for entry into collaborative opportunities to support further growth and provide growth capital

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, featured in a recently released research report from Zacks Small-Cap Research (“SCR”) (https://cnw.fm/R891E). The report considers the potential approval and commercialization of products processed with the company’s patented DehydraTECH(TM) drug delivery platform technology that increases drug bioavailability, and ongoing research and development (“R&D”) activities, including recent revelations that the platform technology may offer a new mechanism of action, to support a $14.00 share valuation (https://cnw.fm/e2bXG).

“DehydraTECH offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels and AUC (area under the curve), brain permeation, taste masking, and side effect reduction. As DehydraTECH does not employ a covalent bond, [it] is not a new molecular entity and can rely on previously conducted safety and efficacy data to obtain regulatory approval,” the report reads.

The report highlights the company’s accomplishments during the current financial year 2023, which began September 1, 2022, acknowledging the considerable ground Lexaria has traversed with its research and development (“R&D”) activities. For example, the lead R&D program seeks to investigate DehydraTECH-processed cannabidiol (“CBD”) for the treatment of hypertension; five human clinical trials have been conducted to date, yielding positive results.

These results come amid increasing interest from big pharma. In early 2023, for instance, AstraZeneca (NASDAQ: AZN) initiated a bid to acquire CinCor Pharma, Inc., a US-based clinical-stage biopharmaceutical company developing novel treatment for resistant and uncontrolled hypertension as well as chronic kidney disease. Though the bid is yet to be accepted, according to a disclaimer on AstraZeneca’s website (https://cnw.fm/jpQAW), the juggernaut’s interest, Zacks’ report explains, “accentuates the unmet need for effective control of hypertension and provides a healthy backdrop for further work by Lexaria in this area.”

This additional work comes in the form of an expected Food and Drug Administration (“FDA”)-approved Phase 1b clinical study. Accordingly, Lexaria intends to submit its Investigational New Drug (“IND”) application for the hypertension program mid-year, with the study expected to commence in the second half of the year, according to the report.

In addition, Lexaria’s efficient use of capital has allowed it to expand its R&D into new preclinical work, including efforts evaluating DehydraTECH-CBD as a potential treatment for diabetes, dementia, and seizures. And as is synonymous with all its R&D programs, these efforts are not only strategic but also influenced by an ever-present market need.

The company took an interest in the seizure space following the FDA’s approval of GW Pharmaceuticals’ Epidiolex, acquired by Jazz Pharmaceuticals, a CBD oral solution for the treatment of seizures in children with Lennox-Gastaut or Dravet syndrome. This marked the first time a drug containing an active ingredient from the cannabis plant had received approval. With regulatory approval in the bag, Epidiolex would go on to generate $750 million in revenues in 2022, a figure that will likely increase to over $1 billion by 2024. This success spurred Lexaria to perform its own studies evaluating the efficacy of DehydraTECH-CBD for seizures. In results released in November last year, the company established that DehydraTECH-CBD worked faster and better at lower doses than Epidiolex (https://cnw.fm/V9cp1).

Regarding dementia, the report underlines that although there are several approved drugs, they have had limited benefits, lacked the clear-cut benefit desired, or resulted in adverse side effects. “This leaves the dementia field wide open for therapies that can either slow or improve the symptoms of dementia,” the report continues. For its part, Lexaria intends to capitalize on this gap and has initiated a study evaluating the potential therapeutic use of DehydraTECH-CBD in dementia.

The company is also evaluating other DehydraTECH-processed candidates, including oral nicotine, antivirals, PDE5 inhibitors, hormones, and more. Of these focus areas, the report projects penetration into global markets for hypertension, oral nicotine delivery, and antiviral product categories.

“While still early stage, these programs could be excellent partnership opportunities that will support further growth and potentially provide growth capital,” the report concludes.

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 — Study Finds No Elevated Risk of Psychosis Resulting from Marijuana Use

Even though some experts claim the association between cannabis use and psychosis is exaggerated, a recent study found a connection between high-potency cannabis addiction and a higher risk of psychosis. However, another study that was just released in the “Psychiatry and Clinical Neurosciences” journal offers a different viewpoint, concluding that cannabis usage does not raise the chance of psychosis, even in people who are predisposed to the condition.

The study was carried out by an international team of researchers from Europe, Australia and the United Kingdom. The authors discuss the background of previous research on this particular topic, pointing out that there have been few prospective studies on it and that the direction of this relationship is still up for debate.

The researchers state that the study’s main objective was to investigate the relationship between cannabis usage and the prevalence of psychotic illnesses in individuals with a clinically high risk of developing psychosis. Additionally, the researchers wanted to determine whether cannabis usage was associated with functional outcomes as well as the duration of psychotic symptoms.

The study included 67 healthy control volunteers as the baseline and 334 people who were identified as highly susceptible to developing psychosis. The subjects were then monitored by the researchers over the course of two years using a modified Marijuana Experience Questionnaire. The psychotic disorder developed in 16.2% of individuals in the highly susceptible cohort, with 51.4% of those who did not experience psychosis reporting persistent symptoms while 48.6% were in remission.

The authors concluded that there was no significant correlation between any baseline measure of cannabis usage and functional outcome, symptom persistence or transition to psychosis. The team continued by pointing out that its results were at odds with epidemiological evidence that suggests cannabis usage raises the incidence of psychotic illness.

Although the results are in opposition to several recent studies on marijuana and psychosis, there may be more to this discussion than first appears. According to a 2016 review of earlier data published by the Lancet, reducing or quitting cannabis use altogether can help people who are already experiencing psychosis. This effectively demonstrates that there is no causal link between cannabis use and psychosis.

While studies suggest that chronic marijuana-induced psychosis is relatively uncommon in the general population, psychosis patients may use marijuana and other drugs more frequently than other people.

This study notably demonstrated that prior cannabis usage is not linked to a higher risk of developing psychosis, even in people who are predisposed to the condition. The authors acknowledged that further research is required to fully understand the connection between cannabis use and outcomes related to mental health, but they also suggested that these findings may serve to alter current views on healthcare and policy.

The development of pharmaceutical-grade formulations from marijuana compounds by entities such as IGC Pharma Inc. (NYSE American: IGC) could help to shift attitudes further in a way that people will increasingly view it as a plant with therapeutic benefits and not as one that can only be used recreationally.

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 — Australia’s Medical Marijuana Market May Soon Surpass Canada’s

The medical marijuana industry in Australia is expected to grow significantly this year, with some experts noting that the market may even outdo the medical cannabis sector in Canada. Australia legalized medical cannabis in 2016.

Patients using medical marijuana in the country usually access the drug from an approved prescriber or through the Special Access Scheme Category B (SAS-B) system. Data from the Therapeutic Goods Administration shows that the number of patient approvals under the SAS-B system increased in the period between 2018 and 2021, before declining last year.

The primary cause of the decline in approvals was the implementation of reforms that prompted some patients to secure their prescriptions through an approved prescriber. This is backed by data, which shows a significant increase in patient approvals. In 2019, patient approvals stool at 322 while by the second half of last year, this number had reached 172,185.

Rhys Cohen, global partnerships and engagement advisor at the Penington Institute, estimates that last year patients spent about $165 million on prescription medical marijuana products. The institute is a public health research and drug policy organization focused on improving community health and safety in relation to drugs. The organization forecasts that the market may double in size this year, a move that would put spending in Australia significantly ahead of Canada’s medical marijuana industry, which was valued at $302 million in 2022.

Cannatrek CEO Tommy Huppert attributes the growth of Australia’s industry to the increasing number of physicians who can prescribe marijuana. He stated that patient approvals were increasing as more authorized prescribers became active; those activations are increasing because the prescribers don’t need to apply through the special access scheme system.

The reforms implemented in late 2021 also reduced the cost and time involved for patients when their prescribed product was discontinued or unavailable. It also helps that Australia is a big importer of unapproved medical marijuana products and marijuana for research purposes in the world, along with Germany and Israel.

The majority of the country’s imports come from the United Kingdom and Canada, with ANTG CEO noting that the Australian market has been dominated by imported products for the last five years. It is expected that the market will become more competitive, however, as emphasis on domestic production increases to meet local demand.

Beginning in July 2023, all medical marijuana products to be sold in the country will need to comply with new requirements on labeling, manufacturing quality and child-resistant packaging.

As marijuana markets in different countries and states grow, many opportunities are created for innovators in different fields, such as Advanced Container Technologies Inc. (OTC: ACTX) that specializes in manufacturing grow equipment which can boost cannabis plant performance.

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

About CNW420

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

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420 with CNW — Coalition Urges Biden Administration to End Federal Prohibition, Deschedule Marijuana

A coalition made up of more than 80 groups recently penned  a letter to President Joseph Biden asking that he put an end to the federal prohibition of cannabis.  In the letter, the coalition stated that too many lives had been affected by the country’s failed approach to marijuana and urged that the administration support comprehensive cannabis reform bills in Congress.

This includes measures such as the Cannabis Administration and Opportunity Act. which deschedules cannabis, establishes a regulatory framework for marijuana markets and repairs the past harms of prohibition.

Marijuana criminalization has led to the unfair targeting of Black, Indigenous and other people of color, despite the fact that the drug’s use is roughly equal among whites and Blacks.

Late last year, the president issued a proclamation pardoning individuals with simple marijuana possession offenses at the federal level. While this did help a few, the majority of those affected by federal criminalization of cannabis weren’t granted relief. This is mainly because federal sentencing usually jails individuals for higher-level offenses that are more complicated than simple possession.

Removing marijuana completely from Schedule 1 of the Controlled Substances Act instead of classifying it in a lower schedule would not only bring the cannabis industry into compliance with existing federal laws and regulations but also reduce sentences, stop future arrests and offer a pathway for resentencing.

Descheduling would also afford workers in state-legal cannabis industries the protections of the Fair Labor Standards Act and the National Labor Relations Act, which are available to workers in other industries. This is in addition to eliminating the regulatory barriers that prevent research on marijuana from advancing.  Furthermore, veterans would be allowed access to medical cannabis programs through their VA physicians.

The coalition noted that while descheduling marijuana and other administrative actions would greatly advance criminal justice reform efforts, a comprehensive regulatory framework was needed to ensure no parties involved in the industry were affected.

In the letter, advocates added that other actions that could end the current harms of cannabis prohibition included reducing the harms of state law convictions that make up majority of low-level cannabis convictions in the country. The letter also encourages that the White House work with Congress to approve comprehensive descheduling bills that include repairing and centering communities most harmed by criminalization and prohibition, criminal justice reform, and a regulatory framework rooted in justice, equity and public health.

Organizations involved include the Second Chance Clemency Project, Marijuana Policy Project, Minorities for Medical Marijuana, Students for Sensible Drug Policy and VOCAL-WA, among many others.

The calls for reform, if heeded, could have a beneficial effect on the operations of companies such as IGC Pharma Inc. (NYSE American: IGC) since there would be fewer hoops to navigate as studies or different needed manufacturing processes are undertaken.

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 — Pennsylvania Bill Seeks to Let Nurses Administer Medical Cannabis to Students

Representative Malcolm Kenyatta of Pennsylvania’s state legislature says he intends to introduce a measure that allows school nurses to give medical cannabis to students. According to the state’s health department, the administration of medical cannabis to students with severe medical conditions under a Patient Authorization Letter is supported by both the departments of health and education, as long as a safe environment is maintained for all students while on school premises.

The current guidelines state that:

  • Parents, caregivers or legal guardians may deliver medical marijuana to their children or students on school grounds if they provide a copy of the patient authorization letter to the principal of the school and notify the principal of the school in advance of each time the caregiver or parent will administer medical cannabis to the student.
  • The school administrator must also notify the school nurse as well in each case where the parent or caregiver will be administering the drug to the student.
  • The parent or caregiver must adhere to all school policies that apply to people visiting the school during learning hours.
  • A parent or caregiver must bring the medical cannabis to the school and give it to their child without causing a distraction. They must also remove any leftover medical cannabis and associated materials from the school’s property once they finish administering the drug.
  • The learning institution should provide a safe, private space for the parent to administer the drug to the student.
  • Medical marijuana of any kind must not be in the possession of students themselves at any time while on school grounds or while participating in any school-related activities.

The suggested guidelines will be in place until the state’s education department issues rules governing the use and possession of medical marijuana in the state’s educational institutions.

A school nurse might deliver medical marijuana to a child under Kenyatta’s proposed legislation if they are qualified to do so as a secondary caregiver. Additionally, the bill would exclude school nurses from the $50 caregiver charge. Kenyatta expressed his hope that his legislation would make it simpler for kids to access life-improving medication while they were in school.

Pennsylvania established the medical cannabis program in April 2016 to offer access to patients with significant medical conditions through a secure and efficient means of delivery that combines patients’ demand for access to the most recent medicines with patient care and safety.

Growing marijuana markets such as the one in Pennsylvania hold promise for not only direct players in the marijuana industry but also other associated enterprises such as Advanced Container Technologies Inc. (OTC: ACTX), which see a market in providing what marijuana-touching entities need to run their operations.

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

About CNW420

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

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420 with CNW — New Jersey’s Marijuana Market Still Facing Issues Following Launch

One year ago, the state of New Jersey launched its recreational marijuana sales. This was more than a year after voters approved a measure to legalize cannabis, which meant that consumers could finally buy edibles, vapes and marijuana legally at specific dispensaries.

This was just on paper, however. It actually took the government months to begin accepting and approving applications for cannabis retailers. At the moment, the state has 24 recreational dispensaries, all of which are run by multistate operators that had first received approval to sell medical marijuana.

The state has also awarded more than 1,200 conditional licenses to grow, manufacture and retail marijuana with roughly 100 yearly licenses also being awarded.

This doesn’t meet the expectations of many who thought more shops would be open by now and that there would be better access to capital. Despite this, significant strides have been made since the market’s inception.

For instance, more than $328 million in recreational marijuana products was sold from April 21, 2022, to December 31, 2022, with the state collecting more than $20 million in tax.

The state also focused on social equity through its CREAMM Act, which allows individuals in communities that were affected by the war on drugs to reap the benefits of marijuana legalization.  It is also trying to prioritize women, minority and veteran-owned businesses, with roughly 70% of all licenses being awarded to businesses with diverse ownership.

New Jersey still has issues to fix, however, with the primary one being slow approvals for licenses.

One legislator is planning to introduce a measure that would assign the task of regulating the marijuana market to a state department. Sen. Vin Gopal acknowledged that the cannabis regulatory commission needed oversight and accountability, adding that the challenges arising needed to be dealt with.

Senate President Nicholas Scutari, who championed for cannabis legalization, added that the time had come to evaluate the work the commission had done. He then noted that he was focused on making the process less taxing for applicants. In addition to this, he revealed that proposals had been made to permit home growing of cannabis.

Dianna Houenou, chair of the Cannabis Regulatory Commission, highlighted that while she did sympathize with business owners, some issues, such as struggling to secure capital funding, applications missing documents, municipalities hostile to legal marijuana and supply chain issues, weren’t in the commission’s control.

Nearly 70% of towns in the state have chosen not to permit marijuana businesses to open within their borders.

When enterprises such as IGC Pharma Inc. (NYSE American: IGC) eventually take their cannabis-based medicinal formulations successfully through the drug-development process and win FDA approval, no such restrictions will be imposed by different states or cities regarding where they can or cannot be sold to patients as long as the drugs are in conformity with federal medicine laws.

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 — Delaware Governor Lets Cannabis Bills Become Law Sans His Signature

Delaware Governor John Carney stated that he would permit two bills to become law without his signature to legalize cannabis possession and create a controlled adult-use market. This has since come to pass.

Advocates were worried that the governor would override the proposals, as he did during the previous session. He did, however, recently announced that he would let HB 1 and HB 2 take effect without his active participation, which came as a happy surprise to supporters.

Carney, who had previously refrained from commenting on his intentions regarding the marijuana reform proposals from Representative Ed Osienski (D), said that while his opinions on the matter have not changed and he continues to believe that legalizing marijuana is not a positive move, he would no longer oppose the reform.

In a similar vein, he stated during a town hall meeting last week that he thought it was time to put the discussion of marijuana to rest and concentrate on other matters after being challenged on the subject by a number of attendees. In his most recent address, he underlined his unresolved reservations and reiterated the point he had made earlier, outlining the reasons why he would permit the proposed legislations to become law, albeit symbolically and without his signature.

The following is what the legalization measure, HB 1, will achieve:

  • A change to state law would make it lawful for adults aged 21 years and above to possess, use, share and buy up to an ounce of marijuana.
  • To prevent misuse of the gifting clause, the law specifies that adult sharing does not include giving away cannabis concurrently with another reciprocal transaction between the same people.
  • Consumption of cannabis in public and its cultivation remain illegal.
  • A civil fine of up to $100 could be imposed for a first violation on those who use or possess cannabis if they are under age 21. However, police might exercise discretion and cite someone instead of charging that fee.

Here is a summary of the main clauses in the HB 2 regulation bill:

  • The measure would offer a fundamental basis for establishing a regulated adult-use marijuana trade system.
  • The Division of Alcohol and Tobacco Enforcement, through a newly created Office of Cannabis Control Commissioner, would be in charge of overseeing the market.
  • Only a maximum of 30 marijuana retail licenses could be granted by regulators during the first 16 months of operation.
  • The license scoring procedure would give priority to applicants who can demonstrate that they would hire people from diverse backgrounds and offer a livable wage, health insurance, paid time off for illness, and sick leave.
  • The Justice Reinvestment Fund, which supports restorative justice, employment development, technical help for those who are economically disadvantaged and more, would receive 7% of the money collected from cannabis revenue.
  • Recreational cannabis sales would be subject to a 15% sales tax. There would be no tax on medical marijuana products.

The newly enacted cannabis legalization laws could potentially create a market for businesses such as Advanced Container Technologies Inc. (OTC: ACTX), which supply indoor cultivation equipment to marijuana growers at commercial scale.

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

About CNW420

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

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

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Lexaria Bioscience Corp.’s (NASDAQ: LEXX) Successful DIAB-A22-1 Diabetes Study Indicates Just One of Several Potential Applications for DehydraTECH(TM) Drug Delivery Platform Technology

  • Lexaria recently completed its diabetes animal model study, DIAB-A22-1, an ambitious study that explored the potential of its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) for the treatment of diabetes
  • The study showed at least three primary positive outcomes, including weight loss and improved triglyceride and cholesterol levels, with lower doses of DehydraTECH-CBD achieving the most optimum outcome
  • The success of this study inches Lexaria closer to capitalizing on the potential of the diabetes drug market, estimated at $63.1 billion in 2021
  • It also points to the technology’s effectiveness, particularly following the success of the company’s most ambitious clinical study, HYPER-H21-4, demonstrating the potential of DehydraTECH-CBD for the treatment of hypertension

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms. The company’s patented DehydraTECH(TM) drug delivery platform technology increases bioavailability, improving the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery, helping with speed of onset, and brain absorption of active pharmaceutical ingredients. They recently completed its diabetes animal model study DIAB-A22-1, an ambitious study that explored the potential of its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) for the treatment of diabetes. The study produced at least three positive outcomes in what Lexaria’s management described as “encouraging,” further indicating many prospective benefits worthy of further investigation together down the line (https://cnw.fm/fw4H8).

The study, which involved 32 male Zucker (“ZDF”) rats- 24 obese and eight lean, saw the administration of Lexaria’s “DehydraTECH-CBD 2.0” formulations at either 30 mg/Kg or 100 mg/Kg of body weight. Following initial positive early responses witnessed, the study, which was to last for four weeks, was extended to eight, with outcomes including weight loss in obese diabetic-conditioned animals, to improved triglyceride and cholesterol levels.

Across all three parameters, only the lower dose of DehydraTECH-CBD achieved the most optimum outcome, with higher doses showing no significant difference. With activity levels, for instance, lower DehydraTECH-CBD doses resulted in a statistically significant improvement in locomotor activity compared to the untreated obese control rats, with no significant difference accordingly evidenced at the higher dose. Furthermore, a lower dose of 30 mg/Kg also outperformed the higher dose of 100 mg/Kg with reductions in triglyceride levels from day 35 onwards compared to the obese animals not dosed with DehydraTECH-CBD.

No severe health concerns were observed during dosing in the animals that received DehydraTECH-CBD. Lexaria’s management was keen to express its pleasure that relatively low doses of DehydraTECH-CBD seemed to support tangible improvements in the day-to-day health of the lab animals. This showed how essential the findings are for many other prospective benefits worthy of further investigation, perhaps with other drugs that further help control glucose levels directly.

Lexaria’s unique and powerful drug delivery technology, DehydraTECH, has proven to enhance the performance of several categories of fat-soluble molecules and drugs across oral and/or topical product formats. As a result, it is an additional step easily incorporated into the formulation and manufacturing process of existing or new orally ingestible and topical products. This feature has been applied in antiviral drugs, cannabinoids, oral nicotine, PDE5 inhibitors, and more. The technology’s potential has also opened up Lexaria’s licensing opportunities, particularly given the technology’s suitability for use with a growing range of consumer products such as registered drugs, nutraceuticals, oral suspensions, capsules, pills and tablets (https://cnw.fm/JGDhQ).

The success of the DIAB-A22-1 animal model study inches Lexaria closer to capitalizing on the potential of the diabetes drug market, estimated at $63.1 billion in 2021 (https://cnw.fm/Pz8oK). It also points to the technology’s effectiveness, particularly following the success of Lexaria’s most ambitious human clinical study, HYPER-H21-4, demonstrating the potential of DehydraTECH-CBD for treating hypertension. This success also aligns with the company’s objective of delivering financial rewards to its shareholders, all while proving the validity of its technology.

“it is my goal for 2023 to make Lexaria Bioscience one of the top drug delivery performers in the biotech/pharmaceutical world as we continue to prove the validity of our technology, and really begin our efforts to deliver financial rewards to you, our owners,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/0UGmb).

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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