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 — How Oklahoma’s Marijuana Landscape Could Evolve Once Adult-Use Cannabis is Legalized

There were a lot of concerns when Oklahoma voters approved medical marijuana in 2018. It was unclear how the marijuana industry would develop. The number of marijuana businesses also skyrocketed with very little regulation, making the state the largest holder of licensed marijuana businesses in 2020.

Several years after the voting, those queries are still being raised. State Question 820 was up for vote on March 7, 2023, when voters went to the polls. The measure would legalize marijuana use for adults over the age of 21, allow for the growth of up to six marijuana plants, and open the door to expunging some prior cannabis-related offenses.

Cannabis legalization, according to panelists at an SQ 820 online town hall hosted by the ACLU in January, would enable state businesses to compete with the black market.

There are more than 373,000 medical cannabis users in Oklahoma, according to the Medical Cannabis Authority, the body in charge of the state’s cannabis market. Additionally, there are more than 2,700 dispensaries and over 7,000 growers.

The processing of new grower, dispensary and processor license applications was, however, halted last year by the HB 3208 bill. This bill was approved by the state legislature and signed by Governor Kevin Stitt. This moratorium was in effect starting in August 2022 and could last up to two years.

Legislators have also stated that it is challenging to control the industry since the approval of SQ 788, the measure that legalized medical marijuana in 2018.

Businesses are hopeful and eager to enter new markets if SQ 820 is approved. According to Arshad Lasi, CEO of Nirvana Group, the marijuana industry is prepared to face the complexity of entering the recreational market. However, he claims that some medical cannabis patients are still hesitant because they are concerned about what might happen. They believe that since the market for recreational or adult-use products is a bit larger, prices may go up, quality may decline, or consumers will be given more preferential treatment.

And while some business operators perceive the legalization of recreational marijuana as a threat to local businesses due to invasion by multistate businesses, Lasi believes that adult-use cannabis increases market share for everybody, and if businesses are doing things by the book, they will see the benefits.

A clause in SQ 820 would give current Oklahoman business owners two years to apply for new licenses from the OMMA to serve recreational customers.

As the results of the March 7 poll trickle in, a wide variety of companies, including Advanced Container Technologies Inc. (OTC: ACTX), will be watching to see whether yet another state has decided to open a regulated recreational marijuana market.

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

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 — Data Shows Increased Enforcement Against Illicit Marijuana Operations in California

Despite dozens of states legalizing cannabis use for either medical or recreational purposes, America’s illicit cannabis market is still going strong. Legal operators have struggled to compete with illicit sellers amid strict regulations and relatively high cannabis taxes that have made legal marijuana much more expensive than its illicit counterpart.

By the end of 2021, illicit sales of cannabis had reached close to $8 billion annually, doubling the volume of sales from legal operators and forcing many of them to close shop.

However, in California regulators are actively taking steps to reduce the illicit market’s stranglehold on the state’s cannabis industry.

Newly released data shows that the Department of Cannabis Control (DCC) has stepped up its efforts to curtail the state’s illicit market in the past two years. This campaign has seen a significant increase in court-issued warrants for illicit markets, eradication of illegal cannabis firms, seizures of firearms and arrests.

Statistics from the DCC show that the amount of search warrant operations increased by a whopping 150% from 62 in 2021 to 155 last year. There was also a 246% jump in illegal cannabis seizures from 144,254 pounds in 2022 to 31,726 pounds in 2022. Additionally, the number of arrests tripled to 56 while the total amount of illicit cannabis seizures in 2022 reached $243 million, an increase of 211% from around $78 million worth of illegal cannabis seizures in 2021.

In conjunction with other California agencies, the DCC managed to seize close to 439,800 pounds of illegal substances, worth almost $737 million in retail value. The agency destroyed 960,212 plants and confiscated 139 firearms from illicit cannabis operations. However, the hard cash confiscated in 2022 dropped by 77% from $7.7 million in 2021 to $1.8 million in 2022.

All of these efforts are meant to curtail the largest illicit cannabis industry in not just America but the entire world. This illicit market has made it extremely difficult for approved sellers to stay afloat, robbed the state of hundreds of millions of dollars in revenue and contributed to environmental pollution.

With experts positing that California’s illicit market is double the size of the legal market, law enforcement agencies have had a challenging time reining in the runaway industry. As such, federal, county, and local agencies have been forced to partner up to deal with the state’s massive illicit cannabis market.

Lighter punishments for illicit cannabis possession have also made it harder for law enforcement to deal with illicit sellers, with  Sgt. Rich Debevec of the San Bernardino County Sheriff’s Marijuana Enforcement Team saying in a recent interview that most offenders are given tickets.

No such light punishments exist for entities operating within the purview of the FDA, which is why for-profit companies such as India Globalization Capital Inc. (NYSE American: IGC) are taking their product pipeline through a meticulous preclinical and clinical development process so that once the THC-based formulations are approved, no questions will arise about their efficacy or safety profile.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital 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

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CannabisNewsBreaks – India Globalization Capital Inc. (NYSE American: IGC) Bringing Hope for Alzheimer’s Treatment

India Globalization Capital (NYSE American: IGC) is developing a cannabis-based investigational drug that is being tested for the first time ever on humans in an FDA-approved study. This is groundbreaking work that established its commitment as a pioneer in the treatment of Alzheimer’s disease, given there are no currently FDA-approved drugs to treat Alzheimer’s patients. “The company is developing its proprietary treatment, IGC-AD1, hoping to provide relief to the 55 million people worldwide struggling with agitation in dementia that results from Alzheimer’s. IGC is focused on revolutionizing the treatment of Alzheimer’s with its game-changing drug candidate. In phase 1 studies, IGC-AD1 shows potential to safely reduce the debilitating symptoms that impact millions of Alzheimer’s patients and their caregivers. Featuring a low dose of THC, the treatment is the first natural cannabis-based investigational drug being tested in human FDA trials to treat Alzheimer’s patients; it provides medical benefits without psychoactive effects. ‘As millions of Alzheimer’s patients continue to suffer from agitation, anxiety and depression, phase 2 clinical trials bring hope for a treatment,’ the company reports.”

To view the full article, visit https://cnw.fm/AgjeC

About India Globalization Capital Inc.

IGC develops advanced cannabinoid-based formulations for treating diseases and conditions including but not limited to Alzheimer’s, period cramps (dysmenorrhea), premenstrual syndrome (“PMS”) and chronic pain. The company has two investigational drug assets targeting Alzheimer’s disease, IGC-AD1 and TGR-63, that have demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating key hallmarks of the disease such as plaques and tangles. IGC-AD1 is a low-dose tetrahydrocannabinol (“THC”) based formulation that is currently in a 146-person, phase 2B safety and efficacy clinical trial for agitation in dementia due to Alzheimer’s (clinicaltrials.gov, NCT05543681). The company also markets two wellness brands, Holief and Sunday Seltzer. Holief targets women experiencing premenstrual syndrome and menstrual cramps and Sunday Seltzer is a lifestyle hemp-infused energy beverage brand. The company is headquartered in Maryland, USA, and has historically operated an infrastructure segment based in India.

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

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)

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

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CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Issues Update on DLC Acquisition, Long-Term Strategic Plans

Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, today provided an update to its recent announcement regarding the proposed acquisition of Diagnostic Lab Corporation Inc. of Englewood Cliffs, New Jersey (“DLC”), a diversified food and agriculture safety company, as well as the proposed recapitalization of the company. “We are providing this update to inform our many loyal shareholders that the company is making significant progress with respect to the DLC acquisition and securing additional capital, despite the challenging current macro-economic environment and its influence on the capital markets. Grapefruit’s management, staff and outside professionals continue to work together very efficiently to ensure a successful acquisition of DLC,” said Bradley J. Yourist, Grapefruit’s CEO and co-founder. “Grapefruit is laying the groundwork to implement the company’s long-term strategic plans to acquire several retail stores in the eastern part of the United States as the next event in the company’s evolution to a wellness-driven, medical science-based, canna-focused biotech company.”

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

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, located on the extension of North Canyon Road, approximately 14 miles north of downtown Palm Springs. For more information about the company and its operations, visit www.GrapefruitBlvd.com.About CannabisNewsWireCannabisNewsWire (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)For more information please visit https://www.cannabisnewswire.comPlease 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/DisclaimerDo you have questions or are you interested in working with CNW? Ask our EditorCannabisNewsWire (CNW)Denver, Coloradowww.cannabisnewswire.com303.498.7722 OfficeEditor@CannabisNewsWire.comCannabisNewsWire is part of the InvestorBrandNetwork.

Lexaria Bioscience Corp. (NASDAQ: LEXX) Releases Additional Findings From Human Clinical Study, Demonstrating DehydraTECH(TM)-CBD Effects on Hypertension

  • The global antihypertensive drugs market was valued at around $20.5 billion in 2021 and is expected to reach $39.5 billion by 2030, growing at a CAGR of 2.95%
  • Lexaria’s patented DehydraTECH(TM) technology is designed to formulate and deliver lipophilic drugs and active pharmaceutical ingredients (“APIs”), increasing effectiveness and improving how drugs are delivered into the bloodstream
  • DehydraTECH is suitable for use with a wide range of product formats, including pharmaceuticals, nutraceuticals, and over-the-counter capsules, pills, tablets, or oral suspensions
  • Lexaria is continuing to evaluate the results of its HYPER-H21-4 human clinical study and will report additional findings as they become available

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced additional findings from its human clinical study HYPER-H21-4, demonstrating a potentially novel mechanism of action of its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) capsule formulation in reducing blood pressure. The FDA lays out clear guidelines for sponsors seeking to develop new anti-hypertension drugs, specifically defining the need for medications that offer complimentary modes of action. Lexaria believes that its latest results, detailed in the peer-reviewed and published in the journal “Biomedicine and Pharmacotherapy,” may support DehydraTECH-CBD qualification within the FDA guidelines (https://cnw.fm/vSYeP).

The global antihypertensive drugs market was valued at around $20.5 billion in 2021. The market is expected to grow at a CAGR of 2.95% between 2022 and 2030, resulting in a value of $39.5 billion, as a result of a worldwide increase in the number of hypertension cases. Hypertension is a common but serious medical condition, with more than 1.13 billion people suffering, according to the World Health Organization (“WHO”) (https://cnw.fm/YZ7ad).

Lexaria’s DehydraTECH is designed to formulate and deliver lipophilic (fat-soluble) drugs and active pharmaceutical ingredients (“APIs”). DehydraTECH increases the effectiveness and improves the way APIs enter the bloodstream. The benefits of consuming a DehydraTECH-enabled drug or product include:

  • Speed up in delivery time – with the effects felt by the consumer in minutes versus hours
  • Increased bioavailability – with more delivery of the drug into the bloodstream than traditional methods
  • Increased brain absorption – animal testing suggests significant improvement in the quality of the drug delivered across the blood-brain barrier
  • Improved drug potency – more of the ingested product is made available to the body, with lower dosages required to achieve desired effects
  • Reduction in drug administration costs – lower dosages mean lower overall drug costs

Animal studies of DehydraTECH have demonstrated the ability to elevate the quantity of the drug delivered across the blood-brain barrier by as much as 1,900 percent. Not only did those studies support additional patent applications, the results could be impactful to its hypertension program given that human blood pressure is in large part controlled by the central nervous system. The technology is also being evaluated for additional orally administered API’s, including  cannabinoids,  nicotine, and more. Lexaria currently possesses 28 granted patents, with many more pending worldwide.

Lexaria’s technology is best thought of as a foundation that providers of drugs and consumer supplements can utilize to improve the effectiveness of their existing or planned new offerings. DehydraTECH is suitable for use with a wide range of product formats, including pharmaceuticals, nutraceuticals, and over-the-counter capsules, pills, tablets, or oral suspensions.

Lexaria continues to study endpoint analyses as described in the complete study protocol for HYPER-H21-4, and any relevant material findings will be reported as they become available.

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

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

About CannabisNewsWire

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

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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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — DOJ Launches Application for Federal Cannabis Pardon Certificates

Last week the Justice Department (DOJ) released an application form for those who were eligible for President Joseph Biden’s mass cannabis pardon to complete to prove that they received clemency. Biden issued an executive order in October pardoning those convicted of marijuana possession offenses in violation of federal law.

Although the pardon was automatic, activists have pushed government representatives to create a form that can be used to request certificates proving coverage. This might be helpful for individuals whose previous convictions are, for instance, keeping them from finding employment or housing.

Elizabeth Oyer, the pardon attorney, had stated in December that the online applications would be available soon, but regrettably, nothing of the sort happened, and as the months went by, activists’ impatience grew.

Anyone who received a pardon on Oct. 6, 2022, is qualified to receive a certificate of pardon. A person must have been accused of or found guilty of simple possession of cannabis in a federal court to qualify for a certificate. The applicant must have been in the country legally when the offense was committed. In a similar vein, a person must have been a citizen or a legally recognized permanent resident of the United States on Oct. 6, 2022.

The form can be completed online or printed out and mailed in. It entails basic questions regarding a person’s federal marijuana offense qualification as well as location information. Additionally, applicants must present documentation of any prior charges or convictions.

According to a Federal Register draft notice released by the Pardon Attorney’s office, the data could also be leveraged to perform statistical analyses of the characteristics of pardon applicants and recipients. The application is simple and takes about 10 to 30 minutes to complete. It includes instructions to follow, one page to fill out, and a page for appending the applicant’s signature.

The Congressional Marijuana Caucus’ cochair, Rep. Earl Blumenauer (D-OR), praised the application launch, stating that it was another positive move in President Biden’s administration in accepting the new marijuana realities.

The scope of Biden’s pardon declaration was fairly constrained; it didn’t release any person who is at the moment behind bars and did not include individuals who were found guilty of selling marijuana.

The office of the Pardon Attorney anticipates receiving close to 20,000 applications for certificates once the form receives final approval from the White House Office of Budget and Management. The draft will be open for public comment for 30 days.

The launch of this pardon certificate application is a welcome development that advocates and industry actors such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to applaud, given its potential to fix some of the lasting adverse effects of prohibition upon those with minor cannabis convictions on their records.

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 — Two Cannabis Legalization Measures in Wyoming Fail to Make 2024 Ballot

Cannabis reform activists in Wyoming ran into a wall after two measures meant to legalize medical marijuana and decriminalize cannabis possession failed to make it to the 2024 ballot. Wyoming NORML, one of the primary sponsors of the cannabis legalization measures, said last week that activists collected enough signatures to qualify for the ballot. However, the organizers did not gather enough petitions in two-thirds of Wyoming counties to meet the state’s required minimum percentage.

The activists said that despite failing to get the measures on next year’s ballot, they will continue working with lawmakers in the upcoming legislative session to bring the legislation to the floor and before voters in upcoming election cycles. Wyoming NORML executive director Bennett Sondeno noted that the road to cannabis reform in Wyoming will be difficult. He stated that although cannabis reformists in the state have plenty of backers in both the House and Senate, they have been prevented from acting with compassion and justice by “powerful string pullers and funders.”

Still, Sondeno continued, it was important for cannabis reform activists to keep the push for a ballot measure alive, stating that the campaign is hoping to work with state legislators to give Wyoming residents a chance to vote on cannabis legalization. He also said that the campaign is currently raising funds for professional petitioners to ensure that voters have the chance to decide on cannabis reform even if lawmakers remain resistant to the notion.

The campaign managed to collect 48,687 raw signatures for the medical cannabis measure and 47,426 signatures for the measure to decriminalize the possession of small amounts of cannabis. According to campaign organizers, these numbers were raw signature counts and had not been validated and authenticated by the state.

Even though the organizers met the state threshold of 15% of votes cast in the previous general election (41,776), they did not meet the 15% threshold from two-thirds of Wyoming’s counties in two counties. Previous efforts to get a measure onto the 2022 ballot were held back by poor weather conditions and the coronavirus pandemic that ultimately hampered signature collection efforts.

Sondeno says that the campaign is confident that future measures will qualify for the ballot, especially as the signature threshold will be lower after Wyoming’s latest midterm election cycle. He noted that the campaign will pool all of its efforts onto a measure to decriminalize possession and one to launch a medical cannabis program.

The medical marijuana measure would allow patients to purchase and possess up to 20 grams of “medical cannabis-derived products” and four ounces of cannabis flower.

On the other hand, the decriminalization measure would impose minor fines on individuals caught possessing up to four ounces of cannabis without any jail time.

For patients in Wyoming who had hoped to access medical marijuana soon, not all is lost. Many companies, such as India Globalization Capital Inc. (NYSE American: IGC), are focusing on making pharmaceutical-grade medicines from different cannabinoids such as THC, and once those medicines are approved by the FDA, they will be readily available across the country by prescription.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital 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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CannabisNewsBreaks – ECGI Holdings Inc. (ECGI) Enters LOI to Acquire EC, Including 8bit BUDS Brand

ECGI Holdings (OTC: ECGI), D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, today announced its entry into a letter of intent (“LOI”) toward the acquisition of the key personnel, intellectual properties, business operations, and the future business operations of Endless Consciousness Inc. (“EC”), a California corporation involved in the legal cannabis product marketplace. With the acquisition, the company will acquire all current and future planned brands developed by EC, including recently launched 8bit BUDS. “The real gem in this deal is the experienced and accomplished EC team. This team has sales experience that includes servicing over 250 stores and they have formulated and managed products reaching over 1,000 stores covering multiple states,” said ECGI CEO Danny Wong. “Based on their track record, we have full faith that this acquisition is capable of driving not only impactful shareholder value but overall profitability. To maximize results, we are targeting full integration of key personnel, IP and operations in Q3, positioning us straight at the end market. While we will sell to wholesale distributers, our current strategic plan is to go directly to dispensaries.”

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

About ECGI Holdings Inc.

ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets including undercapitalized and distressed licensed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with nationwide expansion possibilities.

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)

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

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420 with CNW — North Carolina Senate Approves Bill Legalizing Medical Cannabis

The North Carolina Senate has approved a bill to legalize medical marijuana in the state and sent it to the House. The legislation was first filed by Senate Rules and Operations Committee Chairman Bill Rabon last year and was cleared by the Senate before being blocked by House Republicans.

Rabon refiled the bill in late January amid statements from a key chamber leader that the bill was “well-constructed” and addresses a lot of key concerns.

The medical marijuana bill was approved by three separate committees and received initial approval on the Senate floor a day before advancing in a 36–10 vote.

The bill would allow patients suffering from a “debilitating medical condition” to use cannabis for medical purposes. Conditions that would qualify North Carolina residents for medical marijuana include post-traumatic stress disorder, epilepsy, multiple sclerosis, cancer, Parkinson’s disease and HIV/Aids.

The legislation would also allow a maximum of 10 vertically integrated medical marijuana suppliers operating up to eight dispensaries. It would also establish a Compassionate Use Advisory Board to add new medical conditions to the list of qualifying conditions and create a separate Medical Cannabis Production Commission to handle medical cannabis supply and licensing, and generate revenue to run the state’s medical cannabis program.

A North Carolina Cannabis Research Program would be charged with undertaking scientific research on the medical administration of marijuana and marijuana-infused products.

The legislation’s language states that it is only meant to make changes to North Carolina laws that ensure patients and their physicians are protected from civil and criminal properties.

Speaking before the Senate floor vote, Rabon said that law enforcement would have access to databases and records that allow them to verify if patients are eligible for medical marijuana and if suppliers are in compliance with state law.

Although the bill did not advance past House GOP lawmakers last year, Rabon believes it has more support in the House this year.

House Speaker Tim Moore said that he believes that more than 50% of the lawmakers in his chamber support medical marijuana reform and that he won’t be surprised if the bill advances past the House.

The legislation features some of the strictest provisions in the entire country, with Rabon saying numerous times that he wrote the bill to make it one of the strictest in the United States. It would regulate medical cannabis tightly and only allow those with debilitating medical conditions to access the plant, Rabon said, adding that recreational cannabis use would remain illegal under his bill.

Many players in the cannabis industry as well as those in ancillary niches such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to follow the events in the North Carolina legislature closely to see how the bill fares.

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 — Carriers Requested to Share Views on Cannabis Policy vs. Trucking

In light of the rising number of states that have legalized marijuana, the American Transportation Research Institute is seeking feedback from carriers on whether federal drug testing regulations for CDL holders should be altered. Currently, recreational cannabis is legal in more than 20 states, with Missouri and Maryland being the latest to legalize it.

The survey, which was introduced on Feb. 15, 2023, seeks to learn more about the impact legalized marijuana has had on the workforce in the trucking sector. Motor carrier executives and employees who are familiar with the procedures for hiring, retaining and testing drivers for drugs are invited to respond to the survey. Individuals can complete the survey online and submit their responses until March 17, 2023.

There are 24 questions in the survey; the questions cover topics such as hiring procedures for carriers, the handling of different drug offenses, and whether respondents have seen an increase in positive drug tests or candidates quitting when they are required to take a drug test.

The survey allows carriers to expound on certain topics, including:

  • concerns about the impact of legalization on insurance rates and drivers
  • preference between drug tests that measure a recruit’s or driver’s cannabis impairment or use within the past 24 hours as opposed to the current test, which can pick up use a few weeks prior
  • number of cannabis-related positive tests submitted by a carrier to the FMCSA between 2019 and 2022
  • drivers who have rejoined a company after successfully completing the necessary return-to-duty procedure.

ATRI’s Research Advisory Committee deemed research on the effects of legal cannabis a top priority for 2022. The group states that the new data will supplement its 2019 study on the impact of cannabis legalization on road safety.

According to driver data collected by the FMCSA from January 2020 to April 2022, 98% of testing results involved drugs rather than alcohol. At that time, marijuana outperformed all other drugs in terms of positive outcomes. In 2022, almost 41,000 truck drivers tested positive for marijuana use, a 32% increase from the year before.

Even though it’s unclear what caused the abrupt change, it’s important to note that the FMCSA withholds information regarding the number of driver tests. The increase in positives could thus be explained by an increase in the number of tested drivers.

Whatever the reason, ATRI claims the new information will assist carriers in overcoming the challenges that legalized cannabis may bring about.

Such challenges of legalized cannabis are unlikely to manifest when people who use marijuana medicinally begin accessing the pharmaceutical-grade cannabis-based formulations entities such as India Globalization Capital Inc. (NYSE American: IGC) are taking through the rigorous development process overseen by the FDA and other regulators.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital 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

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

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

CNW420 is part of the InvestorBrandNetwork.