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 — President Biden Issues Executive Order on Cannabis Equity

Reform activists have long concluded that the drug war of the 1980s and 1990s is an unmitigated failure. Although the war on drugs was ostensibly launched to cut financial outflows to criminal organizations and address drug addiction in the United States, it has resulted in the incarceration of significant numbers of people on minor drug charges, decimated families in Black and Brown communities and contributed to already entrenched racial disparities.

Now that cannabis drug reform is sweeping across the country, most states have included social justice provisions in their cannabis laws to try and alleviate the disproportionate damage caused by the failed drug war. These social justice provisions have dedicated tens of millions of dollars toward reinvesting into communities that were disproportionately affected by the drug war and giving members of these communities a chance to benefit from the nascent cannabis industry.

Last week, President Joseph Biden signed an executive order touting his administration’s effort to address the federal government’s failed approach toward cannabis policy. The president stated that his administration had taken action to correct America’s failed approach to cannabis, protect citizens’ civil rights, advance criminal justice, and fight increasing extremism and hate-fueled violence.

A fact sheet released in tandem with the executive order listed and delved into Biden’s actions regarding cannabis policy.

In 2022, the president issued a mass pardon for people who had been convicted of nonviolent federal marijuana possession. He also called for a review to be conducted on federal cannabis prohibition under the Controlled Substances Act. The schedule classifies cannabis as a Schedule I controlled substance alongside drugs such as cocaine and heroin.

Alluding to the thousands of Americans who were either incarcerated or saddled with criminal records due to cannabis possession, the fact sheet noted that marijuana prohibition had affected too many people’s lives for partaking in an activity that was now legal in over two dozen states. It also highlighted that Biden’s mass pardon was meant to lift the barriers to employment, educational opportunities and housing for individuals who had prior cannabis convictions on their records.

Furthermore, the fact sheet noted that Biden had instructed governors across the country to follow suit and issue cannabis pardons for nonviolent possession offenses at the local and state levels.

In addition to this, the executive order called on agencies in the federal government to create a yearly Equity Action Plan to study barriers that prevent underserved communities from benefitting from and even accessing state and federal programs.

Even with those equity programs in place, many operators will still seek out entities such as REZYFi Inc. for funding because accessing needed funds from mainstream banks is still a distant dream for players in the marijuana space.

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

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 — NJ Supreme Court Clears Confusion on Cannabis Expungement Law

The Supreme Court of New Jersey recently ruled that first-time offenders who avoided conviction for minor drug offenses by enrolling in a diversionary program before legislators in the state decriminalized cannabis two years ago could still be enrolled to another program for any new offenses. The unanimous ruling was an effort to analyze the intent of the Cannabis Regulatory, Enforcement Assistance and Marketplace Modernization Act.

While this law decriminalized the simple possession of marijuana in the state of New Jersey and directed that previous cannabis convictions be expunged automatically from an individual’s criminal record, it did not look into how judges were to handle individuals who got conditional discharges for drug offenses. A conditional discharge is a program for first-time offenders that allows them to dodge criminal prosecution and conviction for minor drug offenses if they complete a judge’s orders, which may include treatment.

Before this clarification was made, lower courts had resorted to making conflicting rulings for individuals with previous conditional discharges who applied for another diversionary program meant for first-time arrests. The other program in question, pretrial intervention, was only accessible by those who hadn’t taken part in another diversionary program.

The New Jersey Supreme Court combined the appeals in a number of cases before making its decision. One of those cases is Moataz M. Sheira’s March 2021 case, where he was charged with the third-degree possession of heroin and cocaine. Sheira wasn’t eligible for pretrial intervention because this wasn’t his first offense. After a trial court denied his request for the program, he appealed the decision.

Another case was Richard Gomes, who was charged with third- and fourth-degree assault in November 2020. A previous conditional discharge made Gomes ineligible for pretrial intervention. He appealed this as well and was allowed to apply for the program before the county prosecutor challenged the trial court’s decision in a separate suit.

The appeals court had in both cases ruled that an individual who had received a conditional discharge for possessing cannabis wasn’t eligible for pretrial intervention. The Supreme Court didn’t agree with this, however, with Superior Court Judge Jack Sabatino reversing these rulings.

Sabatino stated that while the Supreme Court’s reversal didn’t mean that individuals with prior conditional discharge were automatically eligible for pretrial intervention, courts couldn’t deny requests since the marijuana law didn’t provide clarification on conditional discharges. The judge then highlighted that the decision was centered on sensibly harmonizing the new law with already existing statutes.

As more states move to remove any inconsistencies existing with regard to marijuana policy, industry players are likely to become more confident of the environments in which they operate, and that could have downstream benefits for other entities such as Advanced Container Technologies Inc. (OTC: ACTX), which specialize in meeting the needs of “plant-touching” cannabis companies.

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 — Schumer Meets GOP Senators Over Cannabis Legislation in New Congress

In January, Senate Majority Leader Chuck Schumer (D-NY) convened a second meeting to discuss cannabis legislation for the 118th Congress. This time, he invited a group of Republican senators to strategize the next steps for drafting a bill that could pass. The first meet-up with Democratic colleagues occurred at the beginning of February.

In the recent meeting, the GOP leaders present included Senators Dan Sullivan (R-AK), Rand Paul (R-KY), and Steve Daines (R-MT). The aim of these meetings is to establish a mechanism through which legislators can reach a bipartisan agreement on marijuana reform bill goals in the current Republican-controlled Congress.

Cannabis supporters are hoping for cooperation on the SAFE Plus legislation, which the senate majority leader worked to promote in the last days of the previous session. The SAFE Plus bill was anticipated to include provisions for marijuana banking and expungements alongside other potential minor reforms.

The three Republican senators who took part in the meeting on Tuesday were all original signatories of the SAFE Banking Act from the previous Congress.

In the meantime, Sullivan and Senator Jon Tester (D-MT) filed legislation last week to advance study into marijuana’s therapeutic potential for army veterans. The committee is scheduled to vote on that bill on Thursday.

Last year, Schumer and Senator Cory Booker (D-NJ) introduced a comprehensive cannabis legalization bill, but it failed to receive the 60 votes needed to pass the Senate due to insufficient support. As a grand bargain, Schumer oversaw bicameral and bipartisan negotiations on the SAFE Plus agreement. Schumer blamed some Republican senators for sidetracking the bipartisan proposals after attempts to include the reform in the comprehensive defense and spending bill failed.

On Booker’s part, he claimed that ongoing problems with cannabis banking caused by prohibition led to a “marijuana crisis,” and while he believes reform is still possible, he has emphasized the difficulties of the new political climate on Capitol Hill.

However, Booker has come under fire from some stakeholders in particular for how his stance on banking legislation has changed over time. At one point, the senator vowed to thwart any attempts to advance a standalone SAFE Banking Act without capital constituents but then later expressed interest in reaching an agreement. In a previous interview given in the wake of last year’s election, the senator expressed his concern that if Democrats failed to pass the cannabis bill during the lame-duck period, it might take a long time to do so.

President Joseph Biden has not clearly stated his take on cannabis banking, although he has stated that states should be free to determine their own marijuana laws without interference from the federal government. His government has also raised its profile in support of cannabis reform since the widespread pardoning of minor marijuana possession in October.

Chances are high that marijuana industry operators such as India Globalization Capital Inc. (NYSE American: IGC) will closely follow any developments on Capitol Hill pertaining to marijuana policy reform.

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

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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Moves to Create Dynamic New PubCo Targeting Hospitality, Entertainment and Multimedia Production Sectors

Sugarmade (OTC: SGMD), a product and branding marketing company investing in operations and technologies with disruptive potential, today announced its entry into a binding letter of intent (“LOI”) to acquire the real estate assets and businesses of Treasure Mountain Holdings, LLC and Victorville Treasure Holdings, LLC. Management believes that the full resolution of this strategic process will result in two new dynamic growth-oriented business entities. These include a legacy OTC company engaged in the legal cannabis marketplace and a new NASDAQ-listed company involved in hospitality, entertainment and multimedia flex-makerspace operations. “This deal will carry multiple synergistic elements and tremendous value creation,” said Jimmy Chan, CEO of Sugarmade. “TheMediaBox is an idea whose time has come, and this is the perfect vehicle to launch it. We are embarking on a new chapter that stands to deliver significant value to our shareholders as we expand our asset base and revenue streams and diversify our model with an eye toward a major exchange listing.”

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

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush(TM), J Grade Farm and Lemon Glow. For more information, please visit www.Sugarmade.com.

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

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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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Looking Forward to 2023 Goals for Patented DehydraTECH(TM) Technology

Lexaria’s 2022 R&D efforts saw high levels of success, establishing the company as one of the world’s leaders in the investigation of CBD for controlling human blood pressure and, separately, demonstrating performance enhancements compared to one of the world’s leading anti-seizure medications
During Q1 2023, Lexaria expects to provide additional results from its hypertension study HYPER-H21-4; complete dosing in the company’s animal dementia and diabetes studies; complete dosing in the human nicotine study NIC-H21-1; and submit and publish additional results in research journals
Lexaria’s DehydraTECH technology currently has 28 granted patents, with many more pending patents in countries worldwide

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is using its patented DehydraTECH(TM) technology to improve the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules. In a letter to shareholders last month, Lexaria CEO Chris Bunka provided a thorough strategic update and insight into the company’s plan moving forward.

Mr. Bunka expressed how the current state of the economy has presented challenges to companies, especially during 2022. Still, Lexaria has navigated these challenges well by focusing on the things it can control, such as applied R&D designed to entice others to work with the company commercially. Despite inflation running at a 40-year high and 2022 stock markets experiencing the longest protracted decline since 2008, Lexaria is forging ahead – increasing staff and successfully handling an unprecedented volume of work (https://cnw.fm/JD2q5).

During 2022, Lexaria’s R&D pursuits were a success, firmly establishing the company as one of the world’s leaders in the investigation of cannabidiol (“CBD”) for controlling human blood pressure and demonstrated performance enhancements compared to one of the world’s leading anti-seizure medications. Lexaria expects that 2023 will be full of additional R&D developments.

Lexaria’s expectations for Q1 2023 include the following:

Additional results from hypertension study HYPER-H21-4
Dosing completion in the company’s animal dementia study
Dosing completion in the company’s animal diabetes study
Dosing completion in human nicotine study NIC-H21-1
Submissions and publishing of additional results in research journals

Also in 2023, Lexaria expects to file its Investigational New Drug (“IND”) application and receive approval from the US Food and Drug Administration (“FDA”) to commence the IND clinical study. The study will be a major step in the company’s maturation as a pharmaceutical company and will be its primary research focus once it commences.

Lexaria’s DehydraTECH technology currently has 28 granted patents, with many more pending patents in countries worldwide. The technology is best thought of as an additional layer that providers of consumer supplements, prescription and non-prescription drugs, nicotine, and CBD products can utilize to improve the effectiveness of their own existing or planned new offerings. It is suitable for use with a wide range of product formats, including pharmaceuticals, nutraceuticals, consumer packaged goods, and over-the-counter capsules, pills, tablets, oral suspensions and more.

DehydraTECH is designed specifically for formulating and delivering lipophilic (fat-soluble) drugs and active ingredients – increasing effectiveness and improving the way APIs enter the bloodstream. The benefits of DehydraTECH include faster delivery of the drug, increased bioavailability, increased brain absorption, improved drug potency, reduced drug administration costs, and masks unwanted taste, removing the need for additional sweetening ingredients.

Since 2016, Lexaria’s DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption and, reduce the time of onset from one to two hours to just minutes.

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

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

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420 with CNW — Questions Arise on Delays to Implement Presidential Cannabis Pardons

All American citizens who suffer from the burden associated with federal cannabis-related convictions on their prior record were meant to be granted unconditional pardons, per the president’s directive in October.

According to the president, thousands of Americans have existing federal records for cannabis use and risk being denied work, residence or educational prospects. Never in history has a president-elect publicly acknowledged the shortcomings of America’s almost century-long experiment with marijuana restriction, a measure that most states have already abandoned.

Currently, about two-thirds of citizens believe it has to be done away with. Additionally, no president has ever shown commitment to using the office’s pardoning authority to help so many people who had been harmed by that failed program.

An uncomfortable fact is still in existence, however, and that is that not a single one of the Americans who were recognized by the Sentencing Commission as qualifying for pardons by the president has gotten them. Sadly, the government hasn’t followed through on its amnesty directive with immediate effect. As the president has already acknowledged, many people eligible for pardon have missed out on multiple chances over the years due to a lingering conviction for actions that most Americans no longer consider criminal. They shouldn’t have to wait much longer for assistance.

As of now, 24 states have passed legislation establishing clear procedures for expunging, or in other words, setting aside, the criminal records of people who have received low-level cannabis convictions. Since 2018, federal and local government officials have pardoned more than 100,000 American citizens and written off up to 1.7 million offenses related to marijuana, according to statistics made available to the public and gathered by NORML.

Moreover, many supporters think that if Congress passed a bipartisan bill such as the HOPE Act, which aims to give states federal assistance for the objectives of analyzing and stripping away low-level marijuana convictions, these figures may rise substantially higher.

Police have reportedly arrested 29 million people for cannabis-related offenses in the last few decades. About 90% of the detained had low-level marijuana possession convictions filed against them.

It is necessary for legislators from both political parties and the White House, in general, to act quickly to make up for the wrongful acts of marijuana criminalization by giving individuals who have unnecessarily suffered as a result of America’s failed cannabis prohibition rules and regulations long overdue legal justice.

For jurisdictions where legal marijuana markets exist, economies are thriving and the trickle down effects are also boosting entities such as Advanced Container Technologies Inc. (OTC: ACTX) that focus on meeting the needs of cannabis companies and individual growers.

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 — California Mulls Allowing Marijuana Cafes to Boost the Industry

Earlier this month, Assemblymember Matt Haney introduced a measure to legalize the sale of nonalcoholic beverages and food at marijuana lounges and retailers in the state of California. California was the first state in the country to legalize the use of medical cannabis in 1996, following the approval of Proposition 215. Two decades later, the state legalized the recreational sale and distribution of the drug following the passage of Proposition 64.

Haney stated that while some cafes did permit the consumption of marijuana, the no-drinking and no-eating rule made them less than ideal. Under the proposed measure, called Assembly Bill 374, the consumption of alcohol would still be prohibited in cannabis cafes. If approved, the measure and its counterpart introduced in the California Senate would permit cities and localities to allow the consumption of drinks as well as food at marijuana retailers.

Haney highlighted that the state would not impose the new regulations on municipalities.

The legislation would also permit cannabis cafes to host live events and sell tickets to these performances.

The assemblymember explained that his conversations with cannabis retailers from Los Angeles to Coachella Valley all centered on business expansion to ensure survival. Haney argued that if the legal marijuana industry was to survive in the state, the current laws would need to be amended to allow businesses to grow and afford their consumers memorable experiences.

The assembly member also compared the state’s possibilities to Amsterdam, where cannabis was decriminalized decades ago. In this Dutch city, the drug is available at coffee shops, which has greatly influenced foot traffic. However, he noted, while licensed cannabis retailers would be allowed to sell coffee, operating coffee shops wouldn’t be allowed to sell cannabis.

Councilwoman Chelsea Byers of West Hollywood stated that the bill’s passage would contribute to the destigmatization and normalization of cannabis use. Byers also explained that providing entertainment and food would help reach individuals who were closed off to the use of marijuana. The councilwoman, a marijuana user, noted that the measure could also help transform retailers from pharmacy-like spaces to community spaces.

However, this is just the beginning, as more is needed to make the industry more conducive for businesses.

Robert Solomon, cochair of the UCI Center for the Study of Cannabis, stated that the biggest challenge for individuals who operate legal marijuana shops in the state was heavy taxes. The state levy on cannabis retail sales currently stands at 15%. Those hefty taxes have deeply eaten into the profit margins of cannabis companies, and these companies have had to reach out to funding sources such as REZYFi Inc. in order to keep growing.

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

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Alternative Products Expo Announces Its Upcoming Fort Lauderdale 2023 Show

Alternative Products Expo has just announced its next show, which will take place on March 3-5, 2023, in the beautiful city of Fort Lauderdale, Florida. This one-of-a-kind trade show promises to provide attendees with a unique experience that breaks away from the monotony of traditional events. It’s a must-attend for anyone in the smoke shop and counterculture industry.

Known for short as Alt Pro Expo, this event has its roots in the Vape and CBD world and has since expanded to include a plethora of industries. With over 200 exhibitors representing various product categories, such as Vape, CBD, Hemp, Delta-8, Nicotine Alternatives, Kratom, Extracts, Functional Beverages, tinctures, edibles, herbal products, mood enhancers, energy boosters, dietary supplements, and much more, there’s something for everyone to discover.

According to Jason Monti, the event’s co-founder, “ALT PRO Expo is more than just a trade show. It’s a platform for all counterculture professionals looking to expand or tap into this growing market.” And with thousands of registered buyers, prominent brands, and influential media partners participating, it’s an incredible opportunity for anyone looking to make new connections or showcase their products and services.

But the excitement doesn’t stop there. Florida is home to some of the most notable Alternative Product companies, and Fort Lauderdale, in particular, is a thriving hub for the counterculture industry. Attendees can take advantage of the many recreational activities in the area, such as boating, fishing, and sunbathing, making Alt Pro Expo the ideal destination for a productive and enjoyable trade show experience.

So mark your calendars and get ready to discover the latest and greatest in alternative products at the Alt Pro Expo. It’s an event you won’t want to miss!

For more information, please visit https://altproexpo.com/

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420 with CNW — Leading Addictions Treatment Group Supports Federal Drug Decriminalization

The American Society of Addiction Medicine, a top addiction treatment organization, is advocating for the legalization of all drugs that are currently illegal in the name of racial equity and public health. The organization, which has always sided with antidrug advocates and opposed even the mildest cannabis reforms, has significantly changed its stance on drug-related policies in the past few years.

While the organization has advocated for decriminalizing marijuana since 2015, it is now urging the decriminalization of all drugs, including the elimination of criminal penalties for paraphernalia, citing the stigma and institutionalized racism that are deeply embedded in the nation’s drug policy.

The group released three policy statements on Feb. 9, 2023, in which it advocated for the elimination of harsh civil and criminal penalties for the possession of drugs and drug accouterments for adult-use as part of a broader set of interlinked legal and public health reforms intended to enhance several carefully chosen outcomes. In addition to legalizing drugs, ASAM argued that lawmakers take into account the possibility of expunging records of prior offenses of this nature so that citizens are not still ostracized for them. The organization cited Portugal’s decriminalization laws and claimed that the reform may result in health improvements based on the available data.

In light of the fact that even minor shifts in the legal distribution of some drugs can greatly increase the risk of addiction, especially for marginalized people, and the current research gaps in drug policy, the group stated that its recommendations purposefully don’t encompass developing a framework for accessing currently illicit drugs for personal use.

Other recommendations made by the organization include making it easier to obtain clemency for those found guilty of drug offenses without violence at the federal and state levels, doing away with the cocaine conviction differential, and funding studies that seek to assess different public health methodologies to the use of drugs with a focus on various drug laws and policies. The association also urged lawmakers to end housing restrictions based on nonviolent, substance-related activities and to abolish requirements for public assistance recipients to submit to drug testing.

The ASAM recommendations represent a substantial change from the organization’s prior stance on drug policies since its establishment in 1954.

In 2012, the group released a report urging doctors to oppose reform calls, but as adult-use cannabis became legal in more states, the group’s policy positions seemed to shift toward a focus on public health. Since then, the association has taken a more active role in promoting marijuana reform, even supporting legislation’s provisions that would federally codify states’ rights to determine their cannabis laws in 2020. However, it has refrained from outright endorsing the legalization of commercial marijuana markets.

ASAM’s push for ending cannabis criminalization is no surprise given that for-profit enterprises such as India Globalization Capital Inc. (NYSE American: IGC) are making plenty of headway in taking cannabis-based formulations through the clinical-development process in a bid to obtain regulatory approval for those novel therapeutics, proving that marijuana does have medicinal potential.

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

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420 with CNW — Marijuana Reform Now ‘More Challenging’ in GOP-Controlled House

Despite polls showing that most Americans favor legalizing cannabis and the fact that it has spread to red states such as Missouri where adult-use sales began last week, some lawmakers and lobbyists still think that major, revolutionary change such as federal legalization is still a long way off.

Even though there are some encouraging signs in Congress, such as support from South Carolina Representative Nancy Mace, there is still plenty of opposition, and the House appears to have “a lot on its plate” right now. Mace is a prominent conservative advocate for marijuana legalization.

One significant barrier is the perception that marijuana is not a priority for House Speaker Kevin McCarthy, who represents a conservative region of California where retail dispensaries for legal commercial cannabis are prohibited. There is also an understanding that crucial committees where marijuana-related legislation needs to be heard will instead act as roadblocks. One example is the House Judiciary Committee, which is currently led by Jim Jordan, an Ohio Republican.

Jordan has already stated that his top priorities are the infamous laptop owned by Hunter Biden, the president’s son, as well as the actions of the American intelligence community and immigration at the southern U.S. border.

Rep. Chip Roy, a Texas Republican who received a D- grade from NORML, replaced Ed Perlmutter, a retired Colorado Democrat who was the main proponent of the SAFE Banking Act, on that same committee.

The upcoming 2024 presidential election will further compound the obstacles to marijuana legalization. While some observers point out that there is some common ground on the issue of marijuana between conservatives in the Freedom Caucus such as Rep. Matt Gaetz and moderates such as Mace, others point out that Jordan could approve legislation without a full hearing.

In her proposal for federal legalization, Mace said on Friday that she would reintroduce the States Reform Act, which would exempt marijuana from the Controlled Substances Act and leave most of the remaining issues to be resolved by state law. Her bill will be added to a scheduling proposal created by Florida Republican Rep. Greg Steube.

Observers also anticipate the reintroduction of the SAFE Banking Act, which is likely to be sponsored by Ohio Republican Rep. Dave Joyce, as well as the reappearance of other bills that failed to make much progress during the previous Congress.

According to early predictions, even SAFE Banking will run into the same issues that hindered progress in December.

Democrats currently hold a slim 51–49 advantage in the Senate, with Pennsylvania Democrat John Fetterman—a steadfast advocate for marijuana legalization—occupying the extra seat. Therefore, Democrats’ priorities and those of Senate Majority Leader Chuck Schumer have a freer hand in significant committees.

However, it also means that any bill must receive the support of all members of the Democratic caucus and at least nine Republicans to overcome cloture in per the chamber’s filibuster rule.

The way things stand, enterprises looking to medicalize marijuana compounds such as India Globalization Capital Inc. (NYSE American: IGC) have a more certain outlook compared to those that are banking on federal policy reform.

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

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