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 — Five Reasons for Cannabis Industry to be Optimistic in 2023

It is natural to be nervous about the new year due to widespread concern about the state of the world and its economy. But despite the uncertainty surrounding these hazy prospects, there is a silver lining for cannabis enthusiasts.

While federal legalization of marijuana did not happen in 2022 as some had hoped, there are reasons for optimism. Cannabis users have a lot to be happy about right now, including the fact that marijuana is now legal for adult use in some red states, significant ballot initiatives are being considered, and support is growing for legalization.

Here are five things to be excited about as 2023 gets underway.

The Sale of Recreational Marijuana Is Now Legal in New York

Cannabis lovers in the Northeast have a reason to celebrate following the state’s legalization of marijuana last year. New York now allows the sale of recreational marijuana from dispensaries.

In fact, New York is expected to be the second-largest state with cannabis sales, according to Matt Hawkins, founder and managing director of Entourage Effect. The proceeds from the sales will support the expansion of the entire industry for many years.

Cannabis Ballot Initiative in Florida

A ballot initiative is attempting to change Florida from a medical cannabis state to a recreational cannabis one. According to Ballotpedia, the ballot initiative needs to gather at least 891,589 signatures by the beginning of February 2024, which will require support from the majority of Floridians.

The amendment, which is expected to take effect in 2024, will allow adults 21 and older to purchase, possess or use cannabis products and accessories for nonmedical personal consumption, either through ingestion, smoking or other means.

However, significant effort will need to be put in this year for the bill to be in effect come 2024. Thus, expect plenty of new developments this year as advocates work to turn conservative-leaning Florida into a state with liberal cannabis laws.

Missouri Legalizes Adult-Use Cannabis

Missouri will be the newest Republican state to legalize adult-use cannabis sales, with dispensaries expected to open beginning Feb. 6, 2023. The legalization of marijuana for adult use in Missouri is currently in the early stages, but by the end of 2023, the state is likely to have a fully operational market.

According to the Missouri Department of Health and Senior Services website, when approved, comprehensive facilities will be able to sell marijuana to people who have patient ID cards as well as primary caregiver ID cards and adults over the age of 21.

Cannabis Is Gaining Popularity

According to ongoing polling, Americans are becoming more open to the idea of legalizing marijuana. In fact, according to some recent statistics, almost 90% of Americans think marijuana should be legal.

According to a Pew Research poll, nearly 90% of Americans believe marijuana should be legalized in some form. The vast majority prefers it to be available for recreational purposes, with only 30% preferring it to be available for medical purposes only. According to the same Pew Research report, only one in 10 people polled thought cannabis should be illegal.

These figures show that Americans have come a long way in terms of mainstream attitudes toward cannabis. Cannabis use is becoming more normalized in many aspects of society as more states relax restrictions each year.

Marijuana Sales Appear to Be ‘Recession Proof’

There have been rumblings of a recession, and many people are preparing for a possible downturn in the economy in 2023. However, not every industry will likely experience a recession’s effects equally. Although marijuana is resilient and its sales grew despite the COVID-19 pandemic, it may not be completely immune to economic downturns but is still not heavily affected as other industries often are.

Rainbow Realty Group president Kylie Shenfeld believes that sales in the cannabis industry will continue to rise this year, following a steady increase during the holiday season. Therefore, despite the possibility of future economic hardship, marijuana sales are likely to remain strong for the foreseeable future.

All these reasons suggest that licensed companies such as Flora Growth Corp. (NASDAQ: FLGC) can look forward to a generally good year if they do their homework and capitalize on any opportunities that present themselves.

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 — Legislators in the US Virgin Islands Approve Bill to Legalize Recreational Marijuana

Legislators in the U.S. Virgin Islands recently passed a bill to legalize cannabis for recreational use. This move brings the total number of U.S. territories and states that have legalized the recreational use of marijuana to 21.

The possession of an ounce of marijuana was decriminalized in the Caribbean Island territory almost a decade ago in 2014, with the legislature approving a bill to allow the medical use of cannabis years later, in 2019. At the moment, the medical use of marijuana has been legalized in 37 states. However, the drug still remains illegal at the federal level because it’s still classified as a Schedule I substance under the Controlled Substances Act.

Under the recently approved measure, visitors to the island territory as well as its residents will be allowed to buy medical cannabis and adult-use marijuana at licensed dispensaries.

Senator Jannelle K. Sarauw sponsored the bill, which was approved in the senate on Dec. 30, 2023, during the last session that Senator Donna A. Frett-Gregory served as senate president. Frett-Gregory voiced her support for the legislation, noting that it would be irresponsible to not advance the legislation as government funds had been spent.

Media reports expect that Gov. Albert Bryan will sign the measure given how vocal he has been in the past, expressed his support for marijuana policy reform. The measure was passed together with another legislation to expunge prior convictions for cannabis-related offenses.

In a press release, Sarauw stated that the measure was a collaborative effort by advocates who have overcome opposition to comprehensive marijuana policy reform. She added that she was proud of the work done by advocates and community stakeholders as well as senators of the 34th legislature, all of whom contributed to the structure of the final bill that was voted on.

Sarauw also noted that due diligence was done to protect the best interests of the residents, which would ensure that everyone had the opportunity to take part in the industry, particularly minorities. In addition, the senator highlighted that the provisions included in the bill would see to it that the industry was diverse and inclusive as well as safe, adding that she hoped the current administration would implement both adult use and medicinal use to their full potential for the benefit of the territory’s residents.

It should be noted that while the measure was approved in a vote of 11 to 1, the legislature hasn’t yet approved regulations to govern the cultivation and sale of cannabis, which is necessary before a regulated marijuana industry can commence operations in a legalized economy.

As the rules around cannabis cultivation become known, equipment makers such as Advanced Container Technologies Inc. (OTC: ACTX) could find themselves having an uptick in orders from licensed cannabis 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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CannabisNewsBreaks – IBN Expands Collaboration with NECANN for 2023 Event Series

IBN, a multifaceted financial news and publishing company, today announced expansion of its multi-year collaboration with NECANN to serve as an official newswire for its upcoming conferences in 2023. NECANN organizes events around the establishment and growth of cannabis markets and associated opportunities in carefully selected communities with the potential to usher in the normalization of consumption and supportive policy frameworks. Under the collaboration, IBN will provide additional outreach via its syndication network for NECANN events, leveraging an extensive array of corporate-communications solutions to heighten visibility and drive recognition of conference participants among various audiences. “NECANN events are unique for their ability to identify communities that have a high probability of adopting and normalizing cannabis consumption culture,” said Marc Shepard, cofounder and president of NECANN. “We thrive on identifying inherent strengths in target communities and leveraging those attributes to accelerate adoption and push for the implementation of viable roadmaps. Attendees will share in the invaluable experience of the cultivation of cannabis markets and communities nationwide. IBN is a great partner to help make this a reality, and their widespread online presence has been a strategic advantage for our event series.”

To view the full press release, visit https://cnw.fm/wCB2J

About IBN

IBN consists of financial brands introduced to the investment public over the course of 17+ years. With IBN, we have amassed a collective audience of millions of social media followers. These distinctive investor brands aim to fulfill the unique needs of a growing base of client-partners. IBN will continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Through our Dynamic Brand Portfolio (“DBP”), IBN provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) Press Release Enhancement to ensure maximum impact; (4) full-scale distribution to a growing social media audience; (5) a full array of corporate communications solutions; and (6) total news coverage solutions.

For more information on IBN, visit https://www.InvestorBrandNetwork.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website, applicable to all content provided by IBN wherever published or re-published: https://IBN.fm/Disclaimer

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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REZYFi, Inc. Creates Opportunities for Cannabis Related Real Estate Financing as Mainstream Media Begins to Show Growing Acceptance of Cannabis-Derived Products

Google will change its requirements for product ads on January 20, 2023, to allow the promotion of FDA-approved pharmaceuticals containing CBD and topical hemp-derived CBD products in California, Colorado, and Puerto Rico
Non-FDA-approved CBD topicals will require certification from LegitScript, which will test THC compliance and review the third-party Certificate of Analysis of each product to be promoted
With the growing acceptance of cannabis, REZYFi is positioned in the financial industry as one of the first cannabis mortgage bankers in the United States

In the United States, cannabis-related products are growing in acceptance, even in mainstream media. A recent announcement from Google advises that the company will update its Dangerous Products and Services and Healthcare and Medicines Google Ads policies on January 20, 2023. Google will allow for the promotion of FDA-approved pharmaceuticals containing cannabidiol (“CBD”) and topical, hemp-derived CBD products with a tetrahydrocannabinol (“THC”) content of 0.3% or less in California, Colorado, and Puerto Rico. Non-FDA-approved topicals will require verification through LegitScript. Google will continue to disallow ads promoting other CBD-based products, including supplements, food additives, and inhalants (https://cnw.fm/q2t6S).

For non-FDA-approved CBD topicals, LegitScript’s certification will require that products sought to be advertised: (1) provide samples for compliance testing of legal THC limits, and (2) provide a third-party Certificate of Analysis. LegitScript charges a fee for processing and monitoring applicants. However, through March 31, 2023, the company is offering a waiver of application fees with promo code “CBDPRODapp” for product certification (https://cnw.fm/YIWtN).

Since 2016, when California legalized cannabis, the state has shown a growing acceptance – which has been working its way across the country. According to Pew Research Center, nearly 90% of adults in the US favor cannabis, with 59% showing favor for recreational and medical use and 30% showing favor for medicinal use only (https://cnw.fm/PUdte). Not all industries have embraced the acceptance of cannabis, though, with many traditional financial institutions still reticent to serve the state-licensed cannabis industry.

Disrupting the financial industry and favoring cannabis-related companies is REZYFi, a growth mortgage origination and specialized financing company in the United States. REZYFi originates, structures, and invests in first mortgage loans and alternative structured financings secured by commercial real estate properties. The company targets markets that include licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related first and additional mortgage-based financing.

REZYFi works through two wholly-owned subsidiaries – REZYFi Lending, which primarily addresses emerging real estate-related financing opportunities, and ResMac Inc., the company’s traditional mortgage origination, correspondent, and servicing operation. Through these subsidiaries, REZYFi plans to use its corporate strengths – experience, a network of independent brokers, and proprietary technology – to provide an essential source of growth within the cannabis industry, positioning itself as one of the first cannabis mortgage bankers in the United States.

Combined, the medical and recreational use of cannabis are expected to reach a market value of $33 billion by the end of 2022, with retail cannabis sales projected to reach $52.6 billion by 2026 (https://cnw.fm/6ZXAd). The growth is attributed to more state voters accepting cannabis for recreational and medicinal use. The growing acceptance of cannabis for medicinal and recreational use is driving markets in various industries, creating a call for services, including financing options – which REZYFi is uniquely positioned to answer.

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

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

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420 with CNW — 2022 Sales Bring Recreational Marijuana Sales in Massachusetts to Almost $4B

Cannabis has proven highly lucrative for most states with legal marijuana programs. Thanks to immense demand from the public, cannabis retailers in states such as California and Colorado have been selling billions of dollars’ worth of cannabis products to customers. State governments win big in such scenarios because they often receive hundreds of millions or even billions of dollars in cannabis taxes.

Massachusetts is one of the latest states to rake in billions in cannabis sales. Data from a recent report released by the state’s Cannabis Control Commission shows that the state collected a whopping $1.42 billion in adult use sales between Jan. 1 and Dec. 18, 2022.

A closer look at the report reveals that recreational use sales of cannabis in Massachusetts increased steadily month by month. February had the lowest sales in the year at around $110.1 million while the highest sales occurred in July ($132.4 million) and August ($130.8 million).

December also recorded low sales of only $72 million, but this is probably because the state stopped recording sales data for the year on Dec. 18, 2022. Incidentally, the last few days that weren’t recorded saw an increasing amount of sales that eventually peaked at $5.1 million on Dec. 17 before dropping down to $4 million the next day.

Cannabis flower was still the most popular product among consumers with more than $11 million of flower sold during the week leading up to Christmas. Vape-related products came in second at $6 million in sales followed by pre-rolls and edibles which both saw around $4 million in sales each.

Massachusetts’s recreational cannabis industry is relatively new. The state moved to legalize recreational cannabis sales in November 2018, and the industry has grown significantly since then. By the end of last year, Massachusetts had collected $3.9 billion in total gross cannabis sales, first reaching the billion-dollar mark in October 2020 followed by $2 billion in July 2021 and finally $3 billion last May.

Cannabis has been one of the most-used drugs in America for quite a while, and consumers have been eager to buy from recreational markets around the world, creating an industry worth billions of dollars in only a few short years.

Sales of medical cannabis sales from Jan. 1, 2022, to December 18, 2022,, hit $260.2 million, with the state experiencing a decline in medical cannabis sales toward the end of the year after a sales peak in March and April. Data from the commission also shows that medical cannabis sales in March and April reached $24.7 million and $24.4 million respectively.

Such stats for medical cannabis sales show that the public is hungry for medicinal products made from marijuana and that there is a potential market for companies looking to develop therapeutic formulations from cannabinoids such as THC, including India Globalization Capital Inc. (NYSE American: IGC),

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420 with CNW — Montana Earns More Than $200M from First Year of Adult-Use Cannabis Sales

A recent report by Montana’s Department of Revenue (DOR) provided an analysis of the state’s first year of legalized recreational cannabis sales. According to the data, marijuana sales for both personal and medical purposes totaled $303,563,878 in 2022. Adult-use marijuana generated $202,947,326 of the total, while medical cannabis generated $93,616,552.

The department reported total sales of $25,653,687 in December, which remains at par with the averages of each month all year long. Although the overall figures haven’t changed a lot, adult-use transactions have increased their market share from 58% at the beginning of the year to nearly 77%.

According to Pepper Petersen, president of the Montana Cannabis Guild and a key player in the fight for recreational cannabis legalization, the total anticipated sales for last year were between $260 million and $280 million, thus the actual amount was significantly higher. Petersen stated that the numbers represented approximately 40 tons of marijuana in the entire state, all of which was grown and sold in Montana. Furthermore, Petersen estimates that the industry currently supports approximately 5,000 employment opportunities in the state.

In a meeting with legislators, Kristan Barbour, the head of the DOR Cannabis Control Division, revealed that as of Dec. 27, 2022, some $35,460,146 in cannabis tax revenue had been deposited into Montana’s general fund.

This year, state legislators are planning to take into account potential amendments to the sale of cannabis. One proposal, House Bill 128, could mean a few changes, including extending the prohibition on opening new cannabis businesses by two years. Adult-use cannabis sales are currently only allowed to be conducted by companies that were active in the medical cannabis market prior to the 2020 legalization vote.

The bill also supports making changes to the moratorium date to enable businesses that opened after the 2020 presidential election to sell recreational cannabis. Many Montanans would be happy about this, including Cindy Coleman, the proprietor of Sean’s Way, a cannabis dispensary in Helena. Coleman named the business after her son, who greatly benefited from medical cannabis prior to his cancer death.

Coleman started her business in 2017, took a break for personal reasons in 2019, then returned in 2020 but was unable to complete the state licensing requirements until Nov. 20, a few weeks after the vote,, and thus she cannot sell recreational cannabis. Coleman acknowledged that it has been challenging to continue operating exclusively for medical pot, and she believes that the expensive medicinal cannabis is deterring many potential patients from obtaining it. She claims that every day she has to turn away a large number of people who do not have medical cannabis cards.

House Bill 128’s initial committee hearing, which was originally scheduled for Jan. 17, 2023, has been postponed. The bill will likely be heard the following week, according to the bill’s sponsor, Rep. Josh Kassmier (R-Fort Benton).

The success of newly launched cannabis markets such as the one in Montana shows that if industry players can access funding from various sources, including REZYFi Inc. and traditional banks, rapid growth can occur and residents will have a lot more products to choose from at competitive prices.

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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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Moves Closer Toward Broad Applications of Patented DehydraTECH(TM)

Lexaria Bioscience Corp. (NASDAQ: LEXX) in 2022 achieved crucial milestones centered around its patented DehydraTECH(TM) drug delivery technology. “For Lexaria, the end goal does not only lie in uncovering DehydraTECH’s ability to improve the bioavailability of various APIs. Instead, the company is keen on establishing whether DehydraTECH can be applied broadly within the pharmaceutical industry. And calendar 2022 has brought Lexaria closer to realizing this goal, with the company initiating a slew of research programs, many of which it has already completed. Moreover, its intellectual property (‘IP’) portfolio received additional patent protection in different jurisdictions around the world. Lexaria also entered into multiple manufacturing and/or licensing agreements with global partners,” a recent article reads. “The company’s 2022 research programs included: a) an animal study evaluating DehydraTECH-processed sildenafil, a phosphodiesterase (‘PDE5’) inhibitor used in the management of erectile dysfunction; b) a 16-person hypertension study, HYPER-H21-3, and a 66-person hypertension study, HYPER-H21-4, both evaluating DehydraTECH-CBD as a potential treatment for high blood pressure; c) a three-part animal study assessing the effectiveness of DehydraTECH-CBD in reducing seizure activity compared to the FDA-approved seizure medication Epidiolex; d) separate investigations on the potential therapeutic use of DehydraTECH-CBD in both diabetes (‘DIAB-A22-1’) and dementia (‘DEM-A22-1’); and e) a human oral nicotine study, NIC-H22-1, designed to compare the performance of Lexaria’s DehydraTECH-nicotine pouch to On!’s (a pouch brand manufactured by Altria) and Zyn’s (the world’s leading nicotine pouch product manufactured by Swedish Match).”

To view the full article, visit https://cnw.fm/L9bMy

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 28 patents granted and roughly 50 patents pending worldwide. 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 — Italian Army to Boost Medical Cannabis Production

To become self-sufficient in the production of medical marijuana, Italy is cultivating plants with covert nutrients in military-grade sterile environments. According to DefenseNews, Italy’s army aims to produce more than 1,500 pounds of high-quality marijuana or about 50% of the estimated 3,300-plus pounds that the nation needs each year to meet the needs of those who use it to manage their chronic pain from diseases such as Parkinson’s disease or cancer.

Cannabis is imported into Italy from Canada, Holland, Germany and Denmark. With the opening of the military facility in Florence, however, the country hopes to produce a premium product with an unrivaled dosage at a cost comparable to imported cannabis.

The Florence operation, which began operations in 2014, achieved 110.2 pounds in 2020 and expanded to 661.4 pounds in 2022. This expansion was made possible by increasing the number of growing rooms from two in 2016 to 10 most recently. To achieve the 1,500 pounds of cannabis required this year, lab technicians are working on improving watering, lighting, and ventilation. They also use a mix of top-secret nutrients created internally.

Nicola Latorre, head of the Italian agency in charge of the project, also stated that the lab intends to produce olive oil infused with cannabis that users can consume in the form of drops. He went on to say that five privately owned businesses were working to provide additional mother plants to help facilitate growing the plants. He made it clear, however, that the country would continue to handle the main operation to ensure cost and quality.

Officials noted that the military was chosen as the legal marijuana grower and supplier for several major reasons: first, it could guarantee strict security; and second, its involvement in the production of medicinal drugs for a long time, having offered medications and treatments to wounded soldiers since the 1800s.

Additionally, the military produces orphan drugs, which are treatments for uncommon illnesses that most pharmaceutical companies avoid due to their low production volumes. Four of these medications are currently produced by the military to serve 3,000 Italians.

For the two marijuana strains that it grows, the military has produced the trademarks FM2 and FM1, meaning Farmaceutico Militare (translating to Military Pharmaceutical). Tetrahydrocannabinol, the chemical that creates the high associated with marijuana use, is present in varying amounts in each.

This is not the first time the army has been involved in the growth of medical marijuana. According to a 2014 report by The Independent, the country announced that the army would assist in increasing medical cannabis production, with the first secure growing facility opening in Florence in April 2015. As a result, the army began growing large crops of cannabis to drive the drug’s price down to around $8.50 per gram in 2016.

As nations such as Italy try to establish their own cannabis production systems, they are likely to keep depending on international suppliers such as Flora Growth Corp. (NASDAQ: FLGC) while waiting for their local capacity to grow to the required level.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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420 with CNW — New York’s Recreational Cannabis Market Faces Hurdles

In April 2021, New York legalized recreational cannabis sales for people aged 21 and older, becoming the 15th state in the country to approve adult-use cannabis sales. Eligible New Yorkers would now be able to possess up to three ounces of cannabis or 24 grams of concentrates with no legal repercussions.

While the legislation didn’t outline a specific schedule for recreational sales, they were expected to begin sometime in 2022. Lawmakers behind the bill and reform advocates predicted that the move to legalize adult-use marijuana in New York could prove to be extremely lucrative, creating a market worth an estimated $4.2 billion and surpassing most other states with recreational markets.

An estimated 40% of the tax revenue generated from recreational cannabis sales in New York would be allocated to Black and Brown communities that had been disproportionately affected by the war on drugs.

However, it will be quite a while before New York’s recreational cannabis industry reaches the heights lawmakers and activists dream of. For starters, we still don’t know when dispensaries will open their doors and begin sales, and entrepreneurs are still waiting eagerly for word from regulators.

Office of Cannabis Management spokesperson Aaron Ghitelman conceded that the state needed more than one recreational cannabis dispensary and that the office was working to approve more stores. New York is currently home to only one dispensary. The Housing Works Cannabis Co. opened its doors for just a few hours on December 29. New York Office of Cannabis Management executive director Chris Alexander made the first ceremonial purchase of the day, buying 100 milligrams of THC gummies and an eighth-ounce of locally grown cannabis flower.

While this was undoubtedly great, a single store is far below the 20 stores that Governor Kathy Hochul had promised before the start of the year. Housing Works Cannabis Co. sold to more than 500 customers in the first four hours after it opened its doors, signifying the immense demand for recreational cannabis among New Yorkers.

Conversely, sales in nearby New Jersey began last April with around 12 operational locations.

It is still unclear when state regulators will allow other adult-use cannabis retailers to open their doors. Furthermore, New York is still plagued by a massive illicit cannabis market, an issue that also affects states such as California that are among the largest cannabis markets in the world.

Alexander pledged to provide more law enforcement to handle New York’s cannabis black market in the wake of numerous cease and desist letters and raids of unlicensed cannabis operations by police and the New York City Sheriff.

As the legal production of adult-use cannabis grows, there is likely to be a bigger market for indoor cultivation equipment, such as that made by Advanced Container Technologies Inc. (OTC: ACTX), as players compete to carve out for themselves a segment of this new 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

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REZYFi, Inc. Leverages Cannabis and Real Estate Financing Opportunities Through Wholly-Owned Subsidiaries

The growing perception is that cannabis companies investing in real estate raise the value of the area in which they invest
A 2020 study conducted in states where medicinal and recreational cannabis is legal found that 35-36% of respondents saw an increase in demand for warehouses, 23% for storefronts, and up to 28% for land
The global legal cannabis market was valued at $17.8 billion in 2021 and is expected to reach $134.4 billion by 2030
REZYFi is leveraging its corporate strengths through two wholly-owned subsidiaries – REZYFi Lending and ResMac Inc. – offering a diversified approach to cannabis and real estate financing that traditional banks are reticent to offer

Cannabis and real estate have a unique relationship. The growing perception on the market is that cannabis companies investing in real estate raise the value of the area they invest in. Three strong arguments support the perception – abandoned buildings are gaining new life when rehabilitated by cannabis businesses, entrepreneurs are investing in the cannabis market as an asset that does not depreciate over time, and new jobs are increasing residential home sales. In a 2020 study conducted in states where cannabis for medicinal and recreational purposes is legal, 35 to 36% of respondents noted an increase in demand for warehouses, 23% for storefronts, and up to 28% for land (https://cnw.fm/6DypS).

At the forefront of cannabis and real estate is REZYFi, a growth mortgage origination and specialized financing company in the United States. REZYFi originates, structures, and invests in first mortgage loans and alternative structured financing secured by commercial real estate properties. The company’s target market includes licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related first and additional mortgage-based financing.

The global legal cannabis market was valued at $17.8 billion in 2021 and is expected to grow to $134.4 billion by 2030, growing at a CAGR of 25.3%. The market is expected to grow due to the increase in the legalization of cannabis and the acceptance of its use in the medical industry. The FDA has issued several guidelines, and new policies are underway to regulate the use of cannabis – ultimately driving investment in the cannabis industry (https://cnw.fm/x83lx).

REZYFi operates through two wholly-owned subsidiaries and is positioned as one of the first cannabis mortgage bankers in the United States, an area most traditional banks are hesitant to serve. REZYFi Lending primarily addresses emerging real estate-related financing opportunities, leveraging a wide network to offer options such as 15- and 30-year fixed-rate loans, FHA loans, VA loans, reverse mortgages, jumbo loans, and adjustable-rate mortgages. ResMac Inc. has been operating for 13 years and is the company’s traditional mortgage origination, correspondent, and servicing operation. REZYFi expects to accumulate $285 million in retail origination in 2023, alongside $250 million in wholesale origination during the same period.

REZYFi is using a diversified approach to the real estate lending sector to capitalize on growth in multiple verticals in the years to come. The company’s experience, network of independent brokers, and proprietary technology allow it to leverage the industry and offer a wide range of real estate and financing options that were not readily available. As of December 2022, the company is licensed in 36 states and plans on expanding to all states in the future.

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

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

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