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 — Study Finds Marijuana Legalization Has Greater Impact on Arrests Than Decriminalization

Researchers from the University of California San Diego recently conducted a study on the impact of adult-use decriminalization and legalization of marijuana on possession arrests. They discovered that legalization was linked to a significant decrease in marijuana possession arrests among individuals in legal states that decriminalized the drug prior to legalizing it. This is in addition to observing that the reduction in arrests was considerably higher in states that had shifted to legalization from criminalization without decriminalizing marijuana.

For their study, the researchers obtained data on marijuana possession arrests from the Uniform Crime Reporting program, with a primary focus on data from 31 states in the period between 2010–2019. The researchers carried out an analysis of this data, noting that of all the states included, only nine had implemented legalization during the period of study. Four of the nine states had legalized marijuana before they decriminalized it while the remaining five had legalized the drug after decriminalization.

The researchers observed that cannabis possession arrests had declined by more than 76% in the four states that legalized the drug before they decriminalized it. This was quite high, especially in comparison to the 40% decrease in arrest rates recorded in the five states that legalized cannabis after decriminalizing it.

The researchers stated that their findings suggest that legalizing marijuana without decriminalization first substantially affected the decline in arrest rates than legalizing the drug after decriminalizing it. They then noted that legalization was also linked to a further decrease in arrest rates, even after a state decriminalized marijuana. The reduction in marijuana possession arrests among White and Black people after legalization confirms this.

While both White and Black people have similar rates of marijuana use, Black people are more than three times as likely to be arrested for marijuana possession compared to White people.

The researchers observed that states which legalized marijuana before decriminalizing it recorded an almost 78% reduction in arrest rates among Black adults and 74.6% among White individuals. These figures are very high, especially when compared to the 41% and 35% decline in arrest rates among White and Black individuals respectively in states that decriminalized marijuana before legalizing it.

In their report, the investigators note that while their research compares decriminalization and legalization of marijuana purely from the perspective of a decline in possession arrests, it has a number of limitations. These limitations include the fact that some of the data used may not be accurate and that the data obtained from the Uniform Crime Reporting program is entered on a voluntary basis.

The study’s findings were reported in the “Journal of American Medical Association.”

Advocates have often argued that ending prohibition and allowing licensed companies such as Flora Growth Corp. (NASDAQ: FLGC) to operate legally has far-reaching benefits, and this study highlights yet another way through which this is true.

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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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 — Kentucky Prepares to Implement Medical Cannabis Executive Order

Last month, Kentucky Governor Andy Beshear signed an executive order that would partly legalize the use of medical cannabis. The executive order, which goes into effect on Jan. 1, 2023, will permit individuals in the state who have been diagnosed with various conditions to use and possess cannabis they purchase legally in other states.

The state of Kentucky is one of the few remaining ones in the country where it is still illegal to purchase either recreational or medical cannabis. States bordering the Bluegrass state with legal medical cannabis programs include Indiana, Ohio, Tennessee, Virginia, West Virginia, Missouri and Illinois. Of these states, only Indiana and Tennessee allow nonresidents to buy medical cannabis.

Medical conditions eligible for medical marijuana in Kentucky include cancer, intractable seizures, epilepsy, Parkinson’s disease, amytrophic lateral sclerosis (ALS) or Lou Gehrig’s disease, hepatitis C, Crohn’s disease, muscular dystrophy, sickle cell anemia, multiple sclerosis, Huntington’s disease, PTSD, severe and chronic pain, severe arthritis, neuropathies, cachexia or wasting syndrome, intractable pain, glaucoma, HIV/AIDS and any other terminal illness. Patients will need to have valid written certification from their physicians to use or possess legally purchased cannabis. Their medical provider’s written certification should contain the name, phone number and address of the medical provider as well as the patient.

In addition, the certification should also include the medical provider’s license number, their medical diagnosis, the provider’s signature, a statement which shows a bonafide provider-patient relationship and the date. The order stipulates that individuals will not be allowed to possess more than eight ounces of cannabis at any given time within the Bluegrass state. Individuals are also advised to keep the receipt showing when and where the drug was bought.

The total number of states that have legalized the use of recreational marijuana in the country will soon be 21, following Maryland and Missouri’s success on their general election ballot measures. The state of Missouri legalized the possession of recreational cannabis on Dec. 8, 2022. However, legal sales are not expected to begin until state regulations are finalized.

Virginia, which also borders Kentucky, also legalized recreational cannabis possession last year. The state has yet to launch its legal markets. As a result, residents of Kentucky will only be able to purchase recreational cannabis legally in bordering Illinois, whenever this will be permitted. Starting in 2023, however, Kentuckians will be able to buy recreational cannabis legally in Michigan.

This growing medical use of cannabis is also motivating many companies such as India Globalization Capital Inc. (NYSE American: IGC) to go a step further and develop cannabinoid-derived formulations which, once FDA approved, could be available through the hospital system.

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 — Five US Holiday Getaways for Marijuana Lovers

What could be better than going to your favorite U.S. vacation spot and getting legally high with friends during the holidays? Although cannabis use has increased, transporting and purchasing it in the United States remains difficult, necessitating prior planning. However, with more states legalizing its use, you can certainly enjoy the holiday season with a puff and music, whether on the beach in Massachusetts or on the West Coast, feasting on incredibly delicious food.

There is more to a truly fantastic destination for those who live the green dream than just a profusion of excellent dispensaries and attractions. It’s the existence of an entire cannabis culture surrounded by wonderful people, food, drink and activities, along with lots of dispensaries. Lucky for you, we have compiled a list of the best holiday-themed destinations where any marijuana lover can make a weedy purchase.

New York City, New York

Despite New York legalizing cannabis sales last year, there are no official dispensaries open since authorities have yet to grant any business licenses. However, you are allowed to possess up to three ounces of cannabis in the state, and unlike other states, New York law permits public cannabis consumption in locations where smoking tobacco is permitted.

The city is a favorite for during the holidays; there is a lot to experience during the season in general, and Rockefeller Square is not just a holiday rom-com icon. Numerous holiday markets, ice skating, the Christmas tree in Rockefeller Square, and hopefully snow in Central Park all take place in December.

Leavenworth, Washington

Washington was among the first states to legalize recreational cannabis, allowing for its sale and possession since 2012.

Leavenworth, in particular, is a well-liked holiday destination for marijuana enthusiasts for several reasons. One of them is that the town is usually beautifully decorated for Christmas and holds a tree-lighting ceremony in the town square, giving it the appearance of a small Bavarian village.

Boston, Massachusetts

If you’re planning a trip to Boston and want to try some cannabis, you’re in luck. From Pass Puff Paint nights to High Tea events, Boston has a plethora of cannabis-friendly activities. Legal cannabis recreational dispensaries are open to any adult over the age of 21.

In addition, this is a great city in general, best known for its brisk temperatures and an abundance of holiday markets as well as for hosting the famous New England Christmas Festival.

Big Bear Lake, California

While California isn’t a traditional Christmas destination, Big Bear Lake is home to an annual Christmas tree lighting ceremony and has a variety of beautiful holiday markets to visit. It’s also surrounded by dispensaries selling some of the best marijuana in the state.

Vail, Colorado

Colorado has one of the best marijuana markets in the country, having legalized marijuana in 2014. Vail is also a fantastic vacation destination, with plenty of opportunities for visitors to enjoy the snow, see the beautiful mountains, and go skiing if that’s their thing.

With enterprises such as REXYFi Inc. providing funding to various marijuana companies, there isn’t a shortage of innovative cannabis products on the market for enthusiasts to enjoy.

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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420 with CNW — Florida Regulators Start Process to Grant More Medical Cannabis Business Licenses

State health officials have set in motion a process to issue at least 22 medical marijuana licenses in a move to double Florida’s medical cannabis market. The health department has also published a rule making it quite expensive to renew the marijuana trading license every two years, by increasing it from $60,000 to $1 million. This increase came when Governor Ron DeSantis said the marijuana enterprises need to pay more to operate within Florida.

The health officials will implement batching cycles for the license applications. The reason behind the batching introduced is to avoid costly litigation costs. This batching will be established in a separate rule. The health officials did not disclose how many licenses will be made available. The application fee for new licenses has also been increased from $6,830 to $146,000, creating a buzz among the attorneys, investors and lobbyists within the industry.

Jeff Brandes, a former senator, said that the number of licences isn’t the problem; rather, the structuring is the issue, says Brandes. “It is illegal to only grow marijuana in Florida. If one is to distribute or have treatment kiosks only, that’s also illegal,” he stated. “A marijuana entrepreneur has to be involved in the entire process from growing to distributing marijuana. This makes marijuana very expensive than it ought to be. This in turn causes marijuana facilities to run out of products quite too often.

He added that the government could have addressed this, but owing to laxity, cartels now run the show, which poses a risk to the health of patients.

According to a cannabis data analysis company Headset, Florida’s 22 million population, the aged included, is a perfect hub for the medical marijuana market countrywide. Florida has a total of 22 licensed entrepreneurs and recorded $1 billion in revenue for the first half of 2022.

A 2017 law created a framework for the medical marijuana segment, allowing the health department to issue new licenses because of the influx of new patients. But since the installment of the incumbent governor in 2019, this process has been left hanging. The governor blames the supreme court of Florida for the delay due to litigation.

The move to accord more licenses was appreciated by players in the industry. The new, increased renewal fee was calculated by factoring in the regulation costs the state incurs. Consequently, to renew a license will cost a marijuana entrepreneur about $1.3 million between January 2023 and December 2024.

The rules were released a month after the health department installed Christopher Kimball, an ex-Navy member and counsel, as the new cannabis czar of Florida.

As more applicants are granted licenses to enter the regulated marijuana industry, the potential for other entities that are serving the cannabis industry, such as Advanced Container Technologies Inc. (OTC: ACTX), to also expand their reach increases.

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 — Survey Finds Prohibitionist States Have Higher Cases of Underage Marijuana Use

Cannabis Public Policy Consulting recently conducted a new large-scale survey, which found that states which still criminalize cannabis have more underage users. The cannabis policy consulting company carried out an analysis of an extensive range of cannabis use trends and public health outcomes in 25 states. They included states where adult-use marijuana is legalized, where only medical cannabis is permitted and where marijuana is completely prohibited.

The survey’s findings back the notion that regulated marijuana markets encourage positive marijuana-related outcomes to public health and also promote responsible behaviors. The survey focused on various factors, including the age of initiation for cannabis use. This is considered a central data point since an individual is more likely to experience negative short- and long-term health outcomes as well as societal consequences the younger they are when they start consuming drugs such as marijuana.

The researchers discovered that the average age of initiation in both recreational and medical states was 17 while the average age in illegal states was 16.7 years. They explained that while the difference between the two ages seemed small, it could represent a crucial part of youth development. The researchers also noted that their findings demonstrated that access to cannabis for adults in legal states wasn’t causing young individuals to begin consuming marijuana at earlier ages.

The survey also found that young people aged between 16 and 20 living in states where marijuana was illegal used the drug more frequently, at an average of 13.6 days monthly. This figure is higher than the 9.5 days recorded in recreational states and almost double the 7.9 days observed in medical states.

In the report, the researchers noted that collectively, young individuals in both recreational and medical states averaged roughly 5 days less of marijuana use in comparison to their counterparts in states where the drug was illegal. They highlighted that annually, this difference equaled 60 days more marijuana use in illegal states.

In addition to frequency of use, the survey also looked into impaired-driving cases, determining that individuals living in illegal states had the highest number of impaired driving cases, at 5.1 days per month on average. In adult-use and medical states, this figure stood at 4.3 and 4.2 days per month respectively.

Furthermore, the researchers examined cannabis use disorder rates. The disorder is characterized by difficulty reducing or controlling cannabis use, experiencing symptoms of withdrawal, continuing to use the drug despite negative consequences and finding it hard to maintain relationships.

These findings regarding the lack of escalation in teen use following marijuana legalization provides proof that the legal industry and its actors, such as Flora Growth Corp. (NASDAQ: FLGC), are making a lot more positive contributions to society than they are currently given credit for.

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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Lift Vancouver 2023 Dedicated to Uplifting the Cannabis Community In Canada

It’s time for cannabis industry leaders and enthusiasts in Canada, and across North America, to gather and refresh their cannabis knowledge and connections at Lift Vancouver 2023 taking place at the Vancouver Convention Centre from January 12-14, 2023. Lift is Canada’s #1 Cannabis Conference and Trade Show, engaged in curating and presenting quality cannabis content to audiences throughout the full cannabis ecosystem while establishing collaborative relationships among them.

Lift is a premier networking arena in Canada and beyond for cannabis traders, enthusiasts, industry professionals, consumers, media, and investors, to get direct access to B2B buyers and retailers. The Lift Cannabis Business Conference, the premiere conference to be held on day-one of the event, will offer a multitude of valuable insights and knowledge on topics ranging from regulations to indigenous cannabis to cannabis blockchain. As a robust forum to learn and establish meaningful ties, cannabis investors can gain visibility with the wider cannabis industry and businesses represented on this dynamic platform.

The Lift trade show/expo takes place throughout days two and three, featuring cannabis industry businesses, brands and innovators who will showcase their novel products and ideas to an engaging and informed audience. The new Brand Discovery Zone and Micro & Small Batch Craft Growers Area are two new additions to the event that will offer innovative experiences to budtenders, retailers and consumers. What’s more, the new Lift Budtender Program celebrates the hard-working unsung heroes of the cannabis industry who are pivotal in connecting consumers and brands every day.

The Lift event is being held at the Vancouver Convention Centre, an iconic venue set against a beautiful waterfront sheltered by snow-capped mountains. This well-connected venue offers convenient access to all major hubs in the city as well as to Lift’s premium partner hotel, The Pan Pacific Hotel Vancouver, a luxury hotel destination with mesmerizing views of the Vancouver skyline.

All cannabis industry members, as well as consumers and patients, are invited to attend. Partnerships and exhibits are also still available, for the opportunity to showcase products, generate new leads, gain media coverage, and connect with industry leaders and decision-makers at the only event connecting the full cannabis industry and community in Western Canada.

To learn more, please visit https://liftexpo.ca/lift-co-expo-vancouver-2023/ and https://liftexpo.ca/tickets-vancouver-2023/.

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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USDA’s Inclusion of Hemp Data in the 2022 Census for Agriculture is seen as Another Boost to the Cannabis Sector, and REZYFi, Inc. is Set to Benefit from It

The USDA is set to include hemp data in its 2022 Census of Agriculture, another indication of the ongoing growth in support of the overall cannabis industry, benefitting related mortgage origination and financing company REZYFi, Inc.
The legal marijuana industry is set to hit 53% in 2026, a 60% growth, with international legal marijuana sales expected to hit $130 billion by 2030
REZYFi is confident that this move by the USDA will yield further growth in the cannabis sector, supporting demand for its product offerings as it expands to additional states throughout the U.S.

In 2014, the Farm Bill, regarded as a monumental step towards the legalization of hemp and marijuana, opened the door for the Hemp Research Pilot Program. The program would allow for hemp cultivation for research purposes, kickstarting a budding multi-billion-dollar industry. The 2018 Farm Bill expanded on the provisions offered by the 2014 Farm Bill, further establishing the Domestic Hemp Production Program and even pushing for the amendment of the Agricultural Marketing Act. This program was administered by the United States Department of Agriculture (“USDA”) (https://cnw.fm/HFp7M).

In what marks another notable move in the right direction, the USDA is set to include hemp data in its 2022 Census of Agriculture. It is noted that with this inclusion, the organization is pushing the conversation around hemp and marijuana forward. It also signals the eventual integration and support of the overall cannabis industry (https://cnw.fm/caI71). With this support, various companies within the sector are set to benefit, REZYFi being one of them.

REZYFi is a growth mortgage origination and specialized financing company based in the United States. It originates, structures, and invests in first mortgage loans and alternative structured financings, targeting 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 and additional mortgage-based financing.

It is estimated that by 2026, the legal marijuana industry will have grown by 60% to hit $53 billion, with total international legal marijuana sales expected to hit $130 billion by 2030 (https://cnw.fm/yOEjs). This growth will have a positive financial upside, down to a state level, as evidenced by Arizona’s $284 million tax revenue collection since it legalized marijuana. Additional upsides will include increased investment opportunities, job growth, and savings (https://cnw.fm/JsxSO).

REZYFi is banking on the federal legalization of this product. Its management is optimistic that this recent move by the USDA to include hemp data is a step in the right direction. More importantly, the company understands that this inclusion gives farmers a voice in the matter and the power to influence policy in a way that would favor the industry’s growth.

“The 2022 Census of Agriculture is a powerful voice for American Agriculture,” noted Tom Vilsack, the Agriculture Secretary.

“The information gathered through the ag census influences policy decisions that will have a tremendous impact on ag producers and their communities for years to come. This is your opportunity to share your voice, uplift the value and showcase the uniqueness of American agriculture,” he added.

Freddie Mac, a home loan mortgage corporation, projected a 10.4% increase in home prices in 2022 and a 5% bump in 2023 (https://cnw.fm/3tgNA). REZYFi notes that the cannabis industry is expected to paint a similar picture, which would be integral to its growth. The increasing support of the cannabis industry is proving more promising while presenting many growth opportunities for companies such as REZYFi. As such, the company is confident that it will continue experiencing growth as the demand for its offerings continues to grow and as it also expands to various states within the country.

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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M&A Activity Keeps Flora Growth Corp. (NASDAQ: FLGC) Revenues Strong Amid Expected Rebound in Cannabis Industry

Cannabis cultivator and international brand developer Flora Growth has continued to build its revenues through accretive acquisitions during the past year and expects to see revenues continue to rise amid further M&A activity
Flora expects to lock in its latest acquisition by the end of the month after shareholders meet to discuss the proposed deal with multi-national operator Franchise Global Health (“FGH”), which would grant Flora immediate access to Germany’s cannabis market and FGH the ability to overcome supply chain difficulties
Flora has previously reported cooperative agreements that increase its product distribution pipeline in Europe through Switzerland and the Czech Republic

In spite of outside pressures on the cannabis sector, some analysts are predicting a reversal in the trend during the coming months (https://cnw.fm/Yg6my), and the most resourceful companies are continuing to build income channels amid the slowdown.

International cannabis cultivator, Flora Growth (NASDAQ: FLGC) has boosted its YOY revenues more than five fold since Q3 2021 thanks to its strategic acquisitions, and its ambitious growth outlook includes the establishment of a global presence in key markets while creating an ecosystem for its multiple cannabis and wellness brands.

Flora Growth’s newest effort to boost its portfolio comes in the form of an agreement to acquire multi-national operator Franchise Global Health Inc., a company that serves 1,200 pharmacies in Germany through its wholly owned subsidiaries ACA Muller and Phatebo.

Flora Growth believes the acquisition will be transformative, enabling it to connect its Colombian-grown cannabis directly with German-based pharmaceutical and medical cannabis distribution. Franchise Global Health will hold a special shareholder meeting to review the pending acquisition this month, and Flora expects the deal to close by year’s end, according to a company news release (https://cnw.fm/pqu98). [See https://cnw.fm/XUXHY for full Zacks Small-Cap Research report.]

Flora has already been making inroads into Europe thanks to a new openness to creating a framework for legal cannabis exports by Colombia’s administration.

“We are proud to help increase access to safe, legal CBD and THC to consumers all over the globe,” Flora Growth Chairman and CEO Luis Merchan stated in September following the company’s first exports of high-CBD dried cannabis flower to Switzerland and the Czech Republic (https://cnw.fm/0ykaz).

Franchise Global Health has also paired operations with strategic partnerships and investments in St. Vincent and the Grenadines, Portugal and Denmark, indicating further possibilities for expanding Flora’s distribution network.

The company’s efforts caught the eye of market analysts at year’s end, who significantly upgraded their near-term revenue forecasts while also reducing their loss estimates as the company drives toward profitability (https://cnw.fm/miiWj).

FGH CEO Clifford Starke has said he regards the merger with Flora to be the foundation of “a very sustainable business.”

“We have extremely strong revenue performance without executing on really what we’re trying to do, which is become a fully integrated medical cannabis company of high THC products,” Starke said during a webcast interview in October (https://cnw.fm/KxeZa). “We’re extremely well positioned to go past Germany into the rest of Europe. It’s very important to understand that 75 to 80 percent of the sales in Europe are accounted in Germany.”

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

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

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420 with CNW — Bipartisan Legislators Call on Biden to Support Cannabis Legalization

While the Biden administration is working toward conducting a review into the federal scheduling for marijuana, a coalition of bipartisan congressional lawmakers is requesting Biden to stand behind marijuana legalization.

“We might not frequently agree on particular measures, but we understand that continued federal marijuana criminalization and prohibition is not the will of the American citizenry. Therefore, the administration should acknowledge the scheduling review directive and also be cognizant of the advantages of full descheduling,” says the letter. Advocates plan to deliver the letter to Biden’s top cabinet officers over the coming days. This letter was obtained by various media desks.

“Marijuana should not be classified as a dangerous substance with high abuse potential and no medicinal purpose. Hence it shouldn’t be placed in the Controlled Substance Act,” the letter also says.

Notable signatures on the letter include Senator Elizabeth Warren; Congress cannabis caucus representatives Earl Blumenauer, Dave Joyce and Brian Mast as well as Barbara Lee. Additional signatures are sought before the letter reaches the president and his cabinet.

“Descheduling marijuana can propel federal authority to regulate cannabis; allowing states which wish to continue prohibiting cannabis sales and production to do so. The federal government needs to nullify the criminalization of otherwise legal marijuana and allow research to advance unrestricted. In doing so, this could open up job opportunities, cease unjust incarceration, promote the safety of the public and uphold state regulations of production, taxation and sale of cannabis.

“We do not trivialize the importance of legislative ACTION and federal guidance, but the federal government should magnify the importance of de-scheduling marijuana in a manner that protects the will of states, markets and regulations within their (state) authority to establish,” the letter continued.

The congressional lawmakers were circulating this letter as leaders worked to enact more legislation on marijuana banking and expungement within the little time left; those efforts fell flat. Advocates are looking to see wider legalization enacted sooner, but it seems there isn’t enough senate support to reach the 60-vote threshold for passage. Descheduling ends punitive marijuana prohibition by the federal government and helps law enforcers to prioritize public safety.

US Health and Human Services secretary Becerra has said the department would expedite a scientific review, and discussions are ongoing with FDA senior officials on the same. President Joseph Biden has signed a marijuana bill into law making this a primary standalone cannabis legislation in the history of the United States.

Industry participants such as India Globalization Capital Inc. (NYSE American: IGC) are probably going to watch events as they develop on Capitol Hill to see which policy direction is likely to emerge from the marijuana scheduling review process.

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 — Why the Cannabis Blackmarket Is Still Going Strong Despite Widespread Legalization

Cannabis has been one of the most used drugs in the country for quite a while, drawing most of these supplies from the illegal market until states began loosening their own cannabis policies and launching legal markets. But despite nationwide efforts to legalize marijuana for adults aged 21 and over, data shows that the marijuana black market is still going strong.

States with massive cannabis industries such as California are finding it hard to compete with the illicit market for cannabis. Data shows that black market sales account for more than 80% of California’s entire marijuana market. In fact, legal cannabis retailers in some areas are struggling to keep their doors open amid immense competition from black-market sellers who aren’t licensed and do not abide by state cannabis regulations.

Analysis from the “Los Angeles Times” found that the illicit market in California, home to the largest legal cannabis market in the country, is indisputably many times larger than the regulated sector, revealing that there may be as many as 10 illicit operators for every licensed retailer. The illegal cannabis market is also impacting states such as Oregon, Colorado and New York.

Some believe that the black market has proliferated to such a degree because state cannabis policies give illicit sellers a massive advantage over licensed retailers. For instance, entrepreneurs who want to open cannabis businesses often have to deal with long, tiresome bureaucratic processes and pay significant taxes and fees that force them to increase their prices to achieve profitability.

As a result, legal cannabis can be several times more costly than black-market alternatives, pushing many consumers toward illicit traders while limiting profits in the legal market.

Others say that America will be unable to combat the illicit cannabis trade as long as large regions of the country still outlaw the drug. Keeping cannabis illegal does nothing to address the demand for the drug and simply ensures that black market sellers have a large consumer base that can’t get cannabis elsewhere.

On the other hand, some conservatives argue that cannabis reform itself is to blame for the black market, stating that the push for cannabis legalization has increased public demand for cannabis so much that it has surpassed what legal sellers can supply. They also say that legalization has made it harder for law enforcement to decipher between legal and illicit operators while looser penalties for cannabis offenses have emboldened criminals.

As all this is happening, cannabis industry actors are working as best they can to thrive despite insurmountable odds. Many, for example, making use of alternative funding sources such as REZYFi Inc. in order to bridge the gap caused by the reluctance of most traditional banks to accept marijuana companies as clients.

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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