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 — Congressional Researchers Outline Major Limitations of Presidential Cannabis Pardons

After keeping the country in suspense for nearly two years and attracting plenty of criticism from lawmakers and reform advocates who argued that the his administration was dragging its feet, President Joseph Biden finally announced that he would issue mass pardons for Americans who had been convicted on certain cannabis-related offenses. The move was praised by reform advocates and plenty of citizens as a critical step toward compensating individuals and communities that were disproportionately affected by the war on drugs.

However, a report from the Congressional Research Service (CRS) noted that despite the recent developments in cannabis reform, the disparity between federal and state cannabis regulation is growing. The CRS report provides a detailed overview of the limitations of the recent mass cannabis pardon coupled with a more comprehensive overview of developments in state and federal cannabis policy.

The report stated that there have been two major developments in cannabis policy in recent weeks: President Biden’s mass cannabis pardon and voting on state-level marijuana legalization ballot initiatives.

But even though there is a growing disparity in state and federal marijuana regulation, the report noted that federal prohibition has been somewhat stifled by a congressional rider that prevents the federal government from using federal funds to enforce cannabis prohibition.

Still, the CRS believes that there are additional ways to close the regulation gap more effectively, such as asking several federal agencies to do a scientific review of cannabis’s status as a Schedule I drug, which Biden did last month. In a best-case scenario, this review could allow for the reclassification of cannabis in a lower schedule or even its total removal from the federal Controlled Substances Act. Those changes would make it much easier for researchers to study the potential benefits and risks of the plant.

According to the report, the president’s pardon will not include people who were convicted of cannabis offenses at the state level. Coincidentally, this is where a lot of marijuana cases are prosecuted, and even though the president encouraged governors to issue pardons at the state level, the report states that some states do not allow governors to “independently grant clemency.”

The pardon is also restricted to individuals who were convicted of simple possession, which is “relatively uncommon” at the federal level, the report said. The pardon will also be limited to American citizens, excluding noncitizens with cannabis possession on their records, a condition that has garnered criticism from lawmakers and advocacy groups.

Congressional researchers also noted that the pardon will only apply to people who were convicted for simple cannabis possession before it was announced. Furthermore, since the pardon does not expunge cannabis convictions, individuals who were convicted may not be spared the legal consequences of receiving a simple cannabis possession conviction.

Most importantly, the CRS stressed, the pardon does not change marijuana’s status at the federal level. This is unfortunate, because more people should have the opportunity to benefit from the innovative indoor cultivation equipment made by the likes of Advanced Container Technologies Inc. (OTC: ACTX) targeting cannabis cultivation at home and commercially.

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

About CNW420

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

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420 with CNW — EU Court Rules Against the Dutch Government Deporting a Medical Cannabis User

The European Court of Justice, the highest court in the EU, has ruled that the government of the Netherlands cannot legally implement a deportation order against a Russian citizen who is currently undergoing treatment for a rare and debilitating form of blood cancer in the Netherlands. His treatment protocol includes medical marijuana, a substance that is prohibited in the patient’s home country Russia.

The patient in question is a male, aged 34 years. Since 2013, he has been undergoing treatment in the Netherlands. He asserts that medical marijuana has enabled him to reduce the pain he feels by approximately 70%, and the doctors treating him say there aren’t any superior treatment modalities available for this man’s case.

The patient has repeatedly applied for asylum and residency, but the Dutch government rejected his applications on the ground that he should have filed those applications in Sweden where he first arrived after leaving Russia. The most recent refugee status application was rejected early in 2020, just before the COVID-19 outbreak paralyzed international travel. This case was then referred to the EU court for interpretation after exhausting the appeals process in the Dutch court system.

The EU court noted that under Dutch law as well as the applicable EU conventions, an order to deport someone may be stayed or temporarily suspended under some conditions. Those conditions include being able to prove that their health may be adversely affected if they are sent back to a country where they aren’t able to access essential treatment that was available while they were in the country that is deporting them.

The Dutch government argued that there is no scientific proof that medical marijuana has been alleviating the patient’s chronic pain, and there are plenty of pharmaceuticals approved for use in managing this pain. The Dutch government was therefore of the opinion that removing the Russian resident from the Netherlands wouldn’t put their health in jeopardy since they would be able to access other treatments in their home country.

The European Court of Justice disagreed, asserting that EU law doesn’t allow member states to deport a person if doing so is likely to adversely affect their ongoing treatment, as is the case with the Russian patient, given that medical cannabis is illegal in Russia.

It should be noted that the Netherlands legalized medical marijuana back in 2003, and doctors can prescribe it for a variety of conditions that include chronic pain. This case shows that the push to chip away at marijuana prohibition isn’t only playing out in the backyard of the jurisdictions where businesses such as REZYFi Inc. operate but also on the international stage.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) DehydraTECH-CBD(TM) Demonstrates Enhanced Performance Compared to Leading Anti-Seizure Medication

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced that its patented DehydraTECH-CBD(TM) has demonstrated performance enhancements compared to one of the world’s leading anti-seizure medications, Epidiolex(R). According to the update, animal study program EPIL-A21-1 was designed to determine whether DehydraTECH-CBD could provide similar seizure inhibiting efficacy, using an established, vehicle-controlled, acute animal seizure model induced by electrical stimulation (“MES”), at lower doses than were required with Epidiolex, the world’s only commercially approved, CBD-powered anti-seizure drug. In order to minimize adverse side effects, Lexaria is continually searching for the lowest possible efficacious dose levels of the drugs it formulates with DehydraTECH. An initial MES pilot study in animals examined three different doses and revealed that DehydraTECH-CBD was more efficacious than Epidiolex in reducing or eliminating seizure activity at the lower doses of 50 mg/kg and 75 mg/kg. Epidiolex was more efficacious in eliminating seizure activity at the highest dose of 100 mg/kg tested in the pilot study. Only DehydraTECH-CBD demonstrated some reduction in seizure activity at the 50 mg/kg dose and, at the 75 mg/kg dose, DehydraTECH-CBD demonstrated full elimination of seizure activity in 66.6% of the animals compared to 50% of Epidiolex-treated animals.

Following the pilot experiment, a second MES animal seizure study was performed measuring time to peak efficacy at various post-dosing time points. In this case, based on rapidity of action, DehydraTECH-CBD also showed an apparent trend toward enhanced effectiveness. At the 30-minute timepoint, 50% of the animals dosed with DehydraTECH-CBD showed partial reduction or full elimination of seizure activity whereas 100% of the Epidiolex-dosed animals were exhibiting full seizure activity. At the 60-minute timepoint, 87.5% of DehydraTECH-CBD-dosed animals showed partial reduction or full elimination of seizure activity compared to 62.5% of the Epidiolex-dosed animals showing partial reduction or full elimination of seizure activity. Epidiolex showed some enhanced capabilities in seizure reduction at later time points in the study.

To view the full press release, visit https://cnw.fm/qhAf7

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 27 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

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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Prime Harvest Inc. Positioned to Lead California’s Cannabis Market with Direct-to-Consumer Expansion

  • Prime Harvest is the parent company of Jaxx Cannabis, its D2C operations actively expanding throughout California
  • Prime Harvest’s brand partners strongly positioned across multiple segments of the cannabis value chain
  • Brand partners include Mary’s Medicinals, STIIIZY, Lime Cannabis, and Tonik

Revenue diversification is critical to sustainable growth in the cannabis industry, and it’s central to the strategy of Prime Harvest, a technology-focused, full-service cannabis corporation. With a strong portfolio of successful brand partners, Prime Harvest is strongly positioned to lead California’s sector through robust diversification across multiple segments of the cannabis value chain.

“Our approach is to create strong alliances with complementary brands that are in alignment with our culture and values,” reads the company website (https://cnw.fm/RSwgo). “Through our various platforms, we grow existing cannabis brands and continuously discover new high-potential performers that offer a long-term outlook for collective success.”

Prime Harvest is the parent company of Jaxx Cannabis – a retail brand currently expanding throughout the state of California. Jaxx’s strong performance enabled Prime Harvest to grow despite the post-pandemic economic downturn. “The key to such a strong foundation was building mutually sustainable relationships with our suppliers and brand partners while honing in on proving the best service and experience to our customers,” said Prime Harvest’s CMO Johann Balbuena.

Consumers are becoming more cognizant and increasingly aware of what they’re putting in, and on, their bodies. As an organization with long-term objectives, Prime Harvest aims to bring consumers high-quality products that are fair for people and the planet. Hence, the Jaxx Cannabis retail strategy is to support brands in the cannabis space that are tearing down boundaries and breaking new ground to make an overall positive impact.

Mary’s Medicinals, a long-term Prime Harvest brand partner focused on the medicinal space, offers high-quality cannabis-derived therapeutic products. STIIIZY – another Prime Harvest partner – develops an industry-standard pod system with a loyal following of dedicated users.

According to MJBizDaily, pre-roll sales jumped from $640.1 million in 2019 to $941.6 million in 2020 (a 47.1% increase) across several key markets. And while seasoned consumers and cannabis aficionados are becoming a larger segment of the pre-roll market, newer consumers will remain the bread and butter of the pre-roll industry as new markets continue to open. Prime Harvest’s partnership with Lime Cannabis Co. meets consumers’ need for ease and convenience of purchasing a ready-to-consume product by leveraging high quality and consistency. For users that prefer non-smoking cannabis administration, Prime Harvest partner and award-winning brand, Tonik, provides an edible alternative that allows customers to experience the benefits of cannabis in a drinkable format that not only tastes great but also delivers a consistent dose.

The company recently announced it was granted expansion rights for the sale of adult-use edibles – a move expected to drive sales even higher in 2022 (https://cnw.fm/1f6F7). “We are excited to expand and participate in the adult-use market, and even more than excited to expand our menu to include cannabis infused edibles for both our current medical patients as well as the recreational consumer,” said Prime Harvest’s Founder and CEO Duane Alexander. “With the systems in place to drive our retail expansion, we are well on our way to execute on our strategically-designed plan for sustainable growth.”

Prime Harvest Inc. is a tech-focused cannabis company that diversifies its operations across the entire cannabis value chain with a focus on direct-to-consumer operations, licensing acquisition, and compliance management. The company continues to grow its footprint throughout California by investing in the growth and scale of licensed assets while staying committed to the ethical principles valued by its employees, management team, and growing base of dedicated customers and partners.

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

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

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Expands Investigation of DehydraTECH-CBD’s Potential Therapeutic Value for Diabetes and Defmentia with New Studies

  • Lexaria’s Patented DehydraTECH technology improves the bioavailability of pharmaceuticals and therapeutics for a number of developing applications
  • Lexaria is set to complete its DEM-A22-1 and DIAB-A22-1 studies on dementia and diabetes, respectively, in January 2023, with analysis and reporting set to follow soon after
  • These studies will build on the just-concluded hypertension clinical study whose results were “truly exceptional,” demonstrating a statistically significant lowering of blood pressure in the patient population over multiple weeks
  • There is an established link between hypertension and vascular dementia, along with hypertension being twice as frequent in people with diabetes and hypertensive patients being at greater risk of developing diabetes
  • The success of these two studies will draw Lexaria closer to tapping into the dementia drug market, which is projected to hit $32.3 billion by 2030, and the diabetes drug market, which is expected to reach $82.92 billion by 2027

Lexaria Bioscience (NASDAQ: LEXX) just announced two notable studies, DEM-A22-1, and DIAB-A22-1, on dementia and diabetes, respectively, scheduled for completion in January 2023. The studies seek a deeper understanding of the company’s patented DehydraTECH(TM)-processed CBD for its potential therapeutic utility against both conditions (https://cnw.fm/5cLyS).

According to John Docherty, Lexaria’s President and Head of Research, these studies will build on the just-concluded hypertension clinical study whose results he referred to as “truly exceptional.”  The study demonstrated a statistically significant lowering of blood pressure in the patient population over multiple weeks, something that, Docherty noted, other entities using other oral CBD formulations have failed to replicate or even evidence.

“The study demonstrated excellent safety and tolerability of DehydraTECH-CBD and no adverse changes in liver enzymes throughout the study, a common concern in CBD dosing. We were also able to show that decreases in blood pressure were similar in participants currently taking standard of care hypertension medications to those not undergoing any concurrent blood pressure treatment,” he noted.

There is an established link between hypertension and vascular dementia. In addition, hypertension is twice as frequent in people with diabetes, and hypertensive patients are at greater risk of developing diabetes. Lexaria looks to draw from the success of its hypertension clinical study to show DehydraTECH-CBD’s potential to offer potential therapeutic utility against these two conditions.

Currently, dementia is ranked as the seventh leading cause of death among all diseases, accounting for 40 out of every 100,000 deaths in the United States (https://cnw.fm/44c6G). It also currently affects seven million Americans and has a significant unmet need that Lexaria hopes to meet. Diabetes, on the other hand, ranks as the eighth leading cause of death in the United States, accounting for 31 out of every 100,000 deaths in the country (https://cnw.fm/5Gfti). Over 37.3 million people, representing 11.3% of the country’s population, live with the condition, yet few viable treatment options are available for them (https://cnw.fm/OHDSl).

CBD has, so far, shown some ability to reduce the incidence of diabetes in mice due to its powerful anti-inflammatory and antioxidant properties. In addition, Lexaria has proven DehydraTECH’s ability to cross the blood-brain barrier effectively. As such, it is optimistic that it will achieve potential treatment for both dementia and diabetes.

“We are excited to investigate whether DehydraTECH-CBD has a potential application in the treatment of dementia and diabetes based on its propensity to cross the blood-brain barrier, the fact that DehydraTECH-CBD lowers human blood pressure, and the fact that CBD is known to have vasodilatory, anti-inflammatory and antioxidant effects,” noted Mr. Docherty.

The two studies will be undertaken by leading third-party testing laboratories in Canada, with analysis and reporting set to follow their scheduled completion in January 2023. Their success will draw Lexaria closer to tapping into the dementia drug market, projected to hit $32.3 billion by 2030, and the diabetes drug market, which is expected to reach $82.92 billion by 2027.

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

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

About CannabisNewsWire

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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

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420 with CNW — New York State Issues Initial Batch of Recreational Marijuana Licenses

Regulators in New York State recently issued the first batch of recreational cannabis retail licenses to 36 applicants. The regulators insist that recreational sales will launch by the end of this year, and this move to issue the licenses is a step toward the attainment of that objective.

To show how committed they are to seeing recreational sales commence this year, regulators revealed that the businesses that qualify to offer marijuana delivery services can launch their operations even before actual adult-use sales begin. This is a departure from what has been the norm in other states where sales are first launched and then delivery services follow.

MJBiz estimates that the state could register recreational marijuana sales of $1–$1.2 billion in 2023, and then those sales will gradually increase to about $2.2–$2.6 billion a year by 2026.

Of the 36 licenses granted, 28 were awarded to people who had cannabis convictions on their records or those with family members who had been incarcerated on marijuana charges. The remaining eight licenses were awarded to nonprofits. The recipients of this batch of 36 licenses include Essential Flowers, NYCCABUDS and Gotham CUARD as well as Kush & Kernet.

While announcing these first licensees, the Office of Cannabis Management, the agency in charge of regulating recreational marijuana in New York State, revealed that it was in the process of scrutinizing 903 social equity license applications in order to choose the initial 150 recipients. These licensees will be helped to lease premises and receive funding support for their operations; $200 million has been earmarked to support these social equity programs.

David Feder, a marijuana lawyer in New York, described the state’s action of issuing the 36 licenses as “bold,” especially given that there is a lawsuit challenging some requirements that license applicants have to meet. This federal lawsuit takes exception to a condition that requires applicants to have what the OCM called a “significant presence” within the state. This condition was intended to prevent multistate operators based outside of New York state from coming in and dominating the industry, to the detriment of locally based companies.

New York is yet to finalize all the policies that will govern the recreational market. However, some requirements that current companies in the medical cannabis industry must meet are triggering sharp responses from these entities. Most of them are multistate operators. For example, MSOs will be required to pay $5 million as a one-time fee to be licensed and then pay $3 million for each site they wish to operate; they will also have to wait at least three years before opening a store specifically for recreational marijuana sales.

The intentions of the OCM are laudable in terms of promoting social equity businesses, and the entire marijuana industry, including companies such as Flora Growth Corp. (NASDAQ: FLGC), are probably going to keep a keen eye on how the industry develops through this model.

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

About CNW420

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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

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420 with CNW — Senator Introduces Measure That Will Accord Cannabis Companies Small Business Loans

America’s cannabis industry may be one of the fastest-growing industries in the country, but players in the sector often have to deal with a variety of limitations due to federal prohibitions. For instance, cannabis businesses are largely unable to access financial services even though they generate billions of dollars in taxes.

The industry is also wholly excluded from financial assistance from the federal government because cannabis trade is considered illegal at the federal level. As a result, businesses in the sector were unable to access federal financial assistance during the coronavirus pandemic even though cannabis was deemed an essential product in several states.

In early 2020 when the pandemic was swiftly picking up steam, the Small Business Administration (SBA) announced that cannabis businesses would not be eligible for financial assistance under the federal program. However, that may soon change if a recently introduced bill advances past the legislature and is signed into law. Last week Senator Jacky Rosen introduced a bill that would allow businesses in the state-legal marijuana sector to finally access certain loans and services from the Small Business Administration.

Rosen’s proposal would bar the SBA from denying cannabis businesses access to loans and services such as technical assistance, disaster relief and microloans. She said that limiting their access to basic federal resources and support is unfair and is hurting the country’s state-legal cannabis sector.

Even though businesses in the marijuana space are subject to the same taxes other industries pay, they have been unfairly locked out of federal assistance. Additionally, given that a decent amount of cannabis businesses are owned by minorities, veterans and women, locking them out of SBA loans and services has a negative impact on overall social equity goals.

Rosen’s Fair Access for Cannabis Small Businesses Act seeks to address this issue while the cannabis industry is still in its infancy. The legislation would include an amendment to the Small Business Act that would prevent the SBA from denying services and loans solely because the borrower runs a state-sanctioned marijuana business or adjacent service. It would also entitle cannabis businesses to “assistance from resource partners” as well as service providers such as women’s business centers, veteran business outreach centers and small business development centers.

In a recent press release, U.S. Cannabis Council CEO Khadijah Tribble said that without access to financial services such as SBA loans, entrepreneurs from Black and Brown communities that were ravaged by the war on drugs may not be able to profit from the industry that was once used to stigmatize them but is now worth billions.

Cannabis industry actors such as Prime Harvest Inc. are likely to track how this bill progresses because its success would be another success notched by advocates who wish to end marijuana prohibition in all its manifestations.

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

About CNW420

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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Lift Events & Experiences to Bring Unique Cannabis Conference, Trade Show and Associated Opportunities to the U.S. Cannabis Market

Become a part of the 2023 U.S. debut of Lift Events & Experiences, at the Moscone Center in San Francisco, from Wednesday, August 2 – Friday, August 4, 2023. The leader in Canada, Lift’s first conference over the border offers exclusive content, robust networking, and unparalleled new product discovery opportunities. The event is dedicated to the evolution of the cannabis industry, and brings to the U.S. Lift’s long-established and respected reputation for powerful cannabis events.

After proving its mettle in Vancouver and Toronto, the former Lift&Co. Expo will now simply be called ‘Lift’, reflecting its expanding footprint. Lift invites attendees for unique and immersive learning experiences in 2023, including Lift Vancuover (January 12-14, 2023), Lift Toronto (June 1-3, 2023) and at the new Lift San Francisco event (August 2-4, 2023). With Lift now expanding its coverage to the U.S., the ties between the U.S. West Coast and Western Canada’s long-thriving cannabis culture are expected to strengthen further.

“Lift welcomes everyone, from legacy participants to multistate operators to everyday folks who enjoy and respect the plant,” says Lift Events & Experiences Portfolio Lead, Lindsay Roberts. “We’re producing a year of shows that care for the specific needs of each segment of the cannabis community while inspiring an exciting future. To emphasize this commitment, we’re dropping our old ‘&Co. Expo’ moniker to put the focus simply on ‘Lift’ as we work to affect positive change across North America.”

Lift events are attended by cannabis industry veterans and fresh voices alike, always presenting valuable and updated information through speaker sessions and presentations on topics vital to the cannabis business and trade. Connect with cannabis experts, innovators, regulators, and leaders of the cannabis business community, build long-term business ties, and get discovered by potential investors on this robust networking forum.

Through one-on-one interactions and communication, the Lift team ensures that every company or individual attending the event is presented with an abundance of opportunities, including growers, brands and product delivery, advocacy and investment, legal/compliance, retailers, budtenders, enthusiasts and more.

For more information on Lift Events & Experiences, visit https://liftevents.com/. 

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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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces Q3 2022 Financial Results

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, released its financial and operating results for the third quarter and nine months ended Sept. 30, 2022. Among the highlights, the company reported 414% year-over-year and 510% year-over-year increases in revenue for the three-month period and nine-month period ended Sept. 30, 2022. In addition, Flora achieved a 703% year-over-year increase in gross profit for the three-month period ended Sept. 30, 2022. The company will discuss these results in its earnings call at 4:30 p.m. ET today, as detailed in the press release. “The third quarter of 2022 was another exciting quarter for Flora as we continued to lay the foundation of our business for the long-term,” said Luis Merchan, chairman and CEO of Flora Growth. “During the quarter, we exported products to several new markets, including distribution of our Colombian grown high-CBD dried cannabis flower to Switzerland and the Czech Republic, as well as CBD isolate to the United States. Our global distribution network, coupled with our high-quality Colombian flower and derivatives, leave Flora well positioned to capitalize on the evolving global cannabis landscape.”

To view the full press release, visit https://cnw.fm/jVbA6

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

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

About CannabisNewsWire

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

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

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

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REZYFi, Inc. Leverages Growth of California’s Cannabis Market as It Expands to Include Social Equity Provisions, More Opportunities for Business Owners

  • California retail stores sold almost $5.3 billion worth of cannabis products in 2021 and reported a total tax revenue of approximately $1.3 billion
  • California’s three licensing authorities issued 12,227 commercial cannabis licenses to businesses throughout the state during 2021
  • San Diego has approved a social-equity program, joining the ranks of other California cities and counties that have implemented them since 2018, utilizing tax revenues from the cannabis industry
  • REZYFi is the first cannabis mortgage company in the United States – a market where most traditional lenders are still reticent to enter

On November 8, 2016, California voters approved cannabis for recreational use. Since then, the market has continued to increase in revenue, and it is expected to make up 61.5% of the overall market, according to the University of California Agricultural Issues Center. In 2021, California retail stores sold almost $5.3 billion of cannabis products, indicating a 20% growth over 2020 and over 20% of legal sales in the United States. The total tax revenue reported by the cannabis industry was about $1,317.6 million in 2021, including approximately $680.4 million in excise tax.

As of December 2021, California’s three licensing authorities issued 12,227 commercial cannabis licenses to businesses throughout the state – including 8,504 cultivators, 915 manufacturers, 842 retailers, 362 delivery services, 1056 distributors, 308 microbusinesses, 152 transporters, 46 event organizers, 42 testing laboratories (https://cnw.fm/yUbuD).

The San Diego Union-Tribune reported that the San Diego City Council recently approved a social-equity program for the city’s cannabis industry, including start-up loans, fee waivers, and other business assistance. Although San Diego was the first California city to approve an adult-use cannabis licensing plan in 2017, the plan did not include social equity provisions.

The social-equity plan requires that applicants meet various criteria:

  • Conviction of a cannabis-related crime or having a family member convicted of a cannabis crime after January 1, 1994, within the San Diego city limits; and be a current or former resident – for at least five cumulative years between 1980 and 2016 – including Barrio Logan, Linda Vista, southeastern San Diego, Encanto, Golden Hill, North Park, City Heights, the College Area, or San Ysidro.
  • Applicants must also meet two additional criteria, including a household income below 80% of the area median income ($106,900 for a family of four); lost housing in San Diego through eviction, foreclosure, or subsidy cancellation after 1994; attended school in the San Diego Unified School District for at least five years between 1971 and 2016; or placed in the foster care system at any time between 1971 and 2016.

Since the state started allowing equity plans in 2018, Long Beach, Los Angeles, Oakland, Palm Springs, Sacramento, and San Francisco have launched such programs, including Humboldt, Lake, and Mendocino counties, which have programs funded by state cannabis taxes (https://cnw.fm/OymBI). 

Despite the massive market growth recently, most traditional lenders are reticent to serve the state-licensed cannabis industry, but one company, REZYFi, is positioned as the first cannabis mortgage banker in the United States. REZYFi services the needs of both traditional and non-traditional consumers and businesses. The company is targeting 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 and project-specific financings, such as solar installations and real estate development projects.

REZYFi operates under two wholly owned subsidiaries – REZYFi Lending and ResMac Inc. REZYFi Lending primarily addresses emerging real estate-related financing opportunities. ResMac is the Company’s traditional mortgage origination, correspondent, and servicing operation. As a whole, REZYFi is using its corporate strengths as a foundation for diversifying its approach to capitalize on growth in multiple verticals in the years to come.

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

About CannabisNewsWire

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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

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

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

CannabisNewsWire (CNW)
Denver, Colorado
www.cannabisnewswire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is part of the InvestorBrandNetwork.