Cannabis has proven to be extremely lucrative for states with legal markets. In 2021 alone, states collected more than $3.7 billion in recreational cannabis taxes, a 34% jump from the taxes legal states received the previous year. Illinois, which launched recreational cannabis sales in January 2020, has seen impressive sales in recent months. For FY 2022, the state has recorded around $1.5 billion in cannabis sales compared to $1 billion last year.

Illinois collected a total of $445.3 million in taxes from cannabis sales, a nearly 50% increase in revenue compared to the 2021 fiscal year when it collected $297 million. In addition, $146.2 million in cannabis tax revenue was deployed to local governments, up more than 70% compared to the previous year. On the social justice front, state regulators approved 149 social equity cannabis retail licenses.

This is three times the number of cannabis storefronts that are currently operational and will allow the state to significantly expand access to cannabis in the coming months, which could, in turn, impact cannabis sales and tax revenue numbers. In a press release, Governor J.B Pritzker noted that Illinois has done more than any other state in the country to put social justice and equity at the center of its cannabis industry.

Furthermore, he said that the state has made efforts to ensure that communities that were disproportionately affected by the war on drugs have been given the opportunity to participate in the cannabis industry. Thanks to the 50% increase in cannabis sales, Illinois saw a significant increase in cannabis tax revenue, Pritzker said, with a portion of every cannabis tax dollar being reinvested into these communities.

Illinois state law requires that 25% of cannabis sales tax revenue go toward programs designed to support communities that were historically impacted by the failed war on drugs, were economically distressed, or have higher-than-normal rates of violence. Senate Majority Leader Kimberly A. Lightford said that the recreational cannabis market has been a boon for Illinois’ economy, providing consistent cash flows to essential programs for mental health, violence prevention, and local governments.

According to State Representative Jehan Gordon-Booth, the cannabis taxes are vital and provide much-needed resources for marginalized and disenfranchised communities that suffered the brunt of the drug war. He noted that state policymakers are aware of the pain and trauma these communities have experienced and that they are working to repair the harms of the drug war.

These efforts underscore just how impactful it is to open legal markets for marijuana so that companies such as American Cannabis Partners can serve the population and make their contribution towards community development.

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

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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New research has found that CBD can be used to relieve the postop pain patients experience after undergoing rotator cuff surgeries. CBD works like any other anti-inflammatory drug, without inducing any of those side effects that other medications cause such as stomach irritation. The substance t has multiple mechanisms of action, including reducing inflammation contributing to the pain.

The research findings were recently presented at the annual meeting of the American Orthopedic Society of Sports Medicine, which was held in Colorado Springs, Colorado.

The study was led by sports orthopedic specialist, Dr. Michael J. Alaia, of NYU Langone Health. It should be noted that the findings have not yet been published in a medical journal.

The researchers established a multi-center trial that involved 80 subjects aged between 18 and 75. The subjects were divided into two groups, with one group receiving a placebo while the other received CBD; both groups received the treatment for a two-week period. The CBD dosage administered depended on the weight of the subject, with trained facilitators administering either 25 mg or 50 mg.

The researchers recorded the pain levels of every participant on the first, second, seventh and fourteenth day. They used a visual analog scale (VAS) for opioid consumption, pain and satisfaction with pain control. They also measured liver function for every participant on the seventh and fourteenth days to evaluate safety while also monitoring for nausea.

In their report, the researchers note that they observed that on the first day, the pain score was considerably lower for participants who received CBD. They also found that there were statistically significant differences in the consumption of opioids between the two groups, noting that patient satisfaction with pain control also favored the CBD group.

The researchers also observed that subjects who received 50 mg of CBD recorded lower pain scores on the first say and high satisfaction with pain control on the first and second days, in comparison to subjects who received 25 mg of the same as well as those who received the placebo.

However, the researchers note that by the seventh day of the trial, no significant differences in opioid consumption, VAS score or satisfaction with pain control were recorded. Additionally, no substantial differences in liver function or nausea were observed.

In a statement, Alaia explained that the group’s findings showed that CBD was effective and safe in reducing pain in the immediate postop period after a rotator cuff surgery. He noted that the use of CBD should be considered in post-op multimodal pain control.

These promising results about the efficacy of cannabidiol in managing pain after one undergoes some surgical procedures suggest that there is plenty more to be discovered about the medicinal effects of different marijuana products, such as those manufactured by state-legal companies such as Prime Harvest Inc.

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.

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House Agriculture Subcommittee on Biotechnology, Horticulture and Research members are scheduled to meet this week to discuss expanding hemp regulations in the 2023 farm bill package. Hemp was federally legalized under the 2018 farm bill, which opened up a marijuana market that expanded rapidly. Stakeholders and advocates involved in the industry are now focused on ways to build upon the current hemp regulations through the next large-scale agriculture measure.

Representative David Scott, the full committee’s chair, earlier stated that he felt that the farm bill’s next edition needed to extend beyond hemp and include provisions that dealt with cannabis-specific policies, which would eliminate marijuana industry barriers for black small businesses and entrepreneurs. One of the subcommittee’s members, Rep. Chellie Pingree, also filed a measure in February that would offer hemp businesses more regulatory flexibility as well as eliminate a ban that prevents individuals with previous drug convictions from participating in the hemp market.

A report by the Congressional Research Service also highlighted components in the 2018 farm bill and made policy recommendations for hemp to be considered in the future. For instance, the report outlines stakeholder feedback that asked for the federal definition of hemp to be revised by increasing the allowable limit of THC to 1% per dry weight from 0.3%. The Congressional Research Service also stated that Congress needed to consider industry complaints about the absence of FDA regulations to market CBD products derived from hemp and highlighted possible steps that could be taken to address the issue.

Meanwhile, leaders of the House Appropriations Committee recently released a spending bill for the United States Department of Agriculture (USDA) that asks that various agencies coordinate to develop guidance on the manufacture of hemp. The bill also recommends that the USDA work with the United States Drug Enforcement Agency (DEA) to resolve any worries about enforcement actions for hemp that exceeds the current THC limit.

In Congress, Representatives Morgan Griffith and Kurt Schrader filed a measure earlier this year that is aimed at allowing hemp and CBD derived from hemp to be sold as dietary supplements.

Senators Jeff Merkley, Rand Paul and Ron Wyden also introduced a measure in the Senate that would exempt hemp, hemp-derived CBD or any other substance containing ingredients derived from hemp from restrictions that have impeded the emergence of legal consumable hemp products. Paul also filed a separate initiative in 2021 that would triple the concentration of THC that hemp could contain legally.

As the regulations around hemp are examined with a view to revising them so that they can be more industry friendly, cannabis industry actors such as American Cannabis Partners would also benefit from a federal review of the laws governing marijuana at the federal level.

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

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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During the National Conference on Weights and Measures’ annual meeting, a number of marijuana proposals were considered by members. One of these proposals would have developed a policy for the waster activity range for cannabis while a second would have established a uniform definition for marijuana and marijuana-containing products. However, both were rejected by the bicameral conference’s House of Delegates and House of Representatives, after failing to garner at least 27 votes in both chambers.

However, one proposal was approved. That approval would require that a new section on marijuana packaging, labeling, measurement of potency and other issues related to products derived from the plant be included in a federal government handbook on standards for weights and measures.

The approved proposal states that regulators have the authority to create individual marijuana standards to help measure the potency of marijuana products for respective jurisdictions while also establishing standards for labeling and packaging requirements. The measure also empowers state regulators to set acceptable variations in the quantity of THC in hemp or cannabis due to the gain or loss of moisture.

The proposed section will be included in the next edition of the National Institute of Standards and Technology handbook, which is scheduled for release in January 2023. It should be noted that departments that oversee measures and weights in different states aren’t required to integrate the marijuana standardization policies.

In a phone interview, Matthew Curran of Florida’s Department of Agriculture and Consumer Services stated that this wouldn’t impact the state because it would obtain authority from its legislature. Curran, who took part in the conference, explained that the state of Florida was a recreational, or adult-use, state, which meant that these duties and “powers” wouldn’t affect the state.

The language’s incorporation in the federal handbook is more evidence of the cannabis industry’s normalization as it matures and expands in states across America.

Members are now focused on advancing the other failed measures, which they will return to committee in hopes that they may be raised again during the 2023 meeting. Cannabis advocates hope that once the measures are assigned voting status, they may be enacted by July 2023 and included in the National Institute of Standards and Technology’s handbook by 2024.

Meanwhile, the National Institute of Standards and Technology continues to develop testing standards via its Office of Weights and Measures and investigate cannabis issues. This comes after it announced in 2020 that it was launching a marijuana testing program to ensure that the products individuals purchased from dispensaries and retailers were labeled accurately.

These standards would go a long way toward addressing the challenges faced by industry actors such as Prime Harvest Inc. when they consider diversifying into different markets and have to navigate a whole new set of labeling, packaging and potency tests.

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.

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