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 — Report Says Nearly 300 Jobs Are Created Daily in Cannabis Industry

The marijuana industry has grown significantly these last few years. A good way to determine just how rapidly it has grown is to look at how many employment opportunities the industry has created thus far.

A new report by Leafly reported that roughly 280 new marijuana jobs are created every day. Cumulatively, this added up to an estimated 428,000 jobs by January 2022, making this particular industry one of the fastest-growing employers in the United States. This growth is particularly impressive if someone considers that it has been less than a decade since the states of Washington and Colorado began legal weed sales.

It also makes the marijuana industry and other related industries, such as legal work and marketing, good places to look for jobs.

Among all the states, California is the largest employer in the marijuana industry, which has created approximately 83,000 jobs. The states of Colorado, Michigan and Illinois are also top employers, employing about 38300, 31100 and 28900 individuals respectively. However, analysts expect that the states of New Jersey and New York will rise among the ranks of marijuana employment as soon as legal cannabis sales commence.

Common jobs in the marijuana industry include the following:

Edible maker

Edibles make up a significant share of the marijuana market. The marijuana industry is a creative one, with entrepreneurs continuously creating new types of marijuana-infused baked goods, gummies, beverages, tea and candy.

Budtender

Budtenders usually work at dispensaries, answering any queries that consumers may have and recommending cannabis strains that might best meet consumers’ needs. Being a budtender requires a combination of strong customer service skills and cannabis knowledge.

Dispensary manager

To be the manager of a dispensary, you need to possess in-depth knowledge of the cannabis business as well as have strong business skills, especially in retail.

Delivery service

As more cannabis businesses deliver their products to customers’ homes, the need for delivery people or a company that offers delivery services grows.

Security service

Cannabis manufacturers and dispensaries often require licensed security guards to ensure safety at their facilities.

Leafly expects that as more states legalize marijuana and if Congress makes weed legal federally, full employment in the industry will surpass 1.5 million jobs.

One can also accurately determine marijuana’s impact on the economy by quantifying the tax dollars generated from marijuana sales. Recent data shows that in the 2014–21 period, the industry generated about $11 billion in sales in both local and state jurisdictions.

As the jobs report shows, industry players such as Flora Growth Corp. (NASDAQ: FLGC) are contributing the community development by, among other things, availing high-paying jobs to residents.

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.

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420 with CNW — Consumption Lounges Could Change Trajectory of Marijuana Industry

Nearly 20 states have now legalized recreational cannabis use. In these states, consumers aged 21 and older are allowed to purchase and consume cannabis for recreational purposes. However, most of these states have outlawed the public consumption of adult-use marijuana, meaning people have to consume their cannabis in private residences.

Consequently, tourists face a unique challenge when it comes to recreational weed. While they are allowed to purchase cannabis in states with legal markets, they are rarely provided with a location to consume this cannabis, essentially making it impossible for them to consume cannabis unless they know a locale. Cannabis users in general lack public places where they can meet and interact with strangers while they partake.

Cannabis consumption lounges have the potential to not only fix this issue but completely revolutionize the cannabis industry. Reminiscent of weed cafes in Amsterdam, American consumption lounges would significantly open the cannabis industry and allow consumers to buy and consume their product in public locations similar to bars.

The first state to legalize consumption lounges was Alaska, with the city of Las Vegas following close behind; some Californian cities are seriously considering launching cannabis consumption lounges in the near future. Given that cannabis legalization is a fairly recent event, consumption lounges are a new idea that hasn’t been around for long, with Alaska legalizing the unique locations less than three years ago.

However, despite the increasing hype for consumption lounges, plenty of questions remain on how they will be run and regulated thanks to the myriad of different state cannabis regulations. In California, for instance, several jurisdictions are working on legalizing different types of consumption lounges despite the state outlawing indoor smoking.

There are also regulations meant to prevent employees from working in environments filled with smoke, which could prove a challenge to consumption lounges. In addition, the National Cannabis Industry Association has wondered if allowing public consumption of cannabis would lead to overconsumption.

In a recent article, the association asked if there would be limits on the amount of cannabis each person could consume during a single visit. Furthermore, the association mused about what a “single serving” of cannabis even was, raising a variety of important but still-unanswered questions about cannabis consumption lounges.

Despite these unknowns, several states are forging ahead with their plans to launch consumption sites. Alaska, which allows people to buy up to one gram of marijuana and edibles with up to 10mg of THC, may serve as the benchmark for the rest of the country.

As these lounges open their doors to the public, the sales of companies such as American Cannabis Partners could spike as more people benefit from the convenience of having a public place where they can indulge in recreational marijuana.

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

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) and Colombian Senator Fighting to Legalize Recreational Cannabis Meet

Flora Growth’s (NASDAQ: FLGC) CEO Luis Merchan recently met with Senator Gustavo Bolivar, a Colombian representative who introduced a bill that creates the framework for recreational cannabis in the state. The bill was introduced on July 20, 2022, the same day that Merchan and Bolivar met. The two gentlemen met before Bolivar, a key author of the bill, introduced the bill to Congress. The two talked about what the bill might mean to cannabis countries operating in the country as well as for Colombia’s growing domestic and international cannabis markets, including both domestic trade and international exports. According to the announcement, the two also chatted about the future of cannabis regulations, including the need for government regulations and approvals, as well as the potential for cannabis pharmaceuticals. The discussion also included Colombia becoming a global leader in the legal export of cannabis and its derivatives. Flora Growth is a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands. “We are honored to work closely with Sen. Bolivar and other key policymakers to support legislation that will provide safe access to cannabinoid-based products both domestically and in international markets,” said Flora Growth CEO Luis Merchan in the press release. “We are committed to creating effective, high-quality products. And with the expectation of the passing of this new bill to legalize recreational cannabis, we seek to support further the communities in which we operate.”

To view the full press release, visit https://cnw.fm/QdV0A

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 commercial, house of brands, and life sciences divisions. For more information about the company, please visit www.FloraGrowth.ca.

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.

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420 with CNW — NIDA Boss Says Decriminalization Can Help Address Drug Addiction Problem

For the past couple of decades, America’s solution to the drug crisis has been criminalization. Most pundits agree that this approach has failed spectacularly, ruining millions of lives and indirectly channeling billions of dollars to the criminal enterprises behind the drug trade. Millions of Americans who would have benefited from medical treatment were branded as criminals and forced to spend years of their lives in prison.

The result is a country that largely views drug addiction as a criminal rather than public health issue. According to a top federal health official, the United States will have to overhaul its approach to drugs if it has any chance of reducing the stigma of addiction and putting an end to the substance abuse crisis.

Speaking in a recent blog post, National Institute on Drug Abuse (NIDA) director Nora Volkow said addiction treatment is desperately in need of change, especially in regards to identifying “pre-addiction.” This change would provide people with the resources they need to seek help before they develop addictions.

However, the impact of decades of drug criminalization still rears its ugly head as there is plenty of stigma and fear surrounding misuse disorders and their treatment. Since personal drug use is still criminalized in most states, people who stand to benefit from drug misuse treatment avoid programs that offer such treatments.

Volkow wrote in the blog post that “rebranding mild to moderate substance abuse disorder” as a common pattern of behavior rather than a criminal one could destigmatize substance use while increasing awareness of the negative effects of using drugs. Furthermore, she stressed that interventions for people who meet pre-addiction conditions should be destigmatized to ensure these individuals seek treatment.

She mentioned providing legal protections for people who disclose past or current use of illicit drugs to their doctors. Ideally, such protections would allow patients to talk about drug use without fear of legal reprisals, thus increasing the number of people who seek substance misuse treatment.

Fear of disclosure will remain a significant hindrance to addressing substance misuse as long as drug use is criminalized, Volkow wrote. She has talked about the harms of drug decriminalization on numerous occasions in the past, stating in a 2021 interview that there was no justification for putting people who use illicit drugs in jail.

Volkow also sent a letter with the head of the National Institute of Mental Health to senators arguing that criminalization was making it hard for scientists to research the possible benefits of psychedelics.

If cannabis and psychedelics are decriminalized or even legalized federally, companies such as Advanced Container Technologies Inc. (OTC: ACTX), which makes equipment to facilitate the indoor cultivation of various plants including cannabis, could see significant growth in the years to come.

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 — Study Finds That Safe Drug-Consumption Sites in NYC Reduce Overdose Risks

Safe drug-consumption sites, or locations where individuals with substance misuse disorders can consume illicit drugs under medical supervision, have been a controversial idea since they were first introduced. These sites have been designed to prevent drug overdoses by ensuring that people who use illicit drugs are in a safe environment when they use drugs and can receive the treatment they need.

Unsurprisingly, the idea has faced plenty of political and legal challenges since federal law bans the use of most illicit drugs. Despite these challenges, research shows that safe consumption sites are effective at reducing the risk of overdosing.

More than six months after New York City opened the first safe consumption sites in the country, the sites have cut overdose risk, steered folks away from public drug use and provided the required health services. A study published by the American Medical Association in the “Journal of the American Medical Association” revealed that trained staff at the NYC safe consumption sites intervened 125 times to reduce overdose risk and prevented deaths by administering oxygen and naloxone and providing other services.

The study, which was funded by researchers from the NYC Department of Health and Mental Hygiene, said that the safe consumption sites did not report a single overdose death.

The researchers drew their data from the two consumption sites in New York City. From November 2021 when the sites were opened through January 31, 2022, the harm centers served 613 people more than 5,900 times. Trained staff administered naloxone 19 times and oxygen 35 times. They also provided cooling, hydration and de-escalation for stimulant overdoses on 45 different occasions.

The study authors further wrote that emergency medical services were summoned five times with the associated individuals being transported to the emergency room five times. This study shows that there is plenty of demand for locations where addicted people can use illicit substances under medical supervision. Most importantly, it proves that safe consumption sites can prevent overdose deaths and provide people with the medical resources they need to deal with substance misuse disorders.

Self-reports from the people who used these sites showed that 74% used fentanyl or heroin and that 64% injected the illicit drugs intravenously. Some 76% of these individuals also reported using drugs in a semi-public or public place. This statistic alone could help increase support for harm-reduction centers as they seem to have the potential to prevent public drug consumption and the dumping of materials such as syringes.

It is unfortunate that the federal government maintains the prohibition of substances such as marijuana made by state-legal companies such as Prime Harvest Inc., while these substances have in some cases helped wean people off of harder drugs that can be life-threatening.

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

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420 with CNW — Revised Lawsuit Wants DOJ to Explain Gun Ban for Medical Marijuana Users

Dozens of states may now allow medical and recreational cannabis, but continued federal prohibition has been a major thorn in the state-legal cannabis industry’s side. Marijuana’s federal classification as a Schedule I drug has made it nigh impossible for cannabis businesses to access financial services and significantly hindered investment in the industry.

Furthermore, federal prohibition has led to plenty of cannabis consumers being penalized for engaging in acts, such as purchasing and consuming cannabis, that are legal in their state. A recent lawsuit seeks to understand the rationale behind one such penalty: preventing medical marijuana users from purchasing guns.

After a recent ruling from the Supreme Court overturned state gun restrictions, a top Florida official filed a lawsuit asking the U.S. Department of Justice to explain why medical marijuana users are barred from buying guns. Citing the Supreme Court ruling, attorneys representing Florida agriculture commissioner Nikki Fried and other plaintiffs recently filed the revised complaint in a federal district court.

They argued that there simply isn’t a historical tradition of stripping people of their second amendment rights to bear arms based on marijuana use. The amendment was ratified more than a century before the United States launched the war on drugs, they say, and doctors were known to prescribe marijuana before America embarked on cannabis prohibition.

Coupled with the SCOTUS ruling, which states that restrictions on gun rights must be consistent with the second amendment, the attorneys argue that the ban preventing medical marijuana users from buying guns simply doesn’t hold water. The filing highlighted marijuana’s history as a “legitimate and legal form of medicine” in Western territories such as America and England, stating that the controversial drug had been discussed and even researched for its drug potential when the second amendment was ratified.

Until the mid-twentieth century, the filing goes on, there were no regulations and laws preventing people who used cannabis from accessing firearms. Commissioner Fried first issued the lawsuit in April, claiming that the Biden administration was acting unconstitutionally by banning guns for medical marijuana users. She directed the lawsuit to the head of the Alcohol, Tobacco, Firearms, and Explosives (ATF) and Attorney General Merrick Garland.

The Department of Justice now has until August 8, 2022, to respond to the revised lawsuit. However, the DOJ has already intimated that rather than defend the rationale behind the gun ban, it plans on filing a motion to dismiss the lawsuit.

It is individual efforts such as the lawsuits filed by Nikki Fried that could help chip away at the vestiges of marijuana prohibition and eventually result in the kind of regulatory environment, which will allow companies such Cannabis Strategic Ventures Inc. (OTC: NUGS) to establish a footprint across the country if they so wish and thrive.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

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420 with CNW — Clinton Calls CBD Trial’s Results Encouraging for Pain Treatment

A recent press release by Orcosa highlights a statement made by former U.S. President Bill Clinton to the effect that the results of a clinical trial by NYU Langone, which tested the effectiveness of CBD in managing pain, were very encouraging. Clinton, who has in the past revealed that he used cannabis in his youth, has been keenly following the progression of these CBD trials.

Orcosa is a life sciences company that is focused on modernizing the way drugs are taken through the use of its next-generation drug-delivery technology. The company supplied the CBD products used in the trial, which contained TR Processing’s CBD ingredient.

In the press release, the former president is quoted as stating that the Clinton Foundation had worked for years to decrease opioid addiction and related deaths, explaining that to succeed, nonaddictive alternatives to opioids were needed to help manage patient pain. Clinton also emphasized the importance of looking into alternatives to opioid-based painkillers, noting that he was eager to see the results of the next phase of the trials. The trial involved 99 participants aged between 18 and 75, who had undergone rotator cuff surgery. Its results show that the Oravexx CBD tablet by Orcosa substantially reduced post-op pain in comparison to the placebo, without inducing any severe side effects.

This statement is similar to prior comments made by Clinton, which referenced emerging research into CBD as an effective therapy to help manage pain. At the time, the article published with Clinton’s remarks was deleted, allegedly due to pressure from the former president’s team, before being posted again online.

Regardless, these statements are a far cry from how the former president’s administration handled efforts to legalize medical marijuana, going as far as to threaten to revoke the DEA giving licenses for physicians who recommended cannabis to patients in accordance with state law.

TR Processing also revealed that Andrea Barthwell had joined the company’s board of directors and would be leading a division committed to developing patented therapies. Barthwell, who is a former White House deputy drug czar, has been criticized by cannabis advocates over previous misleading and dismissive claims that she made about medical marijuana before proceeding to assist GW Pharmaceuticals in obtaining approval for its Sativex drug, which is cannabinoid-based.

In TR Processing’s press release, Barthwell stated that she was excited by the company’s focus on cannabinoid development and believed that pharmaceutical companies, physicians and patients were looking for effective and safe solutions to manage pain as well as for general health and well-being.

As more positive comments about different cannabinoids come from leading figures such as Clinton, public perceptions could change a lot faster among all demographic segments, and the cannabis products made by companies such as Flora Growth Corp. (NASDAQ: FLGC) will enjoy an even bigger market in the years to come.

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Pending Start of Human Nicotine Study, NIC-H22-1, Leveraging Fast-Growing Global Nicotine Pouches Market

Lexaria Bioscience Corp. expects the upcoming human nicotine study to produce evidence that its patented DehydraTECH(TM) technology can enhance oral-tissue absorption with reduced negative experiences
Data collected from animal study NIC-A21-1 showed that DehydraTECH enhanced oral nicotine pouches delivered peak nicotine levels in the bloodstream of animals 10x to 20x faster than the control
The global nicotine pouches market was valued at $2.33 billion in 2020 and is expected to reach $21.84 billion by 2027, being one of the fastest growing segments in the nicotine industry
Lexaria’s pipeline addresses serious unmet patient or consumer needs with greater market potential, addressing multiple mainstream applications in cannabinoids, oral nicotine, antiviral therapies, phosphodiesterase inhibitors, and other APIs

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced the pending start of an upcoming human nicotine study, NIC-H22-1. The company expects to evidence that processing purified nicotine with its patented DehydraTECH(TM) technology leads to enhanced oral-tissue absorption and reduced negative experiences. NIC-H22-1 is a minimum 36-person human pharmacokinetic randomized, double-blind, cross-over study comparing DehydraTECH-nicotine pouch performance to existing brands currently on the market, including ON! and Zyn (https://cnw.fm/Dy3BE).

The study’s primary objective is the objective data collection from blood samples that will evidence Tmax, Cmax, and AUC. Other study objectives include extensive subjective evaluations related to complaints of throat burn, user experience, and more. The nicotine test article ingredient manufacturing and DehydraTECH processing have been completed, and the materials have been received by the third-party pouch manufacturing company for filling and packaging. This study’s next two major steps will be Independent Review Board approval and subsequent human dosing.

Through a previous animal study NIC-A21-1, the company has already demonstrated that oral nicotine pouches using DehydraTECH technology were 10x to 20x faster at reaching peak delivery of nicotine to the bloodstream than the control.

Lexaria is leveraging the oral nicotine pouch market, which is one of the fastest growing segments in the nicotine industry due in part to the US Food and Drug Administration’s note of “reduced risk health outcomes” (https://cnw.fm/F6FDE). The delivery method, specifically the white pouch format, avoids harmful lung outcomes experienced by smokers and vapers, only involving absorption primarily through the mouth’s buccal tissues through purified nicotine. In 2020, the global nicotine pouches market was valued at $2.33 billion and is expected to reach $21.84 billion by the end of 2027, growing at a CAGR of 30.7% during the forecast period. (https://cnw.fm/gXDWN).

On March 8, 2022, Lexaria announced that it had been granted a new patent, “Compositions Infused with Nicotine Compounds and Methods of Use Thereof.” The Australian patent expands Lexaria’s international intellectual property rights to apply DehydraTECH enhancement technology to most oral forms of nicotine, including pills, lozenges, capsules, pouches, gums, and sprays. Lexaria currently has 25 patents granted worldwide plus a 26th patent allowed in Japan.

As detailed in Lexaria’s July 2022 Corporate Presentation, DehydraTECH is faster and more effective at delivering drugs into the bloodstream and brain tissues by increasing bioavailability, improving the speed of onset, reducing drug administrative costs, and masking the unwanted taste (https://cnw.fm/k9d6H).

The technology’s pipeline addresses serious unmet patient needs with greater market potential, addressing multiple mainstream applications in cannabinoids, oral nicotine, antiviral therapies, phosphodiesterase inhibitors, and other APIs. The current pipeline includes five studies currently in various stages, including animal PK/PD proof of concept for CBD for epilepsy and PDE5 inhibitors, human PK/PD proof of concept for oral nicotine (NIC-H22-1), and one study currently in the Investigational New Drug (“IND”) enabling study status, DehydraTECH-CBD for hypertension.

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

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

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420 with CNW — The Marijuana Drinks Segment Looks Poised for Long-Term Growth

We have seen several major players enter the marijuana drink market in the recent past as more products are launched, despite the segment being in its infancy. While the focus in the past had been THC-infused drinks, we have seen interest in the wellness benefits linked to CBD growing as well.

Cannabis drinks are popular with consumers for various reasons, including fewer health concerns, discreetness, ease of consumption and less stigma when compared to other marijuana consumption methods such as smoking. These drinks also have faster onset of effects as the cannabinoids are quickly absorbed into an individual’s bloodstream under the tongue and through the mouth and the stomach. Marijuana beverages also come in different doses of CBD and THC, with most having both cannabinoids in them.

Additionally, these drinks are meeting the demands of the growing wellness market as consumers look for alternative edibles that are low in calories, sugar and alcohol.

What market share do these infused beverages occupy?

A Headset report comparing sales in the overall drinks market shows that in the United States, there’s consistent growth for marijuana drinks. In January of this year, cannabis drinks held about 1% share of the beverage market. This growth is more pronounced in the Canadian market because of legalization, with figures showing that marijuana drinks occupied about 2% of the overall beverage market at the start of this year.

The report also offered insight into the performance of different product segments in the marijuana drinks market, showing that in Canada, carbonated beverages occupied about 50% of the market share while marijuana-infused water occupied 20% of the market share.

In America, fruit drinks, lemonade and iced tea make up about 21%; carbonated drinks occupy about 25% of the market share; and syrups, elixirs, mixes and drops make up about 29% of the market share.

Where is the market going?

Some of the notable players in the marijuana beverages industry include Select, PTS, Levia, Cann and Keef, among others. These companies, which target different market segments, all have the ability to secure production and distribution partnerships.

The industry’s range means that there’s a lot of room for growth and for other companies to enter the market. The industry is expected to continue growing at a considerable rate, especially with increased access from legalization and rising demand from wellness trends.

However, before it can comfortably compete with the alcohol industry, the industry will have to overcome a few barriers. Despite this, we can expect to see more variety and innovation in marijuana-based beverages as time goes by, which will cement its share in the overall beverage market.

As the different product segments grow and reach maturity, companies such as Advanced Container Technologies Inc. (OTC: ACTX), which makes products targeting indoor growers, are likely to also see accelerating demand for their products.

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

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420 with CNW — California Cannabis Businesses Unhappy with Recent Tax Reforms

Although California is home to the largest cannabis market in the country, it is vastly overshadowed by the illicit market. Compared to the $8.7 billion that illicit cannabis sellers earned in 2019, the legal market only brought in $3.1 billion. In a bid to increase legal sales and reduce the dominance of black market sellers, regulators in the state recently passed tax reforms that would reduce the tax burden on licensed cannabis businesses and make their products more affordable.

However, cannabis businesses in California still aren’t satisfied with the tax cuts, claiming that they are too modest to have any significant effect on the illicit market’s dominance. During a floor speech where he criticized the tax-reform bill, Senator Scott Wiener said that unless we acknowledge that the Californian market is overregulated and overtaxed, we will continue fueling the cannabis black market.

Ever since California legalized recreational cannabis in 2016, stakeholders have complained about numerous taxes along the cannabis supply chain that have made legal products much more expensive compared to similar products on the black market. Unsurprisingly, most consumers prefer to purchase illicit products because they are cheaper. Businesses say that the recent tax cuts, as well intentioned as they may be, simply aren’t enough to give the legal market a competitive edge over the illicit market.

Although the legislation eliminated a weight-based tax that was levied on cannabis growers, it didn’t eliminate the 15% retail sale tax and it granted officials the authority to raise the rate of retail tax in the future to regain the revenue the state would have given up from the cultivation tax. Southern California Coalition executive director Adam Spiker says that while the tax reforms are a good landing spot, they definitely won’t solve the problems plaguing California’s cannabis industry.

Unfortunately, the roaring black market for cannabis products impacts state cannabis programs across the country, with several states losing billions of dollars in revenue and legitimate businesses losing clientele to illegal sellers. This problem is most felt in California where a medical cannabis market has flourished since Proposition 215 relaxed medical marijuana regulations in 1996.

Most of the businesses that built up networks and contacts in this market are now using them to move unlicensed recreational cannabis products. Additionally, only 40% of the counties and cities in California have approved retail cannabis businesses, meaning millions of Californians simply don’t have access to legal cannabis. So while the recent tax cuts can offer legal sellers some reprieve in the short term, dealing with the factors that have bolstered California’s illicit market will require more time and effort.

In the meantime, cannabis companies such as American Cannabis Partners will have to operate the best way they can under the existing regulatory and tax regime in California.

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

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CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.