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

Flora Growth Corp. (NASDAQ: FLGC) Anticipates Continued Growth for Cannabis Operations Under New Colombian Administration

  • Flora Growth is a cannabis cultivator and distributor with a base of operations in Colombia’s fertile growing climate, capable of feeding the company’s expanding international supply chain
  • Colombia has undergone a number of regulatory changes in recent years as it emerges from the shadows of years-long drug wars and embraces a growing global acceptance of cannabis products
  • The South American country voted in a new presidential administration in June, and Flora Growth is applauding the president-elect’s continued openness to international cannabis trade
  • Flora Growth announced significant revenue growth during its year-end financial reporting in May, and the company stated it expects another 288 to 400 percent increase in revenues during the current year

Following nationwide elections that marked a historic change in Colombia’s presidency as well as its people’s social policy aspirations, emerging cannabis brand builder Flora Growth (NASDAQ: FLGC) is expressing optimism for its market opportunities, which are based on a growing cannabis cultivation operation in the South American country. 

Longtime legislator Gustavo Petro, a sitting senator and previously Mayor of Bogota, was declared Colombia’s chief executive-elect June 19 after his remaining opponent in a runoff election conceded that Petro had won the majority of the vote in an orderly transfer of authority (https://cnw.fm/Nz0Xx).

Flora Growth enjoyed explosive energy in building an international supply chain for its cannabis products under the progressive drug policy changes instituted by outgoing President Ivan Duque’s administration, and the company anticipates Petro’s approach to the market’s opportunities will further open doors for its operations. 

“We would like to congratulate President-Elect Gustavo Petro on his victory and we look forward to working with the new government to continue Colombia’s progressive momentum in the global cannabis industry,” Flora Growth Chairman and CEO Luis Merchan stated in a recent news release (https://cnw.fm/P1Ww6). 

“We are encouraged by President-Elect Petro’s stance on seeing Colombia become a leader in the legal cannabis industry and we are hopeful for progressive legislation that will allow Colombia to create a safe environment for cannabis consumption domestically — potentially leading to a recreational market in the country,” Merchan added, while observing that Colombia’s environmental and labor conditions are ideal for building successful international commerce.

Petro signaled his support of the industry last year when he stated, “The possibility of legal exportation of marijuana for recreational and medicinal purposes through licenses from the national government has friends with political power in Colombia. If Colombia does not get its act together, we’re going to lose that business” (https://cnw.fm/HKd3z).

Flora Growth operates a 100-hectare (about 247-acre) cultivation facility known as Cosechemos in the heart of Colombia’s green grower-friendly climate. From its cultivation, extraction and isolation operations at the city of Bucaramanga, much of its product goes to its GMP-certified processing facility for beauty, phytotherapeutic and nutraceutical products in the nation’s capital, Bogotá. 

The company’s license applications with Colombia’s food and drug regulatory body have included more than 20 cannabinoid-infused food and beverage products, such as juices, sparkling seltzers, gummies, chocolates, ghee butter, and healthy snack foods, that prioritize natural ingredients and value-chain sustainability (https://cnw.fm/3nCoq).

“While approximately 90% of Flora’s forecasted revenue is expected to be derived outside of Colombia, we see Colombia as particularly well suited both for production of high-quality, cost-advantaged cannabis and the manufacturing of cannabinoid-derived medical formulations that can be sold domestically and internationally,” Flora’s Chief Commercial Officer Jason Warnock added in the company news release.

Year-end financial results announced in May reported annual revenue of about $9 million — a “significantly higher” amount than the company reported a year earlier before Colombia’s change in its drug product laws went into effect and Flora launched its IPO on the Nasdaq Capital Market. And the company stated at the time that it expects revenues to grow another 288 to 400 percent during the current year (https://cnw.fm/4q3Bp).

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

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

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 — Congressional Leaders Seek to Give Indian Tribes Cannabis Protections

Several congressional leaders are looking to include language that would protect Native American tribes from being penalized by the federal government for legalizing cannabis within their territories in a variety of funding bills.

In 2014, the federal government stated that tribes were allowed to grow and sell cannabis as long as they followed the same federal guidelines set for states that had legalized cannabis. The lawmakers now want it codified into law that the federal government cannot persecute Indian tribes that legalize cannabis within their territories.

More specifically, the new cannabis provision would forbid federal funds appropriated to agencies within the Justice, Interior Department, Office of Justice Services and Bureau of Indian Affairs from being used to enforce cannabis prohibition in Native American territories where marijuana is legal. The provision states that federal funds not be used in the enforcement of federal laws that criminalize the cultivation, distribution, possession and use of cannabis in Native American country.

The provision was attached to the base of the Department of the Interior’s fiscal year 2023 appropriations legislation and needs no further amendments. However, the cannabis protection provision states that there are two exceptions: first, federal funds can be used to interfere with cannabis activities in tribal territories that are located in states without legal markets, and second Native American tribes must make sure that their tribal marijuana laws prevent access by minors, keep cannabis from being used in organized criminal activity or the trafficking of other illicit drugs, and ensure there is no cannabis on federal public lands.

In the past, provisions that had been attached to appropriations bills for Commerce, Justice, Science, and Related Agencies (CJS) that advanced past the House banned the use of federal funds in enforcing cannabis prohibition on tribal territories, but they did not have any nuance regarding different state laws nor did they offer any policy guidelines. Furthermore, none of these measures were codified into law even after advancing past the House.

Speaking at a press conference, Rep. Dave Joyce stated that it is unequivocally wrong to enforce federal cannabis laws on tribal land, especially in cases where the tribe and home state have both legalized marijuana. Joyce is a Congressional Cannabis Caucus cochair and a ranking member on the Appropriations Subcommittee on Interior, Environment, and Related Agencies.

He said misguided efforts to enforce federal cannabis policies on tribal land have left Native American tribes unsure if the federal government will continue enforcing federal cannabis policies on Native American reservations.

These tribes were sovereign nations, he noted, adding that they had the right to pass and enforce their own legislation.

Granting these protections removes a lot of concerns that people have about the risk of being penalized by the federal government for an action that is legal within the jurisdiction where they live. As these clarifications are codified, companies such as Advanced Container Technologies Inc. (OTC: ACTX) could see their sales of cultivation equipment jump.

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 — Vehicle Insurance Data Suggests Medical Cannabis Legalization Reduces Drunk Driving

A new study has revealed that contrary to what many prohibitionists feared, medical cannabis legalization in the country has not led to an uptick in rates of intoxicated driving. In fact, the research has found that states with medical marijuana programs have seen a reduction in drunk-driving rates, adding to the growing body of research showing that there is a link between cannabis reform and a reduced risk of drunk driving.

Published in the latest issue of the journal “Health Economics,” the study analyzed auto insurance premium data from 2014 to 2019. Researchers discovered that premiums in states with legal medical cannabis programs reduced by $22 per year after cannabis legislation passed. The researchers believe that this drop in auto insurance premiums may be due to decreased rates of drunk driving as people switch from alcohol to cannabis.

Although these results don’t seem to be significant at face value, they reveal a possible link between medical cannabis reform and increased road safety. Consequently, this leads to cost savings for drivers in terms of insurance premiums and medical expenses related to car accidents. In total, the study authors wrote, medical cannabis reform has decreased auto insurance premiums by a whopping $1.5 billion in states with medical marijuana programs.

Furthermore, it would result in further savings of $900 if the states that still don’t allow medical cannabis were to legalize it, resulting in a combined $2.4 billion in auto insurance savings across the country.  The study authors wrote that their research showed evidence of a “positive social impact” on auto safety due to statewide medical cannabis reform.

Medical marijuana laws also resulted in annual cost savings of about $820 million due to reduced health expenditure; the laws have the potential to add an extra $350 million in savings if other states legalize cannabis.

Unlike previous studies that looked at the correlation between cannabis laws and traffic fatalities, this study focused on auto insurance trends. Since only a minimal percentage of car accidents result in fatalities, the researchers say focusing on fatalities didn’t paint a clear and concise picture.

But since auto-insurance companies are responsible for covering 67% of all automobile-related property and medical damage, studying insurance premium data in relation to medical cannabis laws would give the researchers a better picture of how cannabis reform has affected auto safety.

The research indicated that people are substituting alcohol for cannabis, especially in regions that experienced high rates of drunk driving before medical cannabis became legal. Licensed companies such as American Cannabis Partners may be pleasantly surprised to discover that they are indirectly contributing to improved road safety each time buyers opt for their products instead of alcoholic beverages.

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.

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

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Focused on International Strategy to Reach ‘Larger Consumer Base’

Flora Growth Corp. (NASDAQ: FLGC) CEO Luis Merchan is quoted in a recent article saying, “International growth is a key objective of our company’s strategy.” Earlier this year, the company completed the acquisition of 100% equity interests of Just Brands LLC and High Roller Private Label LLC, owners of the JustCBD brand, in a move by Flora Growth to explore global expansion opportunities and increase its customer database. The article reads: “By mid-May 2022, Flora Growth had already announced the expansion of its operational footprint in Europe and the United Kingdom to further its international growth strategy… In what marks a noteworthy milestone for Flora Growth and its expansion plan, the company announced that JustCBD would launch its Novel Foods registered CBD products on Amazon.co.uk… ‘The launch on Amazon UK allows Flora to reach a larger consumer base in search of quality CBD products. We are excited to continue expanding our operations in Europe and to deliver top-quality cannabis-related products to customers aiming to improve their health and wellness,’ said Merchan.”

To view the full article, visit https://cnw.fm/9D1Ro

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive 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)

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Leveraging DehydraTECH(TM) to Stand Distinct, Push Brand

Lexaria Bioscience Corp. (NASDAQ: LEXX) acknowledges consumers’ shift away from smoking cigarettes to nicotine alternatives, which has resulted in the growth of the nicotine pouch and nicotine replacement therapy (“NRT”) markets. Through its patented DehydraTECH technology, Lexaria looks to tap into the multibillion-dollar nicotine alternatives industry and stamp its position. “In a move that sought to prove DehydraTECH’s superiority, Lexaria conducted an oral nicotine absorption study in 2021. The research showed that Lexaria’s DehydraTECH-nicotine delivered via an oral pouch product dispensed enough nicotine levels in blood plasma in four minutes, as concentration-matched controls did in 45 minutes. In addition, peak levels of DehydraTECH-nicotine proved to be approximately ten times higher than the peak level of the controls,” a recent article reads. “With key industry players such as Altria Group, British American Tobacco Industries, Philip Morris International, and GlaxoSmithKline PLC embracing a transition to a smoke-free future, Lexaria isn’t being left behind. Instead, it recognizes the existing opportunity and is capitalizing on its DehydraTECH technology to set itself apart from its peers and aggressively push its brand in the market.”

To view the full article, visit https://cnw.fm/d2oJn

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 25 patents granted and over 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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CannabisNewsBreaks – Prime Harvest Inc. Featured in Latest Episode of Bell2Bell Podcast

Prime Harvest, a technology-focused, full-service cannabis company with horizontally diversified operations spanning various segments of the cannabis value chain, was featured in the Bell2Bell Podcast, a part of IBN’s (“InvestorBrandNetwork”) sustained effort to provide specialized content distribution via widespread syndication channels. Duane Alexander, CEO of Prime Harvest, joined the latest episode to discuss to discuss the company, its flagship brand and seasoned management team, recent milestones, and goals for the balance of 2022 and beyond. “Prime Harvest is a vertically integrated cannabis company. We’re based out of San Diego … and we’re positioned to expand into other markets in the State of California. We work in the licensing aspect [of the cannabis industry] and compliance. We also work in distribution, as well as branding and marketing,” Alexander said. “Jaxx is our flagship retail brand. We’ve currently positioned it in Ramona, San Diego County. We have another location that was recently licensed in the City of La Mesa, and we have three other locations in the pipeline for expansion this year.”

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

About Prime Harvest Inc.

Prime Harvest is a technology-focused, full-service cannabis corporation. The company is horizontally diversified across various segments of the cannabis value chain, including licensing acquisition and compliance management, and state-wide direct-to-consumer operations. Based in the innovation hotspot of San Diego, California, Prime Harvest is expanding its footprint throughout the Golden State by executing a long-term strategy of investing in the growth and scale of licensed assets anchored by the power of data-driven technology. Prime Harvest’s flagship retail brand, Jaxx Cannabis, upholds exceptional standards of quality and services and provides a rewarding experience for customers in San Diego and the surrounding Southern California communities. Trust and credibility are at the heart of everything that the team at Prime Harvest stands for. The Prime Harvest team is composed of true experts in their respective fields, carefully assembled with the aim of building a world-class organization that can drive the cannabis industry and movement forward. For more information about the company, visit 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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New Agreements Signed Between Lexaria Bioscience Corp. (NASDAQ: LEXX) and BevNology LLC; Pre-IND Meeting Request Filed with FDA

  • The two companies signed a manufacturing operating agreement and a commercial agreement 
  • Lexaria sent a pre-IND meeting request letter to the US FDA and plans to file the full IND application in late 2022/early 2023
  • The FDA has acknowledged Lexaria’s pre-IND request and responded with conditions prior to the target date of July 30, 2022

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has recently announced signing two agreements with BevNology LLC, the product and development arm of InterContinental Beverage Capital (“IBC”), operating its state-of-the-art lab and manufacturing facility just outside of Atlanta, Georgia. This announcement only furthers Lexaria’s leverage of the market, with the company’s patented DehydraTECH(TM) technology having already been embraced by several consumer packaged goods brands, with availability in over 7,000 stores throughout the United States and Japan, including direct-to-consumer online retail portals (https://cnw.fm/Bjc3R).

The manufacturing operating agreement expands the production capabilities of Lexaria’s growing list of business-to-business clientele interested in purchasing DehydraTECH-powered active ingredients for packaged-goods brands. The new, state-of-the-art processing facility built by BevNology is operational, increasing and broadening production capabilities. This facility is currently serving Lexaria’s corporate clientele, with new equipment specific to DehydraTECH already installed.

The second agreement is a commercial license, empowering BevNology to offer the DehydraTECH products with active ingredients derived from hemp, including cannabidiol (“CBD”), under BevNology and partnered brands. The agreement is non-exclusive for powdered DehydraTECH formulations. For liquid formulations, the non-exclusivity is limited in the United States only, requiring certain minimum fee payments to maintain rights. Lexaria will receive royalties from BevNology for the utilization under this license, with exclusion only affecting Japan, the Republic of Korea, and the People’s Republic of China.

“These agreements build on a long-standing and very successful product development consulting relationship between Lexaria and the expert scientists and personnel at BevNology.” Lexaria CEO Chris Bunka said. “BevNology’s formulation and production capabilities are class leading, and we are confident that our new relationship with our trusted partner will propel new and exciting growth opportunities for both companies.”

In other recent news, Lexaria has filed its pre-IND meeting request letter with the United States Food and Drug Administration (“FDA”) to initiate communication with the FDA regarding Lexaria’s development of the company’s DehydraTECH-CBD for potential hypertension treatment. The FDA has responded to and confirmed the company’s letter, with a target date of July 30, 2022, and disclosed the conditions in which Lexaria must meet prior to the meeting. Lexaria anticipates filing the full IND application in late 2022/early 2023 (https://cnw.fm/Hcn8w).

“We are excited to take this important first regulatory step with the FDA for the development of our DehydraTECH-CBD for the treatment of hypertension,” stated John Docherty, President of Lexaria. “Submission of this request letter initiates formal communication with the FDA regarding our IND clinical trial plans in order to help define the critical path for clinical development and marketing approval of our potentially very significant new hypertension therapeutic.”

The hypertension treatment market is valued at approximately $28 billion per year and is expected to grow as one of the world’s top health problems as a subset of a larger heart disease market (https://cnw.fm/hFsR2). There are over 1.1 billion people in the world suffering from hypertension, with fewer than 1 in 4 having successful control over it. The potential market size increases if an affordable drug were available with few or no side effects. Some reports indicate drugs for hypertension and related conditions are among the highest-selling category of drugs in the world (https://cnw.fm/RK0IU). 

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

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

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420 with CNW — Congressmen Plead for Support for Medical Cannabis Bill for Veterans

A duo of bipartisan congressmen is seeking support for an upcoming bill that would increase military veterans’ access to medical cannabis. Although studies have found that medical cannabis can be effective at helping veterans deal with chronic pain, insomnia, anxiety, depression and even post-traumatic stress disorder (PTSD), federal policy makes it extremely difficult for veterans to access legal cannabis.

Democratic Rep. Earl Blumenauer and Republican Rep. Brian Mast are hoping to change this through their Veterans Equal Access Act. The bill would grant healthcare practitioners at the U.S. Department of Veterans’ Affairs (VA) permission to recommend medical cannabis to patients in states with legal cannabis markets.

The two congressmen, cochairs of the Congressional Cannabis Caucus, also shared a letter to other House offices asking those officials to support their bill because it would ensure that veterans had equal access to state-legal medical cannabis. The letter stated that while most state-legal medical cannabis programs will allow patients with a recommendation from a medical provider to enroll, VA policy bars Veteran Affairs doctors and care providers from taking part in medical cannabis programs, including helping veterans fill requisite forms.

This policy makes it virtually impossible for military veterans who could benefit a great deal from medical cannabis treatment to enroll in state-legal medical cannabis programs without having to seek medical care outside of the Veteran Affairs system, the letter stated. The policy often results in gaps in care, interrupts the continuity of care and forces veterans to pay for medical cannabis out of pocket.

The letter notes that VA clinicians shouldn’t be prohibited from recommending medical marijuana treatment to their patients if the veteran’s condition warrants it. Furthermore, it states that veterans shouldn’t be forced to leave the VA system just to access a medical treatment that is legal in their state.

The Veteran Access Act would give VA providers authorization to provide recommendations, offer their opinions on medical cannabis and help veterans complete forms pertaining to medical cannabis.

However, the letter noted that the upcoming legislation didn’t allow VA clinicians to dispense or prescribe patients with medical marijuana nor did it mean that they are required to provide recommendations and help with paperwork relating to medical marijuana programs. All the legislation does is allow VA clinicians to talk about medical cannabis candidly with their patients and offer recommendations and opinions that are in their best interests.

The letter also states that the legislation already has the support of several veteran and cannabis advocacy groups including NORML, Veterans Cannabis Coalition, Council for Federal Cannabis Regulation, Drug Policy Alliance, U.S. Cannabis Council, and Iraq and Afghanistan Veterans of America (IVAV).

It is unfortunate that veterans seem to be getting the short end of the stick when it comes to accessing medical marijuana while they deserve the best after serving their nation with utmost dedication. Modifying the discriminatory regulations would allow those who live in states where home grows are allowed to also grow their own cannabis, perhaps even using micro gardens such as those sold by Advanced Container Technologies Inc. (OTC: ACTX).

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 — Do Cryptos, Blockchain Have Potential for Use in the Marijuana Industry?

You wouldn’t think marijuana has any connection to cryptocurrency and the complex blockchain technology that authenticates and records transactions. The former is a psychoactive plant that has been associated with racial injustices for decades and is now touted for its medical potential while the latter is an online decentralized currency that has taken the world by storm in recent years.

However, a deeper look reveals ways in which the two emerging industries are compatible. Since federal law still considers cannabis to be a Schedule I drug, cannabis industry actors have a hard time accessing basic financial services. Most times, they are forced to operate on a cash-only basis, which puts them at risk of robberies and makes financial tracking and tax compliance difficult.

Cryptocurrencies such as Bitcoin and Ethereum could allow the industry to access much-needed financial and accounting services. According to Mark Lozzi, founder and CEO of a marijuana financial services company called Conifa, a stable coin that’s capable of weathering the industry’s volatility would best serve the cannabis industry.

Such a stable coin would be used for consumer payments and business-to-business transactions. Consumer payments would be a relatively easy way to introduce this stable coin into the state-legal cannabis industry, says Lozzi. Allowing customers to purchase cannabis using cryptocurrency would increase their purchasing power while ensuring the industry is on par with modern-day innovations and interests.

On the other end of the spectrum, cryptocurrency and blockchain technology could be used to build a completely “immutable and auditable” banking infrastructure for cannabis growers, processors and retailers, Lozzi says. Blockchain would also make it possible to build a financial system capable of tracking cash and products. The cannabis industry is desperately in need of a centralized framework for oversight and compliance, and blockchain technology has the potential to fill this gap.

Lozzi acknowledges that the SAFE Banking Act, which will prohibit federal regulators from penalizing financial institutions that provide banking services to state-legal cannabis businesses and ancillary businesses, may soon become law and increase the industry’s access to financial services. Still, cryptocurrency payments could coexist alongside regular currency due to their speed and flexibility.

Furthermore, blockchain technology can still support oversight and compliance in the industry as it provides auditability and immutability, Lozzi says. He notes that blockchain solutions should be used within a strong and compliant infrastructure to ensure that they track the flow of money in compliance with industry requirements and guidelines.

With the cryptocurrency market currently seeing a major decline in value, Lizzo believes the winner will emerge as a stable coin.

The cannabis industry and its leading players such as American Cannabis Partners would appreciate all available payment options given the challenging regulatory environment in which they operate, so alternatives such as using cryptos wouldn’t be such a bad idea for the industry.

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

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Zacks Report Highlights Flora Growth Corp. (NASDAQ: FLGC) Aspiring to Benefit from First Mover Advantage in Multiple Cannabis Market Categories

  • Flora’s 2021 acquisitions allowed it to expand its operations beyond North America and into Europe
  • Acquisitions have also contributed to 450% YOY revenue growth for Q1 2022
  • Its management is confident that the foundation laid down so far will yield growth for 2022 and subsequent financial years
  • Flora has also reiterated 2022 revenue guidance of $35 million to $45 million

2021 was an excellent year for Flora Growth (NASDAQ: FLGC). According to a recent research report from Zacks (https://cnw.fm/bWU0H), the company possesses a number of important qualities pointing to continued significant growth following a strong 2021. Flora Growth management even regarded the past year as “transformational,” particularly following the closing of supplier, vendor, and distribution agreements that would see the company expand its operations, market reach, and product line.

With the progress made by the company so far, it is looking to benefit from a first-mover advantage in multiple market categories in terms of increased value for its shareholders, a higher market share, and increased revenue going forward.

The report went on to talk about 2021’s acquisition of Vessel Brand, Inc., a move that allowed the company to establish a foothold in the United States cannabis accessories business while improving its e-commerce capabilities. The year would also see the construction of an all-outdoor cultivation and on-site extraction facility in Colombia, one of the largest traditional flower exporters in the world and now able to export cannabis flowers.

Such moves position Flora to take advantage of the potential of the marijuana industry, particularly the medical marijuana sector. According to a report from Grand View Research, the global medical marijuana market size was valued at USD 11.0 billion in 2021 and is projected to expand at a compound annual growth rate (“CAGR”) of 21.6% from 2022 to 2030 (https://cnw.fm/26BIe).

Through its acquisitions, Flora has expanded its operations beyond North America and into Europe. The company’s investment in Hoshi International, for instance, opened it to the European Union (“EU”), allowing it to expand its global footprint that would further spread to Hong Kong, Latin America, and Israel.

The report also pointed out Flora’s Life Sciences pillar, one of its three key pillars of growth, focused on providing scientific-based research associated with cannabis. The other two pillars include Commercial and Wholesale and House of Brands. The company believes that, while offering the products in its portfolio is critical, educating consumers and potential customers is of the essence if the conversation around cannabis is to be advanced. Therefore, Flora remains committed to creating educational platforms and conducting research studies and clinical trials to develop plant-based, medical-grade pharmaceuticals, phytotherapeutics, and dietary supplements.

Through its acquisitions and growing distribution network, Flora was able to post a 450% year-over-year revenue growth for the first quarter of the 2022 financial year. As a result, its management is confident that, for the entire fiscal year, the company will post between $35 million and $45 million in revenue. 

This will be significantly influenced by the JustCBD acquisition, the awarding of an export quota for 43.6 tons of high-THC cannabis in Colombia, and the successful completion of the requisite steps to allow for the commercial planting and export of psychoactive cannabis.

Flora looks to reach cash flow breakeven as revenue continues to ramp, having closed the 2021 fiscal year with about $37.6 million in cash and a $21.4 million loss. 2021 was its first full year of revenue. Still, the company anticipates accelerating revenue growth in 2022 as it activates its Wholesale and Life Sciences growth units while simultaneously fueling expansion in the global House of Brands.

Flora is aggressively pushing its brand and advancing the conversation around cannabis. In addition, with its able management, Flora is recognizing and capitalizing on opportunities that others are yet to identify, placing it in a unique position that not only gives it a first-mover advantage, but also presents a unique opportunity for growth.

The full Zacks Small-Cap Research Report is available at https://cnw.fm/bWU0H.

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

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

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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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