420 with CNW — NJ Senate Committee OKs Bills Allowing Cannabis Companies to Deduct Expenses on Tax Returns

Cannabis businesses in New Jersey may soon be able to enjoy tax benefits that have been available to companies in other industries for decades. Thanks to cannabis’ federal status as a controlled drug, licensed marijuana businesses cannot access tax benefits, including deductions, despite paying billions of dollars in taxes.

The New Jersey Senate Budget Appropriations Committee recently approved two bills that would finally make it possible for cannabis businesses to deduct some expenses on their state tax returns. The companion measures came from the Assembly and the Committee’s chamber before the committee made them identical and advanced them. The pair of bills, which are merely a stopgap measure as IRS Tax code 280E still blocks cannabis businesses across the country from making federal deductions, were passed in a unanimous vote.

Licensed marijuana businesses in New Jersey will at least be able to deduct some expenses from their tax returns under the two companion bills. The version of the bill introduced by Assemblymember Annette Quijano was amended in committee before advancing past the full chamber in October. During the amendments, committee members agreed to eliminate a provision that would have locked out cannabis businesses with gross receipts of more than $15 million of the state tax deductions. On the other hand, the Senate version of the state tax deduction bill was amended to include these Assembly provisions.

Even if the companion bills are enacted, however, cannabis businesses still won’t be able to file for tax deductions in their federal tax filings due to federal law.

According to a 2022 fiscal analysis, the economic impact of these legislations will likely be mixed. For starters, states may end up losing an “indeterminate annual loss of revenue” as cannabis businesses would have relief from some of the tax they currently pay to the state. On the other hand, this is good news for businesses that will have the opportunity to reduce their annual tax obligations and increase their revenue.

According to the Office of Legislative Services (OLS), gaining access to these tax deductions and credits may allow cannabis businesses to “generate more economic activity.” This could indirectly result in an “indeterminate amount of additional annual revenue” for local and state governments, the OLS noted.

Aside from New Jersey, several other states are working to alleviate the unique financial pressures that challenge the cannabis industry due to federal prohibition. Cannabis regulators in Iowa have revealed that they will ask the legislature to take up reform on the matter while a House committee in Pennsylvania advanced legislation to allow cannabis businesses to make certain tax deductions for expenses last year.

As states lose patience over federal inaction on matters of enacting cannabis regulatory reforms, sector actors such as Flora Growth Corp. (NASDAQ: FLGC) could increasingly see state-level reforms aimed at supporting the industry overcome some of the hurdles they face.

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 — Governor Signs Bill Legalizing Recreational Cannabis in US Virgin Islands

The U.S. Virgin Islands is the most recent region in the nation to end cannabis prohibition after Governor Albert Bryan Jr. formally signed two bills legalizing marijuana and facilitating cannabis expungements. Bryan signed the bill just a few days before its 10-day deadline. He also used the occasion to issue a proclamation allowing people to seek pardons for previous cannabis possession convictions.

The governor stated that since the Bryan-Roach Administration started working, officials have operated toward the decriminalization of marijuana use for adults. He also noted that following the personal effort of the representatives in the 34th Congress and preceding legislatures as well as the initiatives of his team, the government has signed into law the Virgin Islands Marijuana Use Act.

According to Bryan, the legislation incorporates key elements of his original proposal, including a simplified regulatory structure for both treatment and adult consumption, enforcement authority for the Department of Marijuana Regulation, entrepreneurial and job creation for Virgin Islands inhabitants, and the establishment of a stream of revenue to help finance essential government programs and operations.

Key clauses in the USVI bill include:

  • Anyone over the age of 21 may possess up to two ounces of cannabis, 14 grams of marijuana products, and an ounce of cannabis-infused tinctures, edibles and ointments.
  • The law will establish the Office of Cannabis Regulation (OCR), which will be in charge of licensing cannabis businesses, regulating the market, and establishing guidelines for packaging, labeling and marketing.
  • There will be different license and permission categories, including those for cannabis producers, distributors, growers, microgrowers, testing facilities and onsite consumer establishments.
  • For every one of the region’s major islands, the Office of Cannabis Regulation will have a limit on the number of licenses it can issue. From Jan. 1, 2025, regulators may issue additional permits if a study is done proving that the extension is required to satisfy customer demand.
  • Cannabis users who use the substance for ceremonial purposes can seek their own growing licenses.
  • On marijuana acquired through dispensaries, there’s going to be a tax of at least 18%, but this won’t be the case for medicinal marijuana. The legislation also specifies licensing costs and imposes a tax of $0.5 per gram on marijuana growers who sell their product to any other licensees.
  • Cannabis-related products will be subject to a trace-and-track scheme.
  • The legalization measure also includes a number of equity provisions, such as priority application ranking for women, people of color, and business owners who have suffered service-related injuries.
  • The maximum THC content for edibles is 100 milligrams with a 10-milligram maximum per serving.
  • The ownership of a marijuana company must also meet residency criteria.

As this cannabis market gets underway, those who qualify to grow their own cannabis could benefit from the cutting-edge indoor cultivation equipment available on the market from several companies, including 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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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces Year-End Webcast Review

Flora Growth (NASDAQ: FLGC), a leading outdoor grower, manufacturer and distributor of cannabis products and brands worldwide, has scheduled a webcast to provide an overview of the company’s operational milestones achieved in 2022. The year-end review is slated for Jan. 30, 2023, and will begin at 4:30 p.m. ET. The webinar, which will be prerecorded, will feature Flora Growth chair and CEO Luis Merchan, who will discuss the company’s 2022 operational performance; Merchan will also talk about the company’s 2023 revenue guidance. Those who attend the event will receive a recording of the webcast after it is concluded; a recording of the webcast will also be available on the Flora Growth website within 24 hours.

To view the webcast, visit https://cnw.fm/1zATA

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. 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 — Jobs Fair Shows Growth of New Jersey Marijuana Industry

New Jersey is staying true to its farming reputation and history when it comes to cannabis production and sales. The demand for professionals in the business is great because the state is currently the fifth-largest marijuana retailer in the United States. Last week, a career fair featuring cannabis-related companies made this need extremely evident.

In three hours, more than one hundred people attended the Passaic County Cannabis Career Fair that was held at the main campus of the Passaic County Community College; Edwin Lopez was one of those attendees.

Lopez, who manages a local site for a medical supply company that is shutting down, is actively searching for a new position because his present one is almost phased out. He expressed his amazement at what he discovered at the job fair, stating that he’d initially attended the event as a joke but, after being there for a while, he had discovered some great opportunities.

Both the industry and the fair are incredibly real, and revenues in the space are soaring. Sales of medical and recreational cannabis exceeding $177.7 million in the third quarter of 2022, based on the state’s report. The numbers place New Jersey as the fifth largest marijuana seller in the nation. Additionally, the state anticipates that sales will keep growing.

Due to the growing strength of the sector, companies  now require more human resources. ANJA Corporation manager Alexandra Verello reported that the company had a resoundingly favorable reception to its request for applicants, stating she had a full folder of resumes. This year, ANJA is hoping to obtain its marijuana permit. It was not the only business at the event whose cannabis sales license is still pending. Some job candidates, including Maureen Falzarano, were caught off guard by this fact.

Company representatives who attended the event appeared happy to have taken part. One of the attendees, TLEHL Corporation CEO Dab Riga, was gushing. He noted that the job fair was one of the most vibrant and successful events he had ever participated in.

Every job applicant who interviewed with PIX11 News expressed optimism about locating positions in an industry that is expanding quickly. Bines-Wiltshire, a job seeker at the fair, acknowledged the rapid growth of the cannabis industry, stating that it was a smart idea to put your feet in the doorway given that you rarely know where it may go.

More companies in other jurisdictions, such as India Globalization Capital Inc. (NYSE American: IGC), are also employing top-tier personnel in their bids to make pharmaceutical-grade formulations from marijuana compounds. These jobs make the industry one of those with high growth numbers nationwide.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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 — Las Vegas Prepares to Launch First Marijuana Hotel in April

Voters in Nevada approved the recreational consumption of cannabis by individuals aged 21 and above on the November 2016 ballot. Like most states with legal cannabis markets, Nevada outlawed public cannabis consumption of any kind, meaning individuals had to use cannabis within their homes.

Since cities such as Las Vegas were looking to benefit big from cannabis tourism, out-of-state visitors had no choice but to consume cannabis in private residences with the owners’ permission. However, that will change when the Artisan Hotel Boutique becomes the first hotel to offer facilities for public consumption for residents and tourists.

Elevations Hotels and Resorts acquired the hotel from the Siegel Group in March 2022 for $11.90 million. A recent statement from Elevations Hotels and Resorts revealed that it would be investing millions of dollars to convert the boutique into a cannabis hotel dubbed the Lexi.

Rather than sell cannabis onsite, Lexi will focus on providing spaces for marijuana consumption. Consumers will be able to buy cannabis from the Planet 13 cannabis superstore a few blocks away and drop by the Lexi to consume the product. Each room in the hotel will have a RestorAir filtration system, and the entire fourth floor will be dedicated to cannabis smokers.

According to Elevations president and CEO Alex Rizk, the Lexi will allow the company to “create a new hotel concept” that normalizes cannabis consumption within the field of hospitality. Furthermore, he said that the cannabis-friendly hotel showcased the company’s dedication to transforming its spaces for “modern-day travelers.”

One news outlet reported that Elevations spent more than $15 million purchasing and renovating the 1.3-acre property to convert it into the first cannabis-focused resort in Las Vegas. On top of offering cannabis-friendly spaces, the Lexi will also feature a Cajun-inspired steakhouse run by executive chef Jordan Savell, a European-style pool that encourages patrons to swim topless and a new artisan bar and lounge.

The Lexi will go a long way to fix a glaring problem affecting Las Vegas’ cannabis sector: cannabis users on the Las Vegas Strip had no place to use the substance they had purchased legally from licensed retailers.

Plans for public cannabis lounges began to crystalize in late 2022 when commissioners in Clark County passed regulations for consumption lounges on the Strip and in the city proper.

State regulations require cannabis consumption lounges to stay at least 1,000 feet away from schools and 300 feet away from places of worship, and community and government facilities.

Access to finance has been one of the biggest hurdles the cannabis industry faces. As more enterprises such as REZYFi Inc. fill the financing gaps within the marijuana industry, it is possible that more innovations will be debuted on the market as the industry matures in different markets.

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

About CNW420

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Uses Patented DehydraTECH(TM) Technology to Increase Bioavailability to Meet Underserved Medical Needs

  • Bioavailability measures the amount of a substance that enters the bloodstream, with most oral routes providing lower amounts of the drug due to poor bioavailability
  • Studies on nutrients show that not all the nutrients we ingest actually enter the bloodstream due to inhibiting factors in the digestive tract
  • Lexaria’s patented DehydraTECH(TM) technology helps increase bioavailability for active pharmaceutical ingredients (“APIs”), which has been shown through various animal and human clinical studies

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is using its patented DehydraTECH(TM) technology to improve bioavailability and how active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery, helping with the speed of onset, and brain absorption. Lexaria is focusing ongoing research and development efforts on the advancement of product candidates across several key segments, including, nicotine replacement, CBD, cardiovascular drugs, antivirals, epilepsy, human hormones, and PDE5 inhibitors.

Bioavailability measures how much of a substance enters the bloodstream, with intravenous administration being the most effective approach to 100% bioavailability for maximum effect. While oral administration is less intrusive and preferred, it presents less efficacy and bioavailability of APIs due to obstacles like gut disorders and stomach acid and liver biotransformation.

Although Lexaria is focused on pharmaceutical bioavailability, it’s interesting to note that bioavailability even plays a role in nutrition. While macronutrients (carbs and fat) offer higher levels of bioavailability – micronutrients, commonly sold as supplements (vitamins, minerals, flavonoids, and carotenoids), can be harder for the body to absorb. Studies show that not all the nutrients we eat enter the bloodstream after entering the digestive tract. Some factors that affect bioavailability include where the food is grown or made, when it was harvested, how it was prepared, the foods you eat with it, and highly individualized physiological traits that affect how your body processes that food.

With studies showing that around 40% of available drugs are poorly bioavailable (https://cnw.fm/wVOTV), the determined factors that affect drug bioavailability include:

  • The size of the drug’s molecule
  • The type of drug administered
  • The amount of food eaten
  • The time of day the drug is taken

Understanding the bioavailability of a drug is crucial for clinicians looking for appropriate routes of administration and schedule for drug delivery. Lexaria is investigating its DehydraTECH technology for increased bioavailability of APIs with epilepsy, high blood pressure, dementia, diabetes, and more.

The global pharmaceutical drug delivery market is projected to reach $2.21 billion by 2026, growing with a CAGR of 5.9% from a value of $1.66 billion in 2021. Growth is highly attributed to factors including the rising prevalence of chronic diseases, the growing biologics market, increased R&D investments, and technological advancements, which include new product launches (https://cnw.fm/KCUfM).

Animal studies have also demonstrated a propensity for DehydraTECH technology to elevate the quantity of drug delivered across the blood-brain barrier by as much as 1,900 percent, initiating additional new patent applications and opening possibilities for improved drug delivery. Since 2016, Lexaria’s technology has repeatedly demonstrated, with cannabinoids and nicotine, the ability to increase bio-absorption by up to five to ten times, reduce the onset time from one to two hours to just minutes, and mask unwanted tastes.

The company’s recent study, EPIL-A21-1, demonstrated performance enhancements compared to one of the world’s leading anti-seizure medications, Epidiolex(R). The study’s results have demonstrated the performance of DehydraTECH-CBD to reduce or eliminate seizure activity in animals and, in some cases, even surpass the performance of Epidiolex. The findings from the study further support Lexaria’s efforts and clinical trials, which are currently being explored for other indications, including hypertension, dementia, and diabetes. The indications explored by Lexaria are chosen due to their current underserved medical needs, as DehydraTECH helps enhance bioavailability of substances for treatment.

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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420 with CNW — GOP-Led Congressional Bill Seeks to Reform Gun Ownership Rules for Medical Marijuana Users

The first draft of the marijuana legalization bill for the 118th House meeting has been filed by Republican House legislators, and it calls for allowing medical marijuana patients to buy and own gunsThe legislation, which looks to be similar to a bill that was initially submitted in 2019 but did not move, was introduced by Rep. Alex Mooney (R-WV). The cochair of the Congressional Marijuana Caucus, Rep. Brian Mast (R-FL) along with Thomas Massie (R-KY) are cosponsors of the measure.

The bill’s entire text is not yet available, although it has the same short name as Mooney’s Second Amendment Protection Act from the 116th House. It’s unclear if the bill has changed since that first edition.

Currently, those who use marijuana are prohibited from buying or owning firearms because they are deemed to be illegal users of or hooked on a drug that is federally forbidden, even if they are doing so as a treatment per state law. According to the prior legislation version, individuals using prohibited controlled drugs continue to be prohibited from obtaining a gun, except that they will not be considered illegal consumers or otherwise addicted to a particular controlled drug depending on the person’s use of cannabis for therapeutic treatment in conformity with the law.

Massie discussed the necessity of a gun-focused marijuana policy in 2019, outlining plans to support legislation that would eliminate the current patients’ regulations.

The ban has drawn strong criticism from both sides of the political aisle. Supporters, state officials and legislators claim that it unfairly discriminates against cannabis patients and compels them to forego a constitutional right or acquire firearms through additional, potentially illegal means.

Former cochair of the Marijuana Caucus, Rep. Don Young (R-AK), who passed away and was succeeded by Mast, introduced to the previous Congress a different bill that would have safeguarded the second amendment of all legal marijuana users not only patients. The bill would have included a brief clause to the constitution stating that “addicted or unauthorized consumers of any restricted substance” will not include an individual who is illegally using or addicted to cannabis.

Only those who reside in a tribal jurisdiction or state that allows the use of cannabis by adults would have qualified for the exemption if they adhered to local marijuana laws.

In an attempt to protect gun rights for medicinal cannabis patients, Florida’s former commissioner for agriculture, Nikki Fried, launched a lawsuit against the national government. However, after months of arguing, a court magistrate rejected the lawsuit in November. Since then, Fried has contested the verdict.

Given that the states’ marijuana laws had made it possible for habitual cannabis users as well as other prohibited people to acquire guns unlawfully, the ATF gave a recommendation in 2020 that specifically targets Michigan and mandates that firearms sellers run mandatory background inquiries on all unauthorized gun buyers.

Changes to the laws regulating firearm purchases could have a ripple effect allowing various entities such as Advanced Container Technologies Inc. (OTC: ACTX) to make further inroads into the market as more people no longer have to choose between using medical cannabis or retaining their ability to legally buy and own a firearm.

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 — DC Lawsuit May Set New Marijuana Smell Precedent

Nearly every state with a legal marijuana market has passed an outright ban on the public consumption of cannabis. Both medical marijuana patients and recreational users are only allowed to use cannabis within the confines of their homes, and each state has policies that require consumers to use their cannabis product privately and away from the eyes of the public.

Unfortunately, marijuana has an extremely thick and potent smell that tends to linger in spots without proper ventilation and can be recognized some distance away from the smoker. A Washington, DC, woman whose downstairs neighbor used legal cannabis finally got sick of the potent smell drifting into her home and took legal action. According to Josefa Ippolito-Shepherd, cannabis smoke from her downstairs neighbor constantly drifted up into her retirement home in Cleveland Park, and try as she might, she just couldn’t get rid of the scent.

Her first efforts to alleviate the issue were unsuccessful; her downstairs neighbor refused to stop smoking indoors,, and the landlord refused to evict the neighbor. Since cannabis is now legal under Washington DC law, Ippolito-Shepherd couldn’t call the police and bring criminal charges against the neighbor. In fact, police told her there was nothing they could do for her, and DC council chair Phil Mendelson said that undoing the legalization of cannabis would be the only way to fix her problem.

Consequently, Ippolito-Shepherd took her grievance to the court in August 2022, arguing that the smell of burning marijuana was a public nuisance. This was the first case of its kind against America’s burgeoning cannabis industry, but it may not be the last.

With most states now allowing some form of cannabis, there have been plenty of complaints regarding the strong scent of marijuana smoke. Worries about second-hand exposure to the smoke by people neighboring smokers, dispensaries and marijuana farms is also a concern.

The issue is tricky. Smokers say that complaints such as these impede their ability to enjoy medical or recreational cannabis within the confines of their own homes while nonsmokers argue that the smell is noxious and potentially harmful to their health.

Ippolito-Shepherd said that she has the “right to breath fresh air” in her own home, adding that she has no problem with people smoking cannabis in their own homes, but she just doesn’t want the smoke invading her home. She is asking Washington, DC, to ban indoor cannabis smoking in multiunit buildings, something that is bound to have nationwide repercussions if her efforts are successful.

California NORML director Dale Gieringer noted that cities in California are already considering the prospect of banning cannabis smoking in residential buildings and apartments to prevent secondhand smoke. San Fransisco also considered banning smoking in apartments, but the city did not pass a smoking ban after activists pointed out that cannabis users are already banned from smoking in public.

This lawsuit could have serious ramifications for the entire marijuana industry, and it is likely that enterprises such as Flora Growth Corp. (NASDAQ: FLGC) are keeping tabs on proceedings to know how it pans out.

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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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Working Toward Global Leadership in CBD Space

Flora (NASDAQ: FLGC) has transitioned from the development stage to a full-scale international distributor with operations in over 12 countries worldwide, achieved under Luis Merchan’s tenure as CEO. “Merchan has also spearheaded several mergers and acquisitions, most notably JustCBD and Vessel Brand, which have since set the company up for rapid growth. Flora also secured $34.5 million in financing and signed deals with key retail distributors such as Tropi, a Colombia-based distributor, Walmart and Macy’s. The company also completed its first import of CBD-containing food and beverage products into the United States from Colombia under its Mambe brand. It has also signed an agreement with luxury clothing and lifestyle brand Tonino Lamborghini to distribute designer CBD beverages through this retailer,” a recent article reads. The piece further discusses Merchan’s confidence in the company’s strong progress while working toward market expansion and product diversification. “Under his leadership, Mr. Merchan is slowly turning Flora into a global leader in the CBD space while also helping it execute its strategy to achieve its short-term and long-term objectives.”

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About Flora Growth Corp.

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

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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 — Flooding, High Winds Ravage Marijuana Operations in California

The devastating storms wreaking havoc on California have had a wide-ranging negative impact on cannabis businesses, disrupting operations and perhaps even supplies. In a last-ditch effort to limit the damage, some cannabis companies temporarily shut down business and fortified their facilities. Several operators have been unable to reach their operations due to road closures and hazardous conditions, while numerous power outages have halted production and exposed plants to contaminants, such as mold.

This is the most recent climate disaster to hit the state marijuana industry, following a heat wave in September and wildfire season several years earlier.

Workers cannot access cultivation facilities due to washed-out roads, which may result in lost sales and production delays, including those for packaging and flower trimming. If the current conditions persist, many cannabis retail store shelves could soon be empty.

At least 15 people have died and tens of thousands have been evacuated as a result of the storms, which began on Sunday, Jan. 7, 2023, and more than 34 million people are currently under a flood watch.

Glass House Brands, a cannabis company based in Santa Barbara, California, shut down both of its cultivation facilities in Carpentaria earlier last week so that employees could return home to their families and avoid getting stuck on the wrong side of a closed road. Graham Farrar, the company’s president, noted that the recent spate of cloudy weather has resulted in the lowest light levels he can recall in years.

However, Farr was concerned about mold and botrytis contaminating cannabis crops because the business is an “indoor sun-grown facility” and only uses photoperiod lights as additional lighting.

Along with the destructive floods, numerous prime cannabis-growing counties, including Mendocino, Monterey and Santa Cruz, also experienced widespread power outages. According to Poweroutage.us, nearly 225,000 homes and businesses were without power on Tuesday of last week.

Aiden Rafii, CEO of Euphoric Life, was concerned that if the power outage continued, they would incur losses of close to $140,000. They had more than 2,800 pounds of frozen biomass stored in the company’s freezers, which would be ruined if it thawed. Euphoric Life’s products are not insured due to the federal marijuana prohibition. Fortunately, power was restored by Wednesday, saving the company and others from further losses.

Mendocino County cannabis department director Kristin Nevedal said growers who are close to burn scars, which can become mudslides after heavy rains, left by severe wildfires from a few years ago have received warnings. However, many of the growers in the Emerald Triangle (Humboldt, Trinity, and Mendocino Counties) are ultimately self-sufficient and able to survive without electricity.

The majority of rural homesteaders, according to Nevedal, “either have alternative energy sources or have learned how to use very little power.” As of Tuesday morning of last week, it appeared that Napa and the nearby Lake County, where several cannabis growers have operations, had been spared from significant damages.

The challenges California cannabis enterprises are facing are just a fraction of the issues that the industry has to deal with, such as the hoops companies such as India Globalization Capital Inc. (NYSE American: IGC) have to navigate just so they can conduct needed studies on this substance.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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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