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

Lexaria Bioscience Corp. (NASDAQ: LEXX) Concludes First Dosing for its Second GLP-1 Human Pilot Study; Maintains Study Pace and Rollout for 2024

Lexaria, a global innovator in drug delivery platforms, just concluded its first dosing for its glucagon-peptide-1 (“GLP-1”) human pilot study #2, GLP-1-H24-2
GLP-1, a class of drugs, has demonstrated the ability to address diabetes and weight loss, albeit with poor oral bioavailability, usually as little as 0.8%
Lexaria, through its study, looks to demonstrate the effectiveness of its DehydraTECH(TM) technology in improving GLP-1’s bioavailability, opening up a vast worldwide market

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just concluded its first dosing for its glucagon-peptide-1 (“GLP-1”) human pilot study #2, GLP-1-H24-2 (https://cnw.fm/g0mZl). This follows the recent announcement of an applied research program to evaluate certain molecular characteristics of its patented DehydraTECH(TM) processed GLP-1 drug, semaglutide, related to its mode of action and performance. It also marks a significant milestone in the company’s 2024 research pipeline (https://cnw.fm/uGmp4).

At the beginning of the year, the company resolved to focus on GLP-1 studies for the calendar year, having shown positive results in an 8-week clinical study in 2023/24. This latest milestone followed its recent contract award and independent ethics review board approval in April.

The study will spot three arms, comparing 7 mg semaglutide dose formulations. The first arm used a positive control Rybelsus(R) swallowed tablet, while the second arm – due to be performed in late June – will feature DehydraTECH-semaglutide swallowed capsules. Nearly 5 weeks are required between doses to “wash-out” lingering quantities of drugs between study arms.

The last arm will, for the first time, utilize an in-mouth dissolvable DehydraTECH-semaglutide oral tablet. This study arm will investigate whether DehydraTECH-enhanced semaglutide can be absorbed at any level systemically through the sublingual/buccal tissues of the mouth and throat, and into the bloodstream, with fewer side effects than from swallowed pill administration. It will mostly avoid the stomach’s acidic environment, which seriously degrades GLP-1 drugs that are swallowed, resulting in exceptionally low blood absorption rates.

GLP-1 exhibits poor oral bioavailability, usually as little as 0.8%, despite having demonstrated the ability to address diabetes and weight loss. Lexaria, through its DehydraTECH technology, has proven to significantly improve this bioavailability.

Lexaria looks to follow through with this clinical study, and more, ultimately carving out a significant market share in the diabetes treatment market, projected to reach $134.1 billion by 2030. Its management is optimistic that this will be its biggest year yet, where all its efforts and investments will pay off.

“I am excited about this study; the Lexaria scientific team believes that a dissolvable oral tablet that delivers an effective fraction of semaglutide along with reduced side effects could potentially offer valuable benefits to the pharmaceutical industry that might lead to a higher likelihood of favorable strategic partnering with leading industry players in GLP-1,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/iwXCw).

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 a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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420 with CNW — New Jersey Lawmaker Introduces Bill Seeking to Cap Medical Cannabis Prices

State officials in New Jersey acknowledge the concerns raised by medical-cannabis patients regarding the steep prices of marijuana products. However, the officials stress their limited authority under existing laws, which grant them no jurisdiction over the pricing policies of dispensaries.

Democratic legislator Senator Troy Singleton is looking to neighboring Pennsylvania for inspiration. Pennsylvania’s medical-cannabis law includes a provision allowing state authorities to impose price limits if marijuana prices become exorbitant. Singleton aims to replicate this provision in New Jersey, proposing a bill that would empower the state’s cannabis regulator to impose price limitations on medical-marijuana providers if their pricing practices are deemed unjustifiably high relative to their operational costs. The limits would be revisited every six months.

Singleton underscores the pressing issue of exorbitant cannabis prices in New Jersey, particularly for medical users. Price caps, in his opinion, can create market pressure and, as a result, result in lower pricing for customers.

Chris Goldstein, an advocate for cannabis reform who closely monitors marijuana prices in both Pennsylvania and New Jersey, draws parallels between the pricing dynamics of marijuana and other commodities. He expressed concerns about corporate greed driving prices upward, noting that despite promises of increased competition bringing prices down, prices have remained stubbornly high in New Jersey.

Critics such as Goldstein attribute the high prices to corporate groups controlling the majority of the cannabis industry in New Jersey. Most cultivators are corporate entities, leaving only a few independent players.

Comparing prices, it’s evident that marijuana is considerably cheaper in Pennsylvania than in New Jersey. For instance, an eighth at Ascend in Fort Lee costs $65 (or $50 on sale), while the same amount is $15 in Scranton, Pennsylvania. Likewise, an eighth at Bordentown’s Curaleaf costs $60, whereas in Harrisburg, Pennsylvania, it’s only $32.50.

Cannabis and disability activist Edward “Lefty” Grimes draws attention to the disparity in cost between legal dispensaries and the traditional market. The high cost of extracted marijuana oil, or “dabs,” is one of his points of contention, as it is far cheaper in the legacy market.

Goldstein laments the persistently high prices of marijuana in New Jersey compared to other states, suggesting that these prices deter people from enrolling in the medical cannabis program. Grimes believes that price-fixing laws are a workable way for legislators to guarantee that individuals suffering from illnesses such as post-traumatic stress disorder (“PTSD”), multiple sclerosis and cancer may obtain inexpensive marijuana products.

While Singleton has championed various bills aimed at reforming the marijuana sector, he acknowledges the challenges of passing such legislation in the legislature. Although the price cap bill has yet to progress, Singleton remains committed to advocating for more accessible pricing in the market.

While the entire cannabis industry including major companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) wish that patients and other users get the marijuana products they need at the most affordable prices possible, the wish to put price caps may be concerning given the rapidly changing market conditions on the ground and the slow rate at which regulators respond to such changes.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The 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. 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 — Adult-Use Cannabis Sales Could Begin in Ohio by June

The sale of recreational cannabis is on track to commence around mid-June in Ohio following the recent approval of new licensing regulations for dispensaries. Since December 2023, when a voter-approved statute came into effect, the state has been in a state of uncertainty regarding recreational sales.

While individuals 21 years and older were permitted to cultivate and use marijuana at home, the absence of legal avenues for purchase raised concerns about the emergence of a black market, prompting attention from Governor Mike DeWine and certain GOP legislators.

The Joint Committee on Agency Rule Review granted passage to the regulations necessary for a dual-licensing scheme, allowing current medical cannabis dispensaries to expand their offerings to recreational cannabis products. According to Jim Canepa, superintendent of Ohio’s Division of Cannabis Control (DCC), applications for licensing will be accessible by June 7, 2024, in accordance with the stipulations of the new law.

Canepa refrained from speculating on the duration of application approval, citing variable circumstances. However, Ohio Cannabis Coalition spokesman Tom Haren expressed confidence in the readiness of dispensary operators, commending the diligent efforts of the DCC in meeting regulatory deadlines.

The impending rollout of recreational sales has spurred preparations among existing dispensaries, with many expected to pursue dual licenses to accommodate both recreational and medical clientele.

Canepa highlighted the ongoing development of regulatory frameworks, emphasizing the multifaceted approach required for full program implementation by the Sept. 7, 2024, deadline.

Under the new legislation, individuals aged 21 years and older are permitted to purchase and possess up to 2.5 ounces of marijuana, with provisions for home cultivation of up to 6 plants per person or 12 plants per household. A 10% tax will be imposed on sales, with the resultant revenue allocated toward addiction treatment, administrative expenses, municipal dispensaries, social-equity initiatives and employment programs within the marijuana sector.

GOP Representative Jamie Callendar, a proponent of recreational legalization, underscored the efficiency of the regulatory process undertaken by the DCC, contrasting it with previous legislative deliberations. Despite prior contention over proposed amendments to the voter-approved statute, Callendar expressed optimism regarding the viability of the current regulatory framework.

Legislative action may then be required to handle other issues, such as safeguards for business owners, limitations on marketing to minors and child-safety measures. Callendar emphasized the evolving consensus among policymakers, signaling a shift toward acknowledging the program’s potential success.

As Ohio inches closer to legalizing recreational marijuana sales, the collaborative efforts of regulatory bodies and industry stakeholders signal a pragmatic approach toward implementation, fostering cautious optimism among proponents and policymakers alike.

If the recreational marijuana sales kick off as expected in June, there could be opportunities for ancillary entities akin to Innovative Industrial Properties Inc. (NYSE: IIPR) that could also sprout and benefit from serving marijuana businesses in the state.

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420 with CNW — Impact of Federal Marijuana Reclassification on State-Level Programs Remains Unclear

A proposal put forth by Merrick Garland, U.S. Attorney General, calls for a relaxation of federal laws prohibiting marijuana. However, this move does not imply the federal government’s endorsement of medical or recreational marijuana use in the numerous states where it has been legalized.

Shifting cannabis from its current classification as one of the most hazardous and least beneficial substances to a less severe category indicates a desire within the federal government, particularly under Biden’s administration, to alleviate restrictions on a substance that has gained legality in an increasing number of states over the past decade. Over the years, federal authorities have refrained from targeting state-legal cannabis activities, and this recent proposal seems to reinforce that stance. Nonetheless, it fails to resolve the complex issues arising from the disparity between federal and state regulations.

The specifics of the rescheduling remain uncertain, as the U.S. Department of Justice (DOJ) has not disclosed Garland’s proposal details. Even if made public, the proposal is subject to modifications during the rulemaking process, which spans several months.

Here are some key considerations regarding what is currently known about the potential impacts of rescheduling:

Q: Is marijuana currently legal?

A: No. Despite legalization in certain states for adult use, federal law would likely still deem state systems illegal. State-legal medical cannabis dispensaries don’t meet the criteria for Schedule III drugs regulated by the U.S. Food and Drug Administration (FDA).

Q: What distinguishes Schedule I from III?

A: One significant difference is the acknowledgment of potential medical value. Schedule I substances, such as LSD and heroin, are deemed to have no medicinal use, hindering research efforts. On the other hand, Schedule III recognizes some medical benefits, offering prospects for improved research opportunities.

Q: How are states getting ready for rescheduling?

A: State regulators are awaiting further details before acting. While some anticipate eased restrictions on marijuana research, others consider potential implications for state-legal businesses, such as eligibility for tax deductions.

Q: Why is research important?

A: Limited research due to restrictions has impeded efforts to demonstrate cannabis’s benefits, hindering policy decisions and industry guidelines.

Q: What implications does rescheduling have on criminal justice, tax and banking policies?

A: While rescheduling alone is unlikely to address various concerns, such as tax deductions and access to banking services, advocates hope it will catalyze broader changes, including addressing social-justice issues.

Q: Could a future administration reverse this decision?

A: While possible, there’s no indication of such intentions. The fate of rescheduling could depend on the outcome of future elections and subsequent policy shifts.

Companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) will be waiting on the U.S. Drug Enforcement Administration to announce its reclassification decision and the commencement of the next rulemaking steps to ascertain what the strategic direction for cannabis businesses may be going forward.

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CannabisNewsBreaks – AROYA Marks Release of 100th Episode of ‘Office Hours Live,’ Designed to Provide Cannabis Cultivation Guidance, Support and Community

AROYA, the leading cannabis cultivation platform, has reached a significant milestone for “Office Hours Live,” its popular podcast series. According to the announcement, “Office Hours Live” recently released its 100th episode, with each episode focused on providing free, science-based and expert-approved guidance on cannabis cultivation. Hosted by cannabis cultivation experts Seth Baumgartner and Jason Van Leuven, the series has had millions of views and downloads worldwide, answered more than 900 cultivator questions and featured 13 guests from various sectors of the cannabis industry; the episodes also include live question-and-answer segments where participants can interact directly with the hosts. “We created ‘Office Hours’ to bridge the gap between novice enthusiasts and seasoned experts in cannabis cultivation,” said AROYA vice president of marketing Christian Hertel in the press release. “It’s about democratizing knowledge, where questions find answers and curiosity meets expertise. Every session is a chance to learn, share and cultivate not just cannabis but a community of informed growers.”

To view “Office Hours Live” episodes, visit https://cnw.fm/0FjaQ

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

About AROYA

AROYA is the leading cannabis cultivation platform. The company combines advanced sensor technology, software and data-driven insights to empower cultivators. With 30 years of experience in sensor development, AROYA aims to help the cannabis cultivation industry increase yield, scale operations and ensure consistent quality, enabling cultivators to make more purpose-driven decisions for their businesses. For more information about the company, visit www.AROYA.io.

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CannabisNewsBreaks – CWCBExpo Names Josh Kesselman as Keynote Speaker for 10th Annual Trade Show and Conference

Cannabis World Congress & Business Exposition (“CWCBExpo”), the premier East Coast trade show and conference dedicated to the legalized cannabis industry, has announced the keynote speaker for next month’s event. According to the announcement, Josh Kesselman, iconic CEO and philanthropic founder of HBI International, will provide the main address. HBI International is the company behind RAW Rolling Papers. The CWCB Expo is scheduled for June 5–6, 2024, in New York City. Kesselman will open the event, presenting on the main stage at 11 a.m. ET on June 5; his presentation, which will be styled after a fireside chat, will be hosted by CNBC’s Fast Money investor voice, Tim Seymour. The premier business-to-business trade show event for legal cannabis, CWCBExpo New York provides a forum for dispensary owners, growers, suppliers, medical professionals, investors, regulators, legal counsel and entrepreneurs to gather together, share information and create meaningful connections. “We are honored to have Josh Kesselman give the keynote address at our event,” said CWCBExpo CEO Christine Ianuzzi in the press release. “He exemplifies much of cannabis culture today and is an example of a successful entrepreneur who gives back.”

To participate in the event, visit https://cnw.fm/tlcqY

To view the full press release, visit https://cnw.fm/US8QF

About the Cannabis World Congress & Business Exposition

CWCBExpo is an established business-to-business trade show event for the legalized cannabis industry. It is held in New York City, the largest media, financial and business market, and is the leading forum for dispensary owners, growers, suppliers, investors, medical professionals, government regulators, legal counsel and entrepreneurs looking to achieve business success and identify new areas of growth in this dynamic and fast-growing industry. For more information about the company, visit www.CWCBExpo.com.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Granted Two New US Patents in Hypertension, Epilepsy

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, has received two new patent awards, bringing the company’s patent portfolio to 43 granted patents worldwide. According to the announcement, the company has been granted a patent in its patent family #21, “Compositions and Methods for Treating Hypertension.” The company noted that this is the third granted U.S. patent in this category and is regarding the company’s DehydraTECH(TM)-processed cannabidiol (“CBD”) and evidence of its ability to lower blood pressure in both acute dosing in hypertension as well as during a five-week study duration. In addition, Lexaria has received a granted patent in Lexaria’s patent family #24, “Compositions and Methods for Treating Epilepsy,” which is also the third granted U.S. patent in this patent category. This patent is also related to DehydraTECH-CBD and is regarding its potential to mitigate epileptic seizures in rodents while also being absorbed into the bloodstream more effectively than a current commercially available, cannabinoid-based anti-seizure medication. Both patents will expire in 2042 if not extended.

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

About Lexaria Bioscience Corp.

Lexaria Bioscience’s patented drug-delivery formulation and processing platform technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, Lexaria has developed and investigated DehydraTECH with a variety of beneficial molecules in oral and topical formats. DehydraTECH has repeatedly demonstrated the ability to increase bioabsorption and has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier, which Lexaria believes to be of particular importance for centrally active compounds. Lexaria operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 43 patents granted and many patents pending worldwide. For more information about the company, please visit 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 — Poll Suggests Florida Cannabis Legalization Measure Will Narrowly Miss Voter Approval

A recent survey by a group opposing the legalization of marijuana in Florida reveals that while a majority of voters support the initiative, support falls short of the required 60% threshold for approval. Conducted by Cherry Communications for the Florida Chamber of Commerce, the poll indicates that 58% of Florida’s probable voters favor legalization while 37% oppose it, with 5% undecided.

On the other hand, an alternative ballot item related to abortion rights has 61% of the vote, which means it will probably pass.

This marks the third survey indicating insufficient support for the marijuana initiative since Florida’s Supreme Court greenlighted its inclusion on the ballot, rejecting a challenge from Ashley Moody, the state’s attorney general.

The survey, which involved 609 voters who are likely to vote, was conducted between April 28–May 7, 2024, with a margin of error of 4%.

A recent Ipsos/USA Today poll indicated that 56% of registered voters in Florida and 49% of adults statewide support marijuana legalization. Similarly, only 47% of voters in a Mainstreet Research and Florida Atlantic University (FAU) poll were in favor, with 35% against and 18% undecided.

Notably, Kim Rivers, Trulieve’s CEO, contested the recent polls, asserting that the internal survey suggests strong support for the initiative, potentially exceeding 70%. Trulieve, a major financial contributor to the campaign, has invested close to $50 million.

Although the campaign has not disclosed internal survey data, previous surveys have shown a more positive image. November 2023 saw approximately 70% of respondents to a University of North Florida (UNF) poll in favor of legalization.

Florida governor, Ron DeSantis, anticipates a rejection of the measure in November, citing concerns over its potential impact on the quality of life.

Despite DeSantis’s position, he accurately predicted the Supreme Court’s decision to include the initiative on the ballot. Additionally, he has weighed in on federal marijuana policy, asserting that the federal ban on gun ownership for state-legal cannabis users may be unconstitutional. However, he did not intervene in a lawsuit filed by Florida’s former agriculture commissioner against the Biden administration over this issue.

Economic projections suggest legalization could generate significant tax revenue, estimated between $195 million and $431 million annually. If passed, the initiative would amend Florida’s Constitution to permit existing medical marijuana companies, such as Trulieve, to sell cannabis to adults 21 years of age and older. Notably, the proposal lacks provisions for home cultivation, expungement of past records or social-equity measures. The specifics of the survey questions were not disclosed publicly.

Industry actors such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) will be watching the developments in Florida to see if it becomes the latest U.S. state to end marijuana prohibition.

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420 with CNW — Thai PM Wants Marijuana Recriminalized Barely Two Years After Decriminalization

Thailand’s prime minister announced plans to classify marijuana once again as a narcotic by the end of the year, marking a significant reversal of its earlier decision. Just two years ago, Thailand took a progressive step in Asia by decriminalizing recreational marijuana use.

Despite this reversal, Thailand has witnessed a rapid expansion of its domestic cannabis retail sector. Over the past couple of years, thousands of businesses and stores have emerged, projecting an industry value of potentially up to $1.2 billion by next year.

Expressing the government’s intentions on X, SretthaThavisin, Thai prime minister, called upon the health ministry to revise regulations and reclassify marijuana as a narcotic. However, he emphasized that its usage should be restricted solely to medical and health purposes.

The cannabis decriminalization journey in Thailand began in 2018 for medical purposes and extended to recreational usage by 2022 during the tenure of the previous government. Nonetheless, critics argue that the liberalization process was hastily executed, resulting in widespread confusion regarding regulations.

Srettha reiterated his government’s commitment to taking a hardline stance against illicit drugs following a meeting with agencies involved in combating narcotics. He urged authorities to demonstrate tangible progress within the next three months, emphasizing the detrimental impact of drug addiction, particularly among young people.

In addition to bolstering enforcement efforts, Srettha called for a re-evaluation of legal drug possession thresholds, suggesting a shift from defining possession by “small quantities” to even “a single pill” to facilitate stricter enforcement.

Previously, Srettha’s administration had expressed its intention to enact a marijuana law by the end of the year, aiming to prohibit recreational cannabis while permitting its use exclusively for health and medical purposes. However, the timeline for reclassifying marijuana as a narcotic as well as evaluating requisite procedures remain uncertain.

The secretary-general of the country’s Marijuana Future Network, Prasitchai Nunual, criticized the idea of recriminalization and forewarned of the negative effects it would have on small companies, consumers and the economy. He contended that a large number of people had made investments in marijuana enterprises and cultivation, and would incur large losses in the event that the drug was once again categorized as a narcotic.

Nunual suggested that any decision regarding cannabis classification should be informed by scientific evidence comparing its harms to those of cigarettes and alcohol. He proposed that if marijuana is found to be less hazardous, similar consideration should be given to reclassifying cigarettes and alcohol as narcotics.

These policy reversals in emerging international markets for marijuana are likely to be of concern to established entities such as Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) that may have been looking for foreign markets to augment their domestic sales.

NOTE TO INVESTORS: The latest news and updates relating to Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) are available in the company’s newsroom at https://cnw.fm/SFWJ

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420 with CNW — White House Noncommittal on Biden’s View of DOJ’s Stand on Cannabis Reclassification

The White House hasn’t disclosed whether President Joseph Biden backs the U.S. Department of Justice’s (DOJ) proposal to reclassify cannabis after a review he initiated. During a conversation with Karine Jean-Pierre, the White House press secretary, reporters asked questions regarding the president’s stance on the DOJ’s proposal to shift marijuana from Schedule I to III.

Jean Pierre responded by noting that Biden’s administration would let the review process unfold, so she wouldn’t “preempt the matter.” She also stressed the president’s clear stance against incarcerating individuals solely for cannabis possession. Jean-Pierre has consistently refrained from directly addressing the administration’s stance on the rescheduling proposal. Nonetheless, she noted that the review directed by the president aligns with his promise to voters during the last election.

Biden has granted mass pardons twice to individuals convicted of federal cannabis possession offenses. Reclassifying marijuana to Schedule III wouldn’t legalize it or release individuals currently imprisoned for cannabis-related charges.

It’s worth noting that during his presidential campaign, Biden promised to reclassify cannabis as Schedule II substance, which is a stricter classification than what his administration is considering. Jean-Pierre reiterated that the president’s position on the matter is the reason behind his directive for the U.S. Department of Health and Human Services (HSS) and the DOJ to review the rescheduling of cannabis.

The White House has yet to confirm the status of the rescheduling proposal. While Jean-Pierre mentioned the proposal is with the DOJ, the department confirmed completing the review. It’s expected to have been forwarded to the White House Office of Management and Budget (OMB) for assessment before publication in the Federal Register for public input.

During a committee hearing last week, the head of the U.S. Drug Enforcement Administration (DEA) declined to comment on the department’s recent cannabis rescheduling decision due to the ongoing rulemaking process.

Last month, the press secretary reiterated Biden’s support for cannabis decriminalization. She also stressed that HHS’s rescheduling recommendation to the DEA was grounded in evidence and science, echoing the administration’s principles.

Both Biden and Vice President Kamala Harris have increasingly vocalized their support for cannabis policy reform leading up to the November election. Additionally, the top House Democrat noted that the administration’s move to reschedule cannabis is a positive step but advocated for further congressional action, including passing Senate Majority Leader Chuck Schumer’s legalization bill.

Conversely, a GOP senator argued that cannabis serves as a “gateway drug” and criticized Democrats’ legalization efforts as promoting criminal behavior. He also expressed concerns about marijuana banking legislation facilitating increased drug use in the United States.

All that marijuana companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) can do at this point is to wait for the formal communication by the DEA regarding their stand on marijuana scheduling in light of the recommendation that the agency received from HHS.

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