Author: CannabisNewsWire (CNW)

About CannabisNewsWire CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

420 with CNW — Politicians Tout Cannabis Policy Reform Progress as 4/20 Celebrations Take Place

Lawmakers from various states in the United States joined in the celebration of the 4/20 cannabis holiday on Saturday, April 20, 2024, adding their support to the growing movement for cannabis reform. While this day has traditionally been a time festivities within the marijuana community, it has also become a platform for politicians to advocate for further reform, reflecting the increasing bipartisan backing for the issue.

In the lead-up to 4/20, members of Congress and advocates intensified their efforts to promote reform. This included calls for full legalization and proposals to enable banks to engage with state-regulated cannabis businesses. Representative Earl Blumenauer, cochair of the Congressional Cannabis Caucus, expressed optimism that this year’s 4/20 could mark a turning point in marijuana policy.

Across the country, lawmakers seized the opportunity to discuss cannabis policy, highlighting the significant shift in public perception from viewing marijuana as a taboo subject to recognizing it as a normalized aspect of society.

President Joseph Biden emphasized the need to end the imprisonment of individuals for marijuana possession, acknowledging the disproportionate impact on lives, while Vice President Kamala Harris echoed this sentiment, advocating for a shift in the nation’s approach to cannabis and reforming the justice system.

Senate Majority Leader Chuck Schumer emphasized the importance of reintroducing the Marijuana Administration and Opportunity Act, aiming to end the federal prohibition on marijuana and address the harms of the drug wars. Representative Nancy Mace highlighted the widespread public backing for responsible marijuana reform and urged Congress to prioritize the preferences of their constituents. She advocated for the States Reform Act, which empowers states to lead marijuana reform efforts while safeguarding veterans and children.

Other lawmakers, including Representatives Cori Bush and Pramila Jayapal, called for the decriminalization and legalization of cannabis, emphasizing the need to redress the disproportionate impact of the war against drugs on marginalized communities.

Meanwhile, New Jersey Governor Phil Murphy celebrated the second anniversary of adult-use cannabis sales in his state, highlighting the growth of dispensaries and the positive impact on the local economy.

This year’s 4/20 festivities coincide with heightened anticipation regarding potential federal marijuana reform, as the U.S. Drug Enforcement Administration, under President Biden’s directive issued in 2022, is currently reviewing marijuana rescheduling. There is speculation that the DEA may recommend moving marijuana from Schedule I to III of the CSA, a move that would not federally legalize cannabis but is nonetheless eagerly awaited by industry stakeholders, including major cannabis companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), since that rescheduling is expected to have major ramifications for the trajectory of the industry.

About CNW420

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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CannabisNewsBreaks – Golden Triangle Ventures Inc. (GTVH) CEO Featured Guest in Most Recent Bell2Bell Podcast

Golden Triangle Ventures (OTC: GTVH), a multifaceted consulting company, is spotlighted in the latest episode of the Bell2Bell Podcast, released from IBN. During the interview, GTVH president and CEO Steffan Dalsgaard talks with Bell2Bell host Stuart Smith about the company and Destino Ranch, its flagship project designed to be a tourist attraction, large immersive art installation and music festival venue; the ranch will be located about an hour from Las Vegas. As part of the development, Golden Triangle Ventures has purchased 70 acres and acquired ABI Create, one of the largest event developers in the country. In addition, Dalsgaard noted that he had appointed ABI Create president Marco Antonio Moreno to be president of Lavish Entertainment, a wholly owned subsidiary of Golden Triangle Ventures that is overseeing the development of Destino Ranch. The Bell2Bell Podcast releases informative updates and exclusive interviews with executives from companies operating in fast-moving industries. “Following [Destino Ranch], we do have operations in health and entertainment,” said Golden Triangle Ventures president and CEO Steffan Dalsgaard during the interview. “I’ve got a very exciting plan for those divisions, but right now the focus is developing Destino Ranch. We’re now in the process of getting our land prepared and ready for phase one development, which is super exciting.”

To view the podcast, visit https://cnw.fm/fZM9Q

To view the full press release, visit https://cnw.fm/9Y7Nx

About Golden Triangle Ventures Inc.

Golden Triangle Ventures is a multifaceted consulting company, which operates as the parent business pursuing ventures in the health, entertainment and technology sectors along with others that provide synergistic value to these three core divisions. The company aims to purchase, acquire and/or joint venture with established entities within these areas of business. The goods and services represented are driven by innovators who have passion and commitment in these marketplaces. The company plans to utilize relationships and create a platform for new and existing businesses to strengthen their products and/or services. The three points of the Golden Triangle exclusively represent the three sectors the company aims to do business in. Golden Triangle Ventures is highly focused on acquiring a well-diversified portfolio of companies under one umbrella, which are all managed and owned by the company. An amazing team of professionals support each division and continue to help Golden Triangle Ventures grow daily. For more information about the company, please visit www.GoldenTriangleInc.com.

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

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 — Maine Sounds Alarm on Illicit Marijuana Linked to Chinese Gangs

Maine is becoming the new hub for the illegal cannabis trade, with numerous unlicensed cultivation houses scattered across the state, according to a recent investigation conducted by CBS News. This trend mirrors a broader phenomenon unfolding countrywide, with illegal cannabis farms sprouting up in various states, such as Colorado, Oklahoma and California, as highlighted by the DEA’s former head of operations, Raymond Donovan.

Donovan attributes Maine’s strategic suitability for marijuana cultivation to its discreet geographical location and proximity to prominent distribution hubs such as New York and Boston.

A notable instance occurred in December when law enforcement authorities, after a comprehensive six-week probe, conducted a raid in Machias, uncovering a sizable facility housing more than 100 pounds of packaged cannabis and 2,600 plants. Chief of police Keith Mercier described it as one of the largest indoor cannabis cultivation operations he had encountered in his extensive career.

The operation involved a collaborative effort, with Machias police receiving assistance from various agencies including Homeland Security, the U.S. Federal Bureau of Investigation (FBI) and the U.S. Drug Enforcement Administration (DEA), among others. Since June 2023, Maine officials have executed search warrants at 34 properties associated with illegal cannabis activities, with ongoing investigations.

Surprisingly, investigations into the spread of illegal cultivation operations in Maine’s remote areas have pointed to involvement from Chinese organized crime networks. According to Donovan, these networks, which operate internationally, are linked to some of the largest black market cannabis trafficking operations. The issue prompted 50 U.S. legislators to address Merrick Garland, the U.S. attorney general, seeking clarification on China’s involvement in illegal cannabis activities across the country.

Maine Wire editor Steve Robinson has been monitoring the electricity usage of suspected illicit marijuana growers, a key indicator of illicit activity. He observed that such operations consume exorbitant amounts of electricity, necessitating significant upgrades to electrical infrastructure, which are often challenging to obtain.

Mercier acknowledged Robinson’s contributions, mentioning the utilization of his insights as a training tool prior to executing search warrants. The excessive electricity consumption, coupled with other red flags such as shuttered windows, strong odors and suspicious vehicular traffic, led law enforcement to the Machias operation, resulting in the arrest of three individuals on charges of unlawful cultivation.

Donovan highlighted a concerning aspect of the workforce involved in cannabis grow operations, revealing that some Chinese nationals are labor trafficking victims. Exploited under the guise of legitimate employment, these individuals are coerced into overseeing the cultivation process under duress, working under deplorable conditions for minimal compensation.

Further, he noted that the criminal groups are also often involved in more sinister drug trades, including the distribution of fentanyl. The authorities traced the connection between Chinese organized crime and illegal cannabis growers through the fentanyl distribution chain, observing that profits from fentanyl sales often circulate back to Chinese money brokers in Queens and Brooklyn, who are also involved in cannabis trafficking.

Despite marijuana’s legalization in several states, including Maine, its federal illegality persists. The thriving illicit market stems from the disparity between supply and demand, with regulations unable to meet consumer needs. Donovan expressed concern that lenient prosecution could embolden organized crime syndicates to target sparsely populated states such as Maine, exploiting lax oversight to expand their illicit operations.

Licensed companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) also have to contend with the marijuana black market in the different markets in which they have operations. Decisively addressing this challenge will go a long way in allowing the legitimate companies in this industry to thrive.

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420 with CNW — Study Enumerates Therapeutic Effects, Quality of Life Benefits of Medical Cannabis

A recent publication in the “Medical Cannabis and Cannabinoids Journal,” authored by LECOM in collaboration with AYR Wellness (AYR), delves into the effects of medically approved cannabis on patients’ mental, social and physical well-being. The study showed that patients experienced notable enhancements across these domains, including increased energy levels, within the initial 30 days of treatment with medical cannabis.

This study is the partnership’s first publication; four further studies examining the medical benefits of cannabis are in the works.

The 90-day cohort study involved 103 adults (18 years of age and older) and was designed to evaluate the effects of medically prescribed cannabis on their psychological, social and physical well-being. Every 30 days, participants were required to complete electronic surveys tracking their overall quality of life and cannabis usage.

Furthermore, participants were required to document any negative effects they attributed to cannabis use, such as rapid heart rate, anxiety, dizziness, hallucinations or cognitive impairments. Additionally, participants had to disclose whether they consumed tobacco or alcohol products regularly during at least one-half of the study duration, including within the initial 30 days.

Analysis of the survey data revealed a substantial improvement in participants’ overall well-being and a significant decrease in pain levels between the 30- and 60-day intervals. Notably, individuals who used medical cannabis once daily exhibited the most significant enhancement in general health compared to those who consumed it more frequently, although this finding requires further validation due to the limited sample size of once-daily consumers (n=8).

Participants also reported reductions in emotional constraints, pain and fatigue. Those who consumed alcohol within the initial 30 days reported using medical cannabis less frequently and felt less emotional and energetic compared to nondrinkers. However, the frequency and quantity of alcohol consumption did not appear to influence these outcomes.

Individuals treating opioid addiction and PTSD with medical cannabis tended to use higher THC concentrations, whereas those managing anxiety and chronic pain opted for lower concentrations. Dry mouth, cough and increased appetite were the most commonly reported adverse effects, with no significant differences observed across frequency or modes of administration.

The authors noted that these findings contribute to destigmatizing medical cannabis use, highlighting its positive impact on patients’ lives over 90 days. They call for further research to comprehensively elucidate its medical efficacy and long-term effects.

This study goes on to confirm that patients accessing medical marijuana products from many of the licensed enterprises, such as Software Effective Solutions (d/b/a MedCana) (OTC: SFWJ) are actually deriving benefits from those products, in contrast to what detractors would want to believe.

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 — Cannabis Taxes Are Underperforming Expectations in Several States

Approximately one-half of the U.S. population resides in states where recreational cannabis is legally accessible. Furthermore, 11 additional states, including Florida and Wisconsin, are contemplating legalization this year.

One of the primary arguments for the legalization of cannabis is the potential for increased state tax income. However, the amount of revenue generated depends on the regulatory decisions made by each state regarding the cannabis industry and the method of taxation employed.

Taxes on recreational cannabis typically revolve around factors such as potency, price, weight and quantity, similar to the taxation of other “sin products” such as alcohol and tobacco. Taxation of these goods is not merely a revenue-generating mechanism for the government but is also seen as a tool to influence public-health policies and mitigate the adverse effects associated with their consumption. These taxes are intentionally higher compared to taxes on other commodities.

The rationale behind aggressive taxation of such goods lies in the recognition that their usage imposes societal burdens such as increased healthcare costs and violence, termed as “negative externalities” by economists. Research has indicated potential health risks associated with cannabis, particularly among adolescents. Consequently, governments frequently structure cannabis taxes in a manner aimed at curbing its use.

Most states that have legalized cannabis implement a sales tax specific to marijuana. Some use weighted or quantity-based taxation techniques in addition to sales taxes. For example, a set of six cannabis brownies weighing a pound might be taxed based on their quantity or weight. Similar to the taxation of alcoholic beverages in many states, potency-based taxation is also utilized to regulate cannabis consumption. Spirits have significantly higher taxes than beer and wine. Similarly, cannabis can be taxed based on the level of THC.

Washington and Colorado became the first states to legalize cannabis for recreational use in 2012, with sales beginning in 2014. The states adopted an aggressive approach to cannabis taxation compared to others. Colorado, for instance, levies a marijuana sales tax of 15% for consumers and an additional 15% tax based on weight for retailers, in contrast to New Mexico’s 12% sales tax. Washington imposes an even higher tax rate of 37%.

Washington and Colorado anticipated substantial tax revenues from their burgeoning cannabis industries due to the high tax rates imposed. However, these predictions were based on estimates of illegal cannabis usage, leading to an overestimation of legal consumption, which is typically more expensive than illicit drugs.

Former Colorado governor John Hickenlooper predicted that cannabis taxes would bring in more than $130 million during the first year of sales in 2014. However, the actual revenue fell short, amounting to approximately $88 million. Washington faced a similar situation, with tax revenue significantly below projections. Furthermore, both states experienced a decline in tax revenue from tobacco and alcohol products, attributed to a shift in consumer preferences toward marijuana consumption. This led to a reduction in revenue from these sin goods, although overall tax revenue increased postlegalization, albeit not to the extent anticipated by policymakers.

Additionally, states such as Colorado, California and Oregon have witnessed a slowdown or decline in cannabis sales and revenue due to market maturation, leading to a drop in average cannabis prices and subsequent reductions in tax revenues.

Potency-based taxation appears resistant to falling prices, assuming consistent cannabis sales volumes. However, its effectiveness hinges on consumer preferences for products with high potency, which may not align with market realities. Moreover, suppliers could manipulate THC potency to avoid taxes, potentially leading to unintended consequences such as the proliferation of low-potency products.

Ultimately, there is no one-size-fits-all tax structure capable of guaranteeing a steady stream of cannabis tax revenue. While they have an impact on market dynamics, tax laws are not able to completely counteract demand swings. State tax collections are likely to continue declining or at least remain stagnant as the cannabis industry matures and becomes more competitive as additional states legalize its use.

Licensed companies that are bearing the heavy taxes imposed by the states in which they operate, such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), likely long for a time when favorable tax reforms will be enacted so that the regulated market can outcompete the illicit marijuana actors.

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CannabisNewsBreaks – Software Effective Solutions Corp.’s (SFWJ) Eko2o S.A.S. Marks Significant Step in Strategy to Increase Global Footprint

Eko2o S.A.S., a pioneering force in agricultural technology and infrastructure and a majority-controlled subsidiary of Software Effective Solutions (OTC: SFWJ) (d/b/a MedCana), today announced its continued growth and expansion as a key infrastructure supplier for some of Colombia’s largest flower producers. In addition, the company announced it is enhancing its support and sales operations with international partnerships, notably with Danziger International, one of the flower industry’s most respected names. According to the announcement, the expanding partnership with Danziger International marks a significant step in Eko2o’s strategy to increase its global footprint and is expected to boost Eko2o’s visibility on the international stage as well as foster new opportunities globally. “Our solutions stand out in the market, and we are delighted to witness our company’s growth as we expand our reach both domestically and internationally,” said Juan Ricardo Velez, Eko2o’s CEO.

To view the full article, visit https://cnw.fm/kztH7

About Software Effective Solutions Corp.

Software Effective Solutions/MedCana is a holding company focused on developing companies in the agricultural technology and cannabis industries. As MedCana moves forward with its expansion plans, the company remains committed to delivering on its promise of building a solid foundation for the future growth of its holdings. For more information, visit the company’s website at www.MedCana.net.

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

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Zoned Properties Inc. (ZDPY) Advancing Initiatives Through the Cannabis Sector

The cannabis industry supports communities through job creation, tax revenue generation, social equity programs, and community outreach initiatives
ZDPY focuses on seizing direct-to-consumer real estate opportunities in the regulated cannabis market while enabling businesses to support the communities where they operate
ZDPY’s portfolio includes properties leased to licensed cannabis operators in Arizona, Illinois, and Michigan with 100% occupancy and a weighted average lease term of 10+ years
ZDPY anticipates more than $2.5 million from its property investment portfolio in 2024

The cannabis industry supports the community through job creation, tax revenue generation for essential services, social equity programs, philanthropic efforts, and community outreach initiatives. Additionally, it stimulates economic growth by attracting investment and revitalizing properties, ultimately contributing to community development and enhanced infrastructure.

Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company, focuses on acquiring direct-to-consumer real estate opportunities in the regulated cannabis market while enabling businesses to support the communities they serve.

By investing in cannabis real estate projects and operating commercial properties leased to licensed cannabis operators, ZDPY indirectly contributes to job creation in its target areas. Further, ZDPY’s real estate development projects potentially lead to the revitalization of underutilized properties and the enhancement of local neighborhoods. By transforming properties to meet the needs of cannabis businesses, ZDPY potentially contributes to the overall improvement of community infrastructure and aesthetics.

ZDPY’s portfolio includes properties leased to licensed cannabis operators in Arizona, Illinois, and Michigan. Each project has 100% occupancy and a weighted average lease term of 10+ years, leading to estimates of more than $2.5 million in revenue for 2024.

Michigan has emerged as an example where the cannabis industry has made significant strides in community revitalization efforts. In 2023, the sector generated $87.1 million in excise tax revenue, leading to tangible improvements in public infrastructure (https://cnw.fm/ffXg6).

Municipalities are leveraging these funds for street enhancements and park rejuvenation projects, fueled by licensing fees that reflect the industry’s growth. “This period marks an unparalleled level of street advancement in half a century,” said Mike Burns, City Manager at Lowell, Michigan. With foliage not the only thing going green, the cannabis excise tax is hailed as a key contributor to this urban metamorphosis.”

Besides contributing to local infrastructure, many states have also integrated social equity programs within their cannabis regulations to address the historical injustices of the War on Drugs. With a focus on promoting diversity and inclusion, these programs provide support and resources to individuals from communities disproportionately affected by cannabis prohibition.

Social advocates can look forward to more progress as the industry expands. According to MJBizDaily, total sales of medical and recreational cannabis in the United States reached approximately $33.6 billion by year-end 2023 (https://cnw.fm/L8DMZ). Further estimates by the research group reveal that combined retail cannabis sales in the U.S. are poised to surpass $53.5 billion by year-end 2027, leading to unprecedented opportunities for real estate companies like ZDPY.

Based in Arizona, Zoned Properties is led by Chairman and CEO Bryan McLaren, whose expertise in sustainable community and real estate development spearheads the company’s unique strategy. As the cannabis industry continues to grow, ZDPY is strongly positioned to seize real estate prospects within the swiftly expanding retail cannabis market.

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

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

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420 with CNW — California Authorities Seize Illicit Cannabis Worth $53M

California authorities recently conducted a comprehensive operation aimed at dismantling illegal marijuana operations across the state, seizing more than $53 million worth of illicit cannabis between Jan. 1, 2024, and March 31, 2024. The crackdown spearheaded by the state’s governor’s office targeted search warrants in various counties, including eight in Orange, one in San Joaquin, two in Riverside, one in Los Angeles, two in Alameda, five in Kern and one in Fresno.

During the operation, law enforcement confiscated $53,620,600 worth of illegal marijuana along with 31,866 pounds of unlicensed product and 11 firearms. Additionally, approximately 54,137 unlicensed marijuana plants were eradicated during the multicounty effort.

Governor Gavin Newsom stressed the significance of combating illegal marijuana activities, noting that it not only undermined the regulated market but also posed risks to public health and the environment. He highlighted the state’s commitment to fostering a legal market while aggressively tackling illicit operations associated with human trafficking as well as organized crime.

Established in 2022 by Governor Newsom, the Unified Cannabis Enforcement Taskforce (UCETF) plays a pivotal role in coordinating enforcement efforts among federal, state and local agencies. Led by the state’s Fish & Wildlife Department (CDFW) and the Cannabis Control Department (DCC), with support from the Homeland Security Division of the Governor’s Office of Emergency Services (Cal OES), the task force comprises more than two dozen partners working collaboratively to disrupt illegal marijuana activities.

The Alcoholic Beverage Control, Cannabis Control, Employment Development, Fish & Wildlife, and Tax & Fee Administration departments, the California National Guard Counter Drug Task Force, the California Division of Occupational Safety & Health, and the California State Parks were among the state agencies and departments that took part in this year’s Q1 UCETF operations.

Since the task force’s establishment, 236 search warrants have been carried out, yielding the confiscation of illicit marijuana valued at $371,199,431. In addition, during enforcement actions, 139 guns and more than 401,458 illegal cannabis plants have been seized so far.

Nathaniel Arnold, CDFW’s acting chief, highlighted UCETF’s dedication to prioritizing high-impact targets and leveraging resources from partner agencies to enhance public safety, protect the environment and support the regulated marijuana market. In parallel efforts, California recently allocated $12 million in cannabis grants to 10 cities and counties statewide, aimed at supporting equity programs for communities disproportionately affected by past drug policies. The funds support programs that help applicants secure startup financing, comply with regulations and receive technical support.

The broader cannabis industry, including leading companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), will be hoping that all jurisdictions where marijuana is legal take firm action against the marijuana black market because it not only threatens the viability of the regulated market but also poses serious public health risks.

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420 with CNW — FDA Boss Says DEA Doesn’t Have Reason to Delay Cannabis Rescheduling

U.S. Food and Drug Administration (FDA) director Robert Califf noted before a House committee on April 11, 2024, that there is no justification for the U.S. Drug Enforcement Administration (DEA) to postpone making the much-anticipated decision to move cannabis from Schedule I to III of the Controlled Substances Act (CSA).

However, Califf suggested that the DEA might treat recreational cannabis differently from medical cannabis, a move that could significantly impact the American marijuana industry. Analysts have speculated on the implications of such a potential distinction, noting that it might result in tax advantages for medical cannabis enterprises over recreational ones.

Califf’s remarks were made during a comprehensive hearing convened by Representative James Comer (R), who chairs the Oversight and Accountability House Committee. Comer raised concerns about the FDA’s oversight of new tobacco products used for nicotine vaporization and its reluctance to regulate products derived from hemp, such as CBD. In response to Comer’s criticisms, Califf shifted the responsibility to Congress, asserting that the current regulatory frameworks are inadequate for CBD and advocating for the establishment of new regulatory measures.

Califf’s discussion on the potential reclassification of cannabis was prompted by a query from Representative Nancy Mace (R), a prominent advocate for cannabis reform. Mace sought updates on the DEA’s assessment of the FDA’s findings from last year, which acknowledged the medicinal value of marijuana and recommended its reclassification to Schedule III.

Califf refrained from providing specific details, noting that he wouldn’t tell even if he knew. However, he emphasized the absence of justification for any delay on the part of the DEA, stressing the need for consideration of existing regulations. He also emphasized the importance of congressional guidance in navigating the cannabis regulation issue.

Drawing a line between recreational and medical cannabis, Califf highlighted the distinction between their respective purposes and routes of validation. While acknowledging the medical benefits of cannabis when used for therapeutic purposes, he cast doubt on its utility for recreational use, suggesting that it lacks medicinal value in such contexts. It remains unclear whether Califf’s insights will affect how the DEA makes a decision.

According to a DEA official, the agency typically takes up to six months to evaluate recommendations from health authorities regarding scheduling changes. This timeframe aligns with the duration since the current assessment of cannabis began. These discussions occurred amid the Biden administration’s efforts to promote marijuana pardons and oversee the cannabis scheduling review.

The entire marijuana industry, including leading companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), will be waiting with bated breath to know what final decision the DEA makes regarding the rescheduling of marijuana under the CSA and the resultant implications for the trajectory of the industry.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Marks GLP-1 Study Milestone with Ethics Review Board Approval

Lexaria, a global innovator in drug delivery platforms, has received approval for its GLP-1 human pilot study #2 by an independent third-party ethics review board
GLP-1 drugs are utilized in the treatment of type 2 diabetes and obesity, a huge market, and are typically administered by painful and expensive injection, offering a major opportunity for Lexaria’s oral delivery platform
This approval sets the company up for dosing within 30 days or less, with tentative study completion dates for this summer
The study will comprise two study arms, the second study arm will investigate whether Lexaria’s patented DehydraTECH(TM)-enhanced semaglutide can effectively absorb into the sublingual/buccal tissues of the mouth with fewer side effects
For Lexaria, this milestone brings it closer to its objective of forging strategic partnerships with leading industry players, ultimately growing shareholder value

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced approval for its GLP-1 human pilot study #2 by an independent third-party ethics review board. The potential use of Lexaria’s oral delivery platform for GLP-1 drugs, typically administered by injection or stomach-upsetting tablets, represents a massive market opportunity. This study approval marks a milestone for the company, with the first dosing set to begin within 30 days or less, and with tentative completion dates for this summer (https://cnw.fm/QDjNj).

The human pilot study will seek to explore Lexaria’s patented DehydraTECH(TM) technology and its overall effectiveness in the delivery of glucagon-like peptide-1 (“GLP-1”). It will involve up to 9 healthy volunteers and feature two study arms, each evaluating tolerability, blood absorption levels, and blood sugar control.

The first study arm will use a Rybelsus(R) composition processed with DehydraTECH and delivered within swallowed capsules. The second arm will explore an oral dissolvable tablet formulation with DehydraTECH-powered semaglutide from Rybelsus(R). This will mark the very first study design to investigate whether DehydraTECH-enhanced semaglutide can effectively absorb into the sublingual/buccal tissues of the mouth and throat with fewer side effects than from swallowed administration and with some adequate level of blood absorption.

Earlier in March, Lexaria announced having hired a contract research organization (“CRO”) to perform this specific study, described as a randomized, crossover, placebo-controlled investigation (https://cnw.fm/fq3mr). This ethics review board approval is a testament to the steady progress of the company. It also allows Lexaria to maintain its current momentum by meeting the study objectives and realizing the timelines set out at the beginning of the year. More importantly, these milestones inch the company closer to forging strategic partnerships with leading industry players, which would be integral in growing shareholder value.

“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.

“Most GLP-1 drugs sold today are administered by painful and expensive injection devices. More effective and tolerable oral delivery of GLP-1 drugs could be extremely valuable to patients and to industry,” he added.

Previous studies have demonstrated DehydraTECH’s ability to improve the delivery of certain drugs destined for the bloodstream. Lexaria hopes to replicate these results in this study to usher in a new era in GLP-1 delivery without the need for painful injections or stomach-upsetting tablets. Its management is optimistic about the study results, and the ethics review board approval brings the company closer to realizing this objective.

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

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

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