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

CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Reports on Promising Results from Study on INM-089 Treatment of Dry AMD

InMed Pharmaceuticals (NASDAQ: INM), a leader in the research, development, manufacturing and commercialization of rare cannabinoids and proprietary cannabinoid analogs, is reporting on additional preclinical data for INM-089, a proprietary small molecule compound acting as a preferential signaling ligand of cannabinoid receptor 1 (“CB1”) and cannabinoid receptor 2 (“CB2”). The reported data continues to demonstrate positive pharmacological effects in the treatment of dry age-related macular degeneration (“AMD”). According to the announcement,

in vivo preclinical studies in AMD disease models show that INM-089 delivers improved retinal pigment epithelium integrity, neuroprotection and photoreceptor improvement. Earlier results showed that INM-089 also preserved retinal function and improved the thickness of the outer nuclear layer of the retina, where photoreceptors are located. “We are very excited with the data from recent preclinical studies demonstrating both significant functional and pathological improvements from INM-089 in the AMD model,” said InMed Pharmaceuticals SVP of preclinical research and development Dr. Eric Hsu in the press release. “While a few treatment options are currently available, their efficacy is limited and may be associated with several undesirable side effects. We see an opportunity for INM-089 to slow the progression and to fill a significant gap in the treatment of this chronic disease.”

To view the full press release, visit https://ibn.fm/9Q5Fy

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs. The company is a clinical-stage company developing a pipeline of proprietary cannabinoid-analog therapeutics and dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, please visit www.InMedPharma.com.

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

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Grows Global Patent Portfolio to 41; Maintains Focus on GLP-1 Clinical Studies for 2024

Lexaria, a global innovator in drug delivery platforms, has added three new patents to its portfolio, bringing the total to 41
Two patents were awarded in the U.S., while the third was awarded in Japan, expiring in 2042 and 2041, respectively, if not extended
Lexaria’s management plans to maintain focus on GLP-1 studies for 2024

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, in the month of April 2024, added three new patents to its portfolio. This brings the total number of awarded patents globally to 41, a testament to the versatility of its patented DehydraTECH(TM) technology and its overall viability in the potential treatment of various ailments including, but not limited to, diabetes, weight loss and hypertension.

Two newly granted patents were awarded in the U.S. They fall under Lexaria’s patent family #24: Compositions and Methods for Treating Epilepsy. These two patents complement earlier research that discovered DehydraTECH-CBD was capable of mitigating epileptic seizures in animals, and was also absorbed into the bloodstream more effectively than the commercially available CBD-based anti-seizure medication, Epidiolex(R).

The third patent was granted in Japan under Lexaria’s patent family #18: Compositions and Methods for Enhanced Delivery of Antiviral Agents. This patent followed Lexaria’s demonstration of a 42%-204% improved delivery of antiviral drugs, as evidenced in numerous animal studies over the years. The first two patents will expire in 2042, while the last one will expire in 2041 if both are not extended.

These three additions bolster Lexaria’s intellectual property, which remains significant in supporting future business objectives. They are also integral in growing the company’s shareholder value, an avenue it seeks to pursue even further as time progresses. Even so, Lexaria is still committed to focusing on glucagon-like peptide 1 (“GLP-1”) studies for the 2024 calendar year, having shown positive results in an 8-week clinical study in 2023. At the start, the company’s foray into GLP-1 studies was considered a “high-risk” program, according to the CEO, Chris Bunka. This mainly stemmed from the fact that this was a class of drugs considered “large molecules,” a class that Lexaria had never explored before, given its focus on “small molecules” (https://cnw.fm/ITon1).

Despite the challenges and concerns, Lexaria’s GLP-1 study was a huge success that aligned with the rising interest in GLP-1 drugs owing to their health benefits. As such, the company looks to concentrate on these studies, even as it grows its intellectual property globally.

“Our R&D plans for 2024 are very tightly focused and will be concentrated mainly on GLP-1 investigations. We are not at this time planning additional 2024 research in the antiviral nicotine, or PDE5 sectors. We have solid early-stage data in each of those areas that will allow us to build upon those at the right time,” noted Mr. Bunka.

GLP-1 studies will run alongside international patent applications. Upcoming patents are expected to cover swallowed capsules and dissolvable oral tablets. Lexaria’s management is confident in its current direction and maintains that 2024 will be the year the company’s hard work will prove itself. It is a testament to its commitment to creating shareholder value and asserting itself as a leader in its space.

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

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

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420 with CNW — DOJ Court Filing Asserts That Cannabis Supports Tourism Industry

The U.S. Department of Justice (DOJ) is once again urging a federal court to reject a lawsuit filed by prominent cannabis companies aiming to halt the enforcement of federal laws against marijuana activities permitted by states. According to the government, the legalization of cannabis encourages tourism across state lines, giving it the constitutional authority to intervene.

In its recent submission to the United States District Court of Massachusetts, the DOJ disapproved assertions made by marijuana businesses, refuting the notion that federal policies contradict enforcement practices. It further contended that the plaintiffs lacked standing to file the complaint.

According to the DOJ, the plaintiffs contend that the goal of federal cannabis policy is no longer to outlaw the cannabis trade. But even if that claim is accurate, decreasing the marijuana trade is still a worthwhile goal, regardless of whether the government aims for total eradication.

The DOJ also emphasized that the plaintiffs were unable to show that the federal marijuana regulation was illogical. According to its claims, federal regulations give priority to law enforcement resources focused on marijuana-related activities that pose a serious risk to government interests, such as public safety and the prevention of violence.

The lawsuit is spearheaded by Verano Holdings Corp., a multistate operator, along with Massachusetts-based marijuana companies Wiseacre Farm and Canna Provisions, and Gyasi Sellers, CEO of Treevi. Legal representation is provided by Lesser, Newman, Aleo, and Nasser LLP and Boies Schiller and Flexner LLP. David Boies, known for his representation of various high-profile clients, including former Vice President Al Gore, is the lead litigator.

According to the DOJ, the plaintiffs’ claim of harm under restriction, citing the reluctance of financial institutions to engage with their businesses, is unsubstantiated. They pointed out that the department has not coerced any third parties to refrain from transactions with the plaintiffs.

Moreover, the DOJ asserted that the lower court lacked jurisdiction to overturn the 2005 Gonzales vs. Raich Supreme Court ruling, which maintained federal prosecution despite state-level marijuana regulations. The filing highlighted the constitutional holding of Raich, emphasizing Congress’s power to regulate activities with a substantial impact on interstate commerce.

The DOJ contended that Massachusetts’ regulated cannabis industry stimulates cannabis tourism, contributing to interstate commerce. Despite strict controls, the department argued that some cannabis produced in Massachusetts inevitably finds its way into the illicit market.

The plaintiffs’ claim that a congressional rider forbade the DOJ from using funding to impede state medical cannabis programs was also refuted by the DOJ. It maintained that such laws facilitate cooperation between state and federal governments, allowing states to accumulate experience in handling medical cannabis, which can inform future policy decisions.

In addition, the DOJ referenced a letter from the Obama administration instructing federal prosecutors not to intervene in state cannabis laws, which was later revoked under the Trump era. The department justified its alleged policy to focus law enforcement resources on federal interests as rational.

These developments occur amid a U.S. Drug Enforcement Administration (DEA) review of cannabis scheduling, with the recommendation from the U.S. Health and Human Services (HHS) to reclassify marijuana from Schedule I to III. Despite the Biden administration’s stance against criminalizing cannabis use and possession, the DOJ continues to oppose reform efforts, including challenges to the prohibition of marijuana users’ gun rights.

It would be interesting to hear the views about the DOJ position in this case from companies that have an interest in the cannabis industry such as Astrotech Corp. (NASDAQ: ASTC) since the federal department seems determined to do everything in its power to block any calls for marijuana law reform.

NOTE TO INVESTORS: The latest news and updates relating to Astrotech Corp. (NASDAQ: ASTC) are available in the company’s newsroom at https://cnw.fm/ASTC

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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Zoned Properties Inc. (ZDPY) Releases Positive FY2024 Annual Results Amid U.S. Cannabis Industry Boom

There are more cannabis dispensaries than McDonald’s outlets in the United States today, a reflection of the ongoing shift in consumer trends and legal frameworks across America
Over 74% of Americans now live in a state which permits either, the medical or recreational consumption of marijuana
Zoned Properties has emerged as an early leader in facilitating the transition of U.S. cannabis businesses towards developing a physical retail footprint with a portfolio of cannabis-focused investment properties across Arizona, Michigan and Illinois
The company recently updated the market with the release of a positive set of FY 2023 annual results

In 2019, McDonald’s launched a nationwide marketing campaign across the nation entitled, ‘Around the world is now around the corner’ (https://cnw.fm/BrsKg). Celebrating the fact that some of the chain’s most popular global offerings were now easily found in everyone’s local participating McDonald’s, the campaign hinged on the seemingly ubiquitous availability and presence of the restaurant’s outlets across the United States. Remarkably and in representation of America’s rapidly changing attitude towards cannabis today, the number of cannabis dispensaries dotted across the United States have now surpassed those of McDonald’s Corp restaurants, a reflection of the United States’ dramatic and ongoing evolution in consumer trends and legal frameworks.

A recent study by the Pew Research Center have revealed that over half of Americans now live in areas permitting recreational cannabis use, a statistic made even more noteworthy as it comes only twelve years after Colorado and Washington led a landmark decision towards legalizing marijuana usage. Meanwhile, 74 percent of Americans reside in states where marijuana use, whether for recreational or medical purposes, is now legal – a shift which has driven to the establishment of nearly 15,000 cannabis dispensaries nationwide (https://cnw.fm/vpqax).

“It’s all about location and good capitalization” explained Joe Lustberg, managing partner at Upwise Capital, which has been amongst the pioneers in financing the United States’ burgeoning cannabis industry. Retail has rapidly emerged as an essential sales vertical within the cannabis ecosystem, with cultivators and processors alike seeking viable outlets for their products.

Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States, has been amongst the early leaders in facilitating the transition of the cannabis industry towards the physical retail space. The company maintains a portfolio of six investment properties located across Arizona, Michigan and Illinois; with each of its leased properties occupied by commercial cannabis-linked businesses, the company currently enjoys a 100% occupancy rate with a weighted average lease term of over 10 years. In addition to maintaining four properties leased and repurposed as regulated cannabis retail dispensaries, the company presently leases two properties which are operated as regulated cannabis cultivation and processing facilities.

Zoned Properties recently updated the market following the release of their annual financial results for 2023 (https://cnw.fm/Mobyi). The company revealed that top-line revenues had grown to $2.89 million in FY2023, representing an increase of 8.5 percent relative to the previous year. Meanwhile, operating expenses had marginally declined to $2.72 million compared to $2.77 million in FY2022, a year-over-year decrease of 1.9%. Zoned Properties also announced that its net losses had narrowed to $540,248 for the 2023 fiscal year, down from $574,355 the prior year.

Additionally, the company revealed that its operational results had enjoyed a marked acceleration in the latter half of the year, with fourth quarter 2023 revenues rising by 16.2 percent year over year with quarterly losses decreasing by -10.4 percent relative to the fourth quarter of 2022.

“As we reflect on our Full Year 2023 results and our recent strategic updates, it’s clear that Zoned Properties is firmly on a trajectory of sustainable growth and value creation,” said Bryan McLaren, Chief Executive Officer of Zoned Properties.

Furthermore, McLaren elaborated on the company’s decision to list its cultivation property located in Arizona’s Chino Valley for sale at a purchase price of $16 million; the proposed sale forms part of Zoned Properties’ ongoing move towards refocusing its efforts towards its core direct-to-consumer property assets, a shift which has seen the company recently acquire a further two investment properties for use as potential dispensary sites.

“The listing of our Chino Valley property is an important step unlocking the potential opportunity to raise significant non-dilutive capital and reflects our commitment to seizing market opportunities with a dedication to enhancing shareholder value,” he continued. “Our journey is guided by a clear vision: to utilize our property technology competitive advantages to drive scale and innovate within our industry, delivering tangible, long-term value to our shareholders. We’re excited about what the future holds and remain dedicated to our strategic growth path, and operational excellence as we move forward.”

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 — New Study Shows Teen Cannabis Use in Washington State Has Dropped After Legalization

Recently published data from a survey conducted in Washington State among teenagers and adolescents indicates a decline in both past-one-month and lifetime use of cannabis in the past few years, with notable decreases that have persisted through 2023. The findings suggest that the perceived accessibility of marijuana among minors has typically decreased since the state legalized recreational use in 2012, which contradicts concerns voiced by those opposed to legalization.

In 2023, about 8.4% of 10th graders in Washington reported using cannabis within the past month, a slight increase from 7.2% in 2021, according to the study. However, both figures were significantly lower than prelegalization statistics. For instance, in 2010, 20% of 10th graders admitted to using marijuana within the previous month.

Within King County, the most populated county in the state, only 5.5% of 10th graders reported marijuana use in the past 30 days in 2023, a decline from 7.3% in 2021 and a substantial decrease from 18.1% in 2010. Similar reductions were observed in lifetime cannabis use among students in other surveyed grade levels, including 12th, 8th and 6th grades.

In a recent blog post highlighted these findings, the state’s Liquor and Cannabis Board (LCB) indicated a stable trend in youth alcohol and marijuana use since 2021. Health officials credit the significant declines observed between the years 2018 and 2021 at least partially to the impact of the COVID-19 pandemic, although youth cannabis use had already been declining overall since the legalization of adult-use marijuana.

The state health department stated that while the long-term effects are uncertain, substance use remained relatively stable in 2023 in Washington and across the country. However, there were increases in the abuse of prescription medication, analgesics and other illicit substances compared to 2021, suggesting a need for more preventive measures.

Perceived marijuana access also decreased considerably, according to the study. In 2010, more than one-half of 10th graders surveyed said it would be easy to obtain the substance. However, by 2021, the number fell to 31.6%, and in 2023, this number further decreased to 30.8%.

The study also examined other marijuana-related attitudes and behaviors. Statewide, 10th graders were more likely in the past year to admit the risks of attempting or routinely consuming marijuana. Additionally, more respondents believed that youth using cannabis in their neighborhood would be apprehended by the police.

Even within peer groups, the acceptance of cannabis consumption has decreased compared to before recreational cannabis legalization. The majority of 10th graders now consider it wrong for someone their age to use cannabis.

These findings complement a recent study by the CDC that also utilized the Healthy Youth Survey and found a significant decrease in frequent and current cannabis use among teenagers in King County since the legalization of recreational marijuana in 2012. Researchers suggested that legalization and the associated regulations may have made marijuana less accessible to teens, although the COVID-19 pandemic could have also contributed to more declines.

Regarding the latest survey, the LCB expressed interest in understanding the prevalence of past-30-day cannabis use among 10th graders. A small percentage (9%) reported purchasing marijuana from a store or stealing (2%) it, which may indicate access to hemp-derived products outside of the licensed system.

The increasing number of studies confirming that cannabis legalization results in fewer teens accessing the substance confirms what industry actors such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) have always believed that ending prohibition can help in limiting access to marijuana by minors.

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Golden Triangle Ventures Inc. (GTVH) Announces CEO Interview Series, Partners with Consulting Company on Flagship Destino Ranch Project

CEO interview series provides Golden Triangle with a platform to share its story with an expanded audience
Collaboration with Cayenne Consulting will provide key strategic planning and expertise in development of Destino Ranch
Destino Ranch aims to redefine luxury entertainment and hospitality experiences

As Golden Triangle Ventures (OTC: GTVH) and its entertainment division, Lavish Entertainment, focus on the development of Destino Ranch, a one-of-a-kind immersive entertainment venue, the company is working to increase awareness of the project. As part of these efforts, Golden Triangle is partnering with NowMedia Networks to broadcast 12 weekly interviews with GTVH CEO and president Steffan Dalsgaard (https://cnw.fm/YAyaE).

“This collaboration signifies the company’s commitment to fostering further transparency and streamlined communication efforts to its shareholders,” stated the Golden Triangle announcement. “These interviews are aimed to provide Golden Triangle with a platform to share its story with an expanded audience through NowMedia Networks’ distribution to over 34 million TVs on 10-plus networks with its viewership comprised of investors, business owners and entrepreneurs.”

NowMedia TV has built a reputation for bilingual and business-oriented content. The 12-week interview series will be integrated into NowMedia TV’s “Power CEOs” and “Vital Signs” programs, both hosted by Jen Gaudet. These shows are designed to be leading platforms for spotlighting trailblazing leaders as they drive global business transformation. Golden Triangle will also be distributing the CEO interview through its social media accounts.

In addition to the collaboration with NowMedia TV, Golden Triangle and Lavish Entertainment are working with Cayenne Consulting on the strategic development of Destino Ranch (https://cnw.fm/QJ8LQ). “We are thrilled to retain Cayenne Consulting for the development of Destino Ranch,” said Lavish Entertainment president and COO Marco Moreno. “As we embark on this exciting journey to create a one-of-a-kind destination, we recognize the importance of strategic planning and expertise. Cayenne Consulting’s comprehensive approach and industry insights will be instrumental in bringing our vision for Destino Ranch to life.”

Destino Ranch aims to redefine luxury entertainment and hospitality experiences. Set amid the breathtaking landscapes of the Mojave Desert, Destino Ranch will offer a unique blend of world-class entertainment, luxurious accommodations and immersive experiences. The destination location is designed to be an outdoor music and festival venue, immersive art installation and tourist attraction.

Golden Triangle Ventures is a multifaceted consulting company that operates as a 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.

For more information, visit www.GoldenTriangleInc.com and www.DestinoRanch.com.

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

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InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. 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, IW 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, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.

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420 with CNW — Colombian Marijuana Exports Exceed $10M as Authorities Double Shelf-Life Limit

In the past year, Colombia’s export of medical marijuana has continued its upward trajectory, although it hasn’t reached the anticipated heights yet. According to data from ProColombia, a governmental body promoting alternative Colombian trade, medical marijuana exports from the country reached a value of $10.8 million in 2023. This marks an 11.3% increase compared to the previous year’s $9.7 million and a notable 96% rise from 2021.

Observers within the industry interpret these latest figures as indicators of the Colombian marijuana market’s ongoing development. Avicanna CEO Aras Azadian highlights the growing recognition of the economic, practical and environmental advantages of cultivating cannabis in Colombia. Azadian anticipates further growth, particularly as pharmaceutical projects such as Avicanna’s Trunerox gain marketing authorization in Colombia and Brazil, leveraging active pharmaceutical ingredients sourced from Colombia.

Trunerox, an Avicanna’s CBD-based medication that targets individuals with Dravet and Lennox-Gastaut syndromes, exemplifies the potential for medical cannabis products. Azadian notes the extended timeline for developing medical marijuana markets, suggesting that only a handful of companies may thrive due to the considerable investment and regulatory hurdles. Despite the challenges, the approval of certain products indicates potential scalability.

In 2023, Colombia’s marijuana exports encompassed diverse products, including dietary supplements, cosmetics and phytotherapeutic products. Notably, the destinations for Colombia’s exports have been evolving alongside changing regulations in other countries. Brazil emerged as the top destination in 2023, surpassing Argentina, then followed by Australia and Germany.

Azadian draws attention to the importance of pharmaceutical cannabis medications such as Trunerox, which can make medical claims and may support Colombia’s exports in the future. Rather than being a raw resource, he sees Trunerox as a finished good that Colombia will sell in large quantities.

Recent regulatory changes in Colombia that extend the timeframe for selling or exporting THC products to 48 months offer further opportunities. This extension, doubling the previous limit, aims to prevent the stockpiling of unsellable cannabis while providing relief to companies with surplus inventory.

Industry responses to the regulatory change vary, with some viewing it as critical, particularly for smaller growers who rely on inventory as capital. Larger producers such as PharmaCielo welcome the extension because it allows them to retain inventory for longer, supporting anticipated growth in international sales.

Despite the expansion of government-funded health insurance to include medical cannabis in late 2022, the domestic market in Colombia faces challenges. Only two medical marijuana drugs have obtained marketing authorization from INVIMA, Colombia’s regulatory body. Additionally, the majority of medical products are magisterial preparations, which face hurdles in scaling due to regulatory constraints and insurance coverage issues.

Avicanna’s head legal director, Ernesto Castilla Bautista, highlights the constraints imposed by the magisterial preparation model, inhibiting economies of scale. He notes the challenges patients face in accessing medical cannabis due to insurance coverage issues, emphasizing the need for products such as Trunerox with INVIMA approval to streamline access and affordability for patients.

The successes being notched by Colombian cannabis exporters are an inspiration to entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) that have an interest in making their mark on the global cannabis market.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Bolsters C-Suite with New CFO Appointment

Lexaria, a global innovator in drug delivery platforms, has announced the appointment of Nelson Cabatuan, CPA, as its new CFO
Nelson will lend over 15 years of experience in corporate finance and operations, having worked in key organizations within the industry, and will play an integral role in supporting upcoming GLP-1 human clinical studies and overseeing key financial areas of the company
The appointment highlights Lexaria’s confidence in its recently confirmed focus on important GLP-1 studies

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced the appointment of Nelson Cabatuan, CPA, as its new Chief Financial Officer (“CFO”). Nelson will lead Lexaria’s financial operations, mainly as it looks to double down on GLP-1 human clinical studies for the 2024 calendar year (https://cnw.fm/Ixv3C).

Nelson delivers over 15 years of corporate finance and operations experience within the life sciences industry. Having worked in key organizations such as Rain Oncology, Inc., a late-stage precision oncology biotech company, Lexaria’s management is confident that his skills will be of tremendous value to the company and its growth. Nelson has also served in various roles at Rigel Pharmaceuticals, Inc., including Vice President Finance. He was also a vital member of the executive team that developed and launched TAVALISSE(R) to treat chronic immune thrombocytopenia.

“Nelson’s deep financial leadership experience will be instrumental to the execution of Lexaria’s long-term growth strategy as we continue to maximize the potential use of our DehydraTECH platform for GLP-1 and other therapeutic applications with high unmet needs,” noted Chris Bunka, Lexaria’s CEO.

This appointment follows Lexaria’s recent move to hire a contract research organization for its second GLP-1 human pilot study. The study will explore the company’s patented DehydraTECH(TM) technology for the improved delivery of glucagon-like peptide 1 (“GLP-1”) drugs used to treat type 2 diabetes and weight loss. Nelson will play an integral role in supporting upcoming GLP-1 human clinical studies and overseeing key financial areas of the company.

Nelson is optimistic about joining the company, citing DehydraTECH’s potential and proven track record.

“Lexaria has a significant opportunity in continuing its pursuit as a global innovator in drug delivery platforms as proven by the strong potential of DehydraTECH in GLP-1 and hypertension,” he noted. “I’m excited to join the team and look forward to contributing to the company’s progress in GLP-1 and other areas,” he added.

This appointment affirms Lexaria’s commitment to actualize the roadmap detailed earlier in the year, and its confidence in the direction it has taken to focus on GLP-1 studies.

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

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

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420 with CNW — Florida’s Highest Court Greenlights Adult-Use Marijuana Ballot Measure

Florida’s Supreme Court rendered a ruling on April 1, 2024, permitting an initiative aiming to legalize recreational cannabis to be included on the state’s November ballot. Two justices dissented from the measure, while five justices were in support of it.

The proposed measure would allow anybody who is 21 years of age or older to own, purchase or use cannabis products and accessories for their own personal use, including smoking, ingesting or using in other ways. It also authorizes medical-marijuana treatment facilities and other licensed businesses to carry out operations such as purchasing, growing, processing, producing, selling and distributing accessories and products.

The legislation faces opposition from a large number of Republicans, including the office of the state attorney general, necessitating 60% approval from voters to pass. Justice Jamie R. Grosshans explained the court’s position, reiterating that the amendment complies with constitutional criteria and is presented in an understandable manner.

Grosshans, appointed by Governor Ron DeSantis, emphasized the court’s limited role, confined to assessing single-subject conformity, clarity of the ballot summary and facial validity under the federal constitution. Consequently, he noted that the court approved the proposed amendment for inclusion on the ballot based on these limitations.

The legality of cannabis varies by state, with more than 40 states allowing its usage for either medical or recreational purposes.

One of the initiative’s supporters, Smart and Safe Florida, expressed satisfaction with the court’s ruling, emphasizing how pleased it was with the ballot’s lucid language and the chance it gave voters to weigh in on this important issue.

While the offices of the governor and the state attorney general did not immediately comment on the ruling, it’s notable that the attorney general had previously opposed the initiative, arguing that it was misleading.

In addition to the cannabis legalization initiative, the court also addressed abortion-related matters. It upheld a 15-week abortion ban, meaning a previously signed six-week ban by Governor DeSantis will now be enforced. However, the court ruled in favor of including a proposed amendment aimed at safeguarding abortion rights in the state constitution on the ballot.

During his reelection campaign, President Joe Biden criticized Florida’s abortion prohibition in a memo, suggesting that his administration will bring abortion rights to the forefront of the political agenda in November. This move was seen as potentially advantageous for Biden, with the state, previously won by former President Donald Trump, now considered within Biden’s reach.

If the voters in Florida approve the legalization of recreational cannabis, the launch of that market could open opportunities for not just cannabis companies but ancillary ones as well operating akin to companies such as Innovative Industrial Properties Inc. (NYSE: IIPR).

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Golden Triangle Ventures Inc. (GTVH) Making Key Progress in Development of Destino Ranch, an Immersive Entertainment Venue

Developed under Lavish Entertainment, a wholly owned subsidiary of GTVH, Destino Ranch will be a one-of-a-kind destination that revolutionizes the concept of an immersive music and art venue.
Phase one development begins after the execution of a land-use-and-development agreement outlining exclusive rights to purchase, use and operate the nearly 70-acre property. Additional upgrades on the initial property secured will “dramatically increase speed into the market.”
Marco Moreno has been appointed as president of Lavish Entertainment to spearhead the development of Destino Ranch. Mr. Moreno has notable experience in the large-scale event development industry with high-fidelity collaborations through his company ABI Create.

Two months ago, Golden Triangle Ventures (OTC: GTVH) and its entertainment division, Lavish Entertainment, announced plans to develop a one-of-a-kind immersive entertainment venue (https://cnw.fm/rPguv). In the past few weeks, GTVH and Lavish have made significant progress in transforming into reality the vision for the premier destination for year-round, world-class music, entertainment and art.

“The development of Destino Ranch ushers in a new and beyond-amazing chapter for Lavish Entertainment,” said Steffan Dalsgaard, CEO of GTV and founder of Lavish Entertainment. The companies “truly believe this flagship project will be a one-of-a-kind location and resort that revolutionizes what people think of as a music and art venue. Our plan is to develop a world-renowned destination that offers a superior level of amenities, services, exhibits and attractions, along with so much more than just a festival ground.”

Since the announcement of Destino Ranch, a planned 638-acre property conveniently located within a short drive from large population centers such as Phoenix, Los Angeles and Las Vegas, Lavish Entertainment has officially activated the first phase of development (https://cnw.fm/FfwIo). This phase includes the execution of a land-use-and-development agreement outlining exclusive rights to use and operate on the property.

Phase one development will focus on developing the first nearly 70-acres of land that already has in place substantial infrastructure features, such as special-event permits, graded roads, fencing, storage, septic, solar, landscaping, and water and irrigation rights. Further development in phase one will include site event plans and permitting, site prep and cleanout, staff infrastructure and housing, a temporary power grid, and event features and infrastructure.

In addition, last month Lavish Entertainment announced that it has executed a purchase agreement to acquire this first, nearly-70 acres of land that the company recently secured, which is prime and improved property for the Destino project (https://cnw.fm/PrK4N). The company noted that the upgrades were valued at nearly $6 million, which “has turned this once-vacant land into a beautiful oasis that provides the initial infrastructure needed to begin the development of Destino Ranch.”

Lavish Entertainment president Marco Moreno stated: “With a strong background of delivering high-fidelity productions to notable large-scale installations such as EDC and the Super Bowl, Destino Ranch is the culmination of more than a decade of experience in the planning and execution of large-scale event projects and production. Our goal is to provide guests with memorable and life-changing experiences that captivate their minds for years to come. As we anticipate Destino Ranch becoming a globally renowned attraction, we are proud to showcase the launch of this project and look forward to sharing more exciting developments with our shareholders in the weeks ahead.”

For more information, visit www.GoldenTriangleInc.com and www.DestinoRanch.com.

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

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