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— Marijuana Biopharmaceutical Company Takes DEA to Court for Hindering its Cultivation Plans

In a fresh lawsuit brought against the U.S. Department of Justice (DOJ) and the U.S. Drug Enforcement Administration (DEA), MMJ BioPharma Cultivation, a marijuana company based in Rhode Island, is seeking to halt an administrative law judge’s review of its application to produce cannabis for research.

The lawsuit contends that DEA director Anne Milgram unlawfully appointed administrative law Judge Teresa Wallbaum. The company argues that this action violates the constitutionality of the process and the decision-maker involved, as well as lacks accountability to the president. The lawsuit names DEA Administrator Anne Milgram, DEA Administrative Law Judge Teresa Wallbaum, the DOJ and U.S. Attorney General Merrick Garland as defendants.

The company submitted its application to legally cultivate cannabis for research in 2018 to create clinical trials medicines addressing conditions such as Huntington’s disease and multiple sclerosis. However, it claims that despite applying five years ago, it has faced delays and uncertainties from the DEA leading to significant negative impacts on its operations, including the inability to expand its workforce and the loss of revenue.

Despite the legal action, Wallbaum stated that given the available facts and unique circumstances, a stay seemed appropriate. Highlighting MMJ’s challenge to the tribunal’s jurisdiction under Axon, which allows federal courts to handle structural challenges, she indicated that this presents a complex issue affecting the DEA’s possibility of success. Moreover, she referred to the Axon court’s decision, underscoring that exposing a party to legal proceedings carried out within an unconstitutional framework could itself amount to legal harm.

During recent committee hearings in Congress, Congressman Earl Blumenauer raised concerns about medical marijuana research and treatment delays. He noted that delays such as MMJ’s had an impact on Biden’s administration.

The company’s president, Duane Boise, condemned the DEA’s action, accusing the agency of impeding cannabis research. He underlined that even while MMJ complies with the law, the DEA has not, which has resulted in hardship for patients in need as a result of inaction on the part of the government.

Attorney Tim Moynahan, who is also the company’s chair, expressed hope that by challenging the DEA’s constitutionality while offering a path for correction, this case would be resolved. He urged the DEA to settle the matter, especially considering MMJ’s crucial role in developing drugs to aid patients with conditions such as Huntington’s disease and multiple sclerosis.

The scheduled hearing before the DEA administrative law judge on April 10, 2024, has been temporarily halted following the filing of the federal lawsuit.

For quite some time, complaints have persisted about the way the DEA handles applications related to marijuana research. The outcome of this lawsuit could play a role in bringing about some needed changes so that companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) can face fewer hurdles should they ever require DEA approval for any cannabis study that they wish to undertake.

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

CannabisNewsBreaks – BizCann Expo Colombia to Showcase Insights on Emerging Trends in Canna-Business Landscape

The BizCann Expo, produced and hosted by ZJ Events, today announced the next rendition of its premier cannabis confab. Set to take place at the sleek Plaza Mayor in Medellin, Colombia, from May 18-19, the expo follows a series of blowout events in both North and South America. BizCann Expo is among the world’s elite business and networking events, leading industry innovation, entrepreneurship and education across all aspects of the cannabis industry. BizCann Expo provides novices as well as established players in the canna-business arena the ideal platform to elevate ventures and services in this burgeoning sector. This year’s event will feature highly engaging speaker presentations, keynotes, enlightening panel discussions, and myriad networking opportunities within a state-of-the-art exhibition space, offering unique insights and keen perspectives on emerging trends and fresh opportunities in the canna-business landscape.

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

About BizCann Expo

BizCann Expo, a production of ZJ Events, is a premier business and networking event for everyone and everything related to cannabis. The founders were once exhibitors who, after attending countless tradeshow events, saw an opportunity to build upon their experience and create an event that combined the best they had seen with their own creative ideas of what was missing in these business gatherings, thereby separating themselves from ordinary conventions. Since its beginning, the expo has focused on gathering the industry’s best under the same roof. 

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — With More MSOs Joining Recreational Marijuana Campaign in Florida, Funding Now Exceeds $55 Million

Florida is witnessing a surge in momentum as it gears up for what is anticipated to be the costliest recreational cannabis legalization campaign in American history. Led by Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), based in Tallahassee, the campaign is attracting support from six other multistate cannabis operators (MOS), marking a significant expansion in the effort to transition Florida’s thriving $2 billion medical cannabis market, currently the largest in the nation, into one that caters to recreational use too.

The latest supporters joining forces with Trulieve include prominent players in the cannabis industry such as Ayr Wellness, Cresco Labs, Curaleaf Holdings, Green Thumb Industries, Insa and Verano Holdings.

The committee behind the initiative — Smart and Safe Florida — announced a substantial boost to its funding, with an additional $15 million raised. With the new support, the campaign currently has a total of approximately $55 million in funding. Trulieve alone had already raised and spent more than $40 million by the end of last year.

For perspective, backers of Ohio’s initiative, Issue 2, spent less than $7 million, while California’s Proposition 64, a victorious recreational use legislation, saw expenditures reach $25 million in 2016.

The recent endorsement from major marijuana businesses comes on the heels of a significant legal victory at the state’s Supreme Court, where a constitutional challenge mounted by Ashley Moody, the state attorney general, was dismissed. The decision paves the way for the initiative to proceed, providing a boost to the campaign’s momentum.

Should the initiative, called Amendment 3, be adopted by 60% of state voters in the November elections, it would permit currently operating medical cannabis treatment centers to begin selling recreational marijuana by May 2025. Additionally, it seeks to allow adults 21 years of age and older to possess up to three ounces while maintaining the prohibition on home cultivation, consistent with existing state laws.

However, the measure does not include a social equity scheme, and the state legislature would still need to take action to expand licenses beyond the current operators. Presently, the state hosts 627 dispensaries operated by 25 firms, with regulators indicating the possibility of issuing permits to 22 more by summer, albeit at a notably high license renewal fee of $1.33 million.

Florida’s market potential is enormous given its 22 million citizens, 859,000-plus registered medical marijuana patients and millions of tourists each year. Estimates suggest that the state’s $2 billion in yearly medical cannabis sales might double.

Even though a recent poll shows significant voter support for recreational cannabis (62%), it is expected that more funding would be needed to organize a successful statewide campaign. On top of Trulieve’s $40 million investment, estimates indicate that total campaign expenses including media buys and operational costs may total between $20 million and $25 million.

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

CannabisNewsBreaks – Vape South America Medellín 2024 to Showcase Innovation in Alternative Products Supply Chain

Alternative Products Expo has announced the return of the world’s premier counterculture industry event to Medellín, Colombia. Another first-class production of ZJ Events, Vape South America Medellín 2024 is slated to take place at the Centro de Convenciones Plaza Mayor in Medellín from May 18-19, 2024. Strategically located with a welcoming atmosphere and great climate, the Vape South America Medellín 2024 has become a prime gateway between the U.S. and South American markets and offers a unique opportunity to establish connections with buyers and distributors from around the globe. “Vape South America Medellín 2024 is a globally renowned platform in the counterculture industry, uniquely positioned to facilitate cross-geographical partnerships,” said Sebastian Carmona, director of partnerships at ZJ Events. “Medellín’s dynamic environment provides the perfect backdrop to showcase innovative products and drive collaboration in the alternative products supply chain.”

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

About Vape South America

Vape South America Medellín 2024 is the place to connect with top manufacturers, explore the latest trends and innovations, and take advantage of exclusive show discounts in a fun and exciting atmosphere at the world’s largest counterculture and vape trade show. This is a revolutionary business-networking festival attracting top manufacturers, buyers, suppliers, and industry professionals. Visit VAPE SOUTH AMERICA – MEDELLÍN 2024 to secure tickets for the event and view details to become an exhibitor or sponsor the expo.

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Receives Approval to Commence Human Pilot Study Evaluating GLP-1, DehydraTECH

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, has received approval to begin a new human pilot study. The approval, which was granted by an independent third-party ethics review board, enables Lexaria to move forward with its plan to conduct a GLP-1 study investigating GLP-1 drugs and DehydraTECH(TM). According to the announcement, subject recruitment will begin immediately with the first dosing expected within the next month; the company plans to complete the study this summer. The study will be comprised of two study arms and will include up to nine healthy volunteers. The study is designed to compare a single 7 mg dose of Rybelsus(R) (semaglutide) against two different, concentration-matched 7 mg DehydraTECH-enabled semaglutide formulations from crushed Rybelsus. “I am excited about this study,” said Lexaria CEO Chris Bunka in the press release. “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. 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.”

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

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 41 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

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

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

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

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

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

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.

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (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: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN