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 — Czech Republic Wants to Legalize Marijuana Sans Legal Sales

The Czech Republic has revealed its plan to legalize adult-use marijuana. Local news media outlets reported that the measure aimed at legalizing adult-use marijuana wouldn’t include regulations for a legal market. Expats.cz reported that the government tabled a draft marijuana regulation measure last week.

The Central European nation is among several other countries in Europe that are working on marijuana regulation. The country decriminalized the possession of marijuana for personal use in 2010, then legalized medical marijuana in 2013. However, the recreational use of marijuana remains illegal.

In 2022, the country publicized its plans to legalize adult-use marijuana, which included the creation of a legal market. With recent the news, however, it seems legalization will be limited to home cultivation, possession and the establishment of marijuana social clubs. One of the primary advocates of marijuana legalization in the country, the Pirate Party, said that the measure was a compromise and they were working out additions.

The proposed measure is part of the Czech government’s plan to address addiction via different initiatives. These include endorsing policy based on a scientifically proven and balanced approach to harm reduction and risk prevention in addiction management, as well as the regulation of addictive drugs based on their levels of harm.

The revised measure has already received criticism from the public, primarily centering on legalization without the establishment of a legal market.

Cannabis associations in the country noted in a joint press release that the lack of a regulated market failed to tackle the illicit market, which continued to make significant profits. However, this sentiment isn’t shared by all. Dr. Tomas Ryska, Astrasana Czechs MD, stated in a recent interview that the lack of regulation for a legal cannabis market is part of the plan.

The plan’s objective was to pressure the Christian and Democratic Union, give rise to negative sentiment in the media and demonstrate that citizens weren’t happy with legalization without the establishment of a regulated market.

The Christian and Democratic Union is the only party that opposes the creation of a legal marijuana market. In its argument, the party raised concerns about the possible increase in marijuana users and funds spent on addiction-prevention and treatment programs.

However, JindřichVobořil has consistently asserted that the market’s regulation can control sales, distribution and production, which would make prevention more effective while also generating tax revenues.

According to Ryska, the government plans to pursue the creation of a legal market in the near future.

Players that are in already established cannabis markets such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) will be watching the developments in the Czech Republic as those regulatory changes could eventually open international opportunities for these companies.

About CNW420

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

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

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420 with CNW — Major Themes Marijuana Investors Can Expect in 2024

Despite a year of major highs and lows in 2023, cannabis investors are hopeful that this year will be better thanks to several major issues that are likely to boost the cannabis industry. Let’s take a look at five themes likely to shape the industry:

Rescheduling prospects

Last year, U.S. marijuana businesses witnessed substantial gains after the U.S. Department of Health and Human Services (HHS) recommended the rescheduling of cannabis from Schedule I to III of the Controlled Substances Act (CSA). If rescheduling materializes, it could alleviate the burdens imposed by Section 280E of the IRS, allowing marijuana companies to obtain tax credits and standard business tax deductions similar to mainstream businesses.

Despite the potential benefits, the timeline for rescheduling remains uncertain as experts anticipate a proposed rule by the U.S. Drug Enforcement Administration (DEA), followed by potential legal challenges.

Advancements in cannabis banking legislation

In 2023, the Senate banking committee endorsed the SAFER banking measure with a bipartisan vote of 14 to 9. This act seeks to enable financial institutions to offer crucial banking services to state-regulated cannabis entities without the fear of federal repercussions.

The bill also introduces updates directing financial institutions to cultivate local banking relationships and expand Federal Deposit Insurance Corp. surveys to smaller businesses. The bill has passed the House seven times but has failed in the Senate.

The focus is currently on section 10 of the act, which aims to prevent regulators from displaying favoritism towards specific industries. Strengthening section 10 language could enhance the bill’s chances of gaining approval from conservative House leadership.

Equities sensitization

The marijuana industry’s stock market performance is likely to remain sensitive to regulatory changes, potentially leading to either positive or negative market swings. With uncertainties surrounding rescheduling and the banking legislation, industry players should brace for ongoing equity sensitivity.

Regulatory shifts could profoundly impact business strategies and investment decisions, and thus stakeholders ought to stay agile in response to these changes.

Additionally, despite potential equity dilution from balance-sheet recapitalization, investors stand to benefit from better financial status among marijuana businesses.

Further stabilization with limited capital formation

The industry is expected to witness continued price stability, fostering a more predictable pricing ecosystem for consumers and businesses. However, states facing diminishing capacity may see pricing power return to marijuana operators.

This year, the influx of new capital into the sector is anticipated to be limited. Even if the DEA agrees to reschedule cannabis, institutional investors are likely to wait for a finalized rule before injecting new capital into the space. This sets the stage for potential investments in companies with proven operational capabilities and scale advantages.

Unlikely mergers and acquisitions

The year 2023 saw subdued activity in marijuana mergers and acquisitions, and this trend is expected to persist in 2024. Last year, companies dedicated their efforts to enhancing cash flow and extending debt, making them less inclined to assume additional debt or divert attention to M&A integration this year.

If the DEA approves rescheduling, most companies will leverage section 280E relief to strengthen their balance sheets rather than engage in a spree of mergers and acquisitions. However, there may be opportunities for smaller-scale mergers and acquisitions, where businesses capitalize on improved financial conditions and potentially high equity valuations for modest, strategic acquisitions.

Existing players such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) are likely to keep a close eye on regulatory developments at the federal level in the United States as these could shape their future plans and operations.

About CNW420

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

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

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Astrotech Corp. (NASDAQ: ASTC) Subsidiary AgLAB: Breakthrough Technology For Ag-Distillers

  • Astrotech subsidiary AgLAB demonstrates the capability of significant improvements in yields for large scale producers of hemp and cannabis CBD-THC oils using breakthrough mass spectrometry technology
  • The company’s AgLAB 1000-D2(TM) mass spectrometer and the Maximum Value Process(TM) testing method (“AgLAB MVP(TM)”) allows large-scale distillers to analyze oils during processing, and make real-time adjustments to boost yields and potencies
  • Field trials resulted in improved ending-weight yields by an average of 30%, which can translate into bottom-line profits
  • Astrotech presented the AgLAB Maximum Value Process at last year’s MJBizCon in November, it is the premier global hemp and cannabis business conference and tradeshow

AgLAB, Inc., a subsidiary of Astrotech (NASDAQ: ASTC), has breakthrough mass spectrometry technology in its AgLAB 1000-D2 mass spectrometer and the Maximum Value Process(TM) testing method (“AgLAB MVP”). AgLAB MVP is designed to improve yields and bottom-line profits for hemp (“CBD”) and cannabis (“THC”) producers of CBD-THC oils by up to 30%.

Large scale CBD and THC oil processors use molecular distillation systems (“MDS”) to produce the valuable oils that are used in lotions, pills, tinctures, and cartridges. Using the AgLAB MVP solution, customers are now able to analyze the oils during processing and make near real-time adjustments that can boost the ending-weight yields and potencies.

“The AgLAB 1000 is a powerful tool for large-scale distillers. This product and method fills a void by providing an easy and accurate real-time analysis that is used to make the right adjustments and improve the yields,” said Joe Levinthal, Chief Science Officer and Master Distiller of AgLAB.

“We are proud to introduce the AgLAB MVP, a breakthrough technology that is more accurate and faster than any other testing method. The AgLAB MVP is very fast and is easy to learn with results that more than pay for itself starting on the first day of use. We believe this is a game changer for the cannabinoid industry and processors must use the AgLAB MVP to stay competitive,” commented Tom Pickens, CEO and CTO of Astrotech.

The AgLAB-1000-D2 mass spectrometer is a ruggedized factory floor analytical instrument designed to quickly and easily analyze complex chemical compounds found in organic plant materials.

About Astrotech Corporation

Astrotech (NASDAQ: ASTC) is an instrumentation company that is focused on commercializing its proprietary ATi Mass Spectrometer Technology(TM) that is now used in airports and agriculture applications throughout the world.

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

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

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 — Illinois Bags $417M in Cannabis Taxes as 2023 Sales Soar to $1.6B

A report recently released by the Illinois Department of Financial and Professional Regulation shows that in 2023, recreational marijuana sales surpassed $1.6 billion. This figure is its highest amount since the state legalized adult-use marijuana in 2019.

The drug’s legalization came after the state’s General Assembly approved the Illinois Cannabis Regulation and Tax Act, which was enacted in 2020.

In addition to being the 11th state to legalize adult-use marijuana in the United States, Illinois was the first state to adopt a regulatory system for marijuana testing, cultivation and sales via a state legislature. The state of Illinois is also the first to legalize recreational marijuana via a measure that also includes a social-equity program.

The growth in sales recorded in 2023 was driven by the significant increase in recreational cannabis products sold, which topped 42 million. This is roughly a 15% increase from the number of recreational cannabis products sold in 2022.

Out-of-state customers bought products worth $408 million while residents in the state purchased products worth $1.2 billion in 2023.

Despite the promising figures, a drop in sales to out-of-state customers was recorded. Authorities in the state attributed the drop to legalization of the drug in neighboring states, including Missouri and Michigan.

According to the state’s department of revenue, roughly $417 million in sales tax revenue was collected. These funds are allotted to the Cannabis Regulation Fund.

A 6.25% retailers’ occupation tax is imposed on all marijuana sales in the state, in addition to taxes levied at the county and municipal levels.

In a statement, Governor JB Pritzker stated that his administration had built the most accessible marijuana industry in the country by putting equity first. He also noted that their work would continue to provide opportunities for communities across the state, repair wrongdoings of the past and create a more prosperous future.

Currently, 177 recreational marijuana dispensaries operate in Illinois.

Of the total number, five are located in the Springfield area. Maribis has two locations on Denver Drive and Lindbergh Drive while Ascend Cannabis also has two locations, one off Dirksen Parkway and another in downtown Springfield. The latest location, situated on 3600 S. 6th Street Road, launched in September 2023.

The city council of Springfield also approved the permits for 2 new locations in 2023. These locations are set to launch this year. Shangri La plans to build a facility on a lot along Dirksen Parkway while Bolden Investments III will open a store on Prairie Crossing. Boden is based in Maywood.

As more licensed cannabis companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) consolidate their operations in the state, sales are likely to keep growing as more customers learn to rely on the high-quality products that reputable companies bring to the market.

About CNW420

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

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

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420 with CNW — Feds Finally Publish Documents Revealing HHS Cannabis Rescheduling Recommendation

The federal government has released documents confirming that the U.S. Health and Human Services has recommended that the DEA categorize marijuana under Schedule III. Currently, the Controlled Substances Act classifies marijuana as a Schedule I substance, which means it has a high potential for abuse and has no accepted medical use.

Health officials explained that marijuana had a lower potential for abuse in comparison to other substances under Schedule I or II and was already accepted for medical use in America. In their review, the health officials stated that more than 30,000 healthcare professionals across various jurisdictions in the U.S. were allowed to recommend the medical use of cannabis for more than six million eligible patients for roughly 15 medical conditions.

The majority of the documents debate the federal government’s analysis for drug scheduling, calling attention to the importance of cannabis’ abuse potential in comparison to other substances, its risk of physical dependence, its relative safety and whether it has been accepted for medical use.

The review also examined if available scientific literature supported the medical use of marijuana, with federal health officials acknowledging that many states in the country had legalized the medical use of cannabis. They also noted that some medical marijuana programs had been around for a couple of years.

With regard to effectiveness, the memo stated that the biggest evidence for efficacy existed for cannabis use within pain indications, particularly neuropathic pain.

The U.S. Food and Drug Administration (FDA) also carried out a review noting that it didn’t find support for cannabis providing benefit for anxiety or epilepsy. The review did, however, determine that there was a risk linked to treating post-traumatic stress disorder with cannabis. The agency also highlighted that, in general, there was inadequate quality clinical data supporting the use of cannabis for post-traumatic stress disorder.

In the matter of marijuana’s safety in comparison to other drugs, the review argued that the risks to public heath posed by cannabis were low in comparison to other abused drugs, including benzodiazepines, cocaine and heroin. The review called attention to the fact that cannabis ranked the lowest for overdose deaths, as compared to other substances. The released documents also revealed that the National Institute on Drug Abuse supported the agency’s review.

It is important to note that even if the DEA accepted the health department’s recommendation to reschedule cannabis, the drug would still not be legal under federal law. However, its rescheduling would allow state-legal marijuana businesses to claim federal tax deductions. At the moment, these businesses aren’t permitted to do so because of Section 280E of the Internal Revenue Service code.

Entities in the industry, such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), will be hoping that the rescheduling of cannabis at the federal level paves the way for further regulatory reforms as the years go by.

About CNW420

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

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

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420 with CNW — 2023 Data Shows Enrollment in Florida’s Medical Cannabis Program Kept Growing

A recent annual report has shown that the number of persons registered for the medical cannabis program in Florida experienced a gradual increase throughout the fiscal year 2023. However, the pace of growth showed a slight deceleration compared to earlier periods, attributed to the system’s maturation and increased focus on potential recreational cannabis legalization.

According to the report, patient enrollment saw a 15% increase in the fiscal year 2022–2023 compared to 2021–2022. The concluded fiscal year witnessed a decrease in daily doses, primarily influenced by Florida’s emergency rule, which imposed limits on daily dosing. Additionally, the report highlighted a consistent pattern where few certified doctors accounted for a significant portion of medical marijuana certifications.

In FY 2022–2023, 859,026 individual patients were enrolled, an increase from 757,600 in the previous year. In fiscal 2020–2021, the patient count was 607,220, indicating a noticeable upward trend. However, monthly enrollment has gradually declined from year to year.

According to the report, new patient enrollment increased by 27% between January 2020 and January 2021 and then fell by 6% between January 2021 and January 2022. In 2023, month-to-month enrollments fell by 3%, with 20,977 new patients being enrolled in June 2023.

When it came to qualifying conditions, the report highlighted post-traumatic stress disorder (PTSD) as the most prevalent condition, constituting 40.2% of reported cases. Other common conditions included extreme nonmalignant pain at 13.4%, multiple sclerosis at 8.8% and cancer at 3.6%. Moreover, 25% of patients met the eligibility requirements for conditions that were either similar to or of the same kind as those that were listed, with chronic pain, anxiety and various conditions related to the digestive system being prominent.

Physician certifications, crucial for patient participation in the program, exhibited a steady increase. Between the fiscal years 2022 and 2023, the overall yearly number of certifications climbed by 15%, from 1,142,172 to 1,315,123. This growth rate was marginally less than the 24% increase from 2021 to 2022.

Monthly certificates increased by 48% between January 2020 and January 2021 and by 24% between January 2021 and January 2022. In FY 2022–2023, certifications rose by 21%, but at a slower rate from January 2022 to January 2023. June 2023 had 117,313 certificates, a rise from January 2023’s 113,992 total.

The majority of certifications were granted by a small percentage of doctors, which was consistent with previous years’ findings. Only 1% of certificates were issued by the lower 40% of qualified physicians in FY 2022–2023, compared to 84% of certifications issued by 19% of qualified physicians over the same period.

The report delved into detailed lists of the top doctors recommending medical cannabis and low-THC products, revealing that some, who were anonymously identified by a special two-letter code, issued certifications for thousands of patients over the years.

This growing number of patients registering for medical cannabis access suggests that companies such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) have a steady demand for the medical marijuana products that they sell in dispensaries within the state.

About CNW420

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

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

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420 with CNW — Thailand Passes Draft Law Reversing Recreational Cannabis Legalization

Thailand’s recent political shift has set the stage for the introduction of fresh marijuana legislation, marking a major turnaround only 18 months after the nation took steps toward decriminalizing the substance.

The initial lenient regulations sparked a flourishing marijuana industry, serving both locals and tourists across southeast Asia. However, the conservative coalition government, which assumed power late last year, has pledged to enforce stricter rules, restricting marijuana usage solely to medical purposes.

Last week, the nation’s health ministry unveiled a draft measure outlining severe penalties, including high fines and potential one-year prison sentences for violators. The proposed legislation expressly limits marijuana and related products to medical applications. This aligns with Prime Minister Srettha Thavisin’s commitment in September to change marijuana regulations within the first six months in office, reinforcing the government’s focus on medical use exclusively.

Although public cannabis consumption has always been illegal, the impending laws go further by prohibiting marketing and advertising campaigns for all marijuana products. An earlier version of the bill faced parliamentary rejection in November, but the current government remains steadfast in its determination to regulate recreational marijuana.

Thavisin has consistently emphasized the severity of the drug-abuse issue in Thailand through various media platforms. The proposed legislation represents a stark departure from the June 2022 milestone when Thailand became the first Asian country to fully decriminalize marijuana, a historic move in a region where severe penalties, including death sentences, are common for marijuana-related offenses.

While medical cannabis gained legal status in Thailand in 2018, full decriminalization allowed for the cultivation, trade and use of hemp and cannabis products without criminal repercussions. The subsequent proliferation of marijuana-related businesses, including cafes, dispensaries and hemp spas, attracted considerable attention, turning cities such as Bangkok and Chiang Mai into hot spots for weed festivals and tourist attractions.

Former health minister Anutin Charnvirakul stated in a CNN interview that the intent of original legislation was never to endorse public recreational marijuana use, emphasizing the promotion of marijuana for medical purposes.

Despite protests from prolegislation advocates, including the Future Marijuana Network, the government appears resolute in its decision to pivot away from the previously permissive stance on marijuana. Kitty Chopaka, a marijuana entrepreneur and advocate based in Bangkok, labeled the government’s move an unexpected response, expressing disappointment while highlighting that the momentum for marijuana as a narcotic has irreversibly shifted.

The ongoing debate underscores the complexities surrounding marijuana regulation in Thailand, impacting various stakeholders from farmers and small business owners to advocates emphasizing the importance of public involvement.

This policy reversal in Thailand could come as a disappointment to entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) that had hoped for more international markets opening up on the Asian continent and elsewhere.

About CNW420

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

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

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420 with CNW — Data Shows Recreational Cannabis Sales Exhibited Mixed Results for Growth in 2023

Last year saw many regulated recreational cannabis markets record significant growth in their sales. While established markets such as Colorado recorded slight declines in sales, states such as Maine and Arizona saw growth in their markets. Below, we examine adult-use sales using data from regulators in different states.

Arizona

Recreational sales started strong last year, with monthly recreational cannabis sales peaking in March at $100 million. The state launched its adult-use cannabis market in 2021.

Washington State

Adult-use cannabis sales in the state have relaxed since the pandemic, with the state selling only $1.14 billion in recreational cannabis through November last year. The figure is a slight decrease from the $1.18 billion recorded in 2022 for the same period.

California

Despite its record-breaking sales during the pandemic, the marijuana market in California has seen sales slip from late 2021. Between 2021 and 2022, year-over-year sales dropped by more than 10%. In 2023, this figure reduced to 8%, which is promising but still doesn’t represent true recovery.

Michigan

The state, which outsells California when it comes to adult-use cannabis, didn’t record any significant decline in its growth last year. Figures show that year-over-year sales dropped to 48% between 2022 and 2023, from 55% in 2021 to 2022. It is expected that recreational sales will be strong in 2024.

Colorado

Decreasing year-over-year marijuana sales over the last two years brought Colorado’s market value to its prepandemic levels. Figures show that between January and October 2023, recreational marijuana sales reached $1.15 billion. This is slightly lower than the figures recorded over the same period in 2019.

Oregon

Last year, the state’s recreational sales totaled $901 million. This is quite a drop, especially when compared to sales in 2020 and 2021, which surpassed $1 billion. It is expected that adult-use sales in Oregon may recover this year.

Connecticut

The state’s first year of adult-use sales brought in almost $131 million, with forecasts expecting it to reach $145 million.

Maryland

Last year, the state’s new recreational marijuana market raked in $331 million. Its location on the East Coast and its population density make it a market to watch this year.

Maine

Despite the state’s recreational marijuana market hitting new highs in sales last year, its growth has begun to slow. While this is expected in new markets, its decline is a bit more extreme.

Rhode Island

In 2023, the state brought in $74 million in total recreational cannabis sales. This figure is significantly higher than its sales projection of $50 million. Rhode Island’s market is expected to continue growing in 2024.

These successes registered at state level could be because consumers are taking to the legally produced cannabis products made by numerous enterprises such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) and other state-legal cannabis businesses.

About CNW420

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

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

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420 with CNW — States with Legal Marijuana Markets See Higher College Applications

New data shows that states that have legalized recreational cannabis recorded a short-term boost in college applications from prospective students. The colleges also received more applications overall. The data was collected in a study, which had its findings recently published in the “Contemporary Economic Policy” journal.

The researchers used the Integrated Postsecondary Education Data System to obtain data on various college metrics, including detailed tuition prices prior to and after financial aid applications, school application numbers and demographic characteristics of students.

The study determined that applications for colleges in states the year that recreational cannabis was legalized increased by more than 5%. It should be noted that the results controlled for tuition prices, school quality and conditions in the labor market, which could affect decisions on student applications.

The researchers also determined that the biggest schools had the strongest gains, observing a 54% rise in applications as compared to similarly sized institutions in states that had not legalized recreational cannabis. Additionally, public universities and colleges benefited more in comparison to private institutions. This is despite the fact that applications for private institutions increased in legal states.

These findings matter because they demonstrate that states legalizing recreational marijuana may benefit institutions of higher learning. Increased applications also afford schools a larger and a higher-achieving pool to select students from and may help improve an institution’s academic profile.

The study’s results fit into a bigger body of research examining what affects student choices when it comes to college applications.

The researchers determined that, similar to how institutions recorded an increase in SAT scores and applications when they had good sports teams, institutions recorded increases when they were located in legal states. The data suggests that students may factor local policies into their choices during college applications.

Team members also analyzed state laws to determine when recreational cannabis would be available to students, noting that as long as recreational cannabis was legally available before the end of January, which is when most applications were due, cannabis could probably impact the application decisions of prospective students.

Despite all these findings, the researchers still cannot ascertain why freshmen who often come straight from high school and haven’t attained the legal age to consume recreational cannabis might base their decisions on the drug’s availability. Additionally, the researchers cannot identify with clarity the portion of applications that come from out-of-state students and helps drive applications following legalization. The researchers are now focused on examining how legalized cannabis affects student outcomes for all learning institutions.

As more studies are done on how the wider community is impacted by cannabis legalization, it could emerge that legal sales from licensed operators such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) may have more socioeconomic benefits than initially thought.

About CNW420

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

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420 with CNW — GOP Medical Cannabis Plan in Wisconsin Receives Muted Response

Wisconsin GOP assembly legislators have put forth a proposal aimed at legalizing medical cannabis in the state. The proposal, however, received a tepid response from Governor Tony Evers (D) and senate GOP leaders due to its highly restrictive nature.

Unlike the broader legalization efforts advocated by Democrats and Gov. Evers through the years, the proposed bill focuses on allowing medical cannabis use only for severely ill individuals dealing with chronic diseases such as cancer, glaucoma, HIV/AIDS, chronic pain and nausea. However, the bill introduces certain restrictions, such as limiting distribution to only five state-operated locations and prohibiting the use of smokable cannabis. Instead, various alternative forms of the substance, including liquids, patches, vapors, creams, gels, pills, tinctures, oils, gummies and concentrates, would be permissible. Evers, while expressing support for a medical cannabis program, remained noncommittal about the specifics of the proposal.

For the bill to become law, it must pass both the senate and assembly and receive the governor’s signature. However, the reception from key figures in the senate, including Majority Leader Devin LeMahieu, has been cautious. LeMahieu emphasized the need for thorough vetting before making any decisions on the bill.

Senate Minority Leader Dianne Hesselbein (D) acknowledged the proposal as a small step forward but expressed concerns about its restrictive nature. Meanwhile, Assembly Speaker Robin Vos (R) indicated that the outlined program was the maximum extent to which Republican assembly legislators were willing to go.

The bill entrusts the state’s health services department with determining the exact locations of the five dispensaries. Interestingly, given the legalization of recreational cannabis in neighboring Michigan, Illinois and Minnesota, Wisconsin residents may find closer access to dispensaries in other states. A 2023 report by the Wisconsin Policy Forum highlighted that more than one-half of Wisconsin residents above the age of 21 were within a 75-minute drive of a licensed dispensary in another state.

Under Evers’ 2023 rejected full-legalization proposal, Wisconsin anticipated collecting about $165 million annually in sales taxes. However, the current proposed medical cannabis proposal would not contribute to Wisconsin sales tax revenue.

The bill specifies that patients seeking medical cannabis must have a physician’s diagnosis and can obtain the cannabis only from one of the five state-operated dispensaries. Wisconsin stands out as an outlier nationally, with 38 states legalizing medical cannabis and 24 legalizing recreational cannabis. The momentum for legalization in Wisconsin has grown as neighboring states have relaxed their cannabis legalization laws.

Established enterprises such as SNDL Inc. (NASDAQ: SNDL) and the broader cannabis industry will be watching to see how the regulatory landscape in Wisconsin will shape up in the coming months leading to the November polls.

About CNW420

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

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