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 — Arizona Uses Cannabis Taxes to Give 18 Nonprofits Justice Reinvestment Grants

Arizona state officials recently announced that Arizona has started awarding the first round of justice reinvestment grants to nearly 20 nonprofits across the state. The state’s cannabis law, Proposition 207, created the grant program to support efforts such as substance-use prevention and treatment, public and behavioral health, mentorship programs and workforce development in economically disenfranchised regions.

Using funds drawn from cannabis taxes, the program would also support efforts to address the root causes of crime, reduce Arizona’s prison population, expunge certain cannabis-related criminal records and restore civil rights.

As per Proposition 207, the program receives 35% of Arizona’s Justice Reinvestment Fund, which is funded by 10% of Arizona’s cannabis sales tax revenue. An additional 35% of the Justice Reinvestment Fund is earmarked for county public health departments while the remaining 30% goes to the Arizona Department of Health Services (ADHS) to address critical public health issues that affect Arizona.

Recipients of the first round of grants include Northland Family Health Center, Hushabye Nursery, Axiom Community of Recovery, Stuck Community Acupuncture, Cihuapactli Collective, Phoenix Indian Center, Friendly House, Persevere, Arouet Foundation, Jobs for Arizona’s Graduates (JAG) and Constructive Circles of Peace.

The rest of the 18 grants went to the Arizona Democracy Resource Center, Our Sister Our Brother, Southern Arizona Legal Aid, the Bambi Fundjust Communities Arizona, Regional Center for Border Health Yuma, and Regional Center for Border Health Parker.

A press statement from ADHS noted that the office “identified priority communities’” in Arizona and held 18 listening sessions to highlight public interest in services that participants believed would benefit their communities. This includes improving neighborhood safety and developing community spaces such as community centers and parks, providing training on cultural awareness, culturally appropriate health services, youth development, substance education and prevention services, technology training for former inmates, and increasing access to affordable housing and healthy food.

According to ADHS, all the projects that received grants represent communities from across the state and focus on the key areas detailed during the community listening sessions.

ADHA noted that the Office of Health Equity would create a “robust evaluation process” to make sure that the program funds projects that bring a positive impact by serving the intended communities. Such a program evaluation process would assess if grant applicants meet the outlined goals and use collected data to continuously improve the program, ADHS said.

Arizona isn’t the only state that has earmarked a portion of its cannabis revenue for community reinvestment. California recently announced that applications for $48 million in cannabis tax-funded community reinvestment grants were open. New Jersey has also opened an application round for the state’s marijuana tax-funded social equity program.

The benefits that cannabis companies and ancillary companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) bring through the taxes they pay in the different jurisdictions where they operate highlight some of the socioeconomic value of cannabis legalization.

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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 — Top Congressional, Federal Cannabis Policy Developments in 2023

The year 2023 witnessed a range of notable federal developments on the cannabis landscape. Among these were significant milestones such as the Biden administration’s proposal to reschedule cannabis, an expansion of pardons for federal cannabis possession offenses and setbacks in the congressional journey toward marijuana banking reform.

As Congress takes a recess for the holiday season, stakeholders and advocates are reflecting on the highs and lows of the past year, intending to advance their efforts in 2024.

A pivotal moment in 2023 was the U.S. Department of Health & Human Sciences recommending the reclassification of cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). This recommendation, arising from President Biden’s directive, is undergoing the administrative process led by the U. S. Drug Enforcement Agency (DEA). If implemented, this move would symbolically acknowledge that marijuana is not a dangerous drug lacking medical value; it would also potentially ease research barriers and allow state-licensed businesses to claim federal tax deductions.

Biden also made headlines by extending and broadening pardons for individuals with federal cannabis possession offenses, aligning with his renewed focus on marijuana reform. However, these actions fall short of his initial campaign promises, which included federal legalization of medical marijuana, marijuana decriminalization, and preventing incarceration for nonviolent marijuana-related offenses.

Marijuana banking reform faced challenges in the Senate, with the Secure and Fair Enforcement Regulation (SAFER) Banking Bill stalling despite passing through the Banking Committee. Senate Majority Leader Chuck Schumer remains committed to advancing the bill in 2024, emphasizing the need for bipartisanship in a divided Congress.

Public support for cannabis legalization reached an all-time high of 70%, according to a Gallup poll released in November. This bipartisan support extended across states with varying marijuana legalization statuses, reflecting a growing consensus on the need for reform. In congressional legislation, various bipartisan bills were introduced in 2023, addressing different aspects of federal cannabis policy. Notable bills included the STATES 2.0 Act, the MORE Act and the HOPE Act, each proposing reforms ranging from ending federal prohibition in legal states to expunging prior marijuana convictions.

While multiple drug-policy reform amendments were blocked by the GOP-controlled Rules Committee, some amendments, such as allowing VA doctors to recommend medical marijuana to veterans, did find success in the House. In addition, several federal agencies engaged with marijuana-related issues in 2023. The DEA announced plans to increase domestic production of cannabinoids for research purposes while also proposing a federal ban on two psychedelic compounds. The U.S. Food & Drug Administration stirred controversy by refraining from regulating hemp-derived CBD in the food supply, and the VA reaffirmed its prohibition on doctors recommending medical cannabis to veterans.

The Justice Department faced legal challenges defending the federal ban preventing cannabis consumers from buying or possessing firearms. Despite court rulings deeming the ban unconstitutional, the government continues to appeal.

Looking ahead to 2024, the marijuana landscape remains uncertain. The DEA’s decision on cannabis scheduling and the fate of the banking bill in the Senate will be key focal points. With a presidential election year on the horizon, Biden may continue to emphasize his marijuana pardon actions, though the extent of his commitment to broader legalization remains to be seen. Despite the challenges, the momentum for marijuana reform persists, providing stakeholders and advocates with a compelling force for the future.

Established cannabis entities such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) will certainly take a keen interest on how the regulatory landscape evolves this year.

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CannabisNewsBreaks – IBN, CannabisNewsWire Re-Engaged for NECANN’s 2024 Event Lineup

IBN, a multifaceted financial news and publishing company, today announced its expanded collaboration with NECANN, which specializes in orchestrating conventions that focus on the development and expansion of cannabis markets. Under the agreement, IBN’s CannabisNewsWire will continue to serve as the official newswire for the organization’s annual conference lineup. As part of the collaboration, IBN will amplify its support through its syndication network, providing comprehensive coverage for NECANN events. In collaboration with its network of 60+ online brands such as CannabisNewsWire and CannabisNewsWatch, IBN will deploy an extensive range of corporate-communications solutions to enhance visibility and recognition of conference participants across diverse audiences, including public officials, investors, media professionals, consumers and the general public.

“Active for over a decade, NECANN events are at the forefront of nurturing business opportunities, supporting entrepreneurs, investors and students, while identifying markets with a high openness to embracing cannabis culture,” said Marc Shepard, co-founder and president of NECANN. “We excel in fostering deeper collaboration with local industries and communities, promoting responsible consumption among target markets. IBN has been an excellent partner for multiple years and is instrumental in helping drive further recognition for our conferences and deploying strategic tools to enable a wider online presence.”

To view the full press release, visit https://cnw.fm/39eYv

About IBN

IBN consists of financial brands introduced to the investment public over the course of 17+ years. With IBN, we have amassed a collective audience of millions of social media followers. These distinctive investor brands aim to fulfill the unique needs of a growing base of client-partners. IBN will continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Through our Dynamic Brand Portfolio (“DBP”), IBN provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) Press Release Enhancement to ensure maximum impact; (4) full-scale distribution to a growing social media audience; (5) a full array of corporate communications solutions; and (6) total news coverage solutions.

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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 — Canadian Research Shows High Schoolers Admit Accessing Cannabis Is Harder Post-Legalization

A Canadian study involving high schoolers has found that cannabis legalization made it harder for minors to access the controversial plant. According to the newly published study, the portion of students who said they had easy access to marijuana has fallen recently.

This period of reduced minor access to cannabis also coincides with the Canadian government legalizing marijuana consumption for eligible adults and authorizing cannabis retail outlets across Canada. The study contradicts cannabis legalization opponents who claimed that removing criminal penalties for possessing and consuming cannabis would make it significantly easier for youth and young children to access cannabis.

Researchers used data from a multitopic student survey called the COMPASS Study to determine whether or not students have had increased access to cannabis post-legalization. The survey polled students from grades 9 to 12 in secondary schools in Alberta, Quebec, British Columbia and Ontario. The research team considered cannabis-related questions posted to the students during three separate time periods: 2018–19, 2019–20 and 2020–21.

The research team looked at the responses to the following two questions: “In the last 12 months, how often did you use marijuana or cannabis?” and “Do you think it would be difficult or easy for you to get marijuana if you wanted some?”

Team members discovered that the frequency among students who reported having easy access to cannabis dropped by 26.7% from 51.0% to 37.4% while rates of past-month cannabis use fell from 12.7% in the 2018–19 period to 7.5% in 2020–21, despite the country legalizing cannabis and launching legal sales.

Study participants were more likely to report gaining easier access to marijuana as they grew older, especially the participants who used cannabis as minors. Furthermore, the research team noted that students with a history of marijuana use had a higher likelihood of reporting having easy access to the drug post-legalization.

The initial coronavirus pandemic period “slightly impeded” ease of access to cannabis, but the issue went away as the pandemic continued.

Researchers say that while self-reported access to marijuana among minors has decreased since Canada legalized the drug and during the pandemic period, the chances of underage students reporting increased ease of access to cannabis rise as they grow older and advance through high school, especially among the third wave of participants in the most recent COMPASS survey data. Consequently, the researchers say, there is still a lot of room for improving cannabis control efforts and maximizing their impact to limit minor access to marijuana.

This research provides yet more evidence that legalizing marijuana and licensing companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) goes a long way in preventing minors from accessing the substance.

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420 with CNW — California AG Says Interstate Marijuana Trade Would Attract Federal Enforcement

A recent letter from the California attorney general to state cannabis regulators has pretty much killed any hope of developing the interstate cannabis trade. Attorney General Rob Bonta sent a letter to the California Department of Cannabis Control (DCC) stating that businesses between licensed cannabis businesses in California and out-of-state entities could lead to “significant legal risk to the State of California,” as per the nation’s federal Controlled Substances Act.

Although the controversial plant is legal in dozens of states for either recreational or medical consumption, federal law still classifies the substance as a Schedule I drug with no medical uses and a high potential for abuse. This has put significant barriers to cannabis trade in states with legal markets and has essentially made interstate cannabis trade illegal.

However, with 24 states now allowing recreational cannabis and several more poised to legalize adult use over the decade, interest in interstate cannabis trade has been on the rise. Interstate trade could be beneficial for the industry as businesses could focus on cultivating cannabis in states with suitable climates and sell their products to a much wider market.

Bonta’s letter stopped any hopes of interstate cannabis trade developing in the next couple of years and informed officials that such trade could put the state at significant risk of facing legal federal action. The letter comes months after the attorney general received a request from the state Department of Cannabis Control asking for its assessment of the potential liability of allowing interstate cannabis trade under a 2022 California law passed by Governor Gavin Newsom.

DCC officials asked the California AG for his professional opinion on the measure shortly after it went into effect on Jan. 1, 2023. Although the DCC believes that enacting interstate cannabis trade would not put the state at legal risk, the attorney general’s office says that it can’t rule out the possibility of facing federal action as the Controlled Substances Act expressly prohibits cannabis trade and would supersede Governor Newsom’s law.

Enacted in September 2022, Senate Bill 1326 increased hopes for interstate cannabis trade among cannabis stakeholders in California, but it would have needed several prerequisites to kick in. The measure stated that the governor had the authority to enter into interstate cannabis commerce trade agreements with other states if federal law or guidance was amended or if the state attorney general said there was minimal to little risk of facing “significant legal risk.”

While many states and companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) could be interested in interstate cannabis commerce, it appears that until policy changes are made at the federal level, marijuana businesses will be restricted to operating within state borders.

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420 with CNW — Biden Issues Proclamation Pardoning All with Minor Cannabis Convictions

President Joe Biden recently issued a proclamation extending full and unconditional pardons to individuals previously convicted in the United States for the use or possession of cannabis. Simultaneously, he exercised executive authority to commute the sentences of 11 individuals serving excessively long terms for nonviolent drug offenses. These offenses included possession with the intent to distribute small quantities of methamphetamine (meth) and cocaine.

In a released statement, President Biden emphasized the imperative of ensuring equal justice under the law. He underscored the consensus among elected officials from both political spectrums, faith leaders, civil rights advocates and law enforcement figures. The common ground was the belief that the criminal justice system should genuinely reflect the fundamental value of enhancing community safety and resilience.

Regarding the commuted sentences, Biden highlighted the disproportionately lengthy penalties handed down for nonviolent drug offenses. He pointed out that if these individuals were charged with the same offenses today, they would be eligible for significantly reduced sentences.

Concerning the pardoning of convictions related to the simple possession and use of cannabis, Biden expressed his conviction that too many lives had been adversely affected by what he termed the nation’s flawed marijuana policies. He deplored the adverse impact of criminal records for cannabis use and possession on education, housing and employment opportunities, characterizing it as a time to rectify these injustices. Additionally, he urged state governors to follow suit in addressing state-level offenses related to cannabis.

The pardons specified in the proclamation exclusively pertain to convictions for the simple possession and use of cannabis. They do not extend to other offenses involving different controlled substances or activities beyond the basic possession of cannabis, such as possession with the intent to distribute or driving offenses under the influence of marijuana.

There has been ongoing discussion about easing federal cannabis restrictions. In August, the U.S. Department of Health & Human Services (DHHS) recommended the easing of cannabis restrictions by reclassifying it as a Schedule III drug, a departure from its current Schedule I classification by the U.S. Drug Enforcement Agency (DEA). Despite changing attitudes toward cannabis with most states allowing its use either recreationally or for medical purposes, the DEA continues to categorize it alongside substances such as LSD and heroin as a Schedule I drug.

Biden’s recent actions align with his broader approach to clemency, having previously granted clemency to 31 individuals convicted of drug-related offenses in April. Notably, during his 2020 campaign, Biden advocated for the automatic expungement of cannabis use convictions, reflecting a consistent commitment to reforming marijuana-related policies.

Advocates may be getting impatient with the rate at which these reforms are being made, and they wonder how long it will take for the federal government to make the changes necessary to bring the country at par with jurisdictions in Canada where entities such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operate.

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420 with CNW — NORML Analysis Reveals 32,000 Studies on Cannabis Have Been Published in Past 10 Years

Over the past decade, researchers have contributed to the scientific discourse on cannabis through the publication of more than 32,000 papers, with 4,000 emerging in 2023 alone, according to NORML’s analysis. The comprehensive exploration challenges critics who state that marijuana lacks the necessary scrutiny to justify legalization.

NORML’s data relies on keyword searches within the National Library of Medicine—PubMed.gov. This year marks the third consecutive occasion where the volume of marijuana-related papers surpassed 4,000, underscoring a sustained interest in understanding both the benefits and risks amid the ongoing legalization.

Paul Armentano, NORML deputy director, highlighted the exponential growth in scientists’ curiosity surrounding marijuana, emphasizing the enhanced comprehension of the plant as well as its active components, mechanisms of action and impact on users and society. Armentano urged policymakers to shift their perspective away from the unknown and engage in evidence-based discussions about cannabis and reform policies based on existing knowledge.

The assertion that marijuana remains inadequately studied frequently emerges in legislative debates at both the federal and state levels. Even President Joe Biden, despite his campaign promises of modest marijuana reform, maintains his opposition to federal legalization, arguing that further study is essential.

Contrary to such claims, the scientific literature on marijuana is vast. Advocates, however, express frustration at a perceived bias in federal research priorities, historically favoring investigations into potential harms rather than benefits.

While 32,000 scientific papers in a decade is impressive, it is reasonable to assume the total would be even greater if not for cannabis’ Schedule I classification. This classification, criticized as a significant research barrier, may see change following legislative efforts to streamline the research process.

Cannabis research in 2023 encompasses a wide array of topics, including government-funded and private studies exploring therapeutic applications, usage trends, drug substitution, minor cannabinoids and the policy implications of legalization. Examples include studies indicating that state-level legalization does not increase underage use and the potential unintended consequences of continued criminalization, such as the promotion of unregulated delta-8 THC products.

A recent scientific paper highlighted significant improvements in the quality of life and reductions in fatigue among patients with chronic health conditions during the first three months of medical marijuana use. These studies represent a fraction of the comprehensive examination of cannabis in 2023, covering political, scientific, cultural and economic aspects.

Simultaneously, the FDA detailed its evaluation of mor than 800 investigational new drug applications involving marijuana, underscoring the profound changes in product form factors, cultural attitudes and the legal landscape surrounding marijuana.

This extensive amount of research on marijuana probably doesn’t surprise industry insiders such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) that often feel that detractors tout “limited research” as a convenient yet incorrect excuse for not ending prohibition.

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420 with CNW — New York Publishes Sample Job Descriptions to Help Employees, Companies in Legal Cannabis Industry

The state of New York’s labor department recently published sample job descriptions for various positions in the marijuana industry. Their intention is to allow prospective employees to evaluate their qualifications to work in different roles in the growing industry while also helping firms streamline hiring processes.

In a statement, a representative of the department said that marijuana’s legalization had created significant opportunities, and the department of labor was committed to supporting businesses as well as those seeking employment in the state as the industry continued to expand. The department began posting the sample descriptions earlier this month. They include example positions in delivery, cultivation, retail, and product manufacturing and hospitality as well as sampling and testing jobs.

Some positions are entry level, such as managing retail inventory or trimming, while others require skilled individuals for roles such as cannabinoid extraction, management or laboratory testing. The job-description samples are posted on the department’s Cannabis Career Exploration site and are meant to be used as education resources for those seeking employment. The website also includes a page on how to find cannabis jobs and links to marijuana education opportunities.

The department also released a statement noting that this online resource was put together to help New Yorkers explore working in the marijuana industry. It further noted that the resource would also help those seeking employment to evaluate their skills to find a focus area and determine what education or training they would need to succeed in their chosen careers. The department then added that the resources could be used as a starting point for businesses as they start hiring their workforce.

The sample postings come just weeks after the state’s Supreme Court lifted an injunction that prohibited state cannabis regulators from processing new retailer licenses. This move will allow the New York marijuana market to expand significantly.

In a press release, the Cannabis Control Board’s chair Tremaine Wright stated that the decision brought relief to hundreds of those with provisional licenses whose businesses had been sidelined. Wright then noted that the board remained focused on upholding a transparent and fair process as it continued to support and grow the state’s marijuana industry.

New York Governor Kathy Hochul also wrote on social media that the decision by the supreme court meant there should be more places to buy tested, safer and legal marijuana stores would launch faster. Currently, however, there fewer than 30 licensed retailers for adult-use cannabis in the state.

It is expected that the court’s decision will also reduce the number of illicit operators in the market, who currently make up a significant fraction of the marijuana market.

Marijuana industry actors elsewhere, including group leader Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), are likely to welcome the steps that are being taken to get the industry finally going in New York State since the state has faltered several times in its attempts to roll out regulated sales.

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420 with CNW — Ukraine Lawmakers Pass Bill Legalizing Medical Cannabis, Send to President’s Desk

Legislators in Ukraine recently gave their final approval for a measure that will legalize the use of medical cannabis nationally. The measure has been forwarded to President Volodymyr Zelensky’s desk, who is in favor of reform, to be signed into law. The law shall come into effect six months after the president signs it.

The measure will legalize medical marijuana use for patients diagnosed with serious illnesses and PTSD linked to the country’s ongoing war with Russia. Russia invaded Ukraine in February 2022, with experts noting this was an escalation of the Russo-Ukrainian war, which began in 2014.

In order to obtain the needed approval for the legalization, a petition calling for special procedure, which needed the signatures of 150 members, was circulated. Olga Stefanyshina, a member of Parliament, revealed recently that a total of 164 signatures were collected, which cleared the way for the bill’s passage. It should be noted that the bill’s language explicitly lists war-borne, post-traumatic stress disorder and cancer as the only eligible conditions qualifying patients to receive medical marijuana.

Despite this, the health committee’s chair revealed earlier in the year that legislators heard daily from individuals with other ailments, including epilepsy and Alzheimer’s disease. The measure’s approval reschedules marijuana from a List I drug to a List II drug. While drugs under the former category are strictly prohibited, those in the latter category are available for therapeutic use if one has a prescription.

It is expected that the Ministry of Agrarian Policy will have regulatory authority with regard to marijuana cultivation as well as processing operations. On the other hand, the State Agency on Medicines and the National Police will oversee and enforce authorities associated with the drug’s distribution.

The bill also permits the import of raw marijuana materials from other nations, in an effort to ensure patient access.

In a translation, MP Maria Mezentseva stated that the government leaders had accounted for the various fundamental issues emphasized by colleagues and that it was crucial to not trust fake information that was making the rounds on various social media platforms. Mezentseva added that the law on medicinal marijuana was aimed solely at providing treatment for nationals who truly needed it.

The president discussed his stance on medical cannabis legalization earlier this year. During his address to parliament, Zelensky stated that the most effective policies as well as the best practices and solutions needed to be applied in the country, so Ukrainians didn’t have to endure the stress, pain and trauma of war. He also noted that fairly legalizing marijuana-based medicines for all those who needed them, with appropriate scientific study and controlled production, was key.

Companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) could explore supplying some of the needed medical marijuana products to Ukraine since they already have some experience availing these products to a number of markets within the EU bloc.

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420 with CNW — Study Shows State-Level Cannabis Legalization Boosts Recruitment for College Basketball

A recent study conducted by researchers at Kennesaw State University and Georgia College and State University has established a link between cannabis legalization and its impact on recruitment outcomes for college sports teams. Delving into the dynamics of recreational marijuana policies and their influence on talent acquisition, the researchers examined recruiting data spanning from 2003 to 2019.

Their findings, presented in the “Sports Economics Journal,” propose that cannabis legalization plays a major yet intricate role in shaping the landscape of college sports recruitment, particularly in football and basketball, warranting attention from NCAA leagues. The research revealed a positive correlation between cannabis legalization and enhanced recruitment prospects for college basketball teams. Teams situated in states where marijuana is legal experienced an average improvement of 3.7 slots in recruiting rankings. In stark contrast, the outcomes for football teams in legal states were less favorable, with recruitment rankings showing an average decline of 2.9 slots compared to similar institutions in nonlegal states.

Despite the absence of survey data from individual athletes, the authors caution against drawing definitive conclusions from their findings. Nonetheless, they offer speculative hypotheses to shed light on the observed disparities. One theory posits that variations in the recruitment landscape between football and basketball may be attributed to the historical cannabis policies of national leagues, such as the NBA and NFL. The NFL, with its more stringent penalties for marijuana use, could have instilled greater caution among college football players compared to their basketball counterparts.

The study notes the evolving landscape of league policies, citing adjustments made by both the NFL and NBA in 2020. The NBA, for instance, removed cannabis from its banned substances list, allowing players to engage in marijuana-related activities within specified limits. Similarly, the NFL altered its drug-testing policy to eliminate the threat of suspension for positive tests, signaling a more lenient stance.

Notably, the study highlights the broader impact of cannabis policy changes on various professional sports leagues, including the NCAA. In a significant move, the NCAA Committee on Competitive Safeguards and Medical Aspects of Sports recommended the removal of cannabis from the list of banned substances for college athletes. This proposed reform aligns with the NCAA’s prior adjustment of the THC threshold for a positive test, bringing it in line with the WADA standards.

The researchers also explore the possibility that the disparate effects of legalization on football and basketball recruitment may be influenced by cultural differences within these sports communities. The study suggests that the basketball community might be more accepting of cannabis use, potentially empowering college recruits to choose institutions in states where recreational use is permitted.

The researchers acknowledge the need for further research to validate these hypotheses. However, they emphasize the predictive power of their results in anticipating the future dynamics of college athletics. With several states enacting legalization post-2019, the study suggests that colleges in these states may witness improved basketball recruitment and on-court performance but could experience adverse effects on football recruitment and on-field performance in the coming years.

Established cannabis companies such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) likely wouldn’t have thought that the legalization of cannabis could have positive effects on recruitment into college sports teams. More research could reveal yet more benefits associated with ending cannabis prohibition.

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