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 — Policy Analyst Says Marijuana Legalization ‘Inevitable’

A policy analyst from TD Cowen says that cannabis legalization in the United States is “inevitable” and believes that it is just a question of weathering a bumpy legislative landscape for the next several years. Originally, many analysts thought federal cannabis legalization was finally on track after the Democrats secured the House, Senate and White House, especially as President Joe Biden had based part of his campaign on cannabis reform.

However, while the Biden administration has taken some cannabis-related action, including issuing a mass pardon for people with certain cannabis-related convictions, the administration has barely made any moves to legalize cannabis at the federal level.

With President Biden’s first term fast approaching its end, many pundits and investors are quickly losing hope for federal cannabis legalization, particularly in the next couple of years. Capital investment in the state-legal cannabis industry is extremely low, and the AdvisorShares Pure U.S. Cannabis ETF, current holder of all U.S.-based marijuana companies, is trading at just $6.80 a share down from around $52 a share in early 2021.

Federal prohibition has made operating in the cannabis sector almost untenable; cannabis businesses are barred from interstate commerce, they struggle to obtain investment and financing, and they aren’t allowed to make normal business tax deductions. Even so, TD Cowen policy analyst Jaret Seiberg says federal legalization is inevitable. Polls show that a majority of the American population is in favor of either decriminalization or outright legalization, and a cadre of top lawmakers has thrown their weight behind cannabis reform.

Bipartisan legislation such as the SAFER Banking Act seeks to legitimize the cannabis sector by allowing industry players to access financial services from banking institutions. Senate Majority Leader Chuck Schumer and other senators have also been working on a bill that would legalize cannabis at the federal level.

In addition, a group of Massachusetts cannabis businesses has filed a lawsuit alleging that the Controlled Substances Act, which classifies cannabis as a Schedule I controlled drug, is an unconstitutional infringement on the power of states with legal cannabis. Although a favorable ruling wouldn’t make interstate cannabis trade any easier, it would significantly ease the operations of already existing cannabis businesses by granting them access to essential financial services, such as bank accounts and cashless payments.

Legalization may also be spurred by executive action. For instance, Biden recently asked the U.S. Department of Health and Human Services (HHS) to review marijuana’s federal status as a controlled substance. Subsequently, a letter dated Aug 29, 2023, which was obtained by Bloomberg, revealed that a top HHS official had recommended that the Drug Enforcement Agency (DEA) reschedule cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III.

The cannabis industry, including enterprises such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), awaits any definitive action taken by the DEA as this will have a major effect on the trajectory of the marijuana industry in the United States.

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 — Study Finds Drop in Young Adults’ Use of Tobacco, Alcohol Post-Cannabis Legalization

New research has found that the legalization of cannabis may be linked to a drop in the use of cigarettes and alcohol by young adults. For their study, the researchers surveyed 311 individuals aged 18 to 20 years of age who were living in Los Angeles prior to and after the state legalized the recreational use of cannabis in 2016.

The participants were divided into two groups: prelegalization and postlegalization, with the latter group having 139 participants.

The researchers found that despite increased normalization of marijuana use and increased access to the drug, legalization did not cause the frequency of marijuana use to increase. However, they did observe a shift in the use of edibles after legalization. This, the researchers theorized, could point to a substitution effect that may have resulted from increased access to marijuana via diversion of marijuana from adult-use or medical marijuana dispensaries or a medical marijuana recommendation.

With regard to the use of other substances, the researchers observed a drop in cigarette and alcohol use among participants in the postlegalization group. This, they argued, suggested the possibility of a protective effect provided by marijuana or potentially ongoing changes in attitudes and norms toward the drug.

The study, which was funded by the National Institute on Drug Abuse, reported its findings in the “Journal of Psychoactive Drugs.”

The study’s findings counter arguments made by prohibitionists on the potential impact of legalizing marijuana, as the data also showed no significant rise in the use of cannabis among young adults who hadn’t attained the minimum age that’d allow them to access retail dispensaries. In their report, the researchers recommended that future studies monitor whether stable rates of marijuana use and reductions in the use of cigarettes and alcohol would be sustained as participants attained legal age to access these substances. They also recommended that research focus on how these trends altered or continued as participants entered adulthood.

This is not the first study to observe a possible substitution effect. Research that was published recently in the “International Journal of Mental Health and Addiction” reported that the legalization of medical cannabis was linked to a lower frequency of use for nonprescribed opioids. Separate research published in October also found that legal access to CBD products brought about considerable reductions in opioid prescriptions.

Earlier in August, another study determined that cannabis was significantly linked to decreased cravings for opioids for individuals who were using them without prescriptions. This suggests that expanding access to legal marijuana by letting various companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operate may offer individuals safer substitutes.

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420 with CNW — Marijuana Industry Stakeholders Upbeat Regarding Prospects of Ending Section 280E Pains

During a recent panel discussion at MJBizCon, industry insiders expressed hope for a positive shift in the status of marijuana under the Biden administration. The anticipation is that marijuana could be rescheduled, potentially reducing the burdensome taxes imposed on marijuana businesses by Section 280E of the federal tax code.

However, amid this optimism, the panel acknowledged the existing challenges in the industry and the necessity of taking calculated risks to unlock future benefits. An illustrative example is Virgil Grant, an industry veteran who, despite enduring a six-year federal prison sentence for operating a legally sanctioned medical cannabis business in California, remains undeterred in his commitment to the cannabis sector.

Grant, now the CEO of a California marijuana retail chain and cofounder of the California Minority Alliance and the Southern California Coalition, highlighted the ongoing challenges faced by the industry. Recently, his bank closed his account, creating significant obstacles for essential financial operations such as payroll and lease payments. Rather than succumbing to these challenges, Grant is actively advocating for the passage of the SAFER banking bill, emphasizing its potential to facilitate access to crucial services and capital. He also advocates for ending the imposition of Section 280E on marijuana companies, a sentiment shared by fellow industry stakeholders.

At MJBizCon, Grant shared the stage with other prominent figures, including Kim Rivers, CEO of Trulieve Cannabis, and David Mangone, director of policy at the National Cannabis Roundtable. These individuals participated in a session titled “Cannabis Industry Outlook: Trends, Obstacles, and Strategies to Survive,” which delved into the risks undertaken by industry players in the hope of long-term rewards.

For Rivers, the risks involve a substantial investment of $40 million in advocating for adult-use legalization in Florida and pursuing a $143 million tax redemption from the IRS for payments made between 2019 and 2021. Rivers clarified that Trulieve, unlike some companies, has chosen not to defer tax payments under 280E, emphasizing its commitment to paying taxes in full and on time.

Despite these financial risks, Rivers remains optimistic about the potential $150 million IRS refund. “We’ll let you know if any big checks come through,” he said. The overall theme of the session emphasized the resilience required to navigate the current challenges and uncertainties in the cannabis industry.

In the first presentation of the day, MJBizDaily editorial team members presented predictions for the coming year. These included the reclassification of marijuana from Schedule I to III and the possible elimination of Section 280E. Other predictions encompassed the unlikelihood of a takeover of the cannabis industry by major pharmaceutical firms, increased legalization of recreational cannabis in states such as Pennsylvania and Florida, growing interest from investors in the marijuana industry and the diminishing significance of marijuana in the 2024 presidential election due to bipartisan support for federal cannabis reform.

The expected easing of the tax burden on the marijuana industry in the United States would make it possible for industry actors such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) to earn a decent profit from their operations, gaining the financial muscle to push ahead with bringing more innovative products to market.

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420 with CNW — Immigrants Still Face Legal Consequences for Marijuana Use Despite State-Level Legalization

In Minnesota, individuals aged 21 years and older are permitted to legally possess and use marijuana. However, despite being legal at the state level, marijuana remains prohibited under federal law. This legal nuance is particularly pertinent for immigrants who haven’t obtain U.S. citizenship, according to Julia Decker, the policy director at the Immigrant Law Center of Minnesota.

Decker emphasizes the federal control over cannabis, noting that engaging in any related activities or possessing marijuana could result in immigration consequences, potentially leading to deportation. This distinction holds regardless of one’s legal status, even if an individual possesses a green card or other lawful immigration documentation.

The complexity arises because, under Minnesota state law, an individual might possess a small quantity of cannabis for personal use without facing criminal charges. However, immigration applications often inquire about any uncharged or unconvicted criminal acts, complicating matters for applicants swearing under penalty of perjury or oath. Even in the absence of a criminal case, Decker warns of potential consequences.

Linus Chan, a clinical professor of law at the University of Minnesota Law School, points out the challenge attorneys face in navigating a system where the distinction between state and federal law isn’t always clear. He notes that people often overlook the difference between state and federal law when determining whether an act constitutes a crime. This lack of clarity extends to areas such as conviction expungements, where a state expungement may not carry weight at the federal level.

The federal immigration law, as Chan points out, provides no exceptions for medically prescribed cannabis or employment at a dispensary. Although a marijuana conviction doesn’t automatically hinder naturalization or trigger deportation, the risks are heightened for individuals lacking citizenship, according to both Chan and Decker.

Decker underscores the necessity of recognizing the arbitrary nature of legal distinctions, especially concerning marijuana laws. She suggests that, particularly in the context of citizens versus noncitizens, the disparities in legal standards can seem fundamentally unfair across various issues.

As cannabis legalization in Minnesota is still in its early stages, Decker recommends individuals navigating the immigration system seek advice from immigration lawyers. Meanwhile, legal experts closely monitor how these changes may impact the future citizenship prospects of Minnesota residents.

The shifting legal landscape prompts a proactive approach for immigrants, ensuring they comprehend the nuances and potential ramifications within the complex intersection of state, federal and immigration law.

These legal contradictions between federal and state law also create complexities for marijuana companies, such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), as they conduct their legitimate operations.

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CannabisNewsBreaks – Sustain Southern California Names IBN as Media Sponsor for Upcoming Sustainability Private Capital Event

Sustain Southern California (Sustain SoCal), a nonprofit organization, announced that InvestorBrandNetwork (“IBN”), a leading corporate communications firm and content distributor, will be the official media sponsor for the sixth annual Sustainability Private Capital Event. The event, scheduled for Dec. 6–7, 2023, will be hosted by Sustain SoCal and Roth MKM. The conference agenda features some 40 companies as well as experts from an array of sectors, including solar/storage, e-mobility, smart cities, circular economy and water, with most of the companies being in the series A/B fundraising stage. Participating investors include venture capitalists, private equity offices, family offices, representatives of endowments and foundations, and angel investors. As the event media sponsor, IBN will leverage its full suite of corporate communications solutions to enhance visibility and recognition for panel speakers, participating companies and the event itself. Through its events, Sustain SoCal has earned a reputation for being a leading information hub, advocacy and networking platform as well as educational forum committed to advancing discourse and actions on economic progress and sustainable environmental development in Southern California and the surrounding regions.

ROTH MKM is a privately owned investment banking firm that has gained a reputation for its premier suite of business lines, including M&A, financing, restructuring, advisory, and corporate services. “We are always pleased to partner with both Sustain SoCal and ROTH MKM,” said IBN communications director Jonathan Keim in the press release. “It is a pleasure to work alongside their highly professional teams and to actively connect our investor audiences with the events they produce.”

To learn more about the event, visit https://cnw.fm/4uwhE

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

About Sustain SoCal

Sustain SoCal, a nonprofit organization, accelerates sustainability and economic growth through innovation, collaboration and education in Southern California. The organization has a 10-year history of exploring and implementing pragmatic, real-world solutions to the challenges created by growth, change and inefficiency. The company conducts conferences, workshops and networking events that lead to initiatives that positively impact the region’s economic progress and sustainability. For more information, visit the company’s website at www.SustainSoCal.org.

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 — Colorado Researchers Search for Reliable Cannabis Breathalyzer

Researchers at the University of Colorado Boulder are on the hunt for a reliable cannabis breathalyzer. Dozens of states now allow access to medical or recreational cannabis, but law enforcement institutions in the United States have largely been against cannabis reform efforts.

On top of complicating law-enforcement efforts, these institutions say legalization will increase driving under the influence rates across the country. While data from several states shows no correlation between cannabis reform and higher traffic incident rates, the lack of a proper cannabis drug test is a major issue.

The breathalyzer has a long history of accurately testing alcohol levels on-site, but we still don’t have tests that can check cannabis intoxication rates. Now that tens of millions of Americans have access to marijuana, there is an urgent need for reliable cannabis breathalyzers to aid in the policing of driving under the influence and prevent nonintoxicated people from being penalized due to inaccurate tests.

Current tools regularly fail to provide accurate blood cannabis levels and often cannot correlate these levels with intoxication at the moment, meaning Americans can be penalized for having THC in their blood even if they aren’t necessarily intoxicated at the moment. The lack of proper tools has left many law enforcement officials searching for a way forward.

Sgt. Roger Meyers from the Colorado State Patrol says the agency has decided not to use the cannabis breathalyzers currently on the market. University of Colorado Boulder associate professor of cognitive science Cinnamon Bidwell says the tools currently in use simply aren’t a good system. He says researchers at the university are working to develop a reliable tool as fast as they can to meet market demand for a marijuana breathalyzer. According to an initial report from a new study, the development of such a tool is gaining promise in terms of gaining scientific information and using the device to help make law enforcement in transportation safe and fair.

Bidwell says that the potential for roadside testing will be incredibly critical for public safety but explains that it will take a lot of research steps before scientists can even establish if a marijuana breathalyzer will be suitable for use by public safety officers. He explains that comparing a marijuana breathalyzer with an alcohol breathalyzer is akin to likening apples to pinecones because only very small amounts of cannabis remain in the body after ingestion.

The fact that marijuana stays in the system longer also makes it difficult to determine a timeline of consumption, especially in people who consume the drug regularly. An accurate test would require plenty of work from the ground up to learn how different cannabis strains affect people, to share this knowledge to troopers and to develop tools that can accurately test cannabis intoxication levels.

The entire cannabis industry, including major companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), would welcome a reliable way to identify people who are driving while intoxicated or those who use cannabis while at work. This would prevent innocent people from being victimized for false positives arising from cannabis use that occurred days or even months prior.

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420 with CNW — Public Transit Groups Urge DHHS to Certify Firms Conducting Saliva Tests for Cannabis

U.S. public transit organizations are urging the Department of Health & Human Services (HHS) to implement a system for utilizing saliva tests in drug screenings, specifically for cannabis and other substances. Advocates argue that this method is less invasive compared to traditional urine tests and provides a more accurate reflection of recent drug consumption, preventing individuals from facing consequences for substance use that occurred up to a month before testing.

The U.S. Department of Transportation (DOT) recently changed regulations to allow federally regulated transportation workers such as truckers, pilots and commercial drivers to employ oral fluid testing instead of urine drug testing. HHS has not yet certified saliva-screening laboratories or approved appropriate equipment for on-site saliva collection, despite the regulatory change.

The American Public Transportation Association (APTA) recently sent a letter to Xavier Becerra, the HHS secretary, urging the HHS to expedite the certification of testing labs. In a recent notice, HHS acknowledged the absence of certified laboratories capable of conducting drug-validity testing on oral-fluid specimens. According to APTA, the FDA, an arm of HHS, is also responsible for authorizing a minimum of one oral-fluid collection device to guarantee adherence to the DOT regulation concerning the oral-fluid testing system.

APTA, representing both private and public organizations employing about 430,000 individuals, outlined the advantages of oral-fluid drug testing. These include a less intrusive collection option that is gender neutral, eliminating the use of secured bathrooms. Additionally, saliva-based testing makes it possible to detect more recent drug use, which is important in situations involving post accident testing. The possibility of manipulation or intervention is also diminished by the transparency of the collection procedure.

The benefits were also underscored by the Albuquerque Transit Advisory Board, New Mexico, highlighting its gender-neutral collecting method and quicker identification of recent marijuana usage than urine testing.

In a recent meeting, the board urged the state’s congressional delegation to put pressure on HHS to approve at least two laboratories for oral-fluid testing. In addition, it requested that the city of Albuquerque amend its policy to incorporate oral testing and adhere to federal regulations mandating the use of oral fluid testing for direct observational testing of nonbinary and transgender staff members.

In a separate correspondence, the board urged Becerra to speed up the certification procedure for laboratories. The letter underlined how critical it is to solve the nation’s bus-driver crisis and allow agencies to hire and retain more mechanics and operators. It emphasized the necessity of striking a balance between safety concerns and the changing legal and societal context of drug usage.

With easily accessible certified labs that can accurately establish recent cannabis consumption, more people will be less hesitate to consume marijuana products from numerous companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) while off duty because they won’t be victimized under the mistaken belief that they were under the influence while at work when an accident occurred.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Positive Interim Results in Ongoing GLP-1 Human Pilot Study

Lexaria, a global innovator in drug delivery platforms, just announced additional positive interim results from its ongoing GLP-1 human pilot study
The study seeks to provide an early-stage indication of whether DehydraTECH(TM) processing could improve oral drug delivery characteristics of the GLP-1 drug semaglutide
Lexaria’s DehydraTECH GLP-1 showed a 2.9% to 14.6% blood glucose level reduction relative to baseline, compared to 1.3% to 6.7% for the control group
The DehydraTECH GLP-1 group also only saw a 5.3% spike in glucose levels after having a standardized meal at the 240-minute mark and a snack at the 360-minute mark, compared to 22.7% for the control group

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced additional positive interim results from its ongoing human pilot study that seeks to provide an early-stage indication of whether DehydraTECH(TM) processing could improve oral drug delivery characteristics of the GLP-1 drug semaglutide. The study, which focused on Rybelsus(R), a commercially available semaglutide drug, involved seven healthy subjects, four of whom received the DehydraTECH GLP-1, with the other three receiving the control (https://cnw.fm/kr4Ic).

Of note was DehydraTECH GLP-1’s 2.9% to 14.6% blood glucose level reduction relative to baseline, compared to 1.3% to 6.7% for the control group. These results were achieved in the initial 100 minutes of taking the drugs, and at all but the 20-minute and 240-minute sample time points, the DehydraTECH GLP-1 blood glucose levels were reduced more than evidenced by the control group. More so, even 24 hours after dose administration, the blood glucose levels were reduced in the DehydraTECH GLP-1 group by 6.3% relative to baseline. In contrast, that of the control group was only reduced by 0.67%. This evidenced a nearly ten-fold improvement with DehydraTECH GLP-1.

When the subjects were permitted to eat a standardized meal at the 240-minute mark and a standardized snack at the 360-minute mark, glucose levels spiked by 22.7% for the control group, while those in the DehydraTECH GLP-1 group only saw a 5.3% rise. Although this cannot be attributed to DehydraTECH GLP-1’s overall efficacy in achieving sustained blood glucose reduction, it is a plausible explanation for the difference and a pointer to the overall potential of the technology.

While there are still some additional steps to be taken, these positive results are welcome and point to the technology’s potential, specifically in diabetes treatment. In the DIAB-A22-1 animal study, Lexaria demonstrated at least three positive outcomes, which included weight loss in obese diabetic-conditioned animals and improved triglyceride and cholesterol levels. The study also demonstrated an improvement in locomotor activity compared to untreated obese control rats, with no severe health concerns during dosing (https://cnw.fm/2BAmL).

With the results from Lexaria’s DehydraTECH GLP-1, the company is on track to replicate the positive results from its diabetes study. More importantly, it is on track to carve out a decent market share in an industry projected to bring between $150 billion and $200 billion a year (https://cnw.fm/eV0fW). By doing so, it will also ensure that GLP-1 drugs are more effective with reduced side effects while also being accessible to individuals living with diabetes. It also hopes it will improve the quality of life of people living with the condition by offering a less intrusive and less painful treatment alternative than what is currently in the market.

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

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

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420 with CNW — German Lawmakers to Vote on Revised Cannabis Legalization Measure Next Week

Legislators in Germany have decided to revise a bill to legalize cannabis in the country, a week before they cast their final vote on it in parliament. The bill to legalize marijuana is being championed by Health Minister Karl Lauterbach, who first discussed details concerning the revised legalization measure in April 2022. In May of the same year, he presented the legislative text to cabinet officials.

When responding to early criticism of the measure from law enforcement and medical groups, Lauterbach emphasized that marijuana reform would be implemented together with a campaign to educate the public on the risks of using marijuana. Last week, Kirsten Kappert-Gonther of the Green Party stated that the resolution would be revised in ways that would make it better.

The amendments would relax some provisions that were challenged by advocates and supporters in the Bundestag. After the resolution is amended, individuals found possessing between 25–30 grams of marijuana won’t automatically be treated as criminal offenders but as administrative violators. The possession limit for home-grown cannabis will also be increased to 30 grams from 25 grams.

With regard to public consumption of marijuana, individuals will not be allowed to use marijuana within 100 meters distance of a school. Prior to the amendment, this figure stood at 200 meters. Legislators also agreed that social clubs that could distribute cannabis to members may begin launching in July 2024 while home cultivation and possession of marijuana legal for adults would begin in April of next year.

Kristine Lütke, a member of the Free Democratic Party in the Bundestag, added that these revisions could bring relief to consumers and make the bill even better. In addition, legislators plan to introduce a complementary resolution that would create pilot programs for commercial sales in different cities across Germany.

Currently, it is expected that once the Bundestag approves the legalization bill, the measure may be advanced to the Bundesrat. In September of this year, members of the Bundesrat had tried and failed to block the proposed measure.

While the Federal Cabinet approved the measure’s initial framework last year, the government thought it best to receive approval from the European Union before enacting it, so they were sure they wouldn’t be violating any global obligations.

In other news, government officials from some countries, including America, met in Germany this previous week to discuss global cannabis policy issues. Last year, Narcotics Drugs Commissioner Burkhard Blienert and a group of German legislators visited the United States and toured marijuana businesses in California to help inform their approach to legalization.

When the German cannabis market finally opens, there will be a chance for local companies grow to the levels seen by enterprises such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) that are operating in mature marijuana markets.

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420 with CNW — Missouri Companies Sell Cannabis Products Worth $1B in 2023

Missouri’s cannabis industry has surpassed $1 billion in sales of medical and recreational marijuana products for the year 2023, as disclosed by the state’s Department of Health and Senior Services (DHHS). In October alone, retailers transacted approximately $95.5 million in recreational cannabis products and an additional $17.6 million in medical cannabis.

Although these figures reflect a slight decrease compared to the previous month, they contribute to the overall 2023 sales, pushing the state’s total marijuana revenue beyond $1.1 billion.

The trajectory of adult-use cannabis sales has exhibited a gradual increase since the commencement of sales in February. Conversely, the sales of medical cannabis have experienced a consistent decline. Notably, there has been a reduction in the number of registered medical cannabis patient cultivators, caregivers and patients throughout the year.

Cumulatively, all cannabis sales in Missouri since 2020 amount to $1.7 billion, according to the DHHS. These figures are, however, approximations, deviating from the conventional reporting format of most states, as Missouri’s DHHS rounds the numbers to the nearest $100,000.

As part of the state’s utilization of tax revenue, lawmakers recently announced the allocation of $17 million to support veterans’ drug treatment, health and legal aid initiatives.

Missouri’s cannabis industry has encountered significant challenges this year, including the recall of thousands of marijuana products due to the alleged illegal use of hemp-derived cannabinoids from outside Missouri. Regulators moved to revoke the business license of Delta Extraction, a company central to the incident. This development raised concerns, particularly regarding practices at product testing labs, which had faced criticism earlier in the year for alleged lab shopping to achieve higher THC potency numbers.

The state, however, rescinded the recall of nearly 15,000 products last month, allowing the products to be returned to dispensary shelves after a storage mandate since early August. The state’s marijuana regulator stated last month that a review of product-tracking records confirmed some recalled marijuana products contained THC sourced exclusively from Missouri’s regulated market.

Moreover, a cannabis retailer, Point Management, operating as Shangri-La, Columbia, recently settled a dispute with a union, resolving 15 charges of unfair labor practices. The settlement mandates the reinstatement of five employees and requires the retailer to compensate more than $145,000 in back pay, front pay, interest and damages for direct or foreseeable financial harm to 10 employees.

In a separate development, legislators criticized the state’s marijuana regulators for exceeding their authority in setting new rules on product branding and packaging aimed at reducing appeal to children.

The booming sales registered in Missouri may depict the broad success that established cannabis companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) are enjoying in the markets in which they operate.

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