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 — Cultivation, Possession of Cannabis is Now Legal, But Ohioans Have Nowhere to Purchase It

Recreational marijuana sales in Ohio remain in a state of uncertainty following a recent development that permits adults to cultivate and possess marijuana at home but restricts them from legally purchasing it.

This week, Republican Governor Mike DeWine asked lawmakers to establish guidelines for Issue 2, the citizen initiative approved by voters in November, in an attempt to beat the law’s effective date. The state’s House declined to take up the matter despite the Senate’s successful last-minute agreement shortly before the statute went into effect.

Representative Jamie Callender clarified that there is no specific deadline for putting in place a legal sales framework. He emphasized the importance of a thoughtful approach, ensuring sufficient time for a comprehensive examination and resolution of aspects not taking immediate effect.

Representative Bill Seitz defended the adjournment of the House without debating the 160 pages of related legislation, arguing that it was absurd to pass such a significant proposal without adequate review; he emphasized the need for time to work through the difficulties of establishing marijuana sales, taxes and regulatory frameworks.

DeWine expressed concerns about potential adverse scenarios, such as the flourishing of illicit market sales or increased accessibility to cannabis products contaminated with substances such as fentanyl or pesticides.

Last year, legislators had a four-month window in which to act on Issue 2, a citizen-initiated statute, before it could go to the ballot. However, the Republican-controlled legislature opted for inaction, resulting in the November 7 ballot, which ended in a 57% vote in favor of the initiative.

The approved measure permits adults 21 years of age and older to cultivate up to 12 plants per household or 6 plants per individual, as well as to buy and possess up to 2.5 ounces of marijuana. It called for the creation of a legal cannabis purchasing system by the state within nine months, with a 10% tax. Sales proceeds would go toward paying for social-justice initiatives, addiction-treatment centers, dispensary-owning towns, administrative expenses and employment initiatives that boost the marijuana sector.

With the law about to take effect, Senate GOP leaders proposed a significant alteration to the voter-approved provisions, causing dissatisfaction among supporters and raising concerns in the House. The proposed amendments would have eliminated tax money for social-equality programs, reduced the amount of marijuana that may be possessed at one ounce, increased taxes on sales to fifteen percent, prohibited home cultivation, and transferred funds to the state government as a whole.

A deal that was worked out with DeWine and approved by the Senate in a 28-to-2 vote keeps the 15% tax on sales, lowers the maximum THC content permitted in marijuana extracts, reinstates the 2.5-ounce possession limit and permits up to 35% THC in plants. It also takes away the majority of state revenue control. The legislation gained Democratic support by including provisions to expunge criminal records for possession of up to two and a half ounces, requiring kid-safe packaging and prohibiting ads targeting minors — an initiative backed by the governor.

Senate President Matt Huffman defended the compromise as respecting voters’ decisions while addressing crucial concerns. He acknowledged his opposition to cannabis legalization but emphasized the need to comply with the law to prevent the emergence of an illegal market.

Louis Tobin, the Ohio Prosecuting Attorneys Association executive director, states that while there is still confusion surrounding commercial cannabis sales, several provisions of the new Ohio law are instantly enforceable. He highlighted that while it might be challenging to establish probable cause for carrying less than two and a half ounces of marijuana, some activities, such as smoking in cars, carrying more than is allowed, holding private sales and operating a vehicle while intoxicated, remain prohibited.

The evolving recreational marijuana regulatory system in Ohio is likely to be of interest to multistate operators such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) because it could potentially be a market they would consider expanding into.

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 — New Poll Says 67% of Voters in Florida Back Recreational Cannabis Legalization

More than 700 residents in the state of Florida were polled by UNF Public Opinion Research Lab in a recent survey. This survey comes after the state’s Supreme Court heard arguments over the resolution to allow an amendment that would restrict purchases to three ounces of cannabis on the 2024 ballot.

From the poll, 67% of registered voters would support a state constitutional amendment that permitted adults to buy and possess cannabis for personal use. Additionally, 28% were against an amendment that would allow recreational marijuana to be legalized without a license while 5% were undecided on the matter.

While the results show strong interest in the decriminalization of marijuana, the support recorded in the latest poll is lower than results from previous surveys. The Public Opinion Research Lab asked voters in the state a similar question two years in a row, with 76% voicing their support for amendment in 2022. The following year, this figure had dropped to 70%.

Professor Michael Binder, the lab’s faculty director, attributed the drop to how the question was presented to voters. In a statement, Binder explained that while prior surveys simply asked voters if they were opposed or supported the legalization of recreational cannabis, the latest survey went into details of the proposed amendment. Additional details about the amendment shared in the latest poll include that it would permit entities licensed by the state to grow and sell cannabis products and accessories. It also stipulated that the new rules wouldn’t change federal law and would only apply to state law.

Despite the slight drop, a majority of respondents in every category that was polled had a positive stance on ending prohibition. This included 77% of Democrats, 58% of independent voters and 53% of GOP members. With regard to gender, 68% and 55% of women and men respectively supported the change.

When researchers used education as a metric, they determined that 64% of respondents with college degrees and 61% of those without were also in favor of the amendment. By race, 65% of Black and White respondents were in favor of cannabis being legalized. This is quite high, especially when compared to 52% of Hispanics who were of the same opinion.

Based on age, the poll determined that 77% of respondents aged 18 to 24 years of age backed marijuana legalization, with those aged 55 to 64 years old making up 71% of those in favor of recreational legalization. Voters aged 65 years and older who supported legalization of recreational cannabis made up 56% of Floridians surveyed.

The eventual legalization of recreational cannabis in Florida will be welcomed by not only companies intending to set up shop within the state but also other industry actors such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) that would like to see prohibition ended in all jurisdictions around the country.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Eyes Additional Revenue Opportunities for 2024; Continues to Generate New Data for its DehydraTECH Technology

Lexaria, a global innovator in drug delivery platforms, is projected by Zacks SCR to be valued at $10 a share, up from the current $1.50 for 2024
Zacks SCR projects a 259% YOY revenue growth for 2024 and a 20% growth for 2025, dependent upon the ultimate approval and commercialization of products employing its patented DehydraTECH(TM) technology
Lexaria also anticipates FDA approval for its IND application and commence its Phase 1b hypertension clinical trial, all in 2024

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has had significant developments in 2023. Most notably, the company has seen more positive results for its patented DehydraTECH(TM) technology for various indications, including potential diabetes treatment, oral nicotine, and hypertension. Results in these studies set the stage for additional clinical trials for 2024. These have contributed to the company’s projected valuation of $10 a share, up from the current $1.50, per a recent Zacks SCR report (https://cnw.fm/ifIlY).

Zacks SCR projects 259% year-over-year (“YOY”) revenue growth for 2024 and a 20% YOY growth for 2025. This progression will largely depend on the ultimate approval and commercialization of products employing its DehydraTECH technology, mainly since the company receives most of its revenues from licensing and product sales, which can, in part, fund its research and development (“R&D”) operations. The success achieved so far in its hypertension, oral nicotine delivery, and diabetes studies shows important promise, and its management is optimistic that they will be integral to the company’s growth in the coming year.

In addition, other strategic moves that the company has made in 2023 are expected to further contribute to the company’s progress in 2024. Of note is the exclusive global collaboration and license agreement with SulfoSyn Limited that will allow for the non-pharmaceutical use of DehydraTECH with sulforaphane, a chemical compound found in a variety of cruciferous vegetables such as cabbage, cauliflower, and broccoli, among others. It is considered an antioxidant and anti-inflammatory with lots of health benefits. Another is Lexaria’s incorporation of a new wholly-owned subsidiary, Lexaria Nutraceutical Corp., that looks to optimize its DehydraTECH strategy that services several markets that fall under different regulatory regimes worldwide.

Within the first quarter of 2024, Lexaria anticipates approval for their Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) for its planned Phase 1b hypertension clinical trial, using DehydraTECH-CBD. It also hopes to close out its NIC-H22-1 clinical study on nicotine, update on final results, and commence with its Phase 1b hypertension study. The company’s animal GLP-1 study is also set to begin, with an update on objectives scheduled for the year’s first half.

These initiatives reflect Lexaria’s commitment to creating shareholder value. They also indicate its management’s confidence in its technology. Lexaria has invested a lot of time and resources in the R&D for its technology since 2016, and it is about to pay off. With its unique benefits, which include, but are not limited to, increasing brain absorption, speeding up delivery, and increasing bioavailability, the technology is seeing a decent uptake, and with the plans lined up for 2024, it is bound to be even higher, ultimately stamping Lexaria as a leader in its space.

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

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

About CannabisNewsWire

CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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420 with CNW — Germany Pushes Vote on Legalization Measure to Next Year

The anticipated final vote on the legalization of cannabis in Germany, initially scheduled for this week, has been postponed due to concerns raised by leaders of the Social Democratic Party (SPD). SPDP member Dirk Heidenblut, who is in charge of the party’s marijuana policy in the Bundestag, stated in an Instagram post that parliamentary group consent is essential and that a vote cannot move forward if a faction leader, in this case the SPD, expresses concerns.

Despite the delay, Heidenblut reassured that as long as the measure progresses by the end of January, it should not significantly impact the timeline for…

420 with CNW — Rescheduling Cannabis Would Free Some Marijuana Companies from Section 280E

Earlier this year, the Department of Health and Human Services recommended that cannabis be moved to Schedule III of the Controlled Substances Act. This recommendation is currently being reviewed by the U.S. Drug Enforcement Agency (DEA). In the event that marijuana is reclassified, cannabis companies will no longer be affected by Section 280E of the IRS code.

Section 280E specifically forbids any business linked to the trafficking of substances classified under Schedule I or II from deducting business expenses from their federal tax returns. Surprisingly, however, the cost of goods sold, whether it’s drugs or other products, is still an allowable deduction.

This change will allow cannabis businesses to claim deductions for business expenses incurred during the financial year.

Section 280E was introduced in the early 1980s when Congress amended the tax code following a court ruling that allowed Jeff Edmondson, a convicted cannabis and cocaine trafficker, to claim deductions for expenses incurred during the sale of drugs.

Whitney Economics cofounder Beau Whitney believes the tax code affects cannabis retailers the most. As per his estimations, cannabis retailers in America collectively pay about $2 billion more on their federal returns. If section 280E didn’t apply, these businesses would be able to deduct their expenses.

In total, these monies add up to a tax rate in excess of 70%, almost four times higher than the 21% tax that other businesses pay on corporate income. This doesn’t mean that growers and manufacturers aren’t affected; they are, just to a lesser extent, because they usually aren’t paid until their products are sold.

It is expected that the DEA may reschedule cannabis in the first half of 2024. This change is expected to significantly decrease the cost structure of the marijuana industry, particularly for the retailers. The reduced tax burden could also lead to a decrease in retail prices for consumers, which could cause demand for marijuana products to increase.

Additionally, businesses would be able to plough returns back into their businesses. Adam Goers, senior VP for The Cannabist Co., stated that the loss of 280E would bring additional capital to the industry, for both small and large firms. This together with SAFE Banking, he noted, would establish a sustainable industry and allow focus to shift toward the federal legalization of marijuana. At the moment, however, marijuana remains classified as a Schedule I drug. Drugs under this classification are identified as having no accepted medical use and a high potential for abuse.

The anticipated scheduling change would be a big boost to the cannabis industry, including companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) that would not only benefit from getting relief from 280E but would also be able to access more institutional capital to expand their operations.

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CannabisNewsBreaks – Software Effective Solutions Corp. (SFWJ) Engages IBN for Corporate Communications Expertise

Software Effective Solutions (OTC: SFWJ), a global infrastructure and holding company in the cannabis industry, today announced that it has selected IBN, a multifaceted financial news and publishing company for private and public entities, to assist with its corporate communications initiatives. MedCana’s current portfolio includes five companies focused on pharmaceutical cannabis production, as well a software company focused on managing processes for plant-to-patient operations and an irrigation and greenhouse technology company. The company’s focus is on developing clients and companies in Latin America, initially in Colombia, and partnerships with laboratories, research facilities and hospitals around the world. As part of the client partner relationship, IBN will generate greater awareness for MedCana leveraging its investor based distribution network of 5,000+ key syndication outlets, various newsletters, social media channels, wire services via InvestorWire, blogs and other outreach tools.

To view the full article, visit https://cnw.fm/rw3QW

About Software Effective Solutions Corp.

Software Effective Solutions/MedCana is a global infrastructure and holding company in the cannabis industry. Currently, MedCana has five companies focused on pharmaceutical cannabis production and one software company focused on managing processes for plant-to-patient operations. The recent acquisition of an irrigation and greenhouse technology company has rounded out MedCana’s portfolio of companies. MedCana’s initial focus is on developing clients and companies in Latin America with an initial focus in Colombia and partnerships with laboratories, research facilities and hospitals throughout the world. For more information, visit the company’s website at www.MedCana.net.

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

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420 with CNW — Federal Study Finds That Prohibitionist States See More Hospital Admissions for Cannabis Use Disorder

Despite concerns voiced by critics regarding the potential surge in problematic cannabis use following legalization, recently released federal data from the Substance Abuse and Mental Health Services Administration (SAMHSA) reveals a different narrative. The SAMHSA analysis, which covered 2021 and was released last week, showed that the states with the greatest rates of treatment admissions for cannabis were those where sales of the drug were still illegal. The data showed that admissions to substance-use treatment services at state-licensed facilities for people aged 12 year of age and older totaled approximately 1.5 million countrywide.

According to the Treatment Episode Data Set (TEDS), 10.2% of all recorded admissions involved cannabis or hashish as the major drug. This placed cannabis as the fourth most-used drug, following alcohol (34.8%), heroin (20.2%) and methamphetamine (13.5%). Notably, states with the highest per capita admissions for cannabis as a major substance did not have legal recreational sales at the beginning of 2021, despite some allowing medical cannabis use.

South Dakota led the list with 151 admissions per 100,000 people, followed by Iowa, Connecticut, South Carolina, Minnesota, New York, Wyoming, Georgia, North Dakota and New Jersey. States with the lowest marijuana admission rates were New Hampshire, New Mexico, West Virginia, Montana, Puerto Rico, Hawaii, Arizona, Illinois, Maine, Massachusetts and Pennsylvania. Oregon and Washington, both of which legalized recreational cannabis sales in 2021, did not report data for the SAMHSA report.

Smart Approaches to Marijuana (SAM), a prohibitionist group, pointed out that admissions for marijuana treatment in 2021 declined by more than 10,000 compared to the previous year, despite more states embracing legalization. Heroin treatment admissions also experienced a more substantial decrease during the same timeframe.

However, interpreting admission numbers as indicative of drug-use disorders comes with challenges. Factors such as available space, resources and referral mechanisms impact the types of services individuals receive and for what drugs. For example, self-referral was the most popular referral route in 2021, but the criminal justice system, which differs greatly between states, was the second most popular approach.

A study based on the SAMHSA report from September revealed a decline in referrals for cannabis-related treatment after legalization, attributed to reduced marijuana-related arrests among individuals aged between 18 and 24. Although criminal justice referrals were decreasing nationally, states with legalized marijuana saw a steeper decline post-legalization.

Despite the positive aspect of fewer admissions related to the war on drugs, concerns were raised as admissions fell amid increasing risk factors for problematic cannabis use. Instead of advocating for more criminal justice referrals, the report suggested a greater role for primary care healthcare professionals in recognizing and referring individuals with marijuana use disorder to treatment.

In a different study conducted in August, researchers found that there was a drop in the number of referrals to foster care after cannabis legalization. States that legalized recreational marijuana did not see an increase in foster care admissions associated with drug usage by parents or teenagers.

Conversely, a University of Mississippi study conducted last year linked recreational cannabis legalization to an average minimum 10% drop in foster care admissions, which includes neglect, physical abuse, parental incarceration, and alcohol and other drug abuse.

The body of scientific literature dispelling many of the claims made by prohibitionists is growing, and it shows that ending prohibition and allowing cannabis companies such as SNDL Inc. (NASDAQ: SNDL) to open shop brings benefits without the harms that legalization opponents often mention.

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420 with CNW — NY Regulators Can Issue Cannabis Business Licenses After Supreme Court Suspends Injunction

The New York State Supreme Court has formerly removed an injunction that had prevented state marijuana regulators from considering a flood of new store licenses, paving the way for a massive expansion of the state’s marijuana market. The court’s ruling comes only days after the state’s marijuana control board, CCB, reached agreements to settle two cases that had stalled regulators’ licensing procedures since August.

In one of those resolved claims, a collective of war veterans sued the CCB, claiming that Ney York’s license prioritizing policy, which focused on social-equity entities affected by criminalization, unlawfully barred veterans with disabilities from candidacy. In the resolution, authorities consented to drop the lawsuit in exchange for approving a provincial recreational marijuana store license for each of the four complainants at a predetermined location. Additionally, the state committed to delaying approvals for any further conditional licenses until April next year to address the existing backlog. The CCB will also form a task force dedicated to service-disabled veterans’ businesses to promote veteran involvement in the marijuana industry.

The second lawsuit, also resolved, involved existing medical-marijuana operators and potential recreational-use applicants who argued that state regulators were misinterpreting the state’s cannabis laws and that licensed companies should be eligible for immediate licensure. In adherence to the court-approved settlement terms, regulators will grant recreational cannabis licenses to the five registered groups involved in the lawsuit.

New York Governor Kathy Hochul expressed her satisfaction with the court’s ruling, stating that it paves the way for quicker store openings, expanded legal marijuana options and enhanced enforcement against illicit activities in the market.

Presently, there are approximately 24 licensed recreational cannabis stores in the state. Despite the legal obstacles, regulators began accepting applications for hundreds of new general cannabis company licenses in October. The prolonged rollout has seen an increase in illicit marijuana operators throughout the state, prompting heightened enforcement measures. In response to the challenges in marijuana legalization implementation, the state Senate Marijuana Subcommittee, chaired by Senator Jeremy Cooney, held discussions on potential legislative solutions in October.

In other developments, Hochul recently enacted legislation aimed at facilitating financial institutions’ collaboration with state-licensed marijuana clients. Additionally, she signed separate legislation to provide tax relief to NYC cannabis businesses facing restrictions under the IRS code 280E. The legislative move complements an earlier budget bill from the previous year addressing state-level marijuana business tax deductions but leaving NYC’s tax laws unaffected. The new bill aims to bridge this policy gap.

Now that New York has had the injunction removed, the state can now get back on track to implementing cannabis regulation, a step that is a win for the broader cannabis industry, including key players such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF).

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Astrotech Corp. (NASDAQ: ASTC) Is ‘One to Watch’

In November 2023, the company announced a purchase order from a Romanian company for seven TRACER 1000 ETDs to be deployed in a European airport
Astrotech announced in June 2023 that its board unanimously rejected an unsolicited acquisition proposal from BML Investment Partners
In May 2023, the company announced a purchase order from a Romanian company for 17 TRACER 1000 ETDs, to be delivered during calendar 2023
Astrotech confirmed test results from field trials of the AgLAB 1000-D2 mass spectrometer for hemp and cannabis producers, improving yields by an average of 24%
In December 2022, the company effected a 1-for-30 reverse stock split, reducing the number of outstanding common shares

Astrotech (NASDAQ: ASTC) is an instrumentation company that designs, manufactures and commercializes solutions. Its solutions include mass spectrometry, process controls, chemical detectors and medical disease detection.

The company was established in 1984 and, prior to 2009, was known as SPACEHAB Inc., a NASA contractor offering technology originally developed for NASA to monitor air quality on the International Space Station. When the Space Shuttle program ended, the company focused on its satellite processing and mass spectrometer instrumentation units and adopted the Astrotech name.

In 2014, Astrotech sold its satellite subsidiary to focus on its Astrotech Technology Inc. (“ATi”) mass spectrometry solutions, which offer a number of advantages over competing platforms. Notably, Astrotech’s ATi technology is ruggedized, rapid, simple to use and customizable, with hands-free calibration and tuning.

Between 2016 and 2019, the company secured U.S. patents for its technology and achieved European Union (“ECAC”) certification for the TRACER 1000(TM), the world’s first mass-spec Explosives Trace Detector (“ETD”) used in airports worldwide. Astrotech continues to innovate and add to its suite of products, including AgLAB-1000, a process control system, and the BreathTest 1000, a disease detection solution.

Astrotech is headquartered in Austin, Texas.

Subsidiaries

Astrotech Technologies Inc.

Astrotech Technologies Inc. (“ATi”) owns and licenses the platform mass spectrometry technology originally developed by 1st Detect. This technology is designed to be less expensive, smaller and easier to use than traditional mass spectrometers.

Unlike other technologies, ATi works under high vacuum, which eliminates competing molecules, yielding higher resolution and fewer false alarms. The company’s intellectual property includes 18 granted patents, along with extensive trade secrets.

ATi exclusively licenses the Astrotech Mass Spectrometer Technology to the three wholly owned subsidiaries of Astrotech.

1st Detect Corp.

1st Detect Corp. developed the TRACER 1000, the world’s first mass spectrometry-based explosives and narcotics trace detector. 1st Detect ETDs were developed for use at airports, cargo facilities and other secured locations and borders worldwide.

1st Detect’s commercial sales of the TRACER 1000 ETD, consumables and recurring maintenance services brought in $750,000 in total revenue during the fiscal year ended June 30, 2023. The Astrotech subsidiary recently secured two orders for a total of 24 Tracer 1000 units from two Romanian security and telecommunications companies, to be delivered during calendar 2023.

AgLAB Inc.

AgLAB Inc. is developing a series of mass spectrometers for use in the hemp and cannabis market, with an initial focus on optimizing yields in the distillation processes.

AgLAB, which uses the company’s proprietary AgLAB 1000-D2(TM) mass spectrometer, has been proven to improve distillation oil yields and bottom-line profits for hemp and cannabis producers. During field trials, AgLAB was able to improve ending-weight yields by an average of 24%.

BreathTech Corp.

BreathTech is developing the BreathTest-1000(TM), a breath analysis tool to screen for volatile organic compound (“VOC”) metabolites found in a person’s breath that could indicate they may have a compromised condition including but not limited to a bacterial or viral infection. The company believes that new tools to aid in the battle against COVID-19 and other diseases remain of the utmost importance to help more quickly identify that an infection may be present.

Market Opportunity

A report by Mordor Intelligence, a research and advisory firm, put the global mass spectrometry market at $6.37 billion in 2023. The market is forecast to grow to $8.63 billion by 2028, achieving a CAGR of 6.25% during the forecast period.

One of the major driving factors for the growth of the mass spectrometry market is technological advancements in mass spectrometer devices, the report states. Key market players are continuously working toward advancing their existing products and launching innovative and advanced mass spectrometer devices.

Another major factor that is expected to boost market growth is increasing research and development expenditure by both government and private entities, according to the report. Mass spectrometry devices are also being used in the detection and analysis of COVID-19 and other disease samples, which may have a positive impact on the market.

Management Team

The Astrotech leadership team includes management executives, as well as industry and technology experts. The company continues to actively expand its talent pool to meet evolving demands.

Thomas B. Pickens III is Chairman, CEO and Chief Technology Officer of Astrotech Corp. He also serves as CEO of Astrotech subsidiaries ATi, 1st Detect, AgLAB Inc. and BreathTech Corp. Previously, he was the founder and president of Beta Computer Systems Inc. and T.B. Pickens & Co. He was founder and general partner of Grace Pickens Acquisition Partners L.P and managing partner of Sumpter Partners. He also served as CEO of Catalyst Energy Corporation and United Thermal Corporation and as president of Golden Bear Corp., United Hydro Inc. and Slate Creek Corp. He received a B.A. in Economics, Computer Science and Engineering from Southern Methodist University.

Jaime Hinojosa, CPA, is CFO at Astrotech Corp. He joined the company in 2015 and has served as its Corporate Controller since 2019. His previous roles with the company include Director of Finance, from 2017 to 2019, and Assistant Controller, from 2015 to 2017. Prior to joining Astrotech, Mr. Hinojosa worked as an Accounting Manager for O’Reilly Auto Parts and gained public accounting experience as an Audit Manager at Burton McCumber & Cortez LLP.

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

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420 with CNW — Marijuana Stakeholders Discuss Legalization Prospects During National Academies Conference

The National Academies of Sciences, Engineering and Medicine (NASEM) recently hosted a two-day session with marijuana stakeholders, regulators, advocates, and legalization opponents to share thoughts on the country’s cannabis legalization landscape. It was NASEM’s second iteration of the Public Health Consequences of Changes in the Cannabis Policy Landscape’ series, following the first conference in September.

The first conference featured representatives from federal agencies such as the Food and Drug Administration (FDA), Centers for Disease Control and Prevention (CDC), the National Center for Complementary and Integrative Health (NCCIH), and the National Cancer Institute (NCI). The event created an opportunity for officials from these organizations to share their respective agencies’ perspectives on critical marijuana-related research.

Last week’s conference attracted many participants who had been deeply involved with cannabis regulation at various government levels, including marijuana regulators from California, Maryland, Hawaii, Oklahoma and Missouri. The regulators discussed their experiences with cannabis regulation and the successes and failures they experienced while trying to regulate the swiftly evolving state-legal cannabis industry.

Nicole Elliot, director of California’s Department of Cannabis Control (DCC), noted that California’s cannabis market had become quite robust with “a lot of complexities” since it legalized recreational cannabis six years ago. She said the California market has begun to experience a little stability and consolidation but added that competition in the market is becoming increasingly fierce.

Furthermore, Elliot said the illicit cannabis market has been a persistent thorn in the side of the state legal market and posited that this may be due to the fact that California has a history of producing more cannabis than most states in the country. She also noted that patchwork local rules have created plenty of regulatory loopholes that allow black-market sellers to continue their operations.

Amy Moore, Missouri’s Department of Health and Senior Services (DHSS) director of cannabis regulation, said that while her state is still new to the cannabis industry, its cannabis segment is “pretty active” and recently hit the $1 billion sales milestone. According to Moore, the state’s medical and recreational cannabis rules both have a major focus on public health.

Conversely, Hawaii Office of Medical Cannabis Control and Regulation supervisor Michele Nakata concedes that her state was slow to adopt a medical-cannabis dispensary system, thanks to much more restrictive cannabis policies compared to other states in the country. While this undoubtedly limited the industry’s growth, it made cannabis regulators’ jobs “a lot easier,” even when resources were limited. She said Hawaii cannabis regulators are now preparing for the possibility of recreational-cannabis legalization.

These interactions between the different groups of regulators, opponents and proponents as well as other cannabis industry stakeholders could be helpful in shaping the future plans of many companies such as Innovative Industrial Properties Inc. (NYSE: IIPR), since the insights shared project what could be possible in the coming years.

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CannabisNewsWire
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