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 — Congressional Researchers Say High Federal Taxes on Marijuana May Hamper Industry’s Economic Potential

The Congressional Research Service recently published a report that cautions legislators to consider the possible consequences of levying high taxes on cannabis products in the event that marijuana gets legalized federally. This comes as Congress considers several reform initiatives and the DEA concludes its review of marijuana scheduling and makes a decision on whether or not to reclassify cannabis as a Schedule 3 drug under the Controlled Substances Act, as recommended by the U.S. Health and Human Services Department.

In a previous report, the nonpartisan research body argued that the DEA was likely to reschedule cannabis based on previous precedents. In its most recent report, the body states that the potential economic impacts of recreational cannabis could be major considerations in any actions taken by Congress on the drug, warning that reliable federal scientific data on this particular topic is scanty given the substance’s ongoing prohibition.

The report advised that Congress gather additional data through agencies such as the Bureau of Economic Analysis as well as Bureau of Labor Statistics. The report also discussed the possible descheduling or rescheduling of cannabis, arguing that imposing federal taxes on the drug much like the taxes levied on tobacco could affect the drug’s economic development capacity.

The Congressional Research Service explained that a balanced approach was needed when it came to marijuana taxes, noting that legislators would need to consider the benefits of increased revenue vs. the drawbacks of a possible consumer resistance against high taxes that may permit the black market to proliferate. It then cited some studies whose findings posit that high tax rates levied on cannabis — and the consequent high prices for recreational cannabis products could heighten the odds of potential consumers turning to the untaxed illicit market.

The body also presented a counterargument, claiming that high cannabis taxes could even deter some individuals from trying the substance altogether, particularly those who were new to adult-use cannabis and weren’t likely to buy from the illicit market. In addition to this, it pointed out modest bits of legislation that could relieve some of the peculiar financial challenges cannabis businesses in legal states faced due to prohibition. This includes the Secure & Fair Enforcement Regulation (SAFER) Banking Act, which was cleared in September by the Senate’s Banking Committee.

This measure would create a safe haven from federal law for transactions with state-sanctioned recreational cannabis businesses and any entity handling the proceeds from such transactions, as well as restrict the ability of federal regulators to terminate a deposit account for a recreational cannabis business. Currently, however, the bill is yet to advance to the House.

With the right federal regulatory framework in place, enterprises such as Innovative Industrial Properties Inc. (NYSE: IIPR) that serve marijuana businesses could grow and thrive.

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 — Survey Shows Growing Investor Interest in Cannabis MSOs

A recent survey indicates a growing optimism among institutional investors towards U.S. marijuana multistate operators (MSOs). Conducted by Calgary-based ATB Capital Markets, the survey involved 23 institutional investors, primarily hedge funds.

Frederico Gomes, the lead author of the report and a marijuana equity analyst, highlighted the increased bullish sentiment among investors, driven primarily by the potential rescheduling of marijuana by the federal government. The survey reveals that about 61% of respondents believe U.S. marijuana MSOs will outperform the S&P 500 in the next year. However, despite this positive sentiment, Gomes notes that the capital influx has not yet aligned with the bullish outlook from an institutional perspective.

The likelihood of the U.S. government rescheduling cannabis from Schedule 1 to 3 within the next 18 months was perceived as 75% by the surveyed investors. Yet, the majority of them reported either no change or reduced exposure to MSOs in the past six months. This indicates a cautious approach, possibly due to past regulatory uncertainties.

Investors expressed a 50% probability of Congress passing the SAFER Banking Act, legislation facilitating financial institutions to serve state-legal marijuana businesses without federal repercussions. This uncertainty is attributed to past failures in marijuana banking reform legislation and political ambiguities surrounding the new GOP speaker of the U.S. House of Representatives, Mike Johnson.

ATB sought to understand the factors influencing investors’ willingness to invest more in MSOs. Cannabis rescheduling emerged as the top priority for nearly 61% of respondents. On the other hand, the possibility of more MSO stock listings on the Toronto Stock Exchange (TSE) was deemed to be the least significant element.

Regarding capital allocation preferences, investors indicated a preference for MSOs to prioritize deleveraging and debt repayment, with organic growth being the second-most desired behavior. Mergers and acquisitions were not favored, and share repurchases ranked as the least-desired way for MSOs to allocate capital.

While investors displayed increased bullishness towards U.S. MSOs, their outlook on Canadian licensed retailers and producers was less optimistic, with 60% expecting underperformance compared to the S&P 500. The negative sentiment in Canada is attributed to poor operating results and shareholder dilution.

Interestingly, the survey revealed that only 52% of investors expressed interest in Canadian marijuana retailers and producers. This disparity can point to a possible acquisition opportunity for investors who are not conventional thinkers in the Canadian marijuana market.

Gomes noted that investors are wary due to past setbacks and are waiting for signs of improvement in terms of profitability and sustainable operations. The report notes that achieving sustainable profitability and positive free cash flow is seen as the most crucial factor, followed by a reduction in excise taxes.

As the policy direction of the United States becomes more clear after the U.S. Drug Enforcement Administration releases its rulemaking recommendation, cannabis companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) may attract more investor interest.

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Looking to Generate Sizable License Revenue from IP Growth, Expanding Patent Suite

  • Lexaria, a global innovator in drug delivery platforms, has, since 2014, continuously worked on its patented DehydraTECH(TM) drug delivery technology
  • The technology has demonstrated overall effectiveness in enhanced delivery of fat-soluble molecules through the human gastrointestinal system, as affirmed by clinical testing
  • This overall effectiveness and push for its development has earned Lexaria 37 granted patents globally, with many patents pending
  • The company is constantly enhancing its patent portfolio, since granted patents can support an increase in licensing revenue

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is eyeing growth in license revenue from its intellectual property (“IP”). Since 2014, the company has continuously worked on its flagship technology – the patented DehydraTECH(TM) drug delivery technology – which has demonstrated the improvement of speed of onset, brain absorption, and bioavailability (https://cnw.fm/HZKIV). It is being investigated in association with dementia treatment, nicotine replacement, hypertension, and heart disease treatment, among other applications (https://cnw.fm/y5ECe).

So far, Lexaria has received 37 granted patents globally, with many patents pending. The company is aggressively pushing its patent application process as it recognizes the viable commercial application of its flagship technology. In addition, the company understands that successfully granted patents can lead to an increase in shareholder value as a recognized growing market leader.

“Because of the applicability of DehydraTECH to many market sectors across the globe, we have taken the necessary steps to protect that intellectual property internationally,” notes the company’s 2022 Form 10-K annual report (https://cnw.fm/dosqC).

Lexaria’s patent portfolio currently spreads across the US, Australia, Japan, Mexico, the European Union, Canada and India. Its strategic approach of filing for applications in lucrative markets is a move to maximize potential revenue for years to come, mainly since out-licensing is a significant revenue stream for the company. DehydraTECH applications have shown that it can be applied in the consumer-packaged goods industry and the drug and pharmaceutical sectors. It has demonstrated suitability in various consumer formats such as oral suspensions, capsules, pills and tablets, nutraceuticals, registered drugs, and topical applications (https://cnw.fm/5vsVt).

This is all made possible by DehydraTECH’s overall effectiveness in delivering most fat-soluble molecules through the human gastrointestinal system, as demonstrated by its overall effectiveness in crossing the blood-brain barrier once within blood plasma. Test data, both in vitro, in vivo, and human clinical testing, has shown that DehydraTECH reduces the time required to enter the bloodstream. It has also shown an increase in absorption rate, as well as the improvement of the taste and smell of edible products.

“Our current patent portfolio includes patent family applications or grants pertaining to our method of improving bioavailability and taste, and the use of DehydraTECH as a delivery platform for a wide variety of APIs including, but not limited to fat-soluble vitamins; anti-viral drugs; phosphodiesterase inhibitors; human hormones; regulated cannabinoids; and nicotine and its analogs,” notes Lexaria’s most recent Form 10-Q quarterly report (https://cnw.fm/IRLo2).

In June 2023, Lexaria received its latest two granted patents in Canada, bringing the total in the country to five. This followed the staggered receipts of three patents in the country in less than a year, a milestone that recognizes and protects the company’s improved compositions and methods for transdermal and dermal delivery of cannabinoids such as tetrahydrocannabinol (“THC”) and CBD. As it continues to push for more approvals, the company is steadily propping itself up for even more success, stamping its position as a leader in its space. More importantly, it is echoing its commitment to creating shareholder value.

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 — Prohibitionist States Register More Cannabis-Use Disorder Cases Than States with Legal Marijuana Markets

New research shows that the likelihood of a patient visiting an ER and getting a cannabis use disorder diagnosis is 50% lower in legal cannabis states in comparison to prohibitionist states.  The research examined data obtained from emergency departments for the period between 2017–2020. Researchers focused on the states of Oregon and Colorado, which have legalized marijuana, and Rhode Island and Maryland, which still prohibit the use of marijuana.

Specifically, the researchers assessed “treat & release” visiting rates, in which patients received cannabis-use disorder diagnoses that indicated problematic use of the substance. In total, the researchers had to analyze more than 17 million ER visits, which they did using a multivariate logistic regression model.

The researchers revealed that they naturally expected to find higher cannabis-use disorder rates in states that have legalized the drug given that previous studies had found that ending prohibition was linked to slight increases in cannabis use by adults. However, they were surprised when the data indicated that recreational marijuana states had lower odds of cannabis-use disorder in comparison to states where the drug remained illegal.

In their report, the researchers stated that their findings could inform actions of policymakers and recommended that additional studies and analysis of the cannabis use disorder-legalization interrelationship be done in emergency departments, among other healthcare settings. They added that previous studies regarding post-legalization ER visits and hospitalizations had primarily centered on the youth, which meant even slight changes could look more noticeable due to the comparatively low prevalence of marijuana use within said population.

They also noted that in legal states, providers were more tolerant of marijuana use and less likely to recognize problematic behavior associated with cannabis-use disorder, which reduced the chances of proper diagnosis and documentation of cannabis-use disorder in medical records. This, the researchers assume, could account for lower prevalence of the disorder in emergency departments in legal states.

In their report, the researchers also cited separate findings which determined that decreasing admissions for cannabis-use disorder following legalization may have reduced stigma while also increasing the societal acceptability of marijuana use.

The authors published their findings in the “Preventative Medicine Reports” journal.

In other news, findings from a study published by the American Medical Association show that the use of marijuana among the youth has actually been decreasing as more states scrap prohibition laws in favor of regulated recreational sales for eligible individuals. A separate study by NIDA also determined that state-level marijuana legalization was not linked to an increase in use among the youth.

All this scientific data goes to dispel some of the claims made by opponents of cannabis legalization that creating a regulated market in which companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) are allowed to operate will result in a spike in cannabis use by the youth.

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 — Ohio GOP Governor Asks Legislature to Modify Voter-Passed Cannabis Measure Before It Takes Effect

Last week, the governor of Ohio urged legislators to revise the state’s cannabis legalization law before adult possession and cultivation became legal in December. The measure in question, Issue 2, was approved by voters a few days prior.  Gov. Mike DeWine appealed to GOP leadership in the legislature to amend provisions that would limit public consumption, alleviate risk of impaired driving and restrict advertising.

The governor has already scheduled a meeting with House Speaker Jason Stephens and Senate President Matt Huffman to discuss how to address what he terms as “holes” in this statutory measure.  In his statement, the governor stated that while individuals could now smoke marijuana having been afforded the right to by the initiative, other individuals had a right to not be exposed to the smell of marijuana.

Both Stephens and Huffman have already talked about their independent interests in amending the marijuana law, centering on tax policy and limits of THC. The approved measure, Issue 2, already contains restrictions on the consumption of marijuana in public as individuals are prohibited from smoking cannabis in places where the smoking of tobacco is not allowed.

The governor’s aim may be to clarify or expand the law’s provisions on consumption, which needs to be done soon, given the limited time remaining to act on this before the legislation takes effect.

Some believe that this move does not respect the will of the voters, however, with Coalition to Regulate Marijuana Like Alcohol spokesperson Tom Haren noting that he couldn’t believe elected officials weren’t respecting the outcome of an election.

The coalition is focused on establishing regulatory frameworks to allow individuals aged 21 years of age and older to grow, possess and buy marijuana in Ohio. Haren added that every voter in the state of Ohio had a right to expect that elected officials would respect and implement their will.

This sentiment was also echoed by Representative Casey Weinstein, who sponsored the bipartisan legalization measure and championed for marijuana reform in the legislature. Weinstein stated in a recent interview that voters in Ohio were very clear at the ballot, noting that legislators needed to heed the call and uphold the will of the voters.

Following the resolution’s approval, the Ohio Department of Commerce published an FAQ guide for residents to learn about the new law and timeline for implementation. However, regulators continued to emphasize that the policies may be subject to change depending on how the legislature acts.

Regardless of the final form that the legalization law takes, Ohio entrepreneurs could finally have a chance to start and run recreational marijuana companies that grow to reach the level of entities such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) that are thriving in other legal marijuana markets.

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 — German Legislators Push Cannabis Legalization Vote to Next Year

German lawmakers have decided to delay the final vote on a cannabis legalization bill, initially set for this week, pushing the potential implementation of the reform to at least early next year. The bill, slated for its final reading in the Bundestag, Germany’s national parliament, has been rescheduled for a decision in December, according to member Carmen Wegge.

Kirsten Kappert-Gonther, a member of the Green Party, cited the need to refine certain aspects of the legislation as the reason for the delay. Despite this setback, she assured the public that legalization is inevitable, albeit postponed.

Responding to inquiries about the Bundesrat’s stance, Wegge confirmed that the legislative body representing German states would be compelled to make a statement in February if the Bundestag proceeds with the bill in December.

Although the delay is currently projected as a two-month setback, critics, including the German news outlet LTO, argue that the “traffic light” coalition government’s commitment to initiating the reform by Jan. 1, 2024, has been compromised. LTO questions the feasibility of enacting legalization by March.

The Bundestag had previously postponed the initial debate on the legislation by a week, attributing the delay to the conflict in Palestine and Israel. Last week, lawmakers in the Bundestag’s Health Committee conducted a hearing where opponents voiced concerns about certain elements of the proposal. The Union, a political alliance of the Christian Democratic Union and Christian Social Union (CDU/CSU), presented an alternative policy focusing on health protection, prevention, education and research, eschewing cannabis legalization.

The Alternative for Germany (AfD) party proposed redirecting attention to medical cannabis, advocating for its integration into national healthcare law to address risks and benefits comprehensively. However, several groups, including the German Association of Judges, the Federal Medical Association, and various police and medical organizations have opposed the coalition government’s legalization proposal.

The legalization measure, spearheaded by Health Minister Karl Lauterbach, outlines provisions allowing adults to possess cannabis and cultivate up to three plants for personal use. It also introduces social clubs for marijuana distribution. Critics argue that these clubs could be limited by factors such as proximity to schools and membership restrictions.

Lauterbach initially disclosed details of the legalization plan in April, distributing legislative text in the following month. The government’s framework, approved by the federal cabinet late last year, underwent revisions to align with international laws.

Despite criticisms, lawmakers are also planning to introduce a second measure establishing pilot programs for commercial sales in various cities, with legislation expected to be submitted to the European Commission for review. The legislation outlines cost estimates for program implementation and regulation, projecting savings from reduced enforcement and anticipating new revenue through wage taxes from cannabis club employees.

If legalization is implemented the way it has been implemented in the markets where companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operate, the benefits of legalization could exceed more than taxes and jobs. Many more downstream opportunities will be opened, such as the development of ancillary verticals around the marijuana industry.

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 — Ohio Vote Means Recreational Cannabis Now Legal in 24 States

Ohio voters gave their approval last week to the legalization of recreational marijuana cultivation and sales, opening the doors to a potentially lucrative market in the Midwest. This milestone was achieved with around 53% of the votes counted, where supporters of Issue 2 were leading with 55.7% in favor against 44.3% opposed.

This makes Ohio the 24th state to legalize recreational marijuana following a prolonged and contentious process. It is expected that the new recreational cannabis market could generate revenues close to $2 billion within the first year of operation, ultimately increasing to $4 billion by the fourth year, according to MJBizDaily.

However, it remains to be seen how things turn out, as the state’s GOP-dominated General Assembly has expressed intentions to make key adjustments or even repeal voter-approved causes. Despite potential legislative challenges, polls indicated strong support for recreational cannabis legalization and sales leading up to the election.

Ohio’s decision to legalize recreational cannabis follows similar decisions by Minnesota and Delaware, which made legalization through their legislatures earlier in the year.

The passing of this legislation is expected to open up new opportunities for vertically integrated multistate operators such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) and Acreage Holdings. The substantial population of Ohio, with more than 11 million residents, and its proximity to neighboring states with limited marijuana programs make it a promising market.

Acreage CEO Dennis Curran expressed his excitement about the vote, seeing it as a turning point for both Ohio and the cannabis industry as a whole, marking increased acceptance of cannabis use and a reduction in the stigma surrounding the plant. Issue 2 introduces several key provisions, including allowing level 1 and 2 cannabis license holders to add three more stores and expand manufacturing and cultivation operations. Recreational cannabis sales will be subject to a 10% excise tax in addition to an existing 5.75% sales tax.

Although Ohio has yet to develop a social-equity program, Issue 2 dedicates a portion of marijuana tax revenue to create opportunities for disadvantaged applicants. The measure also establishes a state agency to formulate and oversee rules and regulations for recreational marijuana, which must be developed within nine months.

While Issue 2 had its proponents, it also faced opposition from various Ohio organizations, including the Manufacturers’ Association of Ohio, the Business Roundtable of Ohio  and the Chamber of Commerce, which expressed concerns about workplace safety and the difficulty in finding workers who can pass drug tests. Governor Mike DeWine was also opposed to the legislation.

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 — Lawsuits, Elections Could Impact Cannabis Rescheduling Timeline

With both the White House and Senate in the hands of the Democrats, the chances of federal cannabis legalization becoming a reality have skyrocketed. President Joe Biden based part of his campaign on cannabis reform, and his administration’s Department of Health and Human Services (HHS) recently issued a recommendation to the U.S. Drug Enforcement Administration to loosen cannabis restrictions on the federal level.

However, even though the current administration is throwing its weight behind cannabis reform and the DEA is likely to abide by HHS’ recommendation, lawsuits and elections may impact the timeline for federal cannabis rescheduling.

Many drug reform proponents had little faith in President Biden fulfilling his cannabis promises once he assumed office. After all, Biden was instrumental in escalating the drug war back when he was a senator, and he had made his opposition to recreational marijuana clear in his old age.

His administration’s decision to recommend cannabis rescheduling was a welcome surprise and was the first time the U.S. federal government acknowledged that cannabis had medicinal value. Based on the Controlled Substances Act and its requirements for drugs classified as Schedule I substances, legal experts say the DEA has no choice but to follow the Biden Administration’s recommendation and reschedule marijuana.

Washington DC-based law firm Arnold & Porter partner Howard Sklamberg predicts that the DEA could sign off on the recommendation as early as the end of 2024. Sklamberg, who previously served as a top enforcement official at the Food and Drug Administration (FDA), also predicted that the HHS would issue a cannabis rescheduling recommendation faster than expected.

He says the DEA will likely have a completed final rule by 2024. If American voters choose President Biden for a second term, observers say the nation may be even close to federal legalization and interstate cannabis trade. Ironically, such an outcome would mean that Biden, chief sponsor of the controversial 1994 crime bill that reportedly contributed to the mass incarceration of nonviolent drug offenders, would be instrumental in finally ending the era of cannabis prohibition in the United States.

Biden’s administration began acting on its cannabis promises later than many would have liked, but it seems to be taking cannabis reform quite seriously. Even so, observers note that lawsuits from reform proponents seeking comprehensive reform and opponents looking to keep cannabis illegal will derail efforts to reschedule the plant at the federal level.

Such lawsuits could hold up the rescheduling process until the suits are resolved or even leave the decision to reschedule cannabis entirely in the hands of the U.S. Supreme Court. This will stretch out the timeline even further and could be a disadvantage to industry enterprises such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) that have been looking forward to policy changes at the federal level.

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 — Report from Illinois Highlights Significant Diversity Improvements in Cannabis Industry

Recent cannabis data from Illinois has revealed a sharp increase in diversity since the state launched recreational cannabis sales in January 2020. The Illinois Cannabis Regulation Oversight Officer (CROO) states that cannabis businesses in the early days of adult-use sales were 100% majority owned with only one majority woman-owned cannabis enterprise in the entire state.

However, a survey report published last week shows that efforts to promote diversity in the Illinois recreational cannabis industry have yielded great success. The surveys found that the number of Black-owned businesses in the sector increased from 0 27% from 2020 to 2023. Hispanic or Latino-owned businesses went up from 0 to 5%, and Asian-owned enterprises climbed from 0 to 3%. Furthermore, women-owned companies now account for 16% of all licensed cannabis companies in Illinois.

These findings came from two CROO surveys. The first was a mandatory survey sent to all the 277 licensed cannabis businesses in May while the other was a voluntary poll for their employees.

Approximately 224 licensees (132 companies) and 2,307 employees responded to the poll, providing CROO with a decent enough sample size to work with. They found that the number of individual cannabis business owners in the Black community increased to 26% from only 1% in 2020 while Hispanic and Latino owners now account for 7% of the market.

On the employee side, 11% of the survey participants were Hispanic or Latino, a 6% increase from 5% in 2020.  However, even though the number of Black employees in the state’s cannabis sector dropped from 10% to 9% in 2023, Black workers were better represented in higher-level positions in 2023 compared to 2020, registering an increase to 19% from a paltry 1% of Black employees in the C-suite. The number of Black people on the boards of directors of cannabis companies also increased from 6% in 2020 to 20% in 2023, the report said.

CROO notes that the findings may not be fully representative of Illinois’ cannabis industry because not every licensed cannabis retailer responded to the poll. The office also added that responses from licensed cannabis companies “were not verified but accepted as accurate.” Even so, CROO says their findings represent the most accurate and available information on the subject matter to date.

Social equity has been a key component of cannabis legalization efforts in many states because it allows communities that were disproportionately harmed by cannabis prohibition to benefit from cannabis legalization.

This report shows the extent to which companies such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) are creating opportunities for a diverse set of Illinois residents to participate in this rapidly growing industry.

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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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Continues to Advance Patented DehydraTECH(TM)

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, is steadily advancing its patented DehydraTECH(TM) technology for a growing range of applications including oral nicotine, hypertension, antivirals, human hormone therapy, diabetes and more. Through previous clinical trials, DehydraTECH-processed CBD has shown its ability to lower blood pressure in patients over multiple weeks. “That we were able to lower blood pressure in our patient population over multiple weeks using DehydraTECH-CBD is an exceptional discovery, given that previous studies by others using other oral CBD formulations have failed to evidence this sustained benefit,” a recent article quotes Lexaria CEO Chris Bunka as saying. “This success has been replicated in other studies, most notably diabetes. In Lexaria’s pre-clinical diabetes study, DIAB-A22-1, conducted in obese diabetic-conditioned animals, DehydraTECH-CBD yielded successful results showing positive impacts on blood glucose levels, overall body weight, locomotor activity, in addition to triglyceride and blood urea nitrogen levels… Lexaria’s DehydraTECH has also proven its superiority and advantage over traditional oral delivery methods in the nicotine replacement market… ‘Within just five short years of R&D and product development, Lexaria has been able to develop an oral nicotine product that meets or exceeds the performance of the world’s leading existing brands,’ noted Mr. Bunka.”

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

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 37 patents granted and many patents pending worldwide. 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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