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 — Study Suggests Cannabis Enables Users Quit Prescription Sleep Medications

A recent study into the sleep habits of marijuana users facing sleep difficulties shows that a majority of participants prefer cannabis over other sleep aids, citing improved outcomes the following morning and fewer side effects. The consumption of CBD, THC and myrcene-infused joints or vaping products emerged as particularly popular choices among participants.

Contrasted with conventional sleep aids or abstaining from them altogether, respondents conveyed a heightened sense of refreshment, focus and improved functionality in the mornings after using cannabis. This was coupled with a decrease in nausea and headaches. However, users did acknowledge some adverse effects, such as waking up feeling groggy, anxious and irritable.

The study, undertaken by psychology researchers from Washington State University (WSU) and published in the “Exploration of Medicine” journal, is the first to compare marijuana to both over-the-counter (OTC) sleeping medication and prescription sleep aids (PSAs). According to Carrie Cuttler, coauthor of the study, cannabis did not exhibit a hangover effect, differentiating it from alcohol and long-acting sedatives. However, lingering effects SUCH AS sleepiness and mood alterations were reported.

The survey, conducted through the Strainprint medical cannabis app, involved 1,216 participants. A substantial 64.9% disclosed experiencing sleep issues for a minimum of five years, and nearly 70% claimed to have utilized marijuana for sleep aid for at least a year. About 38% had been employing marijuana for sleep assistance for one to three years.

Approximately 82% of marijuana users do not currently rely on PSAs or OTC sleep medications. However, more than one-half admitted to having used those substances in the past, signaling a shift toward perceiving marijuana as a superior option. More than 50% of respondents also revealed using marijuana every night to facilitate sleep, predominantly through smoking joints (46.1%), vaping flowers (42.6%) or marijuana oil (42.5%) before bedtime. Edibles and vape pens were chosen by nearly one-third, while 14.6% opted for cannabis capsules.

Although inhaled forms of cannabis were generally favored, the researchers noted a preference for smoking and vaping among those with sleep issues due to the rapid onset and the high percentage reporting difficulty falling asleep. The surprising observation was the lesser popularity of edibles or capsules, which have a more prolonged effect and could be more beneficial for maintaining sleep.

Concerning product composition, most participants favored high-THC products (60%), with 21.7% choosing a balanced THC–CBD blend. Myrcene emerged as the most popular terpene (49%), followed by linalool, limonene and beta-caryophyllene. Respondents attributed the positive effects of marijuana on sleep to its ability to relax both the body (81%) and mind (83%). It was also seen as preventing sleep interruptions (36.3%) and promoting deeper (56.2%) and longer (41.6%) sleep.

Among the 526 participants who used prescription and OTC sleep aids alongside marijuana, a significantly higher number reported feeling more refreshed, focused and functional after using marijuana compared to other sleep aids or none at all. They also experienced less nausea and fewer headaches. However, some side effects, such as dry mouth and red eyes, were more prevalent with cannabis use. Notably, participants reported more extended sleep durations and fewer nighttime awakenings when using cannabis alone compared to traditional sleep aids. Despite potential side effects, researchers suggested that cannabis’s side effects might be more tolerable than those associated with conventional sleep aids.

Acknowledging the survey’s bias toward individuals already using cannabis, the researchers stressed the need for future research to incorporate more objective sleep measures for a comprehensive understanding of cannabis’s effects on sleep.

It is eye-opening that despite what the prohibitionists say about marijuana, consumers are increasingly relying on products from cannabis companies such as SNDL Inc. (NASDAQ: SNDL) to attain improved sleep and reduce their reliance on prescription sleep aids.

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

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420 with CNW — Gallup Poll Finds Most Americans Disenchanted with Federal Drug Policy

A new survey has found that more than 50% of Americans believe the country has lost ground in the war on drugs. The poll, conducted by Gallup, also showed that 24% of respondents believed America had made progress. This is quite a difference from responses given on the same query in a 2019 survey, which stood at 30% for losing ground to 41% for making progress.

This difference can be attributed to growing concern and awareness about the opioid epidemic, which has seen many individuals fall victim to drugs such as fentanyl. The shift may also reflect increased awareness on how the criminalization of drugs by the federal government has failed to produce any positive outcomes.

The analysis also showed that 75% of Republicans believed America had made no progress on illicit drugs while only 12% held positive views. Most Independents also held negative views as per the poll results, with 52% believing that the situation was worsening and only 22% believing progress had been made. With regard to Democrats, 27% felt the situation was getting worse while 40% believed they had seen improvements.

The report noted that it was possible that the media had played a role in fueling the negative perspective on the drug war, with some coverage feeding into a narrative that associated the misuse of some substances with progressive politicians and policies. The poll also found that about 74% of Americans thought the drug problem was extremely severe, with Independents and Republicans rating the situation in their local areas similarly at almost 40%. Democrats, on the other hand, were less likely to believe this, with only 27% reporting these sentiments.

While the drug issue in the country wasn’t explicitly defined, Gallup noted that the results were released at a time when the number of individuals succumbing to overdoses of dangerous drugs was rapidly increasing. In its conclusion, the polling firm stated that the general public was the most pessimistic it had ever been with regard to the illicit drug problem in the country. It further noted that increasing concern about the nation’s progress could make drugs an even more significant campaign issue in the 2024 presidential elections, which would in turn put more pressure on candidates to formulate plans to address the issue.

Thus far, all Republican primary debates for presidential candidates have touched on the fentanyl overdose epidemic, with candidates such as former New Jersey Gov. Chris Christie emphasizing the importance of focusing on addiction treatment and preventative care. Others, such as the current governor of Florida, Governor Ron DeSantis, have called for a militarized response that targets drug traffickers.

The discontent that the American population has regarding the way the federal government has handled drug policy echoes the frustrations that the marijuana industry and its actors such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) go through as they endeavor to serve their customers while adhering to state laws and trying to navigate contradictory federal law at the same time.

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420 with CNW — Could Rescheduling Make Marijuana Interstate Commerce Possible?

There is optimism among some marijuana executives that the federal government’s potential reclassification of cannabis from Schedule 1 to Schedule 3 could open the door for interstate commerce in marijuana products. However, legal experts in the marijuana industry caution that this optimism is only partially warranted.

Schedule 3, along with Schedules 4 and 5, currently allows interstate commerce only for drugs that have received approval from the FDA. This approval includes drugs such as testosterone, ketamine, anabolic steroids and certain formulations of THC, such as Syndros, Marinol and dronabinol.

The crucial factor, according to Bianchi and Brandt attorney Justin Brandt, is FDA approval. Only cannabis products approved by the FDA would be eligible for interstate commerce under Schedule 3. However, the legalization of medical marijuana at the state level does not automatically grant it Schedule 3 status. It remains separate from FDA approval and the Controlled Substances Act (CSA), making it technically federally illegal.

While non-FDA-approved cannabis products would remain federally illegal, the prevailing belief is that rescheduling will deter federal authorities from interfering with state-law-compliant cannabis enterprises.

Over the past decade, Congress has consistently passed budget legislation preventing the use of federal funds to crack down on state-regulated marijuana businesses. This legislative trend has contributed to the federal government largely leaving marijuana companies alone, despite the substance’s Schedule 1 classification.

The potential move to Schedule 3 is expected to further reduce federal interference with compliant businesses that adhere to state laws. Moreover, if states have established agreements allowing for interstate commerce under specific conditions, as seen in Washington, Oregon and California, federal intervention could be even less probable.

Hawaii is also testing federal cannabis enforcement boundaries with legislation allowing state-licensed companies to sell wholesale marijuana to businesses on other islands. However, the legislation acknowledges that state law does not override federal marijuana prohibitions, emphasizing the inherent risks involved in such activities.

Jaclyn Moore, CEO of Big Island Grown, who completed the first interisland transport under these regulations, underscores the importance of compliance. She recognizes the uncertainty regarding federal interference and advises businesses to prioritize compliance, particularly given the greater need for enforcement against the illicit market.

Eric Berlin from global law company Dentons suggests that FDA approval for marijuana products would facilitate full engagement in interstate commerce, potentially opening avenues for states to enact certain levels of interstate trade. Nabis CEO Vince Ning acknowledges that while rescheduling may not change the legal landscape for state-regulated cannabis products, it could influence federal law enforcement policies and attitudes toward interstate commerce.

Entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are likely to weigh their options once federal law eventually makes it possible for interstate commerce in marijuana products to take place.

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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.

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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.

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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.

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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.

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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.

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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.

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