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 — Marijuana Contaminants Could Have Health Risks for Users

Cannabis use, whether for medical or recreational purposes, may have adverse effects due to the presence of harmful fungi contaminating the plants, according to a recent peer-reviewed study. The study, published in the “Frontiers in Microbiology” journal, employed data derived from earlier studies, combined with U.S. and international regulations related to the marijuana industry. The researchers examined various contaminants, including mucor, fusarium, penicillium, aspergillus and other fungi capable of infecting cannabis plants and generating mycotoxins.

The findings showed that specific fungi could induce infections in lung and skin tissues, with such infections being more prevalent when marijuana is smoked compared to when it’s ingested. Cancer patients using marijuana to alleviate nausea and enhance their appetite, along with transplant recipients and individuals with type 1 diabetes or HIV, are particularly susceptible to these infections. Additionally, the findings suggest that individuals involved in cannabis harvesting might be at risk.

Lead author Kimberly Gwinn said, “Cannabis and hemp are relatively new crops, and our comprehension of their interactions with pathogens is in its infancy. Many pathogens produce mycotoxins, which are compounds known to have detrimental effects on human health and are closely monitored in other crops.

“In our review, we provide a comprehensive overview of the current literature regarding mycotoxins in cannabis and hemp products,” she continued. “We also highlight the existing research gaps regarding potential mycotoxin contamination in these crops, drawing from insights gained in other crop systems.”

While cannabis research has predominantly focused on the substance and its medicinal applications, there is an imperative need for a more extensive examination of potential health hazards associated with its consumption, according to the study. The authors noted that the absence of standardized human health-risk assessment methodologies applicable to the emerging hemp and cannabis industries has resulted in fewer studies focused on their risk. Additionally, the diverse array of consumer uses for these substances, including medicinal use by patients with specific medical conditions, presents a unique challenge in evaluating and mitigating the health risks associated with contaminants.

The differing cannabis regulations from state to state, particularly in the United States, also pose a challenge to mitigating risks. Notably, fusarium mycotoxins, a common class of fungal contaminants that result in vomiting when consumed, currently lack regulatory oversight in most states.

In light of these discoveries, the authors strongly advise immunocompromised consumers to opt for products that have undergone sterilization, at least until more comprehensive data becomes available. The study’s authors also recommend further exploration and possible regulatory adjustments to safeguard consumers, particularly those with compromised immune systems.

This risk of consuming tainted cannabis products is the reason why it is better for consumers to access their products from licensed companies, such as SNDL Inc. (NASDAQ: SNDL), as opposed to riskier black-market products, which don’t adhere to specific standards.

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 — Seasonal Marijuana Harvesters in Demand Amid Layoffs

The competition for seasonal workers for this year’s outdoor cannabis harvest has been relatively fierce. Many marijuana growers have downsized their full-time workforce in recent years in response to inflation, high-interest rates and the substantial capital required to compensate for this labor shortage.

Over the past one and a half years, there have been numerous layoffs in the industry, resulting in slimmer crews that require additional assistance during the harvest season, according to Viridian Staffing CEO Kara Bradford. An April report from Vangst showed that total cannabis job numbers have declined by 2% since 2022, marking the first decline in the industry since the legalization of marijuana in various states.

EzHire Cannabis CEO and cofounder Jacob Carlson noted that cannabis companies struggled to establish full-time cultivation teams with competitive salaries and benefits, resulting in the need for temporary workers.

The demand for seasonal employees has also surged due to increasing competition from mainstream industries grappling with similar economic challenges.

Viridian has seen a surge in requests for temporary workers during the fall’s “Croptober,” when most outdoor harvests occur. However, Bradford stated that companies are often deterred by the costs associated with hiring a recruitment firm, as they mistakenly assume that temporary workers are cheaper than full-time employees.

In reality, factors such as inflation and rising wages have made temporary workers costly. Currently, the average hourly pay for a marijuana trimmer is $16, which can go up to $40 depending on experience. In addition to this, recruitment companies have to cover expenses such as workers’ compensation, unemployment insurance and workplace safety training, which many operators overlook, making the hiring cost high.

The work involved in cannabis harvesting is more demanding than regular retail jobs, leading to higher turnover rates. Additionally, in some states, growers face obstacles such as background checks and criminal record checks when hiring temporary marijuana workers.

Larger companies, especially multistate operators, have a financial advantage and can afford to pay higher wages to attract seasonal workers. Smaller operators, on the other hand, may find it challenging to compete, given the cost constraints.

In the past, full-time, noncultivation employees were used for outdoor harvests; today, more companies are seeking temporary workers with experience. Trimmers, in particular, require knowledge and experience because the job can be isolating, with long hours spent alone. For small companies, this means higher costs, which can be hard for some to meet.

Karson Humiston, CEO of Vangst, views the increased demand for seasonal workers as a sign of a maturing market. She stated that companies have become more adept at predicting the labor needs, particularly during the fall harvest season, which necessitates additional workers. “The early demand for autumn harvest workers as early as April is a positive sign, indicating that businesses are adopting more sophisticated HR strategies to better forecast their labor needs,” she said.

The labor changes being seen regarding harvesters shows how the marijuana industry and its players like Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) will adjust their systems in order to stay afloat even when the market experiences headwinds like the current high inflation.

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420 with CNW — Study Says Male Cannabis Users Are at Lower Risk for Kidney Stones

A recent study suggests that men who regularly use cannabis have a lower likelihood of experiencing kidney stones. Researchers who analyzed data spanning from 2009 to 2018, sourced from the National Health and Nutrition Examination Survey (NHANES), found that male cannabis users exhibited a significant 28% decrease in the odds of reporting kidney stones compared to nonusers.

Furthermore, research showed that men who used cannabis between one and seven times per week had even more favorable odds, with a substantial 38% reduction in the likelihood of kidney stones. Those who used cannabis more than seven times per week did not experience a decrease in kidney stone risk. No connection was established between marijuana use and kidney stones among women.

The authors stated that this was the first study to examine the link between cannabis use and the risk of kidney stones using data from the population-based NHANES data set to its knowledge.

The study included a total of 14,323 participants between the ages of 20 and 59, all of whom had a comprehensive history of kidney stones and cannabis use. Approximately 26% of these individuals reported using marijuana at some point in their lives, and the incidence rate of kidney stones stood at 7.8%.

The researchers noted that due to the cross-sectional design of the NHANES data set, it was not possible to establish a causal relationship between cannabis use and kidney stones. Additionally, the data on cannabis use was self-reported, lacking specifics regarding the type and dosage of cannabis.

Dr. David Goldfarb, New York University Langone Health Kidney Stone Prevention program director and nephrology chief, didn’t participate in the study, but he did comment on it, noting that “the study appears to be well-executed, and the data seem reliable.” He did, however, point out that the study did not provide a clear explanation for the observed effect in men and the lack of an effect in women.

Goldfarb also found it surprising that using marijuana more than seven times per week did not yield further reductions in the risk of kidney stones. He raised the question of whether the mode of consumption, specifically edibles, which have gained popularity in the United States, might have a similar impact on risk.

The study, carried out by Xin Wei, MD, and her colleagues from West China Hospital, Sichuan University in Chengdu, China, was published in “Frontiers in Pharmacology.”

This study shows that there is still much more being discovered about the health benefits of cannabis, and enterprises such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) may be selling recreational and medical marijuana products that provide more benefits to their customers than previously realized.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Receives Two New Canadian Patents Amid Continued Efforts to Safeguard the Applicability of Its DehydraTECH(TM) Technology in Multiple Jurisdictions and Sectors

Lexaria has continuously taken steps to protect its intellectual property internationally to safeguard the applicability of its patented DehydraTECH(TM) technology across the globe
The company recently announced that it had received two new Canadian patents, increasing to 37 the number of granted patents in its intellectual property (“IP”) portfolio
Lexaria has filed tens of patent applications in multiple jurisdictions that are considered to have the highest commercial potential
The company continues to investigate opportunities that could culminate in expansions of and additions to its intellectual property portfolio and is also filing new patent applications for discoveries that arise from its R&D programs

Lexaria Bioscience (NASDAQ: LEXX) is a global innovator and biotechnology company focused on developing technology that enhances the bioavailability of multiple fat-soluble active molecules and active pharmaceutical ingredients (“APIs”). The company’s flagship technology is the patented DehydraTECH(TM) drug delivery technology, which combines fat-soluble (lipophilic) molecules or APIs with specific fatty acids and carrier compounds, improving properties such as the speed of onset, brain absorption, and bioavailability.

The company has continuously worked on DehydraTECH since 2014, with these efforts expanding the technology’s potential area of impact, both geographically and by sector. For instance, thanks to its extensive research and development (“R&D”), the company has identified viable commercial applications of DehydraTECH across several segments, including, but not limited to, cannabidiol (“CBD”) for hypertension and heart disease, treatments for dementia, hormone treatments, reduced risk non-combusted nicotine, and more (https://cnw.fm/pNIiY).

“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,” the company says in its 2022 Form 10-K annual report (https://cnw.fm/4i9BP). Accordingly, Lexaria has filed tens of patent applications in multiple jurisdictions with the highest commercial potential.

Lexaria believes that the successful granting of more of those applications could lead to material increases in shareholder value. The company also holds that its ability to generate meaningful license revenue from its intellectual property may increase should the remaining patent applications become granted patents.

Since 2014, Lexaria’s efforts to protect its intellectual property internationally have been paying off, with the company receiving granted patents in multiple jurisdictions. Recently, the company announced the receipt of two new patents granted by the Canadian Intellectual Property Office (“CIPO”), increasing to 37 the number of granted patents in its intellectual property (“IP”) portfolio (https://cnw.fm/ZGyAL).

More specifically, the company received a new Canadian patent under its Patent Family #3: “Stable Ready-to-drink Beverage Compositions Comprising Lipophilic Active Agents.” Registered as patent #2,984,917 on CIPO’s Canadian Patent Database, the new patent recognizes Lexaria’s innovations in delivering fat-based (lipophilic) active molecules and active drugs suspended in water-based formats.

Lexaria also received Canadian patent #3,111,082 under its Patent Family #14. Titled “Lipophilic Active Agent Infused Tobacco Leaves and/or Tobacco Materials and Methods of Use Thereof,” the patent covers the company’s innovations that infuse tobacco leaves directly with active drugs or active molecules like nicotine with or without cannabinoids for such potential applications as treating nicotine addictions.

The two new patents increase Lexaria’s Canadian patent portfolio to five granted patents, following the staggered receipts of three Canadian patents over a span of less than a year. Last December, the company announced the receipt of the first granted patent in Canada, registered as patent #3,093,414 on CIPO’s database. The patent, which falls in the company’s Patent Family #6, is entitled “Transdermal and/or Dermal Delivery Of Lipophilic Active Agents.” It recognizes and protects Lexaria’s improved compositions and methods for transdermal and dermal delivery of cannabinoids such as tetrahydrocannabinol (“THC”) and CBD (https://cnw.fm/Cw672).

In June, Lexaria announced that it had received two additional Canadian patents. The first patent is under Patent Family #1: “Food and Beverage Compositions Infused with Lipophilic Active Agents and Methods of Use Thereof,” while the second is under Patent Family #8: “Compositions Infused with Nicotine Compounds and Methods of Use Thereof” (https://cnw.fm/8s8ig).

“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,” Lexaria explains in its most recent Form 10-Q quarterly report (https://cnw.fm/gx8Af). “The company has patents issued in the United States, Australia, Europe, India, Mexico, Canada, and Japan.”

Still, the company continues to investigate opportunities that could culminate in expansions of and additions to its intellectual property portfolio. Lexaria is also filing new patent applications for discoveries that arise from its R&D programs.

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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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 — Demand for Marijuana Seeds Booms as Legalization Spreads

Demand for cannabis seeds in America is surging. A wave of cannabis reform has left medical marijuana legal in 38 states, and recreational cannabis is now legal in 23 states. Now that thousands of commercial cultivators across the country can legally grow and produce cannabis, demand for seeds in the United States is skyrocketing.

State-level recreational cannabis policies that allow home cultivation have also contributed to the increase in marijuana seed demand. Since cannabis seeds barely contain any THC and have no potential for abuse, the law essentially treats them like any other seed.

In Minnesota, residents were lining up at cannabis stores to buy seeds the same day the state legalized recreational cannabis. Jordan, Minnesota-based shop Strains of the Earth saw a “huge influx” of Minnesotans looking for and buying seeds on Aug. 1, 2023, the day Minnesota legalized adult-use cannabis.

Owner Jim Cramond says he had uncountable social media requests asking if marijuana seeds were available, and the company served a steady stream of customers throughout the day. Cramond predicted that he would need to restock every three months, but demand for cannabis seeds has been so high he has to order new stock every week to keep up.

Hammond began teaching courses on how to grow seeds into healthy, bud-producing cannabis plants in September and soon had hundreds of customers attending his tutorials without any social media promotion.

Millions of Americans now live in a state with legal recreational cannabis, and interest in home cultivation is on the rise. For Americans who pride themselves on self-reliance and want to consume contaminant-free cannabis, home cultivation allows them to grow their own cannabis from seed to bud without any outside aid. Home cultivation is also a much more affordable alternative to buying cannabis flower as legal recreational cannabis tends to be quite expensive.

Additionally, it is the only way states such as Minnesota where legal sales haven’t officially launched can legally possess cannabis. Minnesotans who don’t want to wait until 2025 when regulators are done setting up a retail market can only access recreational legal cannabis through seeds and home cultivation.

Virginia residents are also stuck in a gray area where the state has legalized the possession and use of recreational cannabis but still hasn’t set up a commercial market. Smoke shops and horticulture companies in Virginia are now selling seeds and donating them in some cases to satiate residents’ demand for adult-use cannabis.

This surging demand for marijuana seeds and products bodes well for ancillary entities such as Innovative Industrial Properties Inc. (NYSE: IIPR) since they are also likely to see growing demand for their products as the cannabis industry grows its reach across the country.

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420 with CNW — Studies Assert Cannabis’ Safety over Tobacco

Approximately twice as many individuals in the United States perceive that smoking cigarettes poses a more substantial threat to one’s well-being compared to smoking cannabis, and they are correct. Numerous investigations examining the prolonged health consequences of inhaling marijuana smoke dispel the myth that cannabis carries the same well-established detrimental respiratory risks as tobacco.

A case in point is the federally funded study conducted at the University of California where researchers examined the lifetime risk of developing lung cancer among more than 2,000 individuals who were long-term users of marijuana and tobacco or abstained from smoking. The results revealed that those who habitually indulged in tobacco smoking were confronted with a lung cancer risk 20 times higher than nonsmokers, while those who exclusively smoked marijuana showed no increase in their risk.

The lead author of the study expressed that the team’s initial hypothesis of a positive link between marijuana use and lung cancer was entirely refuted as the findings indicated no association and even suggested a potential protective effect.

In a more recent study, a group of healthcare experts contributing to the “Chronic Obstructive Pulmonary Diseases” journal ascertained that past or current cannabis smokers, regardless of cumulative lifetime consumption, did not experience a progression or onset of COPD.

Various other studies assert that the carcinogenic properties of cannabis smoke do not rival those of tobacco and individuals who exclusively use marijuana are exposed to fewer carcinogens and toxicants. Some scientists also propose that the anticancer properties of cannabinoids may mitigate the potential harms associated with inhaling smoke.

Recent research published in the “American Journal of Respiratory and Critical Care” reiterates the distinction, emphasizing that cannabis impacts lung function differently from tobacco. The consequences of widespread cannabis use do not necessarily mirror the harm attributed to tobacco smoking.

A review paper, authored by researchers at the University of Arkansas, unambiguously underscores the contrast, stating that the evidence regarding marijuana stands in stark contrast to the consistent proof of harm from tobacco, the world’s most lethal legal substance. Any conceivable toxicity related to marijuana pales in comparison.

This is not to imply that exposure to cannabis smoke is completely harmless. Marijuana smoke does contain some of the same toxins and particulates found in cigarette smoke. Certain studies have linked cannabis smoking to transient increases in sputum production, wheezing and an elevated bronchitis risk.

Nonetheless, adopting a vaporizer can substantially diminish exposure to combustive toxins. Laboratory research demonstrates that herbal marijuana vaporizers serve as an effective and safer medium for delivering THC, avoiding the inhalation of combustion byproducts. Furthermore, marijuana compounds can be incorporated into a diverse array of products that negate the need for smoking, including edibles and beverages.

The consistent message conveyed by these studies is unmistakable: the disparities in risks between marijuana and tobacco smoke are undeniably significant. This provides additional validation for the belief by enterprises in the cannabis space such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) that not only has marijuana been unfairly maligned for decades, its supposed risks have also been grossly exaggerated by prohibitionists.

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420 with CNW — Five Years On, Stigma About Marijuana Still Persists in Canada

Canada legalized recreational cannabis in October 2018 via the Cannabis Act and allowed the cultivation, production, import, export, distribution, purchase, sale and consumption of recreational cannabis by legal adults. The country’s cannabis industry reached $4.4 billion in value in 2022 and is expected to hit $7.7 billion by 2026.

However, even though around 27% of the population has reportedly used cannabis in the past 12 months and recreational cannabis has been legal for half a decade now, stigma about cannabis still persists throughout the country.

Legalization was swiftly followed by a rush of new cannabis shops in several Canadian cities, but many users still contend with cannabis-related stigma. Kate Grimmell, a budtender in LaSalle-based Greentown Cannabis, gives the example of her favorite customer, an elderly woman who still hasn’t told her daughter she uses cannabis and hides her purchases to keep her consumption secret.

While some Canadians are open about their cannabis use and treat the drug the same way they would treat buying alcohol at a liquor store, some people go to great lengths to hide the fact that they use cannabis, Grimmell says. Such people refuse to create accounts with cannabis dispensaries to avoid leaving a paper trail because they are worried about what other people would think if their cannabis use was discovered.

Canadian law has also severely limited the recreational cannabis industry’s ability to market and advertise itself. Facebook and Instagram’s parent company Meta has banned cannabis marketing on all its platforms as well. In addition, Google does not allow ads that promote the sale and use of marijuana.

Greentown Cannabis’s operator Katzman Enterprises vice president Palash Tiwari explains that cannabis stores cannot advertise on billboards. Tiwari says that while the recreational industry is grateful to the government for issuing many cannabis licenses, restrictive cannabis marketing policies severely limit the sector’s ability to reach customers.

According to Windsor-Essex County Health Unit (WECHU) director of public health programs Eric Nadalin, recreational cannabis legalization has been accompanied by a “slight increase” in cannabis-related emergency room visits and hospitalizations. WECHU’s data shows that there were only 76 marijuana-related hospitalizations per 100,000 Canadians in 2018; however, the number ballooned to 101 in 2021.

Nadalin says the increase is due to accidental cannabis poisonings, traffic accidents caused by intoxicated driving and marijuana’s effect on young brains. He noted that we should ensure members of the community are aware of the risk of consuming “legal but harmful” products like alcohol and cannabis.

The persisting stigma against people who use marijuana either for medical or recreational reasons may be having some impact on the licensed companies that are active in this regulated industry, such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), in one way or the other.

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420 with CNW — Marijuana Wholesalers Opt for Island-Hopping in Hawaii

Several medical cannabis companies in Hawaii have pioneered a new sales route in the state that involves delivering wholesale cannabis flower and other cannabis products from one island to another. Hawaii legalized medical cannabis in 2000 via the state legislature and has only eight licensed medical marijuana dispensaries scattered across the archipelago.

The island state’s unique topography may have allowed for the growth of this new sales route as medical marijuana businesses strived to increase their reach and serve as many Hawaiians as possible.

Hopping between islands by boat, helicopter or plane is common for both residents and visitors, and cannabis businesses in the state are leveraging established transportation pathways to deliver their products across various islands. Although these businesses haven’t been quick to share how they move their products between islands, likely to avoid legal and other issues, it is clear that they are island hopping to serve the thousands of medical marijuana patients in the state as efficiently as possible.

This new process is in a legal gray area because traveling between islands in Hawaii requires moving across federal waters — and federal law still outlaws cannabis. Hawaii legislators allowed cannabis operators in the state to island hop in June when they legalized wholesale marijuana sales by state-licensed firms to cannabis businesses on other islands. The interisland trade route officially became legal in August, and cannabis operators in Hawaii have been quick to take advantage.

Big Island Grown was the first company to complete Hawaii’s first cannabis wholesale interisland deal with Kauai-based Green Aloha dispensary. Green Aloha sold out of Big Island Grown’s cannabis flower in only slightly over a week at its dispensaries in Koloa and Kappa, Big Island Grown CEO Jaclyn Moore says.

Big Island Grown is also the sole licensed hydrocarbon extractor in Hawaii, and it is currently seeking Hawaii State Department of Health approval to deliver concentrates such as live resin vape pens and gummies wholesale to retailers. Moore says the cannabis company noticed a market for cannabis concentrates on the other islands that don’t have hydrocarbon extractors. The company now supplies around 30% of all weighted marijuana products in the Hawaiian market, Moore says.

Moore declined to discuss specific details on logistics and cannabis transportation, citing worker safety and the inherent sensitivity of the issue.

Big Island Grown and other companies may be using commercial flights and island-hopper planes, commercial boats and private charters to move their products between islands.

Given the challenging operational environment that cannabis companies often have to contend with, it isn’t surprising that island hopping has become the norm. Even large companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operating in large markets such as Canada also have their own regulatory issues to navigate.

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420 with CNW — Cannabis Banking Law Complicated by Conflicting Priorities, House Speaker Issues

The U.S. marijuana industry received a boost of positive news from Washington, D.C., in late summer, but the road ahead may not be as smooth as initially hoped. There are fresh challenges that may hinder the passage of cannabis banking reform in Congress.

On the positive side, experts on Capitol Hill believe that the U.S. Senate is likely to approve the SAFER Banking Act. The act offers protections for financial institutions serving state-legal marijuana businesses, shielding them from federal prosecution. The legislation successfully passed a significant Senate committee in late September. However, complications unrelated to the banking reform or marijuana are currently clouding the outlook. Much of the congressional business is at a standstill due to ongoing internal conflicts within the House of Representatives.

The Republican Party, which holds a slim majority, has yet to choose a new speaker following the ousting of Rep. Kevin McCarthy. Moreover, when legislative activities do resume, they will be preoccupied with other pressing priorities, including averting a government shutdown and addressing the escalating conflict in Israel.

Another complicating factor is the opposition to marijuana policy reform by key House members, including Representatives Steve Scalise and Jim Jordan, both of whom were nominated for speaker. Scalise eventually dropped out of the speaker race due to insufficient support, leaving the House Republicans in turmoil.

Despite these challenges, the Senate appears to maintain a positive outlook. Majority Leader Chuck Schumer is determined to pass the SAFER Banking Act and intends to introduce a “SAFER-plus” package, combining provisions related to gun ownership rights and marijuana arrest-record expungements.

A full Senate floor vote for SAFER Banking could happen in the upcoming work period, with David Culver, a senior vice president for public affairs at the U.S. Cannabis Council, expressing optimism. However, the House must also approve the bill, and it may not be as straightforward as the Senate.

While the full House passed the predecessor to SAFER Banking, SAFE Banking, multiple times, the current bill faces opposition from House Republicans due to specific language regarding Operation Chokepoint. This challenge requires further negotiations, competing for time and attention with pressing international issues and potential government shutdowns.

As the year progresses, the 2024 presidential election will further complicate the legislative calendar. Congress is expected to have limited attention for standalone bills as election season gains momentum, making the window for passing the bill narrow.

Nonetheless, there are still potential positive developments on the horizon, particularly with the Biden administration’s rescheduling recommendation in August. The recommendation, if implemented, could alleviate federal tax challenges for marijuana businesses.

Some industry executives see this as a sign that SAFER Banking, while important, may not be as critical as other ambitious bills, including federal legalization and the potential for interstate commerce.

Cannabis companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will be looking forward to the enactment of federal cannabis banking legislation so that some of the operational challenges they face, especially in accessing financial services, ease.

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420 with CNW — Senate Vote on Cannabis Banking Delayed Until Assurance of House Passage Obtained

Senator Steve Daines, the lead Republican Senate cosponsor of a bipartisan cannabis banking bill, has revealed that a planned floor vote is on hold until he can be certain that the measure will pass in the GOP-controlled House, according to a conversation between him and Rob Sechrist, a marijuana financing executive. Daines emphasized that he wants to ensure the bill’s success in the House rather than seeing it “die” there.

This marks a significant shift in rhetoric, as Chuck Schumer, the Senate Majority Leader, had previously expressed his intent to bring the Secure and Fair Enforcement Regulation (SAFER) Banking Act to the Senate floor without mentioning any dependence on House dynamics. However, given the uncertain House dynamics and the recent removal of Rep. Kevin McCarthy as House speaker, Daines is taking a cautious approach.

The House’s changing political landscape has raised doubts about the fate of the cannabis banking bill. Advocates are closely watching the selection of the new House speaker, as their stance on cannabis reform could affect the bill’s chances. Several potential candidates have emerged, but their positions on cannabis reform vary, making the bill’s fate uncertain.

The absence of a House speaker also means that no legislation can advance in the House, which further complicates the bill’s prospects. With various pressing priorities for Congress, including funding the government and providing aid to Israel, the bill’s floor time is limited.

In addition to these challenges, there is uncertainty about the nature of the bill the GOP-controlled House would be willing to pass. Schumer has discussed amending the bill to include measures such as expunging prior cannabis records and protecting gun rights for marijuana users. Senator Raphael Warnock and others have suggested equity-centered amendments, but disagreements persist.

The bill had already faced delays due to partisan disagreements over certain sections favored by Republicans, particularly regarding ideological discrimination. While lawmakers have revised the bill, concerns remain, and reaching a consensus between the House and Senate remains a challenge.

Some Republican senators, including Tom Cotton and Chuck Grassley, have expressed concerns about the bill, with differing interpretations of Schumer’s intentions to amend it. Additionally, a group of senators, including Pete Ricketts, John Cornyn, Ted Budd and James Lankford, wrote a letter opposing the SAFER Banking Act, citing concerns about the cannabis industry and the banking system’s integrity.

Despite bipartisan momentum, a recent survey revealed that only about 1 in 10 congressional staffers believes the marijuana banking bill will pass this year, indicating the uncertain outlook for the legislation.

Companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) will probably follow the goings-on on Capitol Hill to see whether marijuana banking is finally eased and the industry gets a chance to access capital like other legal businesses.

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