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 Finds Higher Increase in Home Valuations in Legal States vs. Cannabis Prohibitionist States

Home values in states with legal cannabis markets have grown at significantly faster rates over the past decade compared to prohibitionist states. According to a Leafly and Real Estate Witch study, homes in cannabis states are 41% higher in value than homes in states without legal cannabis markets.

The paper looked at the potential impact of recreational or medical cannabis markets on average American home prices from 2014–2023.

Although states such as California began legalizing medical cannabis more than a decade ago, the past decade has seen a multitude of states legalize the controversial plant. With dozens of states now allowing medical and recreational cannabis, tens of millions of Americans now have access to either medical or adult-use marijuana.

However, several states still outlaw both recreational and medical cannabis, meaning there are plenty of Americans who are still criminalized for cannabis possession and use.

Cannabis remains the most used drug in the country, even in states that still criminalize it, and it seems the drug may now be affecting real estate values across the country. The analysis revealed that average home prices in states with recreational cannabis markets increased by $185,075 since 2014 compared to $136,092 in states without adult-use markets.

As a result, average home prices in recreational cannabis states hit $417,625 by the end of the study period while average home prices in nonrecreational marijuana states were 41% lower at $295,338. States with medical marijuana markets also registered faster home value growth compared to states without medical cannabis reform, growing by an average of $166,609 since 2014 compared to $137,320 in prohibitionist states.

According to the report, it isn’t surprising that states that embraced cannabis reform are registering significant increases in home values because real estate always appreciates over time. However, the gap between states with cannabis markets and prohibitionist states “sticks out like a green thumb,” the report noted.

There was even evidence of cannabis reform affecting home values at local levels with cities that had licensed cannabis retailers seeing an average home price increase of $168,292 since 2014. In comparison, cities without cannabis dispensaries saw an increase of only $100,933 in the same period, indicating that cannabis legalization may have some effect on property values.

Leafly vice president of brand and communication Josh deBerge said the report is evidence of what many cannabis community insiders have known for a long time: cannabis reform does not diminish property values. Rather, licensing cannabis firms such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) boosts demand for residential and commercial property.

About CNW420

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

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420 with CNW — Study Predicts $260M Addition to Ohio’s Economy After Cannabis Legalization

Despite differing opinions among ardent supporters, cannabis legalization in Ohio could entail certain drawbacks. Nonetheless, an economic analysis published last week suggests that the advantages would surpass these drawbacks by a yearly sum of $250 million. Issue 2, a proposal to legalize recreational cannabis in Ohio, is set for the upcoming election on Tuesday.

A study conducted by Scioto Analysis sought to assess the potential benefits and drawbacks of such a step in a state where medical cannabis is already legal. To conduct the analysis, the research group drew on findings from states such as Colorado and Washington, where recreational cannabis has been legal for some time. To understand how the advantages and disadvantages identified in those states might apply to Ohio, the researchers used demographic and economic data, as well as crime statistics.

The most significant advantage they identified relates to the additional revenue that Issue 2’s passage would generate, thanks to its 10% excise tax in addition to Ohio’s regular sales tax. However, the report clarifies that the benefit doesn’t solely stem from the anticipated yearly tax revenue of $190 million but rather from how a substantial portion of these funds would be utilized.

According to the report, benefits are realized when services and goods procured by governments yield positive spillover effects. The researchers pinpointed positive spillovers from the 25% and 36% of Issue 2’s revenue allocated to the Substance Abuse Addiction and Marijuana Social Equity and Jobs Funds, respectively. Drawing from analyses of similar funds in other states, the group estimated that the Ohio equity and jobs fund would generate $5.76 in benefits for every dollar spent, and the substance abuse fund would yield $9.19. The report suggests that directing revenue to these two funds could potentially create $820 million worth of benefits for Ohioans annually.

Additionally, the new industry would directly create jobs. The report projects approximately $190 million in wage benefits during the first year of legalization for workers across the state, encompassing both full-time and part-time positions.

Recreational marijuana users would also enjoy benefits, as Issue 2 would reduce the annual marijuana expenditure of this group by $98 million compared to what they would pay otherwise. Furthermore, the legalization of recreational marijuana would likely lead to a reduction in arrests.

When it comes to the cons, one significant drawback is the decrease in worker productivity observed in states where legalization has already occurred. Citing a study from 2017, the report suggests that average productivity per worker dipped by just over 1% in certain industries in states that legalized recreational cannabis. Monetarily, this translates to roughly $900 of lost productivity per worker in Ohio. The report utilized federal employment data to estimate that legalization could cost Ohio workers approximately $760 million in lost productivity in the first year alone.

Moreover, concerns about public safety emerge with the possibility of more intoxicated drivers on the roads, leading to increased accidents causing injuries, property damage and even fatalities. The report estimates an additional 1,700 intoxicated-driving arrests annually in Ohio, with an associated cost of $130 million.

Considering these positives and negatives, the study suggests that if Issue 2 is passed, Ohioans could potentially gain annual benefits of $260 million.

This analysis of the forecast benefits of ending marijuana prohibition in Ohio goes to show what an impact companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) might have once a legal cannabis market is launched and entrepreneurs are allowed to address the needs of customers.

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CannabisNewsBreaks – The Cannabis Place Announces Opening of Jersey City Dispensary Location

The Cannabis Place has announced the grand opening of its New Jersey flagship dispensary location this Thursday at 4:20 p.m. ET in Jersey City. The Cannabis Place was founded by CEO Osbert Orduña, a first-generation Latino American of Colombian descent. Orduña grew up in New York City public housing, where he was stopped and frisked for the first time when just 13 years old. He was the first person in his family to go to college and earned his service-disabled veteran designation while deployed in Iraq. He is putting his U.S. Marine Corps and life experience and unique perspective to work as a model for other professionals to follow in the licensed cannabis industry. “We picked this week to open because it’s symbolic in many ways: I am an Iraq veteran; we have the Marine Corps birthday and Veterans Day, so opening Jersey City’s first service-disabled, veteran-owned business makes this week even more special to us and our team,” Orduña said.

To view the full press release, visit https://cnw.fm/Yv39N

About The Cannabis Place

The Cannabis Place is a licensed adult-use dispensary operator in New Jersey and is also a licensed adult-use dispensary operator in New York, where it runs the state’s largest licensed cannabis “free-delivery” service covering all of New York City, Long Island and Westchester. Before its launch, CEO and founder Osbert Orduña visited dispensaries across the country to develop his model for a new kind of cannabis company, which puts people over profits. For more information, visit https://TheCannabisPlace.org

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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 — Connecticut Doubles Recreational Cannabis Purchase Limit

Beginning in December, adults in the state of Connecticut will be allowed to buy up to one-half an ounce of cannabis in one retail transaction. This comes after the state doubled its purchase limit from quarter of an ounce of marijuana.

The state’s Department of Consumer Protection announced the scheduled increase last week, explaining that it was the result of a continuing analysis of demand and supply and was designed to make certain businesses maintain sufficient supply for both medical cannabis patients and adult-use consumers.

It should be noted, however, that the limits imposed on medical cannabis remain unchanged.

The state department’s commissioner, Bryan T. Cafferelli, added that as more production companies, retailers and other licensees in the supply chain came online, the industry’s capacity had increased. Cafferelli noted that they were confident the measured approach to recreational sales had created a healthy market for businesses as well as a fair and safe marketplace for both medical cannabis patients and adult-use marijuana consumers.

Currently, possession of marijuana in the state is capped at one and a half ounces for adults. Adults are also allowed to store no more than five ounces in a locked trunk, glovebox or a locked container in their homes. Cafferelli also highlighted that purchased marijuana needed to remain in its original packaging and be out of reach of children.

The state legalized the recreational use of cannabis via the legislature in 2021. Since then, the state has recorded steady sales. Thus far, the adult-use market has seen a number of consecutive record-setting months of legal purchases. For instance, the state recorded $10.8 million worth of medical marijuana sales and $14.4 million in adult-use sales in September.

It is important to remember that the limits imposed on the purchase of products besides raw marijuana flower are set by equivalence.

Earlier in August, the state also launched a fund to provide support to social equity cannabis businesses. The established loan program will offer financial assistance to help individuals who have been disproportionately affected by the war on drugs to expand their businesses in this burgeoning industry.

In addition, in July of this year, the state legalized home cultivation of cannabis for personal use. It also adopted tax breaks for legal marijuana businesses in the same month. This move to help businesses that cannot make federal deductions under the IRS 280E code is expected to bring in $4.7 million in industry relief for the 2024 fiscal year. Projections from the office of the governor expect this figure to increase in the 2025 fiscal year, reaching $6.2 million.

The growth that is likely to result from this recent adjustment to how much recreational marijuana adults can buy could create opportunities for many local companies to grow to the levels experienced by companies that are licensed in other jurisdictions, such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED).

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420 with CNW — University of Buffalo Professor Receives $3.2M Grant to Study Cannabis Among Cancer Patients

The National Institutes of Health’s (NIH) National Cancer Institute has allocated $3.2 million to fund a study exploring the impact of marijuana use on cancer patients undergoing immunotherapy treatment. The grant, announced by the University of Buffalo (UB), aims to conduct a comprehensive yearlong examination of how cannabis use by cancer patients affects their response to conventional cancer treatments. Specifically, the study focuses on patients undergoing immunotherapy, a treatment known for its reduced side effects compared to chemotherapy.

Speaking at a National Academies of Sciences, Engineering, and Medicine (NASEM) meeting last month, an NCI representative expressed the organization’s desire to support studies looking into the potential benefits of cannabis use in cancer treatment. He stated that while the majority of oncologists have discussed marijuana use with patients, comparatively few were well-informed about the subject.

The study will be a collaborative effort between UB, Oregon Health and Science University, and Thomas Jefferson University. It will be conducted in three separate locations, with each site enrolling 450 cancer patients undergoing immunotherapy treatment.

Studies conducted by UB indicate that approximately 40% of cancer patients turn to marijuana as an option to alleviate pain, enhance their mood and improve sleep quality. Nevertheless, despite cancer and its treatments being qualifying conditions in a majority of states where recreational or medical marijuana use is legal, there is a paucity of long-term studies examining the potential benefits and drawbacks of marijuana use for individuals undergoing immunotherapy.

Lead researcher Rebecca Ashare expressed the need for rigorous research in this domain, stating that although some cannabinoids are known for their anti-inflammatory properties, which can be advantageous in mitigating pain, they may also exert a suppressive effect on immune function.

To conduct the study, the research team will divide the participants into two groups: marijuana users and nonusers. Over the course of one year, the researchers will analyze blood samples, patients’ outcomes and medical records at six separate intervals. The grant will also facilitate a study into the impact of neighborhood disparities on outcomes related to immunotherapy and marijuana use.

Ashare stated that the overarching goal is to significantly impact cancer-symptom-management science and ultimately improve patient care and safety. It will draw upon the collective expertise of a multidisciplinary team well-versed in various domains, including health equity, cancer symptom management, medical marijuana, oncology, substance misuse and immunology.

This study could be of great interest to marijuana businesses such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) because the outcome is likely to provide more information about how cancer patients undergoing immunotherapy can best benefit from medical marijuana.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Exploring Patented DehydraTECH(TM) Technology’s Effectiveness on GLP-1 Drugs for Potential Diabetes Treatment and Weight Loss

Lexaria, a global innovator in drug delivery platforms, recently announced plans to launch new human and animal studies examining whether its patented DehydraTECH(TM) technology can make GLP-1 drugs better
Lexaria has previously demonstrated DehydraTECH’s overall potential in its DIAB-A22-1 animal study, which yielded weight loss, and improved triglyceride and cholesterol levels among diabetic-conditioned animals
The company plans to replicate the results from this study while also exploring ways to improve the overall bioavailability of GLP-1 drugs for diabetes treatment and weight loss
Lexaria management is optimistic that it will build on previous studies, replicate previous positive results, and improve the overall efficacy of GLP-1 drugs

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced plans to launch new human and animal studies that seek to examine its patented DehydraTECH(TM) technology’s potential on GLP-1 drugs for the treatment of diabetes and weight loss. This announcement follows the recent study results published on “New England Journal of Medicine,” which showed that 49 to 52 pounds weight loss was a common outcome across the 2,539 adult study participants (https://cnw.fm/bP9IJ).

DehydraTECH has demonstrated, in many instances, significant improvement in how active pharmaceutical ingredients (“APIs”) enter the bloodstream with its strong bioavailability enhancing capabilities. Its unique and revolutionary approach has seen Lexaria granted 37 patents for the technology, ultimately safeguarding its applicability, given its growing list of applications ranging from nicotine delivery to NSAIDs, antiviral drugs, cannabinoids, vitamins, and more.

So far, DehydraTECH has demonstrated positive results in diabetes-related studies. Its DIAB-A22-1 animal study yielded at least three positive outcomes: weight loss plus improved triglyceride and cholesterol levels. Reduced body weight, specifically, was realized in just four days after the start of dosing with DehydraTECH-CBD, with peak results achieved nine days after dosing and maintained throughout the 8-week study duration (https://cnw.fm/wfWYV).

Lexaria looks to replicate these results with GLP-1 drugs while also exploring ways to make these drugs better. GLP-1 agonists have been known to help manage blood sugar levels in people with type 2 diabetes. They have also proven effective in treating obesity, a result which has been very much welcomed by consumers and the more than 37 million Americans currently living with diabetes. By doing so, Lexaria looks to carve out a significant market share in the diabetes drug market, projected to hit $82.93 billion in value by 2027 (https://cnw.fm/W7taU).

This commitment builds on the work that Lexaria has been doing with DehydraTECH since 2014. It also reflects the technology’s potential and the company’s confidence in it. Thus far, studies have shown exceptional results, asserting Lexaria as a dominant figure in the drug delivery technology space. Its management is optimistic that as it heads into GLP-1 research, it will build on its previous studies, ultimately improving the overall efficacy of GLP-1 drugs and further demonstrating DehydraTECH’s potential.

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

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

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420 with CNW — Study Finds Increase in Traffic Fatalities in Prohibitionist States, Drop Where Cannabis Is Legal

A new study from Quartz Advisor has found states that legalized cannabis since 2016 registered a “meaningful decline” in traffic fatalities. Interestingly, the paper found that states that have continued to criminalize cannabis possession and use have seen a slight increase in traffic fatalities.

The study goes against the notion that legalizing cannabis would lead to higher rates of driving under the influence and result in more traffic fatalities. While prohibitionists argued that legalizing cannabis would prove to be a danger to the public, this study suggests that ending cannabis prohibition may have a connection with fewer traffic accidents and fatalities.

Researchers concluded that traffic safety shouldn’t be a major concern for cannabis reform initiatives, especially when compared to alcohol, which has much higher traffic accident and fatality rates. They noted that while there has been no evidence connecting cannabis reform with a statistically significant rise in traffic fatalities, alcohol remains widely available despite its role in traffic accidents.

The report relied on traffic fatality data collected from four states — Maine, California, Nevada and Massachusetts — from 2016 to 2019. It then compared this data to national average rates and traffic fatality states in Wyoming, Kansas, Indiana, Nebraska and Idaho, all states where cannabis was illegal.

None of the four states with legal cannabis markets registered an increase in traffic deaths, the paper says. In fact, three of them reported a “significant decrease” in traffic deaths over the study period. Massachusetts saw the largest drop in traffic fatalities (28.6%) while Maine didn’t register any change in traffic deaths.

All four states saw a combined 11.6% drop in traffic fatalities from 2016 to 2019, 1.0% more than the decline in average traffic deaths during the same period (10.6%). The five states without legal cannabis markets registered a 1.7% increase in combined traffic deaths from 2016 to 2019.

However, when the researchers included data from 2020–2021, the traffic death rate for states with cannabis markets went up by 6.0% while states without legal cannabis markets saw a 0.7% reduction in traffic fatalities. Researchers say they excluded data from 2020 and 2021 as the two years ‘were anomalies’ in traffic accident trends.

Traffic fatalities spiked by 18.9% nationally from 2019–2020 after decades of decline while cannabis states saw a 19.9% increase in 2016 and noncannabis states registered a 2.3 decline in traffic fatalities over the same period.

The broader cannabis industry and its main actors such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) is likely to welcome these findings because they dispel the misconception that marijuana legalization results in an increase in road traffic accidents and fatalities.

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420 with CNW — Minnesota University-Led Study Uncovers Medical Marijuana Usage Patterns

Research led by the University of Minnesota in partnership with Vireo Health looked into patterns of medical marijuana consumption and use. Currently, the medical use of marijuana is legal in 38 states in the United States, the federal District of Columbia and 4 inhabited territories.

Despite the rising use of medical marijuana, state-cannabis programs don’t have consistent guidelines governing products being consumed by patients, particularly for THC and CBD. CBD (cannabidiol) and THC (tetrahydrocannabinol) are the two primary compounds found in marijuana. While THC does induce a high when consumed, CBD does not.

Both compounds interact with the body differently, which means that side effects and symptom control varies from one individual to another.

The absence of standardized procedures in state programs makes it hard to forecast how patients may respond to these alternative treatments, especially when one considers that most patients may have comorbidities and highly variable interactions with their other treatments.

The study’s lead author, Professor Angela Birnbaum, stated that past data showed that THC and CBD concentrations in the blood could vary extensively among patients and could cause unanticipated side effects and varied responses.

For their study, the researchers conducted an analysis of data collected from about 50% of all registered users of medical marijuana in the state of Minnesota in the period between June 2016 and November 2019. All users included were also part of Vireo Health’s program.

The researchers then examined the THC and CBD content of products provided and dosing of patients, finding that about 60% of patients who received medical marijuana had indications of severe pain. Given that they were the largest patient population, the researchers observed huge differences in dosages between younger and older adults with similar diagnosis, which brings into question the factors that contributed to varied dosages.

Additionally, the researchers found that most patients used drugs that contained both THC and CBD, despite evidence showing that CBD was effective in seizure prevention in patients with epilepsy. From the study’s findings, one can see that the data provided shows that major cannabinoid quantities, doses received and choice of product is mostly based on patient preference and pharmacist selection rather than a physician’s prescription.

In the report, Birnbaum noted that more studies were needed to understand the long-term influence of marijuana use, particularly in older adults who were typically on more than one medication and had a heightened potential for drug-drug interactions. This research was funded by the University of Minnesota Medical Discovery Team on Addiction’s Pilot Grant and the MacMillan Innovative Epilepsy Research and Education Fund.

These studies will most likely give cannabis entities such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) plenty to think about as they plan how best to reach different categories of patients with their medical cannabis products.

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420 with CNW — Georgia Pharmacies Start Selling Medical Marijuana Oil

Oct. 27, 2023, marked the first day of medical cannabis sales at independent pharmacies in Georgia, with Robin’s Pharmacy, Allen Pharmacy Group and Omega Pharmacy becoming the first to secure state licenses for the sale of low-THC (less than 5% concentration) medical cannabis products.

Dr. Ankit Patel of Robins Pharmacy expressed his excitement, calling it a historic moment. He had been closely monitoring the development of the state’s cannabis laws for about four years, eagerly awaiting the opportunity for independent pharmacies to stock these products.

To gain state approval, pharmacies need to undergo inspections by the Georgia Drugs & Narcotics Agency, which assesses security measures and evaluates the staff’s knowledge of handling and dispensing medical marijuana. State law mandates that cannabis products be displayed on shelves alongside other prescription medications.

Bill Posey, owner of Allen Pharmacy Group, likened medical cannabis to other “dangerous” drugs, citing examples such as blood pressure medication that are categorized similarly. Posey’s pharmacy commenced cannabis sales on Oct. 30, 2023, and he reported receiving inquiries from potential customers even before the official sales launch.

Dr. Jordan Day, owner of Omega Pharmacy, expects to initiate medical cannabis sales at her pharmacy in the near future. She envisions her pharmacy playing a crucial role in educating patients about the benefits of medical cannabis, potentially replacing traditional anxiety, pain, and sleep medications.

Georgia’s Access to Medical Cannabis Oil Commission chair, Andrew Turnage, expressed the significance of this development, stating that it would greatly enhance accessibility to medical cannabis for patients across the state as pharmacies are just a short drive away.

The journey to this point began when Governor Brian P. Kemp signed HB 324, known as Georgia’s Hope Act, in April 2019, with the law coming into effect in July of the same year. The measure aimed to provide access to medical marijuana oil for individuals in need, especially those battling chronic and debilitating diseases.

The law entrusted the regulation, production, cultivation, manufacturing and sale of low-THC oil to the Georgia Access to Medical Marijuana Commission. The commission was formed in November 2019, but it wasn’t until July 2021 that the state revamped its medical marijuana program, ultimately approving six companies to sell cannabis.

Recent updates revealed that the number of medical marijuana patients in the state was significantly lower than initially believed. While it was originally thought that there were more than 50,000 patients, anomalies in the system, such as expired patient cards and patient passings since 2015, have now reduced the count to approximately 14,000.

This development is probably welcome news to the entire marijuana industry, including companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) since the availability of cannabis products at pharmacies increases access for those who badly need these products to address their medical needs.

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420 with CNW — Massachusetts Marijuana Firms Challenge Federal Ban on Cannabis

Last week, an alliance of marijuana companies in the state of Massachusetts filed a lawsuit that challenges the federal prohibition of cannabis as it applies to individual states. Currently, marijuana remains classified as a Schedule I substance under the Controlled Substances Act. This is despite the fact that the medical use of marijuana is legal in 38 states, 4 U.S. territories and the federal District of Columbia. Adult-use marijuana is also legal in 23 states, 3 U.S. territories and D.C.

The Controlled Substances Act was enacted by the 91st United States Congress and signed into law by President Richard Nixon in 1970.

In their suit, the companies argue that the Controlled Substances Act, which prohibits the growing, manufacture, sale and possession of intrastate cannabis, is an unconstitutional ban. They maintain that this act deprives marijuana companies of their rights under the Fifth Amendment by depriving them of liberty without due process and by introducing unlawful and unwarranted federal government intrusion into their businesses.

The coalition has asked that the Massachusetts district court deem the act to be unconstitutional, in their quest for a declaratory judgment. The suit names its sole defendant as U.S. Attorney General Merrick Garland.

The challengers also note that the Controlled Substances Act subverts state cannabis programs, giving the example of the 2012 Massachusetts Medical Marijuana Initiative. During this time, voters in the state opted to legalize medical cannabis. A few years later in 2016, the Massachusetts Marijuana Legalization Initiative was introduced, with voters legalizing recreational cannabis for adults.

The lawsuit states that the comprehensive state regulations protect consumers while also ensuring that the regulated cannabis sold in Massachusetts is distinguishable from illegal, interstate cannabis.

The suit also claims that the Controlled Substances Act harms small and large businesses and threatens public safety. The companies argue that because of this act, marijuana businesses aren’t able to take part in federal programs. It also leads to issues with advertising, hiring, loans, payroll and insurance because most service providers have affiliations with the federal governments.

At the moment, state-regulated marijuana businesses are not allowed to use credit-card processors because financial institutions are regulated by the federal government. By relying on cash, most cannabis businesses have a higher risk of being robbed.

Following the suit’s filing, Verano president Darren Weis, stated that he was honored to be supporting this groundbreaking suit that pushed for equal treatment under the law. Weiss is one of the plaintiffs involved in the suit.

This lawsuit is likely to draw the attention of many cannabis companies that are operating in other jurisdictions such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) since it could have implications for the industry across the country.

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