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

CannabisNewsBreaks – Lucy Scientific Discovery Inc. (NASDAQ: LSDI) Announces Acquisition of BlueSky Wellness, Expands Footprint in Global Wellness Market

Lucy Scientific Discovery (NASDAQ: LSDI), a publicly traded company focused on the development, sale, delivery and manufacturing of psychotropic products, is acquiring BlueSky Wellness Inc. and the BlueSky portfolio of brands. According to the announcement, the acquisition adds psychotropic products to the company’s catalog, enabling LSDI to expand its footprint in the global wellness market. BlueSky Wellness brands include Keoni, Keoni Sport, Blush Wellness and AMMA Healing, which have generated more than $20 million in revenue in each of the last two years; BlueSky products range from full-spectrum oils to edible goods, gummies, topicals and beauty products. As part of the BlueSky acquisition, BlueSky shareholders will receive 3.5 million shares of LSDI stock along with annual earn-out payments based on a multiple of annual EBITDA in each of the next five years. LSDI also recently announced the planned acquisition of all High Times IP and brand assets.

The company noted that once it closes on both the High Times and BlueSky Wellness transactions, it anticipates having an estimated 25 million shares issued and outstanding with the two transactions together projected to add a minimum of $30 million of revenue and $10 million of EBITDA for the first 12-month period after closing. “The addition of the BlueSky portfolio and its team allows us to capitalize on revenue opportunities,” said Lucy Scientific Discovery CEO Richard Nanula in the press release. “Coupled with our High Times acquisition, this strategically positions us for substantial near and long-term growth. This acquisition is a testament to our commitment to expand and grow our business, adding revenue that diversifies our company and should deliver significant value to our Lucy Scientific shareholders.”

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

About Lucy Scientific Discovery Inc.

Lucy Scientific Discovery is a NASDAQ company with holdings and operations in a variety of psychotropic businesses. The company holds a Controlled Drugs and Substances Dealer’s license granted by Health Canada’s Office of Controlled Substances. Lucy Scientific Discovery Inc. and its wholly owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver and manufacture pharmaceutical-grade active pharmaceutical ingredients (“APIs”) used in controlled substances and their raw material precursors. With a focus on pioneering innovative therapies for patients in need, Lucy Scientific Discovery is dedicated to advancing the understanding and applications of psychotropic medicines, improving mental health outcomes and enhancing well-being for individuals worldwide. For more information, visit the company’s website at www.LucyScientific.com.

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

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 — New Poll Suggests Most Ohio Voters Favor Legalizing Marijuana

Results from a recently released poll show that most of the voters in Ohio are in favor of a recreational cannabis legalization measure that is set to appear on ballots in November. The poll, which was conducted by Fallon Research, determined that 59% of voters in the state supported the measure to legalize marijuana for individuals 21 years of age and above. Of this number, 68% were Democrats while 62% were independent voters.

The measure qualified for the ballot in August and has garnered support from individuals of different age groups, with the poll finding that more than 65% of adults aged 18 to 44 planned to vote for the measure. The poll showed that 62% of those aged 45 to 64 and 46% of those aged 65 and above also revealed that they planned to vote for the initiative. The poll also found that 9% of voters were on the fence regarding the initiative while another 32% were against the resolution.

While almost 50% of Republicans in the state revealed that they planned to vote to legalize cannabis in the state of Ohio, 46% of voters in the same party admitted that they were opposed to this change. And with regard to racial grouping, 71% of Black voters in the state voiced their support for the bid to legalize marijuana, with 63% of voters of other races and 58% of white voters holding the same opinion.

If the resolution is approved, individuals aged 21 and above would be allowed to possess no more than 2.5 ounces of cannabis and no more than 15g of marijuana concentrates. The resolution would also legalize the cultivation of cannabis for personal use, with adults being permitted to cultivate up to six plants. Houses with more than a single adult would be allowed to grow 12 plants in total.

The initiative would also establish a new agency, called the Division of Cannabis Control, to regulate the commercial production and sale of marijuana products. This state agency would also be tasked with licensing, regulating, penalizing and investigating adult-use cannabis testing labs, adult-use marijuana operators and parties in need of licenses.

In addition, all marijuana products would be subjected to a 10% tax, which would be allocated to substance misuse treatment programs, a social-equity and employment program, and administrative costs of regulation.

Voters are set to go to the polls on Nov. 7, 2023. If the measure is approved, Ohio will join the 23 other states that have already legalized recreational use cannabis.

If voters pass the cannabis legalization measure and a legal cannabis market is finally launched in the state, many opportunities could be created for entrepreneurs, and the kind of success being enjoyed by companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) could be emulated by the companies that serve Ohio residents.

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 — Spokesperson Says Biden Supports Medical Marijuana as Cannabis Scheduling Review Progresses

President Joe Biden’s stance on the medical use of marijuana has been unequivocal, as affirmed by the White House amid an ongoing federal review of cannabis scheduling. In a recent press briefing, Karine Jean-Pierre, White House press secretary, addressed inquiries regarding the potential ramifications of reclassifying marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA).

The U.S. Department of Health and Human Services (HHS) recently recommended this reclassification to the U.S. Drug Enforcement Administration (DEA).

Jean-Pierre, exercising caution, refrained from preempting the process. She emphasized, “I don’t want to anticipate events; I’ve encountered this query previously.” She clarified, “Let me be clear: The president directed both the HHS secretary and the attorney general to initiate the administrative evaluation of marijuana’s scheduling, as you have outlined.”

Nonetheless, Jean-Pierre reiterated the president’s endorsement of federal cannabis reform, particularly concerning medical marijuana. Biden’s support for cannabis reform has not been unwavering. During his tenure as a senator, he championed legislation that intensified the war on drugs.

Should the DEA concur with HHS’s Schedule III recommendation, it would signify a pivotal shift in federal cannabis policy. The reclassification would acknowledge that cannabis possesses low potential for abuse and offers medical utility. However, it would not endorse existing state-level medical marijuana programs. Nevertheless, it would facilitate expanded research into the plant and have substantial implications for the marijuana industry.

Bipartisan congressional representatives have applauded the health agency’s recommendation, viewing it as a significant stride toward federal legalization. Some have even claimed credit for this advancement, citing their years of advocacy for marijuana reform.

Despite the enthusiasm surrounding this development, the scheduling decision remains tentative. The DEA has stated that it will initiate its review, factoring in findings from the FDA. Ultimately, the DEA retains the authority to decide on the reclassification to Schedule III.

From a political perspective, moving cannabis from Schedule I to III would allow the president to assert his role in achieving a substantial reform, facilitating an administrative evaluation more than half a century after cannabis was categorized as the most restrictive substance during the government’s war on drugs. However, it would not fulfill his campaign promise to decriminalize cannabis.

The reform could also invigorate momentum for congressional initiatives aimed at altering federal marijuana laws, such as the cannabis banking reform bill listed among the legislative priorities of Chuck Schumer, the Senate Majority Leader, according to a recent Dear Colleague letter.

As broader cannabis policy reforms take shape, industry actors such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) could be poised for explosive growth as the market is opened across the country.

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CannabisNewsBreaks – Lucy Scientific Discovery Inc. (NASDAQ: LSDI) to Acquire BlueSky Wellness Inc. in All-Stock Transaction

Lucy Scientific Discovery (NASDAQ: LSDI) is the leader in the psychotropic industry, which recently celebrated the acquisition of the intellectual property of High Times, the most iconic brand in the cannabis industry. Today the company announced an agreement to acquire BlueSky Wellness Inc. and its portfolio of brands, expanding Lucy’s footprint into the growing global wellness category by adding psychotropic products to its capabilities. BlueSky Wellness is a portfolio of plant-based brands including Keoni, Keoni Sport, Blush Wellness and AMMA Healing. It has generated over $20 million in each of the last two years through its e-commerce brands that are well positioned with a collection of products ranging from full-spectrum oils to edible goods that complement High Times’ products and platforms.

“The addition of the BlueSky portfolio and its team allows us to capitalize on revenue opportunities,” Richard Nanula, CEO of Lucy Scientific Discovery, said in the press release. “Coupled with our High Times acquisition, this strategically positions us for substantial near and long-term growth. This acquisition is a testament to our commitment to expand and grow our business, adding revenue that diversifies our company and should deliver significant value to our Lucy Scientific shareholders.”

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

About Lucy Scientific Discovery Inc.

Lucy Scientific Discovery is a Nasdaq-listed company with holdings and operations in a variety of psychotropic businesses. The company holds a Controlled Drugs and Substances Dealer’s License granted by Health Canada’s Office of Controlled Substances. Lucy Scientific Discovery Inc. and its wholly owned subsidiary, LSDI Manufacturing Inc., operate under Part J of the Food and Drug Regulations promulgated under the Food and Drugs Act (Canada). This specialized license authorizes LSDI to develop, sell, deliver, and manufacture pharmaceutical-grade active pharmaceutical ingredients (“APIs”) used in controlled substances and their raw material precursors. With a focus on pioneering innovative therapies for patients in need, Lucy Scientific Discovery Inc. is dedicated to advancing the understanding and applications of psychotropic medicines, improving mental health outcomes, and enhancing well-being for individuals worldwide.

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

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Lexaria Bioscience Corp.’s (NASDAQ: LEXX) Investigational Research Programs Position the Company for Important Partnership Opportunities and Growth

Lexaria Bioscience has completed several studies that confirm and support the superiority and advantages of its patented DehydraTECH(TM) technology over traditional oral delivery methods
The company recently announced results from its human oral nicotine study NIC-H22-1 comparing its DehydraTECH-nicotine pouch to world-leading brands, Zyn(R) and on!(R)
Results from the study demonstrated that DehydraTECH-nicotine was statistically significantly faster in reaching Tmax than both brands
Lexaria has also undertaken other investigational research programs, including the analysis and execution of hypertension, diabetes, hormone therapy, and dementia studies, which could birth excellent partnership opportunities, supporting further growth
A report by Zacks Investment Research discussed the nicotine study alongside Lexaria’s other recent milestones, maintaining a $12.00 price target

Lexaria Bioscience (NASDAQ: LEXX), a global innovator seeking to enhance the bioavailability of multiple active pharmaceutical ingredients using its patented DehydraTECH(TM) drug delivery technology platform, continues to devote an increasing proportion of its resources and focus toward research and development (“R&D”) as part of its overall goal to establish areas of investigation for commercial pursuits and reduce risks of the unknown for both commercial and regulatory goals.

In the three months ended May 31, 2023 (“Q3 2023”), for example, the company increased its R&D expenses 118% year over year to $1.64 million in Q3 2023 from $752,095 in Q3 2022, with a recent Zacks Investment Research report attributing this expenditure to Lexaria’s multiple DehydraTECH investigational research programs then underway, including analysis and execution of hypertension, nicotine, and diabetes studies (https://cnw.fm/syN1c). The report also lauded the company’s efficient use of capital, which allowed its R&D activities to expand into new preclinical work, including hormone therapy and dementia.

“While still at an early stage, these programs could be excellent partnership opportunities that will support further growth and potentially provide growth capital,” reads the report (https://cnw.fm/I4VUz). “Research efforts around these indications help further characterize DehydraTECH-CBD and its advantages compared with traditional delivery methods.”

The company has completed several studies confirming and supporting DehydraTECH’s superiority and advantages over traditional oral delivery methods. One such study, the human nicotine study NIC-H22-1, compared its DehydraTECH-processed nicotine tobacco-free pouch to two oral nicotine pouch brands, Zyn(R) (from Swedish Match) and on!(R) (from Helix Innovations LLC, a subsidiary of Altria Group Inc.) The randomized, double-blinded, crossover study involved 36 subjects, each dosed three times over several weeks. In May, the company announced that the dosing of the 36 patients was completed and, in early August, issued a press release announcing topline results.

Results from the study demonstrated a statistically significant difference between the time taken to achieve maximum blood saturation levels (“Tmax”) for DehydraTECH-nicotine and both Zyn and on! “Time to Tmax of 15.37 minutes was 2.3 minutes faster than what was produced in the on! arm and 3.1 minutes faster than the time measured in the Zyn arm. In percentage terms, this represented a 15% and 20% faster response to achieve maximum blood saturation levels,” summarizes the report.

Lexaria also used as a benchmark the Tmax to be reached with a combustible cigarette, citing a pharmacokinetic study that put the figure at 8 minutes. “Relative to this benchmark, the company put together a comparison of other nicotine delivery methods, including the data generated from the NIC-H22-1 study. Of the eight comparable vehicles, DehydraTECH oral pouch was the fastest to Tmax relative to combustible cigarettes,” the report continues.

The study also evaluated qualitative aspects of DehydraTECH-nicotine, reporting its superiority across six different categories that examined the desirable and undesirable attributes of nicotine consumption. The categories included euphoria and head rush, tolerability, pleasure, mouth and throat burn, nausea, and hiccups. With these positive results in hand, Zacks expects that partner work with global tobacco juggernauts will expand.

“Within just five short years of R&D and product development, Lexaria has been able to develop an oral nicotine product that meets or exceeds the performance of the world’s leading existing brands,” commented Lexaria CEO Chris Bunka in an August 9 press release (https://cnw.fm/MKN9L). “This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths.”

Zacks’ report also covered Lexaria’s other recent milestones, including the move to incorporate a new wholly owned subsidiary called Lexaria Nutraceutical Corp. The move is intended to optimize the company’s strategy, helping maximize the potential for its DehydraTECH technology in multiple markets worldwide. Moreover, the report discussed Lexaria’s recent publications, patents, and capital raise, as well as details from its hypertension and diabetes studies.

With the recently released nicotine data preparing Lexaria to enter into discussions with prospective partners and its hypertension program on course to result in an Investigational New Drug (“IND”) application, Zacks maintains a price target of $12.00 per share.

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 — Maryland Unveils Online Portal Allowing Cannabis Social-Equity Applicants to Verify Eligibility

The state of Maryland has unveiled a new online portal that will allow marijuana social-equity applicants to verify their eligibility for social-equity licenses before they can officially submit applications later in the year. According to a recent statement from the Maryland Cannabis Administration (MCA), the state’s Social-Equity Verification Portal will be open to the public beginning Sept. 8, 2023.

Maryland Cannabis Administration Acting Director Will Tilburg said the goal of the verification tool is to provide people interested in social-equity status with a means of determining their eligibility before regulators officially open the application period. Like most states with legal cannabis programs, Maryland’s cannabis legalization policy includes social-equity provisions meant to reinvest in communities disproportionately impacted by the decades-long war on drugs. The new verification tool is the latest in Maryland’s efforts to implement its cannabis social-equity goals ahead of the application period.

Regulators will issue the first round of new cannabis cultivation, processing and retail licenses to social-equity applicants exclusively, making social-equity status extremely attractive for entrepreneurs looking to enter Maryland’s nascent cannabis industry as soon as possible. Maryland launched recreational cannabis sales on July 1, 2023, through its network of existing medical cannabis operators who acquired dual licenses that allowed them to sell both medical and recreational cannabis. The new round of licenses is exclusively for recreational cannabis operators and will allow them to tap into an industry predicted to reach a billion dollars in valuation by 2025.

Maryland classifies social-equity applicants as businesses that are at least 65% owned by individuals who live or have lived for at least 5 of the past 10 years in an area designated as “disproportionately impacted” by cannabis criminalization. Social-equity applicants should also have gone to a public school in the designated area for a minimum of five years or a Maryland college where at least 40% of the students qualify for a federal pell grant.

State officials announced the launch of the free online verification portal on the same day the Maryland Cannabis Administration’s Office of Social Equity published data on zip codes, colleges and public schools that are eligible for social-equity status.

The Maryland Department of Commerce (DOC) has also begun accepting applications for a multimillion dollar program to help social-equity applicants open cannabis businesses in the state. The $40 million program will provide grants to social-equity applicants with preapproval and help medical cannabis businesses convert their single licenses into dual licenses.

When the recreational cannabis industry gets fully underway in Maryland, the state could see many thriving companies in the way that entities such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) are thriving in the markets within which they have operations.

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420 with CNW — Study Finds 90% of Illicit Marijuana Products Tainted with Pesticides

A recent investigation has revealed a significant disparity in safety standards between marijuana cultivated for Canada’s legal market and that intended for the illicit market. A staggering 92% of unregulated marijuana samples were found to contain various pesticides, while this figure plummeted to a mere 6% for regulated products.

The findings, published recently in the “Cannabis Research” Journal, involved scrutinizing 36 cannabis samples procured from licensed dispensaries and 24 illicit samples confiscated by regulatory agencies. The objective was to ascertain whether the products had been cultivated or had come into contact with any of the 327 diverse pesticides on record.

The results for legally produced cannabis were strikingly favorable, with only 6% exhibiting contamination. These traces were limited to two pesticide residues: dichlobenil and myclobutanil. On the other hand, pesticides were distressingly widespread in the samples from the illegal market, affecting a staggering 92% of samples. The study pinpointed the existence of 23 different pesticide ingredients, with an average of 3.7 distinct pesticides detected in each sample. Researchers found myclobutanil, imidacloprid and chlorpyrifos in the illegal samples, reaching quantities up to three orders of magnitude higher than the method’s lowest calibrated standard of 0.01 g/g.

Nevertheless, despite the small percentage of regulated samples displaying minimal pesticide content, the authors commended the significant strides made within Canada’s licensed marijuana sector. Prior to the introduction of mandatory testing in 2019, contamination levels hovered around 30%.

The study authors emphasized the uniqueness of their research as it comprehensively delved into pesticide residues across both licensed and illegal marijuana markets in a nation where the substance has been legalized. They emphasized that their findings support the government’s advisory, warning that “consuming illicit products could result in adverse harms and effects. Testing of unregulated marijuana has found contaminants like bacteria, arsenic, lead, and pesticides.”

In essence, these findings reaffirm the long-standing assertions of marijuana reform advocates: Regulating cannabis sales provides consumers with safer and higher-quality products.

A different study that looked at marijuana testing standards in state markets in the United States last year discovered that the inconsistent legal framework had confused the general public, underscoring the urgent need for a uniform regulatory strategy and national-level guidelines on the contaminant restrictions in cannabis. However, creating such a comprehensive framework faces significant challenges due to federal prohibition. While the Environmental Protection Agency has cleared the use of specific pesticides for hemp following its federal legalization through the 2018 Farm Bill, the agency has refrained from extending the same approval to cannabis while it remains prohibited.

This study goes to show that licensed marijuana companies such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) are good for public health reasons and the findings create an urgency for stamping out the cannabis black market in order to reduce the harms arising from consuming tainted marijuana products.

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420 with CNW — Shifting Cannabis to Schedule III May Have Major Ramifications

The U.S. Health and Human Services Department recently recommended that the federal government reclassify marijuana as a Schedule III drug. Drugs under this classification are said to have a low-moderate potential for addiction and/or abuse. These drugs can also be acquired through prescription, even though they aren’t generally available over the counter. They include ketamine, products with less than 90 mg of codeine and anabolic steroids.

If the U.S. government heeds this call, there may be significant implications for a range of marijuana-related issues. For instance, marijuana businesses could claim deductions on their federal tax obligations because they wouldn’t be restricted by Section 280E of the IRS, which mainly applies to Schedule I and II substances.

Let’s look at some other issues that may be affected if the federal government proceeds with the rescheduling.

State marijuana laws

Currently, some state laws are aligned with the Controlled Substances Act. A change at the federal level would trigger changes at the state level, especially in relation to medical cannabis.

A number of states, including Oregon and Washington, have also adopted laws that will allow them to enter into agreements to permit cannabis commerce across state lines. However, cross-border trade can only be possible if changes at the federal level are implemented.

Mailing and advertising rules

In the past, the United States Postal Service (USPS) has issued warnings on cannabis mail, with a previously penned letter stating that the Control Substances Act prohibited the placement of any ads on controlled substances in any publications. The USPS also noted that using the mailing system to facilitate the receipt, purchase or distribution of these drugs would constitute a felony.

Marijuana’s reclassification to a lower schedule would remove these obstacles while also making it easier for ads in different media and publications to travel across state lines.

Federal employees

At the moment, federal workers aren’t allowed to use any drugs classified under Schedule I and II. This is based on a decades-old executive order that defines illegal substances as those under the aforementioned schedules.

Marijuana’s rescheduling could lift restrictions on the drug. This isn’t definite, however; some attorneys argue that a company’s internal policies wouldn’t automatically change because of the drug’s reclassification.

Research

Cannabis’ rescheduling would also eliminate most of the barriers that prevent researchers from acquiring and using marijuana for scientific investigation. This would be made even easier by the U.S. Drug Enforcement Agency’s ability to process licenses faster. Currently, procedural hurdles at the agency have greatly hindered studies from progressing.

These are just a few of the changes that could happen if the federal government proceeded with the decision to reschedule marijuana to a lower classification. However, it should be noted that marijuana businesses would still be illegal under federal law, regardless of state laws.

Any easing of the restrictions surrounding the marijuana industry is likely to have a positive effect, and makers of cultivation equipment could see a gradual increase in their sales.

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420 with CNW — Program Targeting Illicit Marijuana Operations Announced in California

Officials in California have announced the launch of a program to crack down on illegal cannabis operations in the state and boost the legal market. The program will connect Attorney General Rob Tonta’s office with local authorities and support them in efforts to combat the illicit marijuana market by targeting the finances of illegal cannabis operators. Tonta said that the anti-illicit cannabis program will deal with illegal marijuana as a land use and public nuisance issue.

Even though California is now home to the largest legal cannabis market on the entire globe, the state’s cannabis program has struggled to compete with the illegal market since its inception. Bonta noted that illicit marijuana is “problematic for many reasons” and said that constituents expect their leaders to team up and address the escalating issue of illegal cannabis.

Illegal operators regularly outsell California’s legal cannabis market, depriving the state of tax revenue and funneling funds into illegal operations. Furthermore, the illicit cannabis market has been implicated in illicit land use, significant water waste and environmental pollution. Cheaper cannabis from the black market has also made it incredibly difficult for licensed cannabis retailers to remain competitive as a myriad of fees and taxes makes legal cannabis significantly more expensive than black-market marijuana.

In addition, because illegal sellers aren’t subject to safety and quality controls, black-market cannabis can contain contaminants that endanger the health of unsuspecting cannabis users. In some cases, the criminal enterprises behind the illicit drug trade exploit and traffic their workers.

The new anti-illicit cannabis program will provide education and resources for enforcement programs and help collect evidence that could be instrumental in prosecuting large statewide cases. California’s Department of Justice will fund the program through administrative orders, fines, enforcement actions, lien, and settlements, allowing the program to be almost wholly self-funded. Fresno is the first city to join the program and will work with the justice department to help provide running costs.

A news release revealed that the statewide illicit cannabis enforcement efforts will supplement civil and criminal action by California Governor Gavin Newsom’s Unified Cannabis Enforcement Task Force and the state Department of Cannabis Control. According to Fresno City Attorney Andrew Janz, the city’s partnership with the attorney general’s office is meant to help boost Fresno’s legal cannabis industry and expand the city’s tax base. He hopes that other large cities in California will emulate Fresno’s joint venture and accelerate efforts to target the state’s massive cannabis black market.

It isn’t only California that is battling black-market operators. As multistate operators such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) are all too aware, the challenge of illicit actors plagues all markets where marijuana is legal.

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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) ‘Strategically Important’ Patent Grants Protection in One of World’s Leading Oral Nicotine Markets

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently celebrated the receipt of U.S. patent #11,700,875, titled “Compositions and Methods For Sublingual Delivery of Nicotine.” The patent covers various forms and sources of nicotine, including nicotine benzoate, nicotine polacrilex, nicotine citrate, nicotine detartrate, and many others, for use in sublingual delivery formats like oral pouches. “The new U.S. patent is remarkable and ‘strategically important’ in many ways. First, it is the company’s 35th overall granted patent worldwide and the 13th granted in the United States. Second, a total of 30 claims were awarded within this patent, the highest number of claims accepted by the USPTO in the company’s existing portfolio. And with researchers agreeing that patents with a higher number of claims are better protected and can be an important measure of value, the claims increase the value of the new patent and perhaps even the company’s entire IP portfolio,” a recent article reads. “Third… the new U.S. patent could lead to the award of patents within this family in other countries… Moreover, the new patent grants IP protection within the United States, one of the world’s leading oral nicotine markets, according to an analysis by the Foundation for a Smoke-Free World. The U.S. nicotine pouches market is projected to grow at a 33% CAGR between 2023 and 2030.”

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

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 35 patents granted and many patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.

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

About CannabisNewsWire

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Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: https://www.CannabisNewsWire.com/Disclaimer

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com