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 — DOJ Claims Appeals Court Wrongfully Ruled Ban on Cannabis Users’ Gun Rights as Unconstitutional

The Department of Justice (DOJ) is requesting a favorable result in related litigation and has alerted a federal court that it thinks a different court’s decision in a case involving cannabis and gun rights was made erroneously. The federal government wrote a one-page letter to the judges presiding over the Eleventh Circuit contesting a recent ruling by the Fifth Circuit Court, where it was concluded that the law forbidding individuals who consume cannabis from purchasing or owning firearms violates the Constitution.

The DOJ is vigorously appealing this judgment because it is relevant to litigation pending before the Eleventh Circuit. Although the focus of that lawsuit, which was originally brought by Nikki Fried, the former Agriculture Commissioner for Florida, is more restricted to patients registered with the state for medical cannabis to possess firearms, the case’s fundamental elements remain similar.

With the Florida-based lawsuit scheduled to engage in oral arguments next month, the DOJ has expressed concern that the recent ruling from the Fifth Circuit diverges from numerous other judicial decisions, both at the circuit and district court levels. Various courts have already heard cases challenging firearms prohibition at the federal level concerning marijuana consumers. While the ruling from the influential Fifth Circuit stands out, two separate district courts have reached the same conclusion.

The central argument revolves around a key precedent set by a recent Supreme Court decision that emphasized that any regulations on firearms must align with the historical setting established during the Second Amendment’s ratification in 1791. In its recent ruling, the Fifth Circuit dismissed the government’s position that gun restrictions placed on dangerous, mentally ill and actively intoxicated people in the 18th and 19th centuries complied with the strict standards established by Supreme Court precedent, noting that the government’s justification for the ban lacked a strong historical precedent.

At present, the decision made by the Fifth Circuit makes the ban invalid in Texas, Mississippi and Louisiana. Conversely, the Eleventh Circuit holds jurisdiction over Georgia, Florida and Alabama. Should the Eleventh Circuit ultimately affirm the ban’s constitutionality, it could potentially lead to Supreme Court intervention due to conflicting decisions among various circuit courts.

In an interesting twist, legal representatives for Hunter Biden, who has been accused of purchasing a gun in 2018 while disclosing that he was a crack cocaine user, have previously invoked a ruling from the Western District Court of Oklahoma. Biden is the son of President Joe Biden. Hunter’s legal team argues that the ruling, which found the ban on firearms for cannabis consumers to be unconstitutional, has similar bearings to their client’s case. The DOJ is currently appealing the district court’s decision to the Tenth Circuit Court.

Additionally, a judge in the Western District Court of Texas declared that laws that forbid the transfer and sale of firearms to marijuana users are unconstitutional.

Despite these recent legal developments, ATF remains steadfast in its stance that the prohibition of marijuana-related gun ownership is enforceable and unambiguous, even in places where marijuana use is allowed.

While the courts determine whether or not state-legal marijuana users can legally possess firearms, the formulations being developed can help patients steer clear of these controversies by taking the FDA-approved, cannabis-derived drugs.

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 — Marijuana Smell Sparks Smoking-in-Public Debate

As more states have legalized recreational cannabis use for adults aged 21 year and older, a debate on public consumption and marijuana’s distinct smell has grown increasingly fierce. Most, if not all states with recreational and medical cannabis programs have outlawed public consumption and require that eligible adults consume and cultivate cannabis in private residences away from the public eye.

However, marijuana smoke is a strong, pungent scent that can travel, especially when cannabis users are living in close quarters with other people, such as in apartments. This means that individuals abiding by state law and consuming cannabis in private often expose nonusers to smoke, albeit unintentionally, raising questions about where cannabis users could legally consume marijuana without affecting others.

Duluth, Minnesota, resident Carl Sack has taken a unique approach to cannabis smoke in public. Although Sack himself does not consume cannabis and actively states that he hates running into clouds of cannabis smoke in his neighborhood, he opposes local administrative efforts to outlaw public cannabis consumption. He is part of a group of residents who are calling on the Duluth City Council to reject a proposed measure that would ban consuming cannabis in the city’s parks.

Unlike other state cannabis measures, Minnesota’s recreational cannabis law did not ban public marijuana consumption outright, meaning per existing state laws, adults could smoke cannabis in most public outdoor places unless local governments specifically banned cannabis consumption.

Adults in New York can also smoke cannabis wherever tobacco is allowed if local governments allow it because the state treats cannabis as it does tobacco. However, users in other states have to smoke in private. In addition, state bans on public marijuana consumption are preventing states from taking advantage of a key demographic that could significantly improve their profits: cannabis tourists.

Some states are circumventing public consumption bans by legalizing cannabis consumption lounges, establishments that would provide a space for adults to consume cannabis “in public” without subjecting nonsmokers to pot smoke. On top of providing residents with a place to consume cannabis outside their houses legally, these establishments could allow states to tap into the cannabis tourism segment.

National Cannabis Industry Association chief executive officer Aaron Smith says that each state is approaching the issue of public consumption differently. He added that regulators should provide consumers with a legal way of consuming legal cannabis. Policymakers often talk about public safety during discussions regarding public marijuana consumption, stating that the public and especially children should not be exposed to marijuana’s pungent odor.

The specific ways that different jurisdictions adopt to address the issue of public smoking could impact various businesses that specialize in supplying indoor cultivation equipment, such as Advanced Container Technologies Inc. (OTC: ACTX). For example, if a proactive approach is taken and consumption lounges are permitted, more tourists or visitors can buy marijuana, which would in turn create additional demand for cultivators.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Affirms Product Superiority in Its 2023 Human Oral Nicotine Study, NIC-H22-1

Lexaria’s NIC-H22-1 study proved that its patented DehydraTECH(TM)-nicotine tobacco-free pouch was statistically significantly faster-acting than alternatives
The study, which involved 36 participants, embraced a randomized, double-blind, cross-over study design
It also affirmed Lexaria’s product superiority while also showing DehydraTECH’s potential

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, just released results from its 2023 human oral nicotine study NIC-H22-1. Of note was its patented DehydraTECH(TM)–nicotine tobacco-free pouch product superiority, particularly when pitted against world-leading brands ZYN(R) and on!(R). The study proved that Lexaria’s product was statistically significantly faster than the two alternatives in the median time required to reach comparable maximum nicotine concentrations (“Tmax”) levels (https://cnw.fm/17JMQ).

Lexaria’s CEO, Chris Bunka, lauded his team for this achievement, especially considering they had to work without as many resources as global multi-billion-dollar behemoths. He also lauded the company’s technology, citing its potential and advantages, as demonstrated in the study.

“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,” he noted (https://cnw.fm/17JMQ).

Several intriguing data trends were observed from the study. For one, most of the subjects reported that they felt euphoric at all time points when they used Lexaria’s product. Lexaria also got the highest endorsement score, with statistical significance demonstrated at the second dosing visit. The highest percentage of users reporting that they considered the experience “pleasurable” at the 30-minute mark were also Lexaria users, and the company also scored best on the enjoyment scale.

Negative effects, meanwhile, such as nausea and severe hiccups were experienced more by the mass-market products than by the Lexaria formulation.

The study embraced a randomized, double-blind, cross-over study design involving 36 participants, all long-time heavy cigarette smokers who smoke at least ten cigarettes a day. Subjective effects, both positive and adverse, were assessed at baseline, 5 minutes, 30 minutes, and 120 minutes using a questionnaire to capture 25 different effects. All laboratory procedures for the study were conducted entirely by U.S.—based, third-party independent contract service providers (https://cnw.fm/17JMQ).

The results from this study not only validate Lexaria’s efforts but also affirm its product superiority while also showing DehydraTECH’s potential. This is a tremendous achievement for the company, given that this has been achieved in just five years. It reflects the company’s commitment to making the world a better place and its resolve to create value for its shareholders.

“We’ve always had an overwhelming determination and fierce conviction that we can make the world a better place and reduce the carnage caused by smoked cigarettes, and now we have human study data that demonstrates the advantages of DehydraTECH processed nicotine relative to the competitive landscape,” noted Mr. Bunka (https://cnw.fm/17JMQ).

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

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

About CannabisNewsWire

CannabisNewsWire (CNW) is 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.

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420 with CNW — Study Suggests Marijuana Users Are Less Predisposed to Type 2 Diabetes

A recently released analysis has found a link between a history of cannabis usage and a decreased incidence of type 2 diabetes in adulthood. The analysis was done on seven studies, which include four cohorts and 11 surveys, by researchers at Iran’s Tabriz University of Medical Sciences. Compiling the findings, NORML stated that the four cohorts combined totaled more than 478,000 participants.

The comprehensive analysis revealed that the chances of developing type 2 diabetes in those who had been exposed to marijuana were diminished by a factor of 0.48 compared to those without any marijuana exposure.

The researchers highlighted that the act of consuming cannabis could potentially confer a safeguarding impact on the likelihood of type 2 diabetes development. However, they appended that due to the notable variation in findings across studies, it would be prudent to encourage investigations of heightened credibility, given the surge in marijuana consumption and legalization.

The researchers elaborated, saying “to the best of our knowledge, our analysis constitutes the most current body of evidence concerning the connection between T2DM and marijuana use,” as cited by NORML. They continued: “Given the increasing popularity of marijuana usage and the legalization thereof, there exists a growing imperative to design prospective, long-term, randomized studies that delve into the genuine ramifications of marijuana consumption and furnish pragmatic guidelines for its management.”

Commonly referred to as adult-onset diabetes and type 2 diabetes mellitus, type 2 diabetes is a chronic ailment characterized by elevated blood sugar levels. This form of diabetes is more prevalent than type 1, and, as Harvard Medical School states, although it typically manifests in middle and later life, it is progressively affecting younger demographics.

The Centers for Disease Control and Prevention (CDC) report that more than 37 million Americans have diabetes, with type 2 diabetes comprising 90% to 95% of these cases. The CDC further noted that “insulin, a hormone manufactured by the pancreas, functions akin to a key, enabling blood sugar to enter the body’s cells and be utilized as energy. However, in cases of type 2 diabetes, cells exhibit an abnormal response to insulin, a phenomenon known as insulin resistance.”

The CDC further clarified: “The pancreas compensates by generating more insulin in an attempt to provoke a cellular response. With time, the pancreas becomes overwhelmed, leading to escalated blood sugar levels, consequently setting the stage for prediabetes and eventually type 2 diabetes.”

In 2020, a study examined the potential of marijuana to reduce diabetes risk in individuals with hepatitis C. The study’s authors reported that “HCV infection heightens the risk of insulin resistance, consequently increasing susceptibility to diabetes. In the general populace, indications suggest that marijuana usage might offer protective effects against diabetes and related disorders.”

Furthermore, NORML highlighted that previous observational inquiries uncovered an inverse relationship between marijuana use and the odds of adult-onset diabetes and obesity. In clinical trial settings, it was revealed that administering THCV improved glycemic control in type 2 diabetes cases.

The researchers added that a placebo-controlled trial, documented in February, reported substantial enhancements in cholesterol and blood sugar levels among diabetic subjects who consumed plant-derived cannabinoid extracts via an eight-week regimen of two daily CBD sublingual spray doses.

There are other medicinal attributes of marijuana which companies such as IGC Pharma Inc. (NYSE American: IGC) are looking to leverage in order to come up with FDA-approved formulations aimed at treating several conditions, including chronic pain.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — Study Suggests Marijuana Users Are Less Predisposed to Type 2 Diabetes

The comprehensive analysis revealed that the chances of developing type 2 diabetes in those who had been exposed to…

420 with CNW — NAACP Reaffirms Support for Cannabis Legalization, Urges for Protection of Industry Employees

The National Association for the Advancement of Colored People (NAACP) has reaffirmed its support for cannabis reform at the federal level and is calling on cannabis industry regulators to protect employee rights in the sector. During its 114th National Convention in late July, the civil rights organization adopted a resolution renewing its support for federal cannabis legalization.

Although America is home to an incredibly lucrative state-legal cannabis industry that is spread across dozens of states, federal law still classifies marijuana as a Schedule I drug alongside narcotics like heroin and cocaine. While the industry has managed to grow into a global behemoth valued at billions of dollars, marijuana’s federal classification causes a myriad of issues for players in America’s marijuana sector.

These issues include limited access to banking services, capital and federal assistance even though the cannabis industry collectively generated more t han $15 billion in taxes last year alone. Federal prohibition also prevents marijuana businesses from accessing crucial financial services and forces them to operate on a cash-only basis, which significantly increases the risk of experiencing violent robberies.

NAACP also took a position on labor agreements on worker protections in the marijuana sector, stating that most people in the industry will be “workers rather than owners” and that employees throughout the cannabis supply chain have the right to a fair and safe workplace as well as a living wage. The civil rights organization noted that granting marijuana workers access to union representation, apprenticeship and training will ensure a wide pool of workers benefit from the lucrative cannabis industry.

Protecting employee rights in the cannabis sector will be especially beneficial for individuals from communities that were disproportionately affected by marijuana prohibition during the failed drug war. As it stands, the challenges presented by marijuana’s federal status make it much harder for social-equity applicants to survive, much less thrive, in the industry because they often lack the capital and connections needed to be successful in America’s overly bureaucratic cannabis sector.

According to the NAACP’s resolution, the organization supports descheduling cannabis and legalizing it at the federal level. The resolution also reaffirmed the association’s prior resolutions on marijuana, decriminalization, cannabis industries and equity in the sector. Furthermore, the NAACP expressed that it intended to advocate for cannabis measures that make labor peace agreements a condition for receiving licenses.

The civil rights organization adopted the measure without any discussion by members during the session.

The United Foods and Commercial Workers International Union (UFCW) praised the NAACP’s resolution and called it a crucial step toward ensuring legislators and employees understand just how profoundly a worker-friendly marijuana industry would benefit people of color.

If these calls for the federal legalization of marijuana are acted upon, new markets are set to open up for various companies such as Advanced Container Technologies Inc. (OTC: ACTX) as demand for marijuana could explode and those supplying cannabis companies with the products they need will benefit too.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Strategic Updates Concerning Patented DehydraTECH(TM) Technology

Lexaria’s human oral nicotine study, NIC-H22-1, comparing world-leading brands and the company’s DehydraTECH(TM)-Nicotine tobacco-free pouch, reported positive results, including higher pleasurable effects and reduced negative effects
A new patent has been granted to Lexaria and is strategically important to the company’s oral nicotine sector research and development efforts
Lexaria continues to research diabetes control and weight loss with its DehydraTECH(TM)-CBD, announcing favorable animal study results and the intent to develop a human clinical study

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, has announced updates regarding its patented DehydraTECH(TM) technology – which improves the way that active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules. Lexaria’s primary focus for DehydraTECH research and development includes advancements of product candidates across key segments, including nicotine replacement, diabetes control and weight loss, and hypertension.

The company’s most recent announcement reported results from its 2023 human oral nicotine study NIC-H22-1, comparing Lexaria’s DehydraTECH(TM)-Nicotine tobacco-free pouch to world-leading brands ZYN(R) and on!. Using measurements to determine the median time required to reach comparable nicotine concentrations within the bloodstream (“Tmax”), Lexaria exhibited higher levels of certain pleasurable effects over the competition. DehydraTECH also provided the lowest frequency of unwanted negative effects, including moderate to severe nausea, demonstrating benefits from Lexaria’s formulation.

In addition to the announcement of favorable results from its NIC-H22-1 study, the company was recently granted a strategically important new patent in the oral nicotine sector by the United States Patent and Trademark Office, US Patent #11,700,875 Compositions and Methods for Sublingual Delivery of Nicotine. This new patent builds upon the company’s growing portfolio of 35 granted patents, with several more pending worldwide – spanning Lexaria’s research and development focus.

“We’ve always had an overwhelming determination and fierce conviction that we can make the world a better place and reduce the carnage caused by smoked cigarettes, and now we have human study data that demonstrates advantages of DehydraTECH processed nicotine relative to the competitive landscape,” said Chris Bunka, CEO of Lexaria (https://cnw.fm/8CwPl).

Separately, Lexaria also intends to conduct a human clinical study to examine its DehydraTECH-CBD formulation for diabetes control and weight loss. This intent comes after positive results were released in early August regarding its DIAB-A22-1 study in obese diabetic-conditioned animals, which achieved the following:

Lowered blood glucose levels by 19.9% (p<0.05)
Lowered overall body weight by 7% sustained over eight weeks
Witnessed a statistically significant increase in locomotor activity (p<0.05)
Lowered triglyceride levels by more than 25% (p<0.007)
Lowered blood urea nitrogen levels by 27.9% (p<0.001)

These successful pre-clinical results have the company determined to undertake a human study to investigate whether these improvements are also evidenced in humans. The study design is currently underway and will be submitted to an independent review board for approval.

As the company continues to grow and explore maximizing the potential of its DehydraTECH technology, a new wholly-owned subsidiary under the name Lexaria Nutraceutical Corp. (“LEXX Nutra”) has been formed. LEXX Nutra has been granted an exclusive, perpetual license entitling it to use DehydraTECH, or sublicense the use of DehydraTECH, to create consumer packaged goods and/or intermediate ingredients composed of any molecule except those associated with cannabis or nicotine. LEXX Nutra is also prohibited from using its licensing to manufacture any pharmaceutical product.

Lexaria Pharmaceutical Corp.’s licensing was also amended, ensuring it would only focus on manufacturing pharmaceutical products–excluding nicotine-associated molecules. The formation of Lexaria’s wholly-owned subsidiaries draws a distinct line in the sand for Lexaria, ensuring that proper research and development efforts for key indications are being diverted to the appropriate subsidiary.

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 — AMA Study Finds Marijuana Smoking Viewed as Safer Than Cigarette Smoking

According to a recent AMA study, people are beginning to perceive marijuana smoking or being around marijuana smoke as being less harmful than smoking or being around tobacco smoke. Researchers asked 5,035 American adults three times — in 2021, 2020 and 2017 — about their opinions of the hazards associated with both substances. They discovered a significant change over time, with more participants saying they thought marijuana smoke was typically safer than tobacco smoke.

Published in the “Journal of the American Medical Association” (JAMA) Substance Use and Addiction, the survey asked respondents whether they believed that smoking one joint of marijuana daily was significantly less safe than smoking one cigarette daily, significantly less safe, about the same amount of safety or much safer. The study authors noted that people believed using marijuana regularly to be safer than using tobacco. Moreover, this perception became progressively more favorable toward marijuana as the years went by.

For instance, 33.7% of respondents in 2017 indicated that smoking cannabis once a day was either substantially or slightly riskier than smoking a cigarette, compared to 36.6% who believed cannabis was safer. About 30% claimed that they posed similar hazards. Only 25.5% of people still held this belief in 2021, whereas 44.3% of people, a 21% rise from 2017, thought cannabis was less risky than cigarettes.

Similar patterns were seen when respondents were questioned about the relative risks of being exposed to cigarette and cannabis smoke. In 2017, 35.1% of respondents believed that exposure to cigarette smoke was more hazardous than exposure to secondhand marijuana smoking, while 29.2% disagreed. Another 35.6 percent disagreed, claiming that neither was less risky nor safer. In 2021, four years later, 25.5% of respondents claimed that marijuana smoke in close proximity to others was worse than cigarette smoke, while 40.1% disagreed.

Participants were also asked to rank the relative safety of tobacco smoke and marijuana smoke for various demographics. Among adults, 12.6% thought cannabis was mostly or entirely safe, compared to 2.4% who thought the same about tobacco. Compared to cigarettes, which had a response of 1.8%, cannabis had a response of 4.8% that it was entirely or somewhat safe for youngsters. And compared to cigarettes, cannabis smoke was deemed to be usually safe for pregnant women by 5.3% of respondents, versus 1.4% for cigarettes.

The authors noted that the legalization of cannabis in the participant’s state of residence was not a standalone predictor of change over time. This shows that the rising view of marijuana safety may be a more widespread, nationwide trend rather than a trend limited to places where cannabis use is allowed.

This finding appears to partially conflict with the authors’ prediction that if more states legalize cannabis, risk perception may decline even further, which may be related to increased cannabis intake and exposure to secondhand marijuana smoke.

The authors express concern about the shift in public perceptions regarding marijuana’s relative safety and suggest that public health initiatives may be required to inform the public about potential risks and stop the rising social acceptance of marijuana smoke exposure.

This new study’s release coincides with a recent Gallup poll revealing that almost one-half of Americans have tried marijuana and that more individuals currently smoke marijuana than tobacco cigarettes. The majority also expresses no particular concern about the consequences of adult marijuana use.

Given that many people use marijuana for medicinal purposes, one way to reduce any possible harms from smoking the substance is by switching to any FDA-approved cannabis medicines that manufacturers such as IGC Pharma Inc. (NYSE American: IGC) offer to address chronic pain and other symptoms.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — New Paltz, NY Farmers’ Market Draws Marijuana Enthusiasts

In an unprecedented move, New York made history by making marijuana legally available for purchase at a special farmers’ market for adults only in Ulster County. The main goal of this creative move was to address the oversupply situation that many marijuana growers are currently in.

While stringent security measures ensured that only those with verified IDs could enter the farmer-market space, the scene within the event resembled that of a conventional farmers’ market, complete with sprawling tents, neatly arranged tables, inquisitive consumers and well-informed farmers.

The event, held in New Paltz, was New York’s first attempt at staging a pop-up market solely for cannabis. Despite the continuous rain, eager consumers formed queues as four cannabis farms prepared to engrave their names in history.

According to the stipulations set by the state, licensed dispensaries were mandated to oversee the sales process at such pop-up events. The Marijuana Growers Showcase took place just outside the former New Paltz courthouse, which has seen countless people sentenced for petty marijuana possession violations in the past.

The intention behind these pop-up ventures is to extend a helping hand to New York’s farmers, who now find themselves grappling with an abundance of harvested cannabis. CBS New York’s visit to Hepworth Farms in June showcased the predicament faced by more than a hundred cannabis farms that are burdened with copious unsold inventory due to the sluggish establishment of retail outlets under the intricate state licensing framework.

Rick Weissman from High Falls Canna noted, “Despite the state’s well-meaning intentions, the issuance of licensed dispensaries has been painfully slow. We have 290 cultivators but only 21 dispensaries.”

Last year’s cultivation efforts were undertaken with the understanding that there would be around 70 open dispensaries by this point, illustrating the discrepancy between projections and reality.

“This scenario has a dual perspective,” mused Jens Verhaegh of Supernaturals NY. “Not only has the state recognized the substantial revenue potential that it missed out on due to the gradual rollout, but it also underscores the significance of expediting the process.”

With an established tax rate of 13%, New York projects a revenue inflow exceeding $1 billion from legal cannabis sales by 2028. Anticipated in the upcoming months is the emergence of cannabis markets across various locations in New York. The pop-up market is set to operate every week until Dec. 30, 2023, marking a unique and evolving chapter in the state’s history.

If the pop-markets serve their stop-gap role of helping growers sell the bulk of their stockpiled marijuana, other cultivation companies may also enjoy the impetus they need to get modern cultivation equipment from various manufacturers such as Advanced Container Technologies Inc. (OTC: ACTX) to scale up their operations as more retailers are licensed by the state.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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420 with CNW — LA Mayor to Announce Head of City Marijuana Agency

Los Angles Mayor Karen Bass is expected to announce a new official to head the city’s marijuana regulatory agency. Bass is changing leadership in a myriad of city agencies and recently listed the position of executive director of Los Angeles’ Department of Cannabis Regulation (DCR) on the city employment site.

Interested candidates have until 4 p.m. on Aug. 18, 2023, to submit their applications for the DCR executive director position. With an annual salary of $155,681 to $276,075, the DCR executive director will oversee an agency of 55 employees and a recreational cannabis market that sells roughly $1 billion worth of cannabis products every year, a feat that equals states with older adult-use cannabis markets.

The California Department of Tax and Fee Administration states that Los Angeles’ recreational marijuana program generated $236,871,994 in taxable revenue during the first quarter of the year. With California being home to what is arguably the largest marijuana market in the world, it’s no surprise that the state’s most populous city has an adult-use market that rivals established markets in entire states.

Experts predict that California will see close to $5.9 billion in medical and recreational cannabis sales this year followed by Michigan with an estimated combined sales of $3.1 billion. Although LA hasn’t officially stated whether current DCR executive director Michelle Garakian will step down, the listing on the city’s employment website has raised speculation that she is on her way out.

Officials did not respond to inquiries on the executive director’s future with the cannabis agency and the currently-open director position. Garakian was a former aide to Los Angeles’ previous mayor Eric Garcetti and accepted the position of DCR’s executive director in March 2022, replacing Cat Packer who was instrumental in the issuance of more than 1,200 cannabis-related licenses.

She inherited a cannabis industry mired in bureaucracy, red tape and delays amid claims that the regulatory agency had been given an almost impossible task and complaints from cannabis business owners.

As the interim executive director, Garakian planned on boosting communications with applicants and operators while eliminating the bureaucratic red tape that caused major delays and encouraged the growth of the illicit cannabis market. Shortly after taking the position, Agrarian said in an interview that the regulatory agency had also changed verification protocols for social-equity applicants.

These changes included using police reporting districts to prove residency, the presence of a cannabis-related conviction, or living in an area that was disproportionately affected by the war on drugs.

The surging sales of marijuana have created opportunities for enterprises such as IGC Pharma Inc. (NYSE American: IGC) to start taking cannabis drug products through the clinical development process so that patients can access those medicines through the conventional medical system as products gain FDA approval.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.