CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Global Expansion of DehydraTECH Licensee

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced that its DehydraTECH licensee Boldt Runners Corporation, owners of the Cannadips brand, has expanded manufacturing agreements to include Europe, Japan and South Africa. “We are delighted with the expansion of the Cannadips brand outside of the USA,” said Chris Bunka, CEO of Lexaria Bioscience Corp. “We continue to work with the Cannadips team on the infusion of exciting new formulations to meet the needs of adult consumers’ changing preferences and will endeavor to always remain one step ahead of the competition.”

To view the full press release, visit https://cnw.fm/3JBxZ

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective 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 25 patents granted and over 50 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

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 — California State Fair Unveils Winners of Maiden Marijuana Competition

Last September, California officials announced that the California State Fair would host the country’s first-ever, state-sanctioned marijuana competition. Cannabis vendors from the state would be allowed to compete in the fair in categories such as cheese, beer and wine vendors, a move that pointed to the legitimization of the cannabis industry.

The state fair recently unveiled the winners of this historic competition, awarding 60 medals and trophies to companies whose products had been deemed superior by judges via laboratory tests. In a press release, Jess Durfee, the chair of the California Exposition & State Fair Board, said that including marijuana cultivation alongside olive oil, craft beer, wine and cheese was a solid move that perfectly aligned with the state’s rich history of agriculture.

Contestants submitted more than 300 items in three divisions based on the conditions they were grown in, whether it was mixed-light, indoor or outdoor. Each division was broken into 10 categories, each of which was based on the cannabinoid concentrations of compounds such as THCaCBGa and CBDa, as well as terpenes such as PineneLimonene and Mycerene.

The submissions were tested extensively by SC Labs, with trophies being awarded to contestants based on cannabinoid or terpene expression in each category. SC Labs provided reports detailing each of the awardees’ cannabinoid profiles, flavors, aromas and effects.

The winners of America’s first-ever, state-approved cannabis competition include MOCA Humboldt, Greenshock Farms, North Country Pharms, Mendocino Family Farm, Dry Farmed Organic Medicinals, Value Pure Farms and Gentleman’s Cut.  According to the cofounder of SC Labs Alec Dixon, developing award-winning cannabis takes plenty of skill, care and attention to detail during the drying, curing and preservation phases.

MOCA HumboldtGreenshock Farms and Esensia won the most awards, with MOCA Humboldt winning gold in several categories. Ridgeline Farms also scored a couple of wins and took home three silvers. Emerald Spirit Botanicals took gold in the outdoor Special Unique category for a THCV-rich cannabis train called Pink Boost Goddess.

Aaron Salles, the VP of marketing and sales at awardee MOCA Humboldt, says the company loves the fact that the competition took a science-based approach when evaluating cannabis products. He states that marijuana’s inclusion in the fair was a major win, helping to legitimize the industry and giving stakeholders a chance to educate the general public on the benefits associated with cannabis.

The awardees will be able to feature their award-winning cannabis products at an exhibit during the state fair, which will run from July 15–31.

With companies such as Advanced Container Technologies Inc. (OTC: ACTX) developing better ways to grow cannabis and other crops, the future competitions may be even closer as companies go all out to take the prized trophies home.

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

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 — White House Recognizes Cannabis’ Therapeutic Value, Promises to Make Reforms

President Joseph Biden has made his views on cannabis quite clear: although he believes in decriminalization and letting states formulate their own cannabis policies, he is an avid opponent of cannabis legalization. Despite that, news coming from the White House reveals that it still recognizes the medical potential of cannabis and that the Biden administration is committed to keeping its marijuana reform promises.

Last week, the White House drug czar acknowledged that cannabis has therapeutic potential as a painkiller. He stated that Biden believed existing federal cannabis policies were ineffective and that the administration was still set on passing incremental cannabis reforms.

Rahul Gupta, director of the Office of National Drug Control Policy (ONDCP), was answering a variety of marijuana-related questions during a House Oversight and Reform Committee hearing when the issue came up. Even though the Biden administration has been criticized for failing to keep the cannabis reform promises Biden made on the campaign trail, Gupta said that he is aware of the issues caused by current federal prohibitionist marijuana policies.

When Rep. Ro Khanna asked Gupta why cannabis was still classified as a Schedule I substance with no medical application at the federal level despite a growing body of research showing it can be an effective pain reliever with fewer side effects compared to opioids, he conceded that there was evidence proving cannabis’ efficacy as a pain reliever. However, federal law prevents ONDCP from using federal funds in any contract or study associated with legalizing a Schedule I controlled substance, including cannabis. But marijuana’s inclusion in the schedule is a contradiction as studies have shown it has medical applications, Khanna stated during the discussion.

She asked Gupta if he saw the contradiction between federal law and science and whether it needed to be solved. Gupta stated that the government had to keep looking at the issue from a research and medical use point of view. He noted that current federal cannabis policies “have not worked” and that the Biden administration would try and alleviate these issues via incremental reforms, such as decriminalization and expungements.

Even though the White House drug czar himself acknowledged marijuana’s medical potential, his hands are essentially tied on the matter. Federal law requires that he oppose any efforts to legalize Schedule I drugs such as cannabis.

Either way, the administration has its eye on cannabis reform. Earlier this month, the ONDCP director said in an interview that the Biden administration was actively monitoring states with legal marijuana markets to help inform federal policy.

It will be welcome news to American Cannabis Partners and other marijuana entities when long-awaited federal reforms to marijuana policy are finally passed and implemented, paving the way for a single nationwide market.

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

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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CannabisNewsBreaks – Grapefruit USA Inc. (GPFT) Announces Execution of LOI for DLC Acquisition

Grapefruit USA (OTCQB: GPFT), an innovative California-based cannabiotech company, has executed a binding letter of intention (“LOI”) with Diagnostic Lab Corporation (“DLC”). The letter, which was entered into on June 30, 2022, calls for the two companies to jointly recapitalize Grapefruit and raise $12.5 million of debt financing, which includes $5.5 million already committed from a qualified construction. DLC is a diversified food and agriculture safety company. The funding will be used to complete construction of a cultivation, manufacturing and distribution facility; acquire DLC assets; apply for an FDA 510K approval for GPFT’s patented Hourglass(TM) time release Z-POD THC/CBD/cannabinoid infused delivery cream; and conduct a clinical study to measure the effects of the Hourglass delivery cream on pain and other symptoms suffered by individuals diagnosed with osteoarthritis. “Execution of this letter of intent between DLC and GPFT is the next step in Grapefruit’s evolution from a ‘me-too’ cannabis company to a medical, science-based, canna-focused biotech company that will develop and obtain regulatory approval for an ever-expanding line of proprietary cannabis products based on the company’s patented Hourglass technology,” said Grapefruit CEO and cofounder Bradley J. Yourist in the press release. “Construction of the Coachillin’ ‘mothership’ facility at the Coachillin’ Park will secure our balance sheet and provide a reliable source of reasonably priced pharma-quality cannabis flowers for raw material for THC Hourglass products and for distribution in both the U.S. and Canada, as appropriate under any given market circumstances. The 510K approval for the Hourglass technology will facilitate its rapid market acceptance throughout the United States as an approved medical device. Finally, our lab acquisition program will provide rapid revenue growth and expand the company’s cannabis industry footprint. The parties expect to finalize and execute the definitive agreement before the end of August 2022 and close the transaction shortly thereafter.”

To view the full press release, visit https://cnw.fm/W8fwM

About Grapefruit USA Inc.

Grapefruit’s corporate headquarters is in Westwood, Los Angeles, California. Grapefruit holds California permits and licenses to both manufacture and distribute cannabis products in the Golden State. Grapefruit’s extraction laboratory and manufacturing and distribution facilities are located in the industry-recognized Coachillin’ Industrial Cultivation and Ancillary Canna-Business Park in Desert Hot Springs, California. To find out more about the company, please visit https://GrapefruitBlvd.com.

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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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces Results of Annual Meeting of Shareholders, Board Appointment of Brandon Konigsberg

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced that the company’s shareholders voted in favor of all of the proposals submitted for their approval at Flora’s July 5 annual meeting. In addition to the re-election of the company’s six incumbent directors, shareholders also elected Brandon Konigsberg to serve on the board. Further to his responsibilities as a board member, Konigsberg will serve as chair of the audit committee and as a member of the compensation committee. “The addition of Mr. Konigsberg to our board is further testament to our ongoing commitment to fiscal discipline and sound governance. He brings with him exceptional experience in the fields of finance and operations and will assist in helping our organization achieve rapid financial growth and maximize our shareholder value,” said Luis Merchan, Flora’s chairman and CEO. “We are pleased to welcome Mr. Konigsberg as a valued member of our team and look forward to his contributions.”

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the most extensive outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

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

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Expands Production Capabilities to Support Growing List of Business-to-Business Clientele

  • Lexaria is a global innovator in drug delivery platforms; its patented DehydraTECH(TM) technology improves the bioavailability, speed of onset, and brain absorption of active pharmaceutical ingredients (“API”)
  • Testing confirms that DehydraTECH-processed cannabidiol beverages maintained 93.4% and 78% potency of CBD a full year and two years after production, respectively
  • Lexaria recently signed two agreements with BevNology LLC, an Atlanta-based company with advanced capabilities that support best-in-class beverage formulations
  • The partnership, which also leverages Lexaria’s superior DehydraTECH-CBD nanoemulsification formulation and processing techniques, could make industry-leading beverage products a reality for many brands 

In this year’s letter to shareholders, Lexaria Bioscience (NASDAQ: LEXX) Chair and CEO Chris Bunka acclaimed the company’s research and development achievements which had resulted in remarkable stability of DehydraTECH(TM)-processed cannabidiol (“CBD”) beverages. One year after production, Bunka wrote, “bottled consumer beverage contained a remarkable 93.4% potency of CBD. We also showed less than 1% variability of CBD potency within the beverage, a concept of critical importance when delivering drugs in an aqueous solution” (https://cnw.fm/H4ndc).

The latest data from stability testing undertaken 25 months after initial bottling show the product had higher variability but still retained an average 78% of originally formulated CBD. Additionally, the microbiologic purity and cleanliness of the product surpassed all requirements 25 months after bottling.

One problem that has long caused the instability and variability of cannabis drinks, which normally include cannabinoids such as CBD and tetrahydrocannabinol (“THC”), is the hydrophobic nature of the cannabinoids. When THC or CBD are extracted from the cannabis or plant, they take an oil-based form. And as a Prepared Foods article notes, this hydrophobic nature complicates their use, particularly in water-based products. Studies have, in fact, shown that the insolubility of CBD, for instance, results in bioavailability as low as 4%. But companies can get around this problem using adequate manufacturing techniques that employ encapsulation and emulsification (https://cnw.fm/cYlw8).

“First and foremost, encapsulation allows for even dispersion throughout the product, meaning consumers will get the same amount of an active ingredient, such as CBD or THC, in each bite or sip,” reads the Prepared Foods article. “Encapsulation also improves a product’s shelf life, preventing the cannabinoid content from degrading over time and keeping the formulation stable.”

On the other hand, emulsification, which involves using a binding agent known as an emulsifier, aims to improve the absorption and onset times. There are three types of oil-in-water emulsions, macro, micro, and nano, with nanoemulsions featuring prominently in the cannabis food and beverage industry.

Lexaria understands the impact of adequate manufacturing techniques on the potency of its DehydraTECH-processed CBD products. And in a recent move that expands its manufacturing prowess even further, the company recently signed two agreements with BevNology LLC, a leading Atlanta-based beverage development and advisory company focused on providing quality formulation and commercialization services of cutting-edge beverage products (https://cnw.fm/Go4Bc).

One of these agreements, a manufacturing operating agreement, expands production capabilities for Lexaria’s own growing list of business-to-business (“B2B”) clients looking to purchase DehydraTECH-powered active ingredients for consumer-packaged-goods brands. BevNology custom-built a new, state-of-the-art processing facility that expands production capacity substantially. Already, the facility is operational and serving Lexaria’s clients. On its part, Lexaria installed all required commercial DehydraTECH manufacturing equipment into the facility in anticipation of future growth.

Meanwhile, the second agreement, a commercial license agreement, authorizes BevNology to offer DehydraTECH products with hemp-derived active ingredients, including CBD, under BevNology and partnered brands. This agreement leverages BevNology’s advanced capabilities that support best-in-class beverage formulations coupled with Lexaria’s superior DehydraTECH-CBD nanoemulsification formulation and processing techniques, could make industry-leading beverage products a reality for many brands. 

“These agreements build on a long-standing and very successful product development consulting relationship between Lexaria and the expert scientists and personnel at BevNology,” commented Chris Bunka. “BevNology’s formulation and production capabilities are class leading, and we are confident that our new relationship with our trusted partner will propel new and exciting growth opportunities for both companies.”

Lexaria Bioscience is a global innovator in drug delivery platforms, its patented DehydraTECH technology improves the bioavailability, speed of onset, and brain absorption of active pharmaceutical ingredients (“API”).

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

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

About CannabisNewsWire

CannabisNewsWire (CNW) is 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 — Only Strong Marijuana Firms Will Survive Economic Downturn

The coronavirus pandemic kickstarted a global economic downturn and plunged the world’s economy into the worst recession since World War II. According to the World Bank, most countries should expect their economies to head into a recession, with the global growth rate expected to slow down from 5.7% in 2021 to 2.9% in 2022. This atmosphere will undoubtedly weed out cannabis companies that were only in it for a quick buck as investors become more cautious with their money.

In Europe, marijuana-based startups are having trouble raising capital amid growing fears of a looming recession and global stock markets plunge. Although this is a major disadvantage for companies that are looking to break into the insanely lucrative cannabis space, it could help the industry clear itself of players who weren’t serious about growing and carving out a portion of the market for themselves.

Alastair Moore, founder of cannabis research firm Hanway Associates, says the coming period of economic decline will clear out companies that were only interested in “making a quick buck,” stating that it will be good for the industry. Moore adds that startups with a high chance of survival will have strong and sustainable business models that will attract overcautious investors.

Enexis AB founding partner David Bonnier notes that the medical cannabis space will be resistant to recession as people will still spend on medication. It is a sentiment shared by many investors and executives who believe medical marijuana funding will not be affected as more countries work to legalize medical marijuana use within their borders. Bonnier states that most patients will still make a point to visit their doctors and buy medication, even in the middle of a recession.

The medical cannabis market may be young, but it is already quite lucrative, and experts predict exponential growth over the next couple of years. For example, America’s medical cannabis market is expected to double in size from around $5 billion in 2019 to more than $11 billion in 2024. Cannabis research company Prohibition Partners predicts that the UK’s marijuana market could be worth more than £453 million ($556,016,730) by 2026.

Ben Hamburger is the cofounder of Sana Life Science, a medical marijuana distributor in the UK that recently raised $9 million from investors. He says that investors are asking a lot more questions regarding the company’s growth projections and when it can expect to start turning a profit. What they want to see is marijuana companies with a solid plan that will guarantee them a return on their investments.

The effects of the looming recession aren’t only going to affect marijuana companies in Europe; even North American companies such as Cannabis Strategic Ventures Inc. (OTC: NUGS) are likely scanning the horizon and making contingency plans for when the downturn hits.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

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 — Illinois Disburses $45 Million from Cannabis Taxes to Repair Drug War Harms

Early this year, the Illinois Department of Revenue estimated that in the two years since it first launched its recreational cannabis market, Illinois had collected more than $500 million in cannabis taxes. Now the state is planning on using some of those funds to repair the societal harms caused by the failed war on drugs and decades of prohibition.

Illinois officials recently announced that they would be awarding $45 million in grants to reinvest in communities that had been hit the hardest by the drug war. Money generated from taxing the sale of recreational marijuana in the state would be used to fund these grants through the state’s Restore, Reinvest, and Renew (R3) Program. The program was created in 2019 when Illinois Governor J.B. Pritzker signed a cannabis legalization initiative into law.

This is the second time the R3 program has provided funding to reinvest in communities that were disproportionately affected by prohibition.

The $45 million will be used to provide financial support to 148 programs that are operated by small organizations in socioeconomically disadvantaged communities.

Speaking during a press conference, Governor Pritzker said that fixing the mistakes of the drug war was key to creating a “modern and equitable cannabis industry.” This means dedicating funding to underserved communities that have had little access to investment and resources, he said, noting that Illinois was proud to use funds generated from cannabis sales to help these communities heal and prosper.

The state announced in December 2021 that applications for this second funding round were open. According to the Illinois Justice Information Authority (ICJIA), there were 512 complete applications for the grants. Stakeholders and community residents then vetted these applications before settling on 148 recipients. Recipients include Resilience Partners NFP, Lifehouse Recovery Organization, Women in Need Recover, Illinois Equity Staffing LLC and the Illinois Prison Project, which all received a portion of the $1.5 million grant.

Illinois provided $31 million in grant funding under the R3 program in May 2020, a year after the state began recreational cannabis sales. The organizations that were awarded grants in the first round of grants will have their funding renewed this year as well to ensure they keep serving their communities without any disruptions.

Lt. Governor Juliana Stratton stated in a press release that the state is putting its money where its mouth is and taking steps to reduce the harms caused by the drug war. Moving forward, the R3 program will be central to the state’s efforts to reinvest in and heal underserved and unheard regions.

The way in which cannabis taxes are being put to use to help communities that were most impacted by the misguided war on drugs in Illinois shows just how much good can result when jurisdictions open their doors to legitimate marijuana companies such as Flora Growth Corp. (NASDAQ: FLGC).

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at http://cnw.fm/FLGC

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 — Illinois Disburses $45 Million from Cannabis Taxes to Repair Drug War Harms

Early this year, the Illinois Department of Revenue estimated that in the two years since it first launched its recreational cannabis market, Illinois had collected more than $500 million in cannabis taxes. Now the state is planning on using some of those funds to repair the societal harms caused by the failed war on drugs and decades of prohibition.

Illinois officials recently announced that they would be awarding $45 million in grants to reinvest in communities that had been hit the hardest by the drug war. Money generated from taxing the sale of recreational marijuana in the state would be used to fund these grants through the state’s Restore, Reinvest, and Renew (R3) Program. The program was created in 2019 when Illinois Governor J.B. Pritzker signed a cannabis legalization initiative into law.

This is the second time the R3 program has provided funding to reinvest in communities that were disproportionately affected by prohibition.

The $45 million will be used to provide financial support to 148 programs that are operated by small organizations in socioeconomically disadvantaged communities.

Speaking during a press conference, Governor Pritzker said that fixing the mistakes of the drug war was key to creating a “modern and equitable cannabis industry.” This means dedicating funding to underserved communities that have had little access to investment and resources, he said, noting that Illinois was proud to use funds generated from cannabis sales to help these communities heal and prosper.

The state announced in December 2021 that applications for this second funding round were open. According to the Illinois Justice Information Authority (ICJIA), there were 512 complete applications for the grants. Stakeholders and community residents then vetted these applications before settling on 148 recipients. Recipients include Resilience Partners NFP, Lifehouse Recovery Organization, Women in Need Recover, Illinois Equity Staffing LLC and the Illinois Prison Project, which all received a portion of the $1.5 million grant.

Illinois provided $31 million in grant funding under the R3 program in May 2020, a year after the state began recreational cannabis sales. The organizations that were awarded grants in the first round of grants will have their funding renewed this year as well to ensure they keep serving their communities without any disruptions.

Lt. Governor Juliana Stratton stated in a press release that the state is putting its money where its mouth is and taking steps to reduce the harms caused by the drug war. Moving forward, the R3 program will be central to the state’s efforts to reinvest in and heal underserved and unheard regions.

The way in which cannabis taxes are being put to use to help communities that were most impacted by the misguided war on drugs in Illinois shows just how much good can result when jurisdictions open their doors to legitimate marijuana companies such as Flora Growth Corp. (NASDAQ: FLGC).

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at http://cnw.fm/FLGC

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

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CannabisNewsBreaks — Cilicon Announces New Partner Program to Offer Variety of Support for Cannabis Vaporizer Enterprises

Cilicon, a leading, globally trusted, product-solution provider of cannabis vape technology and manufacturing, has launched its Cilicon Partner Program. The program is a flexible, collaborative distributor partnership designed to support cannabis vaporizer enterprises in a variety of ways, including developing and expanding product offerings, upgrading product performance, expediting product delivery cycles and reducing product inventory costs. The program is open to all cannabis enthusiasts interested in the marijuana vaporizer market, and the company has started to accept cannabis vape hardware distributors of different regions, sizes, levels and needs to further expand the supply market for cannabis vaporizers. “The cannabis vape pen market is getting intensely competitive, and consumers have increasingly developed brand recognition in the market,” says Cilicon channel director Aurora Chen in the press release. “By partnering with a vaporizer manufacturer like Cilicon, with its many years of industry experience, distributors will not only have free access to a more professional marketing team to grasp the market dynamics but also a technical team who responds quickly to product demand inquiries. We even arrange exclusive channel managers to assist in product planning and inventory management, localizing the market portfolio for better market culture acceptance and adaptation. Furthermore, we offer everything from oil injection service and vaporizer products to packaging and logistic solutions, and sales planning from sell-in to sell-out, becoming a one-stop service provider to lead and achieve win-win business cooperation, thus rapidly expanding the market.”

To view the full press release, visit https://cnw.fm/6fP4f

About Cilicon 

Cilicon was born with one dream: to improve everyday lives through vape technology utilizing innovation, enthusiasm and compassion. The company is tired of inferior merchandise hurting the market and driving out high-quality products and was founded with no compromise on quality, safety and customer satisfaction. Innovation is in Cilicon’s blood, so the company created a game-changing proprietary platform to generate diverse cannabis vaporizer options for standing out from the crowd. For Cilicon, brand success is a main priority. To learn more about the company, visit www.CiliconPlus.com.  

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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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