Lexaria Bioscience Corp. (NASDAQ: LEXX) Celebrates ‘Strategically Important’ New Patent Granted in the US

Lexaria recently celebrated the receipt of its 35th overall granted patent worldwide when the USPTO recently awarded US patent #11,700,875, titled “Compositions and Methods For Sublingual Delivery of Nicotine”
The company described the new patent as “strategically important”
The patent positions the company to tap into the growing oral nicotine market and offers protection in one of the world’s leading oral nicotine markets
This patent could also lead to additional subsequent patents from within this family
Lexaria’s DehydraTECH-nicotine formulation is patent granted for oral nicotine delivery in the US, Canada, and Australia

When Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, announced receipt of an Australian patent on March 8, 2022 (https://cnw.fm/41v9c), its resolve to continue expanding its intellectual property (“IP”), particularly within the oral nicotine sector, received a significant boost. The then-new Australian patent had expanded upon the company’s IP rights to apply its DehydraTECH(TM) technology platform to most oral forms of nicotine. Still, the company intended to continue growing its existing portfolio, expanding IP protection to multiple other jurisdictions.

Motivated, Lexaria filed a new patent application with the United States Patent and Trademark Office (“USPTO”) shortly thereafter on March 22. And, more than a year later, the application has proven successful, with the company recently celebrating the receipt of the patent granted, US patent #11,700,875, titled “Compositions and Methods For Sublingual Delivery of Nicotine” (https://cnw.fm/YXHoS).

The new US 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. And while the title alludes to sublingual delivery, the patent document published by the USPTO discloses that “the terms ‘sublingual’ and ‘buccal’ are used interchangeably… Therefore, the disclose compositions can be absorbed in any manner chosen by the user” (https://cnw.fm/8tkwr).

The new US 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 a patent’s value (https://cnw.fm/aL8L9), the claims increase the value of the new patent and perhaps even the company’s entire IP portfolio.

Third, and as the company wrote in its March 2022 press release, “At times in Lexaria’s history, the granting of a first patent in a new patent family has led to additional subsequent patents from within that same family,” the new US patent could lead to the award of patents within this family in other countries. In fact, this statement was confirmed recently, albeit with a different patent family. In June, Lexaria announced it had been granted a new Canadian patent under Patent Family #8: “Compositions Infused with Nicotine Compounds and Methods of Use Thereof,” the second within this family after the Australian patent granted last year (https://cnw.fm/Brwvw).

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 (https://cnw.fm/SgsJR). The US nicotine pouches market is projected to grow at a 33% CAGR between 2023 and 2030 (https://cnw.fm/Rgh6F).

But beyond the United States, and given that the company’s DehydraTECH-nicotine formulation is also patent granted for oral nicotine delivery in Canada and Australia, with numerous applications pending in other jurisdictions, Lexaria is ideally positioned to tap into the growing global oral nicotine market. Analysts at Market Research project the global nicotine pouches market to grow at a 13.4% CAGR between 2023 and 2029, reaching a value of $11.91 billion at the end of the forecast period, up from $4.69 billion in 2022 (https://cnw.fm/aRnDl).

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 — Idaho Campaigners Continue Gathering Signatures to Put Cannabis on Next Year’s Ballot

In the border regions between Idaho and Oregon, there exist stark differences in cannabis legislation. While Oregon allows for the legal purchase of cannabis, Idaho stands as one of the few states that have yet to adopt any form of legalized cannabis. Amid this backdrop, an organization known as Kind Idaho is firmly devoted to championing cannabis’s potential as a medicinal solution.

Led by Joe Evans, the treasurer of Kind Idaho, the political action committee and nonprofit organization, founded in 2021, is unwaveringly committed to the cause of medical cannabis legalization. Evans clarifies that the group’s sole focus is on medical cannabis as opposed to advocating for full decriminalization or casual use for ailments such as headaches.

Recently, Representative John Vander Woude introduced the Idaho Medical Marijuana Act, a narrow proposal aiming to spark discussions heading into 2024. The act, however, met criticism from Evans and his supporters because it offers extremely limited access to medical cannabis, restricting it to ingestible forms such as chewables, tablets, pills or droplets, with a maximum of 10 mg of tetrahydrocannabinol.

In contrast, the citizen initiative put forth by Kind Idaho presents an alternative path to medical cannabis. The initiative’s objective is to shield Idahoans suffering from chronic diseases, conditions or terminal illnesses from arrest and penalties, granting them legal access to medical cannabis.

With a challenging task ahead, Kind Idaho is currently focused on gathering signatures for its petition. Group members aim to collect approximately 63,000 signatures from registered voters by April 14, 2024, to earn a spot on the ballot. Their efforts are particularly significant considering Idaho’s status as one of the five states without any form of legal cannabis.

Addressing concerns that legalizing medical cannabis might fuel drug-related problems, Evans emphasizes that Idaho already spends millions each week on border town dispensaries. Instead, he highlights the pressing need to help individuals grappling with serious medical issues, including cancer patients enduring painful treatments and seeking nonaddictive alternatives to manage their pain effectively.

Evans firmly believes that offering this alternative treatment is essential, as it allows patients to exercise their right to explore viable options beyond dangerous pain-management programs. His campaign remains undeterred by those seeking recreational cannabis, as their primary goal is to assist those genuinely in need of medical relief. For Evans, the urgency of this cause is personal, with countless individuals in his life requiring access to medical cannabis as a safer and more effective solution than their current prescriptions.

The struggles that some states such as Idaho go through to have marijuana legalized for medical purposes can partially be addressed if more companies such as IGC Pharma Inc. (NYSE American: IGC) invest in developing pharmaceutical-grade formulations approved by the FDA so that the patients who need these treatments can obtain them through the mainstream medical system.

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 — Concerns Raised as Massachusetts Announces Marijuana Testing Overseer

The background of Massachusetts’ marijuana testing director has sparked concern among industry observers, who are already cautious about the state’s treatment of marijuana companies. James Kocis assumed the role of director of testing on the state’s Cannabis Control Commission (CCC) in October 2022, following years of experience in the marijuana testing sector.

During a recent legislative hearing, a lobbyist representing local testing labs criticized the CCC for being unaccountable and unpredictable. Additionally, a testing industry executive raised concerns about “a significant issue” of marijuana businesses seeking favorable lab results, questioning the wisdom of hiring a former lab employee to address the situation because it may lead to potential conflicts.

Prior to his appointment as the state’s marijuana testing director, Kocis held a managerial position at Green Analytics, a marijuana lab in Framingham. Now Green Analytics’ practices have faced scrutiny, contributing to a broader problem involving inflated THC results and the practice of “lab shopping.”

The lab has undergone multiple name changes and was previously affiliated with the national testing brand Steep Hill Labs until earlier this year when the latter announced its exit from the marijuana testing industry. In September, Kocis stepped down from Green Analytics, which was operating under the name Steep Hill at the time. Subsequently, he joined the CCC the following month.

The CCC defended the hiring decision through a spokesperson, emphasizing Kocis’ valuable industry experience, which rendered him a competent candidate for the position. The spokesperson asserted that Kocis was fully transparent during the hiring process and has since severed all financial and professional ties with his former employers and companies.

The issue of inflated THC numbers at testing labs has been a longstanding concern nationwide, with allegations that some labs appease dispensaries and producers by providing higher THC percentages. The lack of standardized procedures and limited state oversight in Massachusetts led to marijuana product labels overstating THC levels by up to one-third, according to an investigation conducted by CommonWealth magazine in December 2022. The magazine also uncovered instances of contaminated products being sold in dispensaries.

Speaking anonymously, a number of observers and participants in the Massachusetts marijuana sector said Green Analytics was well-known for being a lab where a marijuana company could obtain favorable results.

Massachusetts lawmakers are presently deliberating the introduction of additional oversight for state marijuana regulators. Two bills proposed earlier in the year in the state legislature would establish an independent auditor, separate from CCC Executive Director Shawn Collins, to investigate claims concerning the agency.

While these concerns about the official appointed are debated, the industry is likely to take shape, and entities with operations such as those of Advanced Container Technologies Inc. (OTC: ACTX) are likely to do brisk business in this budding industry.

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420 with CNW — MasterCard’s Ban on Marijuana Transactions Shakes Industry

America’s state-legal marijuana industry has been left reeling after MasterCard banned the use of its debit cards in cannabis-related transactions. Players in the industry were left shocked after MasterCard demanded that payment processors and banks immediately cease marijuana transactions using the company’s debit card, sending an already fragile industry into chaos.

Both medical marijuana and recreational cannabis retailers and their customers will undoubtedly be affected by the ban, with retailers likely being forced to go back to cash-only transactions. Marijuana’s illegal status at the federal level comes with several major limitations, chief of them being that cannabis businesses have little access to financial services such as bank accounts and cashless payments because financial institutions avoid the industry for fear of federal repercussions.

This forces most cannabis businesses to operate on a cash-only basis, putting them in danger of robbery and increasing public health risks during the coronavirus pandemic when contactless payments were encouraged to prevent spreading the virus. MasterCard claims that since federal law still prohibits the possession, sale and consumption of marijuana, it will not allow cannabis-related transactions to occur on its systems.

Even customers will not be allowed to use MasterCard debit cards to purchase medical and recreational cannabis in states with legal marijuana markets.

A spokesman from one of the largest payment processors on the globe said that the company was informed of the matter and took action in “accordance with its policies,” instructing financial institutions to immediately halt all payment services offered to marijuana merchants.

This will be a major blow to the cannabis industry because it still struggles to access financial services despite paying billions of dollars in taxes. Cannabis businesses will now become prime targets for robberies, especially when moving their cash deposits. The recent announcement from MasterCard also shows that despite how lucrative the cannabis industry is, it will continue to face numerous hurdles as long as the plant is still illegal at the federal level.

A few months ago, a similar announcement from payment processor Paychex that it would no longer be serving marijuana or marijuana-adjacent businesses sent numerous cannabis operators scrambling for alternative payroll providers.

The recent cease and desist order from MasterCard to participating banking institutions will likely result in the installation of more ATMs at cannabis retail stores, with the resultant increase in physical cash on-site coming with a range of associated risks.

Dawne Morris, cofounder of Proteus 420, a California-based company that makes inventory and point-of-sale (POS) software for cannabis businesses, says that the move will make facilitating legal cannabis operations harder by encouraging cash transactions and giving illicit operators more leeway to enter the market.

For companies such as IGC Pharma Inc. (NYSE American: IGC), which specialize in developing drugs from marijuana ingredients, the ban by MasterCard isn’t an issue since they are federally regulated and can access traditional banking services.

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420 with CNW — Washington State Announces Online Portal to Process Reimbursements for Illegal Drug Prosecutions

Washington State recently announced an online portal aimed at facilitating the payment of legal fees for those who were charged with crimes under drug criminalization statutes that were later ruled illegal by the state Supreme Court in 2021. The newly established Blake Refund Bureau website, initiated by the state AOC, is a collaborative effort involving public defenders, courts, advocates, prosecutors, county clerks and other stakeholders.

The site’s primary objective is to provide relief to those impacted by the shortcomings in the state’s drug possession charges penal code. The court determined that the existing statutes may potentially criminalize accidental possession because they do not demand evidence of a person’s knowledge of their involvement in the crime.

As a consequence of this landmark ruling, the state’s law that made marijuana possession illegal was declared invalid. However, subsequently, the state legislature enacted a measure reinstating prohibition with the governor’s consent, making legislative changes to conform with constitutional standards and inflicting less harsh penalties for possession than the prior legislation.

The enacted legislation has set aside a substantial sum of $47 million to enable a comprehensive study and vacation of thousands of records for misdemeanor cannabis possession and felony drug possession. A further $50 million will be set aside to repay qualified people for court-ordered penalties and expenses, sometimes known as legal financial responsibilities.

AOC is preparing a comprehensive public outreach campaign to increase involvement in the relief effort and raise awareness of it. The campaign aims to educate the affected community about their legal options and how to obtain compensation when their convictions are overturned.

In the meantime, a number of other drug-policy reform initiatives have made progress in the state this session. For instance, a bill that Governor Jay Inslee signed into law in May will shield employees from encountering employment discrimination because of their legal use of marijuana throughout the hiring process. Inslee also supported legislation that month allowing for the interstate sale of cannabis, subject to a change in federal law.

He also took action on a bill in May that would have encouraged psilocybin research and established a pilot program to allow therapeutic use of the psychedelic for the treatment of mental illness. A portion of the final legislation, which he claimed no longer matched the original goal of the bill, was partially vetoed by him before he signed it.

As the last vestiges of cannabis prohibition are slowly redressed, many entities such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to see their sales picking up as more jurisdictions around the country pass enabling laws.

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) Incorporates New Subsidiary, Lexaria Nutraceutical Corp., for Non-Pharmaceutical, Non-Nicotine, and Non-Cannabis DehydraTECH(TM) Formulations

Lexaria Nutraceutical Corp. will keep Lexaria’s overall strategy of maximizing the company’s patented DehydraTECH(TM) technology in various markets, excluding pharmaceutical, nicotine, and cannabis molecules
Lexaria Pharmaceutical Corp.’s licensing was amended so as to solely focus on pharmaceutical formulations excluding nicotine
Lexaria announced in early May that its nicotine trial, NIC-H22-1, had completed dosing with results expected in the near future
NIC-H22-1 is anticipated to intercede the oral nicotine pouch market, which had a global value of $2.33 billion in 2020, and is expected to grow to $21.84 billion by 2027

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, recently announced the incorporation of a new wholly-owned subsidiary under the name Lexaria Nutraceutical Corp. (LEXX Nutra). LEXX Nutra will keep with Lexaria’s overall strategy of maximizing the company’s patented DehydraTECH(TM) technology in various markets. Lexaria has issued an exclusive, perpetual license to LEXX Nutra, allowing the use of DehydraTECH to create consumer packaged goods and/or intermediate ingredients composed of molecular compounds except those associated with nicotine or cannabis (https://cnw.fm/aLnFI).

LEXX Nutra is also prohibited from using the licensing agreement for the manufacturing of any pharmaceutical product. Lexaria’s other wholly-owned subsidiary, Lexaria Pharmaceutical Corp. (LEXX Pharma), has had its licensing amended so that its sole focus is on manufacturing pharmaceutical products composed of any molecule except nicotine-associated molecules.

Lexaria additionally announced at the beginning of May that its human oral nicotine study, NIC-H22-1, has completed dosing. Data amalgamation and analysis have been ongoing, and Lexaria expects to be able to release results in the coming weeks. NIC-H22-1 is a human pharmacokinetic randomized, double-blinded, cross-over study conducted in a minimum of 36 human volunteers that currently smoke cigarettes. The global oral nicotine pouch market was valued at $2.33 billion in 2020 and is growing at a CAGR of 30.7%, expected to result in a value of $21.84 billion by 2027 (https://cnw.fm/0B5LT).

Lexaria is focused on the ongoing research and development efforts of product candidates across multiple segments, including hypertension, oral nicotine, antivirals, epilepsy, human hormones, PDE5 inhibitors, and more. The company’s DehydraTECH was designed to formulate and deliver fat-soluble drugs and active pharmaceutical ingredients to increase effectiveness and improve how active pharmaceutical ingredients enter the bloodstream. The major benefits of ingesting a DehydraTECH-enabled drug or consumer product include the following:

A faster delivery time, with effects felt in minutes
Increased bioavailability, with more of the drug entering the bloodstream
Increased brain absorption, with animal testing that suggests a significant improvement in the quantity of the drug being delivered across the blood-brain barrier
Improved drug potency, with more of the ingested product being made available to the body, requiring lower dosages for the desired outcome
Reduced drug administration costs, with lower dosages, meaning less cost overall
The masking of unwanted tastes, which eliminates the use of unnecessary sweeteners

DehydraTECH is covered by 35 granted patents, with several pending worldwide, with more granted patents anticipated in the future. Lexaria’s DehydraTECH is suitable for a wide range of product formats – including pharmaceuticals, nutraceuticals, consumer packaged goods, and over-the-counter capsules, pills, tablets, and oral suspensions. The new incorporation of LEXX Nutra will allow the wholly-owned subsidiary to utilize DehydraTECH, or sublicense the use of DehydraTECH in various markets.

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 — Congressional Committee Leaders Call for Expert Guidance Regarding CBD Regulation

Bipartisan congressional committee leaders are calling on experts to offer guidance on best practices for building a framework to regulate America’s CBD industry. This call comes amid increased pressure on the U.S. Food and Drug Administration to start regulating the nearly five-year-old industry that was built on the passage of the 2018 Farm Bill.

The Farm Bill legalized the cultivation and sale of industrial hemp, which it defined as cannabis with less than 0.3% THC, and its derivatives under state or tribal programs. This led to the birth of the CBD industry, a sector that quickly began making millions on the sales of cannabidiol, a chemical compound produced by the cannabis or hemp plant.

Cannabidiol is nonpsychoactive, meaning it doesn’t induce mind-bending effects in users when ingested. However, CBD is said to have potent medical properties, some proven and some unproven, and many players in the unregulated CBD industry began claiming that their products had some kind of medical benefits.

Although the FDA sent warning letters to companies claiming their products could alleviate certain medical issues, that is the most the government agency has done to regulate the industry. The result is what some have called a “wild west” with barely any product regulation or quality checks to ensure products are consumer-safe.

Leaders from key Senate and House committees asking for expert opinions indicate that lawmakers are finally heeding the industry’s pleas for a regulatory framework. The chairs of the House Energy and Commerce Committee and the Senate Health, Education, Labor and Pensions (HELP) and ranking committee members are leading the charge and asking experts to provide their opinions on key issues related to CBD and the FDA. The committee leaders are specifically seeking expert feedback on the FDA’s stance that there is no regulatory pathway that can allow the regulation of CBD as a dietary supplement or in the food supply.

Earlier this year, the FDA announced that years of review had found there was no regulatory pathway for CBD in the food supply or as a dietary supplement, indicating the need for a new regulatory pathway. The agency noted at the time that it was ready to work with Congress to alleviate CBD’s regulatory problems.

Congressional committee leaders are also asking experts to weigh in on the emergence of synthetic psychoactive cannabinoids such as delta-8 THC, which can be produced from legal CBD, as well as labeling requirements and the balancing of consumer access with consumer safety.

The challenges standing in the way of regulating CBD as a food or dietary ingredient may favor companies such as IGC Pharma Inc. (NYSE American: IGC), which opted to go the drug-development route because there is a clear process that is laid out for companies seeking to develop treatments from cannabis ingredients or any other substance.

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420 with CNW — Florida Gives Black Farmers Medical Cannabis Licenses Under Newly Enacted Law

The state of Florida has awarded medical cannabis business licenses to two Black farmers under a bill that was signed into law last month. Governor Ron DeSantis signed Bill HB 387 into law in late June, finally giving members of the Black farming community a chance to enter the state’s mammoth medical marijuana industry.

The legislation was originally written to allow eligible doctors to use telehealth to renew medical cannabis patient licenses but was later amended to include language that would address the issue of providing Black farmers with Medical Marijuana Treatment Center (MMTC) licenses. These farmers had been part of a class action lawsuit against the U.S. Department of Agriculture (USDA), which was sued in the 1990s for racially discriminating against Black farmers in its farm loan and assistance allocation.

Florida’s medical marijuana law requires that at least one medical cannabis business license go to an African-American farmer covered by the class action litigation. But while the state’s medical cannabis bill became law in 2017, the state Department of Health began applications procedures for this special license in 2022.

Regulators initially intended to issue the license to one Black farmer, but other applicants held up the process after making an administrative and legal challenge. Lawmakers responded by passing HB 387, a bill that ordered the Florida Department of Health to issue licenses to all eligible applicants.

Soon after Governor DeSantis signed the measure into law, the state health department issued two licenses to 12 of the individuals who applied for the special licenses in 2022. The legislation also requires the department to approve license applications for applicants who were considered to have met all licensing requirements by an administrative judge.

Terry Donnel Gwinn and Shedrick McGriff are now the first Black farmers to receive a license to cultivate, process and sell medical marijuana. These two farmers were the only ones among the 12 applicants to meet the condition of having no deficiencies in their medical marijuana applications. Furthermore, the two managed to submit the $5 million bond required by the state before they could receive their licenses and begin operations.

Black Americans have had a sordid history with cannabis and cannabis criminalization in the country. For decades, they have been much more likely to be arrested for cannabis use despite similar use rates as white Americans and are also more likely to receive much harsher sentences. As a result, most states included social-equity provisions in their cannabis laws to ensure that Black Americans had the chance to benefit from an industry that was once used to persecute them.

Although Florida doesn’t have a particularly stellar record with cannabis social equity, this development shows that regulators are trying to reinvest in the Black community.

As more equity applicants join the marijuana industry, there will be more opportunities for various companies such as Advanced Container Technologies Inc. (OTC: ACTX) to register increased sales to the different entities participating in the value chain.

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 — DOJ Wants Federal Court to Throw Out Case on Overdose Prevention Sites

The Biden administration has consistently expressed its commitment to approaching the overdose crisis through harm-reduction measures. One key aspect that advocates have been closely monitoring is whether this approach would extend to the authorization of safe consumption sites, where individuals can use illicit substances under medical supervision.

However, activists received disappointing news as the Justice Department has decided to reject legal arguments advocating for possible exceptions to the federal ban on such facilities. Subsequently, they are seeking to dismiss a long-standing lawsuit that could have enabled the opening of a safe drug consumption facility in Philadelphia known as Safehouse, which had been blocked during the Trump administration.

Throughout the legal challenge, the Justice Department’s stance remained uncertain. Some indications suggested they might yield the case, allowing the harm-reduction strategy to move forward. In response, Pennsylvania lawmakers initiated efforts to implement a statewide ban on harm-reduction centers, successfully passing a bipartisan bill in the Senate in May 2023.

Even some legislators who support cannabis legalization have urged the federal court to prevent Safehouse from opening, and they sought permission to file a brief in the case. Additionally, a coalition of 20 Pennsylvania community groups also sought to intervene in the lawsuit.

However, the U.S. District Court for the Eastern District of Pennsylvania denied these requests, as the government was unequivocally defending the existing statute and opposing overdose prevention sites.

The Justice Department, in its motion to dismiss the case, countered Safehouse’s legal arguments that it should be exempt from CSA enforcement due to religious freedom laws. The DOJ emphasized that Safehouse is not a religious organization.

Safehouse now has until Aug. 15, 2023, to present any opposing briefs to the Justice Department’s motion to dismiss; the DOJ will respond to these arguments by September 8.

Frank James, a Safehouse board member and a retired president of Missio Seminary, expressed deep disappointment in the government’s stance. He conveyed that the organization feels hindered from following its strongly held religious convictions, especially as the overdose death rate continues to rise.

Initially, the DOJ declined to provide its position on the harm-reduction issue, requesting more time to respond to the complexities of the case. Last year, it mentioned evaluating possible guardrails for safe consumption sites.

In January, the DOJ and Safehouse agreed to transfer the case to mediation before a magistrate judge, raising hopes for a potential resolution. However, it is now evident that the department remains steadfast in its opposition to the case.

It now looks like entities SUCH AS IGC Pharma Inc. (NYSE American: IGC) may be the ones to play a major role in bringing about significant drug reform by commercializing marijuana treatments that pass FDA scrutiny. In this way, the notion that marijuana is a dangerous substance could be reexamined and policy reforms effected federally.

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 — Ohio Advocates Have 10 More Days to Put Marijuana Initiative on Ballot

The Ohio Secretary of State’s Office has revealed that recreational cannabis advocates have only 10 days to put a legalization initiative on the state ballot. Reform activists behind an adult-use cannabis measure failed to meet Ohio’s threshold of verified signatures by 679 signatures and cannot get their measure on the ballot as is.

However, state law grants the Coalition to Regulate Marijuana like Alcohol another 10 days to collect the remaining signatures and qualify the recreational cannabis measure for the ballot. The measure seeks to legalize the purchase, sale, possession and consumption of recreational marijuana for Ohio adults 21 years of age and older.

A coalition spokesman said that campaign representatives collected 222,198 signatures and submitted those signatures to the secretary of state’s office. Under Ohio law, the campaign should have collected at least 124,046 signatures from at least 44 counties.

Once the campaign submitted the signatures, the secretary of state’s office sent each signature to the county of origin’s board of elections for verification. An analysis of the verified signatures found that the campaign needed an additional 679 signatures to qualify their recreational cannabis measure for the ballot.

If the campaign collects enough signatures during the 10 extra days it has been granted, the Ohio ballot board will convene to ratify the language in the recreational marijuana measure and start preparing for the November election.

The measure would allow eligible adults to possess up to 2.5 ounces of cannabis and up to 15 grams of concentrates. It would also allow private cultivation of up to 6 cannabis plants for personal use and a maximum of 12 plants per residence. Furthermore, the measure would levy a 10% tax on all recreational cannabis sales, raising around $400 million in tax revenue for the state. According to the bill, 36% of this revenue would be invested in job programs and social equity, another 36% would be directed to areas that legalize recreational cannabis retail, 25% to education and substance misuse programs, and 3% would be used to cover the administrative costs of regulating the recreational marijuana industry.

The adult-use measure would establish a state Department of Commerce with the authority to regulate, license and penalize recreational marijuana retailers, testing labs and any individual who needs a cannabis-related license. If it is successful, the legalization initiative would require that regulators issue qualified medical marijuana operators with retail adult-use license within nine months of being ratified.

The legalization of marijuana in Ohio would not only be beneficial to companies that directly deal in the substance, it would help ancillary actors such as to Advanced Container Technologies Inc. (OTC: ACTX) because there would be an entire ecosystem created around the marijuana industry.

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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