Category: CannabisNewsWire Release

420 with CNW — Why Employers Are Ditching Pre-Employment Cannabis Testing

The changing legal framework surrounding marijuana makes it more difficult for companies to screen for marijuana-consuming applicants. According to an article by the Washington Post, the rapidly evolving state legislation concerning marijuana, combined with a shortage of eligible workers, has led to an increasing number of employers no longer requiring applicants to undergo a marijuana drug test as a condition for employment.

Amber Clayton, the senior director of knowledge center operations at the Society for Human Resource Management, explained that employers are grappling with the challenge of navigating these laws while ensuring the safety of their workforce. “We need to find a way to balance compliance with these laws while still maintaining a safe and productive work environment,” Clayton said.

Denise Polliciella, the founder and an attorney at Cannabis Attorneys of Michigan, voiced concerns over the exclusion of marijuana users from employment opportunities. She argued that many capable individuals are being sidelined unnecessarily, because marijuana use does not impede their job performance in any way.

Some employers, as reported by online work news platform Business, believe that eliminating mandatory marijuana drug tests could compromise workplace safety. This is due to the potential side effects of marijuana, such as hallucinations, disorientation, dizziness, fatigue and drowsiness.

Business noted that certain industries and professions, including school bus drivers, airline pilots and federal contractors, are heavily regulated, requiring drug testing for job candidates and employees. Marijuana is among the substances prohibited in these cases.

Michigan recently discontinued marijuana testing for most state jobs, with exceptions for law enforcement officers, healthcare providers and employees operating heavy machinery, according to CBS News.

According to the Pew Research Center, approximately 30% of U.S. adults support the legalization of marijuana for medical use, while 59% support its use for both medical and recreational purposes. Business highlighted the growing number of states, including the District of Columbia, three territories, and 37 states, that have legalized marijuana either for medical, recreational, or both purposes. This indicates a response to public demand.

Karger’s “Medical Cannabis and Cannabinoids” journal revealed that there are approximately 3.6 million legally registered medical cannabis patients alone. The Post mentioned that certain states have implemented laws to protect workers’ marijuana use during their personal time, leading some employers to consider excluding THC, the primary psychoactive component in cannabis, from their drug testing protocols, according to the National Library of Medicine.

As workplace rules evolve to accommodate workers who use marijuana, the demand for cannabis products is likely to grow as more employees feel comfortable using this substance for recreational or medicinal reasons. When this happens, the industry will grow faster, and entities such as Advanced Container Technologies Inc. (OTC: ACTX), which focus on addressing the needs of cultivators could see an uptick in their sales.

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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Lexaria Bioscience Corp.’s (NASDAQ: LEXX) Patented DehydraTECH(TM) Technology Set to be Used in Multi-Billion Dollar Markets; On Track to have 2023 as Best Year Yet

  • Lexaria’s patented DehydraTECH(TM) technology enhances the performance of several categories of fat-soluble active molecules and drugs across oral and/or topical product formats
  • This unique approach to drug delivery has earned Lexaria a total of 35 patents, with many patents pending worldwide
  • The company continues active discussions with multi-billion dollar companies for the potential use of DehydraTECH in their commercial pursuits
  • Lexaria is also actively seeking commercial partners during 2023 and 2024

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is out on an ambitious move to address conditions with high unmet needs. This focus has allowed them to make strides in the potential treatment of conditions such as hypertension, epilepsy, human hormone delivery, and nicotine replacement; all made possible through its patented technology, DehydraTECH(TM).

DehydraTECH enhances the performance of several categories of fat-soluble active molecules and drugs across oral and/or topical product formats. The technology serves as an additional step that can be easily incorporated into any formulation and manufacturing process, allowing for speedy delivery, an increase in bioavailability, and an increase in brain absorption, among other advantages (https://cnw.fm/LyMIC).

Lexaria’s studies have demonstrated a propensity for DehydraTECH technology to elevate the quantity of drug delivered across the blood-brain barrier by as much as 1,700 percent, which has opened the technology up to new possibilities for improved drug delivery.

One stand-out feature of DehydraTECH is its ability to work symbiotically with existing physiological systems to enable masking oral and olfactory receptors, rendering DehydraTECH-processed compounds mostly flavorless and odorless. This results in formulations not requiring sweeteners or chemical masking agents for flavor and odor blocking, meaning that manufacturers can create low-sugar products with fewer calories while avoiding excessive artificial sweeteners.

Once ingested, the compounds, through the help of fatty acids, permeate the intestinal wall for the active payload, then are transported to the systemic circulation by one of two pathways, typically dependent on the type of fatty acid(s) chosen for a given formulation. For hepatic transport, or where liver metabolism is desirable for biotransformation of the payload, Lexaria’s methodology uses medium-chain fatty acids. For lymphatic transport, on the other hand, Lexaria uses long-chain fatty acids, which are absorbed via the lymphatic lacteals, ultimately diverting them away from the liver and entering the general circulation very quickly.

DehydraTECH and its unique approach to drug delivery have earned Lexaria a current total of 35 patents across the United States, Canada, Mexico, Australia, Japan, India, and the European Union. Although it has already achieved considerable intellectual property protection through its existing patent portfolio, the company has a number of additional patents pending worldwide. These achievements have sparked interest across various industries. Lexaria’s CEO, Chris Bunka, has noted the company’s active discussions with multi-billion dollar companies for the potential use of its technology in their commercial product pursuits.

“Our applied R&D is paying off in spades because we are currently in active discussions with several multi-billion dollar companies around the world for the potential use of Lexaria’s DehydraTECH technology in their commercial product pursuits,” noted Mr. Bunka.

“These discussions are ongoing and have thus helped us to meet one of our primary objectives of the last year, which is to introduce DehydraTECH to world-leading potential collaborators,” he added (https://cnw.fm/yQagb).

Lexaria is ambitious in its push for DehydraTECH and is currently seeking commercial partners to use the technology in what are usually multi-billion-dollar markets. The company is taking steps to have multiple choices in how to fund its operations, and so far, it is on track to have 2023 as its best year ever.

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 — Ohio Adds IBS to Medical Cannabis Qualifying Conditions List

Regulators in Ohio have added irritable bowel syndrome (IBS) to the state’s medical marijuana list of qualifying conditions. During the recent Ohio State Medical Board meeting, lawmakers made irritable bowel syndrome the 26th qualifying condition for a medical marijuana license in the state.

IBS is one of the most common chronic conditions in America, affecting an estimated 25  to 45 million people in the country and costing the U.S. a whopping $1.3 billion in medical costs annually. The chronic condition is characterized by symptoms such as abdominal pain, diarrhea, cramping, gas and bloating, and affects roughly 5% to 10% of the global population.

According to Charlie Trefny, the director of government affairs at the Ohio Medical Cannabis Industry Association, adding IBS to the Ohio list of qualifying conditions for medical marijuana will “expand patient access” and help numerous Ohio residents living with the chronic condition.

Experts break irritable bowel syndrome into three categories: IBS with constipation (IBS-C), IBS with diarrhea (IBS-D) and IBS with mixed bowel habits (IBS-M).

A report from the Columbus Dispatch notes that while people with chronic IBS could already access medical cannabis because of chronic pain, the addition of IBS to the list of qualifying conditions will make medical cannabis accessible to significantly more IBS patients.

However, the board refused to add autism to the list of approved conditions for the third time. Trefny noted that she was disappointed in the board for not approving the addition of obsessive-compulsive disorder (OCD) and autism spectrum disorder.

A recent bill introduced by Senators Kirk Schuring and Stephen Huffman represented the fourth time the Ohio State Medical Board received a petition to allow people with autism to access medical cannabis. The measure would also allow medical cannabis patients to use therapeutic oral pouches, strips, sprays, pills, suppositories and capsules, topical salves, sprays and lotions as well as inhalers.

At the moment, Ohio allows patients with the following conditions to access medical cannabis: Alzheimer’s disease, AIDS, Amyotrophic lateral sclerosis (ALS), cancer, cachexia, Crohn’s disease, chronic traumatic encephalopathy, epilepsy or seizure disorders, glaucoma, fibromyalgia, Huntington’s disease, multiple sclerosis and sickle cell anemia. If Senate Bill 9 is successful, it will add autism, migraines, chronic muscle spasms or spasticity, opioid use disorder and terminal illness to the list of qualifying conditions.

Ohio also permits medical cannabis access to patients with severe intractable or chronic pain, Parkinson’s disease, spasticity, terminal illness, ulcerative colitis, Tourette syndrome and traumatic brain injuries.

As more patients use marijuana to treat or manage their ailments, entities such as IGC Pharma Inc. (NYSE American: IGC) are seeking to up the ante by developing standardized formulations from cannabis that meet the FDA regulatory requirements so that these treatments can be available nationwide through the healthcare 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

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 — Meta to Let Hemp and CBD Firms Advertise on IG, Facebook

CBD and hemp firms recently scored a major win after Facebook’s parent company Meta loosened its hemp and cannabis advertising policies. In a recent notice, Meta announced the changes to its advertising policies and noted that companies in the cannabis space would now be allowed to advertise non-ingestible cannabidiol products under certain limitations. The social media giant also said that CBD-infused products that have 0.3% or less of THC can be promoted on its platforms if those products meet certain conditions.

America’s state-level cannabis industry has been incredibly lucrative from its inception, generating billions of dollars in sales and creating hundreds of thousands of new job opportunities. However, since the plant is illegal at the federal level and classified as a Schedule I controlled drug with no medical application, America’s cannabis industry is severely limited.

One of the most significant limitations is that the players in the cannabis sector are prohibited from advertising their products on most conventional platforms, making it extremely difficult for them to attract customers and boost sales.

With Meta’s recent announcement, hemp and cannabis retailers will be able to promote their products to the billions of consumers that use platforms such as Facebook, Instagram and recent addition Threads. Cannabis businesses will require written approval from parent company Meta as well as proof that their products are compliant with local laws and certified with Legitscript before they can prompt their products on Meta platforms.

Furthermore, the social media conglomerate has revised its hemp advertising policies to allow hemp businesses to promote their goods on Meta in the Canada, Mexico, and U.S. markets as long as they comply with local laws, industry guidelines and codes. Businesses will not require written permission to promote products with less than the legal threshold for THC (0.3%) in these three markets.

Meta will also publish hemp-related ads that seek to educate the public, advocate for or give “public service announcements related to CBD” without the need for written permission as long as they do not promote prohibited products.

The company said in a statement that it wants people to discover new products and services and learn about them on its platforms. Meta cautioned that ads containing CBD products will not be allowed to state or claim that the products can prevent, treat, cure, diagnose or mitigate any medical issue in humans and animals. Additionally, Meta’s ban on advertising THC-containing products or psychoactive cannabis products will remain active, the company said.

As more cannabis companies gain access to running adverts on various social media platforms, the industry is likely to grow, and this growth could deepen the reach of ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX), which indirectly benefit from the progress registered by cannabis enterprises.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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420 with CNW — BJS Report Reveals a 61% Reduction in Marijuana Incarcerations as State-Level Legalization Spreads

A recent report from the Bureau of Justice Statistics (BJS) has revealed significant developments in drug-related incarcerations within the federal prison system. The number of individuals imprisoned for marijuana offenses dropped by a remarkable 61%, surpassing reductions seen in other drug categories between 2013 and 2018.

Overall, drug-related incarcerations in federal prisons decreased by 24% during the same timeframe. However, the report highlights that nearly one-half of the Bureau of Prisons’ population in 2018 consisted of individuals impacted by the war on drugs.

While marijuana cases saw the most substantial decline at 61%, powder and crack cocaine incarcerations also significantly decreased by 35% and 45%, respectively, over the five-year period. Opioid-related incarcerations experienced a more modest decline of 4%. According to the report, the reductions in drug-related incarcerations were partially offset by an increase in individuals serving sentences for methamphetamine and heroin offenses, which rose by 12% and 13%, respectively.

The BJS report states that the majority of individuals incarcerated for drug-related convictions in federal prison were involved in trafficking rather than simple possession. However, there was also a notable decline in possession-related incarcerations.

The number of nontrafficking drug offenders dropped sharply from 2013, when there were about 500 people, to only 54 prisoners by 2018, representing less than 0.1% of the total federal prison population. In contrast, drug trafficking offenses constituted a significant portion of the incarcerated population, with 71,500 individuals behind bars for these crimes in 2018, accounting for almost one-half of all Bureau of Prisons detainees.

Racial demographics showed that Hispanic individuals comprised the majority (59.3%) of those incarcerated for cannabis offenses, followed by white individuals at 19.3% and Black individuals at 18.4%.

It’s important to consider that the data in the report only extends until 2018, and since then, more state markets have embraced legalization while law enforcement priorities have continued to evolve. In subsequent years, the U.S. Sentencing Commission (USSC) tracked federal drug-trafficking cases up to 2022 and reported a sustained decline in the number of federal cannabis trafficking offenders, from 5000 in 2013 to 800 in 2022. However, trafficking cases involving substances such as methamphetamine, fentanyl and powder cocaine increased during this period.

Additional data from Customs and Border Protection (CBP) revealed a record-low number of cannabis seizures in 2022, reflecting the impact of state-level legalization efforts on enforcement practices. Moreover, a 2022 Government Accountability Office (GAO) report shed light on enforcement activities, indicating that seizures primarily involved small quantities of marijuana from American citizens rather than large-scale operations involving international cartels at checkpoints.

The reduced incarceration rates suggest that society and the criminal justice system is evolving in the way it views marijuana, and the work being undertaken by enterprises such as IGC Pharma Inc. (NYSE American: IGC) could further accelerate this shift as more pharmaceutical-grade formulations from THC win 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

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 — Michigan Registers a Record-Setting $261M in June Cannabis Sales

June witnessed a remarkable achievement in marijuana sales in Michigan as the figures soared to an unprecedented peak, nearing a staggering $261 million. The lion’s share of this impressive total, amounting to $254,153,133, was contributed by adult-use marijuana purchases, while medical cannabis sales reached $6,643,877. This remarkable feat exceeded the previous record set in March by a margin of more than $10 million.

According to data from the Michigan Cannabis Regulatory Agency (CRA), the majority of cannabis purchases consisted of flowers, followed closely by vape cartridges and infused edibles.

Despite these remarkable sales records, Michigan continues to witness a noteworthy decline in the average cost of marijuana. The price of an ounce of recreational cannabis now lingers around $90, a substantial decrease compared to December 2021, when it was approximately $180. Similarly, the average ounce of medical marijuana in the previous month was valued at about $100.

While the cannabis market in Michigan continues to mature, businesses face persistent challenges due to federal prohibition. The absence of access to traditional financial services has forced the industry to rely heavily on cash transactions, making it an attractive target for criminal activities.

Highlighting the urgency of addressing this issue, the attorney general of Michigan emphasized the need for Congress to enact marijuana banking reform.

Last year, Michigan regulators unveiled their commitment to fund research on the therapeutic benefits of marijuana for military veterans by allocating tax revenue generated from adult-use cannabis sales. This time, the CRA recommended granting $20 million to two universities as part of the Veteran Marijuana Research (VMR) Grant Program. Additionally, officials announced the distribution of nearly $150 million in marijuana tax revenue to various beneficiaries, including a transportation grant, public schools and localities.

In recent developments, state officials in Michigan changed the state’s employment policy, eliminating pre-employment drug testing for marijuana for most government job applicants. This adjustment reflects a progressive stance toward cannabis use.

Michigan is not the only state experiencing remarkable growth in cannabis sales. Massachusetts achieved record-breaking marijuana sales of nearly $152 million in June, marking the highest monthly figure since the state’s adult-use market was launched in November 2018. Similarly, Connecticut witnessed a surge in marijuana sales, reaching a record high of $24 million in the six months following the launch of its recreational cannabis industry.

In Maryland, where the adult-use cannabis market began this month, marijuana sales surpassed $10 million during the opening weekend, indicating a promising start for the industry in the state.

These soaring sales figures coming out of Michigan suggest that it isn’t only marijuana companies that are benefiting from this boom. Ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) may also be seeing an increase in business.

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Publishes Eighth Peer-Reviewed Article in International Journal of Molecular Science

  • The article covers the concentration of cannabidiol in hypertensive women and men using the company’s patented DehydraTECH(TM)-processed CBD
  • The global cardiovascular drugs market is expected to grow from $146.51 billion in 2021, reaching $173.48 billion in 2026, growing at a CAGR of 3.1%
  • The article supports Lexaria’s efforts as it pursues IND status from the FDA for DehydraTECH-CBD as a potential treatment for hypertension
  • Company is planning to begin preparations for a clinical trial that could start as early as the fourth quarter

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced that its groundbreaking research utilizing its patented DehydraTECH(TM)-processed cannabidiol (DehydraTECH-CBD) has been published in eight peer-reviewed articles across six different publications. Lexaria’s research into DehydraTECH-CBD is being considered for indications including hypertension, diabetes, epilepsy, and more. Hypertension, heart disease, and diabetes are broad fields of interest for the company, with DehydraTECH-CBD generating positive pilot-study data.

“We’re proud of the impressive amount of research that our Company has been able to develop through its HYPER-H21 series of clinical studies that has now been assessed by a variety of our respected peers,” said John Docherty, President of Lexaria (https://cnw.fm/U97ZK). “Lexaria is establishing itself as one of the world’s leaders in the investigation of cannabidiol for the purposes of controlling human blood pressure, and we are now focused on launching an FDA-registered IND program to formally investigate DehydraTECH-CBD for hypertension this year.”

The global cardiovascular drugs market is expected to grow from $146.51 billion in 2021, reaching $173.48 billion in 2026, growing at a CAGR of 3.1%. The market’s growth is supported by the increase in sedentary jobs, busy lifestyles, and changing consumer preferences – factors affecting the disease profile in world populations. North America contributed as the largest cardiovascular drug region in 2021 (https://cnw.fm/xu8bk).

The most recent publication in June 2023 in the peer-reviewed International Journal of Molecular Sciences is “Differences in Plasma Cannabidiol Concentrations in Women and Men: A Randomized, Placebo-Controlled, Crossover Study” (https://cnw.fm/mmsva). The addition of this research article builds on the growing body of peer-reviewed literature developed by Lexaria’s leading research team into the effects of DehydraTECH-CBD and human health.

The findings and conclusions from the most recently published article revolve around the concentrations of CBD in a subject’s plasma and the bioavailability of the drug, examining the potential therapeutic benefits of CBD in the triple-blind study. Of the 62 hypertensive volunteers, concentrations of CBD were found to be higher in women and correlated with the proportion of adipose tissue. Lexaria found that the difference between the sexes was attributed to higher levels of fat tissue in women compared to men, and the men’s higher metabolism contributed to lower levels of CBD during the study.

Lexaria’s patented DehydraTECH technology improves how active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble molecules. DehydraTECH is covered by 34 granted patents and many pending patents.

The benefits of using DehydraTECH technology include:

  • Improves the speed of onset, with effects felt in minutes
  • Increased bioavailability by more effectively delivering the drug into the bloodstream
  • Increased brain absorption, with testing suggesting up to 17x improvement
  • Reduction in drug administration costs through a higher ratio of drug delivery

Lexaria’s next steps for its hypertension program include IND submission and additional preparations for its clinical trial. If the FDA clears the IND, Lexaria could begin its Phase Ib study as early as the fourth quarter of this year.

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.

To receive instant SMS alerts, 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

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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — States Share Key Data to Facilitate Federal Cannabis Scheduling Review

States with medical cannabis markets have begun sharing data with the Biden administration to aid in the government’s review of marijuana’s federal classification. While more than 30 states may have legalized medical cannabis use over the past two decades, cannabis still remains illegal at the federal level, classified as a Schedule I drug with no medical applications alongside dangerous drugs like heroin, and cocaine.

However, the fact that cannabis has several proven medical applications and is already being used by millions of Americans for therapeutic reasons shows that cannabis doesn’t belong in the same class as cocaine or heroin. Efforts to legalize the plant at the state level have been quite successful, but it doesn’t seem federal legalization will happen any time soon.

Still, regulators are taking their time reviewing federal cannabis policies, and the medical cannabis data provided by states will be sure to aid their efforts. MJBizDaily recently reported that the Department of Health and Human Services (HHS) and the U.S. Food and Drug Administration (FDA) acquired this critical data from at least five medical marijuana states. The data will let federal researchers obtain a much more comprehensive look into cannabis use in America and the controversial plant’s potential as a medication than any peer-review study would allow.

President Joe Biden ordered a review of the country’s federal cannabis policies in late January and asked the secretary of the HHS and the U.S. attorney general to begin the review process. He said that Schedule I of the Controlled Substances Act where cannabis is classified is meant for the “most dangerous substances,” noting that it is a higher classification than methamphetamine and fentanyl, which are both playing a key role in America’s overdose epidemic.

Officials from Massachusetts, Maryland, Utah, Illinois and Minnesota, the states which shared their medical cannabis data, hope they can help accelerate the review of the Controlled Substances Act (CSA) because it is the sole barrier to legalizing cannabis at the federal level.

Federal prohibition makes it extremely difficult for cannabis businesses to operate as it prevents them from accessing banking services, tax relief and even capital. It also prohibits interstate cannabis commerce and forces each state market to be its own ecosystem.

If the ongoing review results in marijuana’s removal from Schedule I of the CSA, it could result in lower federal cannabis taxes, significantly greater access to financial services and capital and interstate commerce. It could even pave the way for federal legalization.

Over time, marijuana has demonstrated its medical potential, which is probably why companies such as IGC Pharma Inc. (NYSE American: IGC) are willing to stake millions of dollars to research and develop THC-based formulations for chronic pain. These formulations are expected to go through the FDA-approval process before being put on the market.

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

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 — Five Challenges Marijuana Equity Companies Face

Social-equity founders in America’s state-level cannabis industry are facing a myriad of challenges despite enjoying purported industry support. Social equity refers to a set of policies designed to give people who were disproportionately affected by the drug war a leg up in the cannabis industry.

These policies are meant to give communities that endured over policing and harsh sentencing for decades due to prohibitionist cannabis laws a chance to benefit from a drug that was once used to persecute them. However, despite the good intentions behind social-equity provisions, founders from communities of color and lower-income communities still struggle to carve a space for themselves in the lucrative marijuana sector.

Lack of capital is one of the chief issues hindering the success of social-equity founders. Although social-equity provisions allow them to get their foot into the door, they offer little support afterward.

Social-equity applicants have an even harder time securing capital because cannabis is still illegal at the federal level and applicants have extremely limited options for sourcing capital.  This makes it difficult for social-equity founders to open and grow businesses in the cannabis sector, especially since they often have to pay extremely high state taxes and fees.

Limited connections also hinder the growth of cannabis businesses owned by social-equity founders. Since they often come from lower-income communities with little generational wealth, these founders typically don’t have the connections they may need to navigate the cannabis industry.

Without the right connections, these individual may struggle to source capital, secure deals and find more opportunities for growth.

High taxes prevent social-equity, founder-owned businesses from achieving their true potential.  America’s state-level cannabis industry is notorious for its complicated and costly taxes, with cannabis businesses in most states paying more taxes compared to the alcohol industry.

Cannabis’s status as a federally prohibited drug also deprives cannabis businesses of tax benefits, such as tax deductions for certain expenses.

Furthermore, local and state governments often enforce excise taxes in ways that favor larger businesses over small businesses, which tend to be owned by social-equity founders. High taxes at every step of the value chain increase operational costs and raise prices, making it harder for social-equity founders to compete with illicit sellers who can price their products significantly cheaper.

Misreading contracts can be a costly mistake for social-equity founders. As they often struggle to access capital, these founders are more likely to do the majority of the work themselves, including the legal work.

Retaining a cannabis attorney may be a little costly, but it will ensure that paperwork is handled efficiently and save the potential financial and reputational cost of misreading contracts.

Long-term resources will be critical to the survival of social-equity, founder-owned businesses in the cannabis space. Navigating the cannabis industry can be a significant challenge, and even large businesses with major financial backing have seen their fortunes turn. With little to no connections and limited access to capital, social-equity businesses face a high risk of bankruptcy or closure.

As these challenges are gradually addressed, equity businesses could thrive and create more business opportunities for ancillary entities such as Advanced Container Technologies Inc. (OTC: ACTX) that sell cultivation equipment and other products designed to meet the needs of marijuana-touching businesses.

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Announces Participation in Water Tower Research Fireside Chat Series

InMed Pharmaceuticals (NASDAQ: INM) is a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs. The company today announced that Jerry Griffin, VP of Sales and Marketing for InMed’s subsidiary BayMedica LLC, a leading supplier of bioidentical rare cannabinoids to the health and wellness (“H&W”) market, will be participating in a fireside chat with Water Tower Research on July 25, 2023, at 2:00 p.m. ET. The event is open for all investors with topics that include an overview of BayMedica, its competitive environment and upcoming catalysts, as well as the market dynamics of rare cannabinoids and their disruptive potential in the H&W sector. Interested parties should visit https://cnw.fm/P47eC to register for the event.

To view the full press release, visit https://cnw.fm/UiWd8

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, visit www.InMedPharma.com and www.BayMedica.com.

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

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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