420 with CNW — Ukraine to End Cannabis Prohibition to Help Manage Mental-Health War Effects

Ukrainian members of parliament (MPs) have unanimously approved a measure to legalize marijuana, aiming to provide relief for war veterans struggling with physical and psychological trauma. The proposed bill, which permits the medical use of cannabis, effortlessly passed its initial reading, garnering support from 268 out of 344 legislators. Prior to becoming law, it must undergo a second reading in parliament and obtain the signature of President Volodymyr Zelensky.

The significant backing for medical cannabis marks a notable shift in attitudes toward the substance since Russia’s invasion of Ukraine.

In 2021, a similar bill faced resounding defeat. Today, cannabis is recognized as a viable alternative to traditional prescription drugs for treating the extensive physical and mental injuries endured by thousands of civilians and soldiers during the war. Tymofiy Mylovanov, the director of the Kyiv School of Economics and an advisor to President Zelensky, affirmed, “Both veterans and the wounded rely on marijuana, and the legislature aims to legalize its usage.”

While Ukraine does not publicly disclose its casualty figures, estimates suggest they are lower than the estimated 200,000 Russian soldiers who have been injured or killed. Leaked U.S. intelligence documents in April indicated that by February, Ukraine had experienced between 124,500 and 131,000 casualties, with up to 17,500 fatalities.

According to a report released by the WHO in February, approximately 25% of the Ukrainian population and 60% of its soldiers may be suffering from PTSD or depression due to the war. Furthermore, the report highlighted the sidelining of mental-health services in favor of bolstering trauma unit capacities.

Advocates for medical-marijuana legalization assert that cannabis can alleviate pain and symptoms associated with post-traumatic stress disorder (PTSD), often offering a safer alternative to prescription opioids. President Zelensky has expressed support for the legalization of medical marijuana. Leading up to the vote, numerous prominent Ukrainians also voiced their endorsement of the legislation.

Yanina Sokolova, a television presenter, shared a photograph on her Facebook page depicting a Ukrainian soldier lying in a hospital bed following an injury caused by a Russian landmine. The explosion had partially severed his left leg, ultimately leading to a complete amputation. “He experiences excruciating pain constantly, 24/7. It’s unbearable,” Sokolova reported.

In light of such circumstances, Sokolova continued: “I can identify numerous groups of patients experiencing various painful symptoms. They all urgently require medical marijuana.”

Across the globe, the legalization of medical marijuana has been steadily gaining traction, with the United Kingdom permitting its prescription by doctors in 2018.

The medical use of marijuana is on the rise around the world. This could be the reason why we are seeing more enterprises such as IGC Pharma Inc. (NYSE American: IGC) taking steps to develop pharmacy-grade formulations from THC and other cannabinoids so that patients can have marijuana medicines that they can obtain through doctor prescriptions in 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

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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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420 with CNW — Data Suggests Celeb-Backed Cannabis Brands Perform Better

Data from the cannabis-focused online publication MJBizDaily has revealed that celebrity-backed cannabis brands are performing better than traditional brands. Cannabis brands with celebrity endorsements take advantage of the hundreds of thousands to millions of fans and massive social media followings of celebrities to create buzz about their products and attract customers.

Unlike other industries, players in the cannabis sector are subject to extremely strict marketing and advertising rules that prevent them from marketing their products in most conventional advertising spaces. One of the tactics such companies have adopted to circumvent advertising restrictions is partnering up with various celebrities to endorse their products.

A comparative analysis of cannabis sales data from celeb-backed brands and traditional brands by MJBizDaily found brands that leverage celebrity endorsements tend to attract more customers. In California, for instance, brands such as Cann, which has more than 40 celebrity shareholders and the endorsement of celebrities such as Rosario Dawson and Gwyneth Paltrow, outsold conventional brands in Q1 2023 by a healthy margin, MJBizDaily says.

Data from Headset, a marijuana industry analytics provider based in Seattle, also shows that cannabis products from celebrity brands tend to be cheaper. Given that America’s state-level cannabis industry has been grappling with high product prices, these brands attract more customers by making their products more affordable.

Headset found that while traditional brands sold an average of $26,591 in the first quarter of 2023, nearly 10 celebrity brands sold significantly more than that in the first three months of the year. For example, Cann sold $751,760 worth of cannabis products, Houseplant (Seth Rogen) saw $377,193 in sales, and Tyson 2.0 (Mike Tyson) sold $290,607 in cannabis products.

Khalifa Kush Enterprises, which is owned by rapper Wiz Khalifa, sold $209,607 worth of cannabis products while Carlos Santana’s Mitaro by Santana saw $134,688 in cannabis sales. Cann Social Tonics, the highest-selling celebrity brand in the country, outsold conventional brands by more than 30 times, indicating just how much traction such brands are gaining in the market.

On top of attracting multitudes of fans to their brands, celebrity brands find it easier to connect with partners, resulting in the creation of exciting promotions and keeping interactions with customers meaningful and satisfying. The brand manager for celebrity-backed cannabis lifestyle brand 22-Red (founded by the bassist of heavy metal band System of a Down and entrepreneur Shavo Odadjian) also notes that celebrity events such as meet and greets at retail cannabis outlets significantly increase engagement and help to drive sales.

Unlike traditional entrepreneurs, celebrities have plenty of equity with their followers and fans, Punjabi said, noting that “influence is king” in 2023.

The celebrity-endorsed companies are probably leading to a greater procurement of cultivation equipment, such as the grow pods offered by companies, including Advanced Container Technologies Inc. (OTC: ACTX), to meet the needs of thriving 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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Is Building a Robust and Growing International Patent Portfolio for DehydraTECH(TM) in Support of Commercial Opportunities

Lexaria is a global innovator in drug delivery platforms with an expanding portfolio of patents that currently stands at 34 granted patents and many patents pending worldwide
These patents pertain to the company’s method of improving bioavailability and taste as well as the use of DehydraTECH(TM) as a delivery platform for a wide variety of active pharmaceutical ingredients (“APIs”)
The company has, since June 2015, simultaneously filed the US utility patent application and an international patent application under the Patent Cooperation Treaty (“PCT”) procedure, both through the USPTO
The PCT procedure has made the process of initiating international patent applications a bit easier by eliminating the need to file multiple applications directly to each target country
Lexaria is looking to leverage the protection its portfolio confers to pursue commercial out-licensing opportunities

“Patenting is one way for a company to differentiate itself. Patents can protect innovation, create licensing value, advance a brand, and reward innovators – all of which contributes to a larger corporate identity,” Alan Fisch of Fisch Sigler, a patent litigation firm in Washington, DC., told WIRED (https://cnw.fm/VvgFi). According to WIRED, patenting can be a process that takes years, ending in success for only about half of patents submitted. So it’s a significant accomplishment and, according to Fisch, “patenting is one way for a company to differentiate itself. Patents can protect innovation, create licensing value, advance a brand, and reward innovators—all of which contributes to a larger corporate identity.”

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently hit a milestone, announcing it had received notification of four newly granted patents that grew its intellectual property (“IP”) portfolio to 34 granted patents worldwide as of July 13, 2023 (https://cnw.fm/J8Bmu), with many more pending worldwide. Lexaria now has patents issued in the United States, Canada, Mexico, Australia, Europe, India, the European Union and Japan, pertaining to its method of improving bioavailability and taste, as well as the use of DehydraTECH(TM) as a delivery platform for a range of active pharmaceutical ingredients (“APIs”).

Formative Years

“Lexaria began filing for DehydraTECH in [June] 2014 with two initial US provisional patent application filings by the original inventors Poppy’s Teas LLC. (“PoViva”), which Lexaria acquired by way of exclusive, worldwide license rights and controlling interest in the founding company,” the company explains in its annual report for FY 2021 (https://cnw.fm/fTIHK). But the provisional applications, which have a 12-month pendency period that cannot be extended, would be pointless if the company did not act within the specified timeline. So, to enjoy the benefit from the earlier filing of the provisional application, the company, on June 2015, filed a nonprovisional utility patent, following which the USPTO issued a patent granted in October 2016. The company’s first in the US, this patent was titled Cannabinoid Infused Food and Beverage Compositions and Methods of Use Thereof (https://cnw.fm/ma13B) under its Patent Family #1.

The company’s decision to first file a provisional application followed by a nonprovisional application has benefits, according to the USPTO. “A provisional application provides the means to establish an early effective filing date in a later-filed nonprovisional patent application filed under 35 USC §111(a). It also allows the term ‘Patent Pending’ to be applied in connection with the description of the invention,” explains USPTO’s website (https://cnw.fm/LM44l). And for a company that was still growing, it provided an effective and fast avenue to gain protection for 12 months before filing the nonprovisional patent.

US Patent Application Process

In its subsequent patent applications, at least in the United States, Lexaria has largely prepared and submitted nonprovisional patent applications, a process that has several steps. Before submitting an application, the applicant must decide on whether to file the application on their own or with the assistance of a registered patent attorney or agent, pay for and conduct a search to establish if the invention has already been publicly disclosed by another party, and create and validate a USPTO.gov account, just to mention a few crucial initial steps.

They then submit the application, whereupon they obtain a filing date. This application should contain the following elements: Utility Patent Application Transmittal Form or Transmittal Letter; appropriate fees (captured in a Fee Transmittal Form); bibliographic data (captured in an Application Data Sheet); specifications, including the description of the patent, at least one claim, and an abstract; drawings (when necessary); executed oath or declaration; nucleotide and amino acid sequence listing (when necessary); and large tables or computer listings (when necessary).

The USPTO then examines the patent application and sends a Notice of Allowance if it meets all legal patent requirements. The applicant must then pay the issue fee within three months from the date of mailing of the Notice of Allowance, at which point the patent becomes granted (https://cnw.fm/EDzDQ). Patent maintenance fees may apply thereafter.

International Patent Application Under PCT Procedure

A patent granted in the US does not, of course, guarantee international protection for companies like Lexaria targeting the international market. For them, the international patent application is the only recourse. And while it may sound daunting, the Patent Cooperation Treaty (“PCT”), administered by the World Intellectual Property Organizations (“WIPO”) (https://cnw.fm/Mu9vU), has made the process a tad easier.

Under the PCT, applicants can file a single international patent application that they then use as the foundation to file national filings. (National filings are necessary because legal patent requirements vary from country to country, but the steps are largely more or less the same.) Because applicants do not need to file multiple applications directly to each target country, the PCT can save time and money.

It is this route that Lexaria has continually used, starting June 2015 when the company first initiated the simultaneous filing of the US utility patent application and an international patent application under the PCT procedure, both through the USPTO. Lexaria has used the PCT procedure to seek the protection of its IP for multiple patent families, with some applications successful and many more pending worldwide. These granted patents include:

Benefits of Lexaria’s Growing Patent Portfolio

Patent Family #1: Food and Beverage Compositions Infused with Lipophilic Active Agents and Methods of Use Thereof, granted in the United States, Australia, Japan, Canada, and Europe
Patent Family #2: Methods for Formulating Orally Ingestible Compositions Comprising Lipophilic Active Agents, granted in Australia, Japan, and Mexico
Patent Family #3: Stable Ready-to-Drink Beverage Compositions Comprising Lipophilic Active Agents, granted in Australia, India, Japan, and Mexico
Patent Family #6: Transdermal and/or Dermal Delivery of Lipophilic Active Agents, granted in Canada
Patent Family #7: Lipophilic Active Agent Infused Compositions with Reduced Food Effect, granted in Japan
Patent Family #8: Compositions Infused with Nicotine Compounds and Methods of Use Thereof, granted in Canada and Australia
Patent Family #18: Compositions and Methods for Enhanced Delivery of Antiviral Agents, granted in the United States and Australia
Patent Family #21: Compositions and Methods for Treating Hypertension, granted in the United States

Lexaria’s approach to seeking protection for its IP has been nothing short of strategic. The company not only pursues international patent protection through filings under the PCT, to which 157 countries are current signatories, but it also follows that up with national filings in jurisdictions with the highest commercial potential. The company also understands the commercial opportunities that a robust patent portfolio confers.

In his latest annual letter to shareholders (https://cnw.fm/IYgr8), CEO Chris Bunka emphasized that “Lexaria’s business model is to out-license our technology in exchange for royalties” and that “any out-licensing transactions Lexaria achieves with pharmaceutical companies may also be accompanied by significant, potentially multi-million dollar staged development milestone fees payable to Lexaria.”

Last summer, the company signed commercial licensing agreements with Japan’s Premier Wellness Science Co. Ltd. (https://cnw.fm/7kKHg), Atlanta-based BevNology (https://cnw.fm/1l4Ao), Denmark’s Valcon Medical A/S (https://cnw.fm/tumiX) and Ireland’s AnodGen Bioceuticals (https://cnw.fm/1P5we). Lexaria is also in discussions with a number of larger companies in Europe and North America regarding the licensed use of DehydraTECH technology for the consumer sectors and within the pharmaceutical industry, according to Bunka. In addition, if and when the company’s remaining patent applications become granted patents, its ability to generate additional license revenues from its IP may increase from multiple other jurisdictions.

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 — How Frontline Workers and Veterans Are Using Marijuana to Combat Depression and PTSD

In his 27 years with the RCMP, Steve Gloade never imagined that his retirement would involve utilizing marijuana to heal. Gloade is one of the veteran ambassadors for CannaConnect, a business that promotes the use of cannabis to treat PTSD in frontline workers and veterans, as well as diseases including depression and arthritis.

“As a law enforcement officer, we can tell you how much marijuana is worth on the street and the potential sentence and fine you’ll get,” Gloade said. “But I would never have remotely imagined the health advantages it could offer me.”

Gloade stated that he wasn’t at ease going into a store selling recreational marijuana and asking for assistance, but he did so when he thought he had no other choice. Veterans in Canada are increasingly looking for medicinal marijuana after a 2008 court ruling ordered the government to grant reasonable access to the substance when prescribed by a doctor.

Gloade states that clientele has grown into a community, but they occasionally receive veterans who aren’t clients but are simply looking for a secure environment. Veterans received a record amount of reimbursement from the federal government for medical cannabis last year. New requests for greater research into cannabis’ medical advantages have been made in response to the growing demand, which some experts and supporters claim is still lacking.

The College of Family Physicians of Canada and Health Canada have both issued warnings regarding the possible harm that cannabis usage may cause for those who have mental-health disorders, notably post-traumatic stress disorder. Additionally, it has sparked debate around the use of marijuana by veterans as a coping mechanism for psychological trauma and the need for increased funding for peer and counseling assistance.

Zachary Walsh, one of the leading experts on cannabis’ potential as a PTSD treatment, claimed to have heard numerous accounts of veterans and RCMP utilizing the drug to alleviate their symptoms. A professor in the Department of Psychology at the University of British Columbia and a member of the B.C. Center on Substance Use, Walsh said that while research hasn’t progressed as far as researchers might have anticipated, it is generally agreed that cannabis helps to ease symptoms but does not cure them.

This medical use of marijuana may be what is propelling enterprises such as IGC Pharma Inc. (NYSE American: IGC) to take matters a step further and develop formulations that meet regulatory approval so that patients can access these safe treatments through the conventional hospital 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 — Massachusetts Recreational Cannabis Sales Hit New Monthly Record

Ever since its inception, America’s state-level cannabis industry has been a major revenue earner for both business owners and states. According to data from the Cannabis Control Commission (CCC), cannabis retailers in Massachusetts sold almost $152 million worth of recreational cannabis last month, making June the most lucrative month in terms of sales since the state launched its recreational cannabis industry in late 2018.

Cannabis is one of the fastest growing industries in the world and recent data shows that the sector hasn’t slowed down its pace despite deteriorating economic conditions globally. The industry regularly generates billions of dollars per year in cannabis sales, creating jobs for hundreds of thousands of Americans and providing states with billions of dollars in tax revenue.

CCC data shows that consumers in Massachusetts bought $132.8 million worth of recreational cannabis and $19 million worth of medical marijuana. Unsurprisingly, cannabis flower is still the most popular form of cannabis for most recreational consumers, with vapes, pre-rolls, concentrates and edibles following. And with cannabis flower prices dropping to a historic low of only $5.82 per gram in June, adult-use consumers are much more likely to purchase flower compared to costlier options like concentrates.

Several other states surrounding Massachusetts have also launched their own cannabis markets in recent years, increasing the likelihood of lower sales due to reduced levels of cannabis tourism.

Just six months after launching its own adult-use market, cannabis retailers in Connecticut sold $24 million worth of medical and recreational cannabis combined in June. Cannabis flower accounted for more than 50% of sales while vape products and edibles made up 25% and 10% of sales.

Maryland is also enjoying high cannabis sales after recently allowing recreational cannabis commerce, with consumers spending more than $10 million on cannabis products over the first weekend of sales.

Despite the increasing competition from recently launched markets, Massachusetts is still going strong. On top of selling increasing amounts of recreational cannabis, marijuana retailers in the state are also providing the state with more tax revenue than the alcohol industry.

Massachusetts received $74.2 million in tax revenue from the marijuana industry compared to $51.3 million from alcohol in the first half of 2021. Retailers in the state of Massachusetts have cumulatively sold $4.74 billion worth of recreational cannabis since November 2018.

Meanwhile. the national cannabis market is expected to grow by 34% annually to reach a valuation of $444.34 billion by the end of the decade.

As this growth materializes, plenty of ancillary enterprises such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to benefit because they sell supplies that marijuana companies use in their cultivation activities.

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 — Schumer Admits GOP Support Key in Enacting Cannabis Banking Reform

Senate Majority Leader Chuck Schumer has said that enacting the cannabis banking bill is a top priority for this summer, but it won’t be simple without backing from GOP leaders. In a letter sent to his coworkers last week, Schumer made that statement.

The letter specifies that lawmakers will prioritize pushing defense and appropriations measures that must pass before moving on to other matters. To advance the bill in a number of policy areas, Schumer stated that Democrats will also keep working with their Republican counterparts. This includes moving forward on bicameral legislation, such as a bill to protect cannabis banking that was already heard in the Senate Banking Committee in May and that proponents expect will be put to a vote in that body this month.

Schumer has stated numerous times that he believes the SAFE Banking Bill should be changed to include wording on the expungement of earlier cannabis convictions. However, he chose not to reiterate that argument in his recent letter. However, a representative for the primary Republican sponsor of the standalone SAFE Banking Act said recently that he is open to including the additional reform provision, despite having warned Democrats against significantly broadening the bill’s scope in a way that could jeopardize the support of GOP lawmakers.

Insiders claim that the bill, as it stand, has enough support from Republicans to garner the 60 votes necessary for approval in the Senate.

Senate Banking Committee members are still debating Section 10 of the marijuana measure, which has drawn criticism from certain Democrats, including Senator Jack Reed, who claims it would essentially weaken banking laws that do not apply to the cannabis industry.

But, as Schumer pointed out in the letter, Republican support is necessary to see the proposal through to the end. Furthermore, Senate Minority Leader Mitch McConnell has already obstructed incremental reform. Additionally, it’s uncertain when the Senate will be able to finish working on budget legislation and the NDAA, which Schumer argued should come before the other bipartisan initiatives.

Although a committee markup for the SAFE Banking Bill has not yet been set, members from opposing parties are indicating that the votes are present for passage — as long as there are no significant disagreements or roadblocks. Senator Tommy Tuberville declared last month that he would vote in favor of the bill. He merely has his worries about the Democratic leadership’s ability to deliver on their campaign promise this year.

Not all companies that have operations connected to marijuana are facing banking challenges. For example, entities such as IGC Pharma Inc. (NYSE American: IGC) that are focused on developing medicinal formulations containing THC follow a set of regulations formulated by the FDA regarding drug development. Since these operations are federally regulated, operators are regarded as federally permitted firms and aren’t denied banking services in the same way that entities selling state-level recreational or medical marijuana are.

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 — Minneapolis Vegan Restaurant Starts Infusing THC into Offerings

This month Hi Flora, a vegan restaurant, will have its unveiling. The exquisite eatery specializes in delectable plant-based dishes, and if customers desire, they can accompany their meals with invigorating, nonalcoholic beverages infused with THC derived from hemp.

Heather Klein, owner of Hi Flora and the brilliant mind behind Roots to Rise, aims to create a unique and distinguished experience that sets her establishment apart from other vegan restaurants in the Twin Cities. Hi Flora customers have the opportunity to purchase 5mg THC tinctures and incorporate them into their chosen culinary delights or beverages. Klein aims to provide an assortment of flavors in the future, allowing customers to create their own distinctive combinations.

Klein’s restaurant introduces a fresh and innovative concept amid the prevalent cannabis craze, which was sparked by the legalization of THC edibles by state lawmakers the previous summer—provided those edibles are derived from hemp. Furthermore, the recent legislation passed by the DFL-led lawmakers permits the recreational use of marijuana, which is slated to become legal on Aug. 1, 2023.

Marijuana and hemp are akin to close relatives, differing primarily in the levels of THC present in each plant. According to the federal standard, hemp can only have a maximum dry-weight THC content of 0.3%. The maximum permitted dosage for hemp edibles in Minnesota is 5 mg per serving and 50 mg per package.

“Last year’s change in the Minnesota law opened opportunities for an array of delightful and unconventional THC experiences. Now, those possibilities are expanding even further,” Klein said. “We were genuinely thrilled to incorporate these offerings into our menu, making them accessible to all.”

Along with THC tinctures, Hi Flora’s bar menu offers two THC-infused drinks made by neighborhood breweries.

Many Minnesotans were surprised by the passing of the hemp edibles bill, as no state licensing system or additional levies other than the regular sales tax had been put in place prior to its passage. However, as part of a more complete cannabis package, which legalized marijuana this year, legislators have since proposed new rules and taxes. The new regulations permit the sale of THC-infused beverages in liquor outlets.

Angie Heitz, wine director of North Loop Wine and Spirits, attested to the rise in acceptance of THC-infused beverages. The shop currently stocks a wide range of alcoholic beverages made by regional producers and brewers.

According to Bob Galligan, director of government-industry relations for the Minnesota Craft Brewers Guild, the new law has largely eliminated the uncertainty that surrounded the operation of companies in the THC edibles sector.

As the market matures, more opportunities will be created in tandem with the growing demand for marijuana products. This growth in demand will trickle down to cultivators, and they in turn may require more cultivation equipment, such as the micro-gardens commercialized by Advanced Container Technologies Inc. (OTC: ACTX).

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420 with CNW — Maryland Reports $10M Sales on First Weekend After Launching Retail Cannabis Market

Retail sales data from the state of Maryland shows that cannabis retailers sold more than $10 million worth of recreational cannabis during the first weekend of official sales. Maryland legalized recreational marijuana last year, and the law took effect on July 1, 2023, officially launching adult-use cannabis sales in the state and adding Maryland to the growing number of states with legal recreational cannabis markets.

By July 1, state regulators had allowed close to 100 dispensaries to convert their medical cannabis licenses to dual licenses and begin selling recreational cannabis to adults aged 21 years and older. Unsurprisingly, retailers immediately saw significant demand from the market, with customers buying medical and recreational cannabis worth $10,429,737 from Friday to the end of Sunday.

This was more than two times the $3,985,527 worth of medical cannabis that was sold over last year’s 4th of July weekend.

During its first official day of recreational cannabis sales, retailers sold $4,518,377 worth of cannabis, a majority of it ($3,558,947) being recreational cannabis.

Since its inception, America’s state-level recreational cannabis market has been incredibly lucrative, generating billions of dollars in sales and providing states with hundreds of millions of dollars in tax revenue every year. Data from Maryland’s first weekend of adult-use cannabis sales show that the plant still enjoys significant demand from the market.

Maryland Governor Wes Moore noted in a video statement that the United States is now “entering a new frontier.” He said that cannabis policy had previously been used to “jail and discriminate” Americans, with communities of color and people in low-income communities bearing the brunt of prohibitionist cannabis policies. Moore argued that it is now time we acknowledge that the drug war was a failure that weakened America as a whole.

With dozens of states now home to legal cannabis markets, many of them with strong social equity policies, the era of cannabis prohibition is coming to an end, at least at the state level. Moore said that Maryland would help to lead the charge in America’s new procannabis era, an era that will focus on equity and economic growth while striving to undo the mistakes of the failed drug war.

Meanwhile, the Maryland Cannabis Administration (MCA) will distribute the $15-plus million it collected in licensing conversion fees to various community reinvestment funds. The MCA also plans on investing another $45 million from licensing conversion fees in community reinvestment funds over the next year and a half.

As recreational marijuana sales boom in Maryland and other states that have launched adult-use markets, it shouldn’t be forgotten that millions of people are also still using cannabis for medical purposes. This medical segment has drawn the attention of numerous startups such as IGC Pharma Inc. (NYSE American: IGC) that are taking steps to develop formulations that meet the FDA drug-approval criteria so that patients can have standardized cannabis-based medications they can use to manage their symptoms.

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

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420 with CNW — Wholesale Cannabis Prices in Michigan Stabilizing

Wholesale cannabis prices in Michigan have finally begun stabilizing after years of historically low prices. Much like several other states with legal cannabis markets, Michigan was inundated with multitudes of sellers who flooded the market with cannabis flower soon after the controversial plant was legalized, thereby causing oversupply issues.

The cannabis industry had proven to be incredibly lucrative at that point, and plenty of players were attracted by the prospect of making significant returns on their investments. However, the oversupply of cannabis flower in Michigan caused wholesale prices to plummet by 74% from $351 per ounce in December 2020 to an all-time low of only $91 for an ounce of recreational cannabis flower in December 2022.

More than six months into 2023, wholesale prices in the state have leveled off and even enjoyed modest increases, giving producers hope that prices may not dip to the lows of previous years. The average price of cannabis flower per pound in February 2021 was $1,510 before dropping by 27% to $789 in February 2023. Prices have been on the rise since then, increasing to $832 per pound in April, $907 in May and $963 last month.

Industry experts believe that the stabilization of wholesale cannabis flower prices was due to several factors. For starters, the market was able to absorb much of the outdoor cannabis remaining from the previous season. There was also an increase in municipal governments that allow retail cannabis sales, and authorities stepped up their efforts to curb activity in the illicit cannabis market. Cannabis executive Narmin Jarrous explains that such illicit players often bring illegal cannabis into the market and sell it for pennies, making it extremely difficult for licensed sellers to compete and make a profit.

Michigan is projected to be the second-largest cannabis market in the United States after California, and addressing the illicit market as soon as possible can prevent Michigan from ending up like California where the illicit market regularly outsells licensed retailers.

Retailers in the Michigan cumulatively sold $2.3 billion worth of cannabis in 2022, and they are projected to sell up to $3.1 billion worth of cannabis this year. However, despite the recent stabilization in wholesale cannabis prices, some industry insiders expect several market factors to continue pushing cannabis prices down. This includes the fact that Michigan currently doesn’t have a statewide cap on the total number of marijuana business licenses, meaning the market is still at risk of dealing with oversupply issues.

This stability in the wholesale cannabis market is likely to spur existing growers to invest in better cultivation equipment from suppliers such as Advanced Container Technologies Inc. (OTC: ACTX) in order to optimize their operations and boost their margins.

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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CannabisNewsBreaks – Institute of Biomedical Research Corp. (MRES) Unveils Meticulously Crafted Line of Teas Sourced from Kenya

Institute of Biomedical Research (OTC: MRES) (doing business as M2Bio Sciences) is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids, medical psilocybin and mental health therapeutic research powered by artificial intelligence and evidence-based sustainable products and solutions. M2Bio Sciences today announced the forthcoming launch of a captivating line of teas sourced from the scenic gardens of Kenya. The meticulously crafted collection provides not only an exquisite sensory experience but also delivers exceptional medicinal health benefits. “We are delighted to introduce our exceptional line of purple, white and green teas from Kenya,” said Jeff Robinson, CEO of M2Bio Sciences. “Our purple tea strain has about 135 times more antioxidants* compared to a traditional black tea, so we definitely tick the box for health. In terms of addressable market, according to a report published by Vantage Market Research, the global green tea market was valued at US$13.41 billion in 2021 and is projected to reach US$26.16 billion by 2028 with a CAGR of 8.71%**. We plan to take a good chunk of that! These teas embody our commitment to providing products that promote holistic well-being. Through our partnership with the esteemed tea experts of Kenya and our team of researchers in the M2Bio Phytomedicine Labs at the University of Pretoria, we are able to offer tea enthusiasts worldwide an unparalleled combination of extraordinary taste and outstanding health benefits.”

To view the full press release, visit https://cnw.fm/n4Nix

About Institute of Biomedical Research Corp./ DBA M2Bio Sciences

Institute of Biomedical Research is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids, medical psilocybin and mental health therapeutic research powered by artificial intelligence, and evidence-based sustainable products and solutions, that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx(TM), Medspresso(TM), Liviana(TM) brands as well as artificial intelligence powered nutrition products and solutions under the M2Biome brand. In addition, its research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness and cardiovascular diseases. The company’s mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research and emerging technologies such as artificial intelligence. The company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol MRES. For more information, visit the company’s website at www.M2Bio.co.

*Khan et al., Med Aromat Plants (Los Angeles) Purple Tea Composition and Inhibitory Effect of Anthocyanin-Rich Extract on Cancer Cell Proliferation 2018, 7:6 DOI: 10.4172/2167-0412.1000322 https://www.semanticscholar.org/paper/Purple-tea-composition-and-inhibitory-effect-of-on-Khan-Bashir/b214419bc08ee495790648719dd5d40026932fe2

**Vantage Market Research Green-Tea-Market-Size-Share-to-Surpass-26-16-Billion-by-2028-Vantage-Market-Research

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