420 with CNW — Arizona Court Says Cannabis Sales Convictions Qualify for Expungement

The Court of Appeals in Arizona State has ruled that some people who have convictions for selling marijuana can apply to have those convictions expunged. This ruling comes after a man who had been convicted in 2014 for possessing marijuana with an intention to sell it sought the Appeals Court’s opinion regarding a lower court’s decision to deny his request for expungement.

It should be remembered that in 2020, voters in Arizona approved a recreational cannabis legalization law. This law also had provisions for expungement of criminal records regarding marijuana crimes that were no longer crimes under Prop 207. For example, people who were found guilty of possessing cannabis in amounts that were now legal could apply to have those criminal records expunged.

When that legalization law took effect, the Attorney’s Office in Maricopa County launched an application on behalf of a man convicted on a charge of possessing marijuana with intent to sell it. However, the court denied the request, arguing that the law didn’t include individuals whose convictions were related to selling or the intent to sell marijuana. The attorney’s office appealed this ruling, and the appeals court agreed with the petitioners who were acting on behalf of the man in need of relief from that charge on his criminal record.

Brian Furuya, the judge who delivered the appeals court ruling on behalf of a panel of three judges, asserted that the crime of transporting marijuana now qualifies for expungement and that since 1987, transporting cannabis for one’s own use hasn’t been a crime in Arizona. For that reason, the court was of the view that the voter measure, which was passed during the 2020 polls, must have referred to marijuana transportation for sales purposes since transportation for one’s own use has been legal for decades.

Martin Hutchins, who spearheaded the legal efforts on behalf of the ex-convict, welcomed this ruling. He said that the practice was that anyone found in possession of cannabis would be assumed to have the intention of selling it, and so they would also face marijuana sales charges once arrested and arraigned before court. Hutchins felt that those convicted on marijuana sales charges after being found with small amounts of the drug weren’t necessarily drug dealers.

However, not everyone is thrilled about this ruling. For example, the advisory council for the prosecuting attorneys in Arizona tendered a brief to the appeals court stating that the law under which recreational cannabis became legal was unequivocal in excluding cannabis sales convictions from the expungement provisions. Court didn’t agree with this opinion.

As more of these vestiges of marijuana prohibition are eliminated, a thriving industry that allows many ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) to deepen their reach in different markets.

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) Completes Animal Study Showing Its Patented DehydraTECH(TM) Technology Significantly Enhances Oral Delivery of Estradiol; Raises $2 Million in Gross Proceeds from Public Offering

  • Lexaria recently completed its animal study HOR-A22-1 showing its patented DehydraTECH(TM) technology dramatically enhanced the oral delivery of estradiol, a type of estrogen hormone
  • The use of DehydraTECH resulted in ~900% higher peak concentration of estradiol in the bloodstream compared to the control, as well as a 2,000% increase in the levels of estrone
  • Estrone is a type of estrogen that can be reversibly made from estradiol in certain tissues within the female body
  • The study HOR-A22-1 also revealed that DehydraTECH resulted in 1,500% and 12,500% higher exposure to estradiol and estrone over time, respectively, compared to the control
  • Lexaria also announced the closing of a public offering that raised approximately $2 million in gross proceeds

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently reported that it had completed its animal study HOR-A22-1, which showed that the company’s patented DehydraTECH(TM) technology platform significantly enhanced the oral delivery of the estrogen hormone estradiol (https://cnw.fm/7InvU).

Performed in 20 female Sprague-Dawley rats, the pharmacokinetic study compared a DehydraTECH-estradiol formulation to a generic estradiol composition, both containing 10 mg/kg of estradiol, to evaluate the ability of DehydraTECH to enhance the delivery properties of the orally administered hormone. Once dosing was completed, blood was collected up to 48 hours post-dosing, with the concentration of estradiol and estrone determined thereafter.

Estradiol is a major female sex hormone and the most common form of estrogen in women of childbearing age. It is normally made in the ovaries (although it is also manufactured in the testicles in men, albeit in small quantities) but can be administered as an oral tablet, topical gel or patch, cream, or injection to reduce the symptoms of menopause and protect bone health. It is also found in birth control products. Put simply, estradiol is an important element of therapeutic products in the women’s health sector. On the other hand, Estrone is the only type of estrogen that females continue to manufacture after menopause. It is primarily made in the adrenal glands (in both males and females), although it is also reversibly manufactured from estradiol in tissues found in the mammary gland, uterus, and liver, a factor that informed the study’s measurement of estrone levels.

The study found that the DehydraTECH-estradiol composition resulted in a maximum concentration in the bloodstream (“Cmax”) of 5.65 ng/mL, which was approximately 900% higher than the control formulation’s Cmax (0.63 ng/mL). Additionally, the use of the DehydraTECH-formulation resulted in a 2,000% increase in the levels of the estrone metabolite, also measured using the Cmax parameter: DehydraTECH-estradiol resulted in a Cmax of 6.49 ng/mL compared to the control’s 0.302 ng/mL.

Additionally, the study evaluated the area under the curve (“AUC”), a parameter that gave insight into the total delivery of estradiol over time as well as the extent of exposure to estrone. The AUC was 3.9 hr.ng/mL for estradiol and 32.6 hr.ng/mL for estrone when the DehydraTECH-processed composition was used. In comparison, the AUC after administering the control was non-detectable for both estradiol and estrone, as it was below 0.25 ng/mL, the lower limit of quantitation of the assay. This means the AUC findings were 1,500% and 12,500% greater than the control for estradiol and estrone, respectively.

Considered an additional step that is readily incorporated into the formulation and manufacturing process of existing or new orally ingestible and topical products, DehydraTECH has been shown to improve the proportion of the drug delivered into the bloodstream (bioavailability) and the absorption of drugs into the brain tissue. Among the drugs that can benefit from these improvements is oral estradiol, which has minimal bioavailability (2% to 10%) due to gut and liver metabolism (https://cnw.fm/AWDP1). This, according to Lexaria, often necessitates high dosages to achieve the desired beneficial effect; but this can, in turn, lead to unwanted side effects. Thus, incorporating DehydraTECH into the manufacturing process of oral estradiol and potentially other human hormone therapies may enhance their oral delivery.

The animal study HOR-A22-1, which is part of Lexaria’s efforts to pursue multiple paths to success by investigating several large market opportunities, represents a foray into the hormone replacement market estimated to grow from $31.06 billion in 2019 to an estimated $46.50 billion by 2027, a 5.1% CAGR (https://cnw.fm/wKiCZ).

Meanwhile, Lexaria also announced the closing of its public offering of 2,106,000 units, each consisting of one share of common stock and one warrant to purchase one share of common stock. The offering generated approximately $2.0 million in gross proceeds.

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 — Minnesota Agencies Set Timelines for Launch of Recreational Cannabis Sales

State agencies in Minnesota hope to start granting retail licenses for permitted marijuana sales within a year. To accomplish this, a request has been made for vendors to provide a timeline for the program’s development, following the approval of a bill by the legislature permitting adults aged 21 years and older to possess and purchase cannabis. Governor Tim Walz has expressed his intention to sign the bill into law, thereby making Minnesota the 23rd state to legalize recreational marijuana.

The state is looking for a software provider to handle the applications and data related to retail licenses. According to the proposal package, work on the project would begin in July, and applications for licenses would begin in May 2024. Although the date may change, the first dispensary sales of marijuana are anticipated to begin in January 2025.

In the interim, starting in August, individuals will be permitted to cultivate marijuana plants at home, within certain limits. They will be allowed to possess up to two pounds of cultivated cannabis and share small amounts with individuals of legal age whom they are acquainted with.

Pending Governor Walz’s signature, the bill outlines the following key points:

  • Marijuana would be legal for adults 21 years of age and older to buy, possess and consume; however, there would be consequences for selling the substance to minors.
  • The state will tax cannabis sales at a 10% rate, which is considerably less than the rates in many other states where recreational cannabis is legal. The revenue earned will be used to assist the legal cannabis market through grants and other regulatory measures. The state treasury will receive 8% of the tax money, with the remaining 2% going to local governments.
  • Counties and cities might set a limit on the number of cannabis merchants depending on the size of their respective populations, with at least one store for every 12,500 residents. Communities could award additional licenses, but there would be a ceiling.
  • Individuals with previous marijuana-related convictions may have their criminal records expunged. The lowest-level offenses would be subject to an automatic process that would begin in August and go until 2024. More difficult matters would be reviewed by a different board.

Minnesota has had a medicinal marijuana program in place for nearly a decade, initially restricted to tablets, oils and other nonsmoking forms. The authorization for the leaf form was granted in 2021.

It is noteworthy that Minnesota has had a medical cannabis program for almost 10 years, and the state has progressively expanded the range of products that patients can access from the marijuana-licensed outlets. Now that companies such as IGC Pharma Inc. (NYSE American: IGC) are developing formulations that can meet the strict FDA requirements, the concerns that some people have about using marijuana will be addressed through these pharmaceutical-grade medicines.

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 — Nevada Lawmakers Urge Congress to Approve Federal Marijuana Legalization Law

Last week, senators in Nevada passed a measure that called for Congress to legalize cannabis at the federal level. The approved measure states that marijuana has many medical uses that have been well documented, yet it is still classified as a Schedule I substance.

Under the Controlled Substances Act, marijuana is classified in the same category as drugs such as heroin, LSD, peyote, ecstasy and methaqualone. Drugs under this schedule are said to have a high potential for abuse and no accepted medical use.

The legislation also highlights that voters in Nevada have approved measures at the ballot to legalize recreational and medical cannabis, adding that in 2022, a district court in the state ruled that the designation by the Board of Pharmacy categorizing marijuana as a Schedule I drug was unconstitutional. It also notes that marijuana’s federal classification makes it difficult for patients to obtain medical insurance coverage for marijuana prescriptions, in addition to them not receiving coverage under health savings accounts.

In addition, the measure also explores financial barriers that cannabis businesses encounter under current prohibition, specifically the lack of access to banking services. This has forced many legal businesses to operate on cash solely, making these businesses crime targets. The resolution also requires that the chief clerk of the Assembly prepare and circulate a copy of this bill to every member of the Nevada Congressional Delegation, the Speaker of the House of Representatives and the presiding officer of the United States Senate, as well as the Vice President of the U.S.

Senators in Delaware approved a similar measure earlier this year, which also asked the federal government to stop cannabis prohibition.

During this session, legislators in Nevada have discussed other measures on drug policy, including a measure that would increase the possession limit of marijuana and eliminate barriers to employment in the cannabis industry.

The State Athletic Commission also held a vote to advance a proposed amendment to Gov. Joe Lombardo, which would protect athletes from penalization over the possession or use of legal cannabis. In 2021, this body voted to stop the penalization of professional fighters who tested positive for cannabis. However, the policy is yet to be integrated into the code. This recent amendment would alter that. The Nevada State Athletic Commission regulates unarmed combat sports within the state.

In other news, law enforcement regulators in the state also introduced a proposal to revise Nevada’s employment policy. If approved, previous conviction over the possession of cannabis for amounts that have been legalized would no longer be used to disqualify police recruits.

If the federal laws on marijuana are repealed, there will be a massive market created for various companies that service the cannabis industry, such as Advanced Container Technologies Inc. (OTC: ACTX), as well as companies that directly deal in marijuana or its products.

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

About CNW420

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

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420 with CNW — Australian States Review Driving Laws as Medical Cannabis Use Grows

Imogen Kars relies on medical cannabis to lessen the pain and suffering brought on by her chronic disease and handicap, but she worries that using it while driving could land her in legal trouble. The 27-year-old from Queensland takes cannabis as prescribed to treat her rheumatoid arthritis and cerebral hypertension. Kars said that her hands and joints’ discomfort, stiffness and edema would prevent her from continuing her copywriting career without medical cannabis.

The main psychoactive ingredient in cannabis is THC, which can be identified in a saliva test at a traffic stop for up to 12 hours after use, even when users are no longer experiencing the effects of the drug.

Several Australian jurisdictions are revisiting their legislation regarding medical marijuana on the roads, including Queensland and Victoria. Kars supports the reform, stating that she fears she might lose her license or be charged with a crime if she fails the drug test.

Victoria is leading the way in legislative discussions on reforming the current drug-driving laws and recently came up with the Road Safety Amendment (Medical Marijuana) legislation for 2023. Authorities are reviewing the current laws and considering any necessary amendments.

Jake Campbell, a student in Victoria, received a prescription for medical marijuana to treat the discomfort from his stage 3 testicular cancer. However, he stopped using the substance because he was worried about getting caught breaking the law. Campbell argued that Victoria’s drug driving regulations should provide for some flexibility or a legal limit for blood THC levels, as there is for alcohol. According to him, the current laws are insufficient.

Ben Watson, a lawyer in Victoria, has defended several individuals who have been punished for failing drug tests administered at traffic stops. Several of his clients were using medical marijuana for chronic pain and cancer treatment. According to him, it has resulted in infringement notifications and occasionally court appearances. There isn’t any defense at the moment.

Watson wants the laws governing drugged driving to be amended so that those who are given medical marijuana are regarded the same as those who are taking other medications. A person should be permitted to operate a motor vehicle while having the medication in their system, he added, so long as they are not impaired.

According to Watson, many of his clients were not accused of operating a vehicle recklessly or dangerously while under the influence of drugs. He explained that the fact that it had been found in their oral fluid was deemed sufficient justification for charging them with violating the drug driving laws.

As more people turn to using marijuana for medicinal purposes, it is becoming increasingly clear why entities such as IGC Pharma Inc. (NYSE American: IGC) are looking to formulate pharmaceutical-grade therapeutics from this plant so that patients can access those approved medicines to address their different needs without having to worry about facing legal repercussions for taking their medicine.

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 — Study Says Marijuana Smoking Doesn’t Present Same Risks as Tobacco

Like several Western countries, the United States has been caught up in a wave of cannabis reform that has seen dozens of states legalize either recreational or medical cannabis use among their residents.  But with millions of Americans now gaining access to legal cannabis, some cannabis reform opponents have argued that cannabis consumption is a dangerous activity that can open users to other substances.

Cannabis has been compared to tobacco cigarettes, which are also smoked and are known to cause a multitude of health issues. However, a recent study by University of California researchers has revealed that marijuana smoking does not present the same risks as tobacco smoking.

In a recent study, the researchers compared current cannabis users, people who have used cannabis in the past, and those who have never used cannabis to determine if they experienced any health issues similar to cigarette smokers. After more than four years of comparison and research, the team found that past and present cannabis consumption “of any lifetime amount” had no association with chronic obstructive pulmonary disease (COPD) development or progression.

The team published its findings in the journal “Chronic Obstructive Pulmonary Diseases.”

The findings were celebrated by numerous cannabis advocates who said that the results were in line with past studies, which had concluded that smoking cannabis over the long term was not associated with irreversible airway damage, lung cancer or COPD. A large-scale national study carried out by the University of Central Florida in 2012 also found that “low to moderate” cannabis use presented fewer health risks to users compared to tobacco.

In another study from 2006, researchers interviewed an estimated 2,000 patients with and without cancer and found that while smoking tobacco increased the risk of developing cancer, cannabis didn’t seem to present the same risk even in lifetime users. National Organization for the Reform of Marijuana Laws (NORML) Deputy Director Paul Armentano said that the findings were “reassuring to cannabis consumers and health professionals alike.” Furthermore, he said that they would help to inform future evidenced-based cannabis policies and public health messaging.

In all cases, researchers have been unable to determine why cannabis doesn’t increase the risk of lung cancer or pulmonary diseases despite producing carcinogens and tar when burned.

The UCLA researchers concluded that more research is needed to understand the long-term effects of smoking marijuana, especially in relation to chronic obstructive pulmonary diseases.

The UCLA study goes a long way to dispel the claims by prohibitionists regarding the effects of smoking marijuana. As the truth becomes more clear, the market for marijuana is likely to grow, and its economic benefits could spread to ancillary entities such Advanced Container Technologies Inc. (OTC: ACTX), whose purpose is to meet the needs of the companies which deal directly with the cannabis plant.

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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CannabisNewsBreaks – ECGI Holdings Inc. (ECGI) Closes Acquisition of East West Pharma Group

ECGI Holdings (OTC: ECGI), D/B/A Elite Cannabis Group Incorporated, is a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace. The company today announced the closing of its acquisition of East West Pharma Group, Inc. (“EWPG”), a Wyoming corporation with specialized equipment and experienced personnel, including leaders in the cannabinoid extraction and product manufacturing space. “We couldn’t be more excited to have this deal closed and in the books as we look ahead to an exciting summer,” said ECGI CEO Danny Wong . “The cannabis market has been recovering, with spot prices up over 20% in the past four months, and we now have a top-tier in-house product team and the infrastructure needed to materially scale up production.”

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

About ECGI Holdings Inc.

ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets including undercapitalized and distressed licensed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with nationwide expansion possibilities.

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Sponsored Research Presented at Canadian Neuroscience Meeting

InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids, today announced that results from a neurodegenerative disease study were presented in a scientific poster at the Canadian Neuroscience Meeting in Montreal from May 28-31, 2023. The InMed sponsored research demonstrated the ability of a specific rare cannabinoid (“pCBx”) in InMed’s 900 Series library of potential candidates that reduces amyloid toxicity and tau protein expression while enhancing neuronal cell growth and neuritogenesis markers in vitro. These are all considered to be important targets in the potential treatment of neurodegenerative diseases such as Alzheimer’s. The research was conducted in the laboratory of Dr. Ujendra Kumar and Dr. Rishi Somvanshi of the faculty of Pharmaceutical Sciences at the University of British Columbia. Studies have shown that cannabinoids, via their endocannabinoid receptors (“CB1R” and “CB2R”) that naturally occur in the human body and brain, reduce amyloid-beta (“Aβ”) toxicity, decrease p-tau protein expression and provide neurite outgrowth, thus improving neuronal viability and function.

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

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids, 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.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

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420 with CNW — US Leaders Draw Attention to Cannabis Banking Bill Provision

A provision in the SAFE Banking measure has drawn criticism from several leaders and groups, including Democratic Senator Jack Reed, conservative advocacy associations and senior federal officials. The parties argue that the provision may unintentionally restrict the capacity of regulators to take action against those abusing financial services.

Reed first raised his concerns about Section 10 of the SAFE Banking Act this month in a session held by the Senate Banking Committee to discuss the bill. The senator stated that the provision’s wording will make it more challenging for federal authorities to issue a warning regarding any customer relationships that pose major dangers to the bank. Reed further stated that the section will force banks to notify customers when they are being sought after by the federal government for engaging in illegal behavior, which he likened to tipping off a criminal.

The section states that regulators are not permitted to order or request a depository institution to terminate an individual or group account or to in any other way prevent a depository institution from establishing or continuing a banking relationship with a particular customer, including but not restricted to any customer account that belongs to a state-approved cannabis service provider or business. There are a few exceptions, such as when financial regulators issue a formal statement that the institution is participating in risky or unsound behaviors. However, the section is generally viewed as an overly broad policy move that would restrict the ability of authorities to exercise oversight of financial transactions unrelated to the cannabis sector.

Reed brought up the subject once more at a committee hearing last week, questioning Michael Barr, the Federal Reserve’s vice chair for supervision, and Michael Hsu, the acting comptroller of the currency, if they shared his worries about the section. In answer to Reed’s inquiry at the hearing, Hsu stated that it is crucial that supervisors have the authority to recognize hazards and take prompt action in response, including ordering rectification.

Barr stated that it’s critical that Congress address the problem of the possible inconsistency between federal and state law with regard to marijuana banking services. He also acknowledged that the sections of the bill could be problematic, notwithstanding his usual skepticism about cases in which federal authorities are telling banks what to do with their customers.

At a prior cannabis banking bill hearing, Reed also presented a letter from consumer organizations that primarily focused on the same section of the SAFE Banking legislation. The letter to committee leadership was sent earlier this month and stated that the provision is too broad and could have effects that go far beyond marijuana banking.

It’s probable that Sherrod Brown (D-OH), chairman of the Banking Committee, was referring to this problem when he said that his panel would hold a hearing on financial hurdles in the cannabis business. When speaking to reporters at the time, he expressed concern that banking officials were attempting to exploit the legislation to undermine regulations and undercut bank standards, though he did not elaborate how he thought the banks were doing that.

Given the recent concerns and the apparent consensus that the Financial Act was not intended to alter legislation outside of the cannabis industry, the clause might be changed, either on the floor or in committee.

As more advocates push for change in cannabis banking laws, some companies, such as IGC Pharma Inc. (NYSE American: IGC), are pressing on with their work of medicalizing marijuana since FDA-approved cannabis formulations would fall under the purview of a completely different set of laws from those that are seen as holding back the marijuana industry from reaching its full potential.

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 — Nevada Moves to Ease Cannabis Regulations for Police Recruits

More than 20 states now allow their residents to purchase recreational cannabis while dozens of states have launched medical marijuana markets. This has significantly expanded access to cannabis among the populace and allowed millions of Americans to purchase and consume marijuana legally.

But since federal law still considers cannabis a Schedule I controlled substance, certain individuals can face serious consequences for consuming state-legal cannabis. For instance, people employed by the federal government or in safety-sensitive positions can lose their jobs for failing cannabis tests.

In Nevada, authorities are proposing amendments to the state’s employment policy that would make it impossible to disqualify police recruits for being convicted of cannabis offenses that are now legal. The proposed changes were submitted by the Nevada Peace Officer Standards and Training (POST) Commission just a few days after members voted to keep the rulemaking period open for further potential reforms.

At the moment, individuals who are interested in becoming peace officers in Nevada are not eligible for employment if they received a conviction for an offense that involves the illegal sale, possession or use of a controlled substance.  As a result, individuals who had prior cannabis-related convictions, such as possession, are unlikely to be employed as Nevada peace officers.

The commission is now looking to add language that would create an exception for applicants who received cannabis-related convictions that are “not prosecutable under the law” now that Nevada has updated its cannabis policies.  Nevada legalized recreational cannabis in November 2016 while medical marijuana has been legal since 2000.

The proposed changes are meant to bring the state’s employment policies in line with the updated cannabis policies. However, while the changes will loosen restrictions on police recruits with prior cannabis-related convictions that are now considered legal, no recruits will be allowed to use cannabis after being employed.

POST’s administration manual states that there simply is no room for cannabis or other psychoactive drugs in the “policing profession” and encourages law-enforcement agencies in the state to prohibit the use of recreational and medical cannabis both on and off duty. In fact, the manual even prohibits people with state-issued medical marijuana cards from attending POST courses such as the Basic Training Academy.

The issue of cannabis use among employees is becoming increasingly more prevalent in recent years as the wave of cannabis reform has swept across America and left most states with some kind of cannabis market.

In 2019, a Las Vegas police officer lost his job after failing a THC test and sued the police department. The court ruled that the no-tolerance policy on marijuana use among peace officers was “untenable” and also acknowledged that state law protected an employee’s right to lawfully use cannabis while off duty.

As cannabis laws are eased further across more states in the country, the number of people using the substance is likely to grow, which could mean that even businesses such as Advanced Container Technologies Inc. (OTC: ACTX) which don’t directly deal in marijuana benefit from the boom.

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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