Category: CannabisNewsWire Release

420 with CNW — Montana Legislators Send Cannabis Reform Measures to Governor

The Montana legislature passed several measures in the final hours of this year’s legislative session that, if Governor Greg Gianforte signs into law, will significantly impact the state’s recreational marijuana market. A few new regulations, including one that is more lenient when it comes to edible THC testing and another that extends the moratorium on authorizing new operations until 2025, could benefit the industry. However, some, including a considerable increase in license renewal prices, may make it more difficult for businesses to operate.

The legislature also blocked measures that would significantly impact the industry during the session, such as SB 546 from Senator Keith Regier, which would have outlawed recreational marijuana dispensaries in the state entirely.

The Economic Affairs Committee prepared a list of proposed amendments to HB 701, the basic cannabis business framework measure approved in 2021. The current session’s HB 128 by Representative Josh Kassmier implements several of those improvements.

Notably, the bill extends the existing 18-month restriction on awarding new marijuana company licenses by an additional two years. New businesses will be prohibited from establishing themselves in Montana until after June 30, 2025. HB 128 further answers issues raised by HB 701 regarding the automatic issuance of retail and cultivation permits for Montanan tribes engaged in combined-use activities. Tribes are now permitted to establish facilities with the potential for growth under HB 128. Another bill, HB 903, clarifies the start date of the license ban.

By extending the moratorium’s commencement date to April 27, HB 903 permits 16 businesses — those that had made the license application before that date and have subsequently been caught in limbo — to start selling recreational cannabis. The remaining 29 who submitted license applications after that date are limited to selling exclusively medicinal marijuana.

Some provisions in the pending measure, however, are a bit harsh on the sector. For instance, HB 903 adds a cumulative $5,000 fee for each additional location, implying that a business must pay double the amount — $10,000 — to obtain a new license for a second location. Moreover, any doctor who issues more than 39 medical cannabis certifications per year will have their license evaluated by the state’s medical examiner’s board.

Another bill, HB 948, makes it illegal to distribute or produce synthetic cannabis products such as HHC and Delta-8 tetrahydrocannabinol in the state. Under current legislation, delicacies containing synthetic marijuana, vape cartridges or other products are not subject to the same tests and regulations as cannabis.

All of these measures are currently pending the governor’s approval.

As more enabling regulatory changes are enacted and take effect, the state could see an uptick in the cultivation of marijuana as companies move to leverage the improved regulatory regime. Such an uptick in cultivation activity could create opportunities for entities such as Advanced Container Technologies Inc. (OTC: ACTX) that specialize in manufacturing indoor cultivation equipment, including “microgardens.”

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 Dosing in Human Oral Nicotine Study, Hopes to Facilitate More Satisfying Experience with DehydraTECH(TM)-Processed Oral Nicotine

  • Lexaria recently reported that dosing of the targeted 36 volunteers in its human clinical oral nicotine study, NIC-H22-1, had been completed
  • The company hopes to demonstrate that its DehydraTECH(TM)-processed nicotine absorbs more quickly and more efficiently into the human bloodstream than leading oral nicotine brands
  • Through previous animal testing, Lexaria showed that DehydraTECH-nicotine was up to 10x to 20x faster in delivering comparable levels of nicotine and delivered up to 6-fold higher levels of nicotine into blood plasma than concentration-matched controls
  • If the findings from the human study replicate a similarly improved performance, Lexaria believes this could facilitate a more satisfying oral nicotine experience than any leading brands sold around the world today
  • Success could result in an important commercial relationship developing in 2023, according to CEO Chris Bunka

Lexaria Bioscience (NASDAQ), a global innovator in drug delivery platforms, recently announced that the dosing of the targeted 36 subjects in its human clinical oral nicotine study NIC-H22-1 had been completed. In the meantime, the company has already commenced sample and data analysis and expects to report the findings as soon as possible (https://cnw.fm/u4AHx).

NIC-H22-1 is a human pharmacokinetic randomized, double-blinded, cross-over study that involved 36 human volunteers that are current cigarette smokers. Each participant visited the laboratory for dosing three times over several weeks, and during each visit, only one oral nicotine pouch was administered: Lexaria’s DehydraTECH(TM)-processed purified nicotine, On!(TM) brand manufactured by Altria, or Zyn(TM) brand manufactured by Swedish Match. Dosing began in December 2022 (https://cnw.fm/8RETj).

“We hope to demonstrate that the Lexaria DehydraTECH-processed nicotine absorbs more quickly and more efficiently into the human bloodstream than the world’s leading oral nicotine brand, Zyn(TM), or America’s third leading brand, On!(TM). If we are successful, we feel this will be a major step towards adoption of our technology into a consumer product, which could result in an important commercial relationship developing in 2023,” Lexaria CEO Chris Bunka wrote in the January 2023 annual letter to stakeholders (https://cnw.fm/Ueieg).

The study results from years of work as Lexaria sought – and continues to seek – a safe alternative to vaping or cigarette smoking, methods of nicotine intake that pose significant dangers to the health of smokers. Data from the World Health Organization (“WHO”) shows that over seven million people die each year due to direct tobacco use, while about 1.2 million non-smokers die because of exposure to second-hand smoke (https://cnw.fm/knvkM). And while vapes or e-cigarettes were developed as less harmful alternatives to conventional cigarettes (“c-cigarettes”) because they do not contain combustible tobacco (https://cnw.fm/ngb7L), NIH-funded studies show that long-term use of e-cigarettes or vaping products can significantly affect the function of blood vessels, increasing the risk of cardiovascular disease (https://cnw.fm/L6kvS).

Over the years, oral nicotine pouches entered the market as companies sought to reduce the societal impact of tobacco globally, and their uptake has been on the up since. According to a 2023 report, the global nicotine pouches market is projected to grow from $4.69 billion in 2022 to $11.91 billion in 2029, representing a CAGR of 13.4% (https://cnw.fm/3QA0d). But despite this projected growth, nicotine pouches have been shown to deliver lower nicotine levels to the blood than with cigarettes, with the time taken to reach peak levels being slower too (https://cnw.fm/xpQVd).

A reluctance by industry to embrace modern technology – has contributed to the failure of older, slow-acting traditional nicotine products to woo smokers; especially considering that in 2020, cigarettes accounted for 84.1% of the retail value sales of all nicotine products, down from 88.9% in 2017 (https://cnw.fm/O3AjX). Given that the global nicotine market is worth roughly $1 Trillion per year, each percentage point of sales represents about $10 billion in revenue. However, Lexaria believes its fast-acting technology – which decreases wait times from as long as an hour to just 3-6 minutes in animal testing – points to a possible seismic shift if improved DehydraTECH nicotine pouches hit the market.

Through animal testing, Lexaria showed that DehydraTECH-nicotine was up to 10x to 20x faster in delivering comparable levels of nicotine into the bloodstream than the peak of concentration-matched controls. The technology also went on to far exceed their total delivery; in particular, it delivered up to 6-fold higher nicotine levels into blood plasma (https://cnw.fm/lknLU). If the findings from the human study replicate similarly improved performance, Lexaria believes this could facilitate a more satisfying oral nicotine experience than any leading brands sold around the world today.

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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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — Why Marijuana’s $100 Billion Economic Impact Varies by State

The recreational and medical marijuana markets continue to have a positive economic impact on the nation as a whole. However, the effects on individual states vary according to the size, maturity and nature of each market. Compared to certain larger, highly populated states with larger markets, some smaller, less populous states are seeing a stronger overall impact on the economy.

Statistics from the just-released MJBizFactbook indicate that the total economic impact of cannabis sales in the United States is predicted to hit $100 billion this year, a rise of more than 12% from 2022. Marijuana sales could inject $17.6 billion this year into California’s economy—the largest marijuana market in terms of population and sales. Conversely, cannabis contributes significantly less to the thinly populated medical and recreational markets. For example, Mississippi, which opened sales in January, is predicted to see a $30 million increase in revenue by year’s end.

When the population of a state is taken into consideration, certain people benefit more than others. Although the California marijuana sector might have the greatest total impact, other jurisdictions offer more impact per individual. For instance, the cannabis market in Alaska is poised to create an average economic contribution to each individual this year of about $1,431. The marijuana industries in Massachusetts, Colorado, Michigan, New Mexico, Nevada and Montana will each contribute nearly $800 per citizen. California, on the other hand, with roughly three times the revenue of Colorado, will only contribute around $450 in economic benefit per person.

Economic influence occurs in both indirect and direct ways. Workers in the marijuana sector can use their earnings to pay for basic needs such as food, shelter, transportation and other essentials. Additionally, cannabis companies, patients and customers shell out millions in local and state taxes, which are used to fund infrastructure improvements such as roads and schools. Real estate businesses also benefit from the opening and expansion of the manufacturing, retail and agricultural industries, which raises demand for properties.

Contrary to supply-chain income, which is commonly used to estimate a sector’s overall size, the economic impact of the cannabis industry is distinct from that of other industries. For cannabis, the multiplier demonstrates how the industry influences the whole economy.

In this event, every $1 that patients and customers spend in retail outlets, a substantial amount of it locally, injects an additional $2 into the economy. While the multiplier approach isn’t ideal for local effect studies, it still offers a great projection of how cannabis affects the economy as a whole.

It would be interesting to learn how the economic benefits arising from companies such as IGC Pharma Inc. (NYSE American: IGC) can be computed, given that the cannabis-based medicines that they are developing can be used across the nation and globally once they receive FDA or regulatory 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.

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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420 with CNW — Marijuana Banking Reform Prospects in US Senate Seem More Positive

The SAFE Banking Act, a bipartisan measure that was reintroduced last month, was recently discussed by the Senate Banking Committee. While the legislation has already been approved by the House of Representatives on numerous occasions, the Senate has never voted on the measure. This is despite Majority Leader Chuck Schumer voicing his support for the proposal.

It is believed that if the bill were to advance to the president’s desk, he would sign it.

The measure’s approval would prohibit federal banking regulators from penalizing financial institutions that provide basic banking services to cannabis businesses in legal states. Its introduction buoyed shares in publicly traded multistate operators a fortnight ago, which observers cite as a sign of how little progress Congress has made on cannabis reform since the inception of the multibillion-dollar marijuana industry.

The hearing by the U.S. Senate Banking Committee isn’t final, however;  it is just a requirement for a committee vote and, in turn, floor consideration. The witnesses called to appear before the committee included Senators Steve Daines and Jeff Merkley, who previously sponsored the measure.

In an email, a spokesperson for Daines revealed that the senator was glad that a  hearing had finally been scheduled for this banking measure. The spokesperson added that the senator believed that there was strong bipartisan support in the senate for the bill. It is expected that the bill will soon be advanced to the senate floor, with committee chair Senator Sherrod Brown vowing that a separate committee hearing with a markup would follow the initial meeting.

However, experts note that the measure doesn’t require a committee vote or a markup to be enacted. They also highlight that efforts to attach the banking resolution to other bills such as the annual defense spending bill failed in the previous congress.

Many feel that the odds of the proposal being approved remain long. For a debate on a measure to end, 60 votes are needed under the cloture rule in the Senate. Some have also pointed out that earlier this year, the senate considered and rejected a marijuana question.

Last month, a motion to end debate and hold a vote on a measure that would allow the Veterans Administration to conduct clinical studies on the effectiveness of marijuana for PTSD and chronic pain in military veterans was rejected with a lone abstention. The director of Maine’s Office of Cannabis Policy, John Hudak, is also skeptical about whether the 118th Congress will push the measure through.

If cannabis banking is finally permitted under federal law, the cannabis industry could see massive growth as access to funding improves. That would, in turn, also boost the prospects for ancillary companies, such as Advanced Container Technologies Inc. (OTC: ACTX), which focus on meeting the needs of companies that are dealing directly 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.

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) CEO Featured in Upcoming Water Tower Research Fireside Chat

InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, will be represented at an upcoming Water Tower Research Fireside Chat Series. The company announced that CEO Eric A. Adams will be the featured speaker at the May 23, 2023, fireside chat; the event is slated to begin at 1 p.m. ET. During the chat, Adams will present an overview of the company’s pharmaceutical development pipeline. He will also discuss subsidiary BayMedica and its anticipated impact on InMed’s growth as well as upcoming catalysts for the company. A replay of the fireside chat will be available after the event for those who are unable to view it live.

To view the full fireside chat, visit https://cnw.fm/EQu9u

To view the full press release, visit https://cnw.fm/Oa7GL

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development and manufacturing 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, please visit www.InMedPharma.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)

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Pivotal Milestones Concerning DehydraTECH(TM) Technology, Including IND Application Plans

  • Lexaria’s patented DehydraTECH(TM) technology enhances drug bioavailability, making it useful for a wide range of product formats, including pharmaceuticals, neutraceuticals, consumer packaged goods, and over-the-counter pills, capsules, tablets, and oral suspensions
  • The company is currently exploring the potential benefits of DehydraTECH related to several molecules including, purified nicotine, CBD, antiviral drugs, human hormones, and PDE5 inhibitors
  • Lexaria recently announced the completion of its diabetes animal study DIAB-A22-1 with at least three positive outcomes using DehydraTECH-CBD
  • California-based InClin, Inc. has been awarded the contract for clinical research organization services for the expected upcoming FDA-registered, U.S. Phase 1b IND hypertension study, HYPER-H23-1
  • Four new patents have been added to Lexaria’s portfolio, bringing the total to 32 granted patents and more pending worldwide

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is improving how active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules through its patented DehydraTECH(TM) technology. DehydraTECH can be used with a wide range of product formats, including pharmaceuticals, neutraceuticals, consumer packaged goods, and over-the-counter pills, capsules, tablets, and oral suspensions.

Lexaria is focusing its ongoing research and development efforts on advancing product candidates across several key segments, including nicotine replacement, cannabidiol (“CBD”) for hypertension, diabetes and epilepsy, antivirals, human hormones, and phosphodiesterase type 5 (“PDE5”) inhibitors.

The company recently announced the completion of its diabetes animal study DIAB-A22-1, with at least three positive outcomes, including weight loss in obese diabetic-conditioned animals, with improved triglycerides and cholesterol levels. Lexaria plans to conduct additional investigations to learn what an optimum DehydraTECH-CBD dose related to both weight loss and increased physical activity might be, considering that the higher dose studied may have created sedative-like effects of CBD triggering hypolocomotion, which has been observed upon high systemic exposure (https://cnw.fm/B2IOI).

Separately, Lexaria has also announced that California-based InClin, Inc. has been awarded the contract for clinical research organization (“CRO”) services for the expected upcoming Food and Drug Administration (“FDA”)-registered, U.S. Phase 1b Investigational New Drug (“IND”) hypertension study HYPER-H23-1 with its DehydraTECH-CBD.

The study is entitled ‘A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension’. The primary objective of this study will be to evaluate the safety and tolerability in up to 120 hypertensive patients, with secondary objectives of efficacy evaluation in reducing blood pressure and detailed pharmacokinetic testing.

InClin is preparing for the study start-up, and Lexaria is expected to begin with patient dosing as soon as possible after the FDA IND filing and review are complete. The company anticipates filing the IND this summer, with FDA authorization likely to follow within about 60 days – resulting in Phase 1b trial commencement of patient dosing as early as October 2023.

According to a recent press release, InClin’s study start-up services include, but are not limited to, clinical site evaluation and selection, personnel and site training, project management, clinical database design and management, quality assurance support, medical writing, study documentation creation, biostatistics and programming, support vendor coordination, Independent Review Board submissions and more (https://cnw.fm/tnB9F).

At the end of April, Lexaria announced that it had received notification of being awarded or allowed four new patents, bringing the total up to 32 granted or allowed patents and even more pending worldwide. The new patents include the United States, Japan, Australia, and Canada. The patent in the U.S. will be the first for Patent Family #21: Compositions and Methods of Treating Hypertension, which the company believes will be particularly important related to its pursuit of utilizing DehydraTECH-CBD concerning the company’s upcoming FDA IND application (https://cnw.fm/lJnXx).

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

Do you have questions or are you interested in working with CNW? Ask our Editor

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CannabisNewsWire is part of the InvestorBrandNetwork.

420 with CNW — Groups Urge Leaders to Expedite Passing Cannabis Banking Legislation

All 50 states’ banking associations, as well as several financial, union and insurance organizations, are urging the Senate committee to enact a cannabis banking bill as soon as feasible. Several state and national organizations wrote to the Senate Banking Committee’s leadership, urging prompt action on the SAFE Banking Act.

Among those voicing support for the act are the American Bankers Association (ABA), the Electronic Transactions Association (ETA), the Independent Community Bankers of America (ICBA), a coalition of trade associations representing the insurance industry and the International Brotherhood of Teamsters. Separately, the national ABA wrote to Congressional leadership urging prompt adoption of the SAFE Banking Act.

In a letter to the Senate sponsors of the Act, the ICBA stated that the proposed legislation will address a significant public safety issue and settle a discrepancy between state and federal law. A different letter from the Teamsters Union’s president stated that the banking bill would significantly increase workplace safety by enabling banks and other financial institutions to offer services to legal marijuana-related businesses.

In a single letter, nine distinct insurance trade organizations stated that the varying legal statuses of cannabis and cannabis-related products under state and federal law, as well as state regulation, could expose their sector to liability. The organizations suggested that the bill be changed to incorporate clauses from a newly reintroduced measure that would give insurance providers that collaborate with cannabis firms more protection.

Senators from both sides have pushed for swift action on the standalone bill, which would shield banks from federal regulators’ penalties when they deal with state-legal marijuana businesses. Senator Sherrod Brown, chairman of the banking committee, recently stated that he expected senators to move swiftly on the banking act, and that has been the case so far. A week or so after being reintroduced in both chambers, the announcement of a date for its hearing was made.

Senate Majority Leader Chuck Schumer stated that he would bring the bill to the floor if it passed the committee. He also underlined that it would be altered to include provisions for expungements.

The standalone banking bill is one of the most likely marijuana laws to pass this session in a GOP-controlled House. It has been passed in some form by the House on generally bipartisan lines multiple times in recent years, but both Republican and Democratic leadership in the Senate have failed to move it forward.

The challenge of limited access to banking services that marijuana companies face aren’t experienced in the operations of other entities such as IGC Pharma Inc. (NYSE American: IGC), which are engaged in studying cannabis compounds with a view to developing formulations that meet FDA criteria for 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.

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

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
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303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

420 with CNW — New Hampshire Governor Voices Support for Cannabis Legalization After Senate Rejects Bill

Governor Chris Sununu of New Hampshire recently announced support for a resolution to enact marijuana legalization via a system of stores run by the state. What happens next remains uncertain, as a bill that would have established a state-run market, which had been approved by the House during the previous session, was rejected by the Senate. The Senate defeated the measure in a vote of 14 to 10.

However, now that the governor has voiced his support, there may be a renewed push to advance a state-run resolution. In his statement, Governor Sununu stated that public opinion and regional dynamics had forced him to reconsider his previous position on this topic. Sununu explained that New Hampshire was the only state in New England where adult-use marijuana wasn’t legal.

He went on to note that it was reasonable to assume change was inevitable as the majority of the state’s residents were in favor of legalization, adding that ignoring this would be both harmful as well as shortsighted. Sununu also revealed that he was ready to sign a legalization measure that focused on harm reduction instead of profits.

He then listed certain provisions he felt needed to be included in a cannabis legalization measure, which included local control that permitted cities to prohibit marijuana retailers from operating in their jurisdiction. The governor also highlighted that cannabis need not be taxed, as this would help curtail the illicit market which had become exceedingly dangerous with fentanyl’s prevalence. He then underscored how regulating the sale of cannabis would ensure New Hampshire’s citizens were in a safer place.

The bill’s sponsor, House Majority Leader Jason Osborne, stated that he was glad to see the governor weigh in with his support.

In an interview, Karen O’Keefe, the director of state policies for the Marijuana Policy Project, stated that it was encouraging to see the governor express some candor regarding marijuana legalization and acknowledge that the will of the voters would eventually prevail. However, it remains to be seen whether legislators will move to reintroduce a state-run legalization resolution.

This comes after Senate President Jeb Bradley indicated that he didn’t feel legislators needed to be prioritizing recreational cannabis reform at all. In a recent statement, the senate president stated that recreationalizing cannabis at this point would convey a confusing message, possibly worsening the already dangerous drug landscape and placing more at risk.  He highlighted that this wasn’t the proper time to divert attention away from addressing the challenges caused by the drug crisis.

This course of action being suggested by the New Hampshire governor is likely to be of great interest to marijuana companies as well as ancillary companies that support the sector, such as Advanced Container Technologies Inc. (OTC: ACTX). Cannabis legislation could significantly impact the trajectory of the industry in the state and create opportunities for 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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420 with CNW — How Governments’ Greed for Taxes Is Frustrating Legal Cannabis Sales

The question of whether individuals should be allowed to use drugs recreationally, particularly marijuana, has long been up for discussion. Advocates claimed that legalizing these drugs would reduce their availability on the black market. Prices would decrease, and gangs and organized crime, which have long benefited from the movement and sale of illicit substances, would decline.

However, this has not changed anything. Cannabis still retains the same legal status under federal law. According to the DEA, marijuana is still classified as a Schedule I restricted drug because there is no federally acknowledged medicinal use for it in the United States. Several states have ignored this position regardless of whether or not such an evaluation is accurate.

The Tax Foundation states that one of the most contentious political problems in the United States is the taxation of recreational marijuana. States may have quite different rates for excise and sales taxes on the same goods. A city’s own sales tax may also be added in some situations.

For instance, Washington state levies a sales tax of 37% on retail cannabis, while Virginia levies a tax of 21%, Montana levies a tax of 20%, Oregon levies a tax of 17% and Vermont levies a tax of 14%. In some states, wholesale and retail prices are both subject to excise taxes. Others charge tax based on how much product is purchased.

Any time there is an excessive tax rate on a good or service, some people will try to take advantage of the situation or go to the illegal markets.

However, there are other difficulties in addition to the extremely inflated tax rates. The application and approval procedures to become a licensed marijuana retailer can be somewhat onerous in some states. In some states, a license application may take months to complete the licensing procedure, only for it to be rejected. Vendors now have the option to forego the procedure and start selling the goods nonetheless, something that would be criminal. Furthermore, they are free to forego tax collection if they skip the licensing procedure.

The illicit market still exists, even if some states have improved their efforts to suppress it. Additionally, due to the nature of interstate commerce, the crime has spread to areas where cannabis use is still illegal.

According to the Oklahoma Bureau of Narcotics, since the state legalized commercial cultivation of medical cannabis in 2018, the state has grown to become the largest supplier of marijuana for the illicit market in the nation.

When the government becomes avaricious and begins to levy exorbitant taxes, it encourages an illegal market where there may be lax sanitation, quality control and safety standards. Once illicit merchants learn how to conserve money and make some savings, they become greedy as well, aiming to increase profits.

Greedy politicians constantly advocate for high taxes, which also encourage criminal activity or systemic fraud. Greed therefore breeds more greed, especially when it comes to cannabis.

Fortunately, the greed exhibited by both state and local governments as well as illicit cannabis industry actors does not affect the cannabis medicalization segment in which pharmaceutical companies such as IGC Pharma Inc. (NYSE American: IGC) operate because this particular space is regulated by the FDA, and the need for tax dollars doesn’t influence how the FDA does its work.

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.

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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CNW420 is part of the InvestorBrandNetwork.

420 with CNW — Missouri’s Adult-Use Market Thriving Three Months After Launch

Missouri launched recreational cannabis sales earlier in February, following approval of Amendment 3 in November 2022. This, according to a report by Brightfield Group, is the second fastest turnaround in the United States, only two weeks behind the record set by Arizona.

Thus far, Missouri has raked in $350 million in sales for both medical and recreational cannabis, according to data released by the Missouri Department of Health and Senior Services. Last month, the state brought in $91 million in recreational cannabis sales. This is on par with the $93.5 million in revenue generated in March and an increase from the $71.7 million sales from February. Medical marijuana sales make up the remainder that brings total sales to $350 million.

The state’s adult-use market is growing at a rapid rate, especially in comparison to other states.

For instance, Illinois took seven months to bring in $300 million in sales after launching recreational sales in January 2020. Two years after the market’s inception, the state ended last year with $1.6 billion in sales.

Missouri is expected to end this year at more than $1 billion, which aligns with marijuana business owners’ expectations that the numbers will go even higher.

Tyler Hannegan, chief of operations and sales for Robust Cannabis, stated that it may take up to a year to see what sales were capable of. However, if the market is to meet the increasing demand, more will need to be done, and faster.

This growth has seen companies such as Hippos Cannabis and Robust Cannabis expand their facilities and hire new employees in an attempt to meet demand, increase production and keep dispensary shelves stocked.

Currently, marijuana businesses also need approval from the state’s Department of Health and Senior Services before they can makes any changes to their facilities. This process will need to be streamlined in an effort to speed up the approval process and allow more players to take part in the industry.

Since the recreational market launched, the department has received more than 80 requests, in addition to the 40 requests that were already pending. Of the total number of submitted requests, the department has approved 23 so far. Spokeswoman Lisa Cox revealed that 29 more are in the final review stage and should be approved over the next few weeks. Cox added that the department was also hiring new employees to handle the increase in workload, noting that the Division of Cannabis Regulation would be fully staffed by the year’s end.

The booming sales of recreational and medical marijuana in Missouri and other states that legalized the substance suggest that entities such as IGC Pharma Inc. (NYSE American: IGC), which are working to develop medicinal formulations from marijuana, could register success since preliminary studies as well as anecdotal reports point to this plant having therapeutic 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.

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

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
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303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.