420 with CNW — Federal Agencies Ease Rules on Previous Drug Use to Meet Labor Needs

As more states in the United States legalize the use of marijuana for recreational and/or medicinal use, the number of employers relaxing drug testing rules continues to increase. The federal government, which is the biggest employer in the country, has now followed suit, relaxing drug screening rules as agencies struggle to meet their labor needs in the tight job market.

Polls show that over one-half of Americans have used cannabis medicinally or recreationally, with majority reporting that they believe the drug should be legalized. Currently, the recreational use of cannabis is legal in 22 states as well as Washington, D.C., while the drug’s medicinal use is legal in the District of Columbia and 38 other states.

Officials have acknowledged that agencies such as the FBI and CIA have taken on more lenient regulations regarding past use of cannabis among job applicants. For example, the CIA announced in April of last year that applicants would need to avoid using cannabis for only 90 days before submitting an application, a huge change from the previous one-year eligibility requirement. The FBI also decreased its cannabis abstention requirement for individuals seeking employment from three years to one year.

In the last five years, the United States military has also given more than 3,000 new recruits a grace period of 90 days to take another test after they failed their entry drug tests. The Navy also launched a pilot program in 2021 that permits recruits to take another drug test 90 days after they failed entry drug tests.

Later in the year, the Biden administration will have the chance to impose limits on how far the government can dredge into the drug histories of individuals who apply for security clearance. Currently, individuals applying for a security clearance must reveal a detailed account of their use of illicit drugs during the last seven years. Background checks conducted before clearance can be investigated if an applicant has been truthful about their use of drugs.

The measure, which was introduced by Representative Jamie Raskin would make the use of cannabis irrelevant in reviews for security clearance, which are needed by most federal jobs. Under the proposed measure, the federal government would limit that time frame to five years for drugs other than cannabis, with applicants being required to disclose cannabis use only during the ninety days before they applied for the job.

Overall, federal employees are barred from using drugs such as cannabis once they receive clearance, even in legal-states, because the drug is still illegal under federal law.

As the drug-screening requirements ease, more people may consider using marijuana for therapeutic or recreational purposes. This increase in the number of users could boost marijuana demand, and that increased demand is likely to have a trickle-down effect on many industries in the economy, such as increasing the demand for indoor cultivation equipment from businesses such as Advanced Container Technologies Inc. (OTC: ACTX).

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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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 – BizCann Expo Shares Agenda Details for Upcoming Colombian Cannabis Expo

BizCann Expo, hosted by ZJ Events, is gearing up for its next event to be held May 21–22, 2023, in Medellín, Colombia. A premier cannabis event in South and Latin America, BizCann is designed to provide key information on innovation, entrepreneurship, and education on all aspects of the cannabis sector. This year’s two-day agenda features an impressive array of presentations from more than 20 speakers, including 3C Consulting founder and CEO Nic Easley, GNC-Brands founder Juan Gonzalez, Global Cannabis Network Collective business developer Rosa Maria Puentes Velosa and Green Leaf Colombia cofounder and production manager Camilo Martínez. The event is built around four core pillars: unmatched educational opportunities, especially through engaging with thought leaders and industry experts; a deep dive into the legislative landscape and licensing requirements; essential entrepreneurship encouragement and insight; and invaluable collaboration with Latin and South American businesses. In addition, event organizers note that a key to the success of the expo is the carefully designed conference environment designed to optimize networking opportunities with top-level executives from a variety of streams including cultivators, legal advisors, accountants, entrepreneurs, license holders, service providers and seasoned investors. This year’s event location — Medellín, Colombia — offers the perfect cannabis expo destination. The city boasts a culture of cannabis consumption and a rich tapestry of cultural experiences, as well as accessibility to the U.S. market and excellent road infrastructure. “Medellín is poised to be a center for cannabis investment in the region, with more than $300 million expected to be invested nationally by the end of the year, helping to jumpstart canna-business opportunities in the region and encourage a thriving ecosystem,” the press release stated. “The event is colocated with the Alternative Products Expo and provides a gateway to suppliers, marketers and international investors into the demand-heavy and fast-developing markets of South America and Latin America.”

To view the full press release, visit https://cnw.fm/j8ZFm

About BizCann Expo

BizCann Expo, a production of ZJ Events, is a business and networking event for everything related to cannabis. Event founders were once exhibitors who, after attending countless tradeshow events, saw an opportunity to build upon their experience and create an event that combined the best they had seen with their own notion of what was missing in these business gatherings, thereby separating themselves from ordinary conventions. Since its beginning, the expo has focused on gathering the industry’s best under the same roof. For more information about the company, please visit www.BizCannExpo.com

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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 — Schumer Applauds Refiling of Cannabis Banking Bill

Chuck Schumer, the Senate Majority Leader, has reaffirmed his commitment to pursuing marijuana banking legislation that includes criminal justice provisions and described the broader endeavor to undo the damage caused by the drug war as a moral duty for Congress. Schumer reiterated his intent to pass the SAFE Banking Act, which had been refiled the day before by bipartisan members of the house and senate, during his speech on the House floor this week. He also promised to keep working on a more comprehensive package that supports industry equity and justice for those impacted by the drug war.

The measure, which has undergone minor revisions since the previous session, would shield banks from federal regulators’ sanctions when they cooperate with cannabis businesses that are legal in their state. This most recent revision further clarifies that the safe harbor is extended to CDFIs and MDIs that provide commercial loans to minority-owned enterprises; this is a new clause that proponents pushed for during the previous Congress. The new bill also enables cannabis workers to access mortgage loans backed by the federal government.

While Schumer acknowledged the need for a banking fix, he also stated that work will continue on the SAFE Plus package, which is anticipated to include provisions for gun rights and expungements for marijuana users.

Earlier this month, Sherrod Brown, the chairman of the Senate Banking Committee, announced that his panel will handle cannabis banking reform on its own and leave equity and criminal justice recommendations to other committees with appropriate jurisdiction.

To enact any kind of marijuana reform this session, lawmakers will likely need to concentrate on smaller-scale marijuana laws such as the banking bill rather than more comprehensive justice-centered legalization due to the divided Congress and GOP-controlled house.

However, a recent senate vote has prompted some to wonder whether any minimal cannabis reform is feasible given the current makeup of Congress. A procedural attempt to advance a bipartisan measure that would have simply called for investigations into the medical benefits of marijuana for veterans with PTSD and chronic pain was rejected by senate Republicans.

In recent years, the House has enacted the standalone SAFE Banking Act in various forms, generally with bipartisan support. However, it has come to a standstill in the senate despite having both Republican and Democratic leadership.

Advocates had assumed that the bill would begin in the Senate this time, but it seems that legislators chose to press for bicameral action instead.

Many of the challenges that marijuana companies face, such as lack of access to banking services, don’t impact enterprises such as IGC Pharma Inc. (NYSE American: IGC) which follow federal rules guiding the way medicines are developed for human or animal use, even if those treatments include marijuana compounds including THC. As a result, the preclinical and clinical drug-development processes undertaken by such pharmaceutical companies often result in FDA approval once those drugs are found to be safe and efficacious.

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 — Minnesota Senate Passes Measure to Legalize Cannabis

The senate in the state of Minnesota recently passed a measure to legalize cannabis. The measure, introduced by Senator Lindsey Port, was approved in a close vote of 34 to 33. This comes a few days after a companion reform resolution was approved in the House.

On the floor, Port stated that the prohibition of marijuana was a failed system that hadn’t achieved its desired objectives, noting that it had greatly cost communities of color. Port continued that the measure’s approval would help establish a system of regulation that worked for businesses and consumers in the state, while also ensuring that communities that were most impacted by prohibition had an opportunity to take part in the new market. The senator added that the primary objectives were to legalize and regulate marijuana while also expunging prior cannabis convictions.

The senate-approved and house-approved measures have both been amended a couple of times throughout the approval process, with legislators working to revise policies around various issues and include public feedback. Many are confident that legalization will be enacted this year.

Under the SF 73 and HF 100 measures, individuals aged 21 years and older will be allowed to buy and possess up to two ounces of marijuana. They will also be permitted to grow no more than eight plants at home, four of which may be mature. The gifting of no more than two ounces of cannabis without remuneration will also be allowed between adults.

Counties and municipalities will also be in charge of establishing a system of licensed marijuana businesses, in addition to operating and owning government dispensaries. Furthermore, previous cannabis records will be expunged automatically if the reform is enacted, with the bills stipulating that the Bureau of Criminal Apprehension will be in charge of identifying individuals who are eligible and process their expungements.

With regard to levies, part of the tax revenue generated will be awarded as grants to support farmers with some of it also funding substance misuse treatment programs.

Earlier in January, Governor Tim Walz announced his biennial budget request, which included projections on the millions in marijuana tax revenues that his office estimates Minnesota will rake in once the reform is enacted. The request also included proposed funding to implement cannabis legalization and expungements.

The bill being advanced is a repetition of the 2021 House-passed legislation introduced by former Majority Leader Ryan Winkler. Winkler currently serves as campaign chairman of the MN is Ready advocacy coalition.

When marijuana prohibition comes to an end in Minnesota, plenty of opportunities will be opened to innovative state residents and nonresidents alike. For example, companies such as Advanced Container Technologies Inc. (OTC: ACTX), which supplies indoor cultivation equipment, will have more clients to serve.

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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NECANN Connecticut Cannabis & Hemp Convention to Deep Dive Into the Rapidly Changing Cannabis Industry

The 2023 Connecticut Cannabis & Hemp Convention is being held at one of the most prestigious locations in Connecticut, the XL Center, 1 Civic Center Plaza in Hartford, CT on May 20-21, 2023. NECANN takes note of reputable brands, as well as creative entrepreneurs on the scene, to create a vibrant blend of exhibitors, speakers, and panelists, that keep attendees engaged and inspire repeat visits to events.

The convention attracts industry-leading professionals who will present the latest insights into the cannabis industry. With expert speakers and exhibitors, the convention will have it all: science, cultivation, new opportunities, legal, branding, business strategies, growth, policy reform, and more. The conference strives to address the latest topics in the cannabis industry while allowing attendees to learn from the luminaries who are driving growth.

The conference is arranged to offer meaningful networking opportunities and impactful insights that serve a broader purpose of managing the industry as it grows. It serves as a platform that promises to both inspire and engage the next generation of cannabis heavy hitters in cultivation, extraction, retail, branding, media, compliance, distribution, and everywhere in between.

Network, Learn, And Explore The Cannabis World!

The 2023 Connecticut Cannabis & Hemp Convention is designed to empowering attendees with all the products, news, technologies, and legal info available. It will offer ample networking opportunities to create potent connections with peers in the cannabis industry. Attendees will have the opportunity to relax after the enthusiasm of the show, celebrate success, and start a conversation over drinks.

Perfect for entrepreneurs, executives, and even consumers, the conference will feature a range of expert panelists and speakers that represent a wide range of professionals from across the cannabis industry. The seminar will attract hundreds of leading exhibitors, including pioneering leaders in the cannabis marketplace. The seminars are designed to display the latest industry advances, new technologies and products, legal and financial issues, along with real-world insights from the trenches.

The convention is an ideal platform for networking and discovering what’s new in the cannabis marketplace. In addition to providing insightful educational resources, it will offer exhibitors the opportunity to improve brand awareness. The event will also include question-and-answer sessions and panel discussions about legislation, political issues, and cannabis business opportunities.

To learn more, please visit https://cnw.fm/7vEi9.

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420 with CNW — Legislators in Hawaii Pass Measure Urging Governor to Establish Clemency Program

Legislators in the state of Hawaii have passed a measure urging the governor to establish a clemency program for individuals with previous cannabis convictions on their records. The measure, which was approved by the House earlier last month, was championed by Representative Jeanné Kapela.

The legislation states that the prosecution of marijuana offenses has deprived many of access to housing, higher education, individual liberty, the right to vote, and employment, with the overall drug war destroying indigenous, immigrant and low-income communities. It also calls attention to the mass pardon issued by President Joseph Biden in October 2022 for persons with simple federal marijuana possession offenses. In addition, it mentions that some states have legalized cannabis and included expungement pathways for previous convictions.

LPP Senior Policy Associate Frank Stiefel argues that setting up a clemency program would be an important first step in addressing the harms caused by failed policies implemented as a result of the war on drugs The measure also encourages Governor Josh Green to work with advocacy groups such as the Hawaii Innocence Project and The Last Prisoner Project.

Earlier in November, the governor announced that he’d sign a legislation to legalize marijuana for adults, adding that he had ideas on how taxes from cannabis sales could be used. Despite this, the state has yet to legalize the recreational use of marijuana after an adult-use marijuana legalization measure that was approved in the Senate ultimately stalled in the House.

Legislators hope to enact the reform in the second half of the two-year legislative session. That hope was strengthened after the AG announced that her office would not oppose cannabis legalization anymore and would, instead, liaise with stakeholders and legislators to help advance reform. Attorney General Anne Lopez revealed that her office would develop a comprehensive regulatory legislative package that could be attached to any measure to legalize cannabis.

Additionally, the state was the first in the country to legalize medical cannabis in 2000. More than a decade later, the law was expanded to include a regulated cultivation and dispensary system. With an already established medical cannabis system, recreational use is not far behind.

In other news, the state’s senate passed a resolution to establish an advisory council to explore regulations on access to breakthrough treatments such as MDMA and psilocybin for mental health conditions. The resolution from Representative Adrian Tam would also evaluate FDA breakthrough therapies within three months of the substance receiving its designation.

As states such as Hawii move to expand their marijuana laws beyond medical marijuana, several companies, including IGC Pharma Inc. (NYSE American: IGC). are investing research dollars with the aim of bringing to market cannabis-based medicines that meet the strict requirements of the FDA so that more people can access these treatments even if the jurisdictions in which they live don’t permit the use of marijuana.

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 — Maine Legislator Files Anticipatory Bill to Facilitate Cannabis Interstate Commerce

A proposal that would enable Maine to sign interstate marijuana commerce contracts with other U.S. states that have legalized cannabis has been presented by a state legislator. Democratic Representative Joseph Perry’s bill would permit, with certain restrictions, the transportation, manufacturing, testing, acquisition, distribution and sale of marijuana or cannabis-related items entering and exiting Maine.

According to the legislation, such agreements are only permitted if the federal statute is changed, financing for interstate implementation is restricted and the Justice Department issues a statement stating that allowing trade between states would not put the state at greater risk of enforcement actions. Businesses that sell marijuana outside of Maine are required to abide by the laws there and cooperate with any inquiries into violations.

If passed, Maine would join Oregon and California in enabling interstate marijuana commerce when federal legislation changes.

The senate president of New Jersey submitted a comparable bill last year, but that proposed legislation hasn’t yet been passed. Regulation issues in Maine could arise from the movement of cannabis across states that forbid it. Maine is a small, remote state with only New Hampshire as a neighbor, and neither state has permitted cannabis for recreational use.

Maine’s cannabis authorities determined in a report issued a year ago that the state’s introduction of an adult-use marijuana business has already surpassed projections in terms of reducing unlawful sales. However, a cannabis company from Oregon filed a complaint in the U.S. courts last year asserting that the state’s prohibition of marijuana exports and imports from and to other states is unconstitutional.

In the same manner that a federal appeals court determined last year that Maine’s regulations preventing foreigners from holding medical cannabis enterprises within the state infringed the commerce provision of the Constitution of the United States, legal experts speculate that preventing the import and export of medicinal cannabis across consenting states may be viewed as restrictive and unlawful. This reasoning might also be used to undermine state-level restrictions on the import and export of marijuana.

If federal regulation changes, the proposed bill in Maine gives the state a chance to gain from interstate trade, perhaps strengthening its economy and generating jobs. However, Maine’s capacity to enter into such accords is now constrained. The measure attempts to give Maine access to the potential sources of income in the developing cannabis business. Additionally, it aims to safeguard public safety and create an oversight structure for cannabis sales.

When interstate commerce for marijuana is ever permitted, there could arise a production boom for the substance. Such a boom would have a positive effect on not only marijuana companies but also other industries that arise to meet the different needs of the thriving cannabis companies. Businesses such as Advanced Container Technologies Inc. (OTC: ACTX) could therefore benefit from allowing cross-state trade in marijuana.

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), Featured in Recent Research Report by Zacks SCR

Zacks recently released a research report covering Lexaria Bioscience, a global innovator in drug delivery platforms
The report discusses the company’s ongoing research and development (“R&D”) programs, forecasting penetration into global markets for hypertension, oral nicotine delivery, and antiviral product categories
Lexaria is targeting conditions with significant market potential, including hypertension, diabetes, dementia, and seizures
These programs position the company for entry into collaborative opportunities to support further growth and provide growth capital

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, featured in a recently released research report from Zacks Small-Cap Research (“SCR”) (https://cnw.fm/R891E). The report considers the potential approval and commercialization of products processed with the company’s patented DehydraTECH(TM) drug delivery platform technology that increases drug bioavailability, and ongoing research and development (“R&D”) activities, including recent revelations that the platform technology may offer a new mechanism of action, to support a $14.00 share valuation (https://cnw.fm/e2bXG).

“DehydraTECH offers several attractive features: substantial improvement in bioabsorption in terms of time to measurable plasma levels and AUC (area under the curve), brain permeation, taste masking, and side effect reduction. As DehydraTECH does not employ a covalent bond, [it] is not a new molecular entity and can rely on previously conducted safety and efficacy data to obtain regulatory approval,” the report reads.

The report highlights the company’s accomplishments during the current financial year 2023, which began September 1, 2022, acknowledging the considerable ground Lexaria has traversed with its research and development (“R&D”) activities. For example, the lead R&D program seeks to investigate DehydraTECH-processed cannabidiol (“CBD”) for the treatment of hypertension; five human clinical trials have been conducted to date, yielding positive results.

These results come amid increasing interest from big pharma. In early 2023, for instance, AstraZeneca (NASDAQ: AZN) initiated a bid to acquire CinCor Pharma, Inc., a US-based clinical-stage biopharmaceutical company developing novel treatment for resistant and uncontrolled hypertension as well as chronic kidney disease. Though the bid is yet to be accepted, according to a disclaimer on AstraZeneca’s website (https://cnw.fm/jpQAW), the juggernaut’s interest, Zacks’ report explains, “accentuates the unmet need for effective control of hypertension and provides a healthy backdrop for further work by Lexaria in this area.”

This additional work comes in the form of an expected Food and Drug Administration (“FDA”)-approved Phase 1b clinical study. Accordingly, Lexaria intends to submit its Investigational New Drug (“IND”) application for the hypertension program mid-year, with the study expected to commence in the second half of the year, according to the report.

In addition, Lexaria’s efficient use of capital has allowed it to expand its R&D into new preclinical work, including efforts evaluating DehydraTECH-CBD as a potential treatment for diabetes, dementia, and seizures. And as is synonymous with all its R&D programs, these efforts are not only strategic but also influenced by an ever-present market need.

The company took an interest in the seizure space following the FDA’s approval of GW Pharmaceuticals’ Epidiolex, acquired by Jazz Pharmaceuticals, a CBD oral solution for the treatment of seizures in children with Lennox-Gastaut or Dravet syndrome. This marked the first time a drug containing an active ingredient from the cannabis plant had received approval. With regulatory approval in the bag, Epidiolex would go on to generate $750 million in revenues in 2022, a figure that will likely increase to over $1 billion by 2024. This success spurred Lexaria to perform its own studies evaluating the efficacy of DehydraTECH-CBD for seizures. In results released in November last year, the company established that DehydraTECH-CBD worked faster and better at lower doses than Epidiolex (https://cnw.fm/V9cp1).

Regarding dementia, the report underlines that although there are several approved drugs, they have had limited benefits, lacked the clear-cut benefit desired, or resulted in adverse side effects. “This leaves the dementia field wide open for therapies that can either slow or improve the symptoms of dementia,” the report continues. For its part, Lexaria intends to capitalize on this gap and has initiated a study evaluating the potential therapeutic use of DehydraTECH-CBD in dementia.

The company is also evaluating other DehydraTECH-processed candidates, including oral nicotine, antivirals, PDE5 inhibitors, hormones, and more. Of these focus areas, the report projects penetration into global markets for hypertension, oral nicotine delivery, and antiviral product categories.

“While still early stage, these programs could be excellent partnership opportunities that will support further growth and potentially provide growth capital,” the report concludes.

For more information, visit the company’s website at www.LexariaBioscience.com.

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420 with CNW — Study Finds No Elevated Risk of Psychosis Resulting from Marijuana Use

Even though some experts claim the association between cannabis use and psychosis is exaggerated, a recent study found a connection between high-potency cannabis addiction and a higher risk of psychosis. However, another study that was just released in the “Psychiatry and Clinical Neurosciences” journal offers a different viewpoint, concluding that cannabis usage does not raise the chance of psychosis, even in people who are predisposed to the condition.

The study was carried out by an international team of researchers from Europe, Australia and the United Kingdom. The authors discuss the background of previous research on this particular topic, pointing out that there have been few prospective studies on it and that the direction of this relationship is still up for debate.

The researchers state that the study’s main objective was to investigate the relationship between cannabis usage and the prevalence of psychotic illnesses in individuals with a clinically high risk of developing psychosis. Additionally, the researchers wanted to determine whether cannabis usage was associated with functional outcomes as well as the duration of psychotic symptoms.

The study included 67 healthy control volunteers as the baseline and 334 people who were identified as highly susceptible to developing psychosis. The subjects were then monitored by the researchers over the course of two years using a modified Marijuana Experience Questionnaire. The psychotic disorder developed in 16.2% of individuals in the highly susceptible cohort, with 51.4% of those who did not experience psychosis reporting persistent symptoms while 48.6% were in remission.

The authors concluded that there was no significant correlation between any baseline measure of cannabis usage and functional outcome, symptom persistence or transition to psychosis. The team continued by pointing out that its results were at odds with epidemiological evidence that suggests cannabis usage raises the incidence of psychotic illness.

Although the results are in opposition to several recent studies on marijuana and psychosis, there may be more to this discussion than first appears. According to a 2016 review of earlier data published by the Lancet, reducing or quitting cannabis use altogether can help people who are already experiencing psychosis. This effectively demonstrates that there is no causal link between cannabis use and psychosis.

While studies suggest that chronic marijuana-induced psychosis is relatively uncommon in the general population, psychosis patients may use marijuana and other drugs more frequently than other people.

This study notably demonstrated that prior cannabis usage is not linked to a higher risk of developing psychosis, even in people who are predisposed to the condition. The authors acknowledged that further research is required to fully understand the connection between cannabis use and outcomes related to mental health, but they also suggested that these findings may serve to alter current views on healthcare and policy.

The development of pharmaceutical-grade formulations from marijuana compounds by entities such as IGC Pharma Inc. (NYSE American: IGC) could help to shift attitudes further in a way that people will increasingly view it as a plant with therapeutic benefits and not as one that can only be used recreationally.

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420 with CNW — Australia’s Medical Marijuana Market May Soon Surpass Canada’s

The medical marijuana industry in Australia is expected to grow significantly this year, with some experts noting that the market may even outdo the medical cannabis sector in Canada. Australia legalized medical cannabis in 2016.

Patients using medical marijuana in the country usually access the drug from an approved prescriber or through the Special Access Scheme Category B (SAS-B) system. Data from the Therapeutic Goods Administration shows that the number of patient approvals under the SAS-B system increased in the period between 2018 and 2021, before declining last year.

The primary cause of the decline in approvals was the implementation of reforms that prompted some patients to secure their prescriptions through an approved prescriber. This is backed by data, which shows a significant increase in patient approvals. In 2019, patient approvals stool at 322 while by the second half of last year, this number had reached 172,185.

Rhys Cohen, global partnerships and engagement advisor at the Penington Institute, estimates that last year patients spent about $165 million on prescription medical marijuana products. The institute is a public health research and drug policy organization focused on improving community health and safety in relation to drugs. The organization forecasts that the market may double in size this year, a move that would put spending in Australia significantly ahead of Canada’s medical marijuana industry, which was valued at $302 million in 2022.

Cannatrek CEO Tommy Huppert attributes the growth of Australia’s industry to the increasing number of physicians who can prescribe marijuana. He stated that patient approvals were increasing as more authorized prescribers became active; those activations are increasing because the prescribers don’t need to apply through the special access scheme system.

The reforms implemented in late 2021 also reduced the cost and time involved for patients when their prescribed product was discontinued or unavailable. It also helps that Australia is a big importer of unapproved medical marijuana products and marijuana for research purposes in the world, along with Germany and Israel.

The majority of the country’s imports come from the United Kingdom and Canada, with ANTG CEO noting that the Australian market has been dominated by imported products for the last five years. It is expected that the market will become more competitive, however, as emphasis on domestic production increases to meet local demand.

Beginning in July 2023, all medical marijuana products to be sold in the country will need to comply with new requirements on labeling, manufacturing quality and child-resistant packaging.

As marijuana markets in different countries and states grow, many opportunities are created for innovators in different fields, such as Advanced Container Technologies Inc. (OTC: ACTX) that specializes in manufacturing grow equipment which can boost cannabis plant performance.

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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