420 with CNW — Study Highlights Medical Marijuana Safety Concerns in Canada

A new study has found that most Canadians who need medical cannabis usually purchase their products from the recreational market instead of the medical system, which raises safety and health concerns. In Canada, medical marijuana can be accessed legally through a licensed marijuana seller by individuals who possess medical authorization, or a prescription.

The study involved 5,744 participants, making it one of the biggest surveys ever done on how Canadians accessed marijuana for medical purposes. It was conducted by a University of Manitoba researcher and completed in collaboration with patient groups SheCann Cannabis, Medical Cannabis Canada, McGill University and Santé Cannabis.

The study determined that more than one-half of those involved in the survey purchased their cannabis without prescriptions.

Associate professor and principal investigator of the study, Dr. Lynda Balneaves, stated that the findings showed that individuals who used marijuana without a medical prescription were 20% less likely to seek advice from health-care professionals as well as 14% more likely to not be aware of the amount of medical cannabis they were consuming.

They were also 27% more likely to use the illicit market to obtain the drugs, in comparison with those who possessed medical authorizations. Additionally, these individuals were 16% more likely to rely on unqualified and nonevidence-based sources of information as well as 7% more likely to experience side effects from the drugs they consumed.

Balneaves also discussed how individuals who lacked medical authorization had limited access to medical advice on things such as type of product and potency. This raises concerns about whether individuals were using medical cannabis effectively and safely and whether that cannabis use could potentially be harming their health.

She added that these individuals also faced financial barriers, noting that those with medical authorizations spent roughly 25% more on medical marijuana with under 6% receiving any insurance coverage for costs incurred. The survey also found that almost one-half of those who stopped using medical marijuana did so because they couldn’t cover the costs.

Medical Cannabis Canada board chair Max Monahan-Ellison stated that the Cannabis Act discouraged and penalized accessible and safe use for patients with medical authorization. He also noted that the organization’s data showed that patients accessing cannabis for medical purposes deserved more support.

Parties involved gave some recommendations based on the study’s findings, which include:

Maintaining reasonable access to cannabis via a dedicated framework
Developing, implementing and evaluating health-care professional education training, with a focus on medical cannabis
Maintaining and amplifying a federal resource hub that offers updated, evidence-based resources and information about medical marijuana.

In the years to come, patients who require cannabis-based medicines may not have to take risks buying medicinal products from recreational use shops because entities such as IGC Pharma Inc. (NYSE American: IGC) are working to formulate treatments from THC and other cannabinoids with the aim of alleviating chronic pain and other symptoms.

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

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 — Fixing Three Issues Could Improve Key Cannabis Relationships

Cannabis laws within a state may span several hundred pages and include numerous regulations. However, the three things that are most vital to the regulators who make these regulations as well as the law enforcers who implement them include the following:

Preventing the diversion of products to the black market
the physical security of marijuana businesses
a possible strain on public resources as well as law enforcement.

Marijuana enterprises should center their security measures on those three aspects to remain compliant and maintain harmonious relations with law enforcement and regulators.

Anthony Vanderhorst, security director at Jushi Holdings, says when it comes to diversion, authorities want to know that you’ve set standard operating policies and procedures to avert unwanted events from happening within the business premises. He adds that the primary aim of physical security is to ensure that nothing happens externally. When those twin objectives are combined, you have a thorough plan.

Regulations on physical security cover things such as cameras and alarms as well as other comparable security technologies. In addition, considerations should include guarding against internal flaws that may lead to diversions, such as employee theft and subsequent sale of products, and averting exterior dangers such as robberies, law enforcement officials urge cannabis companies to be cautious of taxing community resources.

The majority of police officers and municipal governments believe that legalizing marijuana will increase crime in their communities. They are concerned about marijuana merchants contacting the police regularly to report both real and fake alarms, leaving other regions unguarded and open to criminal acts.

To counter these fears, Vanderhorst admonishes plant-touching businesses maintain exhaustive SOPs (standard operating procedures) linked to security as well as how to handle possible threats as and when they emerge.

Tony Gallo, CEO of Sapphire Risk Advisory Group, observed that a police department’s expectations for a cannabis store frequently depend on the market’s maturity and familiarity with legal marijuana marketplaces, as well as the store’s location. Gallo opines that police in mature cannabis markets simply don’t want to bear any extra costs because of issues that could emerge at a marijuana facility. They want to know how the cannabis business will prevent a diversion in their area.

Regardless of how established a market is, cannabis executives need to be cognizant that if they operate many facilities, each one will need a different security strategy.

Observers also noted that while some security expenses, such as those for cameras and alarm systems, decrease gradually, new markets generally have higher security needs than more established ones. As a result, start-ups will spend more on security than they had anticipated.

However, as law enforcement and authorities learn what is needed to safeguard cannabis establishments, these expenses may eventually decline. And as markets mature, cannabis entities, especially cultivators, also see their need for cultivation equipment from the likes of Advanced Container Technologies Inc. (OTC: ACTX) also growing as they move more products to retailers.

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

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420 with CNW — Arkansas Legislators Send Bill on Medical Cannabis Patients’ Gun Rights to Governor

A measure allowing medical marijuana users to receive concealed carry permits for weapons has been approved by the Arkansas Senate. Representative Aaron Pilkington introduced the bill, which was approved by the House of Representatives last Tuesday prior to being approved by the entire Senate on Friday.

According to the proposed legislation, a person’s eligibility for medical marijuana cannot be utilized to decide whether they are qualified for a firearms license. A person who participates in the medical cannabis protocol does not become a chronic or persistent user of a prohibited substance, which may prevent them from receiving concealed-carry approval, according to an amendment to state law that makes this clear.

Additionally, during any probe of an individual’s suitability for concealed carry, the state’s health department is not permitted to reveal that individual’s medical history to the state’s law enforcement agencies. While some states have taken action to protect marijuana patients’ and users’ gun rights, this law is specific to the concealed carry concern.

Although permits for concealed carry are not a requirement in Arkansas, certain citizens choose to obtain one to make trips to other states and be more informed when speaking with authorities.

This law is being introduced as federal courts consider whether cannabis users should have access to firearms. In connection with ongoing litigation challenging the government’s prohibition on medicinal marijuana users owning weapons, the United States Justice Department recently filed a brief with a federal appeals court.

Many of the concerns stated by the DOJ in the submitted brief are echoed in earlier submissions, such as in a federal district court that rejected the case that is currently being appealed. The Biden administration, however, has emphasized again in its most recent brief the “wide-ranging consequences” of a decision in favor of the plaintiffs.

By virtue of the federal court’s decision that the nationwide prohibition is unlawful, a Republican Pennsylvania lawmaker recently urged law enforcement to abolish state restrictions on marijuana consumers being able to purchase firearms, with a focus on medical cannabis patients. A significant House panel in Maryland conducted hearings on a plan to safeguard firearms rights for the state’s medical marijuana consumers in February.

In November, Arkansas citizens rejected a measure that would have legalized cannabis for adults. The legislation that was approved by the Senate is more narrowly oriented toward concealed carry than it is toward legalizing cannabis. The legislation received approval with sufficient backing in the legislature to overturn a possible veto. It now moves to Governor Sarah Huckabee Sanders for approval. It is unclear what her conclusion will be.

As some companies such as IGC Pharma Inc. (NYSE American: IGC) develop formulations from marijuana and gain FDA approval, there is unlikely to be debate about patients’ gun ownership rights since they won’t be regarded as people consuming a banned substance.

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 — State Data Shows Marijuana Sales in Missouri Totaled $126M in March

Latest data shows that cannabis sales in the state of Missouri for the month of March hit $126.2 million. This is month two since recreational retailers were launched in the state, after voters passed a measure to legalize the recreational use of the drug last year.

The revenue generated represents a 22.4% increase in marijuana sales from the amount generated in February. Broken down, recreational and medical marijuana sales stood at $93,500,000 and $32,700,000 respectively.

Projections expect that before the year ends, collective marijuana sales in Missouri may hit $1 billion.

The aggregate sales total for the budding recreational market and the medical cannabis program is also closing in on the $1 billion mark, having already reached $871 million.

Last week, the state’s Division of Cannabis Regulations also revealed that more than 14,000 jobs had been created in the cannabis sector, as per data from Missouri Cannabis Trade Association (MoCannTrade).

In a press release, MoCannTrade’s Andrew Mullins stated that Missouri was well-positioned to make a huge impact on its economy with its consumer-friendly marijuana program and record sales. The economic impact of the marijuana industry on the state is expected to continue growing, especially since voters in various counties and cities passed local cannabis tax initiatives at the ballot last week.

Missouri’s Department of Health and Human Services has been commended for its establishment of a regulated market, which it began planning for prior to the November 2022 elections. By February 2023, regulators had already approved some dispensaries to begin selling cannabis to eligible consumers and started taking applications for individuals to grow their own marijuana at home.

Missouri is among many other states recording strong cannabis sales in the country, as more markets are launched. For instance, the state of New Mexico celebrated its one-year adult-use cannabis market anniversary recently. Thus far, the state has raked in more than $300 million in sales, with the industry creating numerous job opportunities.

Over in Massachusetts, the recreational marijuana market surpassed $4 billion in sales earlier in January. The state’s recreational market was launched in November 2018. In Arizona, the 2022 total for adult-use marijuana purchases hit $1.4 billion.

In other news, Missouri’s House may soon approve a measure that would legalize psilocybin therapy for eligible patients while also promoting studies into psilocybin. In addition to this, the bill would expand the scope of the state’s Right to Try statute for severely ill individuals.

With the way the industry is growing so quickly, one could expect a variety of opportunities to be availed for various ancillary product and service providers such as Advanced Container Technologies Inc. (OTC: ACTX) operating within the state.

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CannabisNewsBreaks – Prime Harvest Inc. Eyes Continued Growth and Expansion with Recently Launched Reg A+ Offering

Prime Harvest, a tech-focused legal cannabis enterprise and parent company to SoCal’s premier dispensary JAXX Cannabis, recently launched Weed 4 The People – the company’s Reg A+ offering that allows the public to own a piece of the company for as little as $4.20 per share at a minimum of 100 shares. “Prime Harvest aims to raise upwards of $42M to fund the expansion of JAXX Cannabis, the company’s flagship store, and delivery platform. Options for potential investors range from $420 to $50,000+, with rewards that include equity stake in the company, and in-store benefits including instant rebates, cashback incentives, JAXX tasting room access, bonus shares, and more,” a recent article reads. “The company’s objective is to continue the development of its upcoming first-in-class delivery service mobile app, which promises to strengthen the commercial cannabis pipeline while offering consumers a personalized, data-driven experience. According to the Reg A+ offering website, company revenue grew by 976% from 2019-2022, while annual customer value increased by $696 and unique customer growth expanded by 395%. Prime Harvest aims to open 20+ locations across California within the next five years.”

To view the full article, visit https://cnw.fm/81qAv

About Prime Harvest Inc.

Prime Harvest is a technology-focused full-service cannabis corporation. The company is horizontally diversified across various segments of the cannabis value chain, including licensing acquisition and compliance management, and state-wide direct-to-consumer operations. Based in the innovation hotspot of San Diego, California, Prime Harvest is expanding its footprint throughout the Golden State by executing a long-term strategy of investing in the growth and scale of licensed assets anchored by the power of data-driven technology. Prime Harvest’s flagship retail brand, Jaxx Cannabis, upholds exceptional standards of quality and services and provides a rewarding experience for customers in San Diego and the surrounding Southern California communities. Trust and credibility are at the heart of everything that the team at Prime Harvest stands for. The Prime Harvest team is composed of true experts in their respective fields, carefully assembled with the aim of building a world-class organization that can drive the cannabis industry and movement forward. For more information about the company, visit www.PrimeHarvestInc.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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Eyes the Licensed Use of its DehydraTECH(TM) Technology to Complement its Royalty Earnings and Realize Revenue in Advance of Royalties

Chris Bunka, Lexaria’s CEO, has reiterated the company’s commitment to creating value for its shareholders with the licensed use of its patented DehydraTECH(TM) technology
Mr. Bunka has noted that Lexaria is already in discussions with interested parties in Europe and North America, a move that presents a critical fiscal opportunity for the company
He has emphasized how profitable new licensing agreements could be for the company, presenting additional avenues for Lexaria to generate revenue and create value for its shareholders
As the company continues to make a transition toward a more commercial focus in 2023, Bunka notes that licensing will play an integral part

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has, since its inception, stayed committed to creating shareholder value and exploring different avenues for growth. This outlook has informed the company’s ambitious clinical studies, starting with the HYPER-H21-4 clinical study demonstrating a novel mechanism of action of its patented DehydraTECH(TM)-processed cannabidiol (“CBD”) capsule formulation for the reduction of blood pressure. It has also shaped other studies, including, but not limited to, diabetes, nicotine replacement, antivirals, and human epilepsy.

In the most recent annual letter to all stakeholders, dated January 2023, Chris Bunka, Lexaria’s CEO, reiterated the company’s commitment to creating value for its shareholders. Of note was his mention of the licensed use of its DehydraTECH technology, both for consumer sectors and the pharmaceutical industry. In addition, Bunka noted that the company was already in discussions with interested parties in Europe and North America, which presents a key fiscal opportunity for the company as time progresses (https://cnw.fm/eIiuX).

In the letter, Mr. Bunka broke down the financial upside to this move by Lexaria, citing how profitable it could be for the company in the immediate and distant future.

“For companies with sales of $10 billion or $30 billion per year, this makes sense. And given that Lexaria’s business model is to out-license our technology in exchange for royalties, you can see very quickly how every single percentage point of royalty on each $1 billion in revenue, amounts to $10,000,000 per year in highly profitable revenue to Lexaria,” Bunka noted.

“A 3% royalty rate on $4 billion would be $120,000,000 in revenue; or an 8% royalty on $2 billion would be $160,000,000 in revenue,” he added.

Lexaria’s licensing opportunities are constantly evolving. So far, the company’s DehydraTECH technology can be used to improve existing products or even create new products. In addition, the technology has proven suitable for a broad range of consumer products such as oral suspensions, topicals, nutraceuticals, registered drugs, capsules, pills, and tablets, among others.

As a technology designed to be effective in delivering fat-soluble molecules through the human gastrointestinal system, DehydraTECH has demonstrated an affinity for transdermal applications, which have shown effectiveness in crossing the blood-brain barrier once within blood plasma. This, in addition to other benefits such as doing away with the need for sugar-filled edibles, more efficiency, and the overall lowering of drug costs, has drawn the attention of parties interested in this technology, ultimately opening up Lexaria’s licensing opportunities.

As an avenue for generating revenue for the company, Bunka is optimistic that the licensing fees will significantly complement its royalty revenue generation while providing it with the much-needed capital to keep advancing its clinical studies and improving its technology.

“Lexaria expects licensing fees to significantly complement its royalty revenue generation and also allow it to realize commercial revenue generation well in advance of when revenues start to flow from royalties upon actual product sales under these licensing transactions,” he noted.

As Lexaria continues to transition towards a more commercial focus, licensing will play an integral part. It will be a fundamental aspect of building a successful and profitable future for the company while also forming a solid foundation for more ambitious future clinical studies.

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

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420 with CNW — New Certification Will Help Standardize Marijuana Product Testing by Labs

States that have legalized the commercial production and sale of marijuana are required to have their products tested for THC levels and contaminants. THC is one of the main psychoactive compounds in marijuana, with the other being cannabidiol (CBD). Unlike CBD, however, THC induces a high when ingested.

Industry standards for such tests aren’t well-established, a situation that allows some laboratories to inflate levels of THC in an effort to meet client needs. Last week, two marijuana testing labs launched a new program to standardize procedures for testing the potency and purity of cannabis products.

For some time now, SC Labs and ACT Laboratories have assessed lab regulatory standards across states that have legalized marijuana to develop stringent and sensible quality standards. The new program, Trust in Testing, is a collaborative and transparent project by the two companies that will give consumers confidence that they are buying high-quality products.

A 2019 survey observed inconsistencies in reports from different laboratories, with the marijuana industry also seeing scandals such as cannabis products being cleared for sale by laboratories, despite the presence of contaminants such as mold.

In a statement, SC Labs CEO Jeff Journey stated that the identification of high-quality compliant laboratories would help decentralize decision-making. The company has licensed operations in Michigan, California, Colorado and Oregon. Journey believes that the new program will afford brands a way to identify laboratories that meet the set standards across different states.

ACT Laboratories CEO Michael Drozd then explained that, with testing fraud allegations increasing in the country, it was even more important for marijuana brands to test their products in order to ensure they were all safe and reliable. He added that poor quality testing data could affect brand reputation, resulting in fines, loss of business and legal action.

The Trust in Testing certification will also enable brands to establish their own standards when it comes to choosing a testing facility. The standards introduced include regular and more proficiency testing, internal employee ethics and training programs, and the use of advanced quality management systems, among other requirements. The certification has been designed to ensure that laboratories comply with state regulations while also affording their clients and consumers reliable and accurate results.

In addition, brands that use a lab certified by Trust in Testing for their products will be allowed to use the program’s seal on their packages. This will show consumers their commitment to quality.

ACT Laboratories and SC Labs are proud to be working together to create safer marijuana through a more reliable testing landscape in the country.

For companies such as IGC Pharma Inc. (NYSE American: IGC), which want their formulations to be approved by the FDA, no concerns about testing controversies exist because the FDA process is clear and companies must take their products through the stringent clinical development process.

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420 with CNW — Maryland Legislators Finalize Details of Recreational Marijuana Sales Launch

The 2023 Maryland General Assembly recently reached the policy goal the state has been edging toward for years, approving regulations for recreational marijuana sales. Maryland residents aged 21 years and older will be able to purchase recreational marijuana starting on July 1, 2023, if Governor Wes Moore signs the legislation into law, which he is certain to do.

Cannabis was made legal in the state constitution by a ballot referendum that was approved by voters in November. Legislators promptly carried out their directives, prioritizing the historic reforms at the top of their to-do list even before the first session.

The comprehensive legislation established a framework for governmental monitoring and resolved a number of business-related issues, such as the types and number of marijuana licenses that can be issued as well as the amount of sales tax that must be charged by businesses. Overall, politicians from both chambers worked together to achieve two key objectives: stop unlawful sales before the deadline of July 1, 2023, and restore tax income and economic opportunity to areas that have been disproportionately disadvantaged by marijuana prohibition and punishment. Each purpose is interwoven throughout the entire 100-page document.

Senator Brian Feldman, a cosponsor of the legislation in the Senate, claimed that in the run-up to implementation, many of the broad objectives had been met. But he anticipates changes in subsequent sessions as legislators examine its structure.

The existing medical marijuana market will support the new market for the first six months. Additionally, the Maryland Marijuana Administration, a state body established under the bill, will be in charge of regulating both recreational and medical cannabis products. The former oversight authority will merge with the new one.

There are an estimated 100 medicinal cannabis dispensaries in Maryland that will be required to switch their licenses to be allowed to sell recreational marijuana. However, according to the law, dispensaries must keep enough product on hand for medical customers and provide express lanes or dedicated hours to make the shopping experience easier.

Medical dispensaries must pay the state 8% of their 2022 gross revenues as well as a minimum of $100,000 and a maximum of $2,000,000 to change their licenses. The conversion fee for medical processors and cultivators will be equal to 10% of their 2022 gross revenues, with the same maximum and minimum limits. The bill gives businesses a conversion period of 18 months, during which they must have finished paying the fee.

New dispensaries must be located at least 500 feet away from a learning institution, library, playground or public park. Dispensaries themselves must also be at least 1,000 feet apart.

As cannabis production ramps up to meet the growing demand for recreational marijuana in the state, plenty of opportunities will be created for numerous ancillary companies that follow in the footsteps of entities such as Advanced Container Technologies Inc. (OTC: ACTX), which specialize in availing what cannabis industry players need to serve their clients.

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420 with CNW — German Cannabis Imports Grow to Record Levels

Germany shipped an unprecedented 25,000 kilos (27.6 tons) of medicinal and experimental cannabis last year, up 19% from 2021, per the Federal Drug Institute and Medicinal Devices (BfArM). But it also represents the smallest increase since BfArM started disclosing information on cannabis imports in 2018.

Due to the potential for inferior products or re-exportation to various nations, a sizable fraction of the shipments may have failed to reach patients. The German National Association of Statutory Health Insurance Funds claims that the increase in imports is also at odds with the constant state subsidies for medical marijuana products, which have been steady since 2020.

Industry sources also assert that the quantity of cannabis sent to pharmacies is far less than that which is shipped into Germany. Only eight tons of medicinal cannabis had been shipped to pharmacies in Germany as of September 2022, a significant decrease from the 19 tons shipped during the comparable period the year prior.

Demecan’s boss, Constantin von der Groeben, thinks that the import statistics accurately depict the increasing development trend of the entire German medicinal cannabis market. Finn Hänsel, creator and executive director of Sanity Group, believes there is a compelling reason for continuing to import marijuana because cannabis grown outside of Germany is of a similar grade and is more affordable.

However, due to probable market uncertainty, projecting beyond a year can be difficult. Given that a sizeable portion of imports might end up being re-exported to various European markets, the import figures might not provide an accurate depiction of the marijuana industry in Europe’s biggest economy.

Additionally, the volume of cannabis shipped to dispensaries is far less than what is imported, and state reimbursements for medicinal cannabis goods have not increased at the same rate as imports. The German trade’s fastest-growing segment was cannabis extracts, which had a 26% trade share in October 2022 (up from 21% the year before).

The modest increase in growth in 2022 and the difference between the quantity imported and the proportion delivered to drugstores, while Germany’s marijuana import industry looks to be expanding, point to future market concerns. Concerns also exist regarding the imports’ eventual resting place and product quality. However, there is a compelling argument for continuing imports given the reduced cost base of foreign marijuana and its similar quality to locally produced cannabis.

It is notable that Germany currently allows the use of cannabis for medical purposes. This recognition of the therapeutic value of marijuana has given rise to several for-profit entities such as IGC Pharma Inc. (NYSE American: IGC) that are going a step further to develop pharmaceutical-grade formulations from this plant.

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420 with CNW — Cannabis Prices Slump in Massachusetts Amid Supply Glut

A chronic oversupply problem has caused cannabis prices in Massachusetts to slump for several months. In October 2022, recreational cannabis in Massachusetts averaged $7.76 per gram of cannabis, the lowest cannabis prices had been since the launch of the adult-use market.

Prices had decreased steadily since June 2021, with the most significant falls in cannabis prices occurring in September and October 2022.

Interestingly, sales revenue from recreational cannabis went down as well, with adult-use cannabis retailers bringing in $112.2 million in November 2022, the lowest retail sales revenue since the start of the year. Joseph Lekach, CEO of cannabis company Apothca, said at the time that there was an “extreme oversupply” of edibles, flower, concentrates, vapes and other cannabis products.

State data now shows that prices for legal cannabis in Massachusetts have hit a five-year low, allowing users to purchase more cannabis without digging deeper into their pockets. However, while the low prices may be a boon for customers in the short-term, cannabis businesses will likely pay a price in the long-term. Recreational cannabis retailers in Massachusetts now have to sell twice as much product to bring in the same amount of revenue they were making just a few months ago.

The wholesale value of cannabis has also dropped significantly. This may impact producers who invested in large cultivation operations to cash in on the nascent but lucrative cannabis market. This will likely result in some “natural attrition” occurring in the cannabis market, said Jushi chief strategy director Trent Woloveck. Jushi is the parent company of a Massachusetts-based, vertically integrated medical and recreational company called Nature’s Remedy.

The consensus among many executives in the state’s cannabis market is that oversupply is the main reason for slumping cannabis prices. With plenty of sellers attracted by the seemingly endless profits in the cannabis industry, the Massachusetts market has seen a multitude of new operations open their doors in a relatively short time. This surge in supply was more than the market demand for cannabis, however, resulting in a supply surplus that has significantly dampened profitability.

Ethos vice president of Marketing Blandine Jean-Paul says that one of the largest hurdles cannabis businesses face is becoming cash positive because it is becoming increasingly harder to make decent profits. Additionally, the fact that cannabis businesses in every state cannot deduct their expenses increases their tax bill and burdens their cash flow even more.

Some businesses will likely bow out of the industry due to cash-flow constraints. Once states such as Massachusetts thin out the number of players in their cannabis markets, oversupply issues will reduce, and prices will likely increase again.

This oversupply won’t just impact companies that directly deal in marijuana or its products. Ancillary businesses such Advanced Container Technologies Inc. (OTC: ACTX) could also see an effect on their bottom lines if the companies they serve reduce their production capacity.

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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