420 with CNW — Colombian Legislators Work to Pass Cannabis Legalization Law This Year

Legislators in Colombia are looking to pass a bill that would legalize marijuana in the country this year. A Chamber of Representatives committee advanced the marijuana legalization bill in a 26-6 vote earlier this week.

The measure was reconciled from Senate and Chamber of Representatives versions in late 2022. Both Senate and Chamber of representatives versions of the bill sought to amend Colombia’s constitution to eliminate prohibitionist cannabis policies.

Lawmakers included language from the Chamber’s version of the measure that outlawed the possession and use of cannabis without a legal, medical prescription. The Chamber provisions limited marijuana marketing in public spaces and near school zones and placed a cap on marijuana consumption.

The language in the Chamber version stated that the bill would take 12 months to kick in after it was implemented. The Senate version of the bill was approved in a 56-3 vote in December 2022 after legislators convened for several weeks to discuss the legalization measure.

It included provisions that covered the autonomy of indigenous communities and acknowledged the communities’ right to regulate cannabis themselves.

Now that the bill has advanced past the First Committee of the Chamber, which represented its fifth stop in Congress, it will head to the floor for consideration before going to the Senate for a final vote. It has to go through a total of 8 stops in Congress over two years before heading to the president’s desk for final approval.

Justice Minister Nister Osuna said at the time that the country was the victim of an ‘absurd prohibitionist’ drug war that had ultimately failed while contributing to increased armed conflict, crime, and organized criminal activity.

In an op-ed, bill sponsor Rep Juan Carlos Losada said that the bill was one of the most controversial yet important issues in recent times.

Launching a regulated adult cannabis market would allow the country to abandon failed prohibitionist policies and provide an opportunity to create drug policies based on public health guidelines, efforts to prevent cannabis consumption, and increased attention to users.

He also noted that getting rid of prohibitionist policies would help the country reclaim the funds that have streamed into the illicit drug market and fueled violence and war in Colombia. Furthermore, Rep Juan Carlos Losada said that a regulated market would do something that prohibition could not; save lives.

Colombia’s president Gustavo Petro has advocated for the end of international drug criminalization and recently urged UN member nations to adapt their drug policies and eliminate prohibitionist policies. These calls for drug policy reform at the international level are likely to grow louder over the coming years, as advocates keep an eye on how things shape up.

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

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420 with CNW — NBA to End Testing Players for Marijuana

Recent reports have indicated that the National Basketball Association (NBA) is striking cannabis from its list of banned drugs and ending marijuana testing for players. Athletic and Stadium reporter Shams Charania said that the NBA was removing cannabis testing as part of its new seven-year collective bargaining agreement and that the league had eliminated marijuana from its antidrug testing program.

The NBA’s stance on cannabis use among players has become more liberal in recent years. Last October, it was reported that the NBA would pause random cannabis drug tests for the third time in a row. Some insiders posited that the NBA would soon make the policy permanent, with journalist Ben Dowsett saying at the time that his sources had informed him the decision to halt cannabis screening would not be rescinded in the near future.

These speculations may have been right. In late 2020, NBA Commissioner Adam Silver indicated that the policy of scrapping cannabis tests would become permanent. This policy was initially implemented during the coronavirus pandemic when players were secluded in a quarantined bubble in Orlando to compete.

Silver said at the time that the league didn’t need to “act as Big Brother,” given the stress the players were under while competing in the quarantined bubble. Additionally, he said that society’s attitude toward cannabis had evolved and that the league would move away from mandatory blanket tests to talking to players who were exhibiting “signs of problematic dependency.”

Prior to the report of the potential ban, the National Basketball Players Association and the NBA had announced that they had worked out a “tentative agreement” on the new bargaining agreement but that the full details wouldn’t be publicized until they finalized a term sheet.

National Basketball Players Association (NBPA) Executive Director Tamika Tremaglio said in a public statement that the association’s goal is to protect players while enriching their lives both on and off the basketball court.

Cannabis use by professional athletes has been quite a sticky issue in recent months. The discussion became especially heated after American sprinter Sha’Carri Richardson was suspended from participating in the Tokyo Olympics due to a failed THC test.

Although the World Anti-Doping Agency (WADA) chose to keep cannabis on its banned substances list, America’s Major League Baseball (MLB) partnered with a CBD firm as its first marijuana sponsor. In 2021, the Ultimate Fighting Championship (UFC) also announced that it would stop punishing fighters who failed cannabis tests.

These changes within the sporting fraternity come amid changing attitudes at the general societal level, which have seen marijuana companies thrive alongside ancillary enterprises such as Advanced Container Technologies Inc. (OTC: ACTX) in states where the drug is legal.

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 — Kentucky Governor Enacts Medical Cannabis Legalization Law

Only hours before the end of the 2023 session, a proposal to make medical marijuana legal in Kentucky went through the state senate on Thursday after ten years of fruitless attempts.

In front of a bipartisan group of lawmakers and supporters on Friday morning, Governor Andy Beshear enacted the legislation, putting Kentucky among the states resolving to end the prohibition of medicinal marijuana. The initiative will be active starting in early 2025.

In two of the previous three years, House Representatives had approved a medicinal marijuana measure, which was rejected at the Senate because of insufficient support from the party’s Republican caucus. The law was introduced on the floor of the Senate this year and was successfully passed through that chamber two weeks ago.

According to Senate Bill 47, the program as well as its growers, producers, and dispensaries would be subject to oversight, operation, implementation, and control by the Family Services and Health Cabinet.

In Kentucky’s approach, patients would qualify for a medical card for marijuana if they had one of at least six medical conditions; cancer of any kind, irrespective of the stage, crippling pain, seizure disorders, stiffness, persistent nausea, and PTSD are among the qualifying illnesses.

A patient may also qualify if they have a diagnosis of a sickness or health problem and the recently formed Cannabis Center decides that usage of cannabis would be beneficial. The center may decide that the individual is likely to obtain therapeutic, medical, or palliative benefits based on research and evidence.

Individuals getting medical marijuana from a dispensary will be able to ingest it through edible items and topical applications rather than smoking it.

Representative Jason Nemes, a proponent who previously served as the primary sponsor of medicinal cannabis legislation, cautioned the committee that, through the proposed bill, patients who choose to smoke cannabis rather than consume it in other ways would be in violation of the law and may potentially lose their medicinal marijuana cards.

Representative Matt Lockett, one of the bill’s critics, argued that since the law won’t be in practice until 2025, there is still time for it to be improved and passed the following year. Opposers of the bill claimed that there aren’t enough studies demonstrating the effectiveness and security of using cannabis as medical care.

Republican lawmakers celebrated the historic significance of the occasion at the signing function on Friday morning in Rotunda. They also celebrated the reality that thousands of people who are suffering will receive assistance.

While Kentucky is celebrating the enactment of a medical marijuana law, residents can also take additional comfort from the knowledge that there are companies like India Globalization Capital Inc. (NYSE American: IGC) that are working tirelessly to develop pharmaceutical-grade medicines from a number of cannabis compounds for the treatment of ailments like chronic pain.

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

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420 with CNW – Delaware Senate Passes Cannabis Legalization Bills, Sends to Governor

Last Tuesday, the Senate in Delaware gave its nod of approval to a pair of proposals earlier voted through by the House that seek to legalize possession of cannabis and establish market regulations for the recreational consumption of cannabis. These bills will now be forwarded to the state’s governor.

The regulation proposal sailed through on a 15 to 5 vote tally, while the simple legalization proposal garnered a 16 to 4 tally in the chamber. Representative Ed Osienski sponsored both bills, which snaked their way through several legislative panels before getting a floor vote.

The sponsor made use of a similar, stratified approach for the legislation during the prior session, which resulted in the fundamental legalization draft being approved while the regulation version was narrowly defeated.

According to HB 1 as well as HB 2, the state laws would change to allow individuals over the age of 21 to have, share, use or buy as much as one ounce of marijuana. The measure stipulates that “independent person sharing” doesn’t entail distributing cannabis simultaneously with another reciprocating exchange involving the respective persons, such as exchanging a noncannabis item, to prevent abuse of the “gift-giving” provision. Marijuana cultivation as well as public use would remain illegal. Civil fines not exceeding $100 may be levied on under-aged individuals who engage in the banned behavior if it is their first violation. However, the police is at liberty to exercise restraint and impose a citation in lieu of a fine.

The measure offers a foundational framework for putting in place a controlled cannabis business system for recreational marijuana in the jurisdiction. Under the creation of the newly formed Office of the Commissioner for Marijuana Control, the Tobacco and Alcohol Enforcement Department (DATE) will be charged with overseeing the regulation of the market.

A maximum of 30 commercial cannabis permits may be issued by regulators after just 16 months of the market launching.

The scoring procedure before license issuance will give priority to candidates who demonstrate a capacity to offer a decent salary, health insurance, paid time off for illness and an emphasis on hiring a diverse pool of candidates.

A Fund for Justice Reinvestment that promotes transitional justice, job placement, technical support for the financially disadvantaged as well as similar initiatives would receive 7% of cannabis business fees.

Before this decision on Bill 2, members opposed two amendments proposed by the GOP. One intended to alter the Cannabis Regulation Commission’s organizational structure while also enabling those facing penalties, cancellation of licenses or license termination to request regulators to furnish them with the pertinent records backing such actions. This alternative bill could have removed any language referring to the necessity of marijuana companies to signing labor/employee peace agreements.

Marijuana legalization is sweeping across the country, and its growing popularity is aided by the R&D work being undertaken by enterprises such as India Globalization Capital Inc. (NYSE American: IGC), which hope to commercialize a number of medicinal formulations from different cannabinoids, such as THC.

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CannabisNewsBreaks – Advanced Container Technologies Inc. (ACTX) Eyes Opportunity in Burgeoning Vertical Farming Market

Advanced Container Technologies (OTC: ACTX), which is engaged in the selling and distribution of self-contained, automated, indoor “micro-farms” called Grow Pods, today announced its active participation and positioning in an industry projected by Spherical Insights to grow at a CAGR of 24.42% and reach over $27 billion by 2030. “According to EY (Ernst & Young), the world’s food system is at a tipping point. Changing consumer food preferences are fueling the shift from a commodity driven supply chain to a personalized ag ecosystem,” the announcement reads. The BBC further reports that vertical farming technology allows the growing of crops where conventional farming is not possible, resulting in shorter supply chains and the improvement in both food security and quality. “As I’ve often said, we are in the right market, with the right products, at the right time .We look forward to the future and the many business opportunities that this market will provide,” Douglas Heldoorn, CEO of ACTX, said of the rapidly growing industry.

To view the full press release, visit https://cnw.fm/wFi8R

About Advanced Container Technologies Inc.

Advanced Container Technologies is in the business of selling and distributing self-contained, automated, indoor “micro-farms” called Grow Pods, along with related equipment and supplies. Additionally, the company designs and sells patented proprietary medical-grade plastic containers, known as the Medtainer(R), that store and grind pharmaceuticals, herbs, teas and other solids or liquids. For more information, visit the company’s website at www.AdvancedContainerTechnologies.com.

NOTE TO INVESTORS: The latest news and updates relating to ACTX are available in the company’s newsroom at https://cnw.fm/ACTX

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Targeting Multiple Commercial Applications for Its Patented DehydraTECH(TM) Technology Platform

Lexaria Bioscience, a global innovator in drug delivery platforms, has developed and patented the DehydraTECH(TM) drug delivery platform technology
The company has undertaken multiple studies as part of its extensive R&D program involving DehydraTECH, which continues to yield positive results
This R&D program is focused on the development of product candidates across four main segments, which represent the platform’s potential commercial applications
These segments include the development of DehydraTECH-processed cannabidiol (“CBD”) for hypertension, epilepsy, diabetes and dementia; DehydraTECH-processed oral nicotine; other pharmaceutical areas exploring a wide range of DehydraTECH-processed active molecules; and hemp-derived CBD applications for consumer packaged goods (“CPG”)
Currently, Lexaria is prioritizing research on DehydraTECH-CBD as a potential treatment for hypertension

Recent advancements in drug delivery techniques have improved, among others, the efficiency and safety of therapeutic treatments and active pharmaceutical ingredients (“APIs”). In fact, analyzing these improvements through the findings obtained by Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, demonstrates the progress is remarkable. Headquartered in Kelowna, British Columbia, the company developed and patented the DehydraTECH(TM) drug delivery platform technology, which is essentially an additional step easily incorporated into the formulation and manufacturing process of existing or new orally ingestible and topical lipophilic (fat-soluble) products.

“This step involves mixing the active ingredient as a delivery ‘payload’ together with certain fatty acids, infusing the mixture into a substrate material, and then using controlled dehydration synthesis processing to associate the payload and fatty acids together at a molecular level, before integrating the newly combined molecules into end-product production across a range of dosage form factors,” explains Lexaria’s website (https://cnw.fm/qSJcy).

According to the company’s extensive studies, its patented DehydraTECH(TM) technology has been shown to enhance the bioavailability (the proportion of the ingested drug that enters the bloodstream) of APIs and increase brain absorption by up to 17x, with the effects felt in minutes (https://cnw.fm/XmuuJ). Other proven benefits include the fact that APIs processed using the technology platform are rendered largely flavorless and odorless, meaning manufacturers no longer have to add sweeteners or chemical masking agents. As a result and using DehydraTECH, they can create low-sugar products with fewer calories while avoiding the use of excessive artificial sweeteners. This is particularly positive, considering that recent studies suggest that consumption of excessive artificial sweeteners predisposes consumers to elevated blood sugar levels and raises their risk of developing stroke or heart disease (https://cnw.fm/WDsja).

The above DehydraTECH-related findings are part of Lexaria’s extensive repository of positive results generated by its ongoing research and development (“R&D”) program. This program focuses on the development of product candidates across four main segments, which are intended to eventually serve as the platform’s commercialization avenues. These include the development of DehydraTECH-processed cannabidiol (“CBD”) for hypertension, epilepsy, diabetes and dementia; DehydraTECH-processed nicotine delivered via non-combustive methods; other pharmaceutical areas exploring a wide range of DehydraTECH-processed active molecules, including antiviral drugs, hormone treatment, phosphodiesterase inhibitors, and more; and hemp-derived CBD applications for consumer packaged goods (“CPG”).

To date, Lexaria has undertaken multiple studies aimed at improving the commercialization prospects of the platform. “Our applied R&D programs completed since [our up-list to the Nasdaq exchange and capital raise in 2021] have yielded almost entirely positive results – a crucial accomplishment as we prepared to use those results to reinforce our outreach strategy to potential corporate partners,” CEO Chris Bunka stated in his annual letter to shareholders published January 2023 (https://cnw.fm/RHovC).

Bunka added that the applied R&D “is paying off in spades” because the company is currently engaged in active discussions with several multi-billion dollar companies around the world for the potential use of its DehydraTECH technology in their commercial products pursuits. And while the company cannot disclose the identities of these potential partners prior to the signing of definitive agreements, stakeholders and shareholders can, in the meantime, focus on the positive results of its R&D program, which are bellwethers of potential success.

For instance, in a recent diabetes animal model study, DIAB-A22-1, Lexaria reported at least three positive outcomes, including weight loss in obese diabetic-conditioned animals, a statistically significant improvement in locomotor activity, statistically significant reductions in triglyceride levels (high levels in the blood can suggest the onset of diabetes), and increased levels of HDL cholesterol, the ‘good’ kind of cholesterol (https://cnw.fm/mXYH8).

These findings are the latest in a series of studies evaluating DehydraTECH-CBD as a potential treatment for a number of conditions, including diabetes, dementia, epilepsy, and hypertension, with the latter being the company’s primary and most advanced R&D program in this pipeline. To date, Lexaria has undertaken five human clinical studies evaluating DehydraTECH-CBD for hypertension. In 2023, the company expects to launch an FDA-registered Investigational New Drug (“IND”) program to formally investigate DehydraTECH-CBD, at the Phase 1b stage. And given the success witnessed in the five previous clinical trials, Lexaria believes it has effectively de-risked the upcoming FDA-registered program.

This program, Bunka wrote, is expected to dominate the company’s second half of 2023 and beyond, and “will be a major step in our maturation as a pharmaceutical company and will be our primary research focus once it begins. If it is successful, it should contribute to an increase in our corporate value and an increase in the likelihood of our reaching one or more commercial agreements within the pharmaceutical industry.”

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

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

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420 with CNW — Israeli Researcher Behind THC’s Discovery Dies at Age 92

Raphael Mechoulam, an Israeli scientist whose work advanced knowledge of marijuana and the chemical elements responsible for the drug’s distinct high, has passed away. The 92-year-old Mechoulam passed away in Jerusalem last month. One of Mechoulam’s major contributions to cannabis studies was the discovery of the psychoactive component of the marijuana plant: THC. He was given the moniker “Father of Marijuana Research” for his contributions.

Asher Cohen, president of the Hebrew University of Jerusalem, described Mechoulam as a charismatic and brilliant pioneer. Mechoulam was a longtime faculty member at the university.

“Prof. Mechoulam is responsible for amassing the majority of scientific and human cannabis knowledge. He laid the foundation for ground-breaking research and instigated international scientific collaboration,” said Cohen. “The academic community, as well as the university, is in mourning today.”

Mechoulam was born in Bulgaria in 1930, and then moved to Israel in 1949 where he started studying chemistry. When Mechoulam joined the cannabis research field in the 1960s, cocaine and morphine had long been isolated from coca and opium, the plants in which the elements occur naturally. But it was not the same case for cannabis, which inhibited academic research on the drug in pharmacology or chemistry labs.

As a result, in 1962, Mechoulam and his research group at the Weizmann Institute of Science in Israel, where they were working at the time, began to concentrate on the drug just as it was about to experience a worldwide upsurge in popularity.

Throughout Mechoulam’s career, cannabis gained both popularity and notoriety as arguments over the drug’s safety grew. In 1970, the drug was classified as a controlled substance in the United States.

Mechoulam worked to synthesize and isolate other elements found in the cannabis plant as well as demonstrate its potential for use in medicine, including the treatment of autoimmune disorders and epilepsy. His work contributed to demonstrating that, despite the debate surrounding its use in the latter half of the 20th century, people have been using marijuana for hundreds of years. For example, he and his group conducted research on the ashes of a young woman who had passed away giving birth in a fourth-century Roman tomb, and they then published their findings in the “Nature” journal in 1993.

“They undoubtedly gave her something to numb the pain or treat the apparent hemorrhage that she was experiencing. We suspected it might be marijuana,” he said in an interview with NPR that year. His suspicions turned out to be accurate, and an analysis produced the first physical proof of cannabis use in the historic Middle East.

The death of this pioneering scientist has robbed the world of a brilliant thinker upon whose work present-day marijuana companies and even ancillary ones such as Advanced Container Technologies Inc. (OTC: ACTX) are benefiting directly or indirectly.

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 — Australian Study Reveals Spike in Medical Marijuana Use

A recent study by Australian researchers has revealed a dramatic increase in the number of Australians using medical cannabis. Researchers from the Lambert Initiative at the University of Sydney found that even though most Australians still use illicit cannabis as a therapeutic alternative, medical marijuana prescriptions have risen significantly.

The Cannabis as Medicine Survey (CAMS20) quizzed 1,600 Australians on their medical cannabis use from September 2020 to January 2021. Its findings were published in the “Harm Reduction Journal.”

The poll found that 37% of participants had received a medical cannabis prescription within the survey period compared to the 2.5% of respondents who had medical cannabis prescriptions during the prior Cannabis as Medicine Survey (CAMS18), which ran from 2018–2019.

Nicholas Lintzeris, president of the Chapter of Addiction Medicine in the Royal Australasian College of Physicians as well as conjoint professor in the department of Addiction Medicine at the University of Sydney and lead researcher, said that the data suggests customers are shifting from illicit cannabis to the legal medical marijuana market.

Australia legalized medical cannabis in February 2016 when the Narcotic Drugs Act was amended to allow the cultivation of cannabis for scientific and medical purposes. Lintzeris noted that transitioning to the legal market has benefits, such as granting Australians access to safer means of consuming cannabis. He also noted that people purchasing from the illicit market are more likely to smoke cannabis (44%) compared to medical marijuana patients who can use vaporized or oral cannabis products (22% and 72%, respectively). Furthermore, most respondents (95%) reported improved health after switching to medical cannabis.

The survey also reported that 52% of the respondents said they used prescribed medical cannabis for pain, 26% to address mental health issues, and 6% to alleviate insomnia. On the other hand, 40% of the respondents used illicit cannabis for pain, 31% for mental health issues, and 11% to help them sleep. Respondents who used illicit cannabis reported high costs as a major barrier to entering the legal medical marijuana program; the average cost of regular medical cannabis treatments in Australia is around $79 per week. They also reported that it was difficult to find physicians willing to prescribe medical cannabis.

Despite these barriers to access, Professor Iain McGregor, academic director of the Lambert Initiative for Cannabinoid Therapeutics, said that using prescribed medical marijuana is more advantageous. On top of safer administration routes, medical marijuana patients have access to safer and more precise prescriptions, better communication with their doctors and greater certainty to access, McGregor observed.

This growing use of cannabis for medicinal purposes in Australia and around the world suggests that there may be demand for the cannabis-based medicines that companies such as India Globalization Capital Inc. (NYSE American: IGC) are developing.

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

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InvestorNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces CGMP Certification of Bogotá-Based Flora Lab 4

Flora (NASDAQ: FLGC), a leading cultivator, manufacturer and distributor of global cannabis products and brands, today announced the certification of its Bogotá-based compound formulation laboratory, Flora Lab 4, following the required regulatory inspection by INVIMA (Colombia’s equivalent to the U.S. Food and Drug Administration). According to the update, the inspection certifies the lab as meeting Current Good Manufacturing Practices standards as determined by INVIMA. “We are very pleased to have received CGMP certification and to bring effective medicinal cannabis treatments to patients in Colombia. We applaud the Colombian government’s acknowledgment of the power of this plant by requiring all health insurance providers to cover the cost of medical cannabis. This policy is fundamental to fair access to these medicines for Colombia’s roughly 30 million eligible patients,” said Luis Merchan, chairman and CEO of Flora. “At Flora, we know the future of cannabis relies heavily on the transformation of this unique plant into mainstream medicines, accessible to the populations who need it most. We are proud to be playing a leading role in the progress toward that goal.”

To view the full press release, visit https://ibn.fm/pmhkK

About Flora Growth Corp.

Flora is a global cannabis company dedicated to bringing the benefits of cannabis to people worldwide. Its commitment is to create, master and connect the international cannabis supply chain by setting the standard for world-class cultivation and manufacturing, thoughtful brand development, and rigorous research and development of medical-grade cannabis products that meet the highest standards of quality, safety and efficacy. Flora’s mission is to create a world where the benefits of cannabis are accessible to everyone, and it is working toward that goal by becoming a leading importer and exporter of cannabis to meet demand in every corner of the market. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC

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420 with CNW — Congressional Review OKs DC-Proposed Reforms to Medical Cannabis Program

Washington, DC’s medical marijuana program will undergo a few changes in the coming months after a Congressional Review resulted in the approval of an amendment measure. The bill includes further social equity provisions, gets rid of cannabis business licensing caps and allows cannabis operators to obtain tax relief.

In addition, the bill will create new business categories in the state’s cannabis program, such as marijuana cooking classes and onsite marijuana consumption facilities. The measure also will allow sellers of nonmarijuana products in exchange for free cannabis items to enter the legal market and allow state officials to crack down on “gifting” operators that keep selling illegally.

The legislation was introduced by DC Council chair Phil Mendelson last year and was unanimously passed by the council in December before heading to the mayor’s desk where it was signed in January. Titled the Medical Cannabis Amendment Act, the measure would allow adults to certify themselves as medical marijuana patients.

This self-certification provision is quite crucial after congressional legislators approved an appropriations package containing a rider that prevents Washington, DC, from launching a regulated recreational cannabis industry. The controversial rider wasn’t included in the National Defense Authorization Act (NDAA), and stakeholders were hoping that it would also be excluded from the congressional bill.

Fortunately, the Government Accountability Office (GAO) ruled in 2022 that officials in Washington could begin taking preliminary legislative steps in preparation for eventual cannabis reform. Officials had drafted and introduced a bill to legalize recreational cannabis when Representative Andy Harris, who has regularly sponsored the anti-cannabis rider, sent a complaint to the GAO.

The Medical Cannabis Amendment Act extends the number of days unlicensed businesses have to apply for licenses from 60 to 90 days and also allows the businesses to seek cultivation center licenses. It will also launch a process to allow applicants to make appeals for rejected license applications.

However, one of the most significant amendments introduced by the measure is giving cannabis operators the chance to deduct taxes that the Internal Revenue Service prevents them from deducting through code 280E. Since cannabis is still illegal at the federal level, state-legal cannabis businesses cannot access a plethora of financial services including tax deductions, federal aid, and banking services.

The bill codified a permanent self-certification policy that would make it possible for adults aged 21 and older to become certified medical cannabis patients without a doctor’s recommendation. It also sets aside 50% of all cultivation center, courier, manufacturer, internet retailer and retailer licenses to cannabis social equity applicants.

As the medical cannabis program is expanded, a number of opportunities will be created for companies such as Advanced Container Technologies Inc. (OTC: ACTX) that serve the marijuana industry.

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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