420 with CNW — Analysis Finds Wisconsin Residents Bought $121M Worth of Marijuana from Illinois in 2022

A new analysis shows that residents in the state of Wisconsin bought $121.2 millions worth of cannabis from licensed retailers in Illinois last year. This contributed roughly $36 million in taxes to the neighboring state. The data was requested by Melissa Agard, the Senate Majority Leader, who asked the Legislative Fiscal Bureau to look into how much was going into Illinois through out-of-state marijuana purchases. Agard has in past sessions sponsored legalization measures.

The nonpartisan bureau released its results last week after examining data obtained from the Department of Financial & Professional Regulation in Illinois, which breaks down monthly out-of-state and in-state marijuana sales. These estimates were premised on an assumption that all the out-of-state cannabis purchases within counties bordering Wisconsin were by the state’s residents.

The bureau also highlighted that the exact figures could be lower or higher, based on various factors, such as the possibility that residents of Wisconsin may have completed their marijuana transactions in counties that don’t share a direct border with Wisconsin, such as Cook County, or that a portion of out-of-state sales in border counties came from residents of other neighboring states.

Additionally, the report doesn’t take into account possible sales within other states with adult-use marijuana near Wisconsin.

Despite this, the report does give a rough range of the magnitude of revenue the state of Wisconsin’s missing out on the longer it fails to establish a regulated cannabis market.

A press statement from Agard asserts that the cannabis revenue generated in bordering Illinois could be allocated toward transportation infrastructure, public schools and public safety in Wisconsin. She further noted that legalizing cannabis for responsible use by adults would generate considerable revenue for main streets, support entrepreneurship, reinvest in the state’s agriculture and farming heritage, safely regulate the existing illegal market and address the racial disparities arising from cannabis prohibition.

Agard stated that she planned to introduce her measure again if GOP officials chose to exclude it from the budget, arguing that the time had come to legalize cannabis for the betterment of the state and its residents.

An unrelated report from last month also established that 50% of individuals aged 21 years and older in Wisconsin lived approximately 75 minutes from an out-of-state marijuana retailer. This figure is expected to grow if legislative efforts to legalize cannabis in neighboring Minnesota are successful.

Meanwhile, Governor Tony Evers announced his biennial budgetary estimates in February, which included language to legalize recreational and medical cannabis in the state.

Besides tax benefits, states stand to create significant job opportunities when marijuana is legalized because companies serving that space, such as Advanced Container Technologies Inc. (OTC: ACTX), could grow and need additional manpower as they pursue market opportunities that results from such legislation.

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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420 with CNW — Kentucky Senate Approves Medical Cannabis Legalization Bill

The Kentucky Senate recently passed medical cannabis legislation, just in time for the bill to advance to the House of Representatives. The move comes two days after the bill, SB 47, was approved by the Senate Licensing and Occupations Committee.

Previously, a bill to legalize medical marijuana was passed by the House last year and in a previous session, but the Senate did not take any action on those bills. Thus, proponents began working on the Senate side this session to improve the bill’s chances of passage.

Some provisions of the measure include:

Patients with severe pain, cancer, epilepsy, muscle spasms, multiple sclerosis, PTSD, chronic nausea or any other illness the state’s center for marijuana deem appropriate may be eligible to use cannabis as long as they have a medical practitioner’s prescription.
While smoking is prohibited, users can still access raw marijuana for vaporization.
Patients are allowed to keep up to 30 days of cannabis in their homes and up to 10 days on them at any given time.
Products made from marijuana flowers would have a THC cap of 35%, while concentrates would have a 70% cap.
The establishment of a nine-person Board of Advisors and Physicians made up of two advanced nurse practitioners and seven doctors.

One of the reform’s main obstacles has been Damon Thayer, Senate Majority Leader, who has vehemently opposed broad medical marijuana policy reform on the grounds that it would hasten the legalization of recreational cannabis. However, more recently, he declared that if the bill received enough support to pass, he would not obstruct it. This week, he voted in favor of the legislation in the senate committee, citing how well targeted it was. He also supported the bill during Thursday’s Senate debate.

Activists have constantly put pressure on legislators to pass reform this session, with organizations such as Kentucky NORML and Moms for Medical Marijuana (KMMC) making it clear that the issue has been in limbo for far too long.

In January, Kentucky Governor Andy Beshear (D) urged lawmakers to legalize medical marijuana, saying that doing so is a crucial reform that will ensure that the state is treating its citizens fairly. The governor’s speech came a few months after he signed two executive orders that regulated the sale of delta-8 THC products and permitted patients to possess not more than eight ounces of medical marijuana purchased from other states, provided certain criteria was met.

The use of marijuana for therapeutic purposes isn’t a random thing; plenty of studies have documented its medicinal potential. This is why for-profit companies such as India Globalization Capital Inc. (NYSE American: IGC) are also conducting preclinical and clinical development programs with the objective of bringing to market formulations for conditions such as 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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CannabisNewsBreaks – ECGI Holdings Inc. (ECGI) Inks Binding LOI to Acquire 8bit Cannabis Brand

ECGI Holdings (OTC: ECGI), D/B/A Elite Cannabis Group Incorporated, a Nevada -based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, has signed a binding letter of intent regarding the acquisition of key personnel, intellectual property, business operations and future business operations of Endless Consciousness Inc. (“EC”). A California corporation involved in the legal cannabis-product marketplace, EC recently launched a new brand, 8bit, which has experienced a rapidly expanding distribution footprint this year, with supplier relationships now reaching 20 dispensaries. Earlier this month, ECGI announced plans to acquire EC; the announcement observed that EC has serviced more than 250 stores and managed products for 1,000-plus stores located in several states, establishing a strong track record of sales experience. “We are very excited to move this deal forward, and assigning the ‘binding’ designation to our existing relationship helps to foster credibility with our current and future capital partners, driving value for our shareholders as we ramp up commercial operations,” said ECGI Holdings CEO Danny Wong in the press release. “EC, through their 8bit brand, has a top team, and we are now seeing that brand footprint grow. We are very well positioned to augment that growth as we bring this blue-chip team on board. . . . We look forward to keeping our current and prospective shareholders informed as we progress toward closing this acquisition and cementing our place as an emerging leader in the California cannabis marketplace.”

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

About ECGI Holdings Inc.

ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets, including undercapitalized and distressed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with national expansion possibilities. For more information about the company, please visit info@ECGIHoldings.com.

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420 with CNW — Kentucky Legislators Approve Medical Cannabis Bill

After years of hitting a brick wall, proponents of medical cannabis legalization in Kentucky have made progress when their legislation won support from a significant Republican leader and passed a Senate committee. Applause broke out from supporters when Senate Majority Leader Damon Thayer changed his vote from opposing the legislation to supporting it. Thayer approved the specific objectives of the bill and stated that he supported it because of those who were suffering.

During the bill debate, opponents of the measure sympathized with those who experienced chronic pain and other conditions, but they cautioned that marijuana use could be addictive and result in worse side effects.

Eric Crawford, a mainstay in the movement to legalize medical marijuana, presented Kentucky legislators with the same argument he has been making for years. He claimed that he uses medical cannabis instead of opioids to treat muscle spasms and pain caused by injuries he sustained in a car accident decades ago.

The Senate Committee passed the measure, SB47, with an 8 to 3 vote. It now moves to the full Senate, where cannabis legalization measures have previously failed to advance past the committee stage and have died without even receiving a hearing. For the bill to become law during this year’s 30-day legislative session, it would need to pass the Senate and pass through the House for final approval. Similar drafts have previously been approved by the House. Both chambers are controlled by the Republican Party.

Democratic Governor Andy Beshear, who had grown weary of years of inaction, partially lifted the state’s ban on medical marijuana last year. In accordance with Beshear’s decision, Kentuckians are permitted to possess medical marijuana for a limited range of conditions as long as it is obtained legally in another state. They must retain their receipt as evidence, and a licensed medical practitioner must certify that they are suffering from a qualifying condition.

The measure being considered would legalize and allow Kentucky agencies to control medical cannabis in the state. Medical marijuana will be prescribed for a range of conditions, such as cancer, chronic pain, multiple sclerosis, chronic nausea, epilepsy and PTSD.

Eligible individuals would need a card to be allowed to get the prescription. Additionally, patients under the age of 18 will not be able to obtain or possess medical marijuana without the help of a designated caregiver.

The legislation’s lead sponsor, Senator Stephen West, noted that the bill would not go into effect until the beginning of 2025 to give state health officials time to develop guidelines to oversee the program.

If the measure is enacted into law, many opportunities outside the immediate sphere of the marijuana program will open up for residents. For example, many companies, such as Advanced Container Technologies Inc. (OTC: ACTX), have found their niche serving enterprises dealing in marijuana and its products. These ancillary entities also stand to benefit when legalization occurs.

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 — Cannabis Legalization Bill in Minnesota Sees Major Overhaul

Earlier this year, a Minnesota House committee approved a measure to legalize recreational cannabis for adults in the state. The legislation was an updated version of a recreational cannabis bill that had advanced from the Minnesota House but failed to pass the then-Republican-controlled Senate.

Once it was approved, the bill was set to be scrutinized by more than 10 committees in the House before heading to the Senate. The recreational cannabis measure recently got a major overhaul and was amended to include new language to protect Minnesota’s nascent low-potency drinkables and edibles segment. Low-potency cannabis products are made using THC (delta-9 tetrahydrocannabinol) from industrial hemp rather than marijuana.

Although both hemp and marijuana are in the cannabis family of plants, industrial hemp is required by law to contain less than 0.3% THC while state-legal marijuana has no such limits.

Legislators in the state and local government committee added the hemp provisions to the Senate version of the bill. House Commerce Committee chairman and lead House author Representative Zack Stephenson said that similar language will be added to the House version of the bill this week. Colead author, Senator Lindsey Port, told the local and state government panel that cannabis prohibition is a “failed system” that hasn’t achieved any of its goals.

Prohibitionist policies were first launched under the guise of tackling drug addiction and defunding the criminal organizations that run the drug trade, but those policies disproportionately affected communities of color and exacerbated already existing racial paradigms.

Port noted that the 142-page amendment focused on licensing and regulatory provisions to address feedback from stakeholders in the low-THC segment.

Unlike cannabis businesses, which have very limited access to capital and banking services, players in the hemp industry can access capital and deduct business expenses from their taxes. However, the two expressed concern that the measure’s original language would lump some entities too closely with incoming marijuana businesses and limit access to crucial financial services. Port also said that the amendments gave local governments more control over cannabis markets but prevented government officials from issuing total bans on marijuana businesses within their jurisdictions.

Both Senate and House versions of the bill have gone through more than 20 committees and are expected to pass through a few more before heading to a vote on the floor.

The House version will likely pass the floor vote as the House already passed a previous version of the bill last year, but the bill’s chances in the Senate will depend on whether its backers can secure enough votes. Stephenson said that he believes the bill has strong support and that they may have even secured support from some Republican lawmakers by the time the measure gets to the floor.

As these legislators move to bring an end to marijuana prohibition in the state, entities elsewhere such as India Globalization Capital Inc. (NYSE American: IGC) are making promising strides in their bids to develop medicinal formulations from cannabis that will pass FDA scrutiny and be approved for use against conditions such as 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 — German Minister Confident That EU Will Sign Off on Germany’s Adult-Use Cannabis Proposals

Last year, German lawmakers unveiled a measure that would legalize recreational cannabis in the country. The bill would allow adults aged 21 years and older to purchase and possess up to 30 grams of cannabis for personal use as well as legalize the home cultivation of up to three mature cannabis plants per adult.

Speaking at the time, Health Minister Karl Lauterbach said that the measure would help to protect the country’s young people as the current ban on recreational cannabis had proven to be ineffective. Although the measure still hadn’t received parliamentary approval at the time, the largest hurdle it would have to overcome would be to receive approval from the European Union.

In a recent statement, Lauterbach said that he was confident the European Union would choose to approve Germany’s recreational cannabis measure. He also noted that lawmakers would soon publish a cannabis legalization bill that “conforms to European law” in the next couple of weeks.

The minister said that the EU commission gave him “very good feedback” regarding Germany’s cannabis legalization blueprint before he took part in an EU meeting in Brussels. The blueprint for Germany’s pending cannabis legalization law was sent to the European Commission last fall to ensure that it was compliant with EU and global drug laws. The commission is expected to provide a decision regarding the blueprint in the next few weeks.

According to the blueprint, Germany would realistically launch its recreational cannabis industry sometime in 2024. It would also limit the recreational cannabis markets to products cultivated within the country’s borders, dashing the hopes of some global producers who had hoped that the move to legalize recreational cannabis in Germany would open up the EU’s largest economy to international cannabis trade.

Even if Germany had found a way to allow recreational cannabis imports, international drug-control treaties that prevent the shipment of cannabis across borders would have made trade with foreign producers nigh impossible.

Lauterbach said in October 2022 that the plan was for Germany to cultivate and harvest all the crop in the recreational cannabis market without any reliance on foreign marijuana producers. A previous statement from the German government stated that the legislative process for recreational cannabis legalization would only continue if the EU approved the adult-use measure.

If the European Commission approves the blueprint, other countries in the EU could use it as a guide if they decide to follow Germany and legalize recreational marijuana.

The legalization of marijuana comes with several direct and indirect benefits, such as creating markets for the products made by numerous ancillary entities such as Advanced Container Technologies Inc. (OTC: ACTX) serving cannabis industry companies.

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 — Synthetic Cannabinoids Drive Wedge Between Hemp, Marijuana Industries

Gold Spectrum, a hemp company based in Tennessee, is the most recent company to introduce a new line of edibles called Delta 8+ THC-O Cereal Bars, widening the rift between the hemp and marijuana industries. Since the 2018 farm bill’s passage, delta-8 THC has gained widespread acceptance as a marijuana substitute in states where it is illegal, including Tennessee.

THC-O is a relatively recent discovery; it is a synthetic cannabinoid produced through chemical synthesis that packs an intoxicating punch. It is also not covered by the farm bill such as naturally occurring cannabinoids derived from hemp.

However, a growing number of states, including Utah, Connecticut and Virginia, have taken action to ban intoxicating cannabinoids derived from hemp, such as THC-O and other THC isomers, including delta-10 and delta-6 THC.

The standoff draws attention to the numerous new cannabinoids that have been released onto the market and the difficulties in regulating access to them. Additionally, it emphasizes the gulf and escalating hostility between licensed marijuana businesses and the widely unregulated hemp industry, where businesses are peddling intoxicating goods containing an expanding variety of synthetic cannabinoids derived from hemp.

On one end, manufacturers and sellers of cannabinoids derived from hemp contend that the farm bill protects their goods and entitles them to unrestricted sale in states with no such laws. On the other hand, the scientific community, consumer watchdogs and regulated marijuana businesses are raising concerns about the safety of synthetic cannabinoids and the confusion they are causing in the market.

Federal authorities have mostly shied away from the matter. In January, the Food and Drug Administration announced that it would not regulate CBD-containing products, deferring instead to Congress, where partisan gridlock has prevented cannabis reform from moving forward to date.

Brightfield Group, a Chicago-based marijuana analytics company, predicts that sales of cannabinoid products will surpass $2.3 billion in 2023 and could double by 2027. However, the forecast failed to account for current state policy limitations or the uncertainty surrounding the potential scope of the proposed changes to the farm bill.

Some policy experts and industry insiders believe that the extensive legislation — renewal of the 2018 farm bill — may help to clear the air regarding new cannabinoids, concentration levels and restrictions. It’s interesting to note that over the past few years, fewer people are buying CBD goods online, while sales at vape and smoke shops have significantly increased, possibly as a result of the increased number of CBD stores in small towns, big cities and everywhere in between.

According to Brightfield, 17.5% of consumers bought CBD goods online in the last quarter of 2022, a decrease from 50.6% during the corresponding period in 2020. In contrast, 33.4% of consumers made purchases at smoke and vape shops in that same period, an increase from 19.1% in 2020.

Away from the feud between recreational marijuana and the hemp industry, there is a growing number of companies such as India Globalization Capital Inc. (NYSE American: IGC) that are working to see cannabis-based formulations approved by the FDA and other regulatory agencies overseeing the health sector in different countries.

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Tracking Proprietary Path to Drug Delivery Innovation and Commercialization on Robust R&D Programs

Lexaria Bioscience is a global innovator in drug delivery platforms
The company has been developing and commercializing patented DehydraTECH(TM), a technology that has been shown to increase the bioavailability of fat-soluble active molecules, improve the speed of onset and provide other benefits across multiple applications
Lexaria has undertaken numerous R&D programs in an effort to build relationships with prospective corporate partners to out-license the technology or to form other profitable corporate relationships
The company owes its achievements to its focus on R&D and the guidance provided by its highly experienced leadership, including CEO Chris Bunka, President John Docherty, as well as a dedicated and active board of directors

Lexaria Bioscience’s (NASDAQ: LEXX) path to becoming a global leader and innovator in drug delivery traces its origins to 2014, when CEO Chris Bunka redirected the company to its current business, focusing on the research and development (“R&D”) of the delivery of lipophilic active molecules based on its patented DehydraTECH(TM) technology. Protected by 28 granted patents worldwide, with many more pending around the world, the technology can lay claim to the potential of disrupting the drug delivery space as it is known today.

Typically, a drug delivery system is a formulation or a device that enables the introduction of a therapeutic substance into the body. It is specifically designed to improve the substance’s efficacy and safety by controlling the rate, time, and place of release of drugs in the body. Over the years, drug delivery scientists have been on a quest to improve the existing systems, leading to the introduction of nanoparticles, emulsifiers, and microalgae-based oral microcarriers (https://cnw.fm/pOxn6), just to name a few.

This quest is informed in large part by the shortcomings of existing systems. And as Lexaria has established, these systems are not particularly effective at delivering as much of the drug as possible into the bloodstream for use by the body; to put it more technically, they have low bioavailability. Additionally, the company has observed that drugs, especially fat-soluble active pharmaceutical ingredients (“APIs”), take a considerable time to start working when delivered using the existing systems.

In light of the evident shortcomings, Lexaria has been developing DehydraTECH, a platform technology that enhances the performance of several categories of fat-soluble active molecules and drugs across oral and/or topical formats. DehydraTECH, the company explains on its website, is an additional step that is easily and seamlessly incorporated into the formulation and manufacturing process of existing or new products.

“This step involves mixing the active ingredients 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,” the website continues (https://cnw.fm/1ENF0).

The result? The improved and more rapid absorption of active molecules into the bloodstream and brain tissue. This benefit, according to Lexaria, stems from the fact that DehydraTECH works symbiotically with existing physiological systems, thus enabling better bioavailability and bio-absorption. Another result is that fat-soluble molecules processed using the DehydraTECH technology become masked to oral and olfactory receptors, rendering them mostly flavorless and odorless.

Since 2014, Lexaria has undertaken multiple R&D programs covering such DehydraTECH-processed active molecules as nicotine, cannabidiol (“CBD”), and antiviral drugs (https://cnw.fm/68qUh). These initiatives have not only proven the above results to be true but also opened up additional commercialization opportunities.

“Our applied R&D is paying off in spades because we are currently in active discussions with several multi-billion dollar companies around the world, for the potential use of Lexaria’s DehydraTECH technology in their commercial product pursuits,” Bunka wrote in the annual CEO letter to shareholders published January 2023 (https://cnw.fm/CYLvm). “It is a direct result of our positive R&D programs that, as 2023 begins, we are actively involved in several sets of ongoing discussions and due diligence proceedings with potential corporate partners with a goal of collaboration, DehydraTECH out-licensing, or other corporate relationships.”

Additionally, the company is working toward an Investigational New Drug (“IND”) application that will seek FDA’s approval to undertake Phase 1(b) registered trial evaluating DehydraTECH-CBD as a potential treatment for hypertension. The study, which will seek to uncover the safety and tolerability of the formulation, is expected to begin this year.

Lexaria’s accomplishments so far can be attributed largely to the guidance of CEO, Chairman and Director Chris Bunka, President and Director John Docherty, and the company’s board of directors with members who have decades of experience in public and private businesses.

For instance, Dr. Catherine C. Turkel, Pharm.D, Ph.D., has over 20 years’ experience as an executive in startup and mid-size pharma or biotech companies. Having previously served as Founder and CEO of Nezee Therapeutics and President and R&D Head at Novus Therapeutics, since renamed Eledon Pharmaceuticals (NASDAQ: ELDN), she has formulated registration and commercial strategic plans and spearheaded global development programs for pharmaceutical and biologic treatments from phase 1 through phase 4 (https://cnw.fm/Lq14l). Her experience will, therefore, be invaluable as Lexaria conducts its planned FDA clinical trials.

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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India Globalization Capital Inc. (NYSE American: IGC) Reports Triple-Digit Revenue Growth, Phase 2 Study Highlights in Q3 2023 Report

Net revenue increased 133% to $332,000 in the three months ended Dec. 31, 2022, the company reports
Corporate highlights included expanded trial sites, enrollment for phase 2 IGC-AD1 study
Commencement of study marks milestone in IGC’s progress toward gaining FDA approval for proprietary treatment

In a fragile economic environment, the third-quarter 2023 financial results reported by India Globalization Capital (NYSE American: IGC) are particularly remarkable. The company, which is pursuing effective treatment for Alzheimer’s patients suffering with agitation and other neuropsychiatric symptoms, released a report showing an increase in net revenue of 133% for the three-month period ending Dec. 31, 2023, and an increase in net revenue of 175% for the nine-month period ending the same day (https://ccw.fm/a2EnL).

“Net revenue increased 133% to $332,000 in the three months ended Dec. 31, 2022, compared to $142,000 in the three months ended Dec. 31, 2021,” the company reported. “Net revenue increased 172% to $745,000 for the nine months ended Dec. 31, 2022, compared to $275,000 for the nine months ended Dec. 31, 2021, driven mainly by the company’s life-science segment, which includes, among others, natural products targeting women with premenstrual syndrome (‘PMS’), period pain and sleep disorder.”

The report also noted corporate highlights for the quarter, two of which are related to the company’s phase 2 clinical trial evaluating IGC-AD1 for agitation in dementia from Alzheimer’s disease. The report stated that the number of sites participating in the trial has expanded to a total of four — three in the United States and one in Canada — and that the trial will enroll 146 patients, with one-half of the participants receiving a placebo and the other half receiving IGC-AD1.

“The company is encouraged by the patient enrollment and interest from many of the leading research centers and has decided to increase the number of trial sites to between 10 and 12 from the originally planned four to five,” the company observed. “This will help accelerate the timeline for completion and diversify the patient demographics.” The goal of the trial, the company went on to explain, is to evaluate and establish over a six-week period the efficacy of IGC-AD1 in treating agitation in dementia from Alzheimer’s disease.

“We are delighted with the progress made during this quarter, highlighted by the commencement of the phase 2 clinical trial for our drug candidate IGC-AD1 for the safety and efficacy of the drug on agitation in dementia due to Alzheimer’s disease,” said IGC CEO Ram Mukunda. “This represents a milestone in our progress towards gaining FDA approval for IGC-AD1, which we believe has the potential to revolutionize the treatment of Alzheimer’s disease as the first and only low-dose, natural, THC-based candidate currently undergoing FDA trials.

Moreover, our sales of natural products, which include gummies and pain relief creams, are seeing increased traction in the market,” he continued. “We’re encouraged by our third quarter results and look forward to driving continued expansion through the balance of fiscal 2023.”

IGC develops advanced cannabinoid-based formulations for treating diseases, including but not limited to Alzheimer’s disease, Parkinson’s disease, chronic pain and pet seizures. The company sells various brands of CBD-based consumer products, including Holief, which includes gummies and pain relief creams for women experiencing premenstrual syndrome and dysmenorrhea (period cramps). The company operates facilities in the United States under Good Manufacturing Practices.

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

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

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420 with CNW — Adult-Use Cannabis Demand Exceeds Projections in Missouri

Since Missouri dispensaries started selling marijuana for recreational purposes more than a month ago, demand has outpaced expectations. In November 2022, a measure allowing for recreational cannabis sales was approved, opening the door for the establishment of dispensaries in the state.

Marijuana sales reached $102.9 million in February, with recreational sales accounting for $71.7 million of the total. The first weekend of sales brought in $13 million. In addition to experiencing astronomical sales and customer numbers in its first month, Missouri has seen a nearly 50% increase in the wholesale price of marijuana flower. According to LeafLink — a wholesale cannabis platform that links distributors and retailers — the state is the only top 20 market by size experiencing a shortage rather than a surplus since the demand is outpacing expectations.

LeafLink cites two elements as the causes of Missouri’s recent success. First, the program’s design made it possible to license the already-existing medical businesses, creating almost immediate retail opportunities. Secondly, Missouri borders noncannabis-selling states, and Illinois, the only bordering state with recreational marijuana, has a lot more expensive goods and high taxes.

The Missouri Cannabis Legalization Movement’s founder, Tim Gilio, claims to have noticed a noticeable impact on dispensaries, with lines getting longer and items disappearing from shelves as supplies completely run out. Unfortunately, medical cannabis users are being affected by this because recreational users outnumber the patients.

3Fifteen Primo owner Jason Corrado claimed to have observed serious supply issues at dispensaries that were unprepared for the approval of amendment 3. In Corrado’s opinion, the best way for stores to meet demand is by being in touch with various suppliers. He claims that his extensive network of supplier connections has helped to keep a steady supply in all 3Fifteen Primo locations, urging others to follow suit.

The problem, however, is the limited number of cannabis cultivators in the state since DHSS set a limit on grower licenses to 60. Demand is much higher than even they anticipated, according to Gilio; otherwise, growers would have produced more over the previous year.

But will Missouri run out of marijuana with the high demand? Most likely not.

According to Illicit marketing vice president David Craig, most growers ramped up production when amendment 3 passed in November. Illicit and the majority of cultivators operated below capacity during the medical-only program. These brands have currently filled all the available space.

A marijuana product still needs to be produced for four to five months before it can reach the final consumer, thus the gaps in the supply will be filled by the end of April.

The skyrocketing demand for recreational cannabis could open a wider market for companies, such as Advanced Container Technologies Inc. (OTC: ACTX), which “sell shovels during a gold rush” as they serve firms directly dealing in marijuana or its derivatives.

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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