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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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 — 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.

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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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420 with CNW — Marijuana Firms Register Mixed Results from Foray into Twitter Adverts

Angel Ferrer, the head marketing executive of Hemper Co., created a Twitter profile and uploaded an advertisement for the company’s products on the market, stocked with a range of marijuana accessories, in February, when Twitter allowed cannabis ads. The account was deleted by Twitter shortly thereafter. Ferrer said he would keep learning how to deal with Twitter regardless of the disabling of his initial ad.

The first big digital media site to permit marijuana advertising was Twitter, which has its headquarters in San Francisco. But there are several limitations for marketers, as companies such as Hemper are discovering.

Cannabis businesses must first obtain platform approval and adhere to other guidelines, such as having a license in areas where they conduct business and limiting their customer base to individuals older than 21. Twitter forbids the advertising of drugs and drug-related items but allows businesses to advertise their products and services. Twitter has provided a six-week promotional incentive for marijuana brands to boost marijuana ad sales.

The business announced that it will meet new advertising expenditures of up to $250,000 on a single-transaction basis. The limited-time deal is valid through March 31, 2023.

Kate Lynch, the marketing vice president for Curaleaf Holdings, expressed excitement about having a new platform to advertise the business’s goods and immediately began a Twitter advertising strategy. The corporation advertised for a fortnight to see if it would drive traffic to its website. According to Lynch, the company will shortly update the advertisement with fresh content.

The company attempted to demonstrate which burned more quickly in a video advertisement that was not accepted by Twitter: a normal marijuana roll or a marijuana cigar rolled using one of the company’s products.

Additional social media companies are likely to emulate Twitter’s example, according to several industry analysts. Will cannabis businesses, however, make a profit from their expenditures? Many people assume that sites such as Google and Facebook, which are publicly accessible companies, won’t allow cannabis ads before the substance is made legal on a federal level.

Recent changes to Google’s ad network have reduced prohibitions on cannabis and cannabidiol marketing in a few countries, but a majority of other marijuana promotion is still not allowed.

While businesses such as Purple Rose and Curaleaf can track how many website clicks their Twitter advertising generated, they are unable to discern whether those clicks were translating into actual sales.

For companies such as India Globalization Capital Inc. (NYSE American: IGC), the advertising woes faced by marijuana companies aren’t an issue because companies taking their products through the FDA-approval process follow a different path to market.

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 – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) DehydraTECH(TM) Provides Foundation for Improving Effectiveness of Lipophilic Drugs, APIs

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, is positioned for opportunity with its patented DehydraTECH(TM) technology and its wide-reaching potential. “Lexaria’s DehydraTECH is designed to formulate and deliver lipophilic (fat-soluble) drugs and active pharmaceutical ingredients (‘APIs’). DehydraTECH increases the effectiveness of and improves the way APIs enter the bloodstream. The benefits of consuming a DehydraTECH-enabled drug or product include: speed up in delivery time; increased bioavailability; increased brain absorption; improved drug potency; and reduction in drug administration costs. Animal studies of DehydraTECH have demonstrated the ability to elevate the quantity of the drug delivered across the blood-brain barrier by as much as 1,900%,” a recent article reads. “Lexaria’s technology is best thought of as a foundation that providers of drugs and consumer supplements can utilize to improve the effectiveness of their existing or planned new offerings. DehydraTECH is suitable for use with a wide range of product formats, including pharmaceuticals, nutraceuticals, and over-the-counter capsules, pills, tablets, or oral suspensions.”

To view the full article, visit https://cnw.fm/3oeyM

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 28 patents granted and many patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.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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Prime Harvest Inc. Launches Weed 4 The People Reg A+ Offering to Fund Cannabis Retail and Delivery Expansion Across California

Prime Harvest launched Reg A+ offering, Weed 4 The People, which enables public to invest for as little as $4.20 per share
Company aims to raise $42M to fund expansion of JAXX Cannabis, flagship store and delivery platform
Company achievements include 976% revenue growth from 2019-2022, 395% unique customer growth, 60+ brand partners
Company aims to open 20++ locations across California within five years, recently received approval recommendation for conditional use permit to open retail cannabis outlet in the City of San Diego

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.

“Weed-4-The-People is a different type of stock offering; an offering where every single dollar you invest goes toward the acquisition of licensed assets, toward the development our direct-to-consumer mobile app, and the expansion of state-wide delivery,” stated Prime Harvest Founder Duane Alexander in a note on the Reg A+ offering website.

Prime Harvest has been active in the San Diego cannabis space since its inception as a local producer in 2017. The company has since grown to include 60+ brand partners, including iconic brands like Jeeters, STIIIZY, Lime Cannabis Co., West Coast Cure, and Grizzly Peak.

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 Reg A+ offering website, company revenue grew by 976% from 2019-2022, while annual customer growth increased by $696 and unique customer growth expanded by 395%.

Prime Harvest aims to open 20+ locations across California within the next five years. The company recently received an approval recommendation from the San Diego Planning Group for a conditional use permit to open a retail cannabis outlet in the City of San Diego (https://cnw.fm/hCK6u). Unlike previous attempts from different business entities, Prime Harvest’s application took a positive turn due to noteworthy support by the local community during the public hearings process.

Prime Harvest continues to grow its footprint in California by investing in the growth and scale of current licensed assets, focusing on acquisition, compliance management, and direct-to-consumer operations. With an experienced leadership team, a solid business foundation, and a winning track record, the company is strongly positioned to lead California’s rapidly growing cannabis sector.

For more information on Prime Harvest’s Reg A+ offering, visit www.weed4thepeople.com.

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

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

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Lexaria Bioscience Corp.’s (NASDAQ: LEXX) CEO, Chris Bunka, Confident that 2023 will be Lexaria’s Best Year Ever

Chris Bunka, Lexaria’s CEO, remains confident that 2023 will be Lexaria’s best year ever and has expressed his optimism that the company will continue to build its client base and increase its cash flows as the year progresses
In his 2023 letter to stakeholders, the CEO expressed his satisfaction given that the company had delivered on a statement that he made the previous year, lauding his team for meeting objectives that Lexaria had set out to achieve in the 2022 calendar year
Through the help of his team, Bunka is committed to making Lexaria one of the top drug delivery performers in the biotech/pharmaceutical world, starting with the launch of its FDA-registered IND program to investigate its patented DehydraTECH(TM)-processed CBD for the potential treatment of hypertension

Back at the start of the 2022 calendar year, Chris Bunka, the CEO of Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, released his annual letter to all stakeholders. Of note was his emphasis on the company’s initiatives to have multiple choices in how it was funded, specifically trying to position Lexaria for non-dilutive injections of capital through strategic partners and other commercial relationships (https://cnw.fm/icp9D).

In his 2023 letter, Bunka expressed his satisfaction and pleasure, given that the company delivered on the statement he made the previous year, pointing to his team for delivering objectives that Lexaria had set out to achieve in the 2022 calendar year.

Under the able leadership of John Docherty, Lexaria’s President and Director, as well as Gregory Downey, the Chief Financial Officer (“CFO”), the company has built on the progress made in 2022 to begin the transition toward a more commercial focus.

Lexaria was granted new patents in 2022, bringing its total to 28 granted patents worldwide across the United States, Canada, Mexico, Australia, Japan, India, and the European Union. The management expects to be awarded additional patents in the 2023 calendar year, even though it has already achieved considerable intellectual property protection through its existing patent portfolio.

Importantly, with its current positioning, Lexaria is seen as being able to fully operate through nearly all of 2023 without raising additional capital:

“In fact, we’ve done such a great job of preserving capital that we could survive through nearly all of 2023 without needing to raise additional capital, if we cut back a little on our R&D spending,” noted Bunka. “However, as we prefer to keep advancing our applied R&D at a rapid pace as we can, we are also continuing to pursue capital-strengthening possibilities that do not involve the issuance of any equity,” he added.

Going forward in 2023, Lexaria looks to launch its FDA-registered Investigational New Drug (“IND”) program to formally investigate its patented DehydraTECH(TM)-processed CBD for hypertension. The company also seeks commercial relationships this year, even as its R&D progresses. Bunka has also shared the possibility of additional investigations in 2023 related to DehydraTECH-CBD or other pharmaceutical areas of interest.

With the learnings from the previous year, Bunka is confident that 2023 will be Lexaria’s best year ever. With the company enjoying more successes than failures, its management hopes it will continue to build its client base and increase its cash flows as the year progresses.

“It is my goal for 2023 to make Lexaria Bioscience one of the top drug delivery performers in the biotech/pharmaceutical world as we continue to prove the validity of our technology, and really begin our efforts to deliver financial rewards to you, our owners,” noted Bunka.

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

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420 with CNW — SD Governor Vetoes Proposed Law to Raise Hemp THC Cap

South Dakota Governor Kristi Noem has vetoed a bill that sought to increase THC levels in industrial hemp and its derivatives. Industrial hemp was legalized in 2018 after Congress approved the Farm Bill and allowed farmers across the country to cultivate, process and sell industrial hemp with less than 0.3% THC in state and tribal programs.

THC (delta-9 tetrahydrocannabinol) is the main chemical agent in marijuana, and it produces the plant’s infamous psychoactive effects. But while marijuana contains high enough levels of THC that the chemical can cause mind-bending effects, industrial hemp has very little THC and no psychoactive effects.

Retailers across the country can now carry and sell hemp products as long as they contain less than 0.3% THC. According to Governor Noem, the bill to increase THC limits in industrial hemp would “jeopardize the effectiveness and safety” of South Dakota’s industrial hemp sector. She said that the measure would conflict with federal law that sets THC levels in hemp to below 0.3% while making it impossible for marijuana products, which usually contain well over 0.3% THC, to be classified as hemp products.

The governor said in a public statement that passing bill HB 1209 would go against the “clearly expressed will of the people,” referring to state residents who rejected a recreational cannabis measure in the 2022 ballot. Bill HB 1209 was sponsored by Representative Oren Lesmeister and would have increased THC limits in industrial hemp to 5%. However, Governor Noem noted that doing so would undermine the state’s enforcement of drug laws and jeopardize its hemp program.

South Dakota currently allows for THC levels of up to 1% for hemp plants that are currently in the processing stage. Bill sponsor Lesmeister said that while these high levels are temporary, they are inevitable during processing when highly concentrated oils and cannabinoids are being extracted from the plant matter. He added that as hemp product processors aren’t regulated by the federal market, states with hemp programs often overlook higher-than-0.3 % THC concentrations during processing.

His measure would make it so that THC levels of up to 5% were allowed during processing, similar to regulations in New York and Colorado. Lesmeister explained that the current 1% upper limit was a compromise, but that processors regularly exceed 1% THC levels in processing before THC levels drop to below 0.3% THC once the final product is complete.

This spike prevents licensed processors from accessing crop insurance and similar safety nets that are accessible to other crop markets.

Until the disconnect between marijuana policies at the federal level are updated to be in sync with the reality at state level, many budding entities such as Advanced Container Technologies Inc. (OTC: ACTX) may walk a tightrope trying to serve companies within jurisdictions where marijuana is permitted for either therapeutic or recreational use.

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420 with CNW — Major Association in Alcohol Industry Backs Federal Cannabis Legalization

A major industry group representing the alcohol industry urged lawmakers to federally legalize adult-use marijuana in a letter sent to congressional leaders on Wednesday. According to the WSWA, the current disparity between federal and state law not only has negative effects on both cannabis users and nonusers, but it will also have prolonged effects on public safety and health.

In its letter, the association emphasized two major points: first, cannabis regulation could be modeled after the current alcohol system, and second, piecemeal cannabis reform is unworkable, so legislators should take a comprehensive approach to the problem.

Additionally, the letter emphasizes the need for states to maintain their independence in deciding whether or not to legalize marijuana within their territory. Moreover, it endorses the proposal for the national government to permit interstate cannabis trade, which is a view that is broadly shared by lawmakers and business leaders in the majority of states.

The WSWA cited a 2021 policy brief that outlines the regulatory priorities it believes legislators should consult as they work to find a framework for legalization. According to the policy brief, legislators should borrow experiences from alcohol regulations and guidelines to create a marijuana regulatory framework that fosters public safety, innovation and industry competition.

WSWA outlined four major guidelines for federal control over a supply chain for marijuana for adult use: the federal licensing of marijuana growers, importers, testing labs and distributors; the control and approval of marijuana products; the effective and efficient collection of excise tax at the federal level; and the effective implementation of strategies to promote public safety.

In its policy brief’s conclusion, WSWA — which in 2018 spoke out in favor of states legalizing marijuana — explained its decision to offer advice on federal marijuana reform. According to the report, a secure and prosperous market has since emerged after the end of alcohol prohibition, one that meets the requirements of consumers and regulators alike.

Cannabis regulation and legalization bills at the federal level have twice passed through the House but failed in the Senate due to the latter’s failure to pass comprehensive reform. WSWA’s involvement, according to proponents of legalization, could strengthen efforts to persuade lawmakers to take the matter more seriously.

A significant distinction between the WSWA’s proposal and that of Chuck Schumer, Senate Majority Leader, is the allocation of regulatory responsibility. Advocates have expressed concern about the Senate proposal’s deference to the FDA, and it is likely that many stakeholders would find WSWA’s position on having TTB handle basic oversight to be more agreeable.

That jostling aside, a less controversial path is being explored by various enterprises, such as India Globalization Capital Inc. (NYSE American: IGC), in which efforts are being deployed to produce FDA-approved medicines from cannabis constituents such as THC for several indications.

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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