Category: CannabisNewsWire Release

Luis Merchan, Helping Flora Growth Corp. (NASDAQ: FLGC) Become Global Leader in the CBD Space

  • Luis Merchan was appointed President of Consumer Goods at Flora in July 2020 before being appointed as the company’s CEO five months later, and chairman of its Board of Directors in May 2022
  • Merchan would lend his years of experience at Macy’s, where he led various sales and marketing initiatives, including the B2B corporate team responsible for bringing in $160 million in annual revenue 
  • Under his leadership, Flora has transitioned from the development stage to a full-scale international distributor with operations in over 12 countries worldwide. Mr. Merchan has also spearheaded several M&As, all of which have since set the company up for rapid growth
  • Flora maintains its revenue guidance for FY 2022 to be between $35 and $45 million, incorporating revenue contributions from its various operating divisions, including Vessel Brand

In July 2020, Flora Growth (NASDAQ: FLGC), a cannabis cultivator, brand manufacturer, and global distributor, appointed Luis Merchan as the President of Consumer Goods. Mr. Merchan would lead the company’s CBD portfolio, eventually launching four unique brands in the United States and facilitating the growth of the company’s operating divisions (https://cnw.fm/ZeVsJ). His performance would influence his appointment as CEO of the company five months later, taking over from Damian Lopez.

Before joining Flora, Mr. Merchan held various positions at Macy’s Inc., including Vice President (“VP”) of Workforce Strategy and Operations, VP of Customer Experience and Selling Support Services, and Group VP of National Merchandising and Sales Beauty.

Over his 9-year tenure at Macy’s, Mr. Merchan led various sales and marketing initiatives that included the B2B corporate sales team responsible for bringing in $160 million in annual revenue for the company. This earned him the Macy’s Chairman’s award for four consecutive years, from 2015 to 2018 (https://cnw.fm/ZdcAD).

During the announcement of his appointment as Flora’s head, the outgoing CEO, Damian Lopez, noted the company’s plan to adapt its team to put Flora Growth in the best position possible to carry on its impressive growth trajectory. In addition, he lauded Mr. Merchan’s performance as President of Consumer Goods, citing how impressive of a business executive he was and how integral he would be for the company’s growth going forward.

“I am excited to leverage my past consumer packaged goods experience at Macy’s while continuing to work closely with Damian and leveraging his knowledge of the company and the industry to make Flora Growth a global cannabis brand,” noted Mr. Merchan (https://cnw.fm/mhUkT).

Merchan has since been appointed Flora’s Chairman of the Board, taking over from Bernie Wilson, terming it as a “Testament to what we have built together thus far.” This came on the heels of Flora’s transition from the development stage to a full-scale international distributor with operations in over 12 countries worldwide; all achieved under Merchan’s leadership. Merchan has also spearheaded several mergers and acquisitions (“M&As”), most notably JustCBD and Vessel Brand, which have since set the company up for rapid growth.

Flora has since also secured $34.5 million in financing and signed deals with key retail distributors such as Tropi, a Colombia-based distributor, Walmart, and Macy’s. The company also completed its first import of CBD-containing food and beverage products into the United States from Colombia under its Mambe brand. It has also signed an agreement with luxury clothing and lifestyle brand Tonino Lamborghini to distribute designer CBD beverages through this retailer.

Flora maintains its revenue guidance for the 2022 financial year to be between $35 and $45 million, incorporating revenue contributions from its various operating divisions, including Vessel Brand. Mr. Merchan is confident that the company will realize these projections, even as it works towards further market expansion and product diversification as time progresses. Under his leadership, Mr. Merchan is slowly turning Flora into a global leader in the CBD space while also helping it execute its strategy to achieve its short-term and long-term objectives.

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

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW — DOJ Official Explains Upcoming Process to Gain Presidential Marijuana Pardon

In early October, President Joseph Biden announced that he would pardon thousands of Americans who were convicted of simple marijuana possession at the federal level. President Biden also called on governors to begin the process of issuing pardons for similar cannabis convictions at the state level, saying in a public statement that no one should be jailed for just possessing or using marijuana.

However, the pardon would not apply to noncitizens who did not have legal status when they were arrested and convicted. At the time, the White House stated that the Office of the Pardon Attorney would soon make it possible for eligible parties to apply for a certificate of pardon via a short application form.

On Tuesday, U.S. Pardon Attorney Elizabeth Oyer revealed that this short, 10-minute form is nearly ready and that the Justice Department would unveil it to the public. Oyer discussed the practical and symbolic implications of Biden’s pardon during a panel discussion by Ohio State University’s Mortiz College of Law. The panel also involved Last Prisoner Project executive director and general counsel Sarah Gersten and University of Minnesota Law School Clemency project director JaneAnne Murray.

Acknowledging the fact that this clemency does not extend to immigrants, an exclusion that raised the ire of several immigration and racial justice groups, Oyer said that immigrants may be able to receive certificates of pardons by applying through the traditional clemency process. Oyer noted that eligible parties were officially pardoned as soon as the pardon proclamation was signed in October as the pardon was “self-effectuating.” However, the proclamation also instructed the DOJ to create a certification process following the pardons.

According to Oyer, the certification process that the DOJ office is working on will be “very simple and very streamlined,’” taking most people no more than 10 minutes to complete. She explained that crafting something simple in the government often requires more effort and takes longer but that the applications will be ready for public deployment ‘”very soon.”

These applications will be available online and can also be submitted through physical mail.

Oyer said that the office is looking to speed up the application process for applicants by working with the DOJ’s IT department to develop a web-based platform where applicants can simply and quickly submit their applications. The platform will also be designed in a way that makes it easier for Oyer’s office to swiftly review the information and process the applications into certificates of pardon.

Meanwhile, aside from the debates on whether marijuana should or shouldn’t be legalized federally, several companies such as India Globalization Capital Inc. (NYSE American: IGC) are taking the pharmaceutical route of conducting preclinical and clinical development programs on cannabinoid-based medicines so that FDA approval is secured and the therapies are availed through the hospital system.

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

About CNW420

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

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420 with CNW — Federal Survey Shows Teen Marijuana Use Remained Unchanged in 2022

As other states join in legalizing marijuana post-pandemic, teenagers’ use of cannabis has remained stable through 2022. The director of the National Institute on Drug Abuse (NIDA), Nora Volkow had earlier deduced that the drop in teenage substance abuse was because of the COVID social restrictions. There was an expectation of an upsurge in substance use post-pandemic, but that was not the case. The previous month/daily marijuana intake among the senior high school kids was unchanged.

“Use of cannabis, among the senior high schoolers, has remained a plateau,” an officer from NIDA said. It is also reported that cannabis vaping among 8th graders was at 6%, 15% among 10th graders and 20.6% among 12th graders by 2021, signifying a neutral prepandemic trend. Post-pandemic (2022) usage was slightly higher than prepandemic usage among the 10th graders.

NIDA has been analyzing drug use among youth for almost 50 years. The organization notes that in order to understand trends in substance use among young people, there is a need to use timely and excellent tools, even during historic events such as the COVID-19 pandemic.

Vaping, alcohol and other substance use has been stable across the teen ages though alcohol and opioid use levels among 12th graders reverted to prepandemic-era levels. MFT findings show in 2021 there was a slight increase in cannabis use. Marijuana vaping tweaked higher among 12th graders between 2021–2022. The consistency has debunked the myth that legalizing marijuana would heighten underage substance use.

The Institute of Social Research at Michigan University conducts an annual teen vaping survey for NIDA. The survey, however, largely avoids marijuana vaping topics. In November, NIDA-funded research discovered that state-level legalization of cannabis does not correlate with increased youth consumption. Adolescents who were exposed to legalization were likely or not likely to use cannabis at 15 years in comparison with those who didn’t grow up under the legalization of cannabis. In another study, retail sales of cannabis coincide with the increased onset of cannabis occurrence in older adults other than youngsters. In Colorado, marijuana teenage use declined substantially in 2021.

A reported 100% compliance with the identification policy has discouraged underage persons from buying cannabis from licensed marijuana traders. Another survey shows marijuana use among youth dropped in 2020 due to the COVID–19 pandemic as more states enacted legalization.

The U.S. education department studied senior high students from 2009–2019 and saw that no worthy difference between grades 9 through 12 reported consuming cannabis once a month.

The CDC says teenage marijuana consumption declined at the zenith of state legalization of cannabis for recreation purposes. A 2020 Colorado survey showed consumption of cannabis has not changed since the enactment of legalization though the usage methods were diversified.

A White House official in the National Drug Control Policy further noted in 2020 that cannabis use in the youth was declining and that it was a welcome event, even if the reasons remained unknown.

These findings from federally funded studies show that the marijuana industry has been taking a lot of needless flak and part of what it needs is funding from not only entities such as REZYFi Inc. but also traditional banks so that the sector can grow and serve more people by providing jobs and gathering taxes without putting teens in significant danger.

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

About CNW420

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) DehydraTECH-CBD (TM) Achieves Superior CBD Blood Absorption Levels in Hypertension Study

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced that it has demonstrated superior cannabidiol (“CBD”) blood absorption levels from its patented DehydraTECH-CBD(TM) relative to those of published, pharmaceutical-grade CBD industry comparators. The results were obtained from the company’s recently completed, multi-week human clinical hypertension study – HYPER-H21-4. “DehydraTECH-CBD has repeatedly shown that it can be administered at much lower dose levels than other CBD formulations to achieve effective levels within the blood stream, as supported by this pharmaceutical-industry peer comparison,” said Chris Bunka, CEO of Lexaria Bioscience Corp. “This is extremely important to patients hoping to achieve positive health outcomes while using lower levels of medication with no serious side effects and also important to Lexaria as we pursue FDA registration of DehydraTECH-CBD.”

To view the full press release, visit https://cnw.fm/42lCA

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective 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 27 patents granted and roughly 50 patents pending worldwide. 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

About CannabisNewsWire

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.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.cannabisnewswire.com

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420 with CNW — Oregon Lawsuit May Allow Interstate Cannabis Commerce as Congress Remains Inactive

Decades after California legalized medical cannabis and launched an industry that would soon be worth billions of dollars in revenue, interstate cannabis is still virtually nonexistent. But even though America’s state-legal cannabis industry now employs hundreds of thousands of people and generates billions of dollars in taxes, there is little to no interstate commerce between states with legal markets. This is partly because most of these states included stipulations in their regulator frameworks that prevented them from trading with other states.

As a result, cannabis producers cannot ship their products across state lines or source cannabis-related raw materials from other states. However, analysts familiar with the matter say that this may soon change if a lawsuit against Oregon’s cannabis law is successful.

If Congress doesn’t move to legalize interstate cannabis trade, activists and industry players could go through the courts to make it possible for players in the cannabis industry to trade across state lines. Like many states with legal cannabis markets, Oregon has stipulations that require cannabis operators to conduct their business within state lines.

Jefferson Packing House, a distribution company based in Medford, Oregon, filed a lawsuit against Oregon state officials, including the governor, arguing that the state law prohibiting interstate trade was unconstitutional. Oregon officials seem quite willing to legalize interstate trade after Governor Kate Brown passed a law that would lift the ban on interstate trade if major changes were made to federal cannabis policy.

The recent lawsuit shows the industry’s impatience and lack of faith in reform at the federal level. It could be months or even years before Congress legalizes cannabis at the federal level and allows interstate cannabis commerce.

Jefferson Packing House is seeking to enact change as soon as it can without waiting for any action from the federal government. Lawyers from the company sent a letter to state officials on Nov. 14, 2022,  arguing that only Congress had the authority to regulate interstate commerce.

The Dormant Commerce Clause bars states from preventing the free movement of goods, capital and people between states unless they have received express and limited approval from Congress. States may also receive Congressional approval to prevent interstate trade if there are real public health concerns that can’t be dealt with through other restrictive means.

If the lawsuit against Oregon officials is successful, it could encourage other states to fight for the approval of interstate cannabis trade through their respective courts. If the courts sanction interstate commerce involving cannabis, entities such as Flora Growth Corp. (NASDAQ: FLGC) would probably have to rethink their approach to expanding their footprint across the country.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

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420 with CNW — A Recap of Cannabis Reform Wins in 2022

The 2022 cannabis reform has notched sizeable wins, adding three new states into adult-use cannabis legalization. NORML emphasizes how active lawmakers have been under the prohibition status quo and are looking for new policies that would build on the cannabis reform movement.

By last count, 21 states have legalized cannabis for adult use with a even more accessing medical marijuana. Voters were instrumental in repealing prohibitions placed on marijuana, thus offering relief to millions suffering from the effects of prohibition, said NORML deputy director Paul Armentano. While the focus is on legalization and reform setbacks, lawmakers have achieved some victories.

Legalization

Rhode Island, Missouri and Maryland were the new entrants to the legalization of adult-use marijuana arena. Maryland and Missouri reached that status through voting, while Rhode Island passed a state reform that was signed into law.

Expungement

California, Colorado and Illinois lawmakers approved bills for cannabis expungement or record sealing. Governor Gavin Newsom of California demanded court record sealing processes and other relief forms for individuals with verifiable cannabis convictions on record within a specified period.

Medical marijuana

An estimated 12 states agreed to pass medical marijuana reforms this year. California signed a law to prevent localities from prohibiting service delivery, thus reducing the patient access gap.  The University of Kentucky has a cannabis research center facilitating studies on the benefits and risks of cannabis.

Louisiana is allowing nurses to issue a medical marijuana recommendation and let out of state clients with specific conditions to access cannabis clinic facilities. Washington, DC, increased the limit for marijuana possession for patients, while also allowing adults of 21years and over to declare themselves as medical cannabis patients.

Utah, Virginia, Maine, Pennsylvania, South Dakota and Tennessee have also enacted reforms.

Workplace drug testing

This policy has three states enacting a reform to this effect. California banned employers from discriminating against workers whose drug tests show THC metabolites are present. Medical marijuana employment protections were recently made law in Louisiana and Washington, DC.

Equity

Anyone with a previous drug record could not be employed meaningfully in Maine. But the state repealed this to allow for ex-offenders to apply for work and not be discriminated against.

Industry and interstate trade

California governor signed a revised bill for the marijuana tax structure in order to remove barriers to gain entry into the market and cutting off the black market. Another bill allows the governor to enter into interstate marijuana commerce, awaiting a federal policy change.

These and other reforms that occurred in different jurisdictions around the country suggest that the overall cannabis market is going to keep growing, and plant-touching and nonplant-ouching enterprises such as Advanced Container Technologies Inc. (OTC: ACTX) all have a chance to tap the opportunities this growth presents.

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

About CNW420

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

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Begins Dosing in Its Human Oral Nicotine Study

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced that dosing has begun in its human clinical nicotine study NIC-H22-1. Current cigarette smokers are participating in the 36-person human pharmacokinetic randomized, double blinded, cross-over study, wherein each person will visit the laboratory to be dosed three times over the coming weeks. Only one oral nicotine pouch (DehydraTECH-nicotine, On! brand manufactured by Altria, or Zyn brand manufactured by Swedish Match) will be administered and evaluated during each visit. The primary objectives are to determine the quantity of nicotine in blood at various time points and collection of vital-sign data of temperature, blood pressure, heart rate and respiratory rate. In addition, subjective evaluations related to throat burn, user experience, gastrointestinal experience and more will be conducted.

To view the full press release, visit https://cnw.fm/oo3vL

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective 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 27 patents granted and roughly 50 patents pending worldwide. 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

About CannabisNewsWire

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.

To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.cannabisnewswire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

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CannabisNewsWire is part of the InvestorBrandNetwork.

Cannabis Products Continue to Flourish, Showcasing Potential of Cultivator Flora Growth Corp.’s (NASDAQ: FLGC) Growing International House of Brands

  • Cannabis grower and brand builder Flora Growth is a rapidly growing international supplier and supply chain developer aiming to distinguish itself in a highly competitive market
  • Following on a 604 percent YOY revenue increase for the first half of the year, Flora continues pursuing strategic acquisitions such as its recent all-stock deal for multi-national operator Franchise Global Health
  • Flora also anticipates expanding its production facilities, adding a fourth by the end of this year that will provide the company with its first pharmaceutical formula operation for the Colombian wellness market
  • The Franchise Global Health agreement is expected to give Flora a strong presence in Germany and an introduction to Europe, adding to its export pipeline to Switzerland, the Czech Republic and the United States from Colombia

Legal cannabis has become the the sixth-largest cash crop in the United States after corn, soybeans, hay, wheat and cotton (https://cnw.fm/RChLp), and voters continue to address the potentials of an expanding market for recreational marijuana (https://cnw.fm/IO2FN).

Non-recreational medicinal cannabis has been legalized in 37 states and continues to fuel a multi-billion dollar industry (https://cnw.fm/I17Vl), which is only a portion of the global market that supplies the 80 percent of the world’s population using cannabis or hemp for medical treatments. For now, international annual growth rates are more robust than the projected growth rates in the United States, according to Kiplinger (https://cnw.fm/tXctZ).

Cannabis cultivator and global distributor Flora Growth (NASDAQ: FLGC) is a rapidly growing house of brands building customer bases and distribution channels across international lines as it aims to distinguish itself within a highly competitive arena.

Much of Flora Growth’s strength lies in its licensed cultivation, extraction, and isolation facility located in northern Colombia’s fertile climate, where an experienced labor force is helping the nation emerge from decades of drug war illicit trade into a recognized and regulated market.

From its 247 acres of growing fields, the company’s harvests move into a production pipeline that includes a flower and derivatives production lab situated with the cultivation camp, as well as a topical, capsules and dietary supplements lab in Colombia’s capital and a third lab in the United States, where CBD ingestible, tinctures and gummies are made.

A fourth state-of-the-art lab being built in Colombia’s capital is being designed to formulate custom and proprietary pharmaceuticals that will be sold and used in Colombia. The life sciences lab is expected to open by the end of this year with eight registered pharmaceutical grade formulas that target specific ailments such as insomnia, epilepsy, and anxiety (https://cnw.fm/bbuJj).

“At Flora, we believe that cannabis will dramatically improve the wellbeing of consumers around the globe and that it will become an international trade. Our company exists today to capitalize on that opportunity,” CEO Luis Merchan stated last month in an interview about its most recent acquisition to help fuel its global ambitions — an all-stock deal for multi-national operator Franchise Global Health (https://cnw.fm/Qs3Qn).

The Franchise Global Health (“FGH”) acquisition is expected to give Flora an in-road to Europe through Germany, where FGH helped pioneer the European cannabis market and where 75 to 80 percent of European sales take place.

FGH’s German businesses operate primarily in the export pharmaceutical and medical cannabis import and distribution markets, servicing 1,200 pharmacies in Germany, according to a company news release (https://cnw.fm/6z8lD).

Notably, while Flora’s operation provides THC and CBD flower and derivatives to international markets, the company only produces CBD products within the United States because its NASDAQ listing prevents it from participating in the THC (traditional tetrahydrocannabinol cannabis) market domestically.

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

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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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420 with CNW — Canadian Medical Marijuana Companies Target Patients with Health Cover

As the marijuana market diminishes, Canadian entities are focusing on selling medical marijuana to patients whose employers provide MMJ health benefits. Alberta’s Aurora Cannabis and other market players have taken up a benefits-focused clinical strategy even as prices fall in the country’s broken-down, aggressive adult-use marijuana market.

But the uptake of medical cannabis benefit coverage is low. Prior to adult-use legalization, analysts expected the coverage would be a great area for self-insured benefits plans. That didn’t manifest as expected because few have adopted the coverage. This coverage has two types — the self-insured and the fully insured — says Mike Sullivan, an employee of Cubic Health, an employee consultancy firm.

The benefit-focused strategy seeks an avenue for higher-margin growth in this maturing market. However, cannabis entities say serving benefit-covered patients comes with high costs for education, research and customer relations.

Aurora Cannabis, which commands a 24% stake in the market, has channeled its business toward medical marijuana citing reliance on insured customers whose benefits cover MMJ. This has accounted for 80% of the company’s $17.2 million revenue in its first quarter. Those in an insured program buy more often and stay on similar medication for longer as opposed to the noninsured customers. Additionally, medical marijuana generates twice the profit of recreational marijuana in sales.

Aqualitas, a Nova Scotia cannabis producer. also said about 75% of its sales is from insured clientele. Ontario’s Entourage Health also records 90% of its revenue from insured clients bringing in $2.3 million in the recent financial quarter. Entourage absorbs the cost of consumer education, call centers and physicians, which in the process affects its margins.

Entourage Health CEO George Scorsis says the company’s margins on medical marijuana are not higher than for adult use. The profit is affected by the daily running of the business in terms of clinical work, product development, etc.

The Canadian medical cannabis market stood at $68.5 million by the third quarter of 2022 denoting that it runs into $274 million yearly. Veterans from the military are the largest beneficiaries of the benefit-covered medical marijuana project, spending $143.7 million of cannabis reimbursements in the 2022–2023 financial year.

Ned Pojskic, vice president of Green Shield Canada, the fourth-largest benefits company in the country, says prior interest in benefits coverage of medical marijuana failed to capture broad interest. Human resource leaders have been focusing on drug costs and the COVID-19 pandemic in relation to sales, among other things. Benefits expert Sullivan said after the legalization of adult-use cannabis in 2018, Canadian companies lost focus on medical marijuana. Aurora’s Martin agrees with Pojskic that extensive research could increase the benefits acceptance of medical cannabis.

As more players such as India Globalization Capital Inc. (NYSE American: IGC) go a step further and develop approved cannabis-based pharmaceuticals, the medical insurance industry is likely to move faster along the path of covering medical marijuana for policyholders.

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

About CNW420

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

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420 with CNW — Germany Could Trigger Domino Effect of Marijuana Legalization in Europe

While the United States and other areas spent the past two decades legalizing cannabis within their borders and launching multibillion dollar cannabis industries, Europe focused more on cannabis decriminalization. Unlike legalization, which made it possible to grow, process and sell cannabis without legal repercussions, cannabis decriminalization is simply intended to remove criminal charges from cannabis possession and use, but does not facilitate the marijuana trade.

With states such as Colorado and California bringing in billions of dollars worth of cannabis sales taxes, countries across the Atlantic have begun taking notice. In a recent move that could trigger a domino effect of cannabis legalization across the European Union, German Health Minister Karl Lauterbach announced that Germany is considering legalizing cannabis production and use, and unveiled a plan for legalization.

Germany’s marijuana policy would be similar to Canada’s, stripping marijuana of its status as a narcotic; building a state-licensed system for cultivation, production, delivery and sale; launching a federal cannabis tax; and allowing adults to purchase 20 to 30 grams of cannabis for personal use.

According to Lauterbach, the cannabis legislation may be passed by lawmakers in 2024. If Germany goes forward with this plan, it would become the first nation in the European Union to legalize marijuana. With Germany’s neighbors watching the possible evolution of its cannabis policy, we may soon see a wave of cannabis reform sweeping across the EU if Germany chooses to legalize cannabis.

It is not surprising that German lawmakers are considering legalizing cannabis as the country’s governing coalition is currently comprised of parties that are keen on reform efforts. According to the Social Democrat Party, legalizing cannabis would free up law enforcement working on cannabis cases. The Free Democrat Party believes that cannabis reform could be extremely lucrative for the country, generating more than $1 billion euros ($1.06 billion) annually in cannabis taxes. The Greens, on the other hand, see legalization as a way to curtail the illicit cannabis market by depriving it of revenue.

Cannabis is one of the most popular drugs in Germany, with Lauterbach noting that four million Germans used the substance last year. He then added that a quarter of all in the 18-24 age bracket in Germany have used cannabis.

However, the German government will only go ahead with the legislation if it is completely in line with European Union law.

If everything checks out and the legislation becomes national law, adults aged 18 and older would be able to buy up to 30 grams of cannabis from licensed stores and possibly pharmacies.

While Germany is still going through the process of ending cannabis prohibition, various jurisdictions in North America are finding avenues to avail funding to cannabis companies through entities such as REZYFi Inc. so that the industry players receive the funds they need to scale and grow their operations despite federal law, which keeps traditional banks from accepting marijuana companies as clients.

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

About CNW420

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

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