CannabisNewsBreaks – REZYFi Inc. Tailoring Financing Packages to Meet Unique Needs of Cannabis Businesses

REZYFi seeks to fill an existing funding gap, where cannabis business operators face perpetual difficulty accessing capital in the form of loans and mortgages from Federal Deposit Insurance Corporation (“FDIC”)-insured banks and financial institutions. “REZYFi regards itself as a real estate-oriented mortgage company servicing the needs of both traditional and non-traditional consumers and businesses, but with a primary focus on the cannabis sector. The company mainly offers mortgage origination and specialized financing to licensed and permitted cannabis companies and owners of real estate who lease to cannabis companies,” a recent article reads. “Leveraging its team’s significant experience in a wide range of real estate and financing sub-sectors, the company is able to tailor financing packages to meet the unique needs of cannabis businesses. Along with its experienced management and staff, REZYFi boasts a network of independent brokers and licensed loan officers, as well as proprietary loan processing and back-office technology powered by machine learning. The technology, in particular, shortens loan processing timeframes and reduces inefficiencies and human errors associated with manual loan processing, underwriting and servicing.”

To view the full article, visit https://cnw.fm/VOg1O

About REZYFi Inc.

REZYFi is a cannabis-focused mortgage origination and specialized financing company in the U.S. The company originates, structures and invests in first mortgage loans and alternative structured financings secured by commercial and residential real estate properties. For more information, visit the company’s website at REZYFi.com.

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

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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Policymaker Optimism for Real Estate Lending Trends Portends Blue Sky Opportunity for Mortgage Loan Facilitator REZYFi, Inc.

Real estate market watchers have been encouraged by recent trends in inflationary policy and lending policy analysis
The mid-December Consumer Price Index report and the subsequent Federal Reserve funds rate decision fell in line with expectations that inflation may have passed its peak and is beginning to decline
Real estate lenders expect mortgage rates to trend lower as a result of the policy news
Miami-based REZYFi Inc., a mortgage lender working with traditional loans and non-traditional market sectors such as the cannabis industry, has been preparing to meet a very fast-growing residential mortgage origination opportunity
REZYFi is working toward an IPO, having built a network of independent brokers and proprietary technology to service home owners and corporate clients with proprietary automated/machine learning technology

Housing market watchers are celebrating the Federal Reserve’s announcement Dec. 14 that it was going to raise the federal funds rate for the seventh time this year to curb inflation, recognizing that the announcement was in line with predictions that cooling inflation trends could lead to the start of a trend by policymakers to lower the amount of rate increases and thereby begin lowering mortgage rates.

After several 75 base points increases this year, December’s 50 base points decision and the companion reports of inflation-limiting successes in the Consumer Price Index (“CPI”) (https://cnw.fm/vg2h9) have led investors to speculate that central bank policymakers would pursue a less aggressive policy path in 2023. As a result, the Mortgage Bankers Association (“MBA”) is predicting that 30-year fixed mortgage rates expected to end this year at 6.7 percent will drop to 5.2 percent next year, according to a HousingWire report (https://cnw.fm/uLlgZ).

Overall mortgage application volume rose 3.2 percent during the week before the coupling of the CPI report and the Fed’s rate announcement, with applications to buy a new home rising 4 percent, and the potential for a positive rate trend is driving hopes that further housing market gains will take place next year.

“The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months,” Joel Kan, an MBA economist, stated (https://cnw.fm/zPiNe).

Similar reports of potentially passing peak inflation in Europe cautiously bolster the market expectations on a global level (https://cnw.fm/P87fV).

Real estate-oriented mortgage loan origination company REZYFi has spent the past five years building its strategy to meet a very fast-growing residential mortgage origination opportunity, further encouraged by the early pandemic home sales boom and the now-developing optimism for future market improvements.

REZYFi has developed an extensive network of independent mortgage-related brokers and licensed loan officers while investing heavily in proprietary automated/machine learning technology to shorten loan processing timeframes and reduce inefficiencies related to loan processing, underwriting and servicing.

The company also is focusing on non-traditional lending markets such as licensed and permitted cannabis companies, as well as owners of real estate who lease to cannabis companies.

REZYFi is building toward a planned public IPO launch for its operation, and with its 100 percent-owned subsidiaries REZYFi Lending and ResMac Inc. has established licensing in 36 states with plans to expand across the entire United States.

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

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

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420 with CNW — Report Documents Safety Risks Linked to Cash-Intensive Marijuana Businesses

The congressional marijuana banking reforms are in limbo. A report highlights one key issue that supporters argue makes legislation paramount: the fact that cash intensive marijuana dispensaries are seriously exposed to crime. While some think those entities are prone to burglary because thieves come for the product, other report that cash is the primary lure.

Marijuana markets are the target of burglaries, including some that turned violent and even fatal in 2021. In less than five months, almost 100 shops in Washington state were robbed, leading to increased calls from lawmakers to pass the Secure and Fair Enforcement (SAFE) banking act, which would allow cannabis traders access to traditional monetary institutions. The act was passed in the House, but it got stuck in the Senate. Lawmakers were discouraged to discover that SAFE was not included in the National Defense Bill.

According to some research, cash is the target in 50% of cannabis robberies, even though the product also plays a strong role. In other robberies, both money and the product are taken. There is urgency to pass the SAFE bill because this would provide relief to cannabis entrepreneurs. But there is a flaw, a report intimated: as focus to normalize depository transactions for such businesses without a proper language to address the credit card processing, cannabis firms will use cash in almost all their transactions. More needs to be done after the bill passes Congress for the robbery issue to be addressed, including allowing purchase transaction, or a means through which cash enters the system. Currently SAFE language only recognizes depository banking. Other issues include worker training and security outside of the premises.

The report recommended passing an incremental reform legislation for marijuana or the SAFE bill. Federal and state regulators need to review policies aimed at facilitating a larger adoption of epayment for marijuana stores.

States should provide funding for security to SMEs and improve employee training to emphasize deescalating tension and cooperating with robbers to avoid fatalities. The bill’s House sponsor said he was looking for an alternative reform vehicle.

Omitting the banking bill in the National Defense Authorization Act (NDAA) has been a disappointment to advocates, potentially leading to a tiff over enacting it through a different channel. Details are emerging about a SAFE Plus package that Senate majority leader Chuck Schumer is working on with bipartisan and bicameral offices. The package would be introduced and spearheaded as standalone and center on the SAFE Bill Act.

Lawmakers are also discussing including the SAFE Plus phrasing to protect users’ second amendment rights. Legalized states need to exempt users from federal limitations that bar any cannabis user from owning a gun; SAFE Plus seeks to enjoin the Gun Rights & Marijuana Act (GRAM).

Schumer, in October, said Congress was close to tabling as well as passing the cannabis banking and expungements bill, denoting progress during discussions with Republican senators. Senator Cory Booker said with the election over, Democrats who wish to enact marijuana reform must act now. Booker initially opposed taking the banking reforms before Congress but softened and became quite liberal to moving incremental legislation.

Some advocates would like to see the bill tweaked to fund minority deposit-taking institutions (MDIs) as well as community-based development financial institutions (CDFIs), which support companies being owned by minorities. They also ask for changes demanding banks work with marijuana industry to lend indiscriminately.

The Independent Community Bankers of America (ICBA), a bankers’ association, wrote to the Senate asking members to call a vote on SAFE banking soon. Soon is what the entire marijuana industry, together with related companies such as Advanced Container Technologies Inc. (OTC: ACTX), would like to see regarding the passing of cannabis banking regulations.

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 — Veterans’ Organizations Urge Congress to Approve Medical Cannabis Research Bill

Last week, a syndicate of more than 20 veterans’ service organizations forwarded a letter to congressional leaders, urging them to approve the VA Medicinal Cannabis Research Act before the end of the current session. The organizations included Disabled American Veterans, AMVETS and Iraq and Afghanistan Veterans of America.

These veterans’ service organizations want legislators to pass the cannabis and veterans research legislation, which would make it necessary for the Department of Veterans Affairs to carry out clinical trials studying the therapeutic potential of marijuana for military veterans.

The letter states that many veterans have, for decades, requested that medicinal marijuana be prescribed as a treatment option for PTSD and other injuries sustained through services. It also states that caregivers and veterans have recounted their anecdotal experiences regarding how marijuana is effective in addressing some of the health concerns they face.

The letter then notes that the veterans’ service organizations remain committed to carrying out studies into the effectiveness of medicinal marijuana as a treatment for veterans with post-traumatic stress disorder, chronic pain and traumatic brain injuries.

Currently, marijuana remains classified as a Schedule I drug under the Controlled Substances Act. This classification makes it harder for researchers to study the drug’s effectiveness because many bureaucratic hurdles impede research.

The senate version of the legislation is being led by Senators Dan Sullivan and Jon Tester while the House version is being sponsored by Representatives Peter Meijer and Lou Correa. Correa stated in a recent interview that alternative treatment options for veterans needed to be explored, noting that federal policies that support such treatment options were needed.

Despite protests of VA officials, the bill cleared a House committee in 2021. Earlier versions of the initiative were advanced through committee in 2018 and 2020 but are yet to be enacted into law.

Meanwhile, the National Defense Authorization Act that was recently released following bicameral negotiations does not include separate language from a version that had been approved by the House. That bill would have allowed VA physicians to recommend medical marijuana to veterans living in states where the drug is legal.

However, an explanatory statement for the large-scale defense spending legislation directed the defense department to look into the potential of plant-based treatments such as marijuana and some psychedelics for service members.

Additionally, President Joseph Biden signed a broader cannabis research legislation recently. The legislation will help streamline the process for researchers to obtain and conduct research on marijuana.

This law could possibly ease the way for any research that industry players such as Flora Growth Corp. (NASDAQ: FLGC) would like to undertake on marijuana or any of its compounds.

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

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Shares Annual General Meeting Results

InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, is reporting on the results of its 2022 annual meeting. The meeting of shareholders was held Dec. 15, 2022. During the meeting, shareholders considered and voted on all matters outlined in InMed’s notice of meeting and management information circular. Specifically, the election of directors was held, and shareholders approved the election of all director nominees to hold office until the next annual meeting of shareholders. Those directors included Eric Adams, Andrew Hull, Janet Grove, Bryan Baldasare, and Nicole Lemerond.

To view the full press release, visit https://cnw.fm/cv24L

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the pharmaceutical research, development and manufacturing of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, please visit www.InMedPharma.com.

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

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420 with CNW — FDA Seeks More Data in Fight Against Delta-8 THC Products

The FDA is seeking more data and evidence about the safety of cannabis derivatives while touting its progress to aid agencies at state level in exposing a company that sells Delta-8 THC chewables that have “damaging” after effects. The FDA has also been criticized recently due to lack of rules allowing hemp-derived products to be marketed as diet supplements. The agency insists on the need for more data and seeks support from the legislative arm of Congress.

In a data collection bid, the FDA published a fact-finding notice seeking information on the availability and capabilities of able small-business sources to research about product challenges (quality issues), fatal effects on users and misinformation sites based on real-world data to aid in filling up knowledge pockets on these products.

Hemp and the derivatives became legal through the 2018 Farm Bill, making accessibility and demand for their products skyrocket.

The agency seeks businesses that can create reports on cannabinoid discoveries in write-ups as well as webinars of collected data, giving permission to the FDA to share this with stakeholders.

With this information, the FDA can develop regulations for the cannabis market even though it’s currently “taking action” against some hemp enterprises-selling products with suspicious packaging or ingredients by serving warning letters. For example, regulators from Minnesota were tipped off by the FDA recently on consumer complaints about a product, leading to a lawsuit against the entity Northland Vapor, accusing it of breaching the state’s THC Edibles Act enacted in 2022.

The FDA and pharmaceutical board initiated a task force in November leading to 140,000 parcels of Delta-8 THC gummies and 2,300 syrups being confiscated. The products contained doses of THC above the permitted amounts. Regulators also noted that the products’ packaging could entice kids and the company failed to furnish the state with the necessary testing results.

To protect the public, the pharmacy board banned these products from circulation and asked the court to order the destruction of $7 million worth of illicit products and stop further production and sale of Northland Vapor brand products. Republican House members M. Griffith and B. Guthrie wrote to the FDA, calling out the agency’s continued slacking on the regulations for CBD. Griffith and others also penned yet another letter expressing annoyance over the FDA’s insufficient answer to their bill asking for permission for hemp-derived cannabis to be allowed as an additive to food.

Lawmakers insist that the FDA enforce its mandate in providing clarity and a pathway for CBD industry as opposed to just issuing warning letters to companies under suspicion.

The regulatory issues surrounding cannabis compounds are so complex that some companies seeking to develop medicinal formulations, such as India Globalization Capital Inc. (NYSE American: IGC), are much better off since their path to FDA approval is clearly known.

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 — Choking Under Illicit Cannabis, Oregon Mulls Tougher Industry Laws

Almost a decade ago, voters in the state of Oregon approved a resolution that would legalize the recreational use of cannabis. This move made it the first state in the country to do so.

Many believed that the drug’s legalization would reduce problems brought about by marijuana’s illegal manufacture in the state. This has not been the case, however, with the illicit production of the drug increasingly significantly since then. Legislators are now focused on making laws against the illicit growers even stricter, having heard numerous complaints from legal growers as well as law enforcement.

Various regions in the state have seen record amounts of marijuana being seized as police raid one plantation after another. The police believe that foreign criminal gangs from Mexico, China and Russia, among other countries, may be involved in these illegal activities.

The latest data from the Oregon-Idaho High Intensity Drug Trafficking Area task force shows that since the year began, Oregon law enforcement has seized more than 95 metric tons of illegally cultivated cannabis. This figure is a significant increase from the 8 metric tons of illegally grown cannabis that was seized by the task force in 2019.

The outlaw growers usually employ migrant laborers in their indoor and outdoor grows, which are located in drought-stricken areas and often contaminate the environment.

A draft measure to be presented for approval in Oregon’s next legislative session, which is set to begin on Jan. 17, 2023, would increase the maximum fine and prison sentence for the unlawful manufacture of marijuana in the state to $250,000 and 10 years in prison. Currently, the personal possession limit in the state stands at eight ounces of cannabis in a private setting and two ounces in a public area.

The bill also prohibits use of water at locations that aren’t licensed for cannabis cultivation and also holds individuals who cause environmental damage as a result accountable.

With regard to the use of immigrant labor, the draft resolution will make it a crime for illicit cultivation-site managers to threaten to report an individual to a government agency for deportation or arrest, confiscate an immigration document or passport or withhold wages without any legal justification.

The amount of illicit cannabis that police officers manage to seize annually in the state is said to be little, particularly in comparison to the indeterminable tons that are successfully smuggled out of Oregon and sold for high profits.

If this illicit marijuana is drastically reduced, licensed players would be sure of a level playing field and grow their operations quicker using funding from different sources, such as REZYFi Inc. or credit unions working with the industry.

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Eyeing the Seizure Treatment Market with Successful EPIL-A21-1 Animal Study

Epilepsy affects one in every 26 people globally, with as many as one million ED visits, 280 hospital admissions, average hospital stays of 3.6 days, and an aggregate hospital cost of approximately $2.5 billion annually
With its severity, prevalence, and overall cost implications, Lexaria is looking to offer an alternative option with its patented DehydraTECH(TM)-CBD
Its recent animal seizure study, EPIL-A21-1, showed DehydraTECH-CBD to be equally or even more effective at lower doses than Epidiolex, one of the world’s leading anti-seizure medications and the world’s only commercially approved CBD-powered anti-seizure drug
Lexaria looks to build on the findings so far to establish a better understanding of DehydraTECH-CBD for the potential treatment of seizures, a market projected to be valued at $16.6 billion by 2031

According to the Epilepsy Foundation, epilepsy is the fourth most common neurological condition globally, affecting one in every 26 people. About 48 out of every 100,000 people are diagnosed with the condition every year, and as of 2019, it affected approximately 50 million people (https://cnw.fm/OGF3x). With the condition leading to as many as one million emergency department (“ED”) visits and over 280,000 hospital admissions, it attracts average hospital stays of 3.6 days for the patients, with an aggregate hospital cost totaling approximately $2.5 billion annually (https://cnw.fm/Mlp9d).

Given the severity, prevalence, and overall cost implications associated with this condition, there is a dire need for treatment options that are not only effective but also affordable. Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, seeks to meet that need with its patented DehydraTECH(TM)-CBD.

In a recent animal seizure study, EPIL-A21-1, designed to establish whether DehydraTECH-CBD could provide similar seizure-inhibiting efficacy at lower doses than that required with Epidiolex, Lexaria’s technology proved to reduce or even eliminate seizure activity in animals. In some cases, it also surpassed the performance of Epidiolex, one of the world’s leading anti-seizure medications. Epidiolex is also the world’s only commercially approved CBD-powered anti-seizure drug. However, in the study, Epidiolex seemed more effective at higher doses compared to DehydraTECH-CBD (https://cnw.fm/RxXp3).

Lexaria is always searching for the lowest possible efficacious dose levels of the drugs it formulates with DehydraTECH in order to minimize adverse side effects. At lower doses of 50 mg/kg and 75 mg/kg, DehydraTECH proved to be more efficacious than Epidiolex in reducing or eliminating seizure activity, with complete elimination of seizure activity in 66.6% of the animals compared to 50% of Epidiolex-treated animals.

The company looks to build on the findings so far to better understand DehydraTECH-CBD for the potential treatment of seizures, a market, projected to be valued at $16.6 billion by 2031, up from $10.6 billion in 2021.

Lexaria is still considering the optimization of its DehydraTECH-CBD formulation for the reduction or overall elimination of seizure activity and is proud of the progress made thus far. The success of this study adds to the company’s successful streak, with recent positive developments in its hypertension human clinical study program, along with dementia and diabetes studies that kicked off in November.

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

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

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420 with CNW — Cannabis Sales Slow as Pandemic Eases

Marijuana sales declined across the U.S. markets after the sale spike at the onset of the pandemic. This slowdown came after the industry faced economic and regulatory tests, causing people to channel their spending money elsewhere. Small enterprises find it hard to penetrate the populated market because there isn’t sufficient investment money. The cannabis industry is also on hold, awaiting regulation by the federal government to boost its sales nationwide.

Oregon and Washington states, where the cannabis market is already established, are recording low sales at the retail outlets, a cannabis data firm Headset reports. In addition, sales were 11% lower in June since the same time last year in the nation’s longest established cannabis market: Colorado.

The year 2020 saw a mega spike in sales as people were confined indoors with little to do, with many qualifying for government stimulus packages, said Chris Wash, the CEO of a trusted Canadian legal cannabis publication.

Between March 2020–2021, the monthly business year average sales went up 25.8% in Colorado. But when the pandemic eased, both cannabis purchases and their spending power frequencies took a nosedive, Headset reported. People spent about $55.21 on each visit to the Median store in Colorado in July 2022, approximately $4 lower than the average $60 in July of 2021, Headset research recorded.

Discounts are being offered during a high inflation season by retailers in a bid to move product; this is coupled by fierce competition from the sales of cannabis product in the untaxed black market. Troy Datcher, the CEO of the Parent Company, a cannabis firm, says it’s a challenge to operate in a competitive environment where the biggest competitor is the black market.

Analysis by Marijuana Business Daily indicates both recreational and medical marijuana sales in the United States are projected to reach $33 billion by the end of 2022, an increase from last year’s $27 billion; the forecast note that by 2026, sales are projected to hit $52.6 billion. This projection is encouraging inasmuch as the industry has teething problems in its growth. Total sales in retail stores across the country are rising and are projected to continue doing so as new bigger markets emerge online in New York, Maryland and Missouri.

According to Viridian Capital Advisors, a New York-based cannabis advisory entity, the total marijuana capital raised in the country dropped to 62.6% since 2021 while equity financing dipped 96.3%, translating from $2.1 billion last year to $78 million presently.

The problem in part is that investors are worn out waiting for federal regulations to change. This slack by the federal government dictates that the states where cannabis business sales are legal still cannot access traditional banking services or institutional capital. A congressional bill, the Secure and Fair Enforcement Banking act (SAFE), would be instrumental in lifting such restrictions. However, the bill did not make it to the Senate despite being passed in the house several times.

Many investors dove into the industry hoping a shift would be in the offing at the federal level to reschedule cannabis or pass a banking legislation, said Entourage Effect Capital founder, Matt Hawkins. Hawkins and other investors are now quite selective in business entities they fund, prioritizing those that already have a worthy market share. This move gives little hope to SMEs looking to get their feet in the door.

The cannabis industry is in internal consolidation, with new licensed business entities finding it rough gaining capital and efficiently expanding, noted Robert Beasley, the CEO of Fluent, a business operating medical marijuana dispensaries in Texas, Florida and Pennsylvania.

In spite of the economic hardships, Beasley believes that several regulatory relief measures could spur the industry back on course. This could give players such as Flora Growth Corp. (NASDAQ: FLGC) a bigger market base to serve.

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

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420 with CNW — Connecticut Governor Announces Cannabis Expungements to Start in 2023

Recently, Governor Ned Lamont of Connecticut announced that the state would start clearing low-level cannabis records in 2023. The governor revealed that the state had identified more than 40,000 eligible cases for possession that would automatically be processed at the start of next year, under a provision of the marijuana legalization measure he signed in 2021.

Gov. Lamont explained that old low-level marijuana possession convictions shouldn’t hinder individuals from pursuing their professional, housing, career and educational aspirations. The governor also noted that this was especially important as employers in Connecticut sought to employ hundreds of thousands. Lamont’s office has also announced that individuals with an extensive range of minor convictions on their records will have the opportunity to petition the courts to seal their records under a separate reform measure that was enacted earlier this year.

In addition, Lamont also signed a large-scale budget measure earlier in the year, which includes provisions that would allow the state to provide eligible patients access to psychedelic-assisted therapy using substances such as psilocybin and MDMA.

The governor’s latest announcement comes as the state of Connecticut comes closer to launching its first adult-use cannabis market. It also comes weeks after President Joseph Biden issued a mass pardon for individuals with federal marijuana possession offenses.

Last month, President Biden applauded the move made by Governor Kate Brown of Oregon to grant thousands of cannabis pardons. He also urged governors in the country to follow suit by providing relief at the state level.

Governors in the country are of mixed opinions, with some promising that they would analyze their options while others opine that their hands are tied on the matter. For instance, Governor Roy Cooper of North Carolina voiced his support for cannabis decriminalization in October, noting that the time had come to end the stigma. Governor Cooper also announced that he was exploring his options for granting relief independently to individuals with existing convictions.

Governor Andy Beshear of Kentucky also signed a pair of cannabis-related executive orders in November 2022. One of the orders would regulate delta-8 THC product sales while the other would protect patients eligible for medical marijuana and allow them to possess products legally obtained from dispensaries not located in the state.

Lamont, who celebrated the change in policy, has championed for marijuana legalization for quite some time. When asked about whether he would consume cannabis now that it was officially legal in the state, he stated that he wasn’t ruling out that option at the moment.

As the market expands in the state, the demand for the indoor cultivation equipment from Advanced Container Technologies Inc. (OTC: ACTX) and other such manufacturers is likely to grow, boosting the bottom lines of these entities.

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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