420 with CNW — NY Selects Companies to Construct Social Equity Cannabis Business Premises

America’s state-level cannabis reform movement has put plenty of consideration into ensuring that individuals from marginalized communities are given a chance to participate in the billion-dollar industry. It’s no secret that the war on drugs, and cannabis policing to be more specific, had a disproportionately negative effect on members of Black and Brown communities.

Black people are much more likely to be arrested and receive harsher sentences for cannabis offenses compared to white people despite similar use rates.

Social equity provisions in marijuana legalization bills were meant to give individuals from these communities a leg up in the industry and allow them to profit from a product that was once used to persecute them. New York, which legalized recreational cannabis in March 2021 and expects to launch its recreational cannabis industry by the end of the year, has now selected companies to handle the construction of social equity marijuana premises.

Officials announced late last week that they had chosen 10 teams that would be tasked with constructing close to 150 facilities for social equity applicants to open and run their businesses once New York launches legal sales. The announcement came just a few days before the state Cannabis Control Board (CCB) holds a meeting to approve the first social equity cannabis retailer licenses and advance regulations for the new industry.

A recent notice from the dormitory Authority of the State of New York (DASNY) stated that several agencies were involved in the approval of the 10 firms. The notice, titled “Firms Selected to Design & Build New York Adult-Use Retail Cannabis Dispensaries,” reported that the teams would build storefront facilities for entrepreneurs who had secured a Conditional Adult Use Retail Dispensary (CAURD) license via the NY State Office of Cannabis Management (OCM).

The team of 10 firms includes AOW Construction LLC, Anderson Porter Design, SEI Design Group Architects, DPC/Bette & Cring and the Pike Company.

The Social Equity Servicing Corporation (SESC) has already begun looking for sites to house the first dispensaries. The agency has around $200 million in funding from the Social Equity Cannabis Fund, and the process of finding sites is projected to go on through the next year.

Meanwhile, the New York OCM met last Monday to discuss potentially approving the state’s first set of CAURD licenses. The OCM has also provided a preview of regulations that it had developed to govern the state’s recreational cannabis industry. The regulations involve licenses that cover cultivation, processing, distribution and retail.

As patients permitted to use medical marijuana start growing their own cannabis, many of them may experiment with cultivation options offered by a variety of companies, such as Advanced Container Technologies Inc. (OTC: ACTX), that are touted to help boost yields for indoor growers.

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.

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420 with CNW — Nevada Regulators to Hold Cannabis Consumption Lounge License Lottery

Marijuana industry regulators in Nevada announced on Thanksgiving eve that they would be holding two lotteries to select the first companies to receive licenses to operate standalone marijuana consumption lounges. These lotteries will be held on Wednesday, Nov. 30, 2022.

In total, 20 licensees will be selected, out of which 10 will be social-equity applicants while the other 10 will be companies that don’t fall into the social-equity category. There will be a lottery for each of these two types of licensees. Random number selection machines will be used during those draws, the Cannabis Compliance Board (CCB) announced. The regulators expect the companies selected to open shop within the first six months of next year.

Earlier this month, the CCB had revealed that a total of 100 applications had been submitted for cannabis consumption lounge licenses when 10 days were given as the timeframe within which interested entities could submit their applications. It should be noted that more than 12 months have passed since a law legalizing consumption lounges for marijuana was passed and signed by Nevada Governor Steve Sisolak.

Under that law, existing companies licensed to operate marijuana retail stores can also apply to operate a consumption lounge. These retail outlets aren’t subject to a selection process as is the case for the standalone cannabis consumption lounge applicants. Applications are open to facilities that intend to pair marijuana consumption with other features, such as offering yoga, serving marijuana-infused food, using marijuana during massage or other services involving marijuana.

Sisolak praised the approach taken by Nevada, calling it a different take from the way other states are regulating marijuana consumption lounges. He pointed out that unlike what is happening in other jurisdictions, Nevada’s lounges will operate as one-stop locations for all forms of entertainment involving marijuana. This, he says, will create jobs, enable the industry to grow and boost the overall economy of the state.

The rules approved by the CCB indicate that the consumption lounges must be away from public view and a separate room should be earmarked for patrons who would like to vape or smoke marijuana. Alcohol, nicotine and other tobacco products won’t be allowed within the consumption lounge premises; only marijuana is permitted.

The regulations also spell out the potency limits for different marijuana products. For example, dabbing or vape-able cannabis products should contain no more than 300 mg of THC while edibles shouldn’t exceed a 10 mg THC concentration.

As Nevada rolls out its consumption lounges for marijuana, other jurisdictions where ancillary companies such as REZYFi Inc. operate and serve marijuana companies could also follow suit and tweak their regulations to allow consumption lounges to open.

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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CannabisNewsBreaks – Advanced Container Technologies Inc.’s (ACTX) GrowPods Can Help Feed the Hungry Throughout America

Advanced Container Technologies (OTC: ACTX) offers unique controlled environment farms called GrowPods, which can help non-profit agencies, schools and community groups reduce food insecurity. According to the USDA, more than 34 million people in the United States, including 9 million children, are food insecure. This means that one in eight U.S. kids are living with hunger. Thanks to advances in technology, non-profit organizations, schools, places of worship, and civic groups can now grow food in an automated, controlled system, right within the communities they serve. However, while farming is generally not commonplace among food banks, controlled environment farms like GrowPods could bring about a shift in willingness and capabilities. “GrowPods provide a simple yet effective method to grow healthy food, year-round,” said Doug Heldoorn, CEO of ACTX. “These systems are affordable and easy to operate, so that a variety of fresh leafy greens, vegetables and fruits can be available on a consistent basis to those who need it most.”

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

About Advanced Container Technologies Inc.

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

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

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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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REZYFi, Inc.’s Financing Services Filling Funding Gap for Cannabis Entrepreneurs, Real Estate Owners

REZYFi is a growth mortgage origination and specialized financing company in the U.S. that primarily serves licensed and permitted cannabis companies and owners of real estate who lease to cannabis companies
Entrepreneurs have for a long time faced barriers to starting cannabis businesses, including lack of access to capital, a two-tiered regulatory system, and an uneven playing field
Some cities in states where medical and recreational use of marijuana is legal are working to eliminate the barriers to entry, such as Sacramento, California’s CORE program
The CORE program offers benefits such as business plan development, coaching on access to capital, technical training, data and research strategies and support, market assessment, loan readiness assessment, and more
By primarily targeting the cannabis sector, REZYFi is providing access to capital and complementing state-led programs for cannabis entrepreneurs

Cannabis entrepreneurs have long been locked out of traditional sources of capital – from government loans disbursed through the U.S. Small Business Administration to traditional banks. But lack of access to capital is just one of the many barriers to entry that scores of aspiring cannabis business operators face all over the United States. Others include the two-tiered federal and state regulatory system and an uneven playing field for entrepreneurs from minority groups (https://cnw.fm/qiU7x), just to mention a few.

In addition, the limitations extend to residential and commercial mortgages, which are mostly federally backed and are, therefore, subject to federal law (https://cnw.fm/Ck7ig). Cannabis businesses and owners of real estate leased to cannabis companies are often unable to get approvals for mortgage loans and financing because they are not allowed to factor income from marijuana-related operations, which can be termed as illegally derived, at least federally (https://cnw.fm/L1itr).

The origin of these long-running issues traces back to the Controlled Substances Act of 1970, which classifies marijuana as a Schedule 1 drug, a category reserved for substances with a high potential for addiction and abuse and no accepted medical use (https://cnw.fm/s4VUe). Yet, over the years, studies have evidenced that cannabis and its non-psychoactive derivatives have certain therapeutic benefits (https://cnw.fm/vsOpE).

Although marijuana use is criminalized at the federal level, many states have legalized it. As of February 3, 2022, 37 states had allowed the medical use of cannabis products, while 21 states had enacted laws to regulate non-medical adult use as of November 9, 2022 (https://cnw.fm/eU8Pi). Some states have even taken extra measures, with California Governor Gavin Newsom, for example, recently signing several bills to strengthen California’s cannabis laws (https://cnw.fm/NnKUS). At a more localized level, cities are also taking steps to bolster the business environment for cannabis entrepreneurs, enabling them to take advantage of state-sanctioned freedoms.

The City of Sacramento, for instance, launched its Cannabis Opportunity Reinvestment and Equity (“CORE”) program to help eliminate the barriers to starting cannabis businesses. The program achieves this by offering business plan development, coaching on access to capital, technical training, data and research strategies and support, market assessment, loan readiness assessment, fiscal management, small business legal considerations, waiver of the permit fee, priority processing of the application, grants under the CORE Tiered Grant Program, and more (https://cnw.fm/JRXqQ). And recently, the first cannabis business fostered by the Sacramento CORE program opened its doors (https://cnw.fm/cDwyw).

But what is still a constant headache for cannabis business operators, despite programs such as CORE, is the perpetual difficulty of accessing capital in the form of loans and mortgages from Federal Deposit Insurance Corporation (“FDIC”)-insured banks and financial institutions. At the same time, grants from the CORE Tiered Grant Program, for instance, are limited in terms of the amount of money that can be awarded and the number of qualified awardees that can receive the funds (https://cnw.fm/tFPXY). This represents a gap that REZYFi, a growth mortgage origination and specialized financing company in the U.S., seeks to fill.

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.

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 (https://cnw.fm/LTsBC).

With cannabis businesses and owners of real estate leased to cannabis companies finding it difficult to access funding in the U.S., REZYFi’s role in the ever-expanding market has never been more important. The company’s efforts are bound to complement and even boost government-led interventions in states like California.

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 — Congressional Researchers Outline Major Limitations of Presidential Cannabis Pardons

After keeping the country in suspense for nearly two years and attracting plenty of criticism from lawmakers and reform advocates who argued that the his administration was dragging its feet, President Joseph Biden finally announced that he would issue mass pardons for Americans who had been convicted on certain cannabis-related offenses. The move was praised by reform advocates and plenty of citizens as a critical step toward compensating individuals and communities that were disproportionately affected by the war on drugs.

However, a report from the Congressional Research Service (CRS) noted that despite the recent developments in cannabis reform, the disparity between federal and state cannabis regulation is growing. The CRS report provides a detailed overview of the limitations of the recent mass cannabis pardon coupled with a more comprehensive overview of developments in state and federal cannabis policy.

The report stated that there have been two major developments in cannabis policy in recent weeks: President Biden’s mass cannabis pardon and voting on state-level marijuana legalization ballot initiatives.

But even though there is a growing disparity in state and federal marijuana regulation, the report noted that federal prohibition has been somewhat stifled by a congressional rider that prevents the federal government from using federal funds to enforce cannabis prohibition.

Still, the CRS believes that there are additional ways to close the regulation gap more effectively, such as asking several federal agencies to do a scientific review of cannabis’s status as a Schedule I drug, which Biden did last month. In a best-case scenario, this review could allow for the reclassification of cannabis in a lower schedule or even its total removal from the federal Controlled Substances Act. Those changes would make it much easier for researchers to study the potential benefits and risks of the plant.

According to the report, the president’s pardon will not include people who were convicted of cannabis offenses at the state level. Coincidentally, this is where a lot of marijuana cases are prosecuted, and even though the president encouraged governors to issue pardons at the state level, the report states that some states do not allow governors to “independently grant clemency.”

The pardon is also restricted to individuals who were convicted of simple possession, which is “relatively uncommon” at the federal level, the report said. The pardon will also be limited to American citizens, excluding noncitizens with cannabis possession on their records, a condition that has garnered criticism from lawmakers and advocacy groups.

Congressional researchers also noted that the pardon will only apply to people who were convicted for simple cannabis possession before it was announced. Furthermore, since the pardon does not expunge cannabis convictions, individuals who were convicted may not be spared the legal consequences of receiving a simple cannabis possession conviction.

Most importantly, the CRS stressed, the pardon does not change marijuana’s status at the federal level. This is unfortunate, because more people should have the opportunity to benefit from the innovative indoor cultivation equipment made by the likes of Advanced Container Technologies Inc. (OTC: ACTX) targeting cannabis cultivation at home and commercially.

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 — EU Court Rules Against the Dutch Government Deporting a Medical Cannabis User

The European Court of Justice, the highest court in the EU, has ruled that the government of the Netherlands cannot legally implement a deportation order against a Russian citizen who is currently undergoing treatment for a rare and debilitating form of blood cancer in the Netherlands. His treatment protocol includes medical marijuana, a substance that is prohibited in the patient’s home country Russia.

The patient in question is a male, aged 34 years. Since 2013, he has been undergoing treatment in the Netherlands. He asserts that medical marijuana has enabled him to reduce the pain he feels by approximately 70%, and the doctors treating him say there aren’t any superior treatment modalities available for this man’s case.

The patient has repeatedly applied for asylum and residency, but the Dutch government rejected his applications on the ground that he should have filed those applications in Sweden where he first arrived after leaving Russia. The most recent refugee status application was rejected early in 2020, just before the COVID-19 outbreak paralyzed international travel. This case was then referred to the EU court for interpretation after exhausting the appeals process in the Dutch court system.

The EU court noted that under Dutch law as well as the applicable EU conventions, an order to deport someone may be stayed or temporarily suspended under some conditions. Those conditions include being able to prove that their health may be adversely affected if they are sent back to a country where they aren’t able to access essential treatment that was available while they were in the country that is deporting them.

The Dutch government argued that there is no scientific proof that medical marijuana has been alleviating the patient’s chronic pain, and there are plenty of pharmaceuticals approved for use in managing this pain. The Dutch government was therefore of the opinion that removing the Russian resident from the Netherlands wouldn’t put their health in jeopardy since they would be able to access other treatments in their home country.

The European Court of Justice disagreed, asserting that EU law doesn’t allow member states to deport a person if doing so is likely to adversely affect their ongoing treatment, as is the case with the Russian patient, given that medical cannabis is illegal in Russia.

It should be noted that the Netherlands legalized medical marijuana back in 2003, and doctors can prescribe it for a variety of conditions that include chronic pain. This case shows that the push to chip away at marijuana prohibition isn’t only playing out in the backyard of the jurisdictions where businesses such as REZYFi Inc. operate but also on the international stage.

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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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) DehydraTECH-CBD(TM) Demonstrates Enhanced Performance Compared to Leading Anti-Seizure Medication

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced that its patented DehydraTECH-CBD(TM) has demonstrated performance enhancements compared to one of the world’s leading anti-seizure medications, Epidiolex(R). According to the update, animal study program EPIL-A21-1 was designed to determine whether DehydraTECH-CBD could provide similar seizure inhibiting efficacy, using an established, vehicle-controlled, acute animal seizure model induced by electrical stimulation (“MES”), at lower doses than were required with Epidiolex, the world’s only commercially approved, CBD-powered anti-seizure drug. In order to minimize adverse side effects, Lexaria is continually searching for the lowest possible efficacious dose levels of the drugs it formulates with DehydraTECH. An initial MES pilot study in animals examined three different doses and revealed that DehydraTECH-CBD was more efficacious than Epidiolex in reducing or eliminating seizure activity at the lower doses of 50 mg/kg and 75 mg/kg. Epidiolex was more efficacious in eliminating seizure activity at the highest dose of 100 mg/kg tested in the pilot study. Only DehydraTECH-CBD demonstrated some reduction in seizure activity at the 50 mg/kg dose and, at the 75 mg/kg dose, DehydraTECH-CBD demonstrated full elimination of seizure activity in 66.6% of the animals compared to 50% of Epidiolex-treated animals.

Following the pilot experiment, a second MES animal seizure study was performed measuring time to peak efficacy at various post-dosing time points. In this case, based on rapidity of action, DehydraTECH-CBD also showed an apparent trend toward enhanced effectiveness. At the 30-minute timepoint, 50% of the animals dosed with DehydraTECH-CBD showed partial reduction or full elimination of seizure activity whereas 100% of the Epidiolex-dosed animals were exhibiting full seizure activity. At the 60-minute timepoint, 87.5% of DehydraTECH-CBD-dosed animals showed partial reduction or full elimination of seizure activity compared to 62.5% of the Epidiolex-dosed animals showing partial reduction or full elimination of seizure activity. Epidiolex showed some enhanced capabilities in seizure reduction at later time points in the study.

To view the full press release, visit https://cnw.fm/qhAf7

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

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Prime Harvest Inc. Positioned to Lead California’s Cannabis Market with Direct-to-Consumer Expansion

Prime Harvest is the parent company of Jaxx Cannabis, its D2C operations actively expanding throughout California
Prime Harvest’s brand partners strongly positioned across multiple segments of the cannabis value chain
Brand partners include Mary’s Medicinals, STIIIZY, Lime Cannabis, and Tonik

Revenue diversification is critical to sustainable growth in the cannabis industry, and it’s central to the strategy of Prime Harvest, a technology-focused, full-service cannabis corporation. With a strong portfolio of successful brand partners, Prime Harvest is strongly positioned to lead California’s sector through robust diversification across multiple segments of the cannabis value chain.

“Our approach is to create strong alliances with complementary brands that are in alignment with our culture and values,” reads the company website (https://cnw.fm/RSwgo). “Through our various platforms, we grow existing cannabis brands and continuously discover new high-potential performers that offer a long-term outlook for collective success.”

Prime Harvest is the parent company of Jaxx Cannabis – a retail brand currently expanding throughout the state of California. Jaxx’s strong performance enabled Prime Harvest to grow despite the post-pandemic economic downturn. “The key to such a strong foundation was building mutually sustainable relationships with our suppliers and brand partners while honing in on proving the best service and experience to our customers,” said Prime Harvest’s CMO Johann Balbuena.

Consumers are becoming more cognizant and increasingly aware of what they’re putting in, and on, their bodies. As an organization with long-term objectives, Prime Harvest aims to bring consumers high-quality products that are fair for people and the planet. Hence, the Jaxx Cannabis retail strategy is to support brands in the cannabis space that are tearing down boundaries and breaking new ground to make an overall positive impact.

Mary’s Medicinals, a long-term Prime Harvest brand partner focused on the medicinal space, offers high-quality cannabis-derived therapeutic products. STIIIZY – another Prime Harvest partner – develops an industry-standard pod system with a loyal following of dedicated users.

According to MJBizDaily, pre-roll sales jumped from $640.1 million in 2019 to $941.6 million in 2020 (a 47.1% increase) across several key markets. And while seasoned consumers and cannabis aficionados are becoming a larger segment of the pre-roll market, newer consumers will remain the bread and butter of the pre-roll industry as new markets continue to open. Prime Harvest’s partnership with Lime Cannabis Co. meets consumers’ need for ease and convenience of purchasing a ready-to-consume product by leveraging high quality and consistency. For users that prefer non-smoking cannabis administration, Prime Harvest partner and award-winning brand, Tonik, provides an edible alternative that allows customers to experience the benefits of cannabis in a drinkable format that not only tastes great but also delivers a consistent dose.

The company recently announced it was granted expansion rights for the sale of adult-use edibles – a move expected to drive sales even higher in 2022 (https://cnw.fm/1f6F7). “We are excited to expand and participate in the adult-use market, and even more than excited to expand our menu to include cannabis infused edibles for both our current medical patients as well as the recreational consumer,” said Prime Harvest’s Founder and CEO Duane Alexander. “With the systems in place to drive our retail expansion, we are well on our way to execute on our strategically-designed plan for sustainable growth.”

Prime Harvest Inc. is a tech-focused cannabis company that diversifies its operations across the entire cannabis value chain with a focus on direct-to-consumer operations, licensing acquisition, and compliance management. The company continues to grow its footprint throughout California by investing in the growth and scale of licensed assets while staying committed to the ethical principles valued by its employees, management team, and growing base of dedicated customers and partners.

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. (NASDAQ: LEXX) Expands Investigation of DehydraTECH-CBD’s Potential Therapeutic Value for Diabetes and Defmentia with New Studies

Lexaria’s Patented DehydraTECH technology improves the bioavailability of pharmaceuticals and therapeutics for a number of developing applications
Lexaria is set to complete its DEM-A22-1 and DIAB-A22-1 studies on dementia and diabetes, respectively, in January 2023, with analysis and reporting set to follow soon after
These studies will build on the just-concluded hypertension clinical study whose results were “truly exceptional,” demonstrating a statistically significant lowering of blood pressure in the patient population over multiple weeks
There is an established link between hypertension and vascular dementia, along with hypertension being twice as frequent in people with diabetes and hypertensive patients being at greater risk of developing diabetes
The success of these two studies will draw Lexaria closer to tapping into the dementia drug market, which is projected to hit $32.3 billion by 2030, and the diabetes drug market, which is expected to reach $82.92 billion by 2027

Lexaria Bioscience (NASDAQ: LEXX) just announced two notable studies, DEM-A22-1, and DIAB-A22-1, on dementia and diabetes, respectively, scheduled for completion in January 2023. The studies seek a deeper understanding of the company’s patented DehydraTECH(TM)-processed CBD for its potential therapeutic utility against both conditions (https://cnw.fm/5cLyS).

According to John Docherty, Lexaria’s President and Head of Research, these studies will build on the just-concluded hypertension clinical study whose results he referred to as “truly exceptional.” The study demonstrated a statistically significant lowering of blood pressure in the patient population over multiple weeks, something that, Docherty noted, other entities using other oral CBD formulations have failed to replicate or even evidence.

“The study demonstrated excellent safety and tolerability of DehydraTECH-CBD and no adverse changes in liver enzymes throughout the study, a common concern in CBD dosing. We were also able to show that decreases in blood pressure were similar in participants currently taking standard of care hypertension medications to those not undergoing any concurrent blood pressure treatment,” he noted.

There is an established link between hypertension and vascular dementia. In addition, hypertension is twice as frequent in people with diabetes, and hypertensive patients are at greater risk of developing diabetes. Lexaria looks to draw from the success of its hypertension clinical study to show DehydraTECH-CBD’s potential to offer potential therapeutic utility against these two conditions.

Currently, dementia is ranked as the seventh leading cause of death among all diseases, accounting for 40 out of every 100,000 deaths in the United States (https://cnw.fm/44c6G). It also currently affects seven million Americans and has a significant unmet need that Lexaria hopes to meet. Diabetes, on the other hand, ranks as the eighth leading cause of death in the United States, accounting for 31 out of every 100,000 deaths in the country (https://cnw.fm/5Gfti). Over 37.3 million people, representing 11.3% of the country’s population, live with the condition, yet few viable treatment options are available for them (https://cnw.fm/OHDSl).

CBD has, so far, shown some ability to reduce the incidence of diabetes in mice due to its powerful anti-inflammatory and antioxidant properties. In addition, Lexaria has proven DehydraTECH’s ability to cross the blood-brain barrier effectively. As such, it is optimistic that it will achieve potential treatment for both dementia and diabetes.

“We are excited to investigate whether DehydraTECH-CBD has a potential application in the treatment of dementia and diabetes based on its propensity to cross the blood-brain barrier, the fact that DehydraTECH-CBD lowers human blood pressure, and the fact that CBD is known to have vasodilatory, anti-inflammatory and antioxidant effects,” noted Mr. Docherty.

The two studies will be undertaken by leading third-party testing laboratories in Canada, with analysis and reporting set to follow their scheduled completion in January 2023. Their success will draw Lexaria closer to tapping into the dementia drug market, projected to hit $32.3 billion by 2030, and the diabetes drug market, which is expected to reach $82.92 billion by 2027.

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 — New York State Issues Initial Batch of Recreational Marijuana Licenses

Regulators in New York State recently issued the first batch of recreational cannabis retail licenses to 36 applicants. The regulators insist that recreational sales will launch by the end of this year, and this move to issue the licenses is a step toward the attainment of that objective.

To show how committed they are to seeing recreational sales commence this year, regulators revealed that the businesses that qualify to offer marijuana delivery services can launch their operations even before actual adult-use sales begin. This is a departure from what has been the norm in other states where sales are first launched and then delivery services follow.

MJBiz estimates that the state could register recreational marijuana sales of $1–$1.2 billion in 2023, and then those sales will gradually increase to about $2.2–$2.6 billion a year by 2026.

Of the 36 licenses granted, 28 were awarded to people who had cannabis convictions on their records or those with family members who had been incarcerated on marijuana charges. The remaining eight licenses were awarded to nonprofits. The recipients of this batch of 36 licenses include Essential Flowers, NYCCABUDS and Gotham CUARD as well as Kush & Kernet.

While announcing these first licensees, the Office of Cannabis Management, the agency in charge of regulating recreational marijuana in New York State, revealed that it was in the process of scrutinizing 903 social equity license applications in order to choose the initial 150 recipients. These licensees will be helped to lease premises and receive funding support for their operations; $200 million has been earmarked to support these social equity programs.

David Feder, a marijuana lawyer in New York, described the state’s action of issuing the 36 licenses as “bold,” especially given that there is a lawsuit challenging some requirements that license applicants have to meet. This federal lawsuit takes exception to a condition that requires applicants to have what the OCM called a “significant presence” within the state. This condition was intended to prevent multistate operators based outside of New York state from coming in and dominating the industry, to the detriment of locally based companies.

New York is yet to finalize all the policies that will govern the recreational market. However, some requirements that current companies in the medical cannabis industry must meet are triggering sharp responses from these entities. Most of them are multistate operators. For example, MSOs will be required to pay $5 million as a one-time fee to be licensed and then pay $3 million for each site they wish to operate; they will also have to wait at least three years before opening a store specifically for recreational marijuana sales.

The intentions of the OCM are laudable in terms of promoting social equity businesses, and the entire marijuana industry, including companies such as Flora Growth Corp. (NASDAQ: FLGC), are probably going to keep a keen eye on how the industry develops through this model.

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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