420 with CNW — Officials in Ukraine Approve Medical Marijuana Qualifying Conditions

The government of Ukraine recently approved a list of medical conditions that qualify for medical marijuana following the enactment of the country’s marijuana legislation by President Volodymyr Zelensky. The Ministry of Health shared a list of roughly 20 medical conditions eligible for marijuana treatment, noting that more conditions could be included later if medically approved.

The current list covers a variety of health issues, including neuropathy, multiple sclerosis, shingles, cerebral palsy, chemotherapy-related complications, childhood epilepsy and Parkinson’s disease.

While Zelensky and other officials have said access to medical marijuana can help soldiers address mental and physical wounds incurred during the nation’s ongoing war with Russia, post-traumatic stress disorder (PTSD) is currently not a qualifying medical condition.

The Ministry of Health also clarified the guidelines for using marijuana-based medicines, emphasizing the need for strict state control. Patients are advised to stop treatment if they don’t see therapeutic effects within one to three months or if they experience serious side effects, including mental-health issues.

The country has begun importing cannabis products following the decision to move marijuana from list 1 to list 2 of Ukraine’s drug classification system. This shift allows cannabis to be prescribed for medical use.

The legislation was initially approved last year but faced opposition when the Batkivshchyna party attempted to block it by introducing a resolution to repeal the bill. That resolution was ultimately rejected in January this year, clearing the way for the law to take effect. Opponents of the measure also tried to stop it by submitting hundreds of amendments, described by critics as “spam,” to slow the process. Despite these efforts, 248 votes were cast in favor of the bill.

The responsibility for regulating marijuana cultivation and processing will fall to Ukraine’s Ministry of Agrarian Policy. The State Agency on Medicines and the National Police will oversee the distribution of cannabis for medical use and ensure compliance with the law.

Zelensky has been vocal in his support for medical cannabis. In an address to parliament last year, he urged lawmakers to adopt best practices from around the world to help alleviate the pain and suffering of Ukrainians, especially given the country’s ongoing war. He stressed the need to legalize marijuana-based medicines for persons in need while ensuring that production is properly regulated.

The current reform is opposed to that of Russia, Ukraine’s longstanding foe. Russia has always opposed marijuana reform on a national and international level and has expressed disapproval of nations such as Canada that have legalized the drug.

The medical marijuana program is taking shape in Ukraine, and it might be an industry that companies such as Aurora Cannabis Corp. (NASDAQ: ACB) (TSX: ACB) could keep an eye on since it could present an international market that they could venture into.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The 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. 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 — Does Florida Cannabis Ballot Measure Stand Chance of Passing?

Former President Donald Trump recently expressed support for Amendment 3, a ballot initiative scheduled for Nov. 5, 2024, that would legalize recreational cannabis in Florida. This unexpected endorsement has added a new twist to the ongoing legalization efforts in the state.

Proponents of the measure are hoping that Trump’s backing will help sway the 15% of undecided voters to vote in favor of the legislation. With just over a month before the election, the fate of Amendment 3 is still uncertain as polls show the decision could go either way. To pass, the measure needs at least 60% of the vote; thus, every vote is crucial.

A recent Fox News poll showed 66% of voters in the state support the initiative, while another poll by Florida Atlantic University showed only 56% planned to vote yes. While polls show mixed results, the financial backing on both sides of the debate reveals a large gap.

Smart and Safe Florida, a political action committee (PAC) led by Trulieve and supporting Amendment 3, has managed to raise more than $100 million as of Sept. 20. Meanwhile, the opposition, including two anti-marijuana PACs — Keep Florida Clean and Florida Freedom Fund, aligned with Governor Ron DeSantis — has raised about $20 million.

Big donors on both sides are actively contributing to their respective causes. Trulieve has donated at least $87 million in support of the measure. On the opposing side, Ken Griffin, founder of Citadel Hedge Fund, has donated $12 million to Keep Florida Clean, with another $7 million expected.

The situation becomes even more complicated with the state’s hemp industry executives opposing the measure and pledging $5 million to fight it. This follows Governor Ron DeSantis’ veto of SB 1698 on June 7, 2024, which aimed to ban intoxicating cannabinoids derived from hemp, a move that could have severely impacted the hemp sector.

Florida’s medical marijuana market was largely dominated by multistate operators (MSOs). Verano Holdings, Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), Surterra and Ayr Wellness control 61.4% of the 603 medical cannabis dispensaries in the state, while Trulieve owns 21% of them.

Approximately 4% of Florida’s population is registered as a patient using medical marijuana, making the state’s medical cannabis market substantial.

If Amendment 3 passes, many of the current medical cannabis operators will likely transition to the recreational market. The law would take effect six months later, on May 5, 2025. However, given DeSantis’ opposition and the GOP-controlled legislature, there’s potential for political maneuvering that could delay the process well beyond that date.

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420 with CNW — Kentucky Officials Prepare to Hold Medical Cannabis License Lottery

Kentucky will begin its lottery for medical cannabis business licenses next month, marking a key milestone in launching the state’s medical marijuana program. There has been an overwhelming response to the program, with Kentucky officials receiving close to 5,000 applications for business licenses before the Aug. 31, 2024, deadline.

Most of these applications, around 4,096, came from individuals and groups wanting to open dispensaries. However, only 48 of those dispensaries will be granted licenses. Governor Andy Beshear commented on the significant interest, stating, “The results speak for themselves. There is amazing, even overwhelming, interest, particularly from Kentuckians. This demonstrates that the program will achieve its goals.”

Beshear also noted that the state is now processing the applications, and the license lottery will be divided based on different business categories. The first licenses to be awarded next month will go to cultivators and processors. This will help ensure the program remains on track for its planned launch in January 2025.

There is a strict deadline for license issuance, and the state is trying to issue the licenses as soon as feasible. With the lottery scheduled for next month and January fast approaching, there is growing concern about whether there will be enough medical cannabis available by the program’s start date.

Beshear acknowledged this concern and assured that a contingency plan is underway. He stated that an executive order would be put in place if the state foresees any issues with product availability. This would allow patients to obtain medical cannabis from other states, such as Ohio, under certain specific conditions.

The state’s medical cannabis program will be relatively small in scale, with only patients with specific qualifying medical conditions eligible to purchase medical cannabis. This means the demand for the product will be lower compared to states that have fully legalized marijuana for both medical and recreational use.

Medical cannabis in Kentucky was passed through Senate Bill 47, which Beshear signed into law in 2023.The law permits patients with qualifying conditions to use medical marijuana; however, smoking marijuana will remain prohibited. Instead, patients will have the option to vape dried flower, similar to Ohio’s medical cannabis program.

The law also sets limits on THC content. Cannabis flower will have a cap of 35% THC, while tinctures, edibles and oils will be limited to 10 milligrams per serving. Concentrates will be limited to 70% THC. Home growing of cannabis is prohibited.

Established companies in other well-established cannabis markets, such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), will be hoping that the medical cannabis program launch in Kentucky goes according to plan so that qualifying patients can readily access the products they need.

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420 with CNW — IRS to Keep Applying 280E Until Marijuana Reclassification Completed

The U.S. Internal Revenue Service (IRS) intends to continue seeking tax payments from cannabis businesses that have taken deductions in anticipation of possible federal changes, according to an attorney with the agency. Even if marijuana is rescheduled federally, the IRS could theoretically seize assets from marijuana companies that fail to meet their tax obligations.

Luke Ortner, IRS senior counsel, spoke about the possible effects of rescheduling marijuana from schedule 1 to 3 under the Controlled Substances Act (CSA) in a recent discussion at the American Institute of Certified Public Accountants (AICPA) marijuana conference in Denver.

The change, if enacted, would allow state-approved marijuana businesses to take advantage of federal tax deductions, which they have been unable to do under IRS code 280E.

Although the rulemaking process is still ongoing, some larger cannabis companies have already started to claim deductions. For instance, cannabis giant Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) revealed in January that it had received $113 million in refunds for 280E. Ascend Wellness and TerrAscend have also stated that they expect comparable reimbursements.

The IRS noted that the 280E rule remains in effect until a final rule is implemented, a point Ortner reiterated during the conference. He further emphasized that even if marijuana is rescheduled, the IRS would continue to enforce 280E for past tax years, meaning cannabis companies would still be liable for previous unpaid taxes.

Several businesses and industry participants have presented legal defenses for their 280E tax deduction claims. They have argued, for example, that the policy shouldn’t apply in cases where cannabis-related activities are only conducted within a state.

Ortner stated that there are currently pending legal challenges that may affect the IRS’s future approach to these problems. For the time being, however, the IRS position remains unaltered, and it will work to recoup any payments made in violation of 280E. Ortner assured the accountants that those working with state-licensed marijuana businesses would not face penalties for helping the organizations file tax returns.

Ortner also brought up another possible effect of reclassification, despite the optimism of many in the cannabis industry that rescheduling will eventually treat their businesses like other traditional ones, at least in terms of tax policy. The IRS might be better equipped to enforce tax collection against businesses that don’t fulfill their commitments if marijuana is placed on schedule 3.

Currently, with cannabis classified as a schedule 1 drug, the IRS has largely deferred enforcement to the U.S. Drug Enforcement Administration (DEA) and has not aggressively pursued companies that are not compliant with tax laws. However, Ortner noted that this could change with reclassification.

However, rescheduling is not assured. Before making any judgments, the DEA is anticipated to hold a hearing in December 2024 to obtain additional feedback regarding the suggested reform.

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420 with CNW — Delaware, Ohio Temporarily Ban Adult-Use Marijuana Businesses

Delaware, Ohio, has put a temporary pause on recreational cannabis businesses operating within its city limits; the city council voted 5 to 2 to enforce a six-month moratorium. This decision halts recreational marijuana businesses from opening in the city, giving officials time to consider how to best regulate them. The move follows the approval of Ohio’s Issue 2, which legalized recreational marijuana in November 2023.

The ban applies strictly to businesses and does not affect residents using cannabis in their homes. Although the council has the authority to lift the moratorium before the six-month deadline, opinions on the matter varied.

Councilmember Cory Hoffman, who ultimately supported the ban, stated, “I don’t think we need any kind of moratorium currently. The state is issuing licenses, so I believe Delaware should allow businesses to operate here.”

Despite this, other members, such as Vice Mayor Kent Shafer, argued that the city needed more time to decide on regulations that align with local standards. Shafer noted, “We’re not looking to ban these businesses, but we need time to discuss any potential additional limitations.”

In addition to the moratorium, the city is also reviewing separate legislation that could place further restrictions on the location of certain businesses, including those selling cannabis, tobacco or vape products. The proposed ordinance would prohibit these establishments from setting up within 500 feet of places such as parks, schools, playgrounds, churches and libraries. It also includes a clause to prevent two or more similar businesses from being within one mile of each other. The rule would apply only to businesses of the same type, meaning a vape shop could be near a marijuana dispensary, but two vape shops could not be within a mile of each other.

The new regulations would also limit the types of signage businesses can use. Temporary signage, such as banners or yard signs, would be banned, and flashing or animated signs would not be allowed. Businesses would also be limited to only two illuminated window signs.

More than 56 townships or municipalities in Ohio have also enacted moratoriums on recreational marijuana businesses. As in other states where recreational marijuana has been legalized, Ohio permits local governments to set their own rules about whether marijuana sales can take place within their borders.

Many of these moratoriums, like Delaware’s, are temporary, providing time for local authorities to evaluate existing laws and address potential conflicts.

The cannabis industry, including leading companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF), could be hoping that the different local authorities in Ohio finalize their rule-making processes so that adults who would like to consume marijuana can access the products easily.

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420 with CNW — AMA Study Finds Working Memory, Other Brain Processes Unaffected by Cannabis Use

A recent federally funded study published in the “Journal of the American Medical Association (JAMA) Network Open” has revealed that cognitive functions such as inhibitory control, reward response and working memory do not change significantly after a year of cannabis use. The study refutes the long-held notion that marijuana use impairs memory and brain function. It involved adults who typically used cannabis for issues such as depression, anxiety, pain or sleep problems.

The research team conducted the study on 57 patients who had recently received medical cannabis certification in the Boston area. Brain activity was monitored using functional magnetic resonance imaging (fMRI) while participants performed various cognitive activities. Brain activity was evaluated at the beginning of the trial and again after a year of marijuana use.

The fMRI scans showed no discernible changes in brain activation related to mental activities even after a year of consuming medical marijuana. Furthermore, there was no correlation observed over time between the frequency of cannabis use and changes in brain activity.

In a statement summarizing their findings, the researchers emphasized that medical cannabis users who typically consume it in small to moderate doses to manage medical symptoms often experience minimal long-term neural changes in areas such as working memory, inhibitory control and reward processing. They reiterated that no notable differences were observed in brain activity between the initial and follow-up scans taken a year later.

These results may provide reassurance to individuals who rely on medical cannabis to manage their health concerns but are worried about the potential long-term effects on their brain health. However, the researchers recommended that further studies be conducted, particularly focusing on higher doses of cannabis, more frequent usage and studies involving younger individuals.

The study findings align with recent research that suggests prescribed medical marijuana has minimal short-term impact on cognitive function, even for those managing chronic illnesses.

While more research is necessary to fully understand the long-term consequences of marijuana use, a growing body of evidence indicates that some concerns may have been exaggerated. For instance, a study from last year found that cancer patients who used medical cannabis reported clearer thinking and better pain management.

Another study involving young people at risk for psychosis found that consistent marijuana use—more than two years—did not lead to early psychosis, as some critics of cannabis claim. Instead, it was linked to slight improvements in cognitive abilities and a reduction in the use of other drugs.

Furthermore, an analysis of data from about 65 million health insurance policyholders by the AMA revealed no discernible increase in diagnoses for psychosis in places where the drug has been allowed as opposed to those where it has not.

As more misconceptions about the effects of marijuana on the brain are debunked, the overall industry could grow more explosively and other verticals, such as the one in which Innovative Industrial Properties Inc. (NYSE: IIPR) operates, are set to also experience faster growth.

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420 with CNW — FIVE Ways to Keep Finances Healthy in Marijuana Industry

Marijuana leaders need to use sound financial techniques when operating in the cannabis sector. Given the complexities of the space, companies must devise strategies such as establishing relationships with field experts and looking for fresh revenue streams to differentiate themselves and remain competitive.

Here are five crucial financial pointers for marijuana company owners:

Focus on increasing cash flow

Maintaining a healthy cash flow is essential for any marijuana company. This entails keeping a careful eye on earnings and outlays in addition to monitoring key performance indicators such as yield per square foot for growers or average sales per customer for retailers.

A lot of new operators tend to hire too many staff members too soon or invest in pointless facility improvements. Nonetheless, companies can attain profitability more quickly and guarantee long-term financial stability by carefully controlling these costs without compromising on quality or service.

Keep accurate financial records

Clear and accurate financial records are essential for the smooth running of a cannabis business. These records not only help in regulatory compliance but are also vital for attracting investors or obtaining loans.

Hiring accountants who understand the specifics of the industry is a smart move to ensure that financial records are both detailed and correct. Regularly tracking and reporting on key performance indicators (KPIs) also provides insights that can guide decision-making and help the business adjust to changes.

Refine tax strategy

The tax regulations in the marijuana industry are complex, making it essential to work with tax professionals who are well-versed in cannabis laws. Understanding Section 280E and how it impacts your business can help reduce unnecessary tax liabilities.

Tax responsibilities can be reduced by allocating expenses to the cost of goods sold, but it’s crucial to make sure that all tax procedures adhere to legal requirements. Staying informed about regulatory changes and preparing to adapt quickly can give your businesses an edge.

Be compliant

Compliance in the cannabis sector isn’t just a legal necessity — it’s a core part of business success. A cannabis license is often the most valuable asset a business holds, so protecting it should be a top priority.

Having a knowledgeable staff that is familiar with industry rules can help a company stay ahead of compliance problems. It’s also important to stay updated on the rules in every area you operate, as they can differ greatly from one state or municipality to another.

Build solid banking relationships

Given the challenges cannabis businesses face in accessing banking services, it’s vital to establish strong relationships with financial institutions that understand the industry’s unique needs.

Look for banks that not only offer the necessary services but also provide reasonable fees. Some institutions may charge higher rates due to the nature of the business, so it’s wise to compare options.

Finding a bank that offers interest-bearing accounts can also be beneficial by adding an extra revenue stream without additional costs. Always work with trustworthy institutions to ensure transparency and minimize risks.

Each marijuana company is different, and entities such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) are likely to come up with their own unique ways of making use of the strategies above as they aim to keep their finances in the best possible health.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Cleared to Begin Human Pilot Study #3 Evaluating DehydraTECH-Processed Tirzepatide

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, announced Friday that it had received approval from an independent review board for its planned human pilot study #3. The approval signals that the company can begin the study, which aims to investigate the first ever DehydraTECH-processed version of tirzepatide, a dual action glucagon-like peptide (“GLP-1”) + glucose-dependent insulinotropic peptide (“GIP”), in an oral dose format. Tirzepatide is approved for use in the U.S. under the Eli Lilly(TM)-owned Zepbound(R) and Mounjaro(R) brands.

Lexaria plans to begin subject enrollment shortly, with the company expecting to make an announcement as soon as the first dosing has started, potentially in late October. The company anticipates the final doses will be administered in late November.

To view the full press release, visit https://cnw.fm/dsWB5

About Lexaria Bioscience Corp.

DehydraTECH(TM) is Lexaria’s patented drug delivery formulation and processing platform technology that improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, Lexaria has developed and investigated DehydraTECH with a variety of beneficial molecules in oral and topical formats. DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption and has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier, which Lexaria believes to be of particular importance for centrally active compounds. Lexaria holds a robust intellectual property portfolio with 46 patents granted and many 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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CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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NY Cannabis Insider Completes Successful NY Conference

The NY Cannabis Insider conference was hosted at the Crowne Plaza, The Desmond Hotel, in Albany, New York, on September 25, 2024. The state’s premier cannabis event saw a great turnout of over 100 enthusiasts, entrepreneurs, marketers, traders, attorneys, and consultants, from throughout the cannabis industry.

The entry ticket covered all access to the all-day conference, happy hour and lunch, entry to the vendor fair, and offered wonderful opportunity to connect directly with leaders in the cannabis industry. Select vendors arranged for complimentary consultation sessions for attendees.

With evolutions imminent in the cannabis industry, the NY Cannabis Conference provided a powerful forum where thought leaders, giant investors, cannabis professionals, and traders could gather, interact, and discuss the new regulations, trends, upcoming technologies, and cover several points that will pave the way for the future of the cannabis trade. The conference also saw several new collaborations and alliances impacting different aspects of the cannabis industry.

Sponsors and vendors showcased their ideas and products and made important industry connections. Attendees got a chance to get their queries answered by the experts.

Some industry topics that were discussed at length include:

The state of NY cannabis
How nationwide legalization could affect U.S. cannabis cultivation
Branding via community
Collaborating for success
Opportunities for innovation in the medical market
Playing devil’s advocate with medical market

The NY Cannabis Insider conference hosted panel discussions throughout the day listening, interacting, and sharing insights from all quarters ranging from current retailers including CAURD and SEE participants to AUCC/AUCP licensees, legacy operators, and more. Industry dignitaries graced the event presiding over the speaker sessions. They shared their wisdom and unique experiences on relevant topics that impact the cannabis industry.

To learn more about the conference, visit https://cnw.fm/rcwDz. For more information, follow NY Cannabis Insider on LinkedIn for important industry news and event announcements.

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420 with CNW — Washington State Marijuana Industry Readies for Change as Feds Mull Reclassification

Cannabis industry leaders in Washington State are contemplating the implications of reclassification for researchers and local customers. President Joe Biden disclosed in May that the U.S. Department of Justice (DoJ) was considering a substantial change to the classification of cannabis. The U.S. Drug Enforcement Administration (DEA) currently classifies marijuana as a schedule I substance, classing it with methamphetamine and heroin. This classification suggests that there is little to no medicinal benefit to marijuana.

The Biden administration’s proposal suggests moving marijuana to a less severe schedule 3 status, indicating a lower potential for abuse or addiction.

Dr. Susan Ferguson, director of the University of Washington’s Addictions, Drug and Alcohol Institute, noted that the change cannot come fast enough. Ferguson and her team have faced challenges due to what they view as outdated federal cannabis regulations. Currently, Ferguson’s lab is studying the effects of marijuana on mice to explore nonaddictive treatment options, which could potentially lead to breakthroughs in conditions such as epilepsy. Unfortunately, the quality and quantity of cannabis available for research is quite low due to the federal scheduling of marijuana.

On the other hand, critics highlight the risks of addiction and the increasing prevalence of Marijuana Use Disorder, particularly among teenagers. Ferguson acknowledges these concerns but argues that research is essential for achieving medical advancements.

While many in the industry support relaxed federal restrictions, some worry about the consequences. Marijuana store owners, for instance, could benefit from being able to make tax deductions under more lenient federal rules, but some fear that large corporations will eventually dominate the market, pushing out smaller retailers.

Ryan Kunkel, an early pioneer in Washington’s cannabis retail business, has already seen these challenges firsthand. At the height of his career, Kunkel’s company, Have a Heart, held 22 licenses across six states. Now, he’s exiting the business, having sold many of his stores. Today, he only operates a few locations in the Seattle area. “In due course, marijuana will be offered for sale in grocery stores and other establishments alongside tobacco and alcohol,” said Kunkel.

Despite these concerns, Kunkel believes that reclassifying marijuana at the federal level could lead to lower prices for users.

An unprecedented 43,000 remarks were made in the public comment period about the DEA’s rescheduling proposal. The comment window closed on July 22, 2024, but there is still no definitive timeline for the DEA’s final ruling. An administrative hearing is scheduled for Dec. 2, 2024, which may delay any conclusive action until 2025.

This ongoing rescheduling process isn’t only being awaited by companies in Washington State. Even entities in other jurisdictions, such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), are also waiting for the final rule so that they can ascertain how their operations and plans could be impacted.

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