420 with CNW — Ohio Companies Prepare for Recreational Cannabis Sales Launch

Ohio’s move from solely medical cannabis sales to also allowing recreational sales is taking a unique path compared to other states. The specific date for the start of recreational sales remains unclear, even though the application period for converting medical cannabis licenses to dual-use began on June 7, 2024. Industry insiders anticipate that the first dual-use licenses might be approved in the coming weeks, but state officials have not confirmed this timeline.

Ohio’s regulators are also prioritizing applications from testing labs, cultivators and processors over retailers. This means cannabis businesses and consumers will see approvals happen in stages based on when applications are submitted and whether applicants meet all necessary criteria, such as inspections and POS systems that differentiate between recreational and medical sales.

Projections suggest that Ohio’s marijuana sales could surpass $1 billion by 2025 and potentially reach $2 billion by 2028. The state’s sizable population (nearly 12 million people) and strategic location are key factors in this growth, likely drawing in many new consumers despite a decline in medical cannabis patients.

Of the five states Ohio borders, only Michigan has licensed recreational cannabis sales. Other states, including Wisconsin and Indiana, still don’t have any form of regulated cannabis program, which could also boost Ohio’s market. Minnesota, meanwhile, is preparing to launch its recreational cannabis market next year.

The move to recreational sales in Ohio was spurred by a voter-approved ballot initiative in a November 2023 special election. When Ohio issues its first recreational licenses, it will become the 21st state in the United States to do so, following Maryland and Missouri, which began their recreational markets in July and February of 2023, respectively. The gap between these launches is the longest seen since the first states legalized recreational cannabis more than 10 years ago.

As the state prepares for the new market, its medical-cannabis sector has seen a decline in sales and patient numbers. The latest figures show 165,746 registered patients, a drop of nearly 15,000 since last November. For comparison, Pennsylvania, with a similar population size, had more than 441,000 registered patients as of April, a figure that has increased by more t han 6,000 since November.

One reason for the decline in Ohio’s medical-cannabis patients could be the lower prices in Michigan, where many Ohio residents purchase their products. In 2023, Ohio’s medical-cannabis dispensaries reported sales of $484 million, a modest 1% increase from the previous year. To support the market, Ohio regulators reduced the fee for caregiver and patient cards to just one cent in March.

Most operators are expected to apply for dual-use licenses. According to the voter-approved law, the converted licenses must be issued by September 7, 2024. Regulators also need to complete the recreational market guidelines by this date. Until then, the market will adhere to medical cannabis standards, delaying the availability of pre-rolls and the increase of THC potency caps on concentrates. Smoking accessories such as rolling papers and delivery services are also restricted.

The wider marijuana industry, including leading entities such as Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ), have their eyes on Ohio and are rooting for this latest addition to the adult-use markets to launch without major hiccups such as those that have dogged the market in New York State.

NOTE TO INVESTORS: The latest news and updates relating to Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) are available in the company’s newsroom at https://cnw.fm/SFWJ

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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 — Study Finds Opioids, Alcohol Cause Worse SecondHand Harms Compared to Marijuana Use

A recent nationwide study has revealed that secondhand harm from cannabis use is significantly less common than that from alcohol. The study, which surveyed thousands, found that respondents were almost six times more likely to report secondhand alcohol harm than cannabis harm. The perceived risks associated with opioids and other substances also outweighed those associated with marijuana.

The study analyzed responses from 7,799 participants in the 2020 United States National Alcohol Survey. It showed that more than one-third (34.2%) of respondents had experienced alcohol-related secondhand harm at some point in their lives. In contrast, only 5.5% reported experiencing secondhand harm due to marijuana.

Concerning other substances, 7.6% of respondents claimed to have suffered negative effects from the use of opioids by others, and 8.3% reported negative effects from other nonspecific drugs. In the past year, alcohol remained the leading cause of secondhand harm, with 6.2% of respondents affected. This was followed by other substances (2.2%), opioids (2%) and marijuana (1.8%).

The authors also found that different demographic groups had varying experiences with secondhand harm caused by substance use. There were noticeably more reports of secondhand harm from women, white people, those with a family history of alcoholism, and those who were divorced, separated or bereaved. Among these harms were marriage and family problems, road accidents, physical harm, vandalism and money troubles.

For marijuana, a higher likelihood of secondhand harm was reported among Black respondents. However, the authors suggest that many of these harms may be linked to punitive cannabis policies rather than the substance itself.

Interestingly, the survey found that individuals who consumed alcohol were slightly more likely to report secondhand harm. The authors suggest this may be because heavy drinkers are more often in the company of other heavy drinkers. Conversely, frequent cannabis users reported significantly lower odds of experiencing secondhand harm, which aligns with previous research.

Despite the higher reports of alcohol-related secondhand harm compared to cannabis or other substances, the authors expressed some skepticism about the reliability of the participants’ responses. For example, they speculated that marijuana users might report lower cannabis-related secondhand harm because its use often coincides with opioid and alcohol use, leading respondents to attribute harm more to opioids or alcohol than to marijuana.

The study aims to expand the understanding of substance-related harms by focusing on the impact on the family and friends of drug users, not just the users themselves.

Cannabis legalization supporters state that the findings support existing research. Commenting on the study, NORML’s deputy director Paul Armentano noted in a blog post that the public health impact of cannabis is far less severe than that of alcohol, a reality that most adults now recognize.

As more misconceptions about marijuana are dispelled by scientific studies, the industry is likely to deepen its penetration of different markets and create even more opportunities for ancillary companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) that serve marijuana businesses.

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420 with CNW — Opponents of Cannabis Rescheduling Slam Process FDA Relied On

Representatives of the prohibitionist organization Smart Approaches to Marijuana (SAM) have expressed their disapproval of the government’s plan to categorize cannabis as a Schedule 3 substance. They criticized the move as politically driven and not based on scientific evidence. The group is now exploring all legal avenues to challenge this change and is rallying its supporters to oppose it.

Kevin Sabet, SAM president and CEO, spoke during an online meeting, expressing strong disapproval of the federal officials behind the rescheduling proposal. He argued that the recommendation seemed outdated and inappropriate for 2024. Sabet emphasized that the process is far from over and that a lot of actions can be taken against the proposed change.

The organization’s executive vice president, Luke Niforatos, encouraged opponents of the reform to contact policymakers and voice their concerns. He suggested that the U.S. Drug Enforcement Agency (DEA) had already indicated ways for advocates to push back against the recommendation.

SAM has been disseminating allegations that DEA officials might be against the proposed adjustment ever since the government unveiled its rescheduling proposal in April. Sabet mentioned hearing that DEA director Anne Milgram had not signed off on the proposal, suggesting internal disagreement. Instead, U.S. attorney general Merrick Garland signed the proposed rule, raising further questions during a congressional hearing, where Milgram declined to comment on the matter.

During the SAM event, Sabet acknowledged that substances with proven medical use shouldn’t be in Schedule 1, the most restrictive category of the CSA. However, he criticized the review process by the U.S. Department of Health and Human Services (HHS), which concluded cannabis has proven medical uses. He argued that the process seemed to approve substances based on popularity rather than scientific merit.

Many of the ramifications of officially classifying marijuana as Schedule 3 are still unknown, according to Sabet. One potential change is that state-licensed cannabis businesses could claim tax deductions, which might lead to the industry’s expansion. He and other panelists warned that this could result in increased marijuana use, more access for teenagers and greater risks on the roads. Sabet also downplayed the idea that rescheduling would significantly ease restrictions on marijuana research.

Looking ahead, SAM hopes the DEA might reject the recommendation or consider moving cannabis to Schedule 2. Sabet referenced international law interpretations that seem to require keeping marijuana in Schedule 1 or 2. In 2016, the DEA denied an earlier petition to reschedule cannabis, citing international treaty obligations.

Sabet expressed doubt that rescheduling would prompt the FDA to interfere with state-licensed marijuana markets. However, Niforatos urged followers to press the federal government to utilize postponement as justification for taking action against legally operating states.

The recommendation to reschedule cannabis was officially proposed last month, initiating a public comment period expected to generate diverse responses. Cannabis reform advocates plan to leverage this opportunity, with some supporting reclassification and others pushing for complete descheduling. SAM and other prohibitionists, meanwhile, are expected to continue opposing the policy change via lobbying and potential litigation.

Marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) may have expected this pushback against the rescheduling of cannabis at the federal level, and they will be following the process as it unfolds now that the authorities have opened a comment period regarding the proposed policy change.

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Golden Triangle Ventures Inc. (GTVH), Largest Note Holder Reach Agreement That Will Enhance Shareholder Value

GTVH enters pivotal agreement with largest note holder, T&K Zarro LLC
CEO notes that agreement demonstrates “our commitment to strengthening our capital structure and delivering tangible value to our shareholders”
The agreement is a “testament” to the company’s strategic foresight and dedication to fostering a robust and scalable business model

Golden Triangle Ventures (OTC: GTVH) continues momentum as the company announces strategic steps in its commitment to solidifying its capital structure, expanding its business operations and enhancing shareholder value. Most recently, the company revealed a pivotal agreement with T&K Zarro LLC, GTVH’s largest note holder (https://cnw.fm/3mhs9).

“This agreement marks a transformative moment for Golden Triangle Ventures,” said GTVH president Steffan Dalsgaard. “By aligning our interests with T&K Zarro, we are demonstrating our commitment to strengthening our capital structure and delivering tangible value to our shareholders. We are confident that these measures will elevate GTVH to new heights and strengthen our position in the public markets.”

Calling the transaction a “landmark agreement,” Golden Triangle Ventures noted that T&K Zarro has committed to a structured and disciplined sale of GTVH stock, limiting sales to no more than 10% of the daily trading volume on any given day. In addition, the agreement notes that T&K Zarro has agreed to a six-month moratorium on all interest accruals within its convertible debentures held in Golden Triangle.

“This moratorium period is designed to provide GTVH with the necessary time to optimize its operations and capitalize on growth opportunities,” the company noted in the announcement. “This initiative underscores GTVH’s dedication to continuously enhancing shareholder value as the company scales its operations.”

The agreement is “a testament to Golden Triangle Ventures’ strategic foresight and dedication to fostering a robust and scalable business model,” the company continued. According to the announcement, GTVH is focused on reinforcing shareholders’ investment in the company by expanding operations and optimizing capital structure, ultimately creating significant and sustainable growth.

Tom Zarro, president of T&K Zarro, noted that he is fully committed to the long-term success of Golden Triangle Ventures. “This agreement reflects my confidence in the company’s leadership and its vision for growth,” stated Zarro. “By placing a temporary moratorium on interest and adhering to a disciplined approach to stock sales, we are setting the stage for sustainable growth and enhanced shareholder value. I look forward to supporting GTVH as it embarks on this exciting journey.”

A multifaceted consulting company, Golden Triangle Ventures operates as a parent business pursuing ventures in the health, entertainment and technology sectors. The company is looking to purchase, acquire and/or joint venture with established entities within these areas of business. The goods and services represented are driven by innovators who have passion and commitment in these marketplaces. The company plans to utilize relationships and create a platform for new and existing businesses to strengthen their products and/or services. The three points of the Golden Triangle exclusively represent the three sectors the company aims to do business in.

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

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

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420 with CNW — Florida Medical Cannabis Doctors Concerned About Possible Disruptions Once Recreational Use Legalized

Florida’s initiative to legalize recreational marijuana is causing a significant divide within the state’s medical cannabis sector. Florida’s largest medical cannabis company, Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), is supporting Amendment 3, which seeks to legalize recreational cannabis for adults over age 21.

However, approximately 2,000 doctors certified to prescribe medical marijuana are expressing concerns. They warn that this amendment could disrupt access for the state’s 882,000 medical-cannabis patients.

The influx of recreational users could deplete the marijuana products and specific strains that patients rely on for conditions such as severe pain. The passage of Amendment 3 may also result in a reorganization of regulations, giving the Republican-led legislature, which has always favored stricter rules, more authority.

Dr. Michelle Beasley, a Pensacola-based cannabis doctor, finds herself in a difficult position. Although she supports legalization, she is wary of the “poison pill” language in the medical cannabis legislation. This provision states that the law will expire if voters pass another marijuana-related amendment.

The 2017 medical cannabis law, approved by the legislature following the 2016 voter-approved amendment for medical use, contains a sunset clause that mandates the law’s expiration six months after any new marijuana-related constitutional amendment is adopted. The intention was to create a single regulatory framework. However, it also grants the Republican-controlled legislature greater freedom to regulate the industry, potentially reverting to the restrictive low-THC law of 2014 if no new regulations are passed.

Amendment 3 is up for vote in November and requires 60% of the vote to pass. If enacted, it would enable Florida’s authorized medical-cannabis dispensaries to sell to the general public; the legislature would decide on future recreational licenses.

There’s nothing to worry about, according to the campaign supporting Amendment 3. Medical cannabis providers and patients, they claim, are protected by the amendment. Smart and Safe Florida, the committee that supports the legislation, argues that any sunset would be in violation of the 2016 medical cannabis amendment and that the wording referring to “poison pill” is meaningless. They do admit, however, that the sunset provision is not guaranteed.

One of the main proponents of the 2017 law, Senator Jason Brodeur, said that new regulations would be required. He referred to the financial impact statement for 2023, implying that a straightforward interpretation of the wording would necessitate a fresh start.

Over the years, there have been unsuccessful attempts to remove the sunset clause. The most recent attempt failed last year when a bill to limit the amount of THC in recreational cannabis failed to pass.

Doctors are increasingly concerned as polling shows that Amendment 3 could surpass the 60% voting threshold. A Fox News poll released recently indicates that 66% of voters support legalization.

Not all physicians think the sunset clause will be implemented. DocMJ CEO Aaron Bloom doubts the sunset clause is a threat but worries that dispensaries will shift focus from patients to recreational users. Bloom notes that some clinics have already begun stocking items intended for recreational use. He worries that if the focus changes, dispensary employees might not be properly trained to help patients and might even suggest inappropriate goods.

Beasley and others anticipate a decline in business from patients needing follow-up appointments, which are required by the state to continue using medical cannabis. Further, she notes that some patients might find it cheaper to purchase recreational cannabis, avoiding the approximately $500 in doctor visits and annual state fees associated with the medical program. Ultimately, the decision rests with the legislature and voters.

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420 with CNW — Two New Books Explore Marijuana’s Medical Powers

For those interested in exploring marijuana’s medical benefits, two recently published books —Josh Leddy’s “Living with Cannabis: A Personal Journey” and Dr. Benjamin Caplan’s “The Doctor-Approved Cannabis Handbook” — provide essential insights. The books offer both professional guidance and firsthand accounts, making them invaluable for anyone curious about cannabis’s therapeutic uses.

The book by Dr. Benjamin Caplan offers a thorough manual on medical marijuana use. Caplan, a board-certified family physician with experience treating more than 250,000 patients, reveals his in-depth understanding of the ways that cannabis can help with a range of ailments, including cancer, sleeplessness, cognitive decline and chronic pain. The book explores the science of cannabis, providing lucid descriptions of its workings, appropriate products and dosages.

Caplan highlights the value of guided cannabis therapy, which gives patients autonomy over their care regimens and enables individualized and efficient treatment. The guidebook, which has been recommended by both patients and industry professionals, is a vital tool for everyone considering using cannabis to enhance their health.

Melissa Etheridge, a cannabis activist and cancer survivor, gave high marks to the book. “As a cannabis supporter and cancer survivor, I am aware of the significant role that marijuana plays. Dr. Caplan’s latest book provides an abundance of knowledge along with a significant amount of empathy and understanding,” she said.

On the other hand, Leddy’s book offers a firsthand account of his experience using marijuana as a pain reliever without surgery. Leddy, an entrepreneur and athlete, tells his tale of using cannabis’ healing properties to overcome serious injuries and mental-health issues. The book provides helpful guidance on pain management without requiring invasive procedures or prescription drugs.

Leddy’s story is both intimate and educational, describing his struggles with severe pain and how marijuana changed his life. He highlights the emotional and physical health advantages of cannabis while offering readers tools and ways to manage their own pain and live better.

Together, these books present a well-rounded view of the medical uses of cannabis. They combine expert medical advice with real-life experiences, making them essential reads for anyone interested in the potential benefits of cannabis for health and wellness. Whether you are exploring cannabis for personal use or professional knowledge, “Living with Cannabis: A Personal Journey” and “The Doctor-Approved Cannabis Handbook” provide a wealth of information to help you understand and navigate the therapeutic use of cannabis effectively.

These publications are likely to increase public awareness about the therapeutic potential of the different medical cannabis products made by the numerous licensed companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED), and this could motivate more patients to try these products to ease their symptoms.

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Golden Triangle Ventures Inc. (GTVH) Completes Acquisition of Time-Tested, Proven Shipping and Logistics Operation

Through acquisition, management has agreed to use 10% of the profits from logistics business to buy back and retire GTVH stock
“This transition marks a pivotal moment in our journey,” states exec
Management is crafting a comprehensive business plan that substantially expands the company’s growth trajectory

Golden Triangle Ventures (OTC: GTVH) continues to take strategic steps toward expanding and positioning the company for fundamental business income and financial independence. The latest in these steps is the completed acquisition of Cargo Management Group, a multifaceted logistics and trucking operation (https://cnw.fm/IjALN). According to the announcement, through this acquisition, management has agreed to use 10% of the profits from its logistics business to buy back and retire GTVH stock, effectively reducing the number of outstanding shares on a consistent basis as profits are realized. The buyback will commence once the full transition of the logistics business is complete and profits of the business can be realized.

A complete shipping, logistics and trucking operation, Cargo Management Group will be a key component in providing support for GTVH’s Lavish Entertainment division. With the acquisition completed, Golden Triangle is now focused on facilitating the company’s assumption of full ownership of the logistics operation, brokerage business, licenses and all associated assets.

“We are confident about successfully implementing our initiatives, maintaining profitability and significantly scaling the operation,” said Lavish Entertainment president and COO Marco Antonio Moreno. “Our goal is to secure premium, dedicated, high-paying lanes, upgrade our existing equipment, strengthen all operations and expand our business into more lucrative markets, which further supports our other internal projects. This transition marks a pivotal moment in our journey, as we are now boots on the ground working towards a seamless integration, transition and a complete business enhancement on all fronts.”

The acquisition of Cargo Management Group brings a time-tested, proven performer into the Golden Triangle community. Cargo Management Group reported close to $3 million in top-line revenue last year. In addition, the company currently has contracts with numerous prominent corporations, including JB Hunt, CH Robinson, Coyote Logistics and Echo Logistics. Cargo Management Group also holds high-paying specialized loads in the gaming industry to transport slot machines to locations nationwide.

Short-term, GTVH and Cargo Management Group are focused on defining the structure and transition strategy for combining a high-performing shipping and logistics operation into GTVH. In addition, key team leaders are crafting a comprehensive business plan that builds on the strengths of the combined companies, which will substantially expand the company’s growth trajectory. Specifically, the plan will include incorporating all types of trucking freight movements and adding heavy haul to the services offered by GTVH and Cargo Management Group.

“This initiative marks the first of several strategies we plan to implement that aim to optimize our capital structure within GTVH,” said Steffan Dalsgaard, Golden Triangle Ventures president. “Our goal is to develop true fundamental business activities that support all our operations. We have successfully implemented the first part of our four-pillar business model that supports Lavish Entertainment and our flagship Destino Ranch project, and our team is now focused on executing a series of other promising developments. These efforts are designed to further our objective of increasing shareholder value across all facets of our company.”

Golden Triangle Ventures is a multifaceted consulting company that operates as a parent business pursuing ventures in the health, entertainment and technology sectors, along with other sectors that provide synergistic value to these three core divisions. The company aims to purchase, acquire and/or joint venture with established entities within these areas of business. The goods and services represented are driven by innovators who have passion and commitment in these marketplaces. The company plans to utilize relationships and create a platform for new and existing businesses to strengthen their products and/or services. The three points of the Golden Triangle exclusively represent the three sectors the company aims to do business in.

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

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

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Software Effective Solutions Corp. (SFWJ) Notes Subsidiaries Making ‘Remarkable’ Advancements in Array of Sectors Around the World

Recent report projects global cannabis market to reach $444.34 billion by 2030
MedCana and its subsidiaries are focused on establishing stronghold in this expanding space
MedCana is committed to advancing cannabis production and agricultural technology around the world, while also driving innovation and promoting sustainability

The cannabis industry continues to grow, as it has consistently for the past several years. Recent projections value the global cannabis market at almost $445 billion by 2030 (https://cnw.fm/k4VDg). This is good news for Software Effective Solutions (d/b/a MedCana) (OTC: SFWJ), a leading entity in the cannabis and agricultural technology sectors. Recently, MedCana noted remarkable advancements across its diverse portfolio, which includes five companies focused on pharmaceutical cannabis production, as well as a software company focused on managing processes for plant-to-patient operations (https://cnw.fm/a2HeY).

“The global cannabis market size is projected to grow from $57.18 billion in 2023 to $444.34 billion by 2030, at a CAGR of 34.03% during the forecast period,” reported Fortune Business Insights, which noted that cannabis has been used for thousands of years for its therapeutic and medicinal benefits. “Marijuana legalization is gaining momentum across the globe. This momentum is driven primarily by increasing recognition that the product may have a range of legitimate medicinal benefits and therapeutic applications. It is the most widely cultivated, trafficked and consumed drug worldwide.”

MedCana is focused on positioning itself in this expanding space. The company reports that its subsidiaries are seeing significant success in different parts of the world. Several business units are currently in the final stages of negotiations to determine specific varietals to export to Europe and Australia; both countries are expected to see significant growth in their cannabis markets in coming years. In addition, the company’s South American subsidiary, Eko2o Environmental Solutions S.A.S., is rapidly expanding its reach within the agricultural industry, specifically eyeing growth in the Costa Rica and Central American markets (https://cnw.fm/HxRhQ).

Clearly, MedCana is poised for growth and profitability. The company’s deliberate decision to focus on cannabis production is bearing fruit, with operations working to meet the stringent quality and regulatory standards of the European and Australian markets. When these standards are met, the resulting expansion is expected to significantly boost MedCana’s international presence and open new avenues for growth.

“We are delighted with the progress we’ve made across all fronts,” said MedCana CEO Jose Gabriel Diaz. “The final negotiations for cannabis exportation and the rapid expansion of Eko2o’s technology distribution mark a significant milestone in our journey. We are now closer than ever to achieving profitability and solidifying our position as industry leaders.”

MedCana is committed to advancing cannabis production and agricultural technology around the world, while also driving innovation and promoting sustainability. As the company moves forward with its strategic growth plans, stakeholders can expect to see enhanced profitability and a stronger global presence.

Software Effective Solutions/MedCana is a holding company focused on developing companies in the agricultural technology and cannabis industries. The company remains dedicated to delivering on its promise of building a solid foundation for future growth of its holdings.

For more information, visit the company’s website at www.MedCana.net.

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

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420 with CNW — White House Objects to Proposal Seeking to End Cannabis Testing for Army Recruits

The Biden administration has expressed its opposition to a proposal that would prevent military branches from testing for cannabis use as part of the commissioning or enlistment process, noting concerns about how it could impact military readiness and safety. The White House Office of Management and Budget (OMB) released a statement on June 11, 2024, outlining its policy concerns regarding various elements of the 2025 NDAA. The bill is currently under consideration by the Rules Committee for upcoming House action.

One specific provision that the administration opposes is Section 532. This section would prohibit military branches from requiring cannabis tests for individuals as a condition of their enlistment or commissioning as officers in the Armed Forces. The OMB highlighted that while it has an appreciation for Congress’s intent to expand the pool of potential military recruits, the office opposes Section 532 because it would stop the U.S. Department of Defense (DoD) from testing applicants for delta-8 and delta-9 THC, the active components in cannabis.

Last year, the DoD told legislators that delta-9 THC is the most frequently detected substance in drug tests among active-duty service members. A few military branches have already begun to relax marijuana-related restrictions, including providing waivers for recruits who test positive initially.

In parallel, Republican legislators have introduced a change to the NDAA, which will be reviewed by the Rules Committee. The amendment aims to remove the cannabis-related language from the measure, which had previously been approved by the Armed Services Committee. The Rules Committee will also deliberate on a separate bipartisan amendment to the defense measure. Under the provision, the defense secretary would have to report to Congress on how the agency plans to create, distribute and apply a precise definition for the reenlistment waiver procedure.

This is not the first instance of the Biden administration clashing with congressional cannabis-reform advocates. For instance, the president has routinely included a rider in his budget plans that prohibits the District of Columbia from utilizing local tax revenues to fund the implementation of a recreational cannabis sales system. Interestingly, even with current Republican control, this year’s spending bill has excluded that rider.

Biden has been praised for his other marijuana-related initiatives, even despite these points of dispute. Notably, the U.S. Department of Justice (DOJ) recommended reclassifying marijuana as a result of his directive to reassess the drug’s federal classification. He has also granted two rounds of mass cannabis pardons.

This position of the White House is unlikely to be surprising to marijuana companies such as Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) given that such a policy change for the military can only happen once significant reforms have been enacted at the federal level.

NOTE TO INVESTORS: The latest news and updates relating to Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) are available in the company’s newsroom at https://cnw.fm/SFWJ

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420 with CNW — Cannabis Operators Applaud End of Potency Tax in New York State

New York governor Kathy Hochul has successfully changed the state’s cannabis tax structure. Starting June 1, 2024, a new flat excise tax replaces the previous potency tax, marking the beginning of the new financial year.

This move is part of New York’s $237 billion budget for FY 2025 and is receiving positive feedback from many in the cannabis industry, especially smaller retailers, processors and social-equity beneficiaries.

With the tax reform, retail marijuana prices are expected to decrease, a significant development as licensed cannabis entities strive to compete with the numerous illegal shops, particularly in New York City. Governor Hochul had criticized the initial rollout of the recreational marijuana market as problematic. Earlier this year, she proposed eliminating the potency tax and implementing a flat 9% excise tax instead.

Previously, the state’s 2021 cannabis act — MRTA — required cannabis operators to pay taxes based on THC content at 0.5 cents, 0.8 cents, and three cents per milligram of flower, concentrates and edibles, respectively.

This sometimes resulted in a 25%–30% tax on typical market prices, according to Naturae cofounder and CEO, Nicolas Guarino. Some products, including tinctures, saw price increases of up to $60 per unit due to these taxes. With the new tax structure, Naturae aims to reduce prices on about 30% of its products, offering discounts between 15% and 35%.

Silly Nice, an NYC-based brand run by Black and veteran entrepreneurs, had to pay around $20,000 in THC taxes during the first quarter of the year, which had a big impact on the company’s profit margins. Cofounder LeVar Thomas is happy about the tax shift, pointing out that it will enable the company to increase the range of products it offers at more inexpensive prices.

Happy Munkey, led by cofounder and CEO Vladimir Bautista, is set to open its first store in Manhattan’s Washington Heights. Bautista believes the new tax will make legal marijuana more affordable and reduce the appeal of the illegal market.

The new rule, however, has little financial effect on larger, vertically integrated company’s such as Chicago-based PharmaCann. These multistate operators, known as registered organizations (ROs), were once in the medical sector and are subject to both retail and wholesale taxes. The economic impact on ROs is neutral, according to Jeremy Unruh, PharmaCann’s spokesperson, and it is still unclear what the true benefits will be for consumers.

PharmaCann was among six ROs permitted to enter the recreational market in December, one year after sales began. The policy change eliminated the three-year waiting time for ROs, nullifying the initial first-mover advantage granted to smaller suppliers and social-equity shops.

Despite the broad support for eliminating the potency tax, the new flat 9% excise tax is causing challenges because of unpaid invoices. Payment delays are a significant issue in the marijuana industry, contributing to the downfall of businesses such as Herbl and MedMen Enterprises.

New York cannabis operators have only 20 more days to collect payments from the previous quarter, a tough task given the financial strains in the industry. Many operators are currently on tax-payment plans with the state.

Guarino noted that while there is a mechanism for collections, the average collection time is about 45 days, even with 30-day net terms, complicating timely tax payments.

The situation in New York State is likely to be studied closely by other cannabis regulators, and this could result in similar reforms within other jurisdictions where companies such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) have operations.

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