CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Names Experienced Corporate Finance Exec as New CFO

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, has appointed a new chief financial officer. The company announced that, effective immediately, Nelson Cabatuan, CPA, will serve in the position, which also entails being a member of Lexaria’s executive leadership team. Cabatuan brings more than 15 years of corporate finance and operations experience in the life sciences industry. Most recently, he served as senior vice president of finance and operations at Rain Oncology Inc., a late-stage precision oncology biotech company. In that position, he was pivotal in building and leading the company’s financial organization, resulting in significant growth while he was there. Cabatuan also held several positions at Rigel Pharmaceuticals Inc., including vice president finance. “Nelson’s deep financial leadership experience will be instrumental to the execution of Lexaria’s long-term growth strategy as we continue to maximize the potential use of our DehydraTECH platform for GLP-1 and other therapeutic applications with high unmet medical needs,” said Lexaria Bioscience CEO Chris Bunka in the press release. “On behalf of the entire Lexaria team, I’m thrilled to welcome Nelson as our CFO.”

To view the full press release, visit https://cnw.fm/6C2gJ

About Lexaria Bioscience Corp.

Lexaria Bioscience’s patented drug-delivery formulation and processing platform technology, DehydraTECH(TM), 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 bioabsorption 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 operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 39 patents granted and many patents pending worldwide. For more information about the company, please visit www.LexariaBioscience.com.

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

About CannabisNewsWire

CannabisNewsWire (“CNW”) is 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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420 with CNW — Analysis of Differences Between Taxes on Marijuana, Sports Betting

In 2021, Arizona witnessed the legalization of two long-operating but previously illicit industries: sports betting and recreational cannabis. This change brought a surge of tax revenue to the state, with one industry outpacing the other significantly.

While sports betting enjoys greater popularity per capita in the state, it contributes only a small percentage of the taxes compared to the marijuana sector.

According to 2023 revenue data, the total wagering amount on sportsbooks in the state was almost five times greater than the state’s entire marijuana sales. However, despite this, the tax revenue from cannabis companies was more than eight times higher than that from sports betting.

According to the state’s Gaming Department, more than $6.5 billion was collected through sportsbooks and betting apps in 2023. However, sports betting companies paid somewhat more than $34.8 million to the state treasury, which was placed in the general fund. In contrast, the state’s Revenue Department reported that retail marijuana sales, encompassing both recreational and medical sales, amounted to about $1.36 billion in the same period, with tax collected from these sales being $284.3 million.

The disparity in tax rates between the two sectors can be attributed to the distinct regulatory frameworks governing them. The marijuana market bears a heavy tax burden, with several levies imposed on every sale. Marijuana dispensaries in the state are required to report sales for both recreational and medical purposes. Additionally, besides the standard sales tax, dispensaries are subject to a 16% state excise tax. Revenues generated from this tax are allocated to various sectors including public safety and community colleges.

On the other hand, laws governing sports betting in the state stipulate that taxes are paid on net revenue following payouts to successful bettors rather than the whole amount wagered. As a result, the state receives less tax money from larger reimbursements. Moreover, sportsbooks can deduct expenses such as promotional offers and free bets from their gross revenue, further reducing the taxable amount. Last year, more than $196 million in free bets were distributed by sportsbooks in Arizona, diminishing potential tax revenue by almost $20 million.

Compared to other states that have legalized sports betting, Arizona levies a lower 10% tax on gross wagering earnings from operators. Massachusetts taxes sportsbook profits at 20%, whereas Illinois taxes them at 15%. The tax rates in New Hampshire, Rhode Island and New York are notably higher, at 51%.

While it is possible to make changes to the current statutes, doing so may be difficult because neither was created by the state’s legislature. Recreational cannabis was legalized through a ballot vote in 2020, while sports betting was approved via a renegotiated gaming agreement between Arizona’s state government and native American tribes.

The Arizona marijuana community has expressed concerns about the excessive tax loads in comparison to the sports betting sector.

Mazor Collective CEO Lilach Mazor Power expressed frustration, highlighting the perceived greater social value of the marijuana industry. Mazor Power stated that the sports betting sector may potentially do more. She also stressed that not everyone involved in the marijuana industry makes significant money, so it’s important to be wary of assuming that everyone is wealthy.

Representatives of the gaming sector, on the other hand, state that even with its widespread appeal, sports betting only generates marginal returns when contrasted with other gaming options, such as slot machines or board games.

When the excessive taxes to which the marijuana industry is subjected reach untenable levels, there could be a domino effect that could result in reduced business opportunities for ancillary companies, such as Astrotech Corp. (NASDAQ: ASTC), that serve verticals within the cannabis industry.

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

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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 — 2023 Marijuana Business Licenses Declined in US, Data Firm Says

The number of active cannabis company licenses in the United States saw a substantial dip in 2023, the first decline following years of steady increase, according to a recent CRB Monitor report. According to the data, there was a 4% drop in the number of active marijuana licenses in the U.S. between 2022 and 2023. On the other hand, Canada saw a 2% growth in the quantity of active marijuana business permits over the same period.

CRB Monitor is a company based in Nashville, Tennessee, specializing in marijuana intelligence and license monitoring.

Since 2019, the combined total of active licenses in both countries had been doubling annually, but signs of a slowdown emerged in 2022 when the growth rate decreased to 28%. The overall number of active licenses reached a high of 51,000 at the start of 2023, but by the end of the year, it had decreased to about 49,200, a 2% decline from the year before.

In the United States, the peak number of active licenses reached approximately 44,300 in 2022. Despite a robust influx of new licenses in 2023, nearly 1,900 licenses were lost or abandoned by the year’s end. However, there was a notable increase in approved licenses, indicating newly licensed marijuana businesses yet to commence operations. This category saw a significant surge of 23% in 2023, with the most growth occurring from January to September.

Despite this increase, the new licenses couldn’t offset the losses experienced in established markets, where operators faced financial challenges. The decline in active licenses was particularly evident in established markets such as California, where license numbers dropped by 19% in 2023. Other established markets experiencing a reduction in active licenses included Washington State, Colorado, Nevada and Illinois.

On the other hand, the largest increase in domestic marijuana business permits was observed in newly established and developing state markets in 2023, with several states issuing hundreds of new business licenses. New Mexico topped the country with more than 600 newly issued active permits. Michigan followed with 550 active permits, New York added about 360 and Vermont issued 239 new permits.

In Canada, there were 6,860 active marijuana licenses at the end of 2023, up 2% from the previous year despite a few store closures. Furthermore, recreational marijuana sales in Canada increased by 12% in 2023 to reach CA$5 billion ($3.8 billion). However, the number of pending licenses awaiting approval decreased by 13% in 2023 and by 45% since 2022.

The cannabis industry in both the United States and Canada faces major challenges, and the continuing success of licensed businesses such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) is testament to the overall resilience of the industry and the undeniable strong demand for the cannabis products.

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CannabisNewsBreaks — Zoned Properties Inc. (ZDPY) Chooses IBN as Corporate Communications Partner

Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry, is partnering with IBN, a multifaceted financial news and publishing company for private and public entities. According to the announcement, IBN will assist Zoned Properties with its corporate communications initiatives and help strengthen awareness of the company. Zoned Properties is focused on innovating in the real-estate development space, and is working to redefining the way people invest in commercial real estate. Zoned Properties offers a proprietary national ecosystem of real estate services, including a commercial real estate brokerage and a real estate advisory practice. “With a decade of national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries by targeting commercial properties that face unique zoning or development challenges, identifying solutions that can potentially have a major impact on their commercial value and then working to acquire the properties while securing long-term, absolute-net leases,” the press release stated. “As part of the client-partner relationship, IBN will leverage its investor-based distribution network of 5,000+ key syndication outlets, various newsletters, social media channels, wire services via InvestorWire, blogs and other outreach tools to generate greater awareness for Zoned Properties.”

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

About Zoned Properties Inc.

Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States. The company aspires to innovate within the real-estate development sector, focusing on direct-to-consumer real estate that is leased to best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties targets commercial properties that can be acquired and rezoned for specific purposes, including the regulated and legalized cannabis industry. It does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law. For more information, visit the company’s website at www.ZonedProperties.com.

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420 with CNW — Study Shows Cannabis Users Less Likely to Suffer Cognitive Decline

A recent study suggests a potential link between cannabis use and reduced instances of subjective cognitive decline (SDC), wherein individuals who incorporate cannabis into their routines, whether for medical or recreational purposes, report experiencing less memory impairment and confusion than nonusers.

Published in the “Current Alzheimer Research” Journal, the study’s significance lies in its departure from prior research that has often associated subjective cognitive decline with a higher risk of dementia in later life. The findings challenge conventional assumptions about the cognitive impacts of THC, the primary psychoactive component of marijuana.

The research, conducted by scholars from SUNY Upstate Medical University, examines various facets of marijuana use and its association with SCD among older and middle-aged adults in the United States. Unlike previous studies, which primarily focused on heavy marijuana consumption’s adverse effects on mental performance, this study delved into the nuanced relationship between marijuana use frequency, reasons for consumption, method of administration and subjective cognitive decline.

The researchers obtained insights from respondents 45 years of age and older in 14 states as well as Washington, D.C., by examining data from the 2021 Behavioral Risk Factor Surveillance System (BRFSS). The study, which included 4,744 valid responses on SCD, investigated the use of cannabis by participants, including how often they used it, why they used it (medically, recreationally, or both), and how they consumed it (smoking, ingesting it, vaporizing it, etc.).

The study disproved assumptions regarding the negative effects of cannabis use on cognition by showing that recreational marijuana usage was highly linked to a decreased risk of SCD in contrast to nonusers. The researchers proposed several hypotheses to explain these findings, including the potential role of cannabis in improving sleep quality and reducing stress levels, both of which are implicated in cognitive function.

However, the study also identified some mixed results. While certain consumption methods, particularly smoking, were associated with a higher prevalence of SCD, the relationship between marijuana use frequency and subjective cognitive decline was not statistically significant. Moreover, the study highlighted the prevalence of SCD among individuals using marijuana for medical or combined medical and nonmedical reasons, hinting at the complexity of the relationship between marijuana use motives and cognitive outcomes.

Despite shedding new light on the potential cognitive benefits of marijuana use, the study acknowledges several limitations. Self-reported data, potential underreporting or misreporting of cannabis use, and the lack of geographical diversity in the sample raise questions about the study’s generalizability and reliability.

In conclusion, while the study challenges prevailing beliefs about the cognitive impacts of cannabis, it underscores the need for further research to elucidate the underlying mechanisms and potential risks associated with cannabis consumption. By considering multiple factors, including reasons for use, future studies can provide a more nuanced understanding of cannabis’s effects on cognitive health.

For now, users of licensed marijuana products from various companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) can take comfort in the fact that they may not face any major risk of cognitive decline if they use cannabis products in moderation.

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420 with CNW — Virginia Lawmakers Pass Cannabis Sales Bill, Send to Governor

Virginia lawmakers have recently given their final nod to legislation aiming to legalize the retail sale of cannabis, slated to commence from May 1, 2025. This decision, following several weeks of negotiations, now awaits the approval of Governor Glenn Youngkin.

Both the Senate and House of Delegates endorsed similar versions of the measures on Feb. 28, 2024, reconciling differences after amendments from a committee in the Senate threatened to disrupt the agreement between the two chambers. Later, each chamber approved the bills from the other, forwarding them to the governor for potential enactment.

A prior Democratic-led measure from 2021 allowed for the possession, use and restricted cultivation of marijuana in Virginia. However, GOP legislators obstructed the necessary reconstruction of regulations for retail sales when they took control of the governor’s office and the House, which resulted in the creation of illegal establishments to satisfy consumer demand.

Even with legislative approval, retail sales are not guaranteed to be legal. While Youngkin has not stated whether he intends to veto the measure, he made it clear last month that he was not interested in legalizing Democratic-led cannabis sales.

Democrats introduced competing bills (SB 448 and HB 698), but in recent weeks, law makers have worked towards consensus and compromise. This week marked the culmination of multiple amendments in committees and on both floors until a consensus was eventually reached.

While there were some parallels between the prior versions of the laws, there were also notable differences, including the approach to social equality, the taxation rate, the opening time for retail establishments and the authorization for outdoor marijuana growing. The tax issue was the final obstacle before the votes. Last week, a compromise was proposed that would impose a 9% tax on cannabis sales — 4.5% state tax and an optional 4.5% local tax. However, a committee in the Senate broke from the agreement, raising the tax rate in HB 698 to a little more than 17%.

Subsequent floor amendments in both chambers then restored harmony to the tax provisions. As a result, the combined tax rates for both measures are now 11.625% — 8% state tax, 2.5% optional local tax and 1.125% state sales taxes to fund education.

The measures narrowly passed both chambers. The Senate passed HB 698 by a vote of 21 to 18, while the House approved SB 448 by a 51-to-47 vote. The amended measures were later approved by both chambers by the same voting margins.

The entire cannabis industry, including leading companies such as SNDL Inc. (NASDAQ: SNDL), is likely to welcome the eventual launch of recreational marijuana sales in Virginia as that would be a major step forward in rolling back prohibition.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Banking on DehydraTECH(TM) Technology for Major 2024 Growth

Lexaria, a global innovator in drug delivery platforms, has, since 2016, proven its patented DehydraTECH(TM) technology, asserting its superiority in improving drug bioavailability
This has earned it 39 granted patents, with many pending globally
DehydraTECH has a number of potential pharmaceutical applications with successful early stage results in hypertension, diabetes and weight loss and many others With its focus on GLP-1 clinical studies for 2024, Lexaria looks to carve out greater market share to make 2024 its biggest year

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has been pushing the envelope and redefining drug delivery technology. Its patented DehydraTECH(TM) technology has proven itself in numerous studies since 2016, highlighting its ability to increase bio-absorption compared to standard industry formulations while also reducing time of onset, as well as delivering drugs more effectively across the blood brain barrier (https://cnw.fm/iZZZR).

The technology’s effectiveness and uniqueness have earned it 39 granted patents, with many patents pending globally. DehydraTECH has a number of potential pharmaceutical applications, a testament to its versatility and overall effectiveness. The key factor that has played a role in its adoption is its unique ability to improve drug bioavailability, a critical marker and determinant in overall drug effectiveness.

Bioavailability can be described as the extent to which a substance or drug becomes entirely available for its intended biological destination (https://cnw.fm/uH82n). It may also be referred to as a measure of the rate and fraction of the initial drug dose that ultimately gets to the targeted part of the body (https://cnw.fm/bsUUT). Usually, the higher the bioavailability, the more effective the drug, and since time immemorial, scientists have been exploring various ways to improve it.

Studies have highlighted several factors that have shown to affect drug bioavailability, particularly for orally administered drugs. These include decomposition of the medication in the lumen, hepatic fist-pass impact, surface and time accessible for retention, as well as pH and perfusion of the small digestive system.

Lexaria, through its DehydraTECH technology, enhances the performance of several categories of fat-soluble active molecules and drugs, ultimately improving their bioavailability and efficiency. This is achieved by mixing the active ingredients as a delivery “payload” with specific fatty acids, infusing the mixture into a substrate material, and then using controlled dehydration synthesis processing to associate the payload and fatty acids together at a molecular level. This is followed by integrating the newly combined molecules into end-product production across various dosage form factors (https://cnw.fm/iAUAI).

With this technology, Lexaria looks to tap into various growing markets, among them the cardiovascular drugs market and the diabetes markets, both projected to be valued at $115.8 billion and $134.1 billion by 2028 and 2030, respectively. It also hopes to make drugs more effective, possibly reducing the cost of treatment and the patients’ overall quality of life. The company is also aggressively pushing for its patent applications and approvals globally, a show of commitment to creating shareholder value. In addition to its focus on GLP-1 clinical studies for the 2024 calendar year, Lexaria is confident that it will carve out a decent market share for itself, ultimately making 2024 its biggest year yet.

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 — Veterans Groups Urge Biden Administration to Reclassify Cannabis

Leading U.S. veterans’ organizations are urging the Biden administration to promptly relax federal marijuana laws, aligning with a growing chorus of voices advocating for rescheduling the substance six months after a recommendation from the U.S. Department of Health and Human Services (HHS). Expressing their sentiments in a recent letter, the groups have called upon the Department of Justice, which oversees the U.S. Drug Enforcement Administration (DEA), to take swift action.

Highlighting the challenges faced by veterans of the United States Armed Forces when they return home, the coalition, comprising entities such as the Minority Veterans of America, AMVETS, Iraq and Afghanistan Veterans of America, the American GI Forum, the Blinded Veterans Association and the American Legion, emphasized the importance of offering a broad spectrum of treatments to address both visible and invisible war wounds.

Currently categorized as a Schedule I drug, alongside drugs such as heroin, marijuana is deemed to have a high potential for misuse and no known medical uses. The HHS has recommended moving it to Schedule III, a significantly less-restrictive classification.

In October 2022, President Joseph Biden initiated a review of the federal cannabis policy, and insiders anticipate a formal decision from the DEA imminently, possibly within the upcoming weeks.

Although the Veterans Affairs (VA) Department isn’t allowed to refuse medical care to veterans who use cannabis in states where it is legal, the agency doesn’t cover prescriptions or offer medical cannabis as a treatment. Last year, a joint recommendation from the Defense Department and the VA advised against cannabis use for PTSD.

However, the veterans’ coalition argues that their members need this option, pointing to an American Legion survey where 82% of participants expressed a preference for federally approved medical marijuana treatment. The coalition underscored that without DEA action, many veterans are reluctant to discuss marijuana use with their VA clinicians, fearing repercussions.

Acknowledging the lengthy administrative scheduling procedure, the groups stressed the advantages of the DEA’s quick reclassification, which could include incorporation into the VHA, the biggest healthcare system in the nation.

Their appeal coincides with mounting Congressional efforts to reform federal marijuana policies. Bipartisan lawmakers from both chambers have proposed numerous bills related to cannabis and veterans, such as enabling VA providers to prescribe medical cannabis in legalized states and mandating marijuana studies on veterans with PTSD and chronic pain.

Public opinion increasingly favors cannabis legalization as well, as evidenced by a Gallup survey indicating that 70% of U.S. adults support it, including a significant number of younger voters and most Republicans.

A cohort of Democrats, led by Chuck Schumer, the Senate Majority Leader, recently pushed the DEA to take marijuana off of scheduling entirely, highlighting this as a once-in-a-decade opportunity for the Biden administration to take action.

Any change to the classification of cannabis at the federal level is likely to result in some improved regulatory environment for cannabis companies and ancillary businesses such as Innovative Industrial Properties Inc. (NYSE: IIPR) as the red tape that goes with this industry can be stifling at times.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Hires CRO for Second DehydraTECH-Powered GLP-1 Human Pilot Study

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced it has hired a contract research organization (“CRO”) to perform the company’s second DehydraTECH-powered glucagon-like peptide 1 (“GLP-1”) human pilot study #2. According to the announcement, the study will be a randomized, crossover, placebo-controlled investigation that will compare three formulations, each at a 7 mg semaglutide dose: a positive control Rybelsus(R) swallowed tablet; DehydraTECH-semaglutide swallowed capsules; and, for the first time ever, an in-mouth dissolvable DehydraTECH-semaglutide oral tablet. “DehydraTECH has previously shown an ability to improve delivery of certain drugs destined for the bloodstream, through the buccal/sublingual tissues of the mouth and throat,” said Chris Bunka, CEO of Lexaria. “If this new study is successful in demonstrating efficacy and safety, the potential for a new era in GLP-1 delivery without the need for painful injections or stomach-upsetting tablets could be within reach.”

To view the full press release, visit https://cnw.fm/2uEgl

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 operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 39 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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420 with CNW — Company Makes First Export of DEA-Approved Marijuana from Jamaica to US

A Jamaican-Canadian company based in Toronto and formed by Canopy Growth Corp. and Steep Hill Labs’ former employees, has completed what it asserts to be the inaugural DEA-approved export of marijuana products from Jamaica to the United States. The company, Pure Jamaican, alongside Seven-10 Pharmaceuticals, its manufacturing and cultivation division located in Montego Bay, Jamaica, dispatched a range of eight distinct tincture products and three diverse distillate products containing varying ratios of CBD and THC, according to Scott Cathcart, who heads both entities.

Only a small batch of the products was sent for DEA-sanctioned research purposes. The products were shipped to ACS Laboratory, a Sun City Center, Florida-based establishment licensed by the U.S. Drug Enforcement Administration (DEA). Florida officials and the testing facility have a tense past. Notably, since 2022, ACS has been fined by Florida regulators about three times. The tens of thousands of dollars in fines were a result of several violations, including providing misleading information on certificates of analysis and not adhering to state standards on testing procedures.

Researchers with DEA licenses have been able to obtain cannabis from a select few authorized growers since 2021. Previously, the University of Mississippi was the only place where cannabis could be obtained for research purposes, or one needed to obtain DEA approval to import from other countries.

Cathcart expressed optimism regarding the potential rescheduling of cannabis from Schedule I to III under the Biden administration, foreseeing opportunities for commercialization in the U.S. market. However, he acknowledged the necessity of undergoing the lengthy FDA approval process before the products could be made commercially available.

Despite this, he is still optimistic that the products may be deemed “nutraceuticals,” which would free them from the need for federal approval before being sold.

Anticipating regulatory shifts, Cathcart is optimistic about the prospects of Pure Jamaican products in the U.S. market, citing the company’s pharmaceutical manufacturing license from the Pharmacy Council of Jamaica and relevant certifications from Jamaica’s Ministry of Health & Wellness. However, it remains uncertain whether the Jamaican pharmaceutical license carries the same weight as a U.S. pharmaceutical license.

Presently, the company is already distributing tincture products directly to Brazilian patients, according to a recent press release from Pure Jamaican. Before establishing Seven-10 and Pure Jamaican in 2018 with Martin Shefsky, another former Steep Hill executive, Cathcart spent about five years as the chief global expansion officer at Steep Hill Labs.

As the regulatory climate in the United States evolves over time, it will no longer be newsworthy when Pure Jamaican, Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) or any other company or its subsidiary exports, imports or otherwise engages in any interjurisdiction trade in marijuana products.

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