420 with CNW — UFC Officially Strikes Cannabis Off List of Banned Substances

During the last week of December, the Ultimate Fighting Championship (UFC) announced that was formally eliminating cannabis from its list of banned substances for athletes. The change in policy, which took effect on Dec. 31, 2023, also involves entering into a partnership with Drug Free Sport International, its sample collection and shipping company.

The UFC also revealed that it was amending its list based on historical findings, despite stating that it was modelling its list of prohibited substances after the World Anti-Doping Agency.

In 2021, the UFC adopted a policy change that protected professional fighters from penalizations over positive THC tests.

In a press release, UFC’s Hunter Campbell stated that the organization’s objective was to have the best, most progressive and most effective antidoping program in all professional sports. Campbell, the organization’s chief business officer, added that the organization would continue independently administering its drug-testing program, which ensured that all UFC athletes competed under equal and fair circumstances. He also highlighted that the organization was proud of the advancements it has made with its antidoping program over the last eight years.

Jeff Novitzky, senior VP of Athlete Health and Performance at UFC, stated that the updated program was the result of years of trial and error by the organization as well as the incorporation of input. Novitzky added that the antidoping policy was a document that would continue adapting and evolving as science supported changes that could further protect athletes that competed in UFC.

As the legalization movement grows across the country, a growing number of sports organizations are moving to amend their cannabis testing policies for athletes. For instance, the National Basketball Association and its players’ union signed a collective bargaining agreement in June 2023 that involved the removal of cannabis from the league’s list of banned substances and laid out rules permitting players to promote marijuana brands and invest in them, with some exceptions.

In July, the New York Media Softball League announced that it was launching a sponsorship deal with Cornbread Hemp, a CBD company based in Kentucky. The idea behind the collaboration was inspired by moves by teams such as the Chicago Cubs and Kansas City Royals as well as Major League Baseball, which have also partnered with CBD businesses.

In September 2023, a National Collegiate Athletic Association committee gave its formal recommendation that divisional governing bodies eliminate marijuana from the banned substances list for college athletes. That same year, sports regulators in the state of Nevada voted to present a proposed regulatory amendment to the governor that would shield athletes from penalties over the possession or use of cannabis in compliance with state law.

The changing attitudes of sports bodies toward cannabis could help to remove concerns that some sections of the society may have had about this substance, and as the uptake of marijuana increases, ancillary companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) could do more business with marijuana industry actors looking to meet the growing customer demand.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Extensive GLP-1 Study Program

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today unveiled a comprehensive planned applied research program to thoroughly evaluate DehydraTECH for the improved delivery of GLP-1 drugs, designed to support prospective commercial partnering with global pharmaceutical companies. In a recent human pilot study with seven volunteers, Lexaria demonstrated superior pharmacokinetic (“PK”) oral delivery performance of the DehydraTECH-enhanced glucagon-like peptide-1 (“GLP-1”) drug semaglutide, available commercially in the branded product Rybelsus(R). The positive results were sufficient to encourage a much more thorough and expanded investigation. The objective of the new planned studies, as detailed in the announcement, is to help determine the commercial applicability of DehydraTECH to at least three GLP-1 drugs (semaglutide, liraglutide and tirzepatide), which together produced billions in revenue to their owners as reported in recent financial statements.

To view the full press release, visit https://cnw.fm/ZGC7x

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 38 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

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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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Announces Business Update, Milestones

InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs, today outlined key accomplishments from 2023 and provided key strategic priorities for 2024. “In 2023, we experienced significant progress in both InMed’s pharmaceutical drug development and in BayMedica’s health and wellness initiatives. Our primary accomplishments throughout the year included a number of key milestones, such as the completion of a phase 2 clinical trial and the launch of two new preclinical programs targeting the treatment of Alzheimer’s disease and age-related macular degeneration (‘AMD’),” said Eric A. Adams, InMed president and CEO. “As we embark on 2024, we are placing increased emphasis on proprietary small molecule drug development candidates in our pharmaceutical pipeline with two exciting new programs addressing critical unmet medical needs. Firstly, INM-901 for the treatment of Alzheimer’s disease is showing promise via multiple mechanisms of action, including an increase in neuroprotection and an improvement in neuronal function via neuritogenesis. Secondly, INM-089 for the treatment of AMD appears to play a role in the preservation of retinal function, proactively protecting the retinal cells that are responsible for vision. Our focus on developing proprietary cannabinoid analogs over the past two years has started to pay dividends, evident in their utilization in these two new preclinical programs.”

To view the full press release, visit https://cnw.fm/I1QjW

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs. Together with its subsidiary, BayMedica, InMed has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. It is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs. For more information, visit www.InMedPharma.com.

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

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420 with CNW — Study Says Most Cancer Survivors Using Cannabis See Significant Symptom Relief

A recent study involving 1,886 individuals who have battled cancer revealed that almost one-half of them, at some point, have utilized marijuana, either currently or in the past. Among those who turned to cannabis postdiagnosis, the primary motive was to alleviate symptoms such as pain and sleep disturbances. Notably, approximately 20% of cancer survivors currently resort to marijuana for relief from symptoms while actively undergoing cancer treatment.

The study, published in the “Cancer Survivorship Journal,” underscored the noteworthy prevalence of marijuana use among those who have conquered cancer. A majority of respondents reported significant improvement in symptoms for which they employed cannabis.

Out of all respondents, 17.4% identified as active marijuana users, 30.5% as past users and 52.2% as noncannabis users. Among the 510 participants who turned to marijuana following their cancer diagnosis, 60% used it for sleep issues, 51% for pain management, 44% for stress, 33% for nausea, and 32% for depression or mood disorders. Additionally, one-fifth of survivors used it as part of their cancer treatment.

Most participants expressed that cannabis effectively addressed their symptoms, with 73.6% finding it greatly effective 24.4% deeming it somewhat effective. A minimal percentage, 1.9%, reported little or no efficacy across various symptoms such as sleep deficiency, pain, appetite, nausea and depression.

Regarding cancer treatment, responses were marginally less enthusiastic. The study reported that 47.7% perceived cannabis as significantly effective, 34.5% found it somewhat effective, 13.8% believed it provided very little help and 4% declared it not helpful at all.

The authors also discovered a low awareness of potential health risks associated with marijuana use, with only about 9% of respondents aware of such risks when asked about them during their cancer treatment. Among the 167 survivors who acknowledged cannabis’ potential health risks, awareness of adverse effects remained low: only 5% were aware it could trigger suicidal thoughts, 6% on intense nausea and vomiting, 11% on depression, 14% on anxiety, 31% on breathing problems, and 35% interference or interactions with cancer treatment.

Given the possibility that individuals may employ marijuana without full knowledge of its potential side effects, the authors advocate for incorporating discussions about therapeutic marijuana into a patient’s comprehensive treatment plan.

This study unfolds amid heightened anticipation within the medical community and beyond, awaiting a decision from the U.S. Drug Enforcement Administration (DEA) on the rescheduling of cannabis under the federal Controlled Substances Act. While not legalizing medical or recreational cannabis federally, rescheduling could pave the way for FDA approval of marijuana-based drugs and provide tax deductions for medical cannabis entities.

As more studies highlight the therapeutic potential of marijuana, companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) could tweak their offerings to better address specific groups of medical marijuana consumers.

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420 with CNW — Retailer Goes to Court Over California’s Cannabis Excise Taxes

Catalyst Cannabis Co., a major marijuana dispensary chain in California, has initiated court action against an emergency rule alteration implemented by state tax authorities in December. The company, operating under the name HNHPC Inc., went to court on Dec. 28, 2023, in the Superior Court of Orange County.

The suit alleges collusion between the state’s fee administration and tax department and the Administrative Law Office, accusing them of two key violations: imposing excise levies on nonmarijuana products such as accessories and exploiting emergency regulatory powers to hastily enforce retroactive regulations without sufficient notice to affected companies.

The crux of the legal challenge revolves around the interpretation of excise taxes on various elements of marijuana products. Taking a vape cartridge as a primary example, the suit claims that excise taxes should exclusively affect the marijuana oil, excluding the entire item, including the packaging and pen mechanism. This exemption would only apply if the vendor itemizes charges for both the marijuana oil plus the nonmarijuana components.

Under this approach, the retailer would only pay the 15% excise tax on the oil, typically valued at around $5, leading to a tax of only 75 cents. Catalyst Cannabis Co., based in Long Beach, California, has been employing this method to calculate excise taxes for more than a year, according to company executives and court documents.

As one of the state’s major cannabis operators, with 25 stores located mainly in Southern California, Catalyst is challenging the state regulators’ position outlined in Emergency Regulation 3802. According to this regulation, excise taxes should also cover “optional tangible personal property.” The broader definition encompasses the entire vape device, packaging and associated components. Consequently, under the state’s directive, a $40 vape pen would incur a $6 excise tax, which is eight times the tax applied solely to the oil.

Catalyst CEO Elliot Lewis, a vocal critic of the state’s marijuana regulations, expressed confidence in the lawsuit’s success. Lewis anticipates that overturning Regulation 3802 could potentially redirect millions back to the both marijuana industry and consumers.

Lewis has received supportive calls from fellow marijuana operators and foresees a ripple effect with other retailers reevaluating their excise tax calculations. He believes that by the second quarter of 2024, excise levy submissions to the state will reflect this recalibration, projecting a significant reduction from an estimated $600 million to around $200 million annually.

In Lewis’s view, the judicial intervention presents a crucial opportunity for relief and reform in the marijuana industry, emphasizing the potential impact on both industry finances and consumer costs.

The outcome of this lawsuit will be of interest to cannabis companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) because it could pave the way for similar legal challenges in other jurisdictions where the same formula is used to levy taxes on cannabis products.

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420 with CNW — Trend of Looking Beyond High THC in Cannabis to Gain Traction

As cannabis strains have become increasingly potent over the years, THC potency has become a major determining factor for consumers when they buy cannabis products. Brands have invested heavily in R&D efforts to develop more potent strains, and they regularly display high potency as one of their products’ selling points.

Even though potency will continue to be a primary determining factor for the majority of consumers, secondary factors will also affect how cannabis genetics trends in 2024 across the country. Aside from high-THC genetics, experts on high-yield cultivars say that cannabis consumers are becoming increasingly interested in factors such as terpene profiles, minor cannabinoids and legacy strains bred with high-THC marijuana strains.

While THC is the most prominent compound in the cannabis plant, it is just one of more than 100 cannabinoids produced by plants in the cannabis family, including marijuana and hemp. Aside from THC, cannabis has tons of other cannabinoids, such as the well-known CBD (cannabidiol) and lesser-known ones such as CBN and THCV, which are starting to gain attraction.

On top of cannabinoids, marijuana also produces a plethora of terpenes that are responsible for the flavors, aromas and colors of different cannabis strains.

Some research has found that when cannabis plants are taken in their entirety with the complete profile of terpenes, they trigger an “entourage effect” that pronounces the effects of all the different compounds in cannabis as they interact. These factors will likely become more prominent in the future as America’s state-legal cannabis market grows and matures.

In the meantime, however, potency is still the main determining factor for most consumers when they walk into a cannabis dispensary. Reggie Harris, cofounder and CEO of House of Kush, a genetics company located in Missouri, says some of the dispensaries his company works with have reported that they don’t want cannabis with less than 25% THC or will only purchase those lower levels at lower prices.

Harris notes that even though people are fond of legacy cannabis strains such as OG Kush and Bubba Kush, high-THC strains attract the most customer attention. House of Kush specializes in producing such legacy strains and has started crossbreeding them with other genetics to increase their potency while maintaining their legacy genetics. These types of genetics could be a major hit this year because they are still recognizable to most customers yet contain higher potency levels.

Terpenes such as myrcene and limonene as well as minor cannabinoids such as THCV and CBN may also determine consumers’ cannabis purchasing decisions moving forward. Leading enterprises such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) could be looking for ways to leverage this change in consumer preferences.

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420 with CNW — Armed Services Personnel, Families, Veterans Support VA Doctors Recommending Cannabis

A survey from The Ohio State University (OSU) has found that a majority of active armed services personnel and retired veterans, as well as their families, believe Veteran Administration (VA) doctors should be allowed to recommend psychedelics and medical marijuana to patients who stand to benefit from these treatments.

OSU researchers surveyed active-duty military personnel, veterans, their families, and even nonmilitary respondents from late August to early September 2023 on their thoughts about making medical marijuana and psychedelics accessible as treatment options. The 1,168 participants surveyed for the poll included 315 active as well as retired members of the military, 426 individuals from military families, plus 427 people outside the military.

Researchers say that due to the huge caseload of health problems in the veteran society plus the necessity of a variety of treatment alternatives for retired military service members, some scientists are exploring if and how veterans should access alternative treatments such as cannabis and psychedelics.

Medical marijuana has been around for more than two decades and is now legal in dozens of states across the United States. Several studies have found that the controversial plant has numerous potential health benefits and can help alleviate the symptoms of conditions that typically affect veterans, including anxiety disorders and chronic pain. However, VA doctors aren’t technically allowed to recommend medical marijuana to their patients because they are limited to prescribing medications that are approved by the U.S. Food and Drug Administration (FDA) for medical use.

Study authors also noted that studies on veteran issues rarely explore how veterans’ perspectives on specific drug issues in relation to the views held by individuals within their immediate plus broader communities.

The recent study drew its participants from the volunteer American Population Panel and asked those participants whether they were in agreement with a quartet of statements regarding cannabis and psychedelics. The last statement said that VA doctors should be able to recommend both marijuana and psychedelics if they believe their patients could benefit from them due to the “unique hardships and health conditions” veterans experience.

The majority of all the three groups surveyed said both drugs can be efficacious therapies. Even more stated that VA physicians should be permitted to recommend them to patients who may benefit. Additionally, all groups supported the idea that VA doctors shouldn’t need the FDA’s approval to recommend either psychedelics or cannabis.

The results of this survey underscores what the broader cannabis industry, including leading entities such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) have always believed, that marijuana could benefit in one way or the other nearly every section of the population that is struggling with health issues.

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420 with CNW — DEA Informs Congress It Has Final Say on Cannabis Scheduling Despite HHS Recommendation

The U.S. Drug Enforcement Agency (DEA) has asserted its ultimate authority in determining the scheduling of cannabis, regardless of the recommendations made by the U.S. Health and Human Services. Michael Miller, the DEA acting chief of the Office of Congressional Affairs, communicated this stance in a letter addressed to Representative Earl Blumenauer, cochair of the Congressional Marijuana Caucus.

The scheduling review process, initiated by President Joseph Biden in October 2022, commenced with a scientific assessment from the HHS. The assessment purportedly advised the DEA to reclassify cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA). After HHS provided its recommendation in August, the DEA proceeded with its independent review.

The DEA’s response was prompted by an earlier letter from 31 bipartisan legislators, led by Blumenauer, urging the DEA to consider the merits of legalization during the review. The lawmakers expressed concern about the limitations of placing marijuana in Schedule III rather than completely removing it from CSA control. They emphasized the urgency of full descheduling and criticized the outdated scheduling of cannabis, which they deemed incongruent with the public’s sentiment.

In its reply, the DEA refrained from addressing the lawmakers’ arguments and focused on the procedural details of the scheduling review. The timeline for completing the review remains undisclosed, though speculation suggests a conclusion before the November election.

The Congressional Research Service (CRS) suggested that, based on past precedent, the DEA would likely follow HHS’s recommendation. However, the DEA reiterated its final jurisdiction over the CSA, retaining the authority to disregard HHS advice.

Despite the controversy surrounding the rescheduling review, little is known about HHS’s justification for recommending Schedule III. The agency submitted extensive documents to the DEA, but those documents have been released in highly redacted form, offering scant insight into the health agency’s findings on medical benefits, addictive potential or other policy aspects.

The DEA has received input from various stakeholders, including 29 former U.S. attorneys, urging the preservation of Schedule I. Six governors and former DEA heads voiced opposition to HHS’s recommendation, highlighting the complexity of the marijuana policy debate.

Lawmakers and advocates supporting marijuana reform marked the one-year anniversary of Biden’s cannabis pardon and scheduling directive by urging further action. Two GOP senators introduced legislation to prevent federal agencies from rescheduling cannabis without congressional approval.

Simultaneously, a coalition of 14 GOP legislators urged the DEA to reject HHS’s recommendation and maintain the strictest categorization for cannabis under the CSA.

Actors in the marijuana space, such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), are eagerly waiting for the decision that the DEA will make on cannabis classification under the CSA.

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420 with CNW — Biden Again Excludes Serving Military Personnel from Latest Cannabis Pardons

The latest round of pardons for American citizens with federal simple possession, attempted possession and use of marijuana by President Joe Biden have excluded serving military personnel again. First issued on Oct. 6, 2022, the presidential proclamation pardoned several federal simple cannabis possession offenses before another proclamation extended the number of pardoned offenses on Dec. 22, 2023.

While the first round of pardons was lauded as a major step toward fixing the damage caused by decades of cannabis prohibition, many advocates noted that the pardons were severely limited in scope and did not provide relief to many drug-war victims. The pardons only covered around several thousand people who had been convicted of federal cannabis possession offenses but left out military service members, noncitizens and people convicted of selling cannabis.

President Biden extended the proclamation last December to include individuals who were charged with cannabis possession offenses on federal properties. In a statement released shortly after the proclamation, Biden said that cannabis use and possession offenses have prevented people from accessing employment, housing and educational opportunities. He acknowledged that the government’s approach to marijuana had failed and said that it was time to “right these wrongs.” However, the president’s pardons excluded service members with simple-possession and marijuana-use offenses on their records.

An official from the White House confirmed that the December 2023 proclamation does not apply to offenses prosecuted under the Uniform Code of Military Justice. This essentially means that military service members who were charged with cannabis offenses in the past would not qualify for Biden’s latest round of pardons.

Although none of the 2022 and 2023 presidential proclamations resulted in any American being freed from federal prison, the removal of a federal cannabis conviction from an individual’s record can eliminate barriers to housing, education and reliable employment.

If the pardons also covered military service members with cannabis-related convictions, they could change their military discharge status and gain access to certain benefits. Unfortunately, while the president does have the unilateral right to change some punishments under the Manual for Courts-Martial, any major changes to the Uniform Code of Military Justice (USMJ) would have to go through Congress.

The UCMJ currently levies a maximum punishment of two years, forfeiture of pay and dishonorable discharge for marijuana possession.

Florida International University associate professor of law and military justice specialist Eric Carpenter says it isn’t surprising that Biden excluded military service members from this round of pardons. He explained that the use of drugs in the military tends to be more serious than recreational drug use by civilians’ because it can compromise good order and discipline.

The entire marijuana industry, including actors like Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), will be hoping that ways can also be explored to grant serving military personnel the pardons that civilians can access under the evolving regulatory landscape of cannabis.

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CannabisNewsBreaks – Why Astrotech Corporation (NASDAQ: ASTC) Is ‘One to Watch’

Astrotech (NASDAQ: ASTC ) is an instrumentation company that designs, manufactures and commercializes solutions. These include mass spectrometry, process controls, chemical detectors and medical disease detection. The company is headquartered in Austin, Texas, and owns four subsidiaries: Astrotech Technologies Inc., 1st Detect Corp., AgLAB Inc., and BreathTech Corp. “Between 2016 and 2019, the company secured U.S. patents for its technology and achieved European Union (‘ECAC’) certification for the TRACER 1000(TM), the world’s first mass-spec Explosives Trace Detector (‘ETD’) used in airports worldwide,” a recent article reads. “Astrotech continues to innovate and add to its suite of products, including AgLAB-1000, a process control system, and the BreathTest 1000, a disease detection solution.”

To view the full article, visit https://cnw.fm/8vFUf

About Astrotech

Astrotech is an innovative science and technology company that invents, acquires and commercializes technological innovations while building scalable companies to maximize shareholder value. For more information, please visit www.AstrotechCorp.com.

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