420 with CNW — Investment Bank Expects Cannabis to Draw Millions of Customers from Alcohol

Analysis by a multinational investment bank has found that cannabis has grown into a “formidable competitor” to alcohol and will draw tens of millions of users over the next five years while alcohol loses several million drinkers. The TD Cowen analysis estimates that marijuana sales will hit a whopping $37 billion in 2027 as more states legalize cannabis and launch legal sales.

Alcohol has been the main drug of choice for most Americans for nearly a century, but the beverage has been fielding increasing competition from cannabis in recent years. With 24 states legalizing recreational cannabis so far, tens of millions of Americans now have access to legal cannabis. Several more states are considering cannabis reform and will most likely legalize the drug over the decade, increasing access to marijuana to even more Americans.

TD Cowen’s Cannabis Beats Booze report notes that the cannabis category will gain 19 million past-month consumers over the next five years while the alcohol category will lose two million. Lead of the analysis team Vivien Azer says the report adds to a growing body of market research that has consistently pointed to cannabis as a disclocator to alcohol sales. She said the team was surprised to see an “even greater underperformance” in the alcohol category in states with legal cannabis markets.

Although alcohol sales are still far ahead of cannabis sales, analysts say the beverage faces a risk of decline as an increasing number of consumers, especially younger people, are substituting alcohol with alternatives such as cannabis. Prior studies have found that younger populations are drinking less alcohol and using substitutes such as cannabis and psychedelics.

The report estimated that states such as Ohio and Minnesota, which recently legalized recreational cannabis but are yet to implement cannabis laws, could bring in an additional $37 billion in sales in 2027.

Alcohol companies may have little trouble navigating the evolving customer trends in the short-term, but certain brands likely face “competitive challenges” in the medium- and long-term.

TD Cowen says alcohol would keep underperforming in states with legal cannabis markets with beer being the most at-risk beverage. On average, TD Cowen notes, the number of drinks taken on given occasions is lower in legal cannabis states.

Despite the impact cannabis legalization seems to have had on alcohol consumption in legal states, Azer doesn’t see alcohol companies entering the marijuana market until there is meaningful administrative or legislative regulatory change at the federal level.

As more people opt for marijuana in lieu of alcohol, cannabis product demand will increase, and ancillary entities such as Innovative Industrial Properties Inc. (NYSE: IIPR) could also see their businesses grow as a result of this boom.

About CNW420

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

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420 with CNW — Interest in Growing Cannabis Grows in Ohio After Legalization Law Takes Effect

Ohio became the 24th state to legalize recreational cannabis in America after a voter-approved recreational marijuana initiative took effect. But, even though adults aged 21 years and older are now allowed to possess up to 2.5 ounces of cannabis flower and 1.5 grams of marijuana extract, the state has no authorized cannabis retailers.

Additionally, the state Division of Cannabis Control won’t start to process cannabis retailer applications until June 2024, meaning Ohio residents won’t have an avenue for legal adult-use purchases until late summer or even early fall.

The silver lining is that the cannabis legalization measure allows eligible Ohioans to cultivate up to six cannabis plants per household. Although the measure allowed up to 12 plants for a home with more than one eligible adult, a state senate bill reduced this limit to just six plants for every household. Ohio Governor Mike DeWine argued that the six plants per household allowed by Issue 2 were already more than a single person could consume alone.

For most Ohioans who want to consume cannabis in the meantime, home growing is the only legal means of doing so. Cannabis plants are fast growing and take three to four months to mature and bud. According to Cali Vybe Hydroponics from Finneytown, many more people have expressed interest in its products since Issue 2 passed and legalized recreational cannabis in Ohio.

For many, home cultivation provides a way to avoid pricey cannabis products from licensed shops and reduces the risk of consuming contaminated marijuana. Ohio Department of Commerce director Sherry Maxfield estimates that a mature homegrown cannabis plant can produce between 75 and 100 joints, meaning a sophisticated grower can yield significant cannabis in just a single year.

The fact that Ohio doesn’t have any authorized cannabis sellers despite legalizing recreational cannabis worries Senate President Matt Huffman because it could open the door for illicit sellers to carve out a market for themselves. Most states with cannabis markets, including California, which has the largest legal cannabis market on the globe, are struggling to compete with the cannabis black market.

Without a place to buy legal cannabis, many Ohioans may opt for the black market, especially since Issue 2 allows landlords to prohibit home-cannabis cultivation on their properties if it is specified on the lease. Cannabis from licensed sellers is several times more expensive than black-market marijuana due to numerous fees and taxes, resulting in reduced legal sales and a bountiful cannabis black market.

As this new market takes shape, it could easily attract established companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) that may be considering expanding into additional markets.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Provides Superior Drug and API Delivery with Patented DehydraTECH Technology

Lexaria, a global innovator in drug delivery platforms, has made incredible strides in 2023, most recently seeing interim results from its human pilot study evaluating its DehydraTECH(TM) technology for the oral delivery of GLP-1 drug, semaglutide
The company has also grown its patent portfolio to 37, with many others pending worldwide
For 2024, the company expects to maintain the same momentum, building on the success and achievements, and plans to double down on licensing its technology

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, in this past year, has demonstrated growing success in providing healthier delivery methods of drugs and other Active Pharmaceutical Ingredients (“APIs”), facilitated by its patented DehydraTECH(TM) technology. This has been driven by the company’s research efforts throughout 2023 and ambitious plans for 2024.

“This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/OD1xJ).

So far in the 2023 calendar year, Lexaria has realized interim results from its human pilot study evaluating DehydraTECH for the oral delivery of glucagon-like peptide-1 (“GLP-1”) drug, semaglutide. It also held a successful pre-Investigational New Drug (“IND”) meeting with the U.S. Food and Drug Administration (“FDA”) that would set the stage for its application in 2024 and the ultimate approval of its DehydraTECH-processed CBD. Lexaria also grew its patent portfolio to 37, with many other patents pending worldwide (https://cnw.fm/LY30U).

Entering 2024, the company plans to maintain the same momentum. Within the first quarter of the 2024 calendar year, it plans to file its Phase 1(b) Investigational New Drug (“IND”) application with the FDA for DehydraTECH-processed CBD as a prospective registered treatment for hypertension. It also plans to commence patient dosing for this study and conduct animal and human clinical studies to examine DehydraTECH-processed GLP-1 drugs used in products alone or with DehydraTECH-CBD.

Lexaria also plans to double down on licensing its technology, particularly since it promises a substantial commercial opportunity. Its exclusive global collaboration and license agreement with SulfoSyn Limited, for instance, will allow the company to generate revenue from its DehydraTECH technology while also further demonstrating its versatility and overall effectiveness in applications across the board (https://cnw.fm/1T7WG). So far, the technology has proven applicable in cannabinoids, oral nicotine, diabetes and weight loss, PDE5 inhibitors, and antiviral drugs, among others.

With the steps taken so far, Lexaria is projected to post a 259% year-over-year (“YOY”) revenue growth for 2024 and a 20% YOY growth for 2025, according to a Zacks SCR report (https://cnw.fm/Z0LWX). This growth progression will largely depend on the ultimate approval and commercialization of products utilizing DehydraTECH, which is currently on track.

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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420 with CNW — Feds Pour Cold Water on Efforts by Georgia to Sell Medical Cannabis in Pharmacies

Georgia’s ambition to become the first state to allow pharmacies to distribute medical-cannabis products faces a setback as the DEA issued a stern warning. On Nov. 27, 2023, the agency cautioned pharmacies that dispensing medical cannabis violates federal law, urging Georgia to reconsider its plans.

The state’s pharmacy board, which initiated the acceptance of applications for dispensing medical cannabis products in October, has already granted licenses to 23 pharmacies in the state. The state’s medical marijuana commission, GMCC, acknowledges the federal directive. Despite state law permitting pharmacies to dispense medical marijuana, the commission, under the leadership of Andrew Turnage, cannot override the federal warning. Turnage expressed the state’s desire to continue allowing pharmacists to provide consultations for medical marijuana, paralleling their role with other medications.

According to the DEA’s memorandum to pharmacies, handling or dispensing cannabis or related products containing more than 0.3% THC is deemed unlawful. While Georgia allows medical-cannabis patients to purchase cannabis products containing up to 5% THC, the agency categorizes products exceeding 0.3% THC content as illegal under federal law.

Since 2015, Georgia has permitted patients with certain illnesses, sanctioned by physicians, to possess and consume low-THC medical-marijuana products. However, legal acquisition of the product within the state’s borders only became possible in April this year.

Nationwide, 24 states have legalized cannabis for recreational use, and an additional 23 allow medical marijuana, according to the National Conference of State Legislatures.

The recent DEA notice, disseminated online by the anti-legalization group Smart Approaches to Cannabis, prompted varied reactions. Some responses, such as the one from Ira Katz of Little Five Points Pharmacy, indicate pharmacies should be allowed to dispense medical-cannabis products akin to marijuana dispensaries. Conversely, Mahlon Davidson, interim CEO of the Georgia Pharmacy Association, expressed skepticism about independent pharmacists jeopardizing their businesses by contravening the DEA’s directives.

Opponents of recreational and medical cannabis legalization argue that the DEA’s directive serves to protect consumers and allows for further research. Michael Mumper, executive director of the nonprofit Georgians for Responsible Cannabis Policy, emphasized the trust consumers place in drugs dispensed from pharmacies, highlighting FDA approval and federal legality, aspects he contends are lacking in medical cannabis.

The federal perspective might transform with a recent proposal seeking to ease restrictions on cannabis. The HHS recommended removing cannabis from Schedule I to Schedule III in August. The decision on this currently lies with the DEA, which is in charge of controlling substance classification in the United States.

The success of pharmacies in Georgia selling medical cannabis could have provided an interesting channel that would have interested other marijuana entities such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) and other states looking to improve their cannabis markets.

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420 with CNW — Governor Enacts Law Permitting Cannabis Cultivators to Sell to Patients Directly

Last week, Pennsylvania’s governor signed a measure that would allow all licensed medical cannabis grower-processors to sell their products directly to consumers. This came just days after the Senate approved the measure, which had been amended to grant independent dispensaries grower permits.

Under the bill, the state’s health department will establish a process that allows the 10 independent cannabis grower-processors in the state to apply to acquire dispensary permits for direct commerce. In addition to this, the four independent dispensaries in the state can also obtain permits to grow products in-house.

The bill, sponsored by Senator Chris Gebhard, replaces current regulations that prohibit more than five of the twenty-five grower-processor license holders in the state from holding dispensary licenses.

Under the current law, other holders of the grower-processor licenses have to sell their products to licensed dispensaries so that they can, in turn, be sold to patients. This had given some operators dominance over the state’s medical cannabis industry. With these new changes, it is expected that almost $2 million in revenue from permit and application fees will be generated. In the coming years, Pennsylvania should expect to generate roughly $90,000 a year from the same. Part of this revenue will be allocated to the Department of Health to offset administrative costs.

One provision in the resolution will prohibit licensees from permit transfers, which legislators argue will help prevent bigger companies from buying up permits and gaining monopoly over the market.

It is expected that Pennsylvania may soon legalize the recreational use of marijuana, just as other states in the region have done. Last month, voters in the state of Ohio legalized adult-use marijuana following the passage of the Act to Control and Regulate Adult Use Cannabis. The new measure, which went into effect earlier this month, will permit individuals aged 21 and older in the state to legally use and purchase the drug. Other states, such as New Jersey, legalized adult-use marijuana years ago.

A House committee in Pennsylvania recently held a second informational hearing on cannabis legalization as the call to enact reform continues to grow. Governor Josh Shapiro as well as U.S. Senator John Fetterman stated that the time had come for the state to make the change. Two bipartisan legislators are already looking for cosponsors to support their cause. The legislators, Senators Sharis Street and Camera Bartolotta, recently presented a resolution that would decriminalize cannabis and make simple possession a civil offense instead of a misdemeanor crime.

The ongoing evolution of the cannabis landscape in Pennsylvania is likely to be seen by the industry and leading companies in other jurisdictions such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) as steps in the right direction.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Leveraging Commercial Viability of DehydraTECH(TM) in Aggressive Patent Application Push

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, is eyeing growth in license revenue from its intellectual property (“IP”). “So far, Lexaria has received 37 granted patents globally, with many pending. The company is aggressively pushing its patent application process as it recognizes the viable commercial application of its flagship technology. In addition, the company understands that successfully granted patents can lead to an increase in shareholder value as a recognized growing market leader,” a recent article reads. “‘Because of the applicability of DehydraTECH to many market sectors across the globe, we have taken the necessary steps to protect that intellectual property internationally,’ notes the company’s 2022 Form 10-K annual report. Lexaria’s patent portfolio currently spreads across the U.S., Australia, Japan, Mexico, the European Union, Canada and India. Its strategic approach of filing for applications in lucrative markets is a move to maximize potential revenue for years to come, mainly since out-licensing is a significant revenue stream for the company. DehydraTECH applications have shown that it can be applied in the consumer-packaged goods industry and the drug and pharmaceutical sectors.”

To view the full article, visit https://cnw.fm/4VDCn

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 37 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 — Employee Cannabis Protections Law to Take Effect in California Next Year

California workers will soon enjoy official safeguards against discrimination related to their off-duty and off-site marijuana use following a change to the state’s Fair Employment and Housing Act, known as AB 2188, greenlit by Governor Gavin Newsom on Sept. 18, 2022, and set to take effect at the start of 2024.

Under the legislation, employers are barred from refusing employment, penalizing or terminating individuals based on their use of marijuana products outside of working hours.

Despite California’s pioneering move in 1996 to legalize medical cannabis and its subsequent approval of recreational use in 2016, AB 2188 stands out as the state’s inaugural law explicitly extending workplace protections to cannabis users, regardless of the purpose. AB 2188 introduces provisions that render employers unable to hold an applicant’s past cannabis use against them. Crucially, the measure shifts the focus of employment-related drug testing toward identifying impairment during work hours or on the premises, distancing itself from scrutinizing historical marijuana consumption.

Moreover, the new legislation outlaws inquiries into an applicant’s cannabis use history, preventing employers from delving into this aspect during the hiring process. This marks a significant departure from previous norms, where employers retained the right to discipline individuals for off-duty recreational and medical cannabis use.

For instance, if an individual engages in recreational cannabis use during their leisure time over the weekend and arrives at work on Monday, employers cannot penalize them based on their weekend marijuana consumption. AB 2188 heralds a departure from the previous legality of such punitive measures.

However, AB 2188 does carve out exceptions to these protections, allowing employers to regulate cannabis use during working hours. Specifically, the bill stipulates that employees are not permitted to possess, be under the influence of or use marijuana while on the clock. The legislation also emphasizes that its provisions do not impinge upon an employer’s prerogative to maintain a drug- and alcohol-free workplace.

Certain sectors, such as construction and building trades, along with employees or applicants seeking federal jobs requiring clearance from the Defense Department, may still face employment denial or disciplinary actions for marijuana use outside of work.

Anticipating the implementation of these restrictions, employers are urged to review and adjust their antidiscrimination and drug-use policies. Those covered by the legislation intending to conduct cannabis tests must ensure that their testing programs exclusively target psychoactive cannabis components. Employers are further encouraged to stay abreast of any pertinent updates to their policies, particularly concerning criminal background checks.

The implementation of this law in California brings the Sunshine State at par with jurisdictions where firms such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operate and adults are protected from job losses or other sanctions resulting from using marijuana while off-site or off-duty.

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420 with CNW — Think Tank Says Legalizing Cannabis Federally Could Generate $8.5B in Taxes

A recent analysis from the Tax Foundation, a Washington, D.C.-based nonprofit think tank, suggests that the nationwide legalization of cannabis across all states could significantly boost annual cannabis tax revenue, projecting it to reach $8.5 billion. The foundation proposes a comprehensive federal and state taxation model for cannabis, aiming to keep costs low to discourage illicit sales while advocating for higher tax rates on more potent marijuana products.

The current state-by-state approach to marijuana taxation, according to the report, is chaotic. Therefore, there is a need for a reevaluation of the existing framework considering both public health and revenue implications.

According to the report, cannabis sales generated nearly $3 billion in tax revenue for legal states in the past year. The foundation anticipates that this figure could nearly triple if marijuana were legalized nationwide.

While drawing parallels to tobacco and alcohol taxation may seem logical in theory, the report argues that the lack of a standardized marijuana product makes this approach impractical. Unlike tobacco, marijuana lacks a universally recognized product form, and its intoxicating component, THC, poses challenges in measurement comparable to alcohol content.

The proposed alternative is a taxation system based on weight or potency, depending on practicality, instead of the current method of percentage-based taxation on sales price. A weight-based system, according to the foundation, is effective for capturing harm from smokable products. It also provides a simpler entry for new products into the market, avoiding excessively high barriers for product testing solely for tax purposes.

The Tax Foundation highlights three key lessons from state experiences with marijuana taxation. First, it advises keeping tax rates low enough for legal markets to compete with the illicit market, preventing impaired effectiveness due to excessively high tax rates. Second, it recognizes the significant revenue potential of legal marijuana markets but cautions that it may take years to materialize, with potential volatility under certain tax models. Third, the foundation stresses the importance of consistency across jurisdictions, particularly as interstate commerce becomes a possibility.

Currently, most state marijuana markets impose excise taxes on cannabis products, with rates ranging from 6% in Missouri to 37% in Washington state. Some states, including New York and Connecticut, have integrated potency-based tax policies, though this approach remains uncommon.

Although various federal proposals to impose additional taxes on cannabis have been introduced, short-term advancement is unlikely. Nevertheless, the United States Census Bureau is monitoring state-level marijuana tax trends, providing an interactive map detailing the proportion of state revenue from cannabis taxes.

Given the amounts of tax dollars that sector players such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) are already paying, a projection of $8.5 billion in taxes on a national scale is possible if the right regulatory measures are put in place to facilitate legal sales while curbing the black market.

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CannabisNewsBreaks – BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) Closes US$1.5M Registered Direct Offering

BYND Cannasoft (NASDAQ: BCAN) (CSE: BYND), an Israeli-based integrated software and cannabis company, has announced the closing of the previously disclosed registered direct offering with an institutional investor of approximately $1.5 million common shares and investor warrants at a price of $0.52 per common unit. The company secured approximately $1.5 million in aggregate gross proceeds and expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. The transaction closed on Dec. 21, 2023. Aegis Capital Corp. is acting as exclusive placement agent for the offering. Louis A. Brilleman, P.C. is acting as counsel to the company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.

To view the full press release, visit https://cnw.fm/663Wf

About BYND Cannasoft Enterprises Inc.

BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets “Benefit CRM,” a proprietary customer relationship management (“CRM”) software product enabling small and medium ‐ sized businesses to optimize their day ‐ to ‐ day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on its 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible and price-transparent market. The Cannabis CRM System will include a Job Management (“BENEFIT”) and a module system (“CANNASOFT”) for managing farms and greenhouses with varied crops. BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women’s health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users’ pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (“AI”). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction.

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420 with CNW — Federal Survey Reaffirms State-Level Cannabis Legalization Hasn’t Changed Teen Use Patterns

A new survey has determined that the use of marijuana in teens hasn’t increased even as more states legalize the drug’s use across the country. The survey was funded by the National Institute on Drug Abuse (NIDA) and carried out by researchers at the University of Michigan. It determined that rates of past-year marijuana use remained stable for all grades that took part in the survey, even as more cannabis markets opened and expanded for adults countrywide.

During a webinar last week, NIDA’s chief of epidemiological research Marsha Lopez stated that no significant increases had been observed with no increase in perceived availability being recorded either. The survey, which questioned teens on the use of delta-8 THC products, found that past-year cannabis use stood at 29%, 17.8% and 8.3% for 12, 10th and 8th graders respectively.

Delta-8 THC is one of the many psychoactive cannabinoids found in the cannabis sativa plant, of which hemp and marijuana are two varieties. Products based on this cannabinoid are typically derived from hemp and sold in mainly unregulated markets, though some states have enacted bans or restrictions.

Between 2020 to 2022, 11 more states legalized the use of cannabis. Data from the survey shows that the liberalization of cannabis policies in these newly legal states didn’t translate into increased perceptions of availability among the youth, with Lopez noting that the perceptions were actually trending downward. This is despite the fact that 2022 recorded the highest ever use of recreational marijuana and some psychedelics. The survey’s results also show steadier decreases in the perception of harm of using marijuana.

The results support advocates’ stand against arguments that legalizing adult-use marijuana would cause underage use to increase. In fact, findings show that in regulated markets where IDs were checked and other safeguards set up, youth access was restricted. In addition, the survey found that there was relatively low prevalence of daily marijuana use, which had been steady for the last decade.

The investigators also compared a range of cannabis-related indicators from teens living in states in which marijuana is illegal and states that have legalized medical use. They observed no statistically significant differences in past-year rates of use across all grades examined, regardless of state medical cannabis laws.

With regard to teens who do consume marijuana, the majority of them revealed that they smoked the drug, but the survey observed a shift in consumption methods, with more teens switching to edibles or vaping.

In a press release, Richard Miech, the survey’s team lead, highlighted the importance of monitoring the use of this drug among teens moving forward.

The findings from the survey possibly trigger thoughts of “we told you so” from cannabis industry participants such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) that have always believed that setting up regulated markets for cannabis could reduce teen access to the substance.

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