420 with CNW — Pilot Project for Marijuana Legalization Starts in Netherlands

For years, Dutch coffee shops have functioned in a system where cannabis sale was permitted, but its growth remained illegal. This led to a lack of transparency for consumers, leaving them unaware of the origins, growers and conditions under which the products they purchased were cultivated. However, that will soon change as the government initiates a marijuana legalization pilot project.

The initial phase of a closed-chain experiment, designed to deliver marijuana from legally sanctioned cultivation to coffee shops commenced on Dec. 15, 2023. The current timeline indicates that two authorized producers will be prepared to supply coffee shops in the final quarter of 2023. This development is substantial enough to initiate the preparatory phase of the pilot program, initially focused on Tilburg and Breda.

Participating coffee shops in Tilburg and Breda will have the opportunity to offer both legally produced marijuana and tolerated products sourced from the illicit market. Two additional producers are anticipated to commence their supply to coffee shops in these cities by February 2024. Tilburg and Breda’s mayors proposed the preliminary phase idea, which was approved by Justice and Security Minister Yeşilgöz-Zegerius and Health, Welfare, and Sports Minister Ernst Kuipers. The aim is to kick-start a modest-scale “experiment with legalized production and sales chain.”

According to reports from rijksoverheid.nl., the progress made during the preparatory phase will undergo continuous monitoring. In the event of a significant threat to security or public order, the preparatory phase may be prematurely terminated. The insights gained will be shared with all participating cities, contributing to the refinement of systems and processes for a seamless transition to the subsequent phase.

Expected to last a maximum of six months, the preliminary phase will give way to the transition phase. The earliest commencement for participating cities is projected to be by the end of the Q1 2024. During this stage, coffee shops in these cities will be authorized to offer both black-market and legally cultivated cannabis products. Subsequently, participating coffee shop proprietors will exclusively vend marijuana sourced from regulated crops. Legally produced marijuana will be packaged with a QR code, enabling consumers to access comprehensive information, including details about the product’s origin, cultivation time and the responsible company.

The entire experiment is earmarked for a four-year duration, culminating in a decision on whether to extend its implementation.

For companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) with operations in several countries on different continents, the experiment being undertaken in the Netherlands is of great interest because it could eventually open extra market opportunities to tap.

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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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Lexaria Bioscience Corp. (NASDAQ: LEXX) To File its IND Application with the FDA for its planned U.S. Phase 1b Hypertension Clinical Trial

Lexaria, a global innovator in drug delivery platforms, expects to submit its IND application for its planned U.S. Phase 1b Hypertension Clinical Trial with the FDA within the next 45 days
The HYPER-H23-1 clinical study will build on five successful human clinical trials conducted so far, studying the company’s patented DehydraTECH(TM)-processed CBD in an aggregate total of 134 individuals
Lexaria’s patented DehydraTECH(TM) “drug delivery platform technology” increases bioavailability, improving the way active pharmaceutical ingredients (“APIs”) enter the bloodstream

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced that it anticipates submitting its Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration within the next 45 days. The submission will be for its U.S. Phase 1b Hypertension Clinical Trial, whose primary objective will be to evaluate safety and tolerability in hypertensive patients, with secondary objectives including efficacy evaluation in reducing blood pressure together with detailed pharmacokinetic testing (https://cnw.fm/8E4Rg).

The HYPER-H23-1 clinical study, titled “A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension” will explore Lexaria’s patented DehydraTECH(TM) technology, specifically its DehydraTECH-processed CBD for the potential treatment of hypertension. It will be a successful build-up from five human clinical trials conducted so far, studying DehydraTECH-CBD in an aggregate total of 134 individuals. Its management is optimistic that these previous studies will contribute to the success of the current one while allowing for the IND review process to run smoothly.

Only a handful of other published research studies have investigated whether a sustained decrease in resting blood pressure is possible following multiple weeks of oral CBD dosing; none of which have been successful in achieving this.. All of the company’s clinical studies showed that DehydraTECH-CBD achieved a sustained decrease in resting blood pressure following multiple weeks of oral dosing. In addition, DehydraTECH-CBD has evidenced superior power to reduce blood pressure, especially compared to other oral CBD formulations. DehydraTECH-CBD has also shown the potential to offer additive blood pressure reduction benefits in addition to any degree of improvement that standard-of-care medications achieved for patients prior to DehydraTECH-CBD dosing, ultimately showing the product’s superiority, overall efficiency, and potential.

Despite having encountered delays before, mainly owing to awaited documentation from one of its key raw material suppliers, Lexaria’s management is excited to submit its IND. Should it be approved, Lexaria will enjoy increased market opportunity for its DehydraTECH technology, specifically its DehydraTECH-CBD. In addition, it will get the company closer to tapping into the cardiovascular drugs market, valued at $138.33 billion in 2022 and expected to hit $200.9 billion by 2032 (https://cnw.fm/D3Ipo).

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 — Marijuana Professionals Foresee Bumpy, Exciting 2024

After the post-pandemic downturn caused many businesses in the cannabis industry to struggle, many marijuana professionals are now predicting a more lucrative 2024. The post-COVID period saw the addition of several more states to America’s nascent marijuana industry, and the country made significant strides in its efforts to legalize marijuana at the federal level. In addition, President Joe Biden issued a mass pardon for marijuana offenders, and his administration has indicated that it is seriously considering rescheduling the controversial plant at the federal level.

Industry professionals are now looking at 2024 with renewed optimism even though the state-legal cannabis industry is likely in for a lot of turbulence. Ed Schmults, CEO of California-based company StateHouse Holdings Inc., says the U.S. Health and Human Services recommendation to the Drug Enforcement Agency (DEA) to move cannabis from Schedule I of the Controlled Substances Act to Schedule III is welcome news, even though it came 10 years late.

Although rescheduling would call for significant levels of legislative effort and time, Schmults is optimistic that the federal government will take the steps needed to move cannabis to Schedule III. He says an implementation timetable of around 12–18 months would be more reasonable than the six-month timeline discussed by some industry players. While descheduling cannabis outright would offer a much better path for the nation’s cannabis industry, Schmultz noted, transferring the drug to Schedule III is a “big step in the right direction.”

David Goubert, president and CEO of multistate marijuana operator AYR Wellness, says that multistate operators will be more focused on their companies’ financial health and will likely prioritize cash-flow generation coupled with lean and efficient operations. He added that if cannabis rescheduling and 280E changes happen as many industry players anticipate, cannabis businesses would start paying fewer annual taxes and would be better equipped to pay down their debt.

The legalization of recreational cannabis in Ohio, Florida and Pennsylvania could also lead to “significant deleveraging” by mid-decade, Goubert says.

Poseidon Asset Management cofounder Morgan Paxhia predicts that next year will be the most exciting and eventful year in the legal cannabis industry’s history. He predicts that while policymakers will reclassify cannabis as a Schedule III substance, “Congressional hijacks” following such a historic legislative development as lawmakers try to take credit could stifle the cannabis industry’s progress and levy a high 14% excise tax on businesses.

However, he notes that the SAFER Banking Act likely won’t make any progress in 2024. Instead, Paxhia expects lawmakers to introduce a ‘=”Garland memo-like protection” alongside rescheduling.

As 2023 draws to a close, many in the cannabis industry, such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), may be fine-tuning their plans to capitalize on any regulatory changes that could be made at the federal level in the coming year or years.

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420 with CNW — Missouri Expunges 100K Marijuana Cases in Year One of Legal Cannabis Sales

Recent data shows that officials in the state of Missouri have thus far expunged more than 100,000 cannabis cases from court records. Under the law, misdemeanors had to be automatically expunged by June 8, 2023, and felonies had to be cleared by Dec. 8, 2023. The deadline for felony expungements, which lapsed last week, wasn’t met by all courts, however, with clerks still reviewing decades of old cases.

In an interview, Dan Viets, a lawyer and coordinator of Missouri NORML, stated that courts would need additional time to finish the task and noted that it could be years before all cases from the last 100 years were expunged. Viets, who also coauthored the state’s constitutional amendment legalizing cannabis, added that the state had prohibited cannabis for more than a century and, given that most older cases hadn’t been updated on a database, a lot of physical work was needed to find and go through hard-copy records.

In a press release of the state’s NORML chapter, Viets noted that the provision on automatic expungement was a significant part of Missouri’s marijuana law that was approved by voters in 2022. Missouri NORML also highlighted that the ballot proposal, now codified as Article XIV in the state’s constitution, provided funds for the expungement via the 6% sales tax imposed on recreational cannabis.

The organization explained that the tax had generated more revenue than was needed to pay overtime to existing staff or fund the hiring of more staff in the offices of circuit clerks across Missouri. In November, total cannabis sales in the state exceeded the $1 billion mark, with legislators announcing recently that of the total taxes generated, $17 million would fund drug treatment, veterans’ health and legal aid.

Viets also noted that counties that missed the December deadline were in violation of Missouri’s constitution and legal action could be taken. He then revealed that about six of the counties in the state hadn’t expunged any cases on misdemeanor violations, asserting that these were smaller counties where Amendment 3’s support wasn’t as high.

On a broader scale, the state’s cannabis system has experienced significant hitches this year, with thousands of products being recalled over the illegal use of cannabinoids derived from hemp. In November, officials revoked Delta Extraction’s business license, as the company was at the center of the aforementioned dispute.

Another company, Retailer Point Management, also had to settle a dispute with a union over more than 10 charges of unfair labor practices. All this is part of a wider push by workers at marijuana businesses to organize the industry.

These ongoing expungements are likely being watched closely by the entire cannabis industry, including companies such as SNDL Inc. (NASDAQ: SNDL), given that times have changed and there is a growing consensus that no one should suffer lifelong consequences for being convicted after using a substance that is now legal in a significant portion of the United States as well as several countries around the world.

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420 with CNW — Data Shows Arizona Exceeded $1B in 2023 Cannabis Sales in September

September saw Arizona’s marijuana sales surpass $1 billion for the year following a pattern that both recreational and medical markets seemed to have stabilized over the previous few months. The state’s revenue department (ADOR) data for August and September reveals a consistent pattern, with medical sales remaining around one-third of recreational sales.

September’s medical sales were marginally below $27 million, down from $28.7 million in August. This represents the lowest in medical sales since the legalization of recreational marijuana in 2021. The last time medical sales surpassed $30 million was in June, and they have been consistently declining from the peak of $73.4 million in April 2021.

Contrastingly, recreational sales have remained robust, consistently surpassing $80 million since dropping below $90 million in May. August reported recreational cannabis sales at $85.8 million, followed by slightly more than $80 million in September. The recreational market has only failed to reach the $80 million mark twice —in May and June of 2022 at $79.3 million and $77.2 million, respectively.

However, those figures could alter because ADOR often modifies the figures from previous months with new reports. For example, the most recent announcement from ADOR raised July’s medical sales from $26.1 million to $27.3 million, while recreational sales changed from $77.4 million to $80.5 million.

As of September 2023, total medical marijuana sales for the year reached $267 million, while recreational sales amounted to nearly $797 million, culminating in a year-to-date total of almost $1.1 billion. Since the commencement of recreational cannabis sales in 2021, the industry has generated more than $4 billion, with approximately $2.5 billion attributed to adult-use sales.

The state has collected substantial taxes from both sectors, with $2.2 million and $2.4 million from medical cannabis sales in September and August, respectively, and $12.8 million and $13.7 million from recreational sales. Arizona applies a standard sales tax of 5.5% and a 16% excise tax on recreational sales. Medical patients only foot the standard 5.5% sales tax. Local jurisdictions add roughly 2% to all cannabis sales.

Around $174.5 million has been collected thus far in 2023 from the recreational sales excise tax. In 2021, recreational marijuana generated $33 million, and in 2022, the figure surged to $132.7 million. Since recreational cannabis legalization, the state has amassed more than $392 million in cannabis excise taxes.

The tax revenues are allocated to various sectors: 10% goes toward the justice reinvestment fund, which supports communities disproportionately impacted by cannabis criminalization; 34% goes toward community colleges; 31% goes toward public safety; and 25% goes to the Arizona Highway User Fund.

There were 121,047 qualified cannabis patient cardholders as of October 2023, compared to 123,795 in September. Before the introduction of recreational cannabis, there were 299,055 qualifying patients. The report also noted that 4,475 pounds of cannabis were purchased for medical purposes in October, down from 4,622 in September, bringing the total for the year as of October to 47,076 pounds.

The thriving marijuana industry in Arizona in a way depicts what is happening in many markets in which regulated cannabis sales are allowed and companies such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) obtain licenses to commercialize innovative cannabis products.

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420 with CNW — Limited Product Range Hampers Recreational Cannabis Sales in Connecticut

The recreational cannabis market in Connecticut has hit a snag less than a year after it was launched. At the time of its launch, the market had 13 retail outlets. However, latest figures show that overall sales of recreational as well as medical marijuana have dipped, which isn’t common for a new market.

Total marijuana sales from October dropped from the $25.2 million recorded the previous month to $24.8 million. Recreational sales made up roughly $14.7 million of the total sales, with state data showing that since August, recreational sales had risen by only 5%.

Experts attribute this decline in sales to a lack of variety in products sold to consumers, which has seen many visit stores in neighboring states such as Massachusetts. The dip in sales also reflects a combination of other factors, including high barriers for those who would like to enter the market; regulatory restrictions such as bans on products including pills and capsules; and more municipalities restricting recreational sales and other marijuana businesses.

White Oak Bridge CEO Justin Frytz stated that most consumers in Connecticut choose not to visit dispensaries in the state because the product quality doesn’t meet their standards. Frytz also noted that consumers preferred going to Massachusetts because the product quality is better and they have more choices. He pointed out that manufacturers had shortened or cut production runs on some medical cannabis product lines in favor of recreational products that could generate higher margins and were more scalable. This, he argued, affected medical patients who couldn’t get quality products and also stymied the full potential of the market.

Wholesale marijuana product purchase data also demonstrates a huge discrepancy on category choice in Connecticut, especially in comparison to other recently launched recreational markets.

Leaflink, a marijuana wholesale technology platform, tracked wholesale volume in Connecticut via its online marketplace. The platform determined that an average store in the state bought roughly 400 product stock-keeping units, a figure that is significantly lower than those from its counterparts in Missouri and Maryland.

Data from Leaflink shows that in Missouri, where recreational sales launched in February, the average retailer purchased about 1,000 store-keeping units. In Maryland, where adult-use sales begun in July, the average dispensary in October purchased 1,200 store-keeping units.

Also impacting the situation is the fact that the vertically integrated market is dominated by businesses such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), Verano Holdings Corp and Curaleaf Holdings, which operate in multiple states.

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420 with CNW — New York Regulators Give MSOs Nod to Enter Recreational Cannabis Market

In a significant development, multistate operators holding medical cannabis licenses in New York have received approval from state regulators to venture into the adult-use market starting Dec. 29, 2023. This approval comes one year after the state initiated recreational marijuana sales, signaling a notable progression in the unfolding narrative of New York’s adult-use cannabis sector.

The decision by the Marijuana Control Board (CCB) has long been anticipated, and it represents a pivotal moment that has sparked controversy throughout the rollout of the state’s recreational marijuana market. This move follows a ruling by the New York State Supreme Court on Dec. 1, 2023, wherein an injunction hindering the issuance of new recreational marijuana business licenses was lifted, clearing the path for regulatory authorities to greenlight the expansion.

During its meeting, the CCB gave the nod to six registered organizations, namely Columbia Care NY, Curaleaf NY, Etain, NYCanna, PharmaCann of NY and Valley Agriceuticals.

Earlier this year, it was reported that the state’s Office of Marijuana Management (OCM) had proposed allowing multistate operators to enter the recreational market by year-end. A three-year waiting period that was placed on the state’s 10 vertically integrated medical cannabis providers was essentially eliminated by this plan.

The primary purpose of the waiting time was to provide social-equity shops and smaller suppliers with a first-to-market advantage. However, when unlicensed cannabis businesses proliferated, particularly in New York City, the waiting period was altered.

Despite efforts to expand retail channels and hasten business operations, delays persisted in approving hundreds of CAURD licensees and applicants due to legal challenges over social equity provisions and licensing process.

In another development, the Office of Marijuana Management dealt a setback to the state’s small group of craft cultivators by announcing the discontinuation of the Marijuana Growers Showcase program by year-end. This decision, contrary to the preferences of smaller growers, marks a change in strategy for the showcases, which were initially designed to assist cultivators in selling excess inventory from the previous year.

According to the state, the showcase program has generated more than $4 million in sales this year. While adult-use cannabis retailers in New York have amassed more than $110 million in sales in the current year, this falls significantly short of the billion-dollar projections made prior to the launch of adult-use sales. The Office of Cannabis Management revealed that as of last week, 31 recreational marijuana stores are open statewide.

The growth and consolidation of the recreational cannabis market in New York State could give ancillary entities such as Innovative Industrial Properties Inc. (NYSE: IIPR) opportunities to expand their reach and serve clients in that jurisdiction.

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420 with CNW — Feds Make Public 250+ Pages of Text Detailing Cannabis’ Medical Potential

The Department of Health and Human Services (HHS) recently released a set of documents pertaining to its recommendation to move cannabis from Schedule I to III under the Controlled Substances Act (CSA). The documents also encompass an in-depth evaluation conducted by the health agency regarding the acknowledged medical value of marijuana.

Included in the newly revealed materials are correspondences from HHS officials to DEA administrator Anne Milgram and the rationale behind the recommended reclassification, backed by an exhaustive eight-factor analysis mandated by the CSA. Despite the release, a significant portion of the pages is heavily censored, and some have been entirely withheld.

The documents became accessible online, courtesy of attorneys Shane Pennington and Matt Zorn, coauthors of the On Drugs blog. Zorn had previously submitted a Freedom of Information Act (FOIA) request to obtain these records. In response, HHS scrutinized 252 pages, releasing only two pages in full. An additional 236 pages were partially redacted, and 14 were entirely withheld.

The disclosed documents broadly outline contemporary scientific findings that have emerged in recent years, after a previous denial of a petition to reschedule cannabis. HHS suggests that these developments may now warrant a reconsideration of cannabis scheduling.

The current examination primarily focuses on the modern scientific considerations surrounding currently accepted medical use (CAMU) for cannabis. It also delves into new epidemiological data regarding marijuana abuse, a perspective absent in the 2015 HHS evaluation of marijuana under the CSA’s eight-factor analysis.

HHS acknowledges the complexity of determining the abuse potential of cannabis, emphasizing that it involves multifaceted dimensions. The health agency underscores that there is no singular test or assessment that comprehensively characterizes the abuse potential, making it an intricate consideration.

HHS director of FOIA litigations and appeals, in a letter to Zorn, explained that redactions were made under a FOIA provision exempting intra-agency memoranda or letters not available by law to parties outside an agency engaged in litigation with the agency.

HHS had earlier released a highly redacted version of a one-page letter from the health agency to the DEA in response to public records requests by various entities, including lawyers and news organizations.

The attention has now shifted to the DEA, as it holds the rescheduling recommendation. While the Congressional Research Service (CRS) indicates a likelihood of the DEA following the HHS recommendation based on historical precedent, the DEA retains the authority to disregard the health agency’s advice due to its final jurisdiction over the CSA.

Marijuana businesses such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) are likely to analyze those released documents in order to glean insights into the possible policy direction that may emerge over the coming years.

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420 with CNW — AG Releases Ballot Explanation for Measure to Legalize Cannabis in South Dakota at the Polls

Last week, South Dakota’s attorney general released a ballot explanation for a prospective initiative that would legalize adult-use cannabis in the state and allow dispensaries to serve individuals aged 21 years of age and older. The resolution, which was sponsored by Emmett Reistroffer, would permit anyone aged 21 and older to cultivate, possess, ingest and distribute cannabis or cannabis paraphernalia. Reistroffer is the operations director at Genesis Farms, a medical marijuana company.

Under the measure, adults could also grow no more than 6 marijuana plants, with not more than 12 plants in every household; the can also possess up to three ounces of cannabis. It is important to note that driving while under the influence of cannabis would still be illegal, as would marijuana-related activity by those below the age of 21.

According to the final explanation by Attorney General Marty Jackley, property owners and employers could still prohibit the use of cannabis under the measure. Additionally, sales would occur via existing medical cannabis dispensaries, which could acquire dual-use licenses via the Department of Health.

With regard to possession, adults could possess no more than 24g of concentrated marijuana as well as other nonconcentrated marijuana products that contained less than 2,400mg of THC.

For the resolution to qualify for the 2024 ballot, organizers will need to collect no less than 17,510 signatures from registered voters by May 2024. Once placed on the ballot, a majority vote would allow the measure to pass.

In his latest statement, Reistroffer noted that he had no plans to campaign or collect signatures for the resolution in 2024 because he didn’t want to compete with the other legalization initiative that was already collecting signatures with the aim of being included in next year’s ballot.

Meanwhile, organizers for the other legalization proposal received the AG’s final summary a couple of months ago. The proposal, which is sponsored by South Dakotans for Better Marijuana Laws, would allow those aged 21 years of age and older to distribute marijuana. The initial form of this measure was amended to eliminate the word “sell.” This move made its language unclear, with the AG’s summary noting that legislative or judicial clarification was necessary.

A previous statement by Reistroffer highlighted some of the differences between his proposal and the South Dakotans for Better Marijuana Laws legalization measure. For instance, while his resolution included regulation and licensing via the health department, the other proposal did not touch on this matter. Additionally, while Reistroffer’s proposal would establish a path to legal sales that would generate sales tax for the state, the other proposal would generate no taxes. Furthermore, while his proposal focused primarily on legal sales and regulations, the other resolution mainly centered on noncommercial legalization.

Many marijuana companies, such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), may take an interest in the way the push to legalize cannabis in South Dakota plays out as the rift between different campaign groups could harm the reform movement.

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420 with CNW — Ohio GOP Lawmakers Propose Banning Cannabis Home Grow in Major Changes to Measure

Republican lawmakers from Ohio are proposing a slew of amendments that would cause significant changes to the state’s voter-approved cannabis legalization measure. With the new legislation taking effect last Thursday, GOP lawmakers are looking to implement changes such as banning home-cannabis cultivation, increasing cannabis taxes and adjusting how the state distributes marijuana taxes.

Titled Issue 2, the recreational cannabis legalization measure was passed by Ohio voters last month and is subject to amendments by the legislature. The measure is currently in committee and has already been subject to many attempted changes. This includes a proposal to ban voter-approved home-cultivation provisions that would allow Ohioans to cultivate up to 6 cannabis plants per home and up to 12 plants per household.

Furthermore, GOP senators are proposing to raise the approved marijuana product tax from 10% to 15% and tax cannabis cultivators at rate. Tax revenue collected from the cannabis supply chain would be spent on law-enforcement training, general state funding, safe-driving training, and substance-abuse treatment and prevention.

The voter-approved measure would have directed most of this revenue to a social-equity program and local government-hosted dispensaries.

Northern Ohio Republican Senator Rob McColley says the changes to tax revenue allocations are meant to ensure cannabis tax revenue benefits the state instead of going back into the sector. Columbiana County Republican Senator Michael Rulli says the Senate General Government Committee’s goal is to provide Ohio adults with safe cannabis products.

However, Regulate Marijuana Like Alcohol spokesperson Tom Haren has criticized the proposed amendments and said they will “gut” the measure’s most critical provisions, such as social equity and home cultivation while increasing taxes on legal cannabis. Haren noted that ramping up cannabis taxes would make legal cannabis more expensive and encourage Ohioans to purchase more affordable cannabis from the black market or from Michigan’s cannabis market.

Despite dozens of states now allowing both recreational and medical cannabis, the United States still has an entrenched illicit cannabis market that has consistently undercut the legal industry. If states such as California, which has the largest cannabis industry on the globe, still cannot compete with their illicit markets, Ohio would undoubtedly struggle to remain competitive against cheaper cannabis from the black market.

It will take some time before the proposed changes are permanent. The changes will first have to clear the Senate before heading to the House, which despite having a Republican majority is more inclined to legalize recreational cannabis compared to the Senate.

Columbus Democrat Senator Bill DeMora has also criticized the changes, saying they “ignore the will of the voters,” especially the amendments eliminating home cultivation and changing cannabis tax allocations.

Companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) that keep a close eye on the industry developments happening in different jurisdictions will probably follow the goings on in Ohio to see what form the recreational-cannabis industry takes in the months to come.

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