420 with CNW — Federal Study Finds That Prohibitionist States See More Hospital Admissions for Cannabis Use Disorder

Despite concerns voiced by critics regarding the potential surge in problematic cannabis use following legalization, recently released federal data from the Substance Abuse and Mental Health Services Administration (SAMHSA) reveals a different narrative. The SAMHSA analysis, which covered 2021 and was released last week, showed that the states with the greatest rates of treatment admissions for cannabis were those where sales of the drug were still illegal. The data showed that admissions to substance-use treatment services at state-licensed facilities for people aged 12 year of age and older totaled approximately 1.5 million countrywide.

According to the Treatment Episode Data Set (TEDS), 10.2% of all recorded admissions involved cannabis or hashish as the major drug. This placed cannabis as the fourth most-used drug, following alcohol (34.8%), heroin (20.2%) and methamphetamine (13.5%). Notably, states with the highest per capita admissions for cannabis as a major substance did not have legal recreational sales at the beginning of 2021, despite some allowing medical cannabis use.

South Dakota led the list with 151 admissions per 100,000 people, followed by Iowa, Connecticut, South Carolina, Minnesota, New York, Wyoming, Georgia, North Dakota and New Jersey. States with the lowest marijuana admission rates were New Hampshire, New Mexico, West Virginia, Montana, Puerto Rico, Hawaii, Arizona, Illinois, Maine, Massachusetts and Pennsylvania. Oregon and Washington, both of which legalized recreational cannabis sales in 2021, did not report data for the SAMHSA report.

Smart Approaches to Marijuana (SAM), a prohibitionist group, pointed out that admissions for marijuana treatment in 2021 declined by more than 10,000 compared to the previous year, despite more states embracing legalization. Heroin treatment admissions also experienced a more substantial decrease during the same timeframe.

However, interpreting admission numbers as indicative of drug-use disorders comes with challenges. Factors such as available space, resources and referral mechanisms impact the types of services individuals receive and for what drugs. For example, self-referral was the most popular referral route in 2021, but the criminal justice system, which differs greatly between states, was the second most popular approach.

A study based on the SAMHSA report from September revealed a decline in referrals for cannabis-related treatment after legalization, attributed to reduced marijuana-related arrests among individuals aged between 18 and 24. Although criminal justice referrals were decreasing nationally, states with legalized marijuana saw a steeper decline post-legalization.

Despite the positive aspect of fewer admissions related to the war on drugs, concerns were raised as admissions fell amid increasing risk factors for problematic cannabis use. Instead of advocating for more criminal justice referrals, the report suggested a greater role for primary care healthcare professionals in recognizing and referring individuals with marijuana use disorder to treatment.

In a different study conducted in August, researchers found that there was a drop in the number of referrals to foster care after cannabis legalization. States that legalized recreational marijuana did not see an increase in foster care admissions associated with drug usage by parents or teenagers.

Conversely, a University of Mississippi study conducted last year linked recreational cannabis legalization to an average minimum 10% drop in foster care admissions, which includes neglect, physical abuse, parental incarceration, and alcohol and other drug abuse.

The body of scientific literature dispelling many of the claims made by prohibitionists is growing, and it shows that ending prohibition and allowing cannabis companies such as SNDL Inc. (NASDAQ: SNDL) to open shop brings benefits without the harms that legalization opponents often mention.

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 — NY Regulators Can Issue Cannabis Business Licenses After Supreme Court Suspends Injunction

The New York State Supreme Court has formerly removed an injunction that had prevented state marijuana regulators from considering a flood of new store licenses, paving the way for a massive expansion of the state’s marijuana market. The court’s ruling comes only days after the state’s marijuana control board, CCB, reached agreements to settle two cases that had stalled regulators’ licensing procedures since August.

In one of those resolved claims, a collective of war veterans sued the CCB, claiming that Ney York’s license prioritizing policy, which focused on social-equity entities affected by criminalization, unlawfully barred veterans with disabilities from candidacy. In the resolution, authorities consented to drop the lawsuit in exchange for approving a provincial recreational marijuana store license for each of the four complainants at a predetermined location. Additionally, the state committed to delaying approvals for any further conditional licenses until April next year to address the existing backlog. The CCB will also form a task force dedicated to service-disabled veterans’ businesses to promote veteran involvement in the marijuana industry.

The second lawsuit, also resolved, involved existing medical-marijuana operators and potential recreational-use applicants who argued that state regulators were misinterpreting the state’s cannabis laws and that licensed companies should be eligible for immediate licensure. In adherence to the court-approved settlement terms, regulators will grant recreational cannabis licenses to the five registered groups involved in the lawsuit.

New York Governor Kathy Hochul expressed her satisfaction with the court’s ruling, stating that it paves the way for quicker store openings, expanded legal marijuana options and enhanced enforcement against illicit activities in the market.

Presently, there are approximately 24 licensed recreational cannabis stores in the state. Despite the legal obstacles, regulators began accepting applications for hundreds of new general cannabis company licenses in October. The prolonged rollout has seen an increase in illicit marijuana operators throughout the state, prompting heightened enforcement measures. In response to the challenges in marijuana legalization implementation, the state Senate Marijuana Subcommittee, chaired by Senator Jeremy Cooney, held discussions on potential legislative solutions in October.

In other developments, Hochul recently enacted legislation aimed at facilitating financial institutions’ collaboration with state-licensed marijuana clients. Additionally, she signed separate legislation to provide tax relief to NYC cannabis businesses facing restrictions under the IRS code 280E. The legislative move complements an earlier budget bill from the previous year addressing state-level marijuana business tax deductions but leaving NYC’s tax laws unaffected. The new bill aims to bridge this policy gap.

Now that New York has had the injunction removed, the state can now get back on track to implementing cannabis regulation, a step that is a win for the broader cannabis industry, including key players such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF).

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Astrotech Corp. (NASDAQ: ASTC) Is ‘One to Watch’

In November 2023, the company announced a purchase order from a Romanian company for seven TRACER 1000 ETDs to be deployed in a European airport
Astrotech announced in June 2023 that its board unanimously rejected an unsolicited acquisition proposal from BML Investment Partners
In May 2023, the company announced a purchase order from a Romanian company for 17 TRACER 1000 ETDs, to be delivered during calendar 2023
Astrotech confirmed test results from field trials of the AgLAB 1000-D2 mass spectrometer for hemp and cannabis producers, improving yields by an average of 24%
In December 2022, the company effected a 1-for-30 reverse stock split, reducing the number of outstanding common shares

Astrotech (NASDAQ: ASTC) is an instrumentation company that designs, manufactures and commercializes solutions. Its solutions include mass spectrometry, process controls, chemical detectors and medical disease detection.

The company was established in 1984 and, prior to 2009, was known as SPACEHAB Inc., a NASA contractor offering technology originally developed for NASA to monitor air quality on the International Space Station. When the Space Shuttle program ended, the company focused on its satellite processing and mass spectrometer instrumentation units and adopted the Astrotech name.

In 2014, Astrotech sold its satellite subsidiary to focus on its Astrotech Technology Inc. (“ATi”) mass spectrometry solutions, which offer a number of advantages over competing platforms. Notably, Astrotech’s ATi technology is ruggedized, rapid, simple to use and customizable, with hands-free calibration and tuning.

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. 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.

Astrotech is headquartered in Austin, Texas.

Subsidiaries

Astrotech Technologies Inc.

Astrotech Technologies Inc. (“ATi”) owns and licenses the platform mass spectrometry technology originally developed by 1st Detect. This technology is designed to be less expensive, smaller and easier to use than traditional mass spectrometers.

Unlike other technologies, ATi works under high vacuum, which eliminates competing molecules, yielding higher resolution and fewer false alarms. The company’s intellectual property includes 18 granted patents, along with extensive trade secrets.

ATi exclusively licenses the Astrotech Mass Spectrometer Technology to the three wholly owned subsidiaries of Astrotech.

1st Detect Corp.

1st Detect Corp. developed the TRACER 1000, the world’s first mass spectrometry-based explosives and narcotics trace detector. 1st Detect ETDs were developed for use at airports, cargo facilities and other secured locations and borders worldwide.

1st Detect’s commercial sales of the TRACER 1000 ETD, consumables and recurring maintenance services brought in $750,000 in total revenue during the fiscal year ended June 30, 2023. The Astrotech subsidiary recently secured two orders for a total of 24 Tracer 1000 units from two Romanian security and telecommunications companies, to be delivered during calendar 2023.

AgLAB Inc.

AgLAB Inc. is developing a series of mass spectrometers for use in the hemp and cannabis market, with an initial focus on optimizing yields in the distillation processes.

AgLAB, which uses the company’s proprietary AgLAB 1000-D2(TM) mass spectrometer, has been proven to improve distillation oil yields and bottom-line profits for hemp and cannabis producers. During field trials, AgLAB was able to improve ending-weight yields by an average of 24%.

BreathTech Corp.

BreathTech is developing the BreathTest-1000(TM), a breath analysis tool to screen for volatile organic compound (“VOC”) metabolites found in a person’s breath that could indicate they may have a compromised condition including but not limited to a bacterial or viral infection. The company believes that new tools to aid in the battle against COVID-19 and other diseases remain of the utmost importance to help more quickly identify that an infection may be present.

Market Opportunity

A report by Mordor Intelligence, a research and advisory firm, put the global mass spectrometry market at $6.37 billion in 2023. The market is forecast to grow to $8.63 billion by 2028, achieving a CAGR of 6.25% during the forecast period.

One of the major driving factors for the growth of the mass spectrometry market is technological advancements in mass spectrometer devices, the report states. Key market players are continuously working toward advancing their existing products and launching innovative and advanced mass spectrometer devices.

Another major factor that is expected to boost market growth is increasing research and development expenditure by both government and private entities, according to the report. Mass spectrometry devices are also being used in the detection and analysis of COVID-19 and other disease samples, which may have a positive impact on the market.

Management Team

The Astrotech leadership team includes management executives, as well as industry and technology experts. The company continues to actively expand its talent pool to meet evolving demands.

Thomas B. Pickens III is Chairman, CEO and Chief Technology Officer of Astrotech Corp. He also serves as CEO of Astrotech subsidiaries ATi, 1st Detect, AgLAB Inc. and BreathTech Corp. Previously, he was the founder and president of Beta Computer Systems Inc. and T.B. Pickens & Co. He was founder and general partner of Grace Pickens Acquisition Partners L.P and managing partner of Sumpter Partners. He also served as CEO of Catalyst Energy Corporation and United Thermal Corporation and as president of Golden Bear Corp., United Hydro Inc. and Slate Creek Corp. He received a B.A. in Economics, Computer Science and Engineering from Southern Methodist University.

Jaime Hinojosa, CPA, is CFO at Astrotech Corp. He joined the company in 2015 and has served as its Corporate Controller since 2019. His previous roles with the company include Director of Finance, from 2017 to 2019, and Assistant Controller, from 2015 to 2017. Prior to joining Astrotech, Mr. Hinojosa worked as an Accounting Manager for O’Reilly Auto Parts and gained public accounting experience as an Audit Manager at Burton McCumber & Cortez LLP.

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

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

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 — Marijuana Stakeholders Discuss Legalization Prospects During National Academies Conference

The National Academies of Sciences, Engineering and Medicine (NASEM) recently hosted a two-day session with marijuana stakeholders, regulators, advocates, and legalization opponents to share thoughts on the country’s cannabis legalization landscape. It was NASEM’s second iteration of the Public Health Consequences of Changes in the Cannabis Policy Landscape’ series, following the first conference in September.

The first conference featured representatives from federal agencies such as the Food and Drug Administration (FDA), Centers for Disease Control and Prevention (CDC), the National Center for Complementary and Integrative Health (NCCIH), and the National Cancer Institute (NCI). The event created an opportunity for officials from these organizations to share their respective agencies’ perspectives on critical marijuana-related research.

Last week’s conference attracted many participants who had been deeply involved with cannabis regulation at various government levels, including marijuana regulators from California, Maryland, Hawaii, Oklahoma and Missouri. The regulators discussed their experiences with cannabis regulation and the successes and failures they experienced while trying to regulate the swiftly evolving state-legal cannabis industry.

Nicole Elliot, director of California’s Department of Cannabis Control (DCC), noted that California’s cannabis market had become quite robust with “a lot of complexities” since it legalized recreational cannabis six years ago. She said the California market has begun to experience a little stability and consolidation but added that competition in the market is becoming increasingly fierce.

Furthermore, Elliot said the illicit cannabis market has been a persistent thorn in the side of the state legal market and posited that this may be due to the fact that California has a history of producing more cannabis than most states in the country. She also noted that patchwork local rules have created plenty of regulatory loopholes that allow black-market sellers to continue their operations.

Amy Moore, Missouri’s Department of Health and Senior Services (DHSS) director of cannabis regulation, said that while her state is still new to the cannabis industry, its cannabis segment is “pretty active” and recently hit the $1 billion sales milestone. According to Moore, the state’s medical and recreational cannabis rules both have a major focus on public health.

Conversely, Hawaii Office of Medical Cannabis Control and Regulation supervisor Michele Nakata concedes that her state was slow to adopt a medical-cannabis dispensary system, thanks to much more restrictive cannabis policies compared to other states in the country. While this undoubtedly limited the industry’s growth, it made cannabis regulators’ jobs “a lot easier,” even when resources were limited. She said Hawaii cannabis regulators are now preparing for the possibility of recreational-cannabis legalization.

These interactions between the different groups of regulators, opponents and proponents as well as other cannabis industry stakeholders could be helpful in shaping the future plans of many companies such as Innovative Industrial Properties Inc. (NYSE: IIPR), since the insights shared project what could be possible in the coming years.

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420 with CNW — Survey Shows at Least 10% of Senior Americans Have Used Marijuana Recently

Recent research findings indicate a growing trend of cannabis use among older Americans. A University of Michigan study, which used data from the National Poll on Healthy Aging, revealed that 12.1% of individuals aged 50 to 80 years of age in the United States reported using marijuana within the past year.

According to the researchers, among those who acknowledged marijuana use, 34.2% reported using it at least four days a week. The study also revealed that during the first year of the COVID-19 pandemic, more than one in ten adults in that same age range turned to marijuana, with many adopting a regular usage pattern.

The researchers stress the importance of ongoing monitoring by clinicians and policymakers as marijuana accessibility expands nationally, particularly focusing on potential risks for older adults.

The study also observed that marijuana use was less prevalent among individuals identifying as Hispanic or belonging to “other” racial categories compared to non-Hispanic white respondents. Despite this, cannabis has gained popularity among older individuals seeking relief from chronic pain and various age-related ailments.

NORML deputy director Paul Armentano commented on the survey results, noting that it is not surprising that an increasing percentage of older adults view marijuana as a viable option. Many older individuals contend with issues such as restless sleep, anxiety and pain, all conditions that are often alleviated by marijuana products. Armentano highlighted the awareness among older adults regarding the serious adverse effects linked to prescription drugs, such as sleeping aids and opioids, positioning medical marijuana as a practical and potentially safer alternative.

Additional survey data aligns with this growing trend. A report by the Hill earlier this year highlighted a significant increase in cannabis usage among Americans aged over 65, nearly tripling from 11% in 2009 to 32% in 2019. The report also noted the impact of the COVID-19 pandemic on survey methodology and results.

Gallup corroborated these findings, revealing that 50% of Americans have tried cannabis at some point. This represents a gradual increase over the past 25 years, with 17% reporting current marijuana use. The proportion of Americans admitting to smoking marijuana has more than doubled since 2013, reaching 49% in 2021. Gallup’s historical trends highlight a substantial increase in public support for marijuana legalization, growing from 12% in 1969 to an impressive 68% today.

In essence, these research findings indicate a shifting landscape of marijuana use, especially among older Americans, driven by a growing acceptance of cannabis for both medical and recreational purposes. These are trends that major players in the marijuana industry such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) may be watching closely because seniors can be a stable market segment to target.

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CannabisNewsBreaks – Why Software Effective Solutions Corp. (SFWJ) Is ‘One to Watch’

Software Effective Solutions (OTC: SFWJ) (d/b/a MedCana) is a global infrastructure and holding company in the cannabis industry. MedCana’s current portfolio includes five companies focused on pharmaceutical cannabis production, a software company focused on managing processes for plant-to-patient operations, and a recently acquired irrigation and greenhouse technology company. “MedCana’s focus is on developing clients and companies in Latin America, initially in Colombia, and partnerships with laboratories, research facilities and hospitals throughout the world. MedCana is building the technology, laboratories, growing facilities and scientific teams to provide premium pharmaceutical-grade cannabis extracts to the world. MedCana’s goal is to be the world’s premier resource for pharmaceutical cannabis products. The company believes its advantage is its global view and reach,” a recent article reads. “MedCana announced in May 2023 the beginning of full-scale production of non-THC cannabis for export to Europe in response to high demand in that market. This expansion comes after the successful completion of full crop cycle testing and infrastructure development at production sites in Columbia. The recent acquisition of the assets of Tokan Corp., a software company focused on creating an enterprise resource planning (‘ERP’) platform for the cannabis industry, and Eko2O S.A.S., a greenhouse and irrigation engineering company, has positioned MedCana for explosive growth in the region. As a MedCana subsidiary, Eko2O SA will increase the company’s revenue potential in Central and South America… In addition, MedCana has started talks with the government in Argentina about possible incentives for beginning operations in that country as part of its ongoing worldwide development strategy.”

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

About Software Effective Solutions Corp.

Software Effective Solutions/MedCana is a global infrastructure and holding company in the cannabis industry. Currently, MedCana has five companies focused on pharmaceutical cannabis production and one software company focused on managing processes for plant-to-patient operations. The recent acquisition of an irrigation and greenhouse technology company has rounded out MedCana’s portfolio of companies. MedCana’s initial focus is on developing clients and companies in Latin America with an initial focus in Colombia and partnerships with laboratories, research facilities and hospitals throughout the world.

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

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Releases Update on FDA Application for Investigational Drug

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, is planning to submit an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) in the next 45 days. The application is for the company’s planned U.S. phase 1b Hypertension Clinical Trial. The filing had been delayed for necessary documentation from a raw material supplier, which is now being provided, enabling Lexaria to finalize the IND application. According to the announcement, the supplier anticipates providing the final two pieces of outstanding information to the FDA within the next 45 days, after which Lexaria can proceed with filing the IND application. The trial, which is titled “A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD(TM) in Subjects with Stage 1 or Stage 2 Hypertension,” is designed to evaluate safety and tolerability in hypertensive patients. Secondary objectives of the study will include efficacy evaluation in reducing blood pressure together with detailed pharmacokinetic testing. “Lexaria feels confident, given that from 2018 through 2022 it has previously conducted five human clinical trials studying DehydraTECH-CBD in an aggregate total of 134 people, without recording a single serious adverse event, that it’s proposed phase 1b study plan will not expose test subjects to unreasonable risk,” the company stated in the press release. “Lexaria looks forward to submitting this important IND filing and hopes that the review process proceeds smoothly toward effectiveness in the subsequent 30 day period allotted by the FDA.”

To view the full press release, visit https://ibn.fm/Ne8PK

About Lexaria Bioscience Corp.

Lexaria Bioscience’s patented drug-delivery formulation and processing platform technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, Lexaria has developed and investigated DehydraTECH with a variety of beneficial molecules in oral and topical formats. DehydraTECH has repeatedly demonstrated the ability to increase bioabsorption and has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier, which Lexaria believes to be of particular importance for centrally active compounds. Lexaria operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 37 patents granted and many patents pending worldwide. For more information about the company, please visit www.LexariaBioscience.com.

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

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420 with CNW — Policy Analyst Says Marijuana Legalization ‘Inevitable’

A policy analyst from TD Cowen says that cannabis legalization in the United States is “inevitable” and believes that it is just a question of weathering a bumpy legislative landscape for the next several years. Originally, many analysts thought federal cannabis legalization was finally on track after the Democrats secured the House, Senate and White House, especially as President Joe Biden had based part of his campaign on cannabis reform.

However, while the Biden administration has taken some cannabis-related action, including issuing a mass pardon for people with certain cannabis-related convictions, the administration has barely made any moves to legalize cannabis at the federal level.

With President Biden’s first term fast approaching its end, many pundits and investors are quickly losing hope for federal cannabis legalization, particularly in the next couple of years. Capital investment in the state-legal cannabis industry is extremely low, and the AdvisorShares Pure U.S. Cannabis ETF, current holder of all U.S.-based marijuana companies, is trading at just $6.80 a share down from around $52 a share in early 2021.

Federal prohibition has made operating in the cannabis sector almost untenable; cannabis businesses are barred from interstate commerce, they struggle to obtain investment and financing, and they aren’t allowed to make normal business tax deductions. Even so, TD Cowen policy analyst Jaret Seiberg says federal legalization is inevitable. Polls show that a majority of the American population is in favor of either decriminalization or outright legalization, and a cadre of top lawmakers has thrown their weight behind cannabis reform.

Bipartisan legislation such as the SAFER Banking Act seeks to legitimize the cannabis sector by allowing industry players to access financial services from banking institutions. Senate Majority Leader Chuck Schumer and other senators have also been working on a bill that would legalize cannabis at the federal level.

In addition, a group of Massachusetts cannabis businesses has filed a lawsuit alleging that the Controlled Substances Act, which classifies cannabis as a Schedule I controlled drug, is an unconstitutional infringement on the power of states with legal cannabis. Although a favorable ruling wouldn’t make interstate cannabis trade any easier, it would significantly ease the operations of already existing cannabis businesses by granting them access to essential financial services, such as bank accounts and cashless payments.

Legalization may also be spurred by executive action. For instance, Biden recently asked the U.S. Department of Health and Human Services (HHS) to review marijuana’s federal status as a controlled substance. Subsequently, a letter dated Aug 29, 2023, which was obtained by Bloomberg, revealed that a top HHS official had recommended that the Drug Enforcement Agency (DEA) reschedule cannabis from Schedule I of the Controlled Substances Act (CSA) to Schedule III.

The cannabis industry, including enterprises such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), awaits any definitive action taken by the DEA as this will have a major effect on the trajectory of the marijuana industry in the United States.

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420 with CNW — Study Finds Drop in Young Adults’ Use of Tobacco, Alcohol Post-Cannabis Legalization

New research has found that the legalization of cannabis may be linked to a drop in the use of cigarettes and alcohol by young adults. For their study, the researchers surveyed 311 individuals aged 18 to 20 years of age who were living in Los Angeles prior to and after the state legalized the recreational use of cannabis in 2016.

The participants were divided into two groups: prelegalization and postlegalization, with the latter group having 139 participants.

The researchers found that despite increased normalization of marijuana use and increased access to the drug, legalization did not cause the frequency of marijuana use to increase. However, they did observe a shift in the use of edibles after legalization. This, the researchers theorized, could point to a substitution effect that may have resulted from increased access to marijuana via diversion of marijuana from adult-use or medical marijuana dispensaries or a medical marijuana recommendation.

With regard to the use of other substances, the researchers observed a drop in cigarette and alcohol use among participants in the postlegalization group. This, they argued, suggested the possibility of a protective effect provided by marijuana or potentially ongoing changes in attitudes and norms toward the drug.

The study, which was funded by the National Institute on Drug Abuse, reported its findings in the “Journal of Psychoactive Drugs.”

The study’s findings counter arguments made by prohibitionists on the potential impact of legalizing marijuana, as the data also showed no significant rise in the use of cannabis among young adults who hadn’t attained the minimum age that’d allow them to access retail dispensaries. In their report, the researchers recommended that future studies monitor whether stable rates of marijuana use and reductions in the use of cigarettes and alcohol would be sustained as participants attained legal age to access these substances. They also recommended that research focus on how these trends altered or continued as participants entered adulthood.

This is not the first study to observe a possible substitution effect. Research that was published recently in the “International Journal of Mental Health and Addiction” reported that the legalization of medical cannabis was linked to a lower frequency of use for nonprescribed opioids. Separate research published in October also found that legal access to CBD products brought about considerable reductions in opioid prescriptions.

Earlier in August, another study determined that cannabis was significantly linked to decreased cravings for opioids for individuals who were using them without prescriptions. This suggests that expanding access to legal marijuana by letting various companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operate may offer individuals safer substitutes.

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420 with CNW — Marijuana Industry Stakeholders Upbeat Regarding Prospects of Ending Section 280E Pains

During a recent panel discussion at MJBizCon, industry insiders expressed hope for a positive shift in the status of marijuana under the Biden administration. The anticipation is that marijuana could be rescheduled, potentially reducing the burdensome taxes imposed on marijuana businesses by Section 280E of the federal tax code.

However, amid this optimism, the panel acknowledged the existing challenges in the industry and the necessity of taking calculated risks to unlock future benefits. An illustrative example is Virgil Grant, an industry veteran who, despite enduring a six-year federal prison sentence for operating a legally sanctioned medical cannabis business in California, remains undeterred in his commitment to the cannabis sector.

Grant, now the CEO of a California marijuana retail chain and cofounder of the California Minority Alliance and the Southern California Coalition, highlighted the ongoing challenges faced by the industry. Recently, his bank closed his account, creating significant obstacles for essential financial operations such as payroll and lease payments. Rather than succumbing to these challenges, Grant is actively advocating for the passage of the SAFER banking bill, emphasizing its potential to facilitate access to crucial services and capital. He also advocates for ending the imposition of Section 280E on marijuana companies, a sentiment shared by fellow industry stakeholders.

At MJBizCon, Grant shared the stage with other prominent figures, including Kim Rivers, CEO of Trulieve Cannabis, and David Mangone, director of policy at the National Cannabis Roundtable. These individuals participated in a session titled “Cannabis Industry Outlook: Trends, Obstacles, and Strategies to Survive,” which delved into the risks undertaken by industry players in the hope of long-term rewards.

For Rivers, the risks involve a substantial investment of $40 million in advocating for adult-use legalization in Florida and pursuing a $143 million tax redemption from the IRS for payments made between 2019 and 2021. Rivers clarified that Trulieve, unlike some companies, has chosen not to defer tax payments under 280E, emphasizing its commitment to paying taxes in full and on time.

Despite these financial risks, Rivers remains optimistic about the potential $150 million IRS refund. “We’ll let you know if any big checks come through,” he said. The overall theme of the session emphasized the resilience required to navigate the current challenges and uncertainties in the cannabis industry.

In the first presentation of the day, MJBizDaily editorial team members presented predictions for the coming year. These included the reclassification of marijuana from Schedule I to III and the possible elimination of Section 280E. Other predictions encompassed the unlikelihood of a takeover of the cannabis industry by major pharmaceutical firms, increased legalization of recreational cannabis in states such as Pennsylvania and Florida, growing interest from investors in the marijuana industry and the diminishing significance of marijuana in the 2024 presidential election due to bipartisan support for federal cannabis reform.

The expected easing of the tax burden on the marijuana industry in the United States would make it possible for industry actors such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) to earn a decent profit from their operations, gaining the financial muscle to push ahead with bringing more innovative products to market.

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CannabisNewsWire
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