420 with CNW — Amid Congressional Inaction, NY Governor Enacts Measure Easing Cannabis Banking

Last week, Governor Kathy Hochul of New York signed into law a measure that eases the process through which financial institutions can work with legal marijuana businesses. The bill was sponsored by Assembly member Crystal Peoples-Stokes and Senator Jeremy Cooney.

It permits the Office of Cannabis Management to offer information about legal cannabis business applicants or licensees to financial institutions. The objective is to make it easier for businesses to comply with antimoney-laundering laws and filing of activity reports required for every marijuana-related transaction at the federal level.

It should be noted that before information can be shared, applicants and licensees would have to give their consent.

A memo attached to the measure states that it would permit financial institutions to access and verify financial as well as personal information for their prospective marijuana clients. It explains that the measure will reduce the costs imposed by additional reporting and compliance measures while also making it easier for financial institutions that want to bank marijuana businesses to comply with federal reporting.

The memo also highlights that handling large cash amounts, which most legal marijuana businesses do because they are unable to secure banking services, puts workers as well as the general public at risk. It notes that accessing financial services affects public safety and that cash businesses are exploited for criminal purposes, which undermines the goal of creating legal, safe and regulated markets.

The memo also highlights that handling large cash amounts, which most legal marijuana businesses do because they are unable to secure banking services, puts workers as well as the general public at risk. It notes that accessing financial services affects public safety and cash businesses are exploited for criminal purposes, which undermines the goal of creating legal, safe and regulated markets.

Currently, marijuana is still classified as a Schedule I substance under the Controlled Substances Act. Despite being legal in various states, this classification makes the drug illegal at the federal level.

In addition to providing banking services to marijuana businesses, the new law eliminates a number of the systemic and financial barriers that can prevent some from taking part in the legal cannabis market safely. Expanding eligibility for participation in this flourishing market may facilitate the opening of more legal businesses at a time when the illicit market continues to flourish in New York City.

Hochul also signed a resolution that offers tax relief to cannabis businesses in the state of New York. Currently, these businesses are still not allowed to make federal deductions under IRS code 280E.

In other news, legislators in Albany have been debating on solutions to deal with issues facing the implementation of marijuana legalization. Last month, the legislators discussed enforcement efforts to quash the illegal cannabis market in the state, the THC potency tax, preventing youth from accessing marijuana and lab testing practices, priorities on licensing and distribution, among other problems.

As more states take matters into their own hands and enact local measures to help marijuana businesses access conventional banking services, the operations of numerous entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) could have one less hurdle to deal with.

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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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420 with CNW — Marijuana-Infused Dinners on the Rise in Maryland

The marijuana industry in the state of Maryland is on course to becoming a billion-dollar business after the recreational use of the drug was legalized a few months ago. Many are taking advantage of this new market, with some offering private dinner parties that feature foods infused with marijuana.

One entrepreneur, Chef Jazmine Moore, has been offering such course meals at her restaurant. Moore believes more individuals are looking for alternative ways to relax and enjoy themselves, and her food affords them an approachable way to use marijuana.

Her approach is backed by numbers from a recent poll, which show that almost 40% of individuals in America felt two alcoholic drinks was unhealthy, which may have some substituting drinks for marijuana.

The chef normally consults with her guests prior to every event, which enables her to ensure that everyone participating is aged 21 years and older; she also ensures that every individual signs a waiver. Moore revealed that she had used marijuana herself to help her overcome Crohn’s Disease symptoms, which had caused digestive issues that actually prevented her from eating.

Moore’s business, the Green Panther Chef, allows her to forge her path in a new field while also taking away the stigma that still surrounds the use of cannabis. During her dinner parties, which last roughly three hours, guests often begin the night with a CBD-infused mocktail or cocktail.

One dinner guest, Shirdell Kenney, revealed that marijuana helped people unwind and afforded the space for guests to fully immerse themselves in the experience. Ayanna Lawson, another dinner guest, noted that consuming marijuana-infused meals didn’t make one a stoner. Lawson herself owns and manages Front Row Travels, a travel firm that centers on marijuana-friendly getaways and experiences.

A few other guests were interviewed, with one declaring that food did taste better with marijuana while another discussed how marijuana helped her as a survivor of thyroid cancer.

Moore revealed that she enjoyed teaching others how to cook with marijuana and had already published her own cookbook focused on that topic. She hopes that in the future, cannabis will be allowed to expand restaurant menus in the state. When asked about marijuana’s effect after one has consumed infused foods, she equates the feeling to that of having a few glasses of wine.

Kenney herself noted that the feeling was a mellow and better high, especially when compared to smoking a joint.

Such dinners featuring marijuana-infused foods and drinks could go a long way in helping many individuals become comfortable consuming marijuana products from entities similar to Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) that make products for the recreational and medical markets within different jurisdictions.

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CannabisNewsBreaks – AROYA Unveils CLIMATE ONE, TEROS ONE and AROYA GO at MJBizCon

AROYA by Addium, the preferred cannabis production platform for more than 600 operators across the country, from booth #51005 at MJBizCon in Las Vegas, introduced the latest additions to its portfolio: The CLIMATE ONE Climate Station and The TEROS ONE Substrate Sensors. AROYA’s new environmental and substrate sensors are a means through which to access real-time information and to adjust irrigation and climate conditions. The combination lets growers control environmental factors to influence plant growth patterns and outcomes, leading to more effective and sustainable cultivation practices. “AROYA has set a new standard in precision agriculture for cannabis,” said AROYA CEO Scott Campbell. “These devices are not just technological advancements; they’re a game-changer for growers who are committed to sustainable and efficient cultivation practices. These announcements embody our commitment to empowering cultivators with the best sensors, software and science – the requisite tools for success.”

In addition, the company introduced AROYA GO, the most advanced cannabis grow kit to ever hit the consumer market. AROYA GO brings the company’s industry-leading sensors, data science, intelligence and weather station technology to at-home and craft cannabis cultivation. With the same high-grade hardware, elegant software and real-time analytics used in the world’s largest and most advanced grow rooms, plug-and-play AROYA GO democratizes the ability to cultivate top-quality, high-yield craft cannabis. “AROYA GO is a legitimate game-changer for serious, passionate enthusiasts,” Campbell said of the system.

To view the full press releases, visit https://cnw.fm/sr3aW and https://cnw.fm/Z7UP6

About AROYA

AROYA is the leading cannabis production platform, combining forward-thinking science, sensors and software to empower cultivators with data-driven insights that help them increase yield, scale operations and achieve consistent quality. Based in Pullman, Washington, AROYA brings 30 years of experience in sensor development to the ag-tech industry, enabling cultivators to do more with less while making more purpose-driven decisions for their businesses. For additional information, please visit AROYA.io.

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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 — Genomic Study Gives Insights into Why Individuals Suffer from CUD

An examination of the genetic makeup of more than a million individuals, spearheaded by researchers at Yale, has provided valuable insights into the biological foundations of marijuana use disorder and how it relates to mental health issues, substance misuse (including tobacco) and potentially even a higher risk of lung cancer.

The study examined the genomes of participants from a range of ancestry groups, utilizing information from many genomic databases in addition to the extensive genetic data bank of the United States Veterans Affairs’ Million Veteran Program (MVP).The analysis revealed many genetic variations connected to marijuana use disorder, providing insight into a range of behavioral and physical problems related to the condition.

The study, published in the “Nature Genetics Journal” this month, was led by Daniel Levy, an assistant professor of psychiatry, and Joel Gelernter, a professor at the Foundations Fund of Psychiatry and Genetics and Neuroscience.

According to the Centers for Disease Control and Prevention (CDC), 48 million individuals, or 18% of the American population, used cannabis at least once in 2019, making cannabis the most widely used federally illegal substance in the country. Previous research indicates that roughly 10% of cannabis users develop an addiction, while three out of ten users have a marijuana use disorder, which is defined as an unfavorable pattern of use that results in clinical impairment or suffering. Furthermore, another study found that those who began using marijuana throughout childhood or adolescence and who use it more regularly have a higher chance of developing the disorder.

The newly unveiled genetic findings provide nuanced views into the underpinnings of this phenomenon and its potential ramifications on health. Notably, certain genetic variants associated with marijuana use disorder were identified in genes responsible for encoding three distinct types of neuron receptors, indicating an elevated risk of developing this disorder.

Intriguingly, there was a correlation found between these same genetic variations and an elevated risk of lung cancer. The researchers, however, underscore the necessity for further investigation to disentangle the influences of tobacco smoking and other factors on cancer diagnosis from those associated with cannabis use.

Joel Gelernter emphasized the significance of this study, labeling it the most extensive genome-wide exploration of marijuana use disorder to date. He also noted that as cannabis legalization and decriminalization efforts gain momentum across states, studies of this nature are instrumental in comprehending the accompanying health risks.

This study helps to clarify that individuals who develop cannabis use disorder often have a genetic predisposition to this condition. For that reason, most members of the general population can safely use marijuana products from any of the many companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) for recreational or medical reasons without having a high risk of developing CUD.

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420 with CNW — Study Finds Marijuana Users Possess Greater Understanding, Empathy

A recent study, featured in the “Journal of Neuroscience Research,” has shed light on the enhanced emotional understanding observed in regular cannabis users. The study, conducted by a team of neurobiologists at the National Autonomous University of Mexico, underscores the potential positive impact of cannabis on interpersonal relationships and its plausible therapeutic applications.

The research involved a comparison of empathy measurements between two distinct groups: 85 regular marijuana users and 51 individuals who abstained from cannabis use. The researchers utilized a 33-item written test and MRI images to gauge the participants’ empathic responses.

The written test, designed to evaluate both cognitive and affective empathy, delved into specific areas, or subscales, including the ability to empathize by placing oneself in another’s shoes and recognizing others’ impressions and emotions. Additionally, it gauged the capacity to resonate with positive and negative emotions.

The authors found that marijuana users exhibited higher scores on emotional comprehension scales, emphasizing their proficiency in recognizing and understanding others’ emotions. However, distinctions in empathy subscales beyond emotional comprehension did not reach statistical significance.

Researchers posited a potential link between cannabis use and heightened empathy, though they urged caution, emphasizing the necessity for further research to unravel the complexities involved. In their attempt to elucidate the findings, the authors highlighted the anterior cingulate cortex (ACC) as a susceptible region to cannabis effects and a key player in the complex process of empathy. The study proposed that the differences in emotional comprehension scores and brain functional connectivity observed in regular marijuana users might be linked to the impact of marijuana on the ACC, an area rich in CB1 receptors crucial for representing others’ affective states.

Despite these insights, the authors acknowledged certain limitations. Notably, they couldn’t rule out preexisting differences before marijuana-use initiation, emphasizing the study’s inability to establish causation. Moreover, empathy assessments relied on self-reported responses, lacking biochemical markers alongside subjective reports.

Additionally, the study recognized a potential disparity in THC potency between Mexican and U.S. cannabis, with the former containing lower THC levels. They noted that Mexican marijuana contained approximately 2% to 20% THC on the illegal market, potentially influencing brain outcomes differently than in studies reporting emotional dysfunctions in cannabis users.

Despite these caveats, the authors asserted that the results pave the way for further investigation into the clinical applications of cannabis in affecting mood and social interactions. The findings of such studies could end up giving major industry players such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) ideas on how they can tweak their products and appeal to consumers with specific needs.

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420 with CNW — Governor Hochul Signs Legislation Granting New York Cannabis Businesses Code 280E Tax Relief

Governor Kathy Hochul has signed into law a measure that provides tax relief to cannabis businesses in the state of New York. The measure, which was approved by the Senate and Assembly a few months ago, fills a policy gap left by a separate measure the governor signed in 2022, which included provisions that permitted tax deductions for marijuana businesses in the state.

In summary, the resolution would permit deductions for business expenses incurred by those authorized by the law to sell, distribute or produce medical marijuana or adult-use marijuana products, for purposes of the business corporation tax, the general corporation tax and the unincorporated business tax. A memo attached to this resolution stated that the modification was appropriate as the expenses of marijuana-related businesses couldn’t be deducted for federal purposes.

Legislators in a few other states have been looking into a tax workaround as state-licensed marijuana businesses continue to grapple with considerably higher federal tax rates as a result of prohibition. For instance, lawmakers in Pennsylvania passed a large-scale tax reform measure in October that contained language to offer state-level relief to medical cannabis businesses.

Governor Janet Mills of Maine also signed a measure to separate state tax from the federal policy for marijuana businesses. In addition, Connecticut Governor Ned Lamont also signed a budget resolution that included provisions offering tax relief at the state-level to licensed cannabis businesses as a workaround for the growing industry.

Illinois Governor J.B. Pritzker also signed a budget measure that included provisions that permitted licensed cannabis businesses to take state tax deductions that were currently prohibited under the 280E code. Prior to the moves made by the Connecticut and Illinois governors, New Jersey governor Phil Murphy signed a measure that would permit licensed cannabis businesses to deduct some expenses on their state tax returns as a partial fix.

Legislators in Virginia and Iowa have also pursued similar tax relief measures for their state’s cannabis markets.

A bill that would amend the IRS code and permit state-legal cannabis businesses to take federal tax deductions that were availed to companies in other industries was also reintroduced by Representative Earl Blumenauer in Congress. At the federal level, however, cannabis businesses in legal states are still not allowed to make federal deductions under Section 280E of the Internal Revenue Code. This is primarily because marijuana remains classified as a Schedule I substance under the Controlled Substances Act.

This issue can be resolved if the DEA considered the recommendations made by the Department of Health and Human Services and reclassified cannabis under Schedule III.

These efforts to provide a measure of tax relief to cannabis companies is a step in the right direction and enterprises such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) could use the funds they save in this way to avail more product options to their customers.

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420 with CNW — UMass Study Concludes High Schoolers’ Likelihood to Use Cannabis Isn’t Heightened by Legalization

A new study has found that high schoolers are not as likely to use cannabis following the drug’s legalization. This finding weakens prior claims that youth who know or think that their friends, siblings or parents use cannabis may have a heightened risk for marijuana use and additional intervention and prevention strategies need to be implemented to reduce said risk.

The study, which was carried out by researchers at the University of Massachusetts Amherst, included associate professor Jennifer Whitehill of health policy and management and Public Health and Health Sciences doctoral candidate, Faith English. Whitehill’s focus, as the study’s senior author, was assessing whether the link between perceived cannabis use by friends and family, a risk factor for adolescent cannabis use, changed in the context of legalization.

For their study, the researchers conducted an analysis of data gathered from a pair of high schools in Massachusetts. They then compared data from two years: before marijuana was legalized and after retail stores were launched. They observed no significant difference in the prevalence of cannabis use in a 30-day period.

Among the participants surveyed prior to legalization, 27% and 19% of males and females respectively, reported that they used cannabis in the last 30 days. In the survey conducted after legalization, 28% and 20% of males and females respectively reported cannabis use in the last 30 days. They also observed that following legalization, the percentage of adolescents who reported that their parents used cannabis grew to 24% from 18%.

Currently, the recreational use of cannabis is fully legal in 24 states and the District of Columbia. In legal states, individuals aged 21 years and older are allowed to purchase and possess cannabis for recreational use. The researchers also discovered that perceived use of cannabis by a best friend, in comparison to perceived use by other parties, had the strongest link with cannabis use by teenagers.

The study’s findings can help inform public health guidelines and policy in the state of Massachusetts as well as other states rolling out marijuana laws.

English, who was the lead author of the study, is also interested in how legalization of marijuana influences youth contact with the justice system. In her dissertation, she assesses trends in marijuana-related discipline in a school setting and uses qualitative interviews with adolescents to understand their experiences with and perspectives on discipline in a school setting.

The study’s findings were reported in a special issue of “Clinical Therapeutics.”

This study shows that opponents of legalization have no scientific basis to malign the entire cannabis industry, together with its leading players such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), for allegedly commercializing a product that would become increasingly accessible to kids. The data disproves such a claim.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Proprietary Tech Lowers Blood Glucose More Effectively than Branded GLP-1 drug Semaglutide Alone, Study Shows

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, is reporting additional positive interim results from its human pilot study evaluating DehydraTECH(TM) technology for the oral delivery of the glucagon-like peptide-1 (“GLP-1”) drug semaglutide, available commercially as Rybelsus(R). According to the report, DehydraTECH-powered semaglutide sustained lower levels of blood glucose from baseline including nearly 10 times lower after 24 hours as well as lower blood-glucose spikes after eating. The company noted that this was the first-ever DehydraTECH test with a “large molecule” drug. According to the report, the study was conducted by a prominent university research center comparing a single 7 mg semaglutide dose of a Rybelsus tablet (the control dose) to a matching dose from Rybelsus that had been compound formulated in capsule form using Lexaria’s DehydraTECH processing technology enhancements. Specifically, the control group showed reduced blood glucose levels by between 1.3% and 6.7% relative to the time zero baseline during the first 100 minutes of the study with the DehydraTECH GLP-1 group indicating reduced blood glucose levels by between 2.9% and 14.6% relative to baseline during that same timeframe; the report noted that even 24 hours after dose administration, the blood glucose levels were reduced in the DehydraTECH GLP-1 group by 6.3% relative to baseline while the blood glucose level evidenced in the control group was only reduced by 0.67%, evidencing nearly a tenfold improvement with the DehydraTECH GLP-1. DehydraTECH is a patented drug delivery formulation and processing platform technology. Lexaria developed the technology and is evaluating it for a variety of beneficial molecules. The formulation is designed to improve the way active molecules enter the bloodstream upon oral ingestion.

To view the full press release, visit https://cnw.fm/wPg4P

About Lexaria Bioscience Corp.

Lexaria Bioscience’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 bioabsorption 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 about the company, please visit www.LexariaBioscience.com.

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

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CannabisNewsBreaks – Astrotech Corporation (NASDAQ: ASTC) Unveils AgLAB MVP TM – a Game Changer for Cannabinoid Industry

Astrotech (NASDAQ: ASTC), together with its wholly owned subsidiary, AgLAB Inc., announced the presentation of the AgLAB Maximum Value Process TM (“MVP TM”) at MJBizCon. According to the announcement, the revolutionary process control system has been proven to increase the potency of ending-weight yields and increase revenue by an average of 32%. Utilizing AgLAB’s proprietary mass spectrometer and testing method, MVP TM provides real-time data and feedback, allowing distillers to adjust the parameters (temperature, feed-rate, pressure) and optimize the quality and quantity of each batch of oil. “We are proud to introduce the AgLAB MVP TM, a breakthrough technology that is more accurate and faster than the HPLC,” said Tom Pickens, CEO/CTO of Astrotech. “The AgLAB MVP TM is very easy to learn and use and has proven to more than pay for itself starting on the first day of use. We believe this is a game changer for the cannabinoid industry and that all cannabinoid processors will need AgLAB MVP TM to stay competitive.”

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

About Astrotech

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

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420 with CNW — Rescheduling Cannabis Could Lead to Broader Acceptance by the Mainstream Medical Industry

Moving cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA) could have significant implications for medical cannabis recommendations by doctors and potential insurance coverage for marijuana treatments. Currently, doctors refrain from prescribing state-regulated medical cannabis due to the risk of losing their licenses given that it lacks approval from the U.S. Food and Drug Administration (FDA).

Even if the Drug Enforcement Administration (DEA) reschedules cannabis, the prohibition on doctors prescribing state-regulated medical marijuana (MMJ) products would persist. Nevertheless, doctors could continue to recommend non-FDA-approved cannabis products to individuals seeking MMJ cards, allowing them to register as marijuana patients in their states.

Moving cannabis to Schedule III would enable doctors to prescribe FDA-approved marijuana medicines. This would align with the current practice where physicians are authorized to prescribe Schedule III substances, such as Tylenol with codeine, only if they have FDA approval.

Leah Sera, codirector of the University of Maryland’s Graduate Studies in Medical Marijuana program, highlighted that physicians prescribing Schedule III substances would be a substantial change. However, she warned that the scope may not be as extensive as the current dispensary offerings. FDA approval would still be necessary, requiring marijuana drugs to undergo the approval process before prescription, sale and dispensing in pharmacies.

Rescheduling might stimulate increased research and development of marijuana-based drugs. However, the lengthy FDA approval process means that prescriptions for new cannabis-related products could be years away, according to Justin Brandt of the Bianchi and Brandt law firm.

Sera notes that while rescheduling won’t permit doctors to prescribe medical cannabis from state-licensed dispensaries, it could positively impact their attitudes toward the substance. “Rescheduling might not directly allow prescriptions for state-licensed dispensary products, but it could foster informed discussions between medical providers and patients about marijuana and its potential benefits and risks,” she stated.

Attorney Eric Berlin, an attorney at Dentons Law Firm, states that moving marijuana to Schedule III could also render FDA-approved cannabis products eligible for insurance coverage. Currently, insurance covers only FDA-approved drugs.

However, there are exceptions, as some states such as New York, New Mexico, New Jersey, New Hampshire, Minnesota and Connecticut allow workers’ compensation reimbursement for medical cannabis. In contrast, others do not obligate insurance carriers to reimburse for medical marijuana costs. Some states, such as Massachusetts, outright prohibit insurance coverage for medical cannabis.

Julie Schum of the Quintairos, Prieto, Wood and Boyer law firm noted that insurers might find covering medical marijuana more cost-effective than opiates since at least 30% of worker’s compensation claims involve opiate prescriptions. Such a decision would lead to a lot more insured people opting for medical cannabis products from enterprises such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) if they were sure insurance would cover the cost.

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