420 with CNW — Georgia Pharmacies Start Selling Medical Marijuana Oil

Oct. 27, 2023, marked the first day of medical cannabis sales at independent pharmacies in Georgia, with Robin’s Pharmacy, Allen Pharmacy Group and Omega Pharmacy becoming the first to secure state licenses for the sale of low-THC (less than 5% concentration) medical cannabis products.

Dr. Ankit Patel of Robins Pharmacy expressed his excitement, calling it a historic moment. He had been closely monitoring the development of the state’s cannabis laws for about four years, eagerly awaiting the opportunity for independent pharmacies to stock these products.

To gain state approval, pharmacies need to undergo inspections by the Georgia Drugs & Narcotics Agency, which assesses security measures and evaluates the staff’s knowledge of handling and dispensing medical marijuana. State law mandates that cannabis products be displayed on shelves alongside other prescription medications.

Bill Posey, owner of Allen Pharmacy Group, likened medical cannabis to other “dangerous” drugs, citing examples such as blood pressure medication that are categorized similarly. Posey’s pharmacy commenced cannabis sales on Oct. 30, 2023, and he reported receiving inquiries from potential customers even before the official sales launch.

Dr. Jordan Day, owner of Omega Pharmacy, expects to initiate medical cannabis sales at her pharmacy in the near future. She envisions her pharmacy playing a crucial role in educating patients about the benefits of medical cannabis, potentially replacing traditional anxiety, pain, and sleep medications.

Georgia’s Access to Medical Cannabis Oil Commission chair, Andrew Turnage, expressed the significance of this development, stating that it would greatly enhance accessibility to medical cannabis for patients across the state as pharmacies are just a short drive away.

The journey to this point began when Governor Brian P. Kemp signed HB 324, known as Georgia’s Hope Act, in April 2019, with the law coming into effect in July of the same year. The measure aimed to provide access to medical marijuana oil for individuals in need, especially those battling chronic and debilitating diseases.

The law entrusted the regulation, production, cultivation, manufacturing and sale of low-THC oil to the Georgia Access to Medical Marijuana Commission. The commission was formed in November 2019, but it wasn’t until July 2021 that the state revamped its medical marijuana program, ultimately approving six companies to sell cannabis.

Recent updates revealed that the number of medical marijuana patients in the state was significantly lower than initially believed. While it was originally thought that there were more than 50,000 patients, anomalies in the system, such as expired patient cards and patient passings since 2015, have now reduced the count to approximately 14,000.

This development is probably welcome news to the entire marijuana industry, including companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) since the availability of cannabis products at pharmacies increases access for those who badly need these products to address their medical needs.

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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 — Massachusetts Marijuana Firms Challenge Federal Ban on Cannabis

Last week, an alliance of marijuana companies in the state of Massachusetts filed a lawsuit that challenges the federal prohibition of cannabis as it applies to individual states. Currently, marijuana remains classified as a Schedule I substance under the Controlled Substances Act. This is despite the fact that the medical use of marijuana is legal in 38 states, 4 U.S. territories and the federal District of Columbia. Adult-use marijuana is also legal in 23 states, 3 U.S. territories and D.C.

The Controlled Substances Act was enacted by the 91st United States Congress and signed into law by President Richard Nixon in 1970.

In their suit, the companies argue that the Controlled Substances Act, which prohibits the growing, manufacture, sale and possession of intrastate cannabis, is an unconstitutional ban. They maintain that this act deprives marijuana companies of their rights under the Fifth Amendment by depriving them of liberty without due process and by introducing unlawful and unwarranted federal government intrusion into their businesses.

The coalition has asked that the Massachusetts district court deem the act to be unconstitutional, in their quest for a declaratory judgment. The suit names its sole defendant as U.S. Attorney General Merrick Garland.

The challengers also note that the Controlled Substances Act subverts state cannabis programs, giving the example of the 2012 Massachusetts Medical Marijuana Initiative. During this time, voters in the state opted to legalize medical cannabis. A few years later in 2016, the Massachusetts Marijuana Legalization Initiative was introduced, with voters legalizing recreational cannabis for adults.

The lawsuit states that the comprehensive state regulations protect consumers while also ensuring that the regulated cannabis sold in Massachusetts is distinguishable from illegal, interstate cannabis.

The suit also claims that the Controlled Substances Act harms small and large businesses and threatens public safety. The companies argue that because of this act, marijuana businesses aren’t able to take part in federal programs. It also leads to issues with advertising, hiring, loans, payroll and insurance because most service providers have affiliations with the federal governments.

At the moment, state-regulated marijuana businesses are not allowed to use credit-card processors because financial institutions are regulated by the federal government. By relying on cash, most cannabis businesses have a higher risk of being robbed.

Following the suit’s filing, Verano president Darren Weis, stated that he was honored to be supporting this groundbreaking suit that pushed for equal treatment under the law. Weiss is one of the plaintiffs involved in the suit.

This lawsuit is likely to draw the attention of many cannabis companies that are operating in other jurisdictions such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) since it could have implications for the industry across the country.

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420 with CNW — Brazilian Scientists Find Cannabis Compound Inside Unrelated Plant

Researchers have discovered that a common plant in Brazil contains the cannabis ingredient cannabidiol (CBD). This discovery creates new opportunities for the production of the well-known substance from alternative sources.

A group of scientists from the Federal University of Rio de Janeiro uncovered CBD in the flowers and fruits of the Tremamicranthablume (trema) plant, a common shrub found throughout Brazil. According to lead scientist Rodrigo Moura Neto, the plant, which is sometimes categorized as a weed, is a promising source of CBD.

CBD, recognized for its potential in managing anxiety, chronic pain and epilepsy, stands as a key active component in marijuana, alongside tetrahydrocannabinol (THC), which is responsible for inducing the “high” associated with cannabis use.

While CBD’s medicinal efficacy remains under scientific scrutiny, Neto’s chemical analysis confirmed the presence of CBD in trema while ruling out the existence of THC. This development points to the likelihood of discovering additional sources of CBD, evading the legal constraints tethered to marijuana, which remains prohibited in many regions, including Brazil.

“It presents a legal alternative to marijuana use,” said Neto, highlighting the ubiquitous growth of trema throughout Brazil and emphasizing its potential as a more accessible and cost-effective CBD source. He also noted that CBD had previously been found in a related plant in Thailand.

Additionally, a different study published in May 2023 in the “Nature Plants” Journal revealed that the woolly umbrella, a plant native to South Africa, contained more than a dozen different types of cannabinoids. Despite the plant’s inability to produce CBD or THC, researchers did discover notable concentrations of cannabigerolic acid (CBGA), cannabichromene (CBC) and cannabibigerol (CBG).

Although Neto has not yet formally published his findings, he stated that he intends to broaden the study’s emphasis to include improving trema CBD extraction techniques and evaluating the drug’s efficacy in treating patients for ailments that are currently being treated with medicinal cannabis.

The Brazilian government recently awarded his team a grant of 500,000 real ($104,000) to continue the research, which he predicts will take at least five years to finish.

According to a survey conducted last year by market research company Vantage Market Research, the global market for CBD is currently expected to be worth close to $5 billion. The study also predicted that the industry will likely expand to exceed $47 billion by 2028, primarily due to the substance’s increasing popularity in health and wellness.

These research findings could open up new opportunities for the wider cannabis industry, including established actors such as SNDL Inc. (NASDAQ: SNDL), which could explore diversifying their operations.

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420 with CNW — Cannabis Legalization Causes Major Drug Test Manufacturer to Replace Tests with Fentanyl

Psychemedics, a leading drug-testing technology manufacturer, has unveiled an innovative screening panel that diverges from detecting cannabis, instead focusing on fentanyl and other controlled drugs, as a response to the shifting landscape due to the legalization of cannabis in numerous states.

Psychemedics’ updated Advanced 5-Panel Drug Screen marks a transformative step in how companies safeguard their places of work by shifting focus from cannabis to the major threat posed by fentanyl. The revamped screening panel has garnered approval from the Food & Drug Administration (FDA) and is celebrated for its enhanced accuracy in identifying amphetamines, PCP, opioids and cocaine.

Psychemedics, established in 1987 after which it pioneered hair testing, expressed the necessity for this change in a recent press release and highlighted the failure of the original five-panel drug tests to adapt to the contemporary drug market, specifically in detecting the escalating presence of fentanyl.

Psychedemics CEO and president Brian Hullinger stressed the substantial transformation in workplace challenges brought about by the changing dynamics involving cannabis and fentanyl. He explained how the company responded to this shift by developing its Advanced 5-Panel, aiming to close the existing gap.

With a growing number of states legalizing marijuana, protections have been established for employees who use cannabis during their off-duty hours. In California, for instance, employers are now prohibited from inquiring about an applicant’s prior cannabis use.

Similarly, Michigan recently ceased pre-employment cannabis drug testing for job applicants for government jobs and offered those penalized for past THC tests the chance to have their sanctions retroactively removed. Nevada and Washington also protect job applicants from discrimination based on positive marijuana tests. New York extended job protections for those adults legally using marijuana during their off-hours while away from their workplaces.

At the federal level, there have been attempts to end marijuana drug testing for those applying for federal jobs. The House Rules Committee has repeatedly blocked these efforts, but the Senate approved defense legislation back in July preventing intelligence agencies from withholding security clearances based solely on past cannabis consumption. The House Oversight & Accountability Committee has also approved a bipartisan bill to prevent federal employment or security clearance denials due to past marijuana consumption.

Concurrently, concerns regarding the fentanyl drug supply have grown. While there have been debates over claims of fentanyl-laced cannabis, experts acknowledge the presence of this potent opioid in drugs such as cocaine and heroin.

The spreading wave of legalization isn’t only leading to shifts in the work of makers of testing kits for drugs. It is also creating many opportunities for companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) that don’t deal in the substance but serve cannabis companies in an ancillary role.

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420 with CNW — Feds Fund Central Research Center to Combat Barriers to Cannabis Research

Recently, the National Institutes of Health posted a funding opportunity notice stating that it sought an eligible body to operate a new center for marijuana and cannabinoid research via a cooperative agreement. The centralized cannabis research center would be designed to help researchers overcome barriers to studying cannabis amid federal prohibition. This is in addition to allowing scientists to generate more scientific evidence across various research domains in clinical and basic research.

Addressing barriers in cannabis research has been a priority for many federal health agencies as researchers continue to be subjected to costly and taxing registration processes in order to access marijuana for research. This is primarily because of the drug’s current status under the Controlled Substances Act.

The NIH noted that ultimately, the research center could facilitate advancements in research through interactions among experts in relevant clinical, commercial, regulatory and basic science areas, both within the research center itself and jointly with other researchers that possess diverse expertise and research backgrounds.

The NIH also outlined central components of the center’s objectives, including research standards, research support and regulatory guidance. On the regulatory front, the center would be charged with organizing meetings with the DEA and/or FDA to obtain updates on regulatory information, among other tasks. On the research standards front, the center would be responsible for the development of research metrics and standards that enhance the rigor of chemical analysis of complex marijuana products to improve research reproducibility, among other functions.

With regard to research support, the research center could identify and circulate early career reviewer opportunities under the NIH, administer seed funding and use social media to transmit scientific information, among other functions. Agencies under the NIH that will occupy supportive roles in the center’s work include the National Center for Complementary and Integrative Health, the National Cancer Institute, the National Institute on Aging and the National Institute on Drug Abuse.

Interested parties must elaborate how they propose to achieve the stipulated objectives, which involve the creation of a clearing house for existing research guidance, developing best practices, organizing meetings with the FDA and the DEA, standardizing research methodologies, circulating relevant scientific literature on marijuana and apportioning seed funding to support research initiatives.

Institutions that are invited to submit applications include nonprofit organizations, universities and local and federal government agencies, among others. The deadline for letters of intent is March 16, 2023, which is also when applications will start being accepted.

If this new research facility works as intended, cannabis industry actors such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) could sooner or later see a decrease in some of the hurdles they face in studying marijuana.

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420 with CNW — Scientists Discover Little-Known Compounds That Give Marijuana Unique Flavors

Scientists from the American Chemical Society have identified previously undiscovered cannabis compounds that they say are actually responsible for marijuana’s unique flavors. For the longest time, the conventional knowledge has been that chemical compounds called terpenes create the distinctive aromas of different cannabis strains. Marijuana is estimated to contain close to 400 terpenes, but researchers have discovered only around 200 and studied more than a dozen.

Outside of the cannabis plant, there are more than 20,000 known terpenes, which create the unique flavors and aromas of flowers, herbs, fruits and vegetables. As such, the assumption was that terpenes were also responsible for the aromas produced by various marijuana strains. However, the recent American Chemical Society study challenged conventional knowledge through the discovery of previously unknown compounds and raised questions surrounding the true source of marijuana’s varied and unique flavors.

The study involved a research team from cannabis testing and extraction companies. The researchers wrote that the role of terpenes in cannabis aroma variety seemed to be blown out of proportion. Terpenes account for an estimated 1% to 4% of a cured cannabis flower’s total mass, the researchers said, and while the terpenes contribute to the plant’s overall smell, they don’t play a major role in creating the “peculiar aromatic attributes” of different marijuana varieties.

According to the researchers, most of the aromatic information for various cannabis strains comes from flavorants, a group of chemicals encompasses compounds, including alcohol and esters. The researchers say they discovered various “nonterpenoid compounds” upon analyzing 31 samples of ice hash rosin.

They specifically noted a novel group of tropical volatile sulfur compounds (VSCs) that significantly contribute to the strong aroma of tropical fruits such as citrus as well as a highly aromatic compound called skatole (3-methylindole). Flavorants are also largely responsible for exotic scents in Gelato, Skittles, Runts and Apple Fritters.

TJ Martin, the research & development VC of Abstrax, an extraction company, says the research team found a clear connection between previously undiscovered cannabis compounds and the plant’s notoriously pungent aromas. The team found that although terpenes played a role in producing marijuana aromas, they weren’t essential in the differentiation of aromas in various cannabis strains.

Terpenes are often used to differentiate different cannabis varieties, but Abstrax CEO and cofounder Max Coby notes that this often results in inaccurate classifications. Max says the research team’s discovery will play a significant role in the validation of marijuana authenticity as well as the accurate classification of different marijuana varieties.

It wouldn’t be surprising if major marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) provide the detailed flavoring profiles of their future products in order to differentiate their offerings from other products on the market.

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) to Present Phase 2 Study Results for INM-755 at 12th Annual WCI

InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, will be presenting an oral presentation at the 12th World Congress on Itch (“WCI”); the event is scheduled for Nov. 5–7, 2023, in Miami. According to the announcement, the oral presentation is based on an abstract describing the phase 2 clinical study of investigational drug INM-755 cannabinol cream for the treatment of symptoms in patients with rare genetic skin disease called epidermolysis bullosa (“EB”). InMed Pharmaceuticals senior vice president of Clinical and Regulatory Affairs Alexandra Mancini will be presenting. The abstract title is “INM-755 Cannabinol Cream Demonstrates Anti-Itch Activity in Patients with Epidermolysis Bullosa.” Mancini’s presentation is scheduled to begin at 4:08 p.m. ET on Nov. 7. Designed to evaluate the safety of INM-755 CBN cream, the phase 2 within-patient, double-blind study gathered preliminary evidence of the cream’s efficacy in treating symptoms and healing wounds over a 28-day period in patients with EB. The data showed a positive indication of enhanced anti-itch activity for INM-755 cannabinol cream versus the control cream alone. A copy of the poster and other presentation materials will be on the company’s website following the event.

To view the full press release, visit https://cnw.fm/H6gFX

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the research, development, manufacturing and commercialization of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. The company also has significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. For more information, please visit www.InMedPharma.com.

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

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420 with CNW — City Data Shows Denver Has Collected $500M in Cannabis Taxes

According to recent city data, Denver has reached a new cannabis milestone: since 2010, tax income from recreational and medical cannabis has exceeded $500 million. While Colorado celebrates exceeding $15 billion in cannabis sales since legalization, Denver’s report highlights the substantial tax dollars generated locally, supporting various public programs and services.

For more than a decade, Denver has added an impressive $501,538,144 to its coffers through marijuana tax revenue. The city has already collected around $33 million in marijuana taxes this year alone.

The revenue stems from various sources, including medical and retail marijuana sales tax, affordable housing tax, retail special tax, state share-back and cannabis business licensing fees. These revenues can be attributed to approximately $5.7 billion in cannabis sales since 2010, with the figure for 2023 standing at just more than $300 million as of August 2023.

Consequently, Denver has played a significant role in Colorado’s broader cannabis economy, which has earned more than $2.5 billion in taxes since recreational cannabis legalization in 2014.

According to city officials, Denver has used $61.7 million of its marijuana revenue to fund affordable housing, $30 million for services for the homeless, $27 million for education, $10 million for investments in small businesses and $4 million to address the opioid crisis.

Colorado became the first state to begin selling recreational marijuana after voters approved a legalization issue on the ballot in 2012. Sales reached a peak of more than $2.2 billion in 2021, but since then, sales have decreased, essentially leveling off during the last two years. Denver’s experience has also been consistent with that general trend.

A different Denver analysis released earlier this year showed that the city’s marijuana laws have significantly shrunk the extent of the black market, with law enforcement in 2022 processing a record low quantity of illegal cannabis.

Meanwhile, Governor Jared Polis, a vocal advocate for legalization, has been working to strengthen the existing cannabis industry while advocating for federal reforms. He recently commended President Joe Biden for his administration’s recommendation to reschedule cannabis but emphasized the need for further action to address concerns related to federal enforcement, marijuana banking, immigration and criminal justice reform.

In May, the governor approved legislation establishing restrictions for substances such as ayahuasca and psilocybin. Since then, he has called on lawmakers to take action to enable him to grant mass pardons for individuals with past convictions related to psychedelics. In June, Polis also ratified a bill authorizing the sale of marijuana online. The change became operative in August of this year. Additionally, he has supported legislation that will strengthen the state’s restrictions against marijuana use for working professionals, essentially codifying an executive order he made the previous year.

These benefits that the city of Denver is enjoying are being replicated in some form in other jurisdictions and countries where licensed marijuana companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) have been given leeway to serve customers interested in cannabis for recreational or medical use.

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420 with CNW — Study Concludes Set and Setting Impact Mental Health Benefits of Cannabis

A recently published study shows that engaging in yoga after using cannabis can lead to improved mystical experiences and mindfulness. The study suggests that the surrounding environment and activities can significantly influence a person’s cannabis experience. The study, which forms part of a psychology dissertation submitted at the University of British Columbia, was intended to investigate how contextual factors during marijuana consumption impact overall well-being.

Study author Sarah Elizabeth A. Daniels stated that when using psychoactive substances intended for mental-health treatment, researchers frequently take into account contextual factors outside the direct effects of the drug, such as one’s behavior, mindset and setting. These factors are known to have a substantial impact on therapeutic outcomes, a principle well-recognized in psychedelic research but less so in the context of therapeutic marijuana use. The study’s findings suggest that, similar to psychedelics, the concept of “set & setting” during marijuana use may profoundly influence the therapeutic benefits of the drug.

To assess how context affects the marijuana experience, Daniels conducted a study with 47 participants who self-administered cannabis on two separate occasions, one week apart. In one session, the subjects practiced yoga, and in the other, they took part in their routine activities, which often involved doing housework, eating, socializing or watching TV. The subjects were evaluated on measures including state effect, mystical experience, as well as state mindfulness.

The results showed a significant increase in mystical experiences and mindfulness when participants practiced yoga while using cannabis. On the other hand, there wasn’t a noticeable difference in the participants’ mood and emotional states between the two sessions.

The study findings have potential implications for enhancing the therapeutic use of cannabis as well as recommendations for clinical practice. Daniels pointed out that providing specific behavioral guidelines and psychoeducation on the role of set & setting may be beneficial. The study further suggested that the altered state of consciousness experienced while using cannabis should not be disregarded as it holds significant therapeutic value.

The U.S. government has previously acknowledged the consciousness-changing potential of hallucinogens as a significant side effect, which led to research into pharmaceutical products that mimic their effects without hallucinations. Meanwhile, the combination of yoga plus marijuana has been a long-standing practice within the marijuana community, with classes offering this pairing emerging as early as the initial stages of state-level legalization. These activities have often been praised anecdotally for their benefits.

The findings of this study can help marijuana industry players, such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), to find novel ways in which to position their products in a way that shows customers how best they can get maximum benefits while using those products for different purposes.

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420 with CNW — MasterCard, Bank of America, NRA Lobby in Support of Marijuana Banking

The Bank of America, MasterCard and the National Rifle Association are among a group of institutions that have disclosed lobbying activities related to legislation that would grant the cannabis industry access to banking services. Despite generating billions of dollars in sales, America’s state-legal cannabis industry has had no access to financial services for most of its existence.

Cannabis businesses cannot access financial aid, and they are forced to operate on a cash-only basis, making them prime targets for criminals looking for liquid assets to steal.

After lawmakers failed to advance cannabis banking past the U.S. Senate several times, an amended version of the bill titled the Secure and Fair Enforcement Regulation (SAFER) Banking Act has gained bipartisan support and has a high chance of reaching President Joe Biden’s desk.

The three institutions recently included the SAFER Banking Act in their lobbying disclosure for Q3 2023. This measure would finally allow financial institutions such as banks to serve state-legal cannabis businesses without fear of reprisal from federal authorities. The measure was recently subject to a historic vote at the Senate Banking Committee, representing the first time the U.S. Senate addressed cannabis banking legislation. Although the bill’s previous iteration passed the House multiple times, it failed in the Senate each time.

While the Bank of America has disclosed lobbying activities for both the SAFE Banking Act and the SAFER Banking Act, which recently received the Senate’s approval, the National Rifle Association (NRA) has only disclosed lobbying activities related to the SAFER Banking Act. Since neither institution has discussed its position on the legislation, it still isn’t clear if they intend to lobby against or in favor of cannabis banking legislation.

Even so, we can use their past positions on the controversial drug to surmise whether they will lobby for or against expanding the marijuana industry’s access to financial services.

The Bank of America has shown interest in the cannabis industry in recent years, with Bank of America Merrill Lynch initiating equity research coverage for Canadian cannabis companies in 2019.

While the National Rifle Association hasn’t expressed an official stance on cannabis, former NRA president David Keene has noted that federal restrictions that criminalize Americans for medical marijuana use are causing major issues. The former president said in a 2018 op-ed that the dissonance between federal and state cannabis laws was creating significant problems for gun owners across the country.

MasterCard is actively lobbying in support of the SAFER Banking Act and lobbied for cannabis banking in 2019 and 2020.

These efforts are a welcome development to marijuana enterprises such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) that are invested in seeing marijuana policies reformed not just at state level but preferably federally.

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