Lexaria Bioscience Corp. (NASDAQ: LEXX) to Demonstrate DehydraTECH-CBD Benefits in Upcoming Investigational New Drug Application Submission

Lexaria’s IND application builds on five previous human clinical studies showing zero serious adverse effects and evidencing a reduction in resting blood pressure in test subjects
DehydraTECH(TM)-CBD has the potential to have pronounced clinical benefits relative to the available anti-hypertensive therapeutics on the market today
Work mostly under Lexaria’s control was completed earlier this year, including the batch manufacturing of DehydraTECH-CBD and placebo materials necessary for the IND application
Lexaria is waiting to submit until the necessary documentation outside of their control is ready for the IND application

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, remains on track for its upcoming Investigational New Drug (“IND”) submission. The application is for the company’s planned US Phase 1b Hypertension Clinical Trial HYPER-H23-1, entitled “A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension,” looks to evaluate the safety and tolerability of Lexaria’s patented DehydraTECH(TM)-processed CBD in hypertensive patients.

Lexaria’s IND submission builds on five previous human clinical studies conducted from 2018 to 2022 and is integral to the successful filing and review of the submission. These studies were carried out in an aggregate total of 134 healthy and hypertensive persons and evidenced significant reductions in resting blood pressure over both acute and multi-week dosing regimens. The studies also showed zero serious adverse effects, evidencing Lexaria’s DehydraTECH-CBD’s potential to have pronounced clinical benefits relative to available anti-hypertensive therapeutics.

“That we were able to lower blood pressure in our patient population over multiple weeks using DehydraTECH-CBD is an exceptional discovery, given that previous studies by others using other oral CBD formulations have failed to evidence this sustained benefit,” said Chris Bunka, CEO of Lexaria (https://cnw.fm/rG6OB).

Work mostly under Lexaria’s control was completed earlier this year, including the batch manufacturing of DehydraTECH-CBD and placebo materials necessary for the IND application. However, work outside the company’s control remains delayed, including the provision of required documentation by a materials supplier and stability testing of the material. Despite this delay, Lexaria is still progressing toward its application submission.

The company is only aware of a handful of other published research investigating whether a decrease in resting blood pressure is possible following multiple weeks of oral CBD use. Lexaria notes that none of this published research has succeeded in achieving this goal. The outcomes of the company’s previous research prove DehydraTECH-CBD’s superior power to reduce blood pressure over oral CBD formulations.

Lexaria’s DehydraTECH technology is designed for formulating and delivering lipophilic drugs and active pharmaceutical ingredients (“APIs”). DehydraTECH increases their effectiveness and improves the way these APIs enter the bloodstream. The major benefits of a DehydraTECH-enabled drug or consumer product include:

Faster delivery time – with the effects of the product felt in minutes
Increased bioavailability – the technology is more effective at delivering a drug or product directly to the bloodstream
Increased brain absorption – animal testing has suggested significant improvement in the quantity of the drug delivered across the blood-brain barrier
Improved potency – more of the ingested product is made available to the body, with lower dosages necessary for the desired result
Reduced administration costs – lower dosages mean less overall drug costs
Masking unwanted tastes – the technology eliminates or reduces the need for sweeteners

DehydraTECH is suitable for use with various product formats, including pharmaceuticals, nutraceuticals, consumer packaged goods, topicals and over-the-counter capsules, pills, tablets, and oral suspensions. The company’s technology is best considered an additional layer that can improve the effectiveness of existing drug offerings or planned new offerings. Lexaria’s DehydraTECH is covered by over 30 granted patents and has many more pending worldwide.

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

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

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420 with CNW — California Lawmakers Send Cannabis Cafe Bill to Governor for Enactment

The California Assembly has approved a bill to legalize marijuana cafes in the state; the body sent the bill to Governor Gavin Newsom’s desk for his signature. Bill AB 374 would allow recreational cannabis dispensaries to provide customers with noncannabis drinks and foods as long as they receive approval from local authorities.

Senate lawmakers received the measure from assemblymembers, made slight amendments, and approved it in a 33 to 3 vote nearly one week ago before sending it back to the assembly for a concurrence vote. The assembly voted in favor of the amended cannabis cafe bill just a few days after receiving it from the Senate in a 48 to 7 vote, putting it on track to becoming a law if it receives Governor Newsom’s signature.

Assemblymember Matt Haney introduced the measure and envisioned it going through a relatively quick concurrence vote due to “strong bipartisan support.”

While lawmakers in the state recently concluded working on marijuana cafe legislation, California has a grey market populated with businesses that found legal workarounds to provide cannabis for on-site consumption while providing food for guests. If Newsom signs the measure into law, entrepreneurs with authorization from local governments will be able to prepare and sell nonmarijuana soft drinks and foods to customers at retail establishments.

Haney’s bill would legitimize the industry while prohibiting smoking tobacco and the sale of alcoholic beverages at marijuana cafes. It would also allow cannabis lounges to hold live performances of different varieties and sell tickets to these events.

Although microbusinesses and retailers would have the authority to sell freshly prepared drinks and foods, only retailers would be allowed to sell prepackaged food to customers, keeping the cannabis cafe rules in line with policies adopted by the California Department of Cannabis Control (DCC) in late 2022. Senate lawmakers amended the cannabis cafe bill to make it clear that it prohibits the sale of hemp-based foods and drinks at marijuana cafes by clarifying that it does not consider such products to be “noncannabis” products. The measure also states that cannabis cafes should store and display noncannabis items separately and distinctly from any cannabis products on site.

California legalized recreational cannabis in late 2016 and quickly built up the largest recreational marijuana market in the world. Cannabis retailers in the state generate billions of dollars in revenue every year, and even though marijuana sales declined last year, California‘s cannabis market had a $2.2 billion valuation in 2022.

The regulatory change allowing cannabis cafes to operate in California is likely to be copied in other jurisdictions where marijuana is legal for adult use. As a result, companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) could find themselves having to adjust to this reality in the markets where they operate.

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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 — Twist of Fate? DEA Now Tasked with Steering Marijuana Rescheduling

The United States is on the brink of a groundbreaking shift in its approach to marijuana policy. However, a significant obstacle stands in the way of this reform: the Drug Enforcement Administration (DEA).

Recognizing marijuana’s medical value, the U.S. Department of Health and Human Services ( HHS) recommended reclassifying marijuana as a Schedule III controlled substance in response to President Joe Biden’s call for a comprehensive review of marijuana scheduling last year. This pivotal moment in federal government policy places the key marijuana decision in the hands of the DEA, an agency historically associated with the country’s war on drugs.

The timeline for the DEA’s response remains uncertain, but experts speculate that an initial proposed rule could emerge by the year’s end, with finalization expected in the following spring. While the DEA cannot outright reject the HHS recommendation, its evaluation must encompass both legal and policy considerations, aligning with U.S. obligations under international drug-control treaties.

Barring an unlikely rejection of the HHS recommendation, the DEA must propose a federal law change consistent with the comprehensive scientific evaluation of marijuana. However, once the DEA suggests the change, more hurdles await, including a public comment period lasting typically 30 to 60 days, the DEA’s review of comments and potential lawsuits that could further delay implementation.

This marks the first time a president has ordered the DEA to review marijuana law, a significant departure from previous rejections of rescheduling petitions. The journey of marijuana through Capitol Hill bureaucracy began on Oct. 6, 2022, when President Biden instructed Cabinet-level agencies to expedite the review of marijuana scheduling.

Since 1970, marijuana has been classified as a Schedule I substance, defined as having no medicinal value and high potential for abuse. This designation poses significant challenges to legal marijuana businesses, including limited tax deductions, restricted access to mainstream banks and U.S.-based stock exchanges, and the constant threat of DEA raids. The federal ban also hampers research, product development, workplace safety regulations and health insurance matters. Previous efforts to challenge marijuana’s classification came through petitions or court actions by state governors and advocacy groups, such as NORML.

The DEA faces the challenge of creating a meticulous administrative record for impending lawsuits. Those lawsuits could potentially be filed by a wide range of individuals and organizations, from those wanting to maintain marijuana’s illegality to advocates seeking its descheduling. Regardless of the DEA’s recommendation, conflicts between state and federal laws will persist, necessitating congressional action in the long-term. Nonetheless, a significant change in marijuana policy appears inevitable and more imminent than ever before.

Industry companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will probably be waiting with bated breath to see what decision the DEA makes regarding the change in the scheduling of marijuana.

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CannabisNewsBreaks – Sustain Southern California Announces Inaugural ESG Forum Focused on Insights and Solutions

Sustain Southern California (Sustain SoCal), a nonprofit organization, is planning its first-ever ESG Forum. The in-person event is scheduled for Sept. 26, 2023, from 1–7 p.m. PT in Irvine, California. According to the announcement, the ESG Forum is designed to provide an effective platform for corporate and public leaders to discuss environmental, social and governance strategies and the latest trends. Specifically, organizers hope the event will advance the conversation on sustainable and economic development in Southern California and surrounding regions, with a focus on actionable insights, practical solutions and the transition to a low-carbon global economy. The agenda includes an array of discussions being led by industry experts and thought leaders with discussions focusing on three main topics: Building an ESG Strategy — Integrating with and Empowering the Business; It’s All about the Data — Selecting a Tool, Collecting, Quality Control, Reporting; and Driving a Sustainable Operation — Partnering with Internal Peers and Public and Private Entities.

The event will conclude with a reception where speakers and attendees can network, expand their industry connections and build meaningful relationships in a relaxed environment. “Environmental, social and governance criteria have become increasingly critical to the investment, business and consumer landscape,” said Sustain SoCal president and CEO Scott Kitcher in the press release. “We are pleased to advance the conversation on ESG-related factors by inviting key thought leaders with unparalleled expertise in this multi-disciplinary area. At Sustain SoCal, our events are known for driving productive networking and catalyzing the development of ecosystems in the region.”

To attend the event, visit https://cnw.fm/Ggm35

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

About Sustain SoCal

Sustain SoCal, a nonprofit organization, accelerates sustainability and economic growth through innovation, collaboration and education in southern California. The organization has a well-established history of exploring and implementing pragmatic, real-world solutions to the challenges created by growth, change and inefficiency. The company conducts conferences, workshops and networking events that lead to initiatives that positively impact our region’s economic progress and sustainability. For more information, visit the company’s website at www.SustainSoCal.org.

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420 with CNW — Marijuana ETFs See Green as Hopes for Federal Marijuana-Policy Reform Rise

Cannabis Exchange-Traded Funds (ETFs) surged in value in September as positive federal action renewed investor interest in the cannabis industry. Shortly after the U.S. Department of Health and Human Services recommended that the Drug Enforcement Administration (DEA) reclassify cannabis to Schedule III from Schedule I and ease federal marijuana restrictions, marijuana-related ETFs began to soar as investors started investing in the cannabis industry.

America’s state-legal cannabis sector is the fastest-growing sector in the nation, generating billions of dollars in yearly revenue. However, the industry has been consistently handicapped by federal regulation. Federal law still classifies cannabis as a Schedule I drug with no medical application, which has made operating in the state-level industry extremely difficult. Issues like limited access to banking services and federal financial aid are prevalent throughout the industry and have likely prevented investors from investing in the cannabis sector.

For example, the Poseidon Dynamic Cannabis ETF by AdvisorShares went down in August amid declining investor interest in marijuana. The fund’s comanager Morgan Paxhia said at the time that the closure of the fund was partly due to a “dramatic shift in investor sentiment” that has affected the nation’s state-level marijuana industry.

Now that federal lawmakers are flirting with the idea of decriminalizing and possibly legalizing the quasilegal sector at the federal level, investor interest is rising. Last week, AdvisorShares Pure US cannabis (MSOS) was up by 56% and ETFMG Alternative Harvest (MJ) soared by 47% while both the SP 500 and the Dow Jones Industrial Average were up by just around 0.5%,

Matt Bottomley, an analyst from financial services firm Canaccord Genuity, noted that federal headlines often act as catalysts for how certain stocks trade. He observed that recent cannabis-related headlines had a positive effect on cannabis ETFs.

The Biden administration’s recommendation for cannabis reclassification at the federal level also caused the shares of cannabis companies such as Cronos Group, Tilray Brands and Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) to surge. This has been a boon for cannabis equities, which have suffered from a capital crunch in recent years as many investors withdrew from the industry.

Despite extensive legalization at the state level, federal prohibition has consistently been a thorn in the cannabis industry’s side, limiting the sector’s access to financing and preventing it from expanding to broader markets. The prospect of finally legalizing cannabis at the federal level and eliminating the barriers that limit trade in the sector will likely attract more investors to cannabis-related equities.

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420 with CNW — Caribbean, Latam Nations Agree War on Drugs Has Failed, New Solutions Needed

A coalition of 19 Caribbean and Latin American nations has jointly released a statement, underscoring the imperative need for a reevaluation of global drug policies. In a conference held over the weekend, these countries expressed their dissatisfaction with the current punitive strategy for combating the global drug issue, noting that it has failed to yield the desired results and has often exacerbated underlying problems while exploiting the vulnerabilities of their societies and territories.

The statement received support from representatives of numerous nations, including Brazil, Uruguay, Nicaragua, Colombia, Guatemala, El Salvador, Panama, Venezuela, Chile, Bolivia, Cuba, Honduras, Ecuador, Costa Rica, Peru, Argentina, Mexico, Paraguay and the Dominican Republic.

Mexico and Colombia are leading the reform movement, with the latter’s president Gustavo Petro referring to the drug war as a type of “genocide.” Petro emphasized the necessity of adopting a new perspective on drug control, viewing it as a health issue within society rather than merely a military issue. He called for Latam nations to speak openly and without shame, addressing the root causes of drug addiction and violence. He also highlighted how supply-side regulations have contributed to an arms race between governments and drug cartels while fostering corruption.

The joint statement proposes several reforms, including the strengthening of regulatory institutions and measures to reduce drug demand through prevention, education, treatment, early intervention, recovery and other support services. The statement also acknowledges the need to reassess plants with a historical use for scientific, industrial, medical and traditional purposes while reinforcing oversight and control mechanisms in nations where the diversion of these plants occurs.

While the statement outlined specific steps forward, it primarily urged “collective reflection” with a broad, achievable, systematic and balanced approach, considering individuals, families and the community in general. It also highlighted the importance of human rights, gender and sustainable development in promoting well-being, security social inclusion and development in the Caribbean and Latin America.

While some observers had hoped for more radical steps, such as ending drug prohibition and implementing regulations, they acknowledge that international law may pose challenges.

Colombian officials, like Néstor Osuna, have criticized the failed drug war’s devastating impact and have advocated for responsible regulation of substances such as cocaine, heroin, opioids and cannabis.

Meanwhile, lawmakers, including Representatives Juan Carlos Losada and María José Pizarro, are championing legalization and believe that the time is right for Colombia to pass legalization.

In Mexico, efforts to craft and debate cannabis reform proposals have been ongoing, but no legislation has been passed to date.

Major players in the marijuana industry such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) are probably watching the drug-policy developments in the Caribbean and Latam region as any easing of restrictions could open up market opportunities for internationally minded cannabis companies.

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420 with CNW — Cannabis Rescheduling Recommendation Far Below Biden’s Campaign Promises, Advocates Say

Nearly two years after President Joe Biden took office, policy experts and drug-reform advocates aren’t happy with the Biden administration’s efforts to fulfill the campaign’s cannabis promises. Last month, the Biden administration recommended that the U.S. Drug Enforcement Administration (DEA) reclassify marijuana and asked federal drug officials to consider removing the decades-long restrictions on marijuana.

The Department of Health and Human Services (HHS) issued the cannabis rescheduling recommendation to the DEA after President Biden sent a request to the HHS calling for a review of the rescheduling of marijuana as a Schedule I drug with no medical application.

Schedule III drugs are defined as chemicals or substances such as codeine, ketamine and anabolic steroids with a low to moderate risk of psychological and physical dependence and less abuse potential compared to Schedule I drugs like cocaine or heroin.

However, the administration’s efforts to reform federal cannabis policies haven’t drawn much praise from policy experts and advocates. According to the National Association of Black Cannabis Lawyers, reclassifying cannabis under the Controlled Substances Act will not address the racial justice issues associated with current marijuana laws.

The association’s executive director Natacha Andrews explained that federal rescheduling does not deal with the harm federal criminalization caused to marginalized communities, over policing by law enforcement, immigration issues or increased access to key federal services.

Furthermore, Andrews said the recommendation to reschedule cannabis did not align with what dozens of states had done to legalize and regulate marijuana. Current federal law classifies cannabis in the same group as drugs such as cocaine and methamphetamines, which have no medical applications unlike cannabis and have significantly deadlier side effects on the body.

Policies instituted decades ago honed in on cannabis as a societal problem and emboldened law enforcement and the court system to be incredibly harsh on cannabis offenders. Whether by design or not, individuals from Black and Brown communities bore the brunt of America’s intense cannabis policing despite using cannabis at similar rates to White people.

Most states with legal cannabis programs have now included social-equity provisions to invest in communities that were disproportionately affected by the war on drugs. However, many aren’t satisfied with the federal government’s cannabis reform efforts.

Cat Packer, the Drug Policy Alliance’s director of drug markets and legal regulation, noted that the administration is delivering less than what it promised during presidential campaigns. She said the recent recommendation for federal rescheduling left her wondering how the president will keep his campaign promise of decriminalizing the personal use of cannabis. The entire cannabis industry, including companies such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), hope that federal restrictions on marijuana are eased so that they can have access to a bigger market.

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420 with CNW — Study Shows Users of Medical Cannabis Register Improvements in Depression, Anxiety and Pain

A recent study in the “PLoS ONE” journal found that more than 2,300 individuals with persistent health issues experienced improved well-being and reduced fatigue within the first three months of using medicinal cannabis. The study was centered on the responses obtained from eligible Australian patients who participated in the QUEST Initiative.

The participants’ age spectrum spanned from 18 to 97 years of age, with an average age of 51. Among the participants, 62.8% were women while 37.2% were men. The majority of participants reported experiencing chronic pain (69%), followed by insomnia (23%), anxiety (22%), and a combination of anxiety and depression (11%).

Before starting cannabis treatment, the participants were tasked with completing initial surveys concerning their health-related quality of life (HRQL), pain levels, sleep patterns, fatigue levels, and depression and anxiety symptoms. Subsequent follow-up surveys were administered at the two-week mark and then on a monthly basis for three months.

All participants were prescribed Little Green Pharma’s medical marijuana oil, comprising CBD and THC dissolved in MCT oil. This product was available in four different formulations featuring varying THC-to-CBD ratios: 1:20, 10:10, 20:5 and CBD only.

When compared to initial baselines, patients who faithfully adhered to the three-month treatment regimen reported notable enhancements in their overall health-related quality of life. In contrast, individuals who only completed the first follow-up assessment demonstrated less progress compared to those who persisted with the treatment.

With regard to pain management, the study revealed that participants, on the whole, exhibited improvements in pain-related metrics. The magnitude of improvement, however, was more pronounced among those diagnosed with chronic pain conditions compared to those not receiving pain-focused treatment.

Sleep patterns did not witness any significant amelioration among the respondents; nevertheless, a reduction in fatigue levels was noted, signifying clinically meaningful improvements.

Regarding depression, the research disclosed that while scores shifted from moderate to mild severity, they failed to reach the five-point threshold indicative of clinically meaningful improvement. However, substantial improvement was observed among individuals diagnosed with specific conditions.

Anxiety scores displayed analogous trends, revealing significant improvements over time but falling short of reaching the expected threshold, except in cases where participants were diagnosed with anxiety conditions.

Throughout the three-month period, a total of 127 participants formally withdrew from the study, citing various reasons for doing so. These included perceived ineffectiveness of the treatment, alterations in treatment plans, unwanted side effects and the perceived high cost of cannabis products. However, the majority reported at least some degree of relief from their ailments.

Despite the generally favorable outcomes, the researchers acknowledged that certain reported improvements might be attributed to the placebo effect.

Looking ahead, the study intends to continue tracking patients for a full 12 months to assess the sustainability of the observed improvements in patient-reported outcomes. Additionally, further subgroup analyses will be conducted to ascertain whether patients with specific conditions experience superior outcomes when evaluated using condition-specific questionnaires.

This study pointing to the beneficial effects of medical marijuana could be good news to companies that are looking to popularize their medicinal cannabis products in different markets around the world, such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF).

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420 Expo 2023: Celebrating the Cannabis Culture

Cannabis enthusiasts, investors, decision-makers, and business owners, are invited to attend the 420 Expo 2023 to be held in New Jersey Expo Center, Edison, NJ from September 29 – October 1, 2023. The electrifying event is set to blaze the ever-evolving cannabis landscape, including medical experts discussing the therapeutic potential of cannabis and professionals sharing their success stories.

420 Expo 2023 is a one-of-a-kind gathering that celebrates the world of cannabis culture, from its insightful medical applications to its important role in mainstream culture. Featuring the legendary Cheech Marin as a special guest host, the dynamic cannabis convergence promises to deliver the creative side of cannabis culture. The iconic figure will be meeting fans for photos and autographs along with about a dozen other marijuana-relevant celebrities, infusing the convention with an exclusive blend of pop culture.

Innovating the Cannabis Community

The 420 Expo 2023 will serve as a knowledge goldmine with some of the most prominent experts in the cannabis industry delivering engaging talks and panel discussions. Hosted at the New Jersey Expo Center, the convention is renowned for its advanced cannabis policies. The event will feature live performances and cannabis-inspired art from entertainers who’ve made cannabis an integral part of their culture. As a dynamic union of everything cannabis, the expo promises to promote innovation, education, community and healing.

The expo aims to leave participants inspired, informed, and equipped with a deeper understanding of the cannabis landscape. It features dedicated outdoor smoking areas with food trucks, over 100 vendors, celebrity appearances, live music, stage performances, panel discussions, educational seminars, a full VIP program, and nightly VIP after-parties. Interested participants should register for the 420 Expo 2023 now. Don’t miss out on the largest cannabis event of the year.

To learn more, please visit https://cnw.fm/jGy7u.

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420 with CNW — California Senate OKs Marijuana Cafes Bill

The California senate has passed a marijuana cafe bill that would give dispensaries permission to provide noncannabis drinks and foods to customers who have approval from local authorities. State senators passed Assemblymember Matt Haney’s Bill AB 374 in a 33 to 3 vote before sending it back to the assembly for a concurrence vote thanks to slight amendments made in a Senate committee.

If the assembly votes in favor of the amended cannabis cafe bill, it could head to California Governor Gavin Newsom’s desk for his signature.

The marijuana consumption cafe bill would grant local governments the authority to allow cannabis consumption lounges within their jurisdictions to sell noncannabis-infused soft drinks and foods. It would also prohibit the sale of alcoholic beverages and the consumption of tobacco at these facilities. Furthermore, the measure would also allow “live music and other performances” and the sale of tickets to these performance events in cannabis consumption lounges.

Microbusinesses and retailers where marijuana consumption is allowed would only be permitted to sell freshly prepared drinks and foods to customers. However, only retailers would be allowed to offer prepacked food.

These regulations are in line with policies adopted by the California Department of Cannabis Control (DCC) in late 2022.

Assemblymembers also revised the bill to make it clear that hemp-based drinks and foods did not qualify as noncannabis products that could be sold at cannabis consumption lounges. The measure was also revised to include stipulations requiring that cannabis products and noncannabis products be stored and displayed in separate locations.

Although some businesses in California have found ways to circumvent laws banning on-site consumption establishments from providing food to guests, these establishments currently operate in a grey area.

Cannabis consumption sites have been controversial since they were first introduced. Most states with legal cannabis programs have banned public consumption and require that users only consume cannabis in their private residences. This means that tourists who travel to states with recreational cannabis programs often have no way to legally consume the cannabis they buy from licensed dispensaries, potentially depriving states of billions of dollars in cannabis tourism revenue.

Most of the consumption lounges in California were located in Oakland and San Francisco by the end of last year. However, municipalities in Central Valley and Southern California are giving consumption lounges the green light. With new lounges opening in Coalinga, Central Valley, Desert Hot Springs and Palm Springs in Riverside County along with Port Hueneme in Ventura County and National City in San Diego County, the number of consumption lounges in California is expected to grow by two to three times over the next couple of years.

As different jurisdictions move to create enabling laws for marijuana consumption lounges, entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) are likely to see higher demand for their products as consumers have public locations within which they can consume the marijuana products they buy.

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