Lexaria Bioscience Corp.’s (NASDAQ: LEXX) 2022 Calendar Year in Review

Lexaria Bioscience is a global innovator in drug delivery platforms whose patented DehydraTECH(TM) technology has demonstrated the ability to improve the bioavailability and increase the speed of onset of many drugs
In calendar 2022, the company achieved a number of milestones in various areas, including research programs, receipt of patents, and licensing agreements
Lexaria started and completed its fourth and most comprehensive hypertension study yet, investigating the capabilities of DehydraTECH-CBD, with the study showing that its formulation resulted in a sustained reduction in blood pressure over the study period (five weeks)
The company has also started investigating DehydraTECH-CBD as a potential therapeutic for the treatment of dementia and diabetes and is planning to begin another study on DehydraTECH-nicotine pouch performance
Over the course of the year, Lexaria was granted four new patents, and entered into separate licensing agreements with four new partners

In his concluding remarks in this year’s letter to shareholders published January, Lexaria Bioscience (NASDAQ: LEXX) CEO Chris Bunka underlined that “Management of [the company] feels we are on track, on schedule, and on budget to deliver what we hope and expect will be great results in 2022” (https://cnw.fm/gfw3L). Since then, the company has achieved crucial milestones that can well be described as “great results,” and rightly so. These milestones are centered around Lexaria’s patented DehydraTECH(TM) drug delivery technology.

DehydraTECH can be applied to many drugs and fat-soluble active pharmaceutical ingredients (“APIs”), with the resultant formulation boasting better speed of onset, bioavailability, and brain absorption. So far, Lexaria has evidenced, through pharmacokinetic (“PK”) studies, that its technology delivers higher quantities of cannabidiol (“CBD”), oral nicotine, and antiviral drugs into the bloodstream in less time, properties that are technically known as increased bioavailability.

For Lexaria, however, the end goal does not only lie in uncovering DehydraTECH’s ability to improve the bioavailability of various APIs. Instead, the company is keen on establishing whether DehydraTECH can be applied broadly within the pharmaceutical industry. And calendar 2022 has brought the company closer to realizing this goal, with the company initiating a slew of research programs, many of which it has already completed. Moreover, its intellectual property (“IP”) portfolio has received additional patent protection in different jurisdictions around the world. Lexaria has also entered into multiple manufacturing and/or licensing agreements with global partners.

Research Programs

DehydraTECH-Processed PDE5 Inhibitor

Lexaria kicked the year off with an announcement of ground-breaking findings in an animal study evaluating DehydraTECH-processed sildenafil, a phosphodiesterase (“PDE5”) inhibitor used in the management of erectile dysfunction. The study, whose results were announced February 2, showed that the DehydraTECH formulation delivered more sildenafil (roughly 70% more drug) and at a faster rate (about 25% faster) than the concentration-matched, generic control formulation (https://cnw.fm/SnLRR).

DehydraTECH-Processed CBD

In 2022, much like in 2021, Lexaria’s biggest area of investigation was CBD – or, more specifically, DehydraTECH-processed CBD. The company expanded the scope of its research to include not only investigations on hypertension or high blood pressure, a condition on which it had completed two human studies (HYPER-H21-1 and HYPER-H21-2) the year prior, but also diabetes, seizures, and dementia.

Building on the HYPER-H21-1 study, a 24-person study that evidenced a rapid and sustained drop in blood pressure, and HYPER-H21-2, which showed that DehydraTECH-CBD caused a 23% average reduction in overnight blood pressure and reduced arterial stiffness, Lexaria also released the findings of its 16-person HYPER-H21-3 study in April this year. This third study evidenced that the pulmonary artery systolic pressure was attenuated by about 5 mmHg or 41% overall in male participants (https://cnw.fm/w5iOL).

The positive findings from the HYPER-H21-3 study set the stage for the commencement of the fourth human clinical study (“HCS”), HYPER-H21-4, the most comprehensive study Lexaria has ever undertaken, that same month (https://cnw.fm/IlHTK). A 66-person randomized, double-blinded, placebo-controlled, cross-over study, HYPER-H21-4 was designed as a multi-week study whose dosing was completed in July with no serious adverse events reported. That was a vital outcome given that the main objective of most FDA-registered Phase I studies is to prove safety and tolerability.

This news was a precursor to even more positive news reported in late October when Lexaria announced that HYPER-H21-4 “may be the world’s first study to evidence a sustained drop in blood pressure (“BP”) in normally active hypertensive patients following multiple weeks of oral CBD therapy, using Lexaria’s patented DehydraTECH-CBD capsule formulation.”

The study showed a significant BP reduction by 2.5 weeks, with this attenuation sustained over the entire five weeks of dosing. Moreover, Lexaria also observed that the decreases in BP were similar in persons receiving treatment with standard-of-care BP medication as in persons who were not undergoing any current treatment, suggesting DehydraTECH-CBD’s potential abilities to offer additive BP reduction benefits above and beyond the therapeutic improvements of standard BP medication. This can have important regulatory implications.

“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,” Chris Bunka commented. “DehydraTECH also demonstrated excellent safety and tolerability results and no adverse changes in liver enzymes throughout the study. Indeed, of the handful of minor, non-serious adverse events reported, there were nearly as many reported by those patients receiving placebo as those who received DehydraTECH-CBD.”

HYPER-H21-4 was designed to enhance Lexaria’s probability of success with its expected Investigational New Drug (“IND”) application to seek the US Food and Drug Administration (“FDA”) approval to begin registered clinical testing. Against the backdrop of the findings from this study, and having already received positive feedback from a pre-IND meeting with the FDA, according to an August press release (https://cnw.fm/lZ2Eo), Lexaria is on track to file the full IND application in 2023. (Following the pre-IND meeting, the FDA confirmed its support for an abbreviated approval pathway in line with section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act.)

Meanwhile, in a separate three-part animal study that kicked off in March that aimed to assess the effectiveness of DehydraTECH-CBD in reducing seizure activity compared to the FDA-approved seizure medication Epidiolex (https://cnw.fm/hHsfv), Lexaria evidenced that DehydraTECH-CBD can be more efficacious at lower doses than Epidiolex. Additionally, the company observed that DehydraTECH-CBD can act more rapidly than Epidiolex. According to Lexaria, work is ongoing to complete the third and final part of the study that intends to establish the dose required to achieve seizure inhibition in 50% of the animals tested or ED50 (https://cnw.fm/cKuVx).

In addition to the hypertension and seizure studies, Lexaria recently commenced separate investigations on the potential therapeutic use of DehydraTECH-CBD in both diabetes and dementia. Dubbed DIAB-A22-1, the study investigating DehydraTECH-CBD’s potential utility in the treatment of diabetes kicked off on November 8 (https://cnw.fm/LV8q6), while DEM-A22-1, the study on the potential use of DehydraTECH-CBD in dementia, begun a couple of days later on November 10 (https://cnw.fm/sZQLD).

DehydraTECH-Processed Nicotine

Calendar 2022 also marked the year when Lexaria began expanding its research on nicotine to include human subjects. Having resolved the manufacturing and logistics challenges that had previously pushed back the commencement time as well as having received Independent Review Board (“IRB”) approval for the planned human oral nicotine study, NIC-H22-1, Lexaria expects to begin dosing in December 2022 (https://cnw.fm/m0Zuy).

A 36-person human PK, randomized, double-blinded, cross-over-study carried out in current cigarette smokers, NIC-H22-1 will see each participant receiving only one brand of oral nicotine pouch on each of the three visits to the laboratory over a period of weeks. Upon administration, each person will undergo both subjective and objective evaluations, with vital signs such as respiratory rate, heart rate, blood pressure, and temperature also collected. Overall, the study is specifically designed to compare the performance of Lexaria’s DehydraTECH-nicotine pouch to On!’s (a pouch brand manufactured by Altria) and Zyn’s (the world’s leading nicotine pouch product manufactured by Swedish Match).

Competition in the nicotine pouch category is heating up, with PMI have just completed its US$16 billion acquisition of Swedish Match.

Previously, Lexaria had demonstrated in animal study NIC-A21-1 that oral nicotine pouches processed using DehydraTECH were 10 to 20 times faster in reaching peak delivery of nicotine to the bloodstream than controls.

Patents

In 2022, Lexaria continued to strengthen its intellectual property portfolio, receiving four new patents as described below:

In March, Australia granted Lexaria a patent entitled “Compositions Infused with Nicotine Compounds and Methods to Use Thereof” that covers most oral forms of nicotine, including sprays, gums, pouches, capsules, lozenges, tablets, and pills. The patent also covers various forms of nicotine, including free base nicotine, polymer resins of nicotine, nicotine salts, and other forms of nicotine complexes (https://cnw.fm/jYD7f).
In April, the United States Patents and Trademark Office (“USPTO”) granted Lexaria its first-ever patent for using DehydraTECH technology to enhance the delivery of antiviral drugs (https://cnw.fm/T8LzG).
In July, Lexaria received its fourth patent granted in Japan, entitled “Lipophilic Active Agent Infused Compositions with Reduced Food Effect,” which acknowledges the ability of DehydraTECH to deliver APIs more effectively regardless of the presence of foods within the gastrointestinal
system (https://cnw.fm/XFvd4).
In August Lexaria received a new patent in Mexico that covers multiple claims, including but not limited to the treatment of hypertension, neurological diseases, diabetes, hepatic diseases, and more (https://cnw.fm/Pw52T).

With the receipt of the four patents in 2022, Lexaria now has 27 worldwide patents granted, with about 50 more patents pending worldwide. The company believes that should the remaining patent applications become granted patents, its ability to generate meaningful license revenue from its IP may increase from multiple other countries and regions outside of the United States. And if this year’s licensing agreements are anything to go by, Lexaria is progressively inching closer to this goal, one partner at a time.

Licensing Agreements

Generally, the company’s granted patents help to buttress a part of the company’s business plan, which according to its latest annual report, is to “encourage new and existing participants to license and utilize DehydraTECH to enable enhanced performance of their products” (https://cnw.fm/NhHJh). To that end, this calendar year saw the company onboard new partners who have licensed the DehydraTECH technology for use in their respective markets. Anchored in licensing agreements announced in June, the licenses include:

A European and United Kingdom DehydraTECH license for medical cannabis applications from wholly owned subsidiary Lexaria Pharmaceutical Corp. to Valcon Medical A/S, a European contract manufacturing organization (“CMO”) that manufactures medical cannabis extracts for the European Union (“EU”) and the UK (https://cnw.fm/e58yq)
An exclusive commercial licensing agreement granted to Premier Wellness Science Co. Ltd. for the Japanese non-pharmaceutical market for the use of DehydraTECH with CBD and hemp ingredients in oral liquid and non-liquid products, topical, hair, lip-care, and cosmetics products (https://cnw.fm/SVWi8)
A five-year, non-exclusive DehydraTECH license to AnodGen Bioceuticals of Ireland, a CMO, for the manufacturing and distribution of DehydraTECH-processed cannabinoid API powders within Europe, Australia, and New Zealand (https://cnw.fm/enV29)
Two agreements – a manufacturing operating agreement and a commercial license agreement – with Atlanta-based BevNology LLC. (https://cnw.fm/XO2UL)

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 — Federal Health Secretary Provides Update on Cannabis Scheduling Review

Secretary Xavier Becerra of the U.S. Department of Health and Human Services recently revealed during an event on overdose prevention that the agency was focused on completing a review on federal marijuana scheduling, as was recently directed by President Joseph Biden.

President Biden ordered that a scheduling review be carried out by the department following his issuance of marijuana pardons, which saw thousands of individuals convicted of simple marijuana possession under federal law being released.

The health secretary has thus far raised the issue with the head of the FDA, Dr. Robert M. Califf. The department head added that the FDA was committed to supporting evidence-based policies for cannabis, noting that the science-focused approach also applied to policy decisions on other drugs.

When asked about drug decriminalization efforts, Becerra noted that while it wasn’t in the department’s jurisdiction to make policy decisions on such matters, the department would base its guidance to the federal government on both evidence as well as science. He then added that the main focus when it came to drug policy needed to be on keeping individuals alive and allowing them to thrive. Becerra has in the past supported marijuana reform as an attorney general of California and even before, as a Congressman.

Senator Tammy Baldwin, who was also present at the event, revealed that she was in favor of cannabis decriminalization. Baldwin, who has co-championed a number of reforms, also highlighted the conflict between state law and federal law when it came to drug policies.

With regard to Biden’s scheduling order, Rahul Gupta, the White House Drug Czar, stated that the move was historic and highlighted that marijuana possessed various medical benefits.

The Department of Justice is also conducting a separate scheduling review as directed by Biden; its review could cause marijuana to be reclassified in a lower schedule or even be scraped from its current classification altogether. Marijuana’s removal from its current schedule would effectively legalize it under federal law. This move is supported by the majority of Americans, with a series of polls showing that most are in favor of Biden’s pardon action and do not think cannabis qualifies to be classified as a Schedule I federal drug.

At the moment, however, the drug will remain classified as a Schedule I substance under the Controlled Substances Act.

In related news, the president commended a move by Governor Kate Brown of Oregon to grant cannabis pardons to tens of thousands of individuals, noting that other states needed to follow suit.

The entire cannabis industry, including entities such as Flora Growth Corp. (NASDAQ: FLGC), will be following the scheduling review process closely since the policy recommendations made could have far-reaching implications for the future of the industry.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — The Unique Benefits of Marijuana to the Bipolar Community

Cannabis has proved to have an effect in improving cognitive functions all the while helping to reduce risky decision-making, new research has found. Currently, more than 40 million people suffer from bipolar disorders globally. Bipolar disorder, or manic depression, has catastrophic effects on one’s daily endeavors including relationships and work processes. In this data, a good number of people suffer mild or extreme aspects of bipolar disorder but are unaware of the diagnosis.

Bipolar disorder is categorized in two main sets: bipolar I, where one exhibits manic episodes lasting a week or so, such an individual may need hospitalization; and bipolar II, where a patient presents with manic depressive episodes and elevated mood swings that could agitate the patient. Those agitating episodes could lead to high energy in the patients. The patient could also exhibit a cyclothymic disorder where they present with cyclical rapid high-low emotions or mood swings. These mood swings alternate from high-energy excitedness to a depressive dip in a small span of time.

Conventional medicine has been of help in alleviating the symptoms. However, many patients under conventional psychotic drugs do not seem to find much relief because, for one, the drugs take a long time before the effects kick in, and these drugs come with a myriad of side effects. Cannabis has come in handy as a natural and safe alternative for bipolar patients.

In a new study, researchers presented some findings in the Neuroscience 2022 conference seeking to understand how cannabis affects the cognitive and goal-directed behaviors among people with bipolar disorder. This study revealed that marijuana may have uniquely beneficial effects for those consuming it chronically. Researchers said that marijuana was effective specifically in improving cognitive function while also reducing risky decision-making. The researchers also deduced that cannabis reduces the dopaminergic activity in the brain to suppress bipolar symptoms.

There have been other older studies that produced similar findings. In a 2018 clinical trial, researchers discovered that consumption of cannabis improved the clinical symptoms of bipolar disorder. This was the first-ever clinical trial to be conducted with the aim of understanding how marijuana affects neuropsychological performance.

Researchers from Harvard Medical School, in conjunction with other scientists, studied the impact of cannabis on cognitive function and mood among bipolar patients. They found that marijuana consumption led to reduced scores for depression and anger, among other emotional expressions, and also led to heightened vigor in the same patients.

In 2020, a review by researchers at New Mexico University found that cannabis was useful in treating depression symptoms. Antidepressant drugs have had negative effects on bipolar patients, but cannabis checks for safety, effectiveness and natural remedy for the treatment of bipolar disorder. There has been a positive impact on the neuroendocrine, neurotransmission and neuroimmune systems when the endocannabinoid system is boosted with the use of cannabinoid-based products. These are the systems adversely affected by bipolar disorder, resulting in depression and other mood disorders.

A 2006 Montreal study also discovered that increasing endocannabinoids produced by the brain increases effectiveness in one’s mood. According to the lead researcher, this was the first time a drug that increased cannabinoids in the brain also improved one’s mood. Another 2020 report from BMC Psychiatry showed that the whole cannabis plant and other plant-based cannabinoids do improve mood and sleep but also reduce anxiety and psychotic disorders.

The research body on cannabis for bipolar disorders is in its infancy, but the studies do show promise. With expanded research and clinical trials, bipolar patients will have a plethora of options outside of the conventional drugs that pharmaceutical giants are availing on the market.

As the therapeutic potential of this plant is confirmed for different medical indication, there could be a spike in the number of people looking for cannabis-growing equipment from manufacturers such as Advanced Container Technologies Inc. (OTC: ACTX) in a bid to have access to this life-changing medication cost-effectively.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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REZYFi, Inc. to Benefit as Marijuana Sales Projected to Hit $53 Billion by 2026

Marijuana sales are projected to hit $33 billion in 2022, up from $3 billion in 2015, and are on track to hit $53 billion by 2026
REZYFi, a growth mortgage origination and specialized financing company, with target markets including the legalized cannabis industry, is set to be one of the key beneficiaries in this anticipated growth
With the ongoing conversation around marijuana, along with the bipartisan support for its legalization, the company is optimistic that the demand for its products and services will see a spike as time progresses
REZYFi still believes that financing options for cannabis-related firms will continue to be scarce, despite progress in marijuana legalization, presenting an opportunity for the company

Back in 2017, marijuana sales were valued at $9 billion. By the end of 2022, sales are projected to hit $33 billion, posting a 20% growth. The sector is also on track to hit $53 billion in sales by 2026 (https://cnw.fm/4Lqud). REZYFi, a growth mortgage origination and specialized financing company based in the United States, is set to be one of the key beneficiaries of this anticipated growth. Given its focus on licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, along with companies and individual homeowners seeking a variety of real estate-related and additional mortgage-based financing, the growth of the marijuana sector is bound to come with expanded market opportunities for the company.

For the longest time, cannabis-related businesses and companies have struggled to obtain financing from traditional banks. Federal law has forced traditional banks to shun such businesses, given that marijuana use is criminalized. However, with the ongoing conversation around marijuana, along with the bipartisan support for its legalization, REZYFi is optimistic that the demand for its products and services will see a spike as time progresses.

“REZYFi believes the demand for innovative financing offerings by players in the cannabis market will continue to grow as more geographic markets legalize recreational and medical cannabis usage, a belief that has fueled its expansion within the United States,” notes a recent article (https://cnw.fm/jbSgH).

Despite progress in the legalization of marijuana, REZYFi still believes that financing options for cannabis-related firms will continue to be scarce, as traditional banks are slow to adapt to the changing environment. As a result, it reckons that these entities will continue to experience difficulties obtaining financing from these traditional sources, which, while a downside on the businesses’ part, is an opportunity for REZYFi.

So far, REZYFi is licensed in 36 states, with plans to expand into additional jurisdictions, hopefully within the coming year. With President Biden set to sign the first official stand-alone piece of marijuana legislation this month, the company anticipates a bump in demand for its offerings. In addition, the proliferating bipartisan marijuana legislation, coupled with the growing public support, highlights encouraging long-term momentum for the entire marijuana industry, which will be integral to REZYFi’s growth.

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

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

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CannabisNewsBreaks – ECGI Holdings Inc. (ECGI) Issues Update on Strategic Vision

ECGI Holdings (OTC: ECGI), D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, today provided an update to current and prospective shareholders. According to the update, the company is targeting a leadership role in product manufacturing and wholesale distribution in the legal cannabis marketplace in California. The company believes it has a built-in edge in targeting this niche, which offers a value proposition to small and medium sized grow operations and retailers. “The industry has effectively over-verticalized and there’s rampant inefficiency that drives value destruction for smaller producers and for the whole retail side of the equation,” said Danny Wong, CEO of ECGI. “We are now well into the process on the strategic side, and we believe ECGI can grow into something akin to the Costco of the California cannabis market.”

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

About ECGI Holdings Inc.

ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets including undercapitalized and distressed licensed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with nationwide expansion possibilities. For additional information, please contact the company at info@ecgiholdings.com.

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420 with CNW — Colorado Regulators Allow Medical Cannabis to Be Recategorized as Recreational Marijuana

Last week, the Marijuana Enforcement Division in the state of Colorado announced that cannabis grown under a medical cultivation permit could be recategorized as retail products and sold in adult-use shops. The division, which is tasked with the licensing and regulation of medical and retail cannabis industries in the state, also announced new safety protections for employees involved in the manufacture of marijuana. Workers who take part in a range of manufacturing tasks will now be required to wear goggles and masks as well as respirators.

Other announcements included the news that the eligibility period for would-be social equity licensees would also be extended from one to two years, which would afford equity applicants more time to navigate the licensing process once they were determined to be eligible.

In a news release, the division also announced that a report on intoxicating hemp products would be presented to the state legislature on Jan. 1, 2023. Intoxicating hemp products include delta-9 THC derived from hemp, which is a potent cannabinoid that induces a high when consumed. The agency also announced that business owners could also easily shift marijuana from one license type to another, which would significantly simplify business operations.

Currently, data from the state shows that it has 789 licensed cultivators of recreational cannabis and 431 licensed cultivators of medical cannabis, with some businesses holding both license types. With regard to retail outlets, the state of Colorado has 669 licensed recreational shops and 399 licensed medical dispensaries.

Observers of the burgeoning cannabis industry estimate that the total number of physical stores surpasses 700.

Licensees that hold both adult-use and medical permits to cultivate marijuana will also be allowed to change between medical cannabis to retail, on the condition that both permits have one or more common owners. This is stipulated in a measure that was recently signed by Governor Jared Polis.

The Marijuana Enforcement Division also announced that beginning Jan. 1, 2024, marijuana flower and pre-rolls sold in the state need to be labeled with a use-by date. These products will also need to be packaged with proper instructions on how they should be stored.

In addition to this, licensees have been ordered to carry out testing on shelf stability to determine appropriate sell-by dates for their products. Marijuana that isn’t tested will have a nine-month shelf life. However, the agency notes that marijuana can still be sold even after it passes its use-by date, as long as the buyer is aware of it.

Many companies such as India Globalization Capital Inc. (NYSE American: IGC) are going a step further to develop therapeutic formulations based on cannabis compounds so that these products secure FDA approval and are available for prescription.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — NJ Regulators OK Cannabis Consumption Lounge Rules

Marijuana industry regulators in the state of New Jersey have approved regulations for “public marijuana consumption areas,” taking the state a step closer to permitting social consumption for patients and adults. Shops selling marijuana opened their doors this April, but advocates are insisting on the necessity of establishing regulations that would accord users more spaces for lawful cannabis consumption.

Recently, New Jersey’s Cannabis Regulatory Commission (CCR) moved close to achieving this when they approved requirements to oversee the consumption venues as well as fees that businesses which operate those sites have to pay.

Currently Cannabis is accessible to everyone 21 years of age or older who wishes to partake of the substance responsibly, in a safe and legal area. When the above is regulated well, cannabis consumption kiosks could boost the industry and also give consumers a variety of choices on consumption sites, said CRC chair Dianna Houenou.

Under the draft rules, foods cannot be sold at the consumption site, though people may be allowed to bring food in or order its delivery to the site. Alcoholic beverages or tobacco cannot be consumed or sold within the marijuana-consumption premises. The site can be either indoors or outdoors, though if outdoors it must be enclosed. The standard fees for licenses and application fees have been proposed to stand at $1,000.

One regulatory commissioner expressed joy at the approval because it paves the way for safe spaces for patients as well as consumers to use cannabis uninhibited. These rules will be published in New Jersey’s register prior to being finalized. This is to give the public 60 days to comment on the rules. The CRC also gave the nod to 113 conditional marijuana licenses, eight yearly licenses and half a dozen conversions from conditional licenses to annual.

The social consumption regulations in New Jersey come just a few days after regulators declared the recipients of the Nevada’s first marijuana lounge licenses.

Alaska was the first to enact rules providing for on-site consumption at dispensaries; the rules were enacted in 2019. Colorado was next in line with legislation passed that legalized marijuana “tasting rooms” as well as “marijuana hospitality sites” where adults were free to use cannabis.

In New York, social-consumption locations are included in the recently enacted cannabis legalization law. The New Jersey governor said that the state needs to reconsider its current ban of marijuana home cultivation for individual use. This conversation should come later on, post maturity of the recreational market, he added.

In October 2022, the Assembly in New Jersey approved a bill that allowed licensed cannabis companies to deduct some expenses from their state-level tax returns as a partial fix because this industry continues to be blocked from claiming federal tax deductions due to an IRS code 280E.

Even though the market for adult-use cannabis is still growing, it has proven profitable. New Jersey posted $80 million in cannabis sales during the first two and a half months since inception in April.

NJ senate president, Nicholas Scutari, filed a bill that would also authorize the state’s governor to transact with other jurisdictions that have legalized marijuana for interstate marijuana commerce. The agreements may only be implemented if federal laws change or if the DOJ issues guidelines permitting it. Scutari also filed legislation to legalize magic mushrooms, or psilocybin. The proposal has clauses allowing individuals to grow this psychedelic at their homes.

As enterprises such as REZYFi Inc. step up their support to the cannabis industry, the country is likely to see more businesses opening in the space despite the lack of access to funding from mainstream banks.

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

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Announces $5M Registered Direct Offering

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced its entry into securities agreements with institutional investors for the purchase and sale of 12,500,000 of the company’s common shares, pursuant to a registered direct offering, and warrants to purchase up to 12,500,000 common shares. According to the update, the combined purchase price for one common share and one warrant will be $0.40. Aggregate proceeds from the offering will be approximately $5.0 million, from which the company expects to use net proceeds for capital expenditures, to increase operating capacity, as well as for working capital and other general corporate purposes. Subject to the satisfaction of customary conditions, the offering is expected to close on or about Dec. 13, 2022. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands, designed to deliver the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its commercial, house of brands and life sciences divisions. Visit www.FloraGrowth.com or follow @floragrowthcorp on social media for more information.

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

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420 with CNW — Michigan Resident Files Lawsuit Against California’s Marijuana Social Equity Law

Kenneth Gay, a Michigan resident, has filed a lawsuit challenging the constitutionality the cannabis social equity program in Los Angeles. Gay has a stake in an LA-based company and had applied for a license under the social equity program.

According to the suit, Gay has submitted his social equity application, but as of October 24, 2022, the City of Los Angeles hadn’t completed verifying his eligibility and yet a lottery to select licensees is slated for Dec. 8, 2022. He filed his lawsuit on Nov. 30, 2022.

Under LA law, to be eligible for the social equity program permit, one has to have a prior arrest/conviction or come from a low-income area or an area that has been negatively affected by police brutality. Gay claims he qualifies in all the three categories, but the arrest happened in Michigan and not LA. In his suit, he argues that LA law provides preferential bias against out-of-state residents with regards to the social equity program lottery, yet the U.S. Constitution has a clause against such bias.

This dormant commerce clause stops states and local governments from discriminating against out-of-state residents and offering preferential treatment to the locals. From Gay’s lawsuits presented in New York State and California, he had a reprieve when his lawsuit caused a halt in licensing in some parts of New York. The New York suit has also created a degree of disarray in that New York regulators have to wait before they issue some adult-use marijuana retail licenses until after the case is resolved.

In this lawsuit the plaintiff has a 51% stake in a company, Variscite, that applied for licenses in regions that are not significantly connected to New York. The New York judge granted the injunction. He declared that the defendants, including New York State, the New York State Office of Cannabis Management (OCM) and the agency’s executive officer, did not show the legitimacy of the initial license requirements.

In Sacramento, California, Gay claims that the Sacramento cannabis social equity program requirement violates one’s constitutional rights. In the lawsuit, Gay stated that he met all but one of the requirements for eligibility for the cannabis social equity license. This one requirement that Gay missed out on shows bias because licenses issued by Sacramento City favor current or former residents but not outsiders. Gay is not a resident of Sacramento, although he has a business there.

The lawsuits are another manifestation of the contradictions between federal law and state law, especially with regard to marijuana. On one hand, marijuana is illegal at the federal level so one wouldn’t expect federal law to be invoked in order to allow a company to conduct that business anywhere in the country.

On the other hand, many states’ laws allow marijuana, and it would be expected that states ought to be allowed to pass their own enabling laws without undue interference from federal agencies or laws. How this plays out is likely to be closely watched by companies that are active in the marijuana industry in different jurisdictions, such as Flora Growth Corp. (NASDAQ: FLGC).

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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420 with CNW — New Study Finds Medical Cannabis Legalization Reduces Use of Opioids by Cancer Patients

New research has found that the legalization of medical cannabis has been linked to a reduction in the use and prescription of opioids for patients with cancer. The research involved a cross-section analysis of data on insurance claims from more than 38,000 individuals who had recently been diagnosed with cancer.

The analysis included 34 states and was carried out by researchers at the University of Texas, Harvard University, Albert Einstein College of Medicine and Weill Medical College of Cornell University. The researchers’ objective was to examine how the existence of more cannabis dispensaries influenced opioid prescription.

Researchers discovered that medical marijuana legalization implemented in the period between 2012 and 2017 was associated with a 5.5% to 19.2 % relative reduction in the rate at which opioids were dispensed. The researchers stated that medical cannabis could be serving as an opioid drug substitute among some patients who were undergoing treatment for cancer.

This results come after the scientists discovered that, in general, the legalization of medical cannabis with dispensary allowances was linked to a higher decrease in the rate of one or more opioid days, especially for individuals who had recently received breast cancer diagnoses. They also discovered that the legalization of medical marijuana was linked to a decrease in pain-related hospital events among patients suffering from lung cancer and, to a lesser extent, breast cancer patients. The researchers noted that such decreases were observed soon after medical cannabis legalization came into effect.

In their report, the investigators theorized that some mechanisms could help explain their observations. For instance, they hypothesized that having legal access to medical cannabis may have prompted oncologists to prescribe less opioids. They also wrote that medical cannabis legalization may also have been linked to a decrease in the demand for opioids by patients who used cannabis to manage their pain as well as patients who used cannabis as an alternative to the pharmaceutical drugs.

In their conclusion, the investigators noted that more research was needed to shed light on the nature of these links and implications for patient outcomes. This is in addition to highlighting some of the limitations the study faced.

The study’s findings were reported in the “JAMA Oncology” journal. The results largely align with prior research on prescription trends and state-level marijuana reform. For instance, a separate study also found that allowing legal access to medical marijuana enabled patients to decrease their use of opioid painkillers or stop using them completely.

Many companies, such as India Globalization Capital Inc. (NYSE American: IGC), are developing cannabinoid-based formulations focused on alleviating chronic pain, so the number of cancer patients using opioids is likely to drop even further once these novel drugs become available.

NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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