420 with CNW — Marijuana Research Bill Heads to Biden’s Desk After Senate Approval

Only a few weeks have passed since President Joseph Biden directed that a medical review be conducted on the categorization of marijuana in the Controlled Substances Act and also issued mass pardons for simple cannabis possession convicts. Now the upper chamber of Congress has approved a bill easing marijuana research, and that bill is headed to the president for enactment.

The passage of this bill is notable because it is the first time that a bill focused on marijuana policy reform has succeeded and been forwarded to the president. Before the vote was cast on the Senate floor, Majority Leader Chuck Schumer mentioned that there were ongoing productive discussions on broader marijuana reforms that could be passed during this lame duck session of Congress.

H.R. 8454, or the Medical Marijuana & Cannabidiol Research Expansion Act, was introduced in July this year in the House of Representatives. Its progress was swift in the lower legislative chamber, and it was then sent to the upper legislative chamber where it was passed last week.

It should be noted that this bill would have been passed earlier in the Senate, but one lawmaker, Senator John Cornyn (R-TX), held it up in September by objecting to the expedited way in which the legislation was being handled with agreement from both sides of the political divide. Cornyn’s objection wasn’t premised on anything within that law, but he was in a way protesting against the failure to handle other pieces of legislation that he had interest in. His hold was terminated last week, and the bill was then put to a vote

Rep. Earl Blumenauer, a Democrat from Oregon, was one of the House sponsors of this law. He revealed that the need for compromise led him to accept the removal of a provision granting researchers permission to use marijuana sourced from the same state-legal dispensaries that consumers access their marijuana from. The motivation for this clause was to allow the findings of any research conducted to depict as closely as possible the real-world benefits or side effects if any that consumers are exposed to when they use the marijuana currently available in jurisdictions where it is allowed.

This law imposes a 60-day timeline within which the attorney general can approve an application for a proposed study or write to the applicant asking for additional information prior to making a decision on the matter. It also makes it easier for scientists and researchers to gain access to larger volumes of marijuana for research purposes. Physicians will also be able to discuss medical marijuana with patients in states where marijuana is legal, among other reforms that the bill proposes.

It remains to be seen by industry actors such as Flora Growth Corp. (NASDAQ: FLGC) how the passage of this law translates into tangible benefits as they conduct their own R&D programs aimed at better serving the consumers in the markets where they operate.

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 — Marijuana Legalization’s Chances Improve in Pennsylvania as More Democrats Join House

Cannabis legalization activists in Pennsylvania have taken one step closer to potentially legalizing the drug after Democrats claimed a majority in the House. Democrats have been major supporters of cannabis legalization, as they are with most progressive issues, and the members of the left have been responsible for crafting several legalization measures.

One of the many issues legalization proponents have had to deal with is Republicans who staunchly opposed allowing cannabis for medical or recreational use. Now that Pennsylvania Democrats recently announced that they had secured enough seats in the midterms to effectively take control of the House, the chances of activists successfully passing cannabis legislation have increased significantly.

The odds of legalizing cannabis in the state are even higher because the newly elected governor has publicly declared support for legalizing cannabis. Pennsylvania Democrats revealed that even though votes were still being counted, they were only one member shy of achieving a 102-member majority in the House. And although Republicans retained control of the Senate with a 28 to 22 majority, experts hope that the change of guard in the House could shift the winds in favor of cannabis legalization. In the past, Pennsylvania Republicans have repeatedly held back efforts to legalize cannabis in both chambers of the House.

Outgoing Governor Tom Wolf criticized the GOP for preventing cannabis reform on numerous occasions, calling on GOP lawmakers to legalize cannabis in 2020 and stating that such a move would generate plenty of tax revenue and promote social justice. He noted at the time that a majority of Pennsylvania residents support legalizing recreational cannabis.

With a new Democratic governor and a Democrat-controlled House, cannabis may be legalized in the state in the near future. One way this could play out is if Governor-elect Josh Shapiro pushes for marijuana reform in the 2023 session and steps up pressure on the Senate to prevent it from standing in the way of cannabis reform.

Even though we still don’t know who among the GOP lawmakers will lead the senate, there is a good chance that it could be progressive lawmakers such as Senators Dan Laughlin and Mike Regan, who have pushed for marijuana reform in the past.

Successful reform would require the support of at least four GOP senators as long as all Democrat senators support the legislation. Alongside senators Laughlin and Regan, another GOP that may support cannabis legalization in the state of Pennsylvania is Senator Tracy Pennycuick.

The struggle to enact reforms is a protracted and lengthy one, as companies such as American Cannabis Partners have observed in so many jurisdictions. The road ahead may therefore not be straight forward for Pennsylvania reform activists despite the more favorable structure of the state legislature.

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

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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) Focus on Dementia and Diabetes Featured in New Interview

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, was featured in an interview produced by PCG Digital Holdings LLC and published on NewMediaWire. John Docherty, Lexaria’s president and head of research, discussed the company’s efforts to investigate the potential therapeutic utility of its proprietary DehydraTECH(TM)-CBD against dementia and diabetes, two of the world’s largest public health crises. Lexaria recently demonstrated DehydraTECH-CBD’s exceptional safety and tolerability in a human hypertension study, as well as statistically significant lowering of blood pressure over multiple weeks (something that previous studies by others have failed to evidence). Strong connections exist between hypertension, dementia and diabetes. “Hypertension and dementia are linked. Clinical studies have shown that individuals who have high blood pressure are more likely to develop vascular dementia. Similarly, there are strong connections between heart disease, hypertension and diabetes. Hypertension is twice as frequent in diabetics, and hypertensive patients are at greater risk of developing diabetes,” Docherty said. “We are excited to investigate whether DehydraTECH-CBD has a potential application in the treatment of dementia and diabetes based on its propensity to cross the blood-brain barrier, the fact that DehydraTECH-CBD lowers human blood pressure and the fact that CBD is known to have vasodilatory, anti-inflammatory and antioxidant effects.”

To view the full press release, visit https://cnw.fm/Eo1Nd

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream by promoting more effective oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 27 patents granted and roughly 50 patents 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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CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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CannabisNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Schedules Q3 2022 Earnings Call

Flora (NASDAQ: FLGC), a leading all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, today announced that it will host its third quarter 2022 earnings call via webcast at 4:30 p.m. ET on Monday, Nov. 28. During the webcast, Flora management will deliver financial and operational results for the third quarter ended Sept. 30, 2022, and provide updates on the company’s commercial wholesale operations, house of brands and life sciences division strategies. Following the presentation, Flora management will open the call to analysts, media and investors in a Q&A format. Interested parties should visit https://cnw.fm/0ku2U to register for and access the webcast. An archived version will be available on the company’s website within approximately 24 hours after the live event.

To view the full press release, visit https://cnw.fm/2Q8lW

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Kicks Off First-Ever Study on DehydraTECH-CBD for the Potential Treatment of Diabetes

In November 2021, Lexaria laid out its plans for several new and ongoing R&D programs, among them hormone replacement, dementia, rheumatoid disease, and diabetes
The company has since begun its DIAB-A22-1 study program on the effectiveness of the patented DehydraTECH(TM)-processed CBD for the potential therapeutic utility against diabetes
Lexaria is optimistic that the study will yield some notable results, particularly with DehydraTECH-CBD having met primary safety and efficacy objectives from its HYPER-H21-4 clinical study on the potential treatment of hypertension
So far, CBD has shown some ability to reduce the incidence of diabetes in mice, and Lexaria looks to build on these findings and investigate DehydraTECH’s overall effectiveness for the potential treatment of the disease among human patients
DIAB-A22-1 marks a notable milestone for Lexaria and is a testament to the company’s commitment to advancing its efforts to address unmet patient needs and create shareholder value

In November 2021, Lexaria Bioscience (NASDAQ: LEXX), a global leader in enhancing the speed and efficiency of orally-delivered fat-soluble active molecules and drugs, announced its plans for several new and ongoing research and development (“R&D”) programs on its patented DehydraTECH(TM) technology for the 2022 calendar year. The study areas included hormone replacement, dementia, rheumatoid disease, and diabetes (https://cnw.fm/SDZ4W).

On November 8, 2022, Lexaria announced that the study program, DIAB-A22-1 began on schedule, making it the company’s first-ever study to investigate whether its DehydraTECH-processed cannabidiol (“CBD”) may potentially have therapeutic utility against diabetes (https://cnw.fm/47ouy). This study preceded Lexaria’s first-ever study on DehydraTECH-CBD’s potential for the treatment of dementia, which began one week later and follows the successful HYPER-H21-4 clinical study on the potential treatment of hypertension.

According to the Centers for Disease Control (“CDC”), at least 37.3 million people in the United States have diabetes, representing 11.3% of the population (https://cnw.fm/PjZjh). The condition accounts for 31 out of every 100,000 deaths in the country, making it the 7th largest cause of death in the United States. In 2021, it accounted for over 100,00 deaths for the second consecutive year, spurring a call for a federal mobilization as seen before with the fight against HIV/AIDS (https://cnw.fm/PWVVd).

Lexaria is optimistic that its DehydraTECH-CBD will yield notable results from this study, especially having met primary safety and efficacy objectives from its HYPER-H21-4 clinical study (https://cnw.fm/gUhk3). There is a strong connection between heart disease, hypertension, and diabetes, with hypertension proving to be as frequent in people with diabetes and hypertensive patients being at greater risk of developing diabetes. So far, CBD has shown some ability to reduce the incidence of diabetes in mice, with the study yielding a significant decrease in pancreatic islets production of destructive insulitis and inflammatory cytokine production (https://cnw.fm/XdOB0). Lexaria looks to build on these findings and investigate whether its patented DehydraTECH-CBD may potentially have therapeutic utility against diabetes.

DIAB-A22-1 marks a notable milestone for Lexaria, even as the company aims for late 2022/early 2023 for an Investigational New Drug (“IND”) application with the United States Food and Drug Administration (“FDA”) for DehydraTECH-CBD for the treatment of hypertension. It is also a testament to the company’s commitment to advancing its studies, addressing unmet patient needs, and creating shareholder value.

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 — Missouri DHHS Releases Draft Marijuana Rules Days After Ballot Measure Approval

Americans in five states have had the chance to vote on cannabis legalization during the Midterm elections. In Missouri, voters approved a cannabis legalization initiative dubbed Amendment 3, which would allow adults age 21 and older to purchase and possess up to three ounces of marijuana. Adults would also be able to grow up to six immature plants, six clones and six flowering plants at home once they secure a registration card.

The initiative was pushed by Legal Missouri 2022, a campaign that worked for months to convince Missourians to vote in favor of the measure. Missouri lawmakers have acted quickly in the wake of the legislation’s passage. Only two days after Missourians approved Amendment 3 at the ballot, the Missouri Department of Human and Health Services (DHHS) unveiled draft cannabis legislation for the state’s recreational cannabis market and launched a public comment period.

The Department of Human and Health Services, which will be in charge of Missouri’s adult-use market, began working on potential cannabis rules in August after the state confirmed that cannabis legalization would be on the November ballot. The agency announced at the time that it had begun planning for potential changes to Missouri’s medical cannabis program because it would require some adjustments if voters approved recreational cannabis legalization.

State officials are now encouraging Missourians to go over the proposed draft rules and submit comments before the public comment period ends in two weeks. This feedback will help regulators finalize the cannabis rules in preparation for the state’s recreational cannabis market.

The DHHS will also be in charge of issuing adult-use licenses and will soon begin receiving applications from already-existing medical marijuana dispensaries that would like to serve recreational cannabis. The agency will accept license applications from dispensaries, and officials will have a maximum of 60 days to choose from the pool of applicants. Recreational cannabis sales are expected to begin by February 2023 at the earliest once the agency chooses the first recreational cannabis retailers in the state.

Given that Amendment 3 was subject to intense criticism from advocates who felt that it did not prevent regulators from passing licensing caps, the proposed rules will most likely receive plenty of public comments.

A spokesperson for Rep. Cori Bush said in early November that the congresswoman did not believe the Missouri legalization measure met the standards of equity and restorative justice that are at the heart of drug reform.

When state residents start growing their own marijuana legally, market opportunities could open up for companies that make equipment to facilitate cannabis cultivation indoors, such as Advanced Container Technologies Inc. (OTC: ACTX).

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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420 with CNW — How Would the Passage of SAFE Banking Impact Marijuana-Specific Finance Companies?

As marijuana legalization spreads across the United States, many companies have worked to address the industry-specific challenges that operators faced, particularly with regard to access to financial services, insurance, legal, compliance and regulatory issues as well as the security challenges created by the cash-only operations of many marijuana companies. There is speculation and hope that the SAFE Banking Act, or another version of this law, could be passed in this coming lame duck session of Congress. How will such a law impact the companies that stepped in to serve cannabis businesses?

Some in the industry, including Tyler Beurlein, who works as a business development officer at Colorado-based SHF Holdings, think it will take years for any banking reform to seep through to the practical realities of the marijuana industry. Given that marijuana would still remain federally illegal, not many traditional banks will enter the industry, he says, and that would leave existing players with space to serve the clients they have always served.

He is, however, cognizant of the possibility that SAFE Banking may cut into the business of some companies, and these would either have to consider M&A with larger players or even exit the industry altogether.

Katrina Skinner, chief banking officer and general counsel of Simplifya, a company that provides compliance and regulatory software to the cannabis industry, believes that the passing of the SAFE Banking Act would bring more opportunities because every change opens up business opportunities. Most importantly, she thinks that any federal marijuana banking law would do the cannabis industry the huge favor of clarifying what the applicable regulations are. At the moment, regulations aren’t very clear, and banks have to rely on not-so-detailed guidance provided by federal regulators.

For example, she mentions the burdensome suspicious activity reports that financial institutions serving marijuana companies have to file even if no suspicion of money laundering or fraud exists. Removing such a needless requirement would reduce the costs of providing banking services to marijuana companies, which would be a significant benefit.

There is also a chance that passing SAFE banking would impact insurance for cannabis firms. The entry of new players could result in lower premiums, or the law could result in more data showing that the industry is more risky than initially thought, which could have the opposite effect on premiums. It is too early to predict, says James Whitcomb of the Frontier Risk Group.

What is certain is that the passage of a cannabis banking law would have far-reaching ramifications, and individual companies such as REZYFi Inc. would have to assess how to adjust their strategies in light of the particulars of the banking law when it is implemented.

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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) Potential Hypertension Treatment Poised to Provide Reprieve to Millions of Patients

Lexaria Bioscience Corp. (NASDAQ: LEXX) is developing a potential hypertension treatment with little to no side effects. “The treatment is created by processing cannabidiol (‘CBD’) using the company’s patented DehydraTECH(TM) drug delivery technology, which has been shown to substantially increase the bioavailability of active pharmaceutical ingredients (‘APIs’). In human studies, Lexaria has shown that DehydraTECH-CBD not only increases the amount of CBD in the blood by as much as 317% but also reduces blood pressure and arterial stiffness,” a recent article reads. “Lexaria hopes to prove, through registered clinical trials, that its DehydraTECH-CBD formulation has an acceptable safety and tolerability profile and that it is effective against hypertension. The proof could potentially influence the registration of DehydraTECH-CBD as the second FDA-approved CBD drug, offering a reprieve to millions of hypertension patients who do not have their condition under control because they receive numerous antihypertensive drugs or are unwilling to suffer through these medications’ adverse side effects.”

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

About Lexaria Bioscience Corp.

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) Announces Anticipated $6M Private Placement Funding

InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, has entered into a securities purchase agreement with two healthcare-focused institutional investors. The agreement outlines plans for the issuance and sale of 1,818,185 of INM common shares; the shares will be issued at a purchase price of $3.30 per share or prefunded warrant. In addition, the agreement notes that INM will issue unregistered preferred investment options to the same investors; those options include purchasing up to 3,272,733 additional common shares. According to the announcement, the company anticipates the private placement, which is expected to close on or about Nov. 21, 2022, could total approximately $6 million in gross proceeds. INM plans to use the funds to support the development of its pharmaceutical drug candidate as well as advance manufacturing know-how of cannabinoids and cannabinoid analogs and strengthen intellectual property development; the funding may also be used to assist with other commercial activities and general working capital purposes. H.C. Wainwright & Co. is the exclusive placement agent for the offering.

To view the full press release, visit https://cnw.fm/8jd48

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, 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.

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420 with CNW — NJ Governor Teams Up with Cannabis Firms to Discourage Consuming Black Market Marijuana

The past two decades have seen dozens of American states legalize cannabis for medical and recreational purposes. Cannabis has since proven to be one of the fastest-growing industries in the country, generating billions of dollars in sales and creating hundreds of thousands of new employment opportunities.

However, even though the United States is now home to thousands of legal cannabis businesses, the illicit marijuana market still thrives. Data shows that in 2019 black market sellers sold around $8.7 billion worth of cannabis in California, the country’s largest marijuana market compared to $3.1 billion worth of legal sales. Illegal cannabis cultivation has also significantly contributed to water depletion, pesticide and chemical contamination, and endangered ecosystems.

New Jersey governor Phil Murphy is now partnering with a coalition of major marijuana brands to launch a campaign encouraging consumers to buy from legal sellers and avoid the illicit market. Most cannabis consumers overwhelmingly purchase from black market sellers. Illicit cannabis tends to be several times cheaper than the legal options and doesn’t require consumers to fulfill any conditions before purchasing.

The Buy Legal campaign will be led by the U.S. Cannabis Council (USCC), which includes companies such as Columbia Care, Canopy Growth, Cresco Labs, Wana, Curaleaf, Cronos Group and Viola.

The campaign was announced during the recent Black CannaBiz Expo in New Orleans. In a press release, Governor Murphy said that the state of New Jersey had established a “well-regulated adult-use cannabis market” since the plant was legalized in 2021. He noted that the illicit cannabis market was still alive and well, which put the consumers at serious risk of untested and unregulated products.

Murphy said that the Buy Legal campaign would provide resources that would help his administration protect local, regulated cannabis enterprises, ensure the safety of cannabis consumers and reinvest in communities.

USCC CEO Khadija Tribble said that marijuana consumers have to know where they can procure safe, high-quality, tested marijuana products. Furthermore, she said that minority marijuana business owners deserve the resources provided by such a national campaign to attract more consumers to their premises.

According to former NBA player and Viola CEO Al Harrington, the campaign comes at a transitional time when the cannabis industry can be leveraged to create generational wealth.

Anacostia Organics CEO Linda Mercado Greene says that she has become concerned with the number of unregulated businesses that do not strive to meet safety and testing requirements. Consequently, it is incredibly important that consumers are educated on the importance of purchasing legal, safe and regulated products from numerous licensed entities, such as Flora Growth Corp. (NASDAQ: FLGC), which operate in different markets around the country.

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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