REZYFi Inc. Addresses Loan Needs of Growing Cannabis Industry Through Subsidiary Companies: REZYFi Lending and ResMac Inc.

  • The global cannabis market is expected to reach $33 billion by 2025, driven by legality and regulation within the market
  • REZYFi is servicing the needs of both traditional and non-traditional consumers and businesses
  • Company targets licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related first and additional mortgage-based financing
  • REZYFi’s management team is leveraging its extensive industry experiences in real estate, finance and cannabis to pursue company objectives

The cannabis industry has experienced significant growth in recent years due to the expanding legalization and interest from venture capital firms. This growth is not only being seen in the United States but worldwide. Global cannabis sales are expected to increase from $13.4 billion in 2020 to $33 billion by 2025 (https://cnw.fm/oV6bG). Legality and regulation are key forces that drive this market in the United States, but banking continues to be a challenge as cannabis companies cannot legally access traditional banking services. The Federal Reserve began raising interest rates in March 2022, which makes it even harder for cannabis companies to raise capital and fuel future growth.

As a cannabis mortgage bank servicing the needs of both traditional and non-traditional consumers and businesses, REZYFi is targeting markets that include licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related first and additional mortgage-based and project-specific financings – like solar installations and real estate development projects. The company is positioned as one of the first cannabis mortgage bankers in the United States, an arena where most traditional lenders remain reticent to serve state-licensed cannabis companies.

To overcome many of the challenges that the companies in the cannabis industry face, REZYFi plans to utilize its corporate strengths to facilitate growth, namely experience, a network of independent brokers, and proprietary technology. REZYFi’s experience comes from a management team with significant expertise that spans a wide range of real estate and financial sectors. This team also has extensive experience in the cannabis and hemp industries, which they will leverage as the company navigates the ever-changing cannabis industry landscape.

Over the past five years, REZYFi has developed an extensive network of independent mortgage-related brokers and licensed loan officers, allowing the company to train network members on its new service offerings. REZYFi believes this network is a vital asset as it moves forward in an industry where other firms are abandoning the cause. These strengths, coupled with REZYFi’s proprietary automated/machine learning technology, can shorten the loan processing timeframes and increase overall efficiencies. This allows REZYFi to operate its legacy business at staffing levels meaningfully below its competitors.

REZYFi operates through its two wholly owned subsidiaries from its base of operations in Miami, Florida. The first, REZYFi Lending, primarily addresses the emerging real estate-related financing opportunities within the targeted industry. The second, ResMac Inc., is the company’s traditional mortgage origination, correspondent and servicing option. These subsidiaries are licensed to serve 34 states, and the company plans to expand to the remaining 16 states later in 2022.

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

About CannabisNewsWire

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Looking to Provide Bioavailable Oral Treatment for Hypertension, Mitigate Effects of High Blood Pressure

  • Lexaria is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients (“APIs”)
  • The company has developed the patented DehydraTECH(TM) drug delivery technology, which has been shown to deliver more API at a faster rate than controls
  • Lexaria’s DehydraTECH pipeline includes DehydraTECH-CBD for the treatment of hypertension
  • Through pre-clinical studies, DehydraTECH-CBD has been shown to decrease systolic blood pressure among hypertensive volunteers
  • The company intends to file an Investigational New Drug (“IND”) application and has already received confirmation that the FDA agrees with its proposed abbreviated pathway under section 501(b)(2)

Oral delivery remains the preferred route of administering drugs among cooperating and conscious patients. But some drugs do not have the desired physicochemical and pharmacokinetic characteristics that favor oral administration, an issue that is linked to poor bioavailability. This has often led to the use of other routes or prompted the administration of higher doses, with the latter causing toxicity concerns and risks tied to erratic and unpredictable responses. These challenges, coupled with the fact that more than 90% of therapeutic compounds are known to possess oral bioavailability limitations, have necessitated research that explores ways to enhance oral drug bioavailability (https://cnw.fm/5fM38).

The research has been spearheaded by scholars and scientists as well as companies such as Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms. A biotechnology company focusing its attention and resources on pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients (“APIs”), Lexaria developed the patented DehydraTECH(TM) drug delivery technology.

Designed to be incorporated into the formulation and manufacturing process of existing or new topical and ingestible products, the technology works with existing physiological systems to facilitate enhanced and more rapid absorption of drugs into the bloodstream and cells. In fact, the company has evidenced, through in vivo, in vitro and pre-clinical testing, that DehydraTECH delivers more API at a faster rate than controls, enabling more effective drug absorption. The testing has so far involved APIs such as cannabidiol (“CBD”), PDE5 inhibitors, antiviral drugs, and nicotine, each at different stages of product development.

This DehydraTECH pipeline, Lexaria says, is addressing severe unmet patient needs. Its DehydraTECH-CBD compound, for example, specifically targets the hypertension space; in the U.S., about 47% of adults, or 116 million people, have hypertension, with only about 24% having the condition under control (https://cnw.fm/xssBQ), while globally, hypertension affects more than 1 billion people, or about 30% of the adult population (https://cnw.fm/mKSVw).

A person is considered hypertensive if and when their systolic blood pressure (when the heart is beating) exceeds 130 mmHg or their diastolic blood pressure (when the heart is at rest) is greater than 80 mmHg or if they are on hypertension medication. This heightened pressure has several consequences, including the fact that it makes arteries less elastic, effectively damaging them. This damage, in turn, decreases the blood flow and oxygen to the heart, leading to heart disease. The decreased blood flow also increases the risk of stroke.

In extreme cases, hypertension causes death. In 2020, over 670,000 people died from hypertension in the United States, according to the Centers for Disease Control (“CDC”). Globally, the World Health Organization (“WHO”) reports, 7.5 million people die from high blood pressure annually (https://cnw.fm/sz7n4). Unfortunately, some of these deaths occur among patients who may not have noticed any symptoms, leading to the recognition of hypertension as a “silent killer.” The good news? There are several approved blood pressure medications, with scores still under development or evaluation, including Lexaria’s DehydraTECH-CBD.

In its human pre-clinical studies, Lexaria has shown that DehydraTECH delivers 317% more CBD to the bloodstream. Its HYPER-H21-1 study demonstrated that DehydraTECH-CBD results in a rapid and sustained drop in blood pressure, particularly systolic pressure and especially in stage 2 hypertensive volunteers (those whose systolic pressure exceeds 140 mmHg). In addition, the company separately showed, through its HYPER-H21-2 study, that its drug candidate results in a 23% average reduction in overnight blood pressure and reduces arterial stiffness, while its HYPER-H21-3 study demonstrated attenuated pulmonary artery systolic pressure by -5 mmHg (https://cnw.fm/nUKSQ).

Motivated by the positive results, Lexaria is marching toward filing an Investigational New Drug (“IND”) application, having already received confirmation from the U.S. Food and Drug Administration (“FDA”) that the agency had agreed with the company’s proposal to pursue the 505(b)(2) new drug application (“NDA”) abbreviated regulatory pathway (https://cnw.fm/WPQV2).

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

About CannabisNewsWire

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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420 with CNW — Why Marijuana Is Growing in Popularity While Cigarettes Lose Out

Despite being prohibited in most areas for the past couple of decades, cannabis has been the most-used drug in the world for quite a while. As of July 2022, an estimated 200 million people used cannabis across the globe. Legalization efforts have significantly increased access to the controversial plant, allowing millions to legally purchase and consume cannabis with no legal repercussions.

Dozens of American states, as well as territories around the world, now have legal cannabis markets. As a result, more people than ever are using cannabis, and one industry that has dominated the recreational drug space has begun to feel the heat. According to a pair of recent polls by Gallup, more Americans now smoke marijuana than smoke cigarettes. The surveys also provided more evidence of an ongoing reduction in the number of Americans who smoke cigarettes.

According to a August 2022  Gallup poll, 16% of the survey participants reported smoking marijuana compared to 12% in a similar poll from last year. Although Gallup noted that this increase was not statistically significant, it highlights a growing acceptance of cannabis in American society.

In addition, 11% of Americans who were surveyed in a different poll that was published in July said they had smoked tobacco cigarettes. In comparison, 16% of survey participants said they had indulged in a cigarette in the week in a 2021 poll. It is a significantly larger drop from the 45% of adults who admitted to smoking cigarettes in the 1950s.

Although tobacco is federally legal, it is considered to be more harmful than cannabis and known to cause health issues, including heart and lung disease, cancer, stroke, diabetes and chronic obstructive pulmonary disease. In fact, one of the reasons cannabis smokers have eclipsed cigarette smokers is that as people are becoming more cognizant of the health effects of smoking cigarettes, more are quitting and fewer are picking the habit up.

The CDC estimates that the number of “active” smokers in America has gone down from 20.9% in 2005 to 12.5% in 2020. Furthermore, the July Gallup poll found that three in 10 nonsmokers used to smoke cigarettes, representing a 30% drop in the Americans who smoke tobacco cigarettes. Ultimately, the number of people who are quitting cigarettes has even eclipsed those who are taking up cannabis, the poll found.

Writing for Gallup, Dr. Frank Newport said it is clear that cigarette use is declining and will become less prevalent as time passes. He touted increased public awareness of the negative health effects of smoking cigarettes as well as ongoing government efforts to curb cigarette use as major reasons behind the decline in smoking. Newport also noted that plenty of states now ban public smoking, making the habit more of an inconvenience than a luxury.

As more people learn about the benefits of marijuana, established entities such as Cannabis Strategic Ventures Inc. (OTC: NUGS) could find themselves with a much bigger client base to serve in the years to come.

NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS

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 — Law Enforcement Raids Uncover Human Trafficking Victims in Illegal Cannabis Farms

Recently, law enforcement personnel revealed that they had observed an increase in illicit market entities exploiting suspected victims of human trafficking to grow as well as trim cannabis sold illegally within and outside California. This comes as the cannabis legalization movement spreads across the country.

Advocates and authorities stated that helping the victims was complicated, because most didn’t open up and say they were trafficked; they were also unwilling to collaborate with the law enforcement agencies to apprehend the dealers and smugglers.

Earlier in May, law enforcement officers arrested suspected victims during a raid in an illegal grow operation in California’s Mojave Desert region. These workers, all of whom were Chinese nationals, attempted to flee while the officials conducted a search on the isolated farm.

All the cannabis workers who were arrested revealed that they had been gainfully employed in the restaurant industry before moving west in search of better employment opportunities. None of them had received payment for the work they performed, and they were all living in uncomfortable, cramped trailers located near the illicit operation.

The San Bernardino County Sheriff’s Department charged the workers with misdemeanors then released them.

The cannabis employees had been taking care of 25 greenhouses where officials recovered roughly 1,000 pounds of processed cannabis. Officials estimate that the facility could be generating about $8 million in revenue per quarter.

In 2021 alone, the law enforcement personnel in San Bernardino County have shut down more than 1,000 illicit grow sites and more than 8,500 greenhouses. In a statement, the sheriff’s department stated that they also seized 97,000 kgs of processed cannabis, more than 1.4 million marijuana plants and more than 170 pounds of concentrated marijuana, valued at approximately $1 billion.

The California Department of Cannabis Control recently released a statement showing that other investigations by law enforcement in the Riverside and Los Angeles counties contributed to total illegal marijuana seizures in 2021 valued at an estimated $1 billion.

In the statement, Nicole Elliott, the director of the California Department of Cannabis Control, revealed that these milestones were reached through collaboration and furthered the state’s efforts to pursue those engaged in activities that harmed communities as well as the environment.

The adult-use marijuana program in the state of California was launched to weaken the hold drug cartels had on the plant and, in turn, curb the black market. However, the high entry costs required to get into the market along with the burdensome taxes have enabled unlicensed dealers and growers to flood the market with their marijuana at lower prices.

In an effort to address this, Gov. Gavin Newsom removed the cultivation tax imposed on cultivators earlier in the year.

The dangers of black-market actors in the marijuana industry in California illustrates just how important it is for the state to do everything possible to stamp out the black market so that legitimate firms like Prime Harvest Inc. don’t have to unfairly compete with players who don’t pay taxes and other fees or support the local economy.

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

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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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Targeting Hypertension Drug Market with Proprietary Drug-Delivery Method

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug-delivery platforms, is focused on establishing a stronghold in the $28 billion hypertension drug market. The company’s exclusive therapeutic, DehydraTECH-CBD, has shown exciting potential as an alternative to traditional cannabidiol (“CBD”) dosing methods; the proprietary treatment may offer improved and more rapid absorption of drugs into the bloodstream and brain. According to the announcement, only one FDA-approved CBD drug is currently available on the market; that drug is for pediatric epilepsy. Lexaria is working to offer the second-ever, FDA-approved CBD therapeutic, designed to treat hypertension. The market for the treatment is tremendous, with more than 116 million Americans and more than one billion adults worldwide dealing with high blood pressure, a life-threatening condition. The press release outlines a summary of a PCG Digital interview with Lexaria’s lead investigator in its human hypertension studies, Professor Philip Ainslie, PhD.

To view the full press release, visit https://cnw.fm/5dVRi

About Lexaria Bioscience Corp.

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

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

About CannabisNewsWire

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 — Lift&Co. Expo Announces Vancouver Cannabis Conference & Trade Show After Three-Year Break

Lift&Co. Expo has announced the dates for its upcoming event, the first one scheduled after a three-year paused caused by the COVID-19 pandemic. The event, which will be held in Vancouver, British Columbia, is slated for Jan. 12–14, 2023. Lift&Co. is Canada’s number-one cannabis conference and trade show, and the organization has released information about its Lift&Co. Expo Vancouver agenda. The expo will include a business conference on Thursday, Jan. 12, followed by industry days on Friday and Saturday, Jan. 13–14. The event also has a consumer day on Jan. 14; the expo officially ends with an after party that evening. The Lift&Co. Vancouver gathering includes several new elements, including expo floor speakers’ corners and small-group Q&As, a new budtender program in partnership with Budtender Association, a get-free-tickets program for budtenders and consumers, an expo floor brand discovery pavilion that showcases micro and small-batch craft growers, and an all-new cannabis retailer zone. The agenda also features a new product-pitch competition and consumer lifestyle programming and activations. Past expos have drawn more than 10,000 participants, with more than 200 exhibiting companies and 130-plus sessions. “This brand has history and has touched so many people, but the industry is changing and evolving,” says Lift&Co. Expo senior vice president Lindsay Roberts in the press release. “As we plan for Vancouver and the future, we’re sitting down for deep conversations and re-envisioning every element of the show based on the specific needs of each segment of the cannabis industry. Our mission is to serve the community positively and meaningfully and do our part to contribute to our industry’s future success and progression.”

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

About Lift&Co. Expo

Launched in 2016, Lift&Co. Expo is the original large-scale cannabis trade show in Canada, serving the cannabis community as both a meeting place and a destination for discovery. Each Lift&Co. Expo showcases leading-edge content and premiere exhibitors in a high-energy setting for thousands of cannabis industry retailers, producers, growers, investors and decision-makers. Lift&Co. Expo is proudly produced by MCI. For more information, please visit www.LiftExpo.ca

About CannabisNewsWire

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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Flora Growth Corp. (NASDAQ: FLGC) Agreement with Colombian Tribe Strengthens Cannabis Production Supply Chain

  • Flora Growth is a global cannabis brand-builder focused on the cultivation of product at a central Colombian facility and marketing through a design-led international supply chain
  • Flora recently announced an agreement with Colombia’s Misak tribe for cooperative processing and distribution of cannabis, drawing on the tribe’s licensing advantage to accelerate the pair’s marketing capacity
  • Flora is headquartered in Canada, but its strength lies in its Colombian-based cultivation operations centered in Colombia, one of the largest licensed outdoor operations in the world
  • In recent years, Colombia’s government has been working to create a legalization framework for cannabis cultivation, processing and exportation to shake off its legacy of illegal drug trade violence

Canada-headquartered global cannabis brand-builder Flora Growth (NASDAQ: FLGC) is increasing the strength of its supply chain, centered in its 100-hectare (about 247-acre) cultivation facility located in the heart of Colombia’s green climate, by finalizing a distribution agreement with the Misak indigenous tribe’s pharmaceutical arm.

“Through this partnership, we will collaborate with the tribe on the processing and distribution of their Colombian-grown cannabis while offering Manasr a powerful platform for product distribution,” Flora Growth Chairman and CEO Luis Merchan stated in an August news release announcing the arrangement (https://cnw.fm/j4ObI). “In return, Flora will be able to leverage the tribe’s unique regulatory positioning to expedite exports and increase global market penetration of Colombian cannabis goods.”

Pharma Indigena Misak Manasr Sas, referred to simply as Manasr, is the tribe’s pharmaceutical enterprise, which in 2020 became the first native community business to receive a license from the national Ministry of Justice for producing legal cannabis for medicinal and scientific use, according to Google’s English translation of a local news report (https://cnw.fm/nEU3i).

Flora Growth will assist the tribe with regulatory advice, as well as technical and business support and market promotion for Flora Growth-branded products, particularly as the tribe enters the international supply chain, as Merchan indicated.

The agreement is for three years, with the potential to become a lasting, long-term collaboration.

Prior to the June elections that established Colombia’s current national administration, the country underwent progressive drug policy changes in an effort to cast off its reputation as a haven for illegal drug trade and related organized crime violence. The normalization of the economy and legalization of cannabis commerce for medical purposes with regulated foreign exports have led to a revolutionary new energy for Colombia’s trades, which continues to be supported under the new administration.

Flora’s Cosechemos facility provides cultivation, extraction and isolation operations at the city of Bucaramanga, supplemented by GMP-certified processing at a facility in the nation’s capital, Bogotá.

Flora has established exports to Mexico and Spain and opening doors to the United Kingdom and the United States.

The company recently reported its financial results for the first half of 2022, showing a 604 percent YOY growth in revenues as its design-led product profile and capital acquisitions gain market attention. The revenue growth was also a 117 percent increase over the second half of the previous year (https://cnw.fm/c2YuS).

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

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

About CannabisNewsWire

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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420 with CNW — Adult-Use Cannabis Sales in Illinois Surpass $3B Since Recreational Market Launched

Adult-use cannabis sales in the state of Illinois have already surpassed the $1 billion threshold this year. The state’s marijuana sales for the month of August totaled $129,441,315, which brought its total sales for 2022 to $1,015,700,115. Data from the Illinois Department of Financial and Professional Regulation also shows that the space has officially exceeded its $3 billion mark for adult-use marijuana purchases since dispensaries first launched in 2020.

In 2021, adult-use cannabis purchases took until October to surpass the $1 billion mark.

The state’s market has significantly grown these last few years, especially considering that in 2020, consumers purchased about $669 million worth of cannabis.

State data shows that in August, more than $88 million in sales from residents of Illinois was recorded. Visitors from outside the state made up an additional $41 million in cannabis sales. State data also shows that the state generated about $100 million more in tax revenue from adult-use sales than from alcohol last year.

Medical marijuana sales figures are reported by another state agency and thus are not accounted for in this data. Gov. J.B. Pritzker recently proclaimed the state’s cannabis sales and generated tax revenue for the 2022 fiscal year.

The data shows that the state of Illinois collected about $445 million in tax revenue from $1.5 billion in marijuana sales during this period. This represents a 50% increase in marijuana tax dollars in comparison to the 2021 Fiscal Year. Pritzker and other officials in the state have stated that they are focused on ensuring that a portion of the tax dollars generated from the cannabis market is allocated to community reinvestment, as stipulated under Illinois’ legalization law.

Earlier in June, state officials announced that $45 million in grants financed by cannabis tax dollars would be disbursed for community reinvestment in areas that were the most affected by the drug war.

This is the second  series of funding that’s been availed by the state’s Restore, Reinvest and Renew program. The program, dubbed the R3 program, was established under the state’s adult-use marijuana legalization law.

In 2021, the state also allocated $3.5 million in marijuana-generated funds toward efforts to decrease violence through intervention programs.

It is expected that recreational cannabis sales in the state of Illinois will increase after officials approved additional social equity cannabis retailer licenses two months ago. The additional licenses will increase the number of dispensaries operating in the state once the businesses start running.

The adult-use cannabis sales successes registered in Illinois show just how much companies such as Flora Growth Corp. (NASDAQ: FLGC) can contribute to the states and communities in which they are allowed to 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 — New Jersey Marijuana Commission Wants Cannabis Treated Like Alcohol

Cannabis may be one of the fastest-growing industries in the country, but the legal landscape surrounding the drug is far from perfect. Although dozens of states have launched legal cannabis industries, the federal government still classifies cannabis as a Schedule I controlled substance. Furthermore, different state cannabis policies are not consistent with each other, resulting in a patchwork of cannabis policies across the country.

For years, industry stakeholders, cannabis reform activists and lawmakers have urged regulators to create standardized cannabis policies for recreational marijuana that protect employees’ rights to both purchase and consume marijuana. Rather than choosing complete prohibition, these officials encourage a system where cannabis is treated like alcohol. Such a system would allow people to consume marijuana during their free time but also give their employers a right to enforce a drug-free workplace.

Regulators in New Jersey recently took a step toward legitimizing the state’s cannabis industry after they issued novel guidance on how recreational cannabis should be treated in the workplace. According to the New Jersey Cannabis Regulatory Commission, workers in states with legal recreational markets have the right to use cannabis during their personal time. However, the CRC also acknowledged that businesses also had the right to keep their premises drug free.

The regulator stated that employers can instruct their employees to take mandatory drug tests if they notice signs such as glassy eyes, cannabis odor, or the uncharacteristic and inappropriate wearing of sunglasses. CRC executive director Jeff Brown pointed out that employers should note these signs if they are uncharacteristic of the employee’s baseline behavior, appearance and performance.

He said that although a drug test alone cannot be sufficient evidence to terminate an employer, it can be used to collect evidence that an employee is impaired. Coupled with the aforementioned signs, a positive drug test could be reason enough for disciplinary action or termination of the employee. Employers will have to document signs that they “reasonably believe” point to cannabis impairment and then collect more empirical data via a drug test to support any disciplinary actions.

Although this recent guidance states that employees are allowed to use cannabis outside of work, some classes of workers can still lose their jobs for legally consuming cannabis. Federal employees, for instance, cannot use cannabis even if they live in legal states because their employers fall under the purview of federal law. Employees who also work in occupations that require them to be alert for long periods of time may also be terminated due to regular mandatory drug tests.

The push to keep reforming marijuana laws isn’t just happening in New Jersey. Even states such as California where entities such as American Cannabis Partners are based have ongoing challenges as they make efforts to keep improving the regulatory environment so that the industry can thrive.

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

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

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420 with CNW — Germany Is Importing More Medical Cannabis from Sources Closer to Home

During the first half of 2022, Germany imported a high amount of cannabis for scientific use and medical sales. Last year, the country cumulatively imported more than 20,500 kg of marijuana for scientific and medical purposes. This figure is significantly higher than its 2020 figure of 13,345 kg. In 2019, the country imported a little more than 8,000 kilograms of cannabis.

Data from the Federal Institute for Drugs and Medical Devices shows that through the first half of the year, imports of dried flower and extracts increased by more than 6% to reach 10,486 kilograms. This is in comparison to import figures from the first half of 2021, which totaled to 9,841 kilograms.

Since 2017, Canada has made up no less than 38% of all of medical cannabis imports into Germany. In 2021, licensed producers based in Canada shipped almost 6,500 kilograms of medical cannabis extracts and flower to Germany, which makes up roughly a third of the nation’s imports.

While data from the German government shows that Canada was still the nation’s top supplier last year, separate data shows that the role of Canada as Germany’s top cannabis supplier has diminished as competition to supply this prized market intensifies. Cannabis companies in Portugal, the Netherlands and Denmark also supply the German market, which has fostered healthy competition.

Experts believe that Canada’s waning role in Germany’s cannabis import may also arise from some Canadian companies shifting production to Europe. For instance, Aurora Cannabis has been supplying the German market mainly from Canada. However, the Alberta-based company transitioned its supply for products for the EU markets to the Nordic region after it received EU- Good Manufacturing Practice certification. Currently, most of Aurora’s cannabis in Germany is imported from Denmark.

It is important to note that experts believe that an undetermined quantity of the imported product is usually re-exported to other nations in the European Union. They argue that based on this, Germany’s import figure shouldn’t be used to measure the country’s market size.

Additionally, businesses seeking to venture into the import market in Germany are cautioned against buying into any predictions of rapid growth. This is after recent data from the German government showed that imports had reduced in the final quarter in three of the last five years.

Despite this, the market has grown these last five years, moving from less than two tons of imports in 2017 to more than 20 metric tons in imports into the country last year.

As the rules around marijuana evolve, another interesting angle of analysis to look into could be comparing the tonnage of cannabis being grown using various technologies, such as the indoor vertical gardens commercialized by the likes of Advanced Container Technologies Inc. (OTC: ACTX) vs. other cultivation methods.

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

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
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303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.