420 with CNW — Florida Supreme Court Considers 2024 Recreational Cannabis Legalization Initiative

Earlier this week, Attorney General Ashley Moody submitted a ballot measure to legalize recreational cannabis to the Florida Supreme Court. Smart & Safe Florida, a political committee that supports the rights of adults to buy, possess and use cannabis within reasonable regulations, is sponsoring the proposed amendment to the constitution.

Thus far, the committee has gathered more than 222,000 signatures for its petition, which is more than enough to prompt a review by the Supreme Court. The Supreme Court usually focuses on whether the language in the proposal is clear as well as if the proposed amendments to the constitution are limited to single subjects.

Moody, who had sought an opinion on the proposal from the courts, indicated in her formal filing that she thought the initiative didn’t meet the legal requirements of part of state law to be brought before voters in the state next year. This move from Moody comes after she received a ballot measure notification from Secretary of State Cord Byrd in April.

In her statement, the AG added that she’d present additional arguments via a briefing at a later date.

For the measure to be placed on the November 2024 ballot, the sponsors will need to collect no less than 891,523 validated signatures on their petition. As of Monday, the total number of signatures stood at 786,747. If approved, the measure will allow individuals aged 21 and older to buy, possess and/or use cannabis products and cannabis accessories for nonmedical personal consumption by ingestion, smoking or otherwise.

The medical use of marijuana is already permitted in the state of Florida. In November 2016, voters approved Amendment 2, which broadly legalized the medical use of the drug for people with certain debilitating conditions or illnesses determined by a licensed physician in the state. This amendment also required that the state health department register and regulate cannabis production and distribution centers. However, it contained no provisions on home cultivation for medical cannabis patients or employment protections for eligible patients.

Overall, the medical use of marijuana is legal in 38 states, the federal District of Columbia and four out of five permanently inhabited U.S. territories.

The recreational use of marijuana is also legal in the District of Columbia, 22 states and 3 U.S. territories. Additionally, 9 other states have decriminalized the use of the drug.

However, the possession and use of marijuana remains illegal under federal law. This is because the drug is still classified under Schedule I of the Controlled Substances Act. That notwithstanding, a number of cannabis-based formulations such as Epidiolex have obtained FDA approval and are being legally used by qualifying patients. Other companies such as IGC Pharma Inc. (NYSE American: IGC) also have cannabis-based drug pipelines that they hope will result in FDA approval at the end of the drug-development process.

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

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 — Study Says Tobacco Use is Declining in States with Legal Marijuana Markets

A recent study has found that state-level marijuana policies are largely linked to modest, sporadic, longer-term declines in tobacco use among adults. The implementation of state recreational cannabis laws (RMLs) did, according to the research, result in a small increase in adult marijuana usage of between 2% to 4%, depending on the source of data. However, tobacco use did not follow this pattern.

The results were published last month in the “Journal of Health Economics” by researchers from Bentley, Georgia State and San Diego State universities. They noted the study was the first to thoroughly investigate how legalizing marijuana for recreational use will affect tobacco usage. The researchers used data from the Population Assessment of Tobacco and Health (PATH) and the National Survey on Drug Use and Health (NSDUH).

The study found that cigarette smoking rates had significantly decreased since the first report in 1964, with male adult rates falling from 55% to 16% and female rates falling from 35% to 12%. The study notes that there is considerable disagreement over the reasons for these declines, but the majority of public health professionals advocate for maintaining the improvements.

The study’s authors agree that their examination of the NSDUH data reveals that legalization results in a (mostly) statistically negligible decrease of 0.5 to 0.7 percentage points in tobacco usage, which includes cigars, smokeless tobacco, pipe tobacco and cigarettes. RMLs have minor, laggardly tobacco effects that are concealed by this null effect, however. “We observed that adult tobacco usage decreases by roughly 1.4% to 2.7% three or more years after the establishment of an RML,” the authors said.

The study also looked at states that legalized marijuana earlier than others to make sure. The findings, it claims, offer some evidence in favor of the theory that tobacco usage decreased in several of the first-to-adopt states, particularly in Washington and Colorado, which also experienced the biggest increases in marijuana use after RML was passed.

According to the researchers, the decline in tobacco use in states where it is legal is mainly concentrated where recreational cannabis dispensaries are permitted as well as where the population of men is higher. They claim that these results are in line with the theory that some adults may substitute tobacco for recreational cannabis and vice versa.

Ultimately, the authors concluded that the study’s projections point to a drop in smoking prevalence of up to 5 million individuals, which would result in annual savings of $10 billion in healthcare costs associated with tobacco use.

These studies that highlight some of the additional societal benefits of cannabis legalization help to change perceptions about this plant. As attitudes change, business opportunities keep increasing for not only “cannabis-touching” companies but also ancillary ones 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

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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Completes $2 Million Public Offering Consisting of Common Shares and Accompanying Warrants

  • Lexaria recently completed its 2,106,000-unit public offering at $0.95 per share – representing proceeds totaling over $2 million gross in support of the company’s growth
  • Maxim Group LLC is acting as the sole placement agent in connection with Lexaria’s offering
  • Earlier the company was granted four new patents, bringing its total to 32 granted and many more pending worldwide for its patented DehydraTECH(TM) technology
  • Lexaria is currently seeking IND status from the FDA for use of DehydraTECH-processed CBD with hypertension and expects to begin dosing a new human clinical trial in October 2023

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced the closing of its 2,106,000-unit public offering. Each unit consists of one share of common stock, and one warrant to purchase one share of common stock. The common shares and accompanying warrants can only be purchased together in this offering but will be issued by the company separately and will be separable upon issuance.

Each unit in Lexaria’s public offering is being sold at $0.95 and will be immediately exercisable at $0.95 per share and expire five years from the date of issuance. Maxim Group LLC is acting as the sole placement agent in connection with Lexaria’s offering. Before deducting the placement agent fees and other offering expenses, gross proceeds totaled approximately $2 million (https://cnw.fm/rpRsN).

Lexaria’s patented DehydraTECH(TM) technology is designed to deliver lipophilic (fat-soluble) drugs and active pharmaceutical ingredients (“APIs”) more effectively. The major benefits of DehydraTECH-enabled drugs or consumer products include:

  • Speeds up delivery – the subject feels the effects of the product in just minutes
  • Increases bioavailability – the technology is much more effective at delivering the drug or product into the bloodstream
  • Increases brain absorption – animal testing suggests significant improvement in the quantity of the drug delivered across the blood-brain barrier
  • Improves drug potency – more of the ingested product is made available to the body, so lower doses are required to achieve the desired effect
  • Reduces drug administration costs – lower doses mean lower overall drug costs
  • Masks unwanted taste – the technology eliminates or reduces the need for sweeteners

Lexaria has demonstrated through animal studies a propensity for DehydraTECH to elevate the quantity of the drug delivered across the blood-brain barrier by as much as 1,700 percent, initiating additional new patent applications and opening possibilities for improved drug delivery. Since 2016, DehydraTECH has repeatedly demonstrated, through cannabinoids and nicotine, the ability to increase bio-absorption by up to five to ten times, reduce the onset time from one to two hours to just minutes, and mask unwanted tastes.

Lexaria is exploring additional orally administered bioactive molecules, including antivirals, cannabinoids, PDE5 inhibitors, oral nicotine and more.

The company currently has 32 granted patents, with several more pending worldwide – after recently being granted four new patents in Japan, Australia, Canada, and the United States. Lexaria believes that the U.S. patent could be of particular importance as it relates to the company’s pursuit of utilizing DehydraTECH-CBD in relation to its hypertension studies and its FDA Investigational New Drug application.

Phase 1b of Lexaria’s HYPER-H23-1 clinical trial, Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertensionis expected to begin dosing as early as October 2023, after the filing of the IND with the FDA which is expected in this summer. The five previous (non-FDA regulated) human trials of DehydraTECH-CBD have shown potential to have pronounced clinical benefits relative to anti-hypertensive therapeutics.

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 — Minnesota Legislators Build Consensus During Cannabis Legalization Committee Conference

During their first committee meeting last week, bicameral and bipartisan legislators ironed out some differences they had on cannabis legalization measures that were approved in both chambers in April. The members adopted some amendments on temporary regulations for hemp-derived CBD products and how the measures defined marijuana.

Senate bill SF 73 was sponsored by Senator Lindsey Port while the House version, HF 100, was sponsored by Representative Zack Stephenson. Stephenson stated that he and Port were focused on finishing the job, noting that Minnesota’s current drug laws were doing more harm than good.

The bills were identical in the beginning before being amended in the respective chambers during the committee process. Following approval of the bills, bipartisan lawmakers were appointed as negotiators to resolve any differences and reach an agreement.

The main components of both legislations include the following:

  • Individuals aged 21 years and older will be allowed to buy and possess no more than two ounces of marijuana in public. This is in addition to being permitted to grow up to eight plants at home.
  • Gifting up to two ounces of cannabis without remuneration between of age individuals will also be allowed.
  • The Bureau of Criminal Apprehension would be in charge of identifying individuals eligible for relief and automatically process their expungements.
  • Marijuana delivery services and on-site consumption permits would be permitted and approved under the resolutions.
  • Some of the taxes would be allocated toward grants to support farmers and programs to treat substance misuse.

Currently, the key differences in both bills include limits on marijuana possession and tax rates for marijuana along with local control. With regard to taxes, HF 100 imposes an 8% tax on marijuana sales while SF 73 calls for a 10% tax to be levied on cannabis sales. Regarding possession, SF 73 proposes to allow individuals to possess up to two pounds of cannabis in public and up to five pounds of self-cultivated marijuana at home. On the other hand, HF 100 seeks to permit individuals to possess up to 1.5 pounds in a private dwelling.

Given that the legislative session is set to end soon, the negotiators will need to speed up this harmonization process. Governor Tim Walz has called on supporters to join the administration and legislators in their push to legalize cannabis in this session. In January, he sent out an email blast encouraging individuals to sign a petition supporting the reform. Earlier this year, the governor also released a budget request that included proposed funding for cannabis record expungement and implementation of cannabis legalization.

As the goings-on in Minnesota indicate, medical and recreational marijuana have to go through various legislative processes in order to be legalized at state level. The process is different for companies such as IGC Pharma Inc. (NYSE American: IGC), which focus on making cannabis-based medicines. In this case, the FDA has a clear process through which those formulations have to be taken before they can be approved and licensed for use in the healthcare system.

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

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 — Montana Legislators Send Cannabis Reform Measures to Governor

The Montana legislature passed several measures in the final hours of this year’s legislative session that, if Governor Greg Gianforte signs into law, will significantly impact the state’s recreational marijuana market. A few new regulations, including one that is more lenient when it comes to edible THC testing and another that extends the moratorium on authorizing new operations until 2025, could benefit the industry. However, some, including a considerable increase in license renewal prices, may make it more difficult for businesses to operate.

The legislature also blocked measures that would significantly impact the industry during the session, such as SB 546 from Senator Keith Regier, which would have outlawed recreational marijuana dispensaries in the state entirely.

The Economic Affairs Committee prepared a list of proposed amendments to HB 701, the basic cannabis business framework measure approved in 2021. The current session’s HB 128 by Representative Josh Kassmier implements several of those improvements.

Notably, the bill extends the existing 18-month restriction on awarding new marijuana company licenses by an additional two years. New businesses will be prohibited from establishing themselves in Montana until after June 30, 2025. HB 128 further answers issues raised by HB 701 regarding the automatic issuance of retail and cultivation permits for Montanan tribes engaged in combined-use activities. Tribes are now permitted to establish facilities with the potential for growth under HB 128. Another bill, HB 903, clarifies the start date of the license ban.

By extending the moratorium’s commencement date to April 27, HB 903 permits 16 businesses — those that had made the license application before that date and have subsequently been caught in limbo — to start selling recreational cannabis. The remaining 29 who submitted license applications after that date are limited to selling exclusively medicinal marijuana.

Some provisions in the pending measure, however, are a bit harsh on the sector. For instance, HB 903 adds a cumulative $5,000 fee for each additional location, implying that a business must pay double the amount — $10,000 — to obtain a new license for a second location. Moreover, any doctor who issues more than 39 medical cannabis certifications per year will have their license evaluated by the state’s medical examiner’s board.

Another bill, HB 948, makes it illegal to distribute or produce synthetic cannabis products such as HHC and Delta-8 tetrahydrocannabinol in the state. Under current legislation, delicacies containing synthetic marijuana, vape cartridges or other products are not subject to the same tests and regulations as cannabis.

All of these measures are currently pending the governor’s approval.

As more enabling regulatory changes are enacted and take effect, the state could see an uptick in the cultivation of marijuana as companies move to leverage the improved regulatory regime. Such an uptick in cultivation activity could create opportunities for entities such as Advanced Container Technologies Inc. (OTC: ACTX) that specialize in manufacturing indoor cultivation equipment, including “microgardens.”

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.

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Lift Toronto 2023 Conference & Expo: Lifting the Rapidly Expanding Cannabis Industry & Community

Cannabis industry leaders, entrepreneurs, policymakers, service providers and consumers are all invited to attend the Lift Toronto 2023 Conference & Expo to be held at Metro Toronto Convention Centre from June 1-3, 2023. The advocacy-oriented, strategy-focused Lift Cannabis Business Conference (“LCBC”) on June 1st kicks off the three-day event and is dedicated to discussing best practices in evolving cannabis industry topics, brushing up on policy matters, and connecting with industry leaders.

The Lift Cannabis Business Conference is an ideal opportunity for those who are serious about thriving in the global cannabis industry; it is the premiere gathering of subject matter experts, cannabis business leaders, regulators and decision-makers. Each speaker and panel offers innovative education about the most pressing issues in our industry.

An Irresistible Experience

Continuing the can’t-miss event for the cannabis industry and community, the expo is open June 2nd & 3rd for Industry and Budtender Days and Consumer Day. Hundreds of companies participating in the expo will gain new business leads, strengthen client relationships, revisit existing customers, and create awareness of their businesses.

In turn, attendees will experience the latest and greatest in cannabis brands, products and innovations across cannabis retail, cultivation and extraction, as well as learn about the operational, technical, and strategic tools you need to grow in this ever-changing, ever-challenging industry. From a 360-degree perspective, Lift Toronto provides a complete opportunity to explore the challenges and opportunities that cannabis businesses face today while getting insights into the products and ideas that will drive the industry forward. Lift events are known for memorable positive experiences, which keep thousands of cannabis industry leaders and trailblazers talking long after an event is over.

To learn more, please visit https://cnw.fm/fH4AW.

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) Completes Dosing in Human Oral Nicotine Study, Hopes to Facilitate More Satisfying Experience with DehydraTECH(TM)-Processed Oral Nicotine

  • Lexaria recently reported that dosing of the targeted 36 volunteers in its human clinical oral nicotine study, NIC-H22-1, had been completed
  • The company hopes to demonstrate that its DehydraTECH(TM)-processed nicotine absorbs more quickly and more efficiently into the human bloodstream than leading oral nicotine brands
  • Through previous animal testing, Lexaria showed that DehydraTECH-nicotine was up to 10x to 20x faster in delivering comparable levels of nicotine and delivered up to 6-fold higher levels of nicotine into blood plasma than concentration-matched controls
  • If the findings from the human study replicate a similarly improved performance, Lexaria believes this could facilitate a more satisfying oral nicotine experience than any leading brands sold around the world today
  • Success could result in an important commercial relationship developing in 2023, according to CEO Chris Bunka

Lexaria Bioscience (NASDAQ), a global innovator in drug delivery platforms, recently announced that the dosing of the targeted 36 subjects in its human clinical oral nicotine study NIC-H22-1 had been completed. In the meantime, the company has already commenced sample and data analysis and expects to report the findings as soon as possible (https://cnw.fm/u4AHx).

NIC-H22-1 is a human pharmacokinetic randomized, double-blinded, cross-over study that involved 36 human volunteers that are current cigarette smokers. Each participant visited the laboratory for dosing three times over several weeks, and during each visit, only one oral nicotine pouch was administered: Lexaria’s DehydraTECH(TM)-processed purified nicotine, On!(TM) brand manufactured by Altria, or Zyn(TM) brand manufactured by Swedish Match. Dosing began in December 2022 (https://cnw.fm/8RETj).

“We hope to demonstrate that the Lexaria DehydraTECH-processed nicotine absorbs more quickly and more efficiently into the human bloodstream than the world’s leading oral nicotine brand, Zyn(TM), or America’s third leading brand, On!(TM). If we are successful, we feel this will be a major step towards adoption of our technology into a consumer product, which could result in an important commercial relationship developing in 2023,” Lexaria CEO Chris Bunka wrote in the January 2023 annual letter to stakeholders (https://cnw.fm/Ueieg).

The study results from years of work as Lexaria sought – and continues to seek – a safe alternative to vaping or cigarette smoking, methods of nicotine intake that pose significant dangers to the health of smokers. Data from the World Health Organization (“WHO”) shows that over seven million people die each year due to direct tobacco use, while about 1.2 million non-smokers die because of exposure to second-hand smoke (https://cnw.fm/knvkM). And while vapes or e-cigarettes were developed as less harmful alternatives to conventional cigarettes (“c-cigarettes”) because they do not contain combustible tobacco (https://cnw.fm/ngb7L), NIH-funded studies show that long-term use of e-cigarettes or vaping products can significantly affect the function of blood vessels, increasing the risk of cardiovascular disease (https://cnw.fm/L6kvS).

Over the years, oral nicotine pouches entered the market as companies sought to reduce the societal impact of tobacco globally, and their uptake has been on the up since. According to a 2023 report, the global nicotine pouches market is projected to grow from $4.69 billion in 2022 to $11.91 billion in 2029, representing a CAGR of 13.4% (https://cnw.fm/3QA0d). But despite this projected growth, nicotine pouches have been shown to deliver lower nicotine levels to the blood than with cigarettes, with the time taken to reach peak levels being slower too (https://cnw.fm/xpQVd).

A reluctance by industry to embrace modern technology – has contributed to the failure of older, slow-acting traditional nicotine products to woo smokers; especially considering that in 2020, cigarettes accounted for 84.1% of the retail value sales of all nicotine products, down from 88.9% in 2017 (https://cnw.fm/O3AjX). Given that the global nicotine market is worth roughly $1 Trillion per year, each percentage point of sales represents about $10 billion in revenue. However, Lexaria believes its fast-acting technology – which decreases wait times from as long as an hour to just 3-6 minutes in animal testing – points to a possible seismic shift if improved DehydraTECH nicotine pouches hit the market.

Through animal testing, Lexaria showed that DehydraTECH-nicotine was up to 10x to 20x faster in delivering comparable levels of nicotine into the bloodstream than the peak of concentration-matched controls. The technology also went on to far exceed their total delivery; in particular, it delivered up to 6-fold higher nicotine levels into blood plasma (https://cnw.fm/lknLU). If the findings from the human study replicate similarly improved performance, Lexaria believes this could facilitate a more satisfying oral nicotine experience than any leading brands sold around the world today.

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.

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

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

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420 with CNW — Why Marijuana’s $100 Billion Economic Impact Varies by State

The recreational and medical marijuana markets continue to have a positive economic impact on the nation as a whole. However, the effects on individual states vary according to the size, maturity and nature of each market. Compared to certain larger, highly populated states with larger markets, some smaller, less populous states are seeing a stronger overall impact on the economy.

Statistics from the just-released MJBizFactbook indicate that the total economic impact of cannabis sales in the United States is predicted to hit $100 billion this year, a rise of more than 12% from 2022. Marijuana sales could inject $17.6 billion this year into California’s economy—the largest marijuana market in terms of population and sales. Conversely, cannabis contributes significantly less to the thinly populated medical and recreational markets. For example, Mississippi, which opened sales in January, is predicted to see a $30 million increase in revenue by year’s end.

When the population of a state is taken into consideration, certain people benefit more than others. Although the California marijuana sector might have the greatest total impact, other jurisdictions offer more impact per individual. For instance, the cannabis market in Alaska is poised to create an average economic contribution to each individual this year of about $1,431. The marijuana industries in Massachusetts, Colorado, Michigan, New Mexico, Nevada and Montana will each contribute nearly $800 per citizen. California, on the other hand, with roughly three times the revenue of Colorado, will only contribute around $450 in economic benefit per person.

Economic influence occurs in both indirect and direct ways. Workers in the marijuana sector can use their earnings to pay for basic needs such as food, shelter, transportation and other essentials. Additionally, cannabis companies, patients and customers shell out millions in local and state taxes, which are used to fund infrastructure improvements such as roads and schools. Real estate businesses also benefit from the opening and expansion of the manufacturing, retail and agricultural industries, which raises demand for properties.

Contrary to supply-chain income, which is commonly used to estimate a sector’s overall size, the economic impact of the cannabis industry is distinct from that of other industries. For cannabis, the multiplier demonstrates how the industry influences the whole economy.

In this event, every $1 that patients and customers spend in retail outlets, a substantial amount of it locally, injects an additional $2 into the economy. While the multiplier approach isn’t ideal for local effect studies, it still offers a great projection of how cannabis affects the economy as a whole.

It would be interesting to learn how the economic benefits arising from companies such as IGC Pharma Inc. (NYSE American: IGC) can be computed, given that the cannabis-based medicines that they are developing can be used across the nation and globally once they receive FDA or regulatory approval.

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

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 Banking Reform Prospects in US Senate Seem More Positive

The SAFE Banking Act, a bipartisan measure that was reintroduced last month, was recently discussed by the Senate Banking Committee. While the legislation has already been approved by the House of Representatives on numerous occasions, the Senate has never voted on the measure. This is despite Majority Leader Chuck Schumer voicing his support for the proposal.

It is believed that if the bill were to advance to the president’s desk, he would sign it.

The measure’s approval would prohibit federal banking regulators from penalizing financial institutions that provide basic banking services to cannabis businesses in legal states. Its introduction buoyed shares in publicly traded multistate operators a fortnight ago, which observers cite as a sign of how little progress Congress has made on cannabis reform since the inception of the multibillion-dollar marijuana industry.

The hearing by the U.S. Senate Banking Committee isn’t final, however;  it is just a requirement for a committee vote and, in turn, floor consideration. The witnesses called to appear before the committee included Senators Steve Daines and Jeff Merkley, who previously sponsored the measure.

In an email, a spokesperson for Daines revealed that the senator was glad that a  hearing had finally been scheduled for this banking measure. The spokesperson added that the senator believed that there was strong bipartisan support in the senate for the bill. It is expected that the bill will soon be advanced to the senate floor, with committee chair Senator Sherrod Brown vowing that a separate committee hearing with a markup would follow the initial meeting.

However, experts note that the measure doesn’t require a committee vote or a markup to be enacted. They also highlight that efforts to attach the banking resolution to other bills such as the annual defense spending bill failed in the previous congress.

Many feel that the odds of the proposal being approved remain long. For a debate on a measure to end, 60 votes are needed under the cloture rule in the Senate. Some have also pointed out that earlier this year, the senate considered and rejected a marijuana question.

Last month, a motion to end debate and hold a vote on a measure that would allow the Veterans Administration to conduct clinical studies on the effectiveness of marijuana for PTSD and chronic pain in military veterans was rejected with a lone abstention. The director of Maine’s Office of Cannabis Policy, John Hudak, is also skeptical about whether the 118th Congress will push the measure through.

If cannabis banking is finally permitted under federal law, the cannabis industry could see massive growth as access to funding improves. That would, in turn, also boost the prospects for ancillary companies, such as Advanced Container Technologies Inc. (OTC: ACTX), which focus on meeting the needs of companies that are dealing directly in marijuana or its products.

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

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CannabisNewsBreaks – InMed Pharmaceuticals Inc. (NASDAQ: INM) CEO Featured in Upcoming Water Tower Research Fireside Chat

InMed Pharmaceuticals (NASDAQ: INM), a leader in the pharmaceutical research, development, manufacturing and commercialization of rare cannabinoids and cannabinoid analogs, will be represented at an upcoming Water Tower Research Fireside Chat Series. The company announced that CEO Eric A. Adams will be the featured speaker at the May 23, 2023, fireside chat; the event is slated to begin at 1 p.m. ET. During the chat, Adams will present an overview of the company’s pharmaceutical development pipeline. He will also discuss subsidiary BayMedica and its anticipated impact on InMed’s growth as well as upcoming catalysts for the company. A replay of the fireside chat will be available after the event for those who are unable to view it live.

To view the full fireside chat, visit https://cnw.fm/EQu9u

To view the full press release, visit https://cnw.fm/Oa7GL

About InMed Pharmaceuticals Inc.

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

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

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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