420 with CNW — Dallas Voters to Decide on Marijuana Decriminalization in November

Dallas voters will have the opportunity to decide in November whether or not the city should decriminalize cannabis. The city’s council decided on Aug. 14, 2024, to add the Dallas Freedom Act to the ballot for the upcoming Nov. 5 election. Local proponents of cannabis reform are leading this effort to loosen the rules governing adult possession of marijuana.

The push for reform is led by Ground Game Texas, a nonprofit organization focused on social justice. The group gathered nearly 50,000 signatures from residents, far exceeding the 20,000-signature threshold needed to get the measure on the ballot.

The measure would forbid police from arresting or ticketing people for having less than four ounces of cannabis in their possession. Possession of two to four ounces of cannabis is currently regarded as a class A misdemeanor in Texas, which carries a maximum one-year jail sentence. Possession of less than two ounces results in a class B misdemeanor, and the punishment is up to 180 days in jail.

Other key provisions within the proposal include:

Except for felony investigations, Dallas police would no longer be permitted to use the scent of hemp or cannabis as justification for searching or seizing property.
Except for the restricted circumstances outlined by the proposal, police would not issue a citation for class A or B misdemeanor possession of cannabis or arrest unless instructed otherwise by an orderly ruling from a federal or state court.
Except in cases where testing is required for public safety (such as toxicology tests) or is a component of a violent crime investigation, no cannabis product would be subjected to THC-level testing to assess if it complies with the legal definition of marijuana using city resources or people.

The city council approved the proposal for the November ballot by a vote of 11–4. Supporters of the measure, including Council Members Omar Narvaez, Adam Bazaldua, Zarin Gracey and Chad West, have voiced their backing for decriminalization. West, who first proposed the initiative in June, argued that it is a needed reform for Dallas.

On the other hand, Eddie Garcia, the chief of police in Dallas, expressed concerns, stating that the proposed changes wouldn’t benefit the community. He argued that four ounces is more than a small amount for individual use. Garcia noted that his narcotics unit found that an average illicit purchase for individual use in the city consists of two or three dime bags, which is far less than four ounces.

If Dallas voters decide to decriminalize cannabis possession, other cities may also take the same approach, which could trigger a statewide movement that eventually sees adult-use marijuana legalized. When that happens, plenty of business opportunities could be created, including for companies seeking to offer services that are similar to what companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) are currently offering in other jurisdictions.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The 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. 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 — Americans’ Opinions of Marijuana’s Effects Decline Further, Poll Shows

Americans’ perceptions of cannabis’ effects have become less optimistic over the last two years; a slight majority now worry that most users (51%) and society as a whole are harmed by it. This is a significant change from 2022, when opinions were more evenly divided and more people (53%) thought marijuana had a good impact on users, while only 45% thought it had a negative one.

These new insights are based on a Gallup Consumption Habits survey conducted from July 1 to July 21, 2024, which shows that a sizable portion of different demographics still have favorable opinions of marijuana. This group comprises those who have personally experimented with marijuana, Democrats, young people aged 18 to 34 years of age, and those who seldom or never attend religious events.

Those who have never tried cannabis, Republicans, those who attend religious services regularly, and those who are 55 years of age or older, on the other hand, have different opinions and generally believe that most cannabis users have been negatively impacted. Notably, opinions are more divided among independents and people aged between 35 and 54 years old.

A pattern that is evident in all of these groups is a decline in the perception of cannabis’ beneficial effects as compared to prior years. Furthermore, fewer than one-half of respondents in each of these categories now believe that cannabis has a beneficial impact on society.

In a different section of the poll, Gallup asked respondents to rank the level of danger associated with chewing tobacco, cigarettes, e-cigarettes, pipes, cigars, nicotine patches, cannabis and alcohol.

While all eight narcotics are viewed as “somewhat” or “very” hazardous by most Americans, marijuana is the least of the lot. The majority of respondents — roughly two-thirds — believe that marijuana is either extremely (26%) or moderately (40%) dangerous. This pales in comparison to the broad consensus that products such as e-cigarettes, cigarettes and chewing tobacco are harmful; more than 90% of American people consider these to be dangerous, with the majority believing they are extremely problematic.

Public sentiment on the dangers of cannabis has shifted slightly since 2023, with the percentage of those who see it as very harmful rising from 23% to 26%, and those considering it somewhat harmful shifting from 35% to 40%.

In addition, 13% of American adults today report smoking cannabis, a small decrease from the 17% noted in 2023, whereas 12% of individuals use edibles. In addition, 7% of American adults prefer e-cigarettes or vaping, and 58% of individuals say they drink alcohol, making it the most commonly taken drug.

Major cannabis companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are likely to analyze these poll results and see what hidden insights they can glean from the data.

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420 with CNW — Ohio’s Adult-Use Cannabis Sales Exceed $11M in First Week

Ohio’s recreational marijuana market has experienced impressive growth, generating more than $11.5 million in sales in its first week. According to the state’s Commerce Department, Cannabis Control Division, the total revenue from adult-use cannabis sales reached $11,530,708 as of Aug. 10, 2024.

Sales officially began on Aug. 6, eight months after Ohio voters approved recreational cannabis legalization, with 57% of voters supporting the ballot measure. The average cost of an ounce of flower was $266. The data shows that 1,285 pounds of cannabis plant material and 173,043 units of processed products were sold.

Ohio’s medical marijuana market is also thriving, pulling in more than $8.3 million in sales in the same period. When recreational sales are factored in, the state’s annual revenue is expected to approach $1.3 billion. This amount would be much more than Michigan’s first-year cannabis sales revenue in 2020, which came in at $474 million for medical use and $510 million for recreational use. Conversely, Illinois recorded sales of about $11 million in the first week of 2020.

Currently, Ohio has 120 dual-use stores registered to sell marijuana for both recreational and medical purposes, up from 98 when recreational cannabis sales first started. The state intends to grant about 170 more licenses to increase retail options and 50 licenses set aside for social-equity candidates.

Despite the success, more than 70 cities across Ohio have enacted local bans preventing recreational cannabis entities from operating within their jurisdictions, as reported by Ohio State University’s Moritz College of Law.

Under the ballot initiative that legalized recreational marijuana, a 10% tax is applied to all nonmedical cannabis purchases. Revenue from this tax is allocated to five different state funds: the Marijuana Social Equity and Jobs Fund, the Recreational Use Tax Fund, the Host Community Marijuana Fund, the Substance Abuse and Addiction Fund, and the Cannabis Control Division and Tax Commissioner Fund. These funds are designed to address a range of needs, from social-equity initiatives to addiction services.

Meanwhile, large marijuana operators are moving quickly to capture market share. Ascend Wellness Holdings launched recreational sales at its Carroll store on Aug. 15, 2024, following its initial rollout at locations in Sandusky, Cincinnati, Piqua and Coshocton. Verano Holdings, based in Chicago, also began recreational sales at its five Zen Leaf stores across the state.

Recreational cannabis currently is legal in 24 states, the District of Columbia and two territories. The entire cannabis industry, including companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED), will be rooting for the industry in Ohio to grow and reach its full potential so that the consumers who need these products can access them legally and conveniently.

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420 with CNW — California Senators Pass Bill Authorizing Cannabis Growers to Sell at Farmers’ Markets

California Senate lawmakers have advanced a bill that would grant small cannabis cultivators a new license to sell directly to consumers at state-run farmers’ markets and other transient events. Additionally, the bill would allow adults to use cannabis at events that have been approved.

The bill does not, however, imply that small marijuana farmers can openly sell their goods at farmers’ markets alongside other merchants. Cannabis sales in approved locations would require certain regulatory permits from state and local authorities.

The assembly initially approved the bill in May, where it received overwhelming support before heading to the senate. The bill is now poised for a full senate vote after passing through two senate committees.

If the senate approves it, the bill will return to the assembly for approval of the senate’s amendments. One key amendment states that license holders may only offer products for sale and permit on-site consumption at temporary events organized by the state, not at other kinds of temporary gatherings.

Temporary event licenses would be issued by the Cannabis Control Department (DCC). With these permits, those 21 years of age and older would be able to purchase cannabis and consume it on-site at establishments that have local approval.

These activities require permission from local governments, and licenses would only be granted to those who meet the requirements for small-scale cannabis production. This group of growers consists of individuals who grow no more than an acre of marijuana or those who have mixed-light tier 1 or tier 2 permits, each of which has a maximum square footage requirement.

The measure expands on a 2018 California state law that authorized cannabis event permits for a limited time in locations where municipal governments have granted permission. For the first time, marijuana sales and on-site consumption were made possible by the 2018 law at gatherings such as the California State Fair. The new rule would give small-scale producers that obtain the required permits the same sales chances as licensed shops, which are now permitted to sell their products.

In parallel developments, a more comprehensive legislative proposal aimed at overhauling California’s hemp and cannabis regulations seems to have stalled. A committee in the senate failed to bring the proposal to a vote before the deadline, leaving its future uncertain.

The plan, backed by Governor Gavin Newsom, included an amendment that would have integrated hemp-derived products into the state’s licensed cannabis market. Additionally, it aimed to permit hemp farmers from other states to market their goods in California.

This new legislation breaks new ground, and many cannabis companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) will be watching to see if other jurisdictions also take up this approach of helping smaller cannabis growers to access the final consumers of their products.

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420 with CNW — Federal Researchers Look into Game-Changing Way to Detect Recent Cannabis Use in Breath

Federal authorities are adopting a new strategy to assess recent marijuana use by revising protocols for analyzing THC breath samples. The initiative is part of continuing efforts to improve the accuracy and reliability of cannabis impairment field testing, particularly in drivers.

Researchers from the University of Colorado and the National Institute of Standards and Technology (NIST) propose that using two breath tests within an hour could be more effective than relying on a single test. They aim to determine if this method could be developed into a practical field test.

One of the biggest obstacles to marijuana legislation has been figuring out whether recent cannabis usage would have impaired someone, especially a driver. The tests available now can identify THC use days or even weeks after intake, but they are not very accurate at measuring recent use that might suggest impairment.

According to NIST, roadside sobriety tests, such as heel-to-toe walking or phrase repetition, are typically employed by law enforcement officials in case they suspect a driver of being under the influence of cannabis. However, a recent study found that these tests can result in false positives because they were not intended to identify cannabis impairment.

The new pilot study, funded through a $1.5 million agreement between the National Institute of Justice (NIJ) and NIST will recruit around 45 participants aged 25 to 50 from the Boulder and Denver areas of Colorado. Participants will be divided into two groups: one using THC-dominant marijuana flower and the other using THC concentrates. Participants will buy and consume the goods themselves at home because federal regulations prohibit researchers from obtaining cannabis from shops.

Participants will go to a nearby mobile pharmacology lab after cannabis consumption. They will have 10 breath tests during a two-hour period, at predetermined intervals. The gathered breath samples, blood tests and questionnaires about their cannabis use will all be examined for THC and other cannabinoids.

In addition to this study, NIST has been actively engaged in investigations to improve the precision of cannabinoid testing in hemp and marijuana. In 2020, the organization introduced the Cannabis Laboratory Quality Assurance Program (CannaQAP). It followed up on earlier results about moisture content, the presence of heavy metals and toxins, and the THC content in plant materials with the issuance of a paper earlier this year.

However, some experts, including a researcher from the U.S. Department of Justice (DOJ), have voiced concerns over the existing method of cannabis impairment testing. The researcher proposed that measuring a person’s systemic THC content might not be the most accurate method of assessing impairment for driving. Cannabis impairment may necessitate a whole new approach, in contrast to alcohol, where blood alcohol content is a reliable signal.

If this new way of testing for marijuana impairment proves to be a reliable method, the entire cannabis industry, including entities such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), is likely to welcome that development because it would address one of the longstanding sources of misplaced complaints about marijuana legalization by prohibitionists who claim that road crashes will increase even if no substantive evidence suggests this is the case.

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420 with CNW — Adolescents Marijuana, Alcohol Use May Be Influenced by Childhood Sleep Patterns

While ensuring children get a good night’s sleep is crucial for their development, research suggests sleep habits in childhood might also influence future drug use. A recent study conducted by researchers from the Pennsylvania State University (Penn State) and published in the Annals of Epidemiology indicates that teens who experienced later bedtimes and shorter sleep durations during their earlier years were more likely to have experimented with alcohol or marijuana by the age of 15.

The researchers focused on examining sleep habits during various childhood stages to understand how they relate to substance use in adolescence, a connection few previous studies have explored. The study assessed two main aspects of sleep health: the length of sleep overall and the regularity of bedtime. According to the researchers, children, particularly those in school, who stay up late are likely to struggle with achieving quality sleep.

The study analyzed data from 1,514 participants involved in the Future of Families and Child Well-being Study, a comprehensive longitudinal study that tracks children from various cities across the Unites States. Parents were asked to report their child’s usual weekday bedtime at ages nine, five, and three, along with how long they slept at ages nine and five.

The researchers discovered a noteworthy pattern while examining the relationship between early bedtimes, sleep duration and subsequent substance use in children. Teens whose bedtime at age nine was later than that of their friends had a 45% higher likelihood of having tried alcohol by the time they were 15. Neither the amount of sleep at age five nor age nine, nor the time spent sleeping demonstrated a comparable association with alcohol consumption.

When it came to cannabis use, sleeping an hour less at age nine was linked to a 19% increased risk of marijuana experimentation, while having a later bedtime at age five was linked to a 26% higher likelihood of taking the drug by age fifteen.

The study also gathered self-reported data from fifteen-year-olds regarding their substance use, bedtime and sleep duration. The findings showed that teens that went to bed later had a 39% higher likelihood of consuming alcohol and a 34% greater chance of using cannabis. Furthermore, a 28% higher likelihood of alcohol usage was linked to sleeping one hour less each night, although this correlation did not hold for cannabis use.

These findings highlight the significance of sound sleeping habits for long-term well-being, particularly in the school-age years. The researchers emphasize that creating regular, appropriate bedtimes and fostering sleep-friendly surroundings are essential tactics for fostering healthy sleeping habits.

The age-verification processes that licensed companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) are required to implement at their retail outlets can help in keeping marijuana out of the hands of minors and shield them from any possible harms growing brains could suffer from early exposure to the substance.

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CannabisNewsBreaks – Golden Triangle Ventures Inc. (GTVH) Subsidiary Secures Motor Carrier Authority, DOT Licenses

Golden Triangle Ventures (OTC: GTVH), a multifaceted consulting company, today announced that its wholly owned subsidiary, LE Logistics, LLC (LE”), has officially secured the Motor Carrier Authority (“MC”) and U.S. Department of Transport (“DOT”) licenses. This development positions LE to immediately launch its freight division under the Golden Triangle Ventures umbrella and sets the stage for a stronger and more compliant operational foundation. In addition, it positions LE to start operations with its initial fleet of assets under a brand-new, clean operating license. The licenses also prime LE to execute its strategy of operating a larger fleet of assets, driving increased business cash flow directly through GTVH.

“Securing these licenses for LE Logistics is a crucial milestone in our ongoing efforts to expand and strengthen our logistics division. Although the path was not without its challenges, the result is a cleaner and more robust operational structure that aligns with our long-term vision for growth. We are now fully equipped to accelerate our business strategy, soon to begin driving substantial revenue growth, and deliver an enhanced value to our shareholders,” said Steffan Dalsgaard, CEO of GTVH.

To view the full press release, visit https://cnw.fm/wyQ1m

About Golden Triangle Ventures Inc.

Golden Triangle Ventures is a multifaceted consulting company, which operates as the parent business pursuing ventures in the health, entertainment and technology sectors along with others that provide synergistic value to these three core divisions. The company aims to purchase, acquire and/or joint venture with established entities within these areas of business. The goods and services represented are driven by innovators who have passion and commitment in these marketplaces. The company plans to utilize relationships and create a platform for new and existing businesses to strengthen their products and/or services. The three points of the Golden Triangle exclusively represent the three sectors in which the company aims to do business. Golden Triangle Ventures is highly focused on acquiring a well-diversified portfolio of companies under one umbrella, which are all managed and owned by the company. An amazing team of professionals supports each division and continues to help Golden Triangle Ventures grow daily. For more information about the company, please visit www.GoldenTriangleInc.com.

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CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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420 with CNW — Farm Bill, Cannabis Rescheduling Trigger Intense Industry Lobbying

Cannabis corporations are spending more than ever to sway lawmakers in Congress, as evidenced by a federal lobbying report analysis. This expenditure is motivated by the first real steps toward federal marijuana legalization in a generation as well as threats from competitors using hemp as a raw material.

Marijuana companies spent nearly $4 million in the first and second quarters of 2024, a significant increase from $2.4 million in 2023. This surge in spending mirrors a similar uptick in late 2022, when cannabis banking reform seemed imminent during a congressional session. The current rise, however, is more significant because it takes into account the larger range of legislation that is being considered, such as the farm bill and the Biden administration’s efforts to reschedule cannabis, which may lessen the restrictions imposed by Section 280E.

Charlie Panfil, a prominent lobbyist with the Daschle Group, a public policy agency based in Washington, DC, says there is increasing awareness that marijuana reform is becoming a more bipartisan subject.

While the spending data show the resources being used to influence politicians at the federal level, the data does not fully convey the scope of the endeavors. Significant time and effort is also devoted to cannabis-related problems by powerful political players with strong interests in marijuana, such as the beer behemoth Anheuser-Busch and the tobacco company Altria Client Services. However, lobbying reports do not completely reflect this.

A wide range of entities have been interacting with Congress on cannabis-related issues during the past year. These include large insurance corporations, financial unions, and lobbyists for state and municipal government agencies.

Despite these efforts, the impact remains uncertain. It is unlikely that the current Congress will adjourn with any major advancements toward a new farm bill or banking reform. This may indicate that the legal loophole allowing the online sale of intoxicating hemp-derived goods in the majority of the United States will remain in place.

Furthermore, the U.S. Department of Justice’s rescheduling procedure is largely outside the purview of Congress, and Section 280E will stay in force until the process is completed, a procedure that is unlikely to be influenced by lobbyists.

Advocacy groups and individual marijuana multistate operators (MSOs) in Washington, DC, continue to have a substantial amount of spending power. For instance, Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF), an MSO based in Chicago, has invested $1.24 million this year for internal lobbyists and to keep the services of significant government relations companies such as Brownstein Hyatt Farber Schreck, which also represents credit unions in congressional lobbying on marijuana banking. Compared to the $250,000 the company spent in the first half of 2023, this is a significant rise.

Curaleaf Holdings also spends $290,000 every quarter on lobbying. Of that amount, $80,000 goes to Brownstein Hyatt Farber Schreck, $140,000 goes to its in-house lobbyist and $70,000 goes to Cozen O’Connor Public Strategies, an advisory company.

In some instances, the spending by cannabis companies rivals that of major companies. For instance, the $80,000 that Cresco Labs paid to Brownstein Hyatt Farber Schreck is the same amount that McDonald’s paid to Brownstein Hyatt Farber Schreck during the same period.

The additional challenges that cannabis companies encounter as a result of federal cannabis regulation are also highlighted by the companies’ higher spending. This might encourage legislators to delay resolving these difficulties because cannabis companies will have to keep paying for lobbying services for a longer period if these concerns remain, according to some observers.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Positive Interim Animal Study Results Supporting Potential Utility of DehydraTECH-CBD in Diabetes Control

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced receipt of blood glucose results from weeks 4 and 8 of its ongoing animal study WEIGHT-A24-1. The study is underway using diabetic, pre-conditioned Zucker rats. The results showed that DehydraTECH-liraglutide (Group H) and two DehydraTECH-CBD formulations (Groups A and B) were the top performers in the study at day 56, reducing blood sugar levels by 2.50%, 1.90% and 1.53% respectively. These results appear to support Lexaria’s belief that DehydraTECH-CBD may have utility, particularly if used together with a GLP-1 drug, in diabetic control.

Additionally, select DehydraTECH-CBD formulations showed apparent superiority to DehydraTECH-GLP-1 at 4 and 8 weeks, while DehydraTECH-liraglutide showed apparent superiority to DehydraTECH-semaglutide. Animal testing of the combination of DehydraTECH-CBD with DehydraTECH-GLP-1 drugs is ongoing and in the final phases of the study, with additional results expected soon.

To view the full press release, visit https://cnw.fm/6EdX5

About Lexaria Bioscience Corp.

DehydraTECH(TM) is Lexaria’s patented drug delivery formulation and processing platform technology that improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, Lexaria has developed and investigated DehydraTECH with a variety of beneficial molecules in oral and topical formats. DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption and has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier, which Lexaria believes to be of particular importance for centrally active compounds. Lexaria holds a robust intellectual property portfolio with 39 patents granted and many patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.

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420 with CNW — Voters in North Dakota Again Have Say on Cannabis Legalization

A ballot measure aiming to legalize recreational cannabis in North Dakota has been confirmed for the upcoming November election, as announced by the state’s chief election official on Monday. This development brings the issue back to voters, where previous attempts to pass similar measures have been unsuccessful.

Michael Howe, the state’s secretary of state, confirmed that almost 19,000 voter signatures were validated during the review process, surpassing the required number needed to secure a spot on the November ballot. The group responsible for the initiative, known as New Economic Frontier, had initially submitted more than 22,000 signatures in July.

The measure’s leader, Steve Bakken, former mayor of Bismarck and commissioner for Burleigh County, stated that law enforcement should concentrate more on battling fentanyl and opioids than cannabis. The initiative’s goal, he added, is to stop any actions taken outside of the state that might have unmanageable repercussions.

The proposed 20-page measure seeks to legalize recreational cannabis use for individuals 21 years of age and older. The measure also details various processing and production regulations and prohibited uses, such as in vehicles and public spaces.

The legislation sets limits on the amount of cannabis that can be purchased and possessed. Additionally, it would allow for edibles, cannabis solutions, transdermal patches, capsules and concentrates.

Currently in North Dakota, marijuana use by individuals under the age of 21 is classified as a misdemeanor. For those older than 21, recreational use is not illegal, but possession is, with penalties such as misdemeanors and infractions depending on the quantity of marijuana involved. Delivery of cannabis is considered a felony, with potential sentence enhancements if it occurs within 300 feet of a school.

Data from the state’s courts indicates that 4,451 individuals were charged with marijuana possession or use across the state last year.

While voters approved medical cannabis in 2016, they rejected recreational cannabis initiatives in both 2022 and 2018. In 2021, the state’s Republican-controlled House of Representatives passed measures to legalize recreational cannabis, but the Republican-controlled Senate ultimately defeated these efforts.

Representative Matt Ruby noted that the current priorities will be informing voters about the possible economic advantages, enhanced safety regulations and more convenient access to medical cannabis. On the other hand, the Brighter Future Alliance, a group opposing the measure, criticized supporters for not accepting defeat after multiple unsuccessful attempts.

Currently, recreational cannabis is legal in 24 states. Ohio was the most recent state to legalize marijuana in 2023 through a ballot measure. Voters in South Dakota and Florida will also have the opportunity to decide on similar measures in November.

In case the voters in these states give the nod to adult-use marijuana legalization at the polls, a chance will be created not only for marijuana companies but also ancillary ones such as Innovative Industrial Properties Inc. (NYSE: IIPR) to sprout in those markets and serve the entities that need their services.

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