CannabisNewsBreaks – The Cannabis Place Opens Its New York City Flagship State-Licensed Dispensary in Middle Village Area

The Cannabis Place, a licensed adult-use dispensary operator in New York and New Jersey, is reporting the grand opening of its New York City flagship licensed dispensary. The location at 74-03 Metropolitan Avenue, Middle Village in Queens, will open its doors on Saturday, March 16, at 4.20 p.m. ET. “We picked this weekend to open because it’s symbolic in many ways. By opening our state-licensed dispensary in the Middle Village area of New York City, we are providing New Yorkers with access to licensed and regulated New York Cannabis products,” said Osbert Orduña, The Cannabis Place founder and CEO. “We have created dozens of good-paying jobs in our community, revitalized a long-vacant storefront and we are bringing much-needed cannabis tax revenue that will be reinvested into our city to help fund education initiatives for kids and help our seniors and towards beautifying our communities.”

To view the full press release, visit https://cnw.fm/h3hpt

About The Cannabis Place Dispensary

The Cannabis Place is a licensed adult-use dispensary operator in New York and New Jersey. In addition to being the only small business dispensary operator in both states, The Cannabis Place Dispensary runs the nation’s largest licensed cannabis “free-delivery” service providing daily free delivery of licensed cannabis products to an area with over 15 million adults, which includes all of New York City, Long Island, Westchester County and Hudson County, New Jersey. Before its launch, CEO and founder Osbert Orduña visited dispensaries across the country to develop his model for a new kind of cannabis company, which puts people over profits. For more information, visit https://TheCannabisPlace.org.

About CannabisNewsWire

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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CannabisNewsBreaks – Tether Curates Series of Events for Its Third Annual Budtender Appreciation Week

Tether, a leading name in the Canadian cannabis industry, has curated a week-long series of opportunities, including retail visits and educational sampling events, as part of the upcoming third annual Budtender Appreciation Week. “B-Week,” an initiative created to recognize and celebrate the contributions of cannabis retail workers across Canada, is set for March 24 through March 31, 2024, promising to be bigger than ever, featuring sampling events in Vancouver, British Columbia, Oakville, Ontario, and Edmonton, Alberta. “Green Hedge and our portfolio of brands are proud to be part of Tether’s Budtender Appreciation Week at events across Canada,” said Steve Crichton, director of education and corporate development at Green Hedge. “The Tether team has been incredible to work with and is championing brand activation and Budtender engagement. We could not be more thrilled to participate in these upcoming events and look forward to connecting with Budtenders across the country, sharing knowledge and educational samples.”

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

About Tether

Tether is Canada’s Budtender community, connecting cannabis brands with a network of over 4,500 Budtenders from across Canada. By providing Budtenders with the necessary education, connections and resources to succeed and providing brands with a cost-effective way to connect, promote and educate, Tether paves the way for a stronger community and a brighter future for the industry. To learn more, visit https://tetherbuds.com.

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420 with CNW — Research Finds 7 in 10 Americans Live in States with Legal Cannabis

Despite federal prohibition, cannabis has gained legal status across many of the states in the United States, whether for recreational or medical use. According to recent research from the Pew Research Center, a majority of Americans, approximately 74%, now reside in states where cannabis is permissible in some form. Among these, about 54% live in states where recreational use is allowed.

Currently, a significant portion of states — 24, along with the District of Columbia — have given the green light to recreational cannabis. Furthermore, 14 states have legalized cannabis solely for medical applications, while the rest, totaling 12 states, have instituted laws allowing access to cannabis products containing minimal or no psychoactive compounds.

The study’s results, which are consistent with the state-by-state strategy, highlight the growing acceptance of cannabis legalization throughout the nation. This trajectory aligns with recent Gallup polling, which indicates that 70% of U.S. citizens favor legalization.

Examining the distribution of cannabis dispensaries, the analysis noted that a substantial majority, approximately 76%, are situated in states permitting recreational use. Another 23% cater to medical cannabis markets. The 1% serve areas where laws support CBD-only or low-THC products. Interestingly, half of the residents in these states (the 1%) have access to a dispensary.

This trend finds its roots in the Farm Bill 2018, which made hemp containing less than 0.3% THC legal, consequently spurring the development of noneuphoric derivatives such as CBD products. However, it also led to the emergence of substances such as delta-8 THC, which occupy a legal gray area. As they become more and more popular, some states,especially those that haven’t legalized cannabis, have started to regulate or outright ban these goods.

When it comes to states that have legalized cannabis, California leads the pack with an astounding 3,659 dispensaries — one-fourth of all stores in the country. However, Oklahoma leads as the state with the highest density of cannabis outlets per capita — 36 for every 100,000 citizens. All told, 79% of U.S. citizens live in counties with at least one of the approximately 15,000 operating cannabis dispensaries.

A closer look at the socioeconomic ramifications of the findings reveals that densely populated locations in states such as Virginia, Maryland, Colorado and Connecticut typically have median household incomes that are at least $20,000 less than those in areas with fewer dispensaries. On the other hand, New York and New Hampshire present a different picture, with areas hosting numerous dispensaries boasting median incomes around $20,000 higher than their counterparts.

As more Americans get an opportunity to legally access marijuana products from state-licensed companies, pressure for regulatory change at the federal level could mount and result in reforms that allow companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) to operate freely across the country.

About CNW420

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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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Names Experienced Corporate Finance Exec as New CFO

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug-delivery platforms, has appointed a new chief financial officer. The company announced that, effective immediately, Nelson Cabatuan, CPA, will serve in the position, which also entails being a member of Lexaria’s executive leadership team. Cabatuan brings more than 15 years of corporate finance and operations experience in the life sciences industry. Most recently, he served as senior vice president of finance and operations at Rain Oncology Inc., a late-stage precision oncology biotech company. In that position, he was pivotal in building and leading the company’s financial organization, resulting in significant growth while he was there. Cabatuan also held several positions at Rigel Pharmaceuticals Inc., including vice president finance. “Nelson’s deep financial leadership experience will be instrumental to the execution of Lexaria’s long-term growth strategy as we continue to maximize the potential use of our DehydraTECH platform for GLP-1 and other therapeutic applications with high unmet medical needs,” said Lexaria Bioscience CEO Chris Bunka in the press release. “On behalf of the entire Lexaria team, I’m thrilled to welcome Nelson as our CFO.”

To view the full press release, visit https://cnw.fm/6C2gJ

About Lexaria Bioscience Corp.

Lexaria Bioscience’s patented drug-delivery formulation and processing platform technology, DehydraTECH(TM), 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 bioabsorption 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 operates a licensed, in-house research laboratory and holds a robust intellectual property portfolio with 39 patents granted and many 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

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420 with CNW — Analysis of Differences Between Taxes on Marijuana, Sports Betting

In 2021, Arizona witnessed the legalization of two long-operating but previously illicit industries: sports betting and recreational cannabis. This change brought a surge of tax revenue to the state, with one industry outpacing the other significantly.

While sports betting enjoys greater popularity per capita in the state, it contributes only a small percentage of the taxes compared to the marijuana sector.

According to 2023 revenue data, the total wagering amount on sportsbooks in the state was almost five times greater than the state’s entire marijuana sales. However, despite this, the tax revenue from cannabis companies was more than eight times higher than that from sports betting.

According to the state’s Gaming Department, more than $6.5 billion was collected through sportsbooks and betting apps in 2023. However, sports betting companies paid somewhat more than $34.8 million to the state treasury, which was placed in the general fund. In contrast, the state’s Revenue Department reported that retail marijuana sales, encompassing both recreational and medical sales, amounted to about $1.36 billion in the same period, with tax collected from these sales being $284.3 million.

The disparity in tax rates between the two sectors can be attributed to the distinct regulatory frameworks governing them. The marijuana market bears a heavy tax burden, with several levies imposed on every sale. Marijuana dispensaries in the state are required to report sales for both recreational and medical purposes. Additionally, besides the standard sales tax, dispensaries are subject to a 16% state excise tax. Revenues generated from this tax are allocated to various sectors including public safety and community colleges.

On the other hand, laws governing sports betting in the state stipulate that taxes are paid on net revenue following payouts to successful bettors rather than the whole amount wagered. As a result, the state receives less tax money from larger reimbursements. Moreover, sportsbooks can deduct expenses such as promotional offers and free bets from their gross revenue, further reducing the taxable amount. Last year, more than $196 million in free bets were distributed by sportsbooks in Arizona, diminishing potential tax revenue by almost $20 million.

Compared to other states that have legalized sports betting, Arizona levies a lower 10% tax on gross wagering earnings from operators. Massachusetts taxes sportsbook profits at 20%, whereas Illinois taxes them at 15%. The tax rates in New Hampshire, Rhode Island and New York are notably higher, at 51%.

While it is possible to make changes to the current statutes, doing so may be difficult because neither was created by the state’s legislature. Recreational cannabis was legalized through a ballot vote in 2020, while sports betting was approved via a renegotiated gaming agreement between Arizona’s state government and native American tribes.

The Arizona marijuana community has expressed concerns about the excessive tax loads in comparison to the sports betting sector.

Mazor Collective CEO Lilach Mazor Power expressed frustration, highlighting the perceived greater social value of the marijuana industry. Mazor Power stated that the sports betting sector may potentially do more. She also stressed that not everyone involved in the marijuana industry makes significant money, so it’s important to be wary of assuming that everyone is wealthy.

Representatives of the gaming sector, on the other hand, state that even with its widespread appeal, sports betting only generates marginal returns when contrasted with other gaming options, such as slot machines or board games.

When the excessive taxes to which the marijuana industry is subjected reach untenable levels, there could be a domino effect that could result in reduced business opportunities for ancillary companies, such as Astrotech Corp. (NASDAQ: ASTC), that serve verticals within the cannabis industry.

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

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420 with CNW — 2023 Marijuana Business Licenses Declined in US, Data Firm Says

The number of active cannabis company licenses in the United States saw a substantial dip in 2023, the first decline following years of steady increase, according to a recent CRB Monitor report. According to the data, there was a 4% drop in the number of active marijuana licenses in the U.S. between 2022 and 2023. On the other hand, Canada saw a 2% growth in the quantity of active marijuana business permits over the same period.

CRB Monitor is a company based in Nashville, Tennessee, specializing in marijuana intelligence and license monitoring.

Since 2019, the combined total of active licenses in both countries had been doubling annually, but signs of a slowdown emerged in 2022 when the growth rate decreased to 28%. The overall number of active licenses reached a high of 51,000 at the start of 2023, but by the end of the year, it had decreased to about 49,200, a 2% decline from the year before.

In the United States, the peak number of active licenses reached approximately 44,300 in 2022. Despite a robust influx of new licenses in 2023, nearly 1,900 licenses were lost or abandoned by the year’s end. However, there was a notable increase in approved licenses, indicating newly licensed marijuana businesses yet to commence operations. This category saw a significant surge of 23% in 2023, with the most growth occurring from January to September.

Despite this increase, the new licenses couldn’t offset the losses experienced in established markets, where operators faced financial challenges. The decline in active licenses was particularly evident in established markets such as California, where license numbers dropped by 19% in 2023. Other established markets experiencing a reduction in active licenses included Washington State, Colorado, Nevada and Illinois.

On the other hand, the largest increase in domestic marijuana business permits was observed in newly established and developing state markets in 2023, with several states issuing hundreds of new business licenses. New Mexico topped the country with more than 600 newly issued active permits. Michigan followed with 550 active permits, New York added about 360 and Vermont issued 239 new permits.

In Canada, there were 6,860 active marijuana licenses at the end of 2023, up 2% from the previous year despite a few store closures. Furthermore, recreational marijuana sales in Canada increased by 12% in 2023 to reach CA$5 billion ($3.8 billion). However, the number of pending licenses awaiting approval decreased by 13% in 2023 and by 45% since 2022.

The cannabis industry in both the United States and Canada faces major challenges, and the continuing success of licensed businesses such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) is testament to the overall resilience of the industry and the undeniable strong demand for the cannabis products.

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CannabisNewsBreaks — Zoned Properties Inc. (ZDPY) Chooses IBN as Corporate Communications Partner

Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry, is partnering with IBN, a multifaceted financial news and publishing company for private and public entities. According to the announcement, IBN will assist Zoned Properties with its corporate communications initiatives and help strengthen awareness of the company. Zoned Properties is focused on innovating in the real-estate development space, and is working to redefining the way people invest in commercial real estate. Zoned Properties offers a proprietary national ecosystem of real estate services, including a commercial real estate brokerage and a real estate advisory practice. “With a decade of national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries by targeting commercial properties that face unique zoning or development challenges, identifying solutions that can potentially have a major impact on their commercial value and then working to acquire the properties while securing long-term, absolute-net leases,” the press release stated. “As part of the client-partner relationship, IBN will leverage its investor-based distribution network of 5,000+ key syndication outlets, various newsletters, social media channels, wire services via InvestorWire, blogs and other outreach tools to generate greater awareness for Zoned Properties.”

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

About Zoned Properties Inc.

Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States. The company aspires to innovate within the real-estate development sector, focusing on direct-to-consumer real estate that is leased to best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties targets commercial properties that can be acquired and rezoned for specific purposes, including the regulated and legalized cannabis industry. It does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law. For more information, visit the company’s website at www.ZonedProperties.com.

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420 with CNW — Study Shows Cannabis Users Less Likely to Suffer Cognitive Decline

A recent study suggests a potential link between cannabis use and reduced instances of subjective cognitive decline (SDC), wherein individuals who incorporate cannabis into their routines, whether for medical or recreational purposes, report experiencing less memory impairment and confusion than nonusers.

Published in the “Current Alzheimer Research” Journal, the study’s significance lies in its departure from prior research that has often associated subjective cognitive decline with a higher risk of dementia in later life. The findings challenge conventional assumptions about the cognitive impacts of THC, the primary psychoactive component of marijuana.

The research, conducted by scholars from SUNY Upstate Medical University, examines various facets of marijuana use and its association with SCD among older and middle-aged adults in the United States. Unlike previous studies, which primarily focused on heavy marijuana consumption’s adverse effects on mental performance, this study delved into the nuanced relationship between marijuana use frequency, reasons for consumption, method of administration and subjective cognitive decline.

The researchers obtained insights from respondents 45 years of age and older in 14 states as well as Washington, D.C., by examining data from the 2021 Behavioral Risk Factor Surveillance System (BRFSS). The study, which included 4,744 valid responses on SCD, investigated the use of cannabis by participants, including how often they used it, why they used it (medically, recreationally, or both), and how they consumed it (smoking, ingesting it, vaporizing it, etc.).

The study disproved assumptions regarding the negative effects of cannabis use on cognition by showing that recreational marijuana usage was highly linked to a decreased risk of SCD in contrast to nonusers. The researchers proposed several hypotheses to explain these findings, including the potential role of cannabis in improving sleep quality and reducing stress levels, both of which are implicated in cognitive function.

However, the study also identified some mixed results. While certain consumption methods, particularly smoking, were associated with a higher prevalence of SCD, the relationship between marijuana use frequency and subjective cognitive decline was not statistically significant. Moreover, the study highlighted the prevalence of SCD among individuals using marijuana for medical or combined medical and nonmedical reasons, hinting at the complexity of the relationship between marijuana use motives and cognitive outcomes.

Despite shedding new light on the potential cognitive benefits of marijuana use, the study acknowledges several limitations. Self-reported data, potential underreporting or misreporting of cannabis use, and the lack of geographical diversity in the sample raise questions about the study’s generalizability and reliability.

In conclusion, while the study challenges prevailing beliefs about the cognitive impacts of cannabis, it underscores the need for further research to elucidate the underlying mechanisms and potential risks associated with cannabis consumption. By considering multiple factors, including reasons for use, future studies can provide a more nuanced understanding of cannabis’s effects on cognitive health.

For now, users of licensed marijuana products from various companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) can take comfort in the fact that they may not face any major risk of cognitive decline if they use cannabis products in moderation.

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420 with CNW — Virginia Lawmakers Pass Cannabis Sales Bill, Send to Governor

Virginia lawmakers have recently given their final nod to legislation aiming to legalize the retail sale of cannabis, slated to commence from May 1, 2025. This decision, following several weeks of negotiations, now awaits the approval of Governor Glenn Youngkin.

Both the Senate and House of Delegates endorsed similar versions of the measures on Feb. 28, 2024, reconciling differences after amendments from a committee in the Senate threatened to disrupt the agreement between the two chambers. Later, each chamber approved the bills from the other, forwarding them to the governor for potential enactment.

A prior Democratic-led measure from 2021 allowed for the possession, use and restricted cultivation of marijuana in Virginia. However, GOP legislators obstructed the necessary reconstruction of regulations for retail sales when they took control of the governor’s office and the House, which resulted in the creation of illegal establishments to satisfy consumer demand.

Even with legislative approval, retail sales are not guaranteed to be legal. While Youngkin has not stated whether he intends to veto the measure, he made it clear last month that he was not interested in legalizing Democratic-led cannabis sales.

Democrats introduced competing bills (SB 448 and HB 698), but in recent weeks, law makers have worked towards consensus and compromise. This week marked the culmination of multiple amendments in committees and on both floors until a consensus was eventually reached.

While there were some parallels between the prior versions of the laws, there were also notable differences, including the approach to social equality, the taxation rate, the opening time for retail establishments and the authorization for outdoor marijuana growing. The tax issue was the final obstacle before the votes. Last week, a compromise was proposed that would impose a 9% tax on cannabis sales — 4.5% state tax and an optional 4.5% local tax. However, a committee in the Senate broke from the agreement, raising the tax rate in HB 698 to a little more than 17%.

Subsequent floor amendments in both chambers then restored harmony to the tax provisions. As a result, the combined tax rates for both measures are now 11.625% — 8% state tax, 2.5% optional local tax and 1.125% state sales taxes to fund education.

The measures narrowly passed both chambers. The Senate passed HB 698 by a vote of 21 to 18, while the House approved SB 448 by a 51-to-47 vote. The amended measures were later approved by both chambers by the same voting margins.

The entire cannabis industry, including leading companies such as SNDL Inc. (NASDAQ: SNDL), is likely to welcome the eventual launch of recreational marijuana sales in Virginia as that would be a major step forward in rolling back prohibition.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Banking on DehydraTECH(TM) Technology for Major 2024 Growth

Lexaria, a global innovator in drug delivery platforms, has, since 2016, proven its patented DehydraTECH(TM) technology, asserting its superiority in improving drug bioavailability
This has earned it 39 granted patents, with many pending globally
DehydraTECH has a number of potential pharmaceutical applications with successful early stage results in hypertension, diabetes and weight loss and many others With its focus on GLP-1 clinical studies for 2024, Lexaria looks to carve out greater market share to make 2024 its biggest year

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has been pushing the envelope and redefining drug delivery technology. Its patented DehydraTECH(TM) technology has proven itself in numerous studies since 2016, highlighting its ability to increase bio-absorption compared to standard industry formulations while also reducing time of onset, as well as delivering drugs more effectively across the blood brain barrier (https://cnw.fm/iZZZR).

The technology’s effectiveness and uniqueness have earned it 39 granted patents, with many patents pending globally. DehydraTECH has a number of potential pharmaceutical applications, a testament to its versatility and overall effectiveness. The key factor that has played a role in its adoption is its unique ability to improve drug bioavailability, a critical marker and determinant in overall drug effectiveness.

Bioavailability can be described as the extent to which a substance or drug becomes entirely available for its intended biological destination (https://cnw.fm/uH82n). It may also be referred to as a measure of the rate and fraction of the initial drug dose that ultimately gets to the targeted part of the body (https://cnw.fm/bsUUT). Usually, the higher the bioavailability, the more effective the drug, and since time immemorial, scientists have been exploring various ways to improve it.

Studies have highlighted several factors that have shown to affect drug bioavailability, particularly for orally administered drugs. These include decomposition of the medication in the lumen, hepatic fist-pass impact, surface and time accessible for retention, as well as pH and perfusion of the small digestive system.

Lexaria, through its DehydraTECH technology, enhances the performance of several categories of fat-soluble active molecules and drugs, ultimately improving their bioavailability and efficiency. This is achieved by mixing the active ingredients as a delivery “payload” with specific fatty acids, infusing the mixture into a substrate material, and then using controlled dehydration synthesis processing to associate the payload and fatty acids together at a molecular level. This is followed by integrating the newly combined molecules into end-product production across various dosage form factors (https://cnw.fm/iAUAI).

With this technology, Lexaria looks to tap into various growing markets, among them the cardiovascular drugs market and the diabetes markets, both projected to be valued at $115.8 billion and $134.1 billion by 2028 and 2030, respectively. It also hopes to make drugs more effective, possibly reducing the cost of treatment and the patients’ overall quality of life. The company is also aggressively pushing for its patent applications and approvals globally, a show of commitment to creating shareholder value. In addition to its focus on GLP-1 clinical studies for the 2024 calendar year, Lexaria is confident that it will carve out a decent market share for itself, ultimately making 2024 its biggest year yet.

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

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

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