420 with CNW — Modified Ballot Measure to Broaden Medical Marijuana Approved in Arkansas

Efforts to enhance accessibility to medical marijuana are gaining traction in Arkansas as advocates and industry stakeholders push for a constitutional amendment slated for the November ballot. Tim Griffin, the state’s attorney general, recently gave the green light to the proposed amendment’s ballot language after making some revisions. Now, supporters have until July 5, 2024, to secure approximately 90,704 registered voters’ signatures, a crucial step in securing a spot on the Nov. 5, 2024, general election ballot.

The ballot committee supporting the proposal, Arkansans for Patient Access, is led by Bill Paschall, executive director of the Arkansas Marijuana Industry Association. He stated that industry stakeholders are prepared to present the amendment’s case.

The proposed amendment would allow patients to grow their own marijuana plants, which would improve accessibility to the drug. In addition, the measure aims to remove retail limitations on some smokable goods, such as pre-rolled joints, and expand the eligibility for marijuana patients’ ID cards. Notably, it also contains clauses that might allow Arkansas to legalize marijuana for recreational use if federal restrictions change.

The majority of the AG’s requested revisions to the ballot title and popular moniker Arkansans for Patient Access were small, technical adjustments. The most significant modification was adding “medical marijuana” to the title instead of “cannabis.” The amended proposal is now the Arkansas Medical Marijuana Amendment of 2024.

According to Paschall, the initiative’s counsel had reservations about the amended ballot title’s length, but after some consideration, the organization has decided to approve it. In previous election cycles, challengers to ballot initiatives have focused their legal objections on the length of the ballot title.

The proposed changes build upon the existing Amendment 98 of the Arkansas Constitution, ratified in 2016, which legalized cannabis for medical purposes. Important changes include removing restrictions on qualifying medical conditions, increasing the number of healthcare providers certified to certify patients for medical cannabis, and allowing designated caregivers and patients to grow cannabis plants. The proposal also intends to waive ID card registration fees, expand access for out-of-state residents, expedite patient telemedicine assessments and prolong the life of new patient cards.

Additionally, it introduces a recreational marijuana trigger law that, under certain federal regulatory changes, allows adult possession of marijuana up to an ounce. It also suggests protections against legislative changes to constitutional amendments made without voter consent.

While proponents advocate for expanded access to medical cannabis, other groups, such as the Family Council, have opposed the move. This opposition is based on several issues, including concerns about potential recreational use implications. The opposition underscores the contentious nature of the proposed changes.

The cannabis industry and leading players such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) will be hoping that the desired cannabis-law reforms are passed and patients can obtain the expanded access to medical marijuana that they need.

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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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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Cleared to Commence HYPER-H23-1 Clinical Trial

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced that the U.S. Food and Drug Administration (“FDA”) has confirmed the effectiveness of the company’s investigational new drug (“IND”) application thereby clearing Lexaria to conduct its planned U.S. Phase 1b hypertension clinical trial HYPER-H23-1 utilizing DehydraTECH-CBD. According to the announcement, the company is pleased to have complied with the FDA’s rules and procedures for clearance to perform this important registrational trial. The company will further announce when it is ready to begin the study, subject to certain conditions, including raising sufficient funding. “This is a significant milestone achievement for Lexaria demonstrating, for the first time, that its DehydraTECH technology meets the FDA’s high level of regulatory scrutiny sufficient to formally commence U.S. registrational clinical testing towards possible future pharmaceutical commercialization,” said John Docherty, president of Lexaria. “We look forward to commencing this important clinical trial and building upon the wealth of early stage clinical data we have gathered and presented to the FDA to date demonstrating the safety, efficacy and novel mechanistic performance of DehydraTECH-CBD in hypertensive patients.”

To view the full press release, visit https://cnw.fm/e8UgU

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

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

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CannabisNewsWire (“CNW”) is 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 — New Poll Shows Voters Want Cannabis Taxes to Fund Housing, Education

Opinions among adults in New Jersey vary regarding how the state should utilize revenue from the marijuana tax. However, a recent study sheds light on the prevailing sentiment that most residents do not favor directing marijuana tax funds toward antidrug or law-enforcement initiatives.

The study, which was published in the “International Journal of Drug Policy,” polled 1,006 New Jersey residents and gave them seven alternatives for how marijuana tax revenue should be spent, including financing for law enforcement, affordable housing and public health.

The study’s findings, compiled by researchers from Drexel and Rutgers Universities, showed that financing for community-based programs such as education (23%), housing (15%), public health (21%) and transport infrastructure (13%), was preferred over funding for antidrug initiatives (4%) and law enforcement (11%). Findings showed that 13% of respondents did not know where the revenue should be directed.

According to the authors, these findings reflect a desire among the public to invest in essential societal pillars such as public health and education rather than continuing the punitive measures that have traditionally been linked to marijuana laws.

The results shed light on a discussion that has taken place in legislatures and political campaigns around the nation, with proponents of legalization typically opposing plans to utilize marijuana tax revenue to fund the organizations that upheld the harsh drug laws that the repeal of prohibition wants to remove.

The survey results also revealed partisan differences, with Republicans generally supporting funding priorities less than Democrats, especially when it comes to law enforcement. Notably, only one Black participant stated that funding law enforcement was a top priority when it came to cannabis tax revenue, highlighting concerns about the disproportionate impact of marijuana criminalization on Black communities.

The study concludes by stating that marijuana legalization initiatives can address social inequities by reinvesting tax revenue, though further exploration is needed on how this reinvestment can benefit disadvantaged communities and promote health equity.

The data from New Jersey indicates a preference for investing in education, drug treatment and public-health initiatives over law enforcement, reflecting a broader trend in public opinion. This sentiment underscores the potential benefits of formally allocating health- and justice-related funding to address health disparities and historical injustices stemming from punitive marijuana policies.

Similarly, in Ohio, the debate over tax revenue allocation has intensified, with cannabis activists opposing efforts by the Republican-controlled assembly to redirect funds toward law enforcement, contrary to voter-approved legalization measures.

The debates going on regarding how best to utilize the cannabis taxes that companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) pay in the states where they operate show how a legal cannabis industry can exert a transformative role upon the jurisdictions that enact drug reform and end prohibition.

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CannabisNewsBreaks — Alternative Products Expo Announces Largest Event for Counterculture, Vape Industries

Alternative Products Expo (Alt Pro Expo) has schedule an upcoming expo, slated for March 14–16, 2024, in Miami. Presented by ZJ Events, Alt Pro Expo’s Miami Expo 2024 will be an in-person event designed to be the world’s largest and most comprehensive event for the counterculture and vape industries. The event agenda features hundreds of top manufacturers, buyers, suppliers, innovators, vendors, researchers, aspiring entrepreneurs and seasoned industry professionals. The Miami event follows a series of similar gatherings held throughout North and South America; these events have become recognized for offering a revolutionary business-networking atmosphere showcasing a diverse portfolio of cutting-edge products, including vape and hemp products, CBD, disposables, kratom, mushrooms, functional beverages, dietary supplements, nootropics, nicotine replacements, energy enhancers, mood changers and accessories. Presenters during the three-day event include C-suite executives and senior representatives from well-known companies such as Lightfire Group, Trinity Hemp, Happy Distro, fume by QRJOY and ZETA.

“The Alternative Products Expo stands as the preeminent platform in the counterculture industry, designed to drive market awareness, showcase innovation, and foster lasting professional connections,” said ZJ Event director of partnerships Sebastian Carmona in the press release. “As the premier expo for smoke shop professionals, we are delighted to return to Miami — a city steeped in strategic and historical ties to South America. This three-day event offers a unique opportunity for industry veterans, enthusiastic consumers and newcomers alike.”

To attend the event, visit https://cnw.fm/4K9op

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

About Alternative Products Expo

Alternative Products Expo, formerly USA CBD Expo, is a production of ZJ Events. Company founders were once exhibitors who, after attending countless trade show events, saw an opportunity to build upon their experience and create an event that combined the best they had seen, with their own notion of what was missing in these business gatherings. By bringing the alternative community together, the company seeks to provide industry professionals from all corners of the market with an immersive and unique opportunity for networking and business expansion. For more information about the company, visit www.AltProExpo.com.

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CannabisNewsBreaks – Zoned Properties Inc. (ZDPY) Moves to Grow Investment Portfolio with Strategic Acquisition, Lease Agreement for Arizona-Based Property

Zoned Properties (OTCQB: ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced its receipt of final cannabis approvals related to an investment property in Surprise, Arizona. The company is under contract to acquire the property upon completion of initial site work by the selling developer. In addition, Zoned Properties has entered into a long-term, absolute-net lease agreement with a best-in-class Arizona cannabis company, Sunday Goods, to operate a retail dispensary. “Arizona’s cannabis market stands out as one of the most dynamic and consumer-driven in the United States. The strongest brands in the nation look to Arizona to create consumer market awareness. Following this acquisition, we expect to near $3 million in passive rental revenue annually. We continue implementing our plan to grow our investment portfolio by adding best-in-class operators and direct-to-consumer assets with attractive cap rates. This lease with Sunday Goods further diversifies our tenant roster with a cannabis brand that will establish the property’s highest and best use at this retail location,” said Zoned Properties CEO Bryan McLaren. “We are excited to strengthen our tenant roster with such a high-quality brand in Sunday Goods and look forward to expanding our relationship with their executive team.”

To view the full press release, visit https://cnw.fm/ncBB2

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 the best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment process backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development process, 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. The company targets commercial properties that face unique zoning or development challenges, identifies solutions that can potentially have a major impact on their commercial value, and then works to acquire the properties while securing long-term, absolute-net leases. 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 such as the Controlled Substance Act of 1970, as amended (the “CSA”). Zoned Properties corporate headquarters are located at 8360 E. Raintree Dr., Suite 230, Scottsdale, Arizona. For more information, call 877-360-8839 or visit www.ZonedProperties.com.

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

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420 with CNW — Pennsylvania Bill Seeks to Allow Medical Cannabis Users to Own Guns

Pennsylvania’s Erie GOP Senator Dan Laughlin is initiating a measure to change the gun ownership laws, enabling medical cannabis users to possess firearms. Laughlin argues that Second Amendment rights shouldn’t be violated because medical marijuana is a legitimate treatment for symptoms. Laughlin notes that the amendment is aimed at defending constitutional rights and personal liberty.

However, changing state laws will not be enough because federal law forbids marijuana users from owning firearms. The senator, who is surprised by the federal government’s passivity, takes inspiration from a case filed by the district attorney of Warren County against federal limits.

Robert Greene, the district attorney for Warren County and a certified medical marijuana patient in Pennsylvania, filed a lawsuit against the government about the prohibition of gun ownership by cannabis consumers.

Pennsylvania Family Institute President Michael Geer opposes Laughlin’s effort, citing possible risks associated with combining marijuana and firearms. Without recommended amounts, he claims, users run the risk of misuse, especially when using high-THC cannabis products.

Nevertheless, Laughlin, who humorously acknowledges his role as a leading advocate for marijuana legalization within the GOP, remains undeterred. Last year, Laughlin wrote to Pennsylvania’s acting police commissioner, asking him to review a federal decision that declared the federal prohibition on cannabis users owning firearms to be unlawful.

The senator’s advocacy for medical marijuana patients’ gun rights comes as state officials contemplate the legalization of recreational cannabis. Recently, Governor Josh Shapiro’s budget proposal called on legislators to move forward with legalizing cannabis for recreational use, emphasizing the need to stay up-to-date with surrounding states.

There is a growing interest in legalizing recreational cannabis in both chambers, with Laughlin leading the legalization reforms in the senate. The House of Representatives, which is now controlled by Democrats, has had several hearings on the issue. A recent poll reveals substantial public support for recreational cannabis legalization in Pennsylvania, with approximately two-thirds of voters endorsing the policy change.

Meanwhile, federal and state laws that prohibit drug users from purchasing firearms have presented challenges for authorities and Second Amendment supporters as more jurisdictions legalize cannabis. Notably, federal law stipulates that it is illegal to purchase or carry a firearm if one uses cannabis or any other restricted narcotic.

However, the act that gave rise to that ban has recently been contested in several courts, with some ruling that the restriction is unconstitutional.

The DOJ has staunchly supported the policy, arguing that people who use cannabis present distinct risks to society that warrant denying them their Second Amendment rights.

This bill is likely to be of interest to many cannabis companies such as SNDL Inc. (NASDAQ: SNDL) as its outcome could set a precedent that many other jurisdictions with medical marijuana markets may try to emulate.

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420 with CNW — Why the Federal Government Is Not Acting Fast to Reform Cannabis Laws Despite Public Support

The legal status of cannabis remains complex in the United States, with the Drug Enforcement Administration (DEA) playing a central role. For years, the agency has maintained that cannabis is a highly dangerous and addictive drug and lacks medical value, despite contrary evidence from public opinion, medical research and state laws.

This has led to a situation where marijuana is readily accessible in certain states, heavily penalized in others and federally illegal throughout the country. According to Carmel Shachar, a professor at Harvard School of Law, the U.S. courts or Congress could resolve this confusion, but so far, there’s been limited action.

Currently, the DEA classifies cannabis as a Schedule I substance, alongside ecstasy, heroin and LSD. This classification indicates that the substances have a high addiction and abuse potential with no recognized medical benefits. Shachar points out the irony of cannabis being more restricted than substances such as morphine and cocaine, which are classified as Schedule II and acknowledged to have medical uses.

Marijuana’s Schedule I classification presents significant barriers to research into its potential medical benefits, creating a cycle where its value cannot be proven due to federal restrictions. Cannabis has remained under this classification since 1971, when it was initially added to the list under President Richard Nixon. According to experts, Nixon’s decision was influenced more by political motives than scientific evidence.

At the moment, the next potential development involves the DEA considering reclassifying cannabis to a lower schedule, though this wouldn’t federally legalize the substance. Advocates view this as a symbolic step in the right direction while also recognizing that it falls short of meaningful change.

Reclassification to Schedule III would allow for medical prescriptions but wouldn’t resolve the conflict between federal and state laws. To fully address this conflict, though still distant, cannabis would need to be removed from the Controlled Substances Act (CSA) altogether, according to experts. This means cannabis would be regulated in the same way as tobacco and alcohol.

National polls indicate that public support for cannabis legalization is high, with 70% of U.S. citizens in favor, according to a Gallup survey. Additionally, only 10% of people, according to a 2022 Pew Research Center poll, think the substance should be outlawed. By contrast, 30% favor legalization for only medical purposes, while 59% favor legalization for recreational and medical purposes.

Despite the overwhelming support, legalization progress is slow because of several factors, including differing opinions among legislators and concerns about potential health risks. As advocates note, while rescheduling is a positive step, it’s insufficient, and there’s no justification for marijuana to remain under federal regulation.

The cannabis industry, including entities such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), is focused on operating within the existing regulatory frameworks at state and federal level as it advocates for further reforms to be enacted.

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Astrotech Corp. (NASDAQ: ASTC) Reports 512% Jump in YTD Revenue

Astrotech reported financial results for the quarter ended December 31, 2023, recording year-to-date revenue of $1,540,000
The company attributed the growth to the successful fulfillment of two significant purchase orders for the TRACER 1000(TM), the world’s first mass spectrometer-based explosive trace detectors (“ETD”), to customers in Romania
Astrotech is focused on commercializing its innovative platform mass spectrometry technology through its wholly owned subsidiaries 1st Detect Corp., AgLAB Inc., Pro-Control Inc., and BreathTech Corp.
The company and its subsidiaries are positioned to capitalize on burgeoning markets, including the global mass spectrometry market, expected to grow from an estimated $6.77 billion in 2024 to $9.17 billion by 2029

Astrotech (NASDAQ: ASTC), a science and technology development and commercialization company, focused on commercializing its innovative platform mass spectrometry technology through its wholly owned subsidiaries, recently released financial results for the three months ended December 31, 2023 (“Q2 2024”).

The company recorded a 512% jump in its year-to-date (“YTD”) revenue to $1,540,000 from $301,000 in the comparative period a year before. Astrotech attributed this growth primarily to two significant purchase orders for the TRACER 1000(TM) explosive trace detectors (“ETDs”) to customers in Romania, which the company, through 1st Detect Corp., successfully delivered on (https://cnw.fm/bDHtl).

The subsidiary 1st Detect develops, manufactures, and sells mass-spectrometer-based trace detectors – including the TRACER 1000(TM), the world’s first mass spectrometer-based ETD – for use in the security and detection markets. It is one of Astrotech’s wholly owned subsidiaries formed to explore and capitalize on opportunities in disparate markets. The other subsidiaries include Astrotech Technologies Inc, AgLAB Inc., Pro-Control Inc., and BreathTech Corp.

A recent SNS Insider article (https://cnw.fm/4ermr) confirms that “the Explosive Trace Detection Market is witnessing significant growth driven by increasing security concerns, particularly in transportation, critical infrastructure, and public spaces”. Specifically, it indicates: “The Explosive Trace Detection Market, valued at USD 1137.50 million in 2022, is projected to achieve a significant milestone, reaching USD 2250.60 million by 2030.” This market is yet another fast-growing and important opportunity for 1st Detect and the superior mass spectrometry technology it offers. The article continues that “there is a growing demand for advanced ETD systems that offer higher sensitivity, faster detection times, and improved ease of use”, the very capabilities that 1^st Detect represents. In particular, 1st Detect holds an exclusive AMS Technology license from ATI for air passenger and cargo security applications.

For its part, AgLAB has developed a mass-spectrometer-based chemical analyzer, the AgLAB 1000 series, and the AgLAB Maximum Value Process(TM) (“AgLAB MVP for use in botanical distillation and specifically, the hemp and cannabis sectors. AgLAB uses its proprietary mass spectrometry instrumentation on the manufacturing floor to test and analyze distilled cannabidiol (“CBD”) and tetrahydrocannabinol (“THC”) oils quickly, easily, and continually, providing immediate information that not only maximizes potency but also improves the ending weight yields of every batch. According to AgLAB’s analysis, its mass spectrometers improve yields by an average of 34% (https://cnw.fm/2bp9w).

The U.S. cannabis market, which combines the recreational cannabis, medical cannabis, and therapeutic cannabis segments, is expected to experience significant growth in the coming years, according to Statista, reaching a projected $39.85 billion in revenue in 2024 and $67.15 billion by the end of 2028. The market is projected to grow at a CAGR of 13.93% during this forecast period (https://cnw.fm/SApA8). Globally, the cannabis market is projected to reach revenue of $60.79 billion in 2024 and $102.90 billion by 2028, representing a CAGR of 14.06% (https://cnw.fm/AksQn).

Beyond the U.S. cannabis and cannabinoids markets, Astrotech is positioned to capitalize on and benefit from the growth in the global mass spectrometry market, which is expected to grow from an estimated $6.77 billion in 2024 to $9.17 billion by 2029, representing a CAGR of 6.25%. “One of the major driving factors for the growth of the mass spectrometry market is the technological advancements in mass spectrometer devices,” wrote Mordor Intelligence in its report (https://cnw.fm/ZARLT).

Pro-Control subsidiary is expected to benefit from the global industrial automation and control systems market that is valued at USD 172.26 billion in 2022 with a compound annual growth rate (“CAGR”) of 10.5% from 2023 to 2030. The Pro-Control 1000(TM) mass spectrometer is designed to measure, test, and increase efficiencies in the chemical manufacturing processes.

Pro-Control MVP(TM) uses mass spectrometry instrumentation to monitor and control the fractional distillation of bulk chemicals using real-time in-process samples. “The Pro-Control subsidiary was launched late Q2 2024, and we look forward to introducing Pro-Control to chemical manufacturers who are using all types of distillation,” said Thomas B. Pickens, III, Astrotech’s Chairman, CEO, and CTO.

The BreathTech subsidiary is continuing its development of a breath analysis device that can provide early detection of lung diseases so that targeted antibiotics can be administered within minutes vs. days under current lab conditions. “The early BreathTech work was focused on COVID, but as vaccines were introduced and the effect of the disease outbreaks diminished, we have expanded our breath work to include other lung diseases that would benefit from early identification,” said Mr. Pickens.

The BreathTech subsidiary is continuing its development of a breath analysis device that can to provide early detection of lung diseases so that targeted antibiotics can be administered within seconds vs. days under current lab conditions. “The early BreathTest work was directed exclusively to COVID, but as the vaccines too effect and the disease outbreaks diminished, we have expanded our breath work to include other lung diseases that would benefit from early identification. The testing of these diseases is ongoing and we remain optimistic over our most recent results,” said Mr. Pickens.

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

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

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces Closing of $3.6 Million Registered Direct Offering

Lexaria, a global innovator in drug delivery platforms, just announced $3.6 million in gross proceeds from its registered direct offering priced at the market
The proceeds will go to critical R&D studies, patent, and legal costs, as well as general working capital purposes
This is timely, given Lexaria’s resolve to double down on GLP-1 investigations for the 2024 calendar year

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently announced that the registered direct offering for the purchase and sale of 1,558,443 shares of common stock at a purchase price of $2.31 – at the market under Nasdaq rules – per share yielded approximately $3.6 million in gross proceeds. This was offered by the company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-262402), and it opens Lexaria to important new opportunities for the 2024 calendar year (https://cnw.fm/9CHup).

Most notably, Lexaria intends to use the net proceeds from this offering for research and development (“R&D”) studies, and the associated patent and legal costs. It also intends to use the funds for general working capital purposes, important for its current focus on GLP-1 clinical studies for the 2024 calendar year.

“Our R&D plans for 2024 are very tightly focused and will be concentrated mainly on GLP-1 investigations,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/RIBhV).

In 2023, Lexaria laid down the groundwork for its GLP-1 clinical studies. The company achieved positive interim and final human pilot study results using a single semaglutide dose of a Rybelsus(R) tablet to a matching dose of Rybelsus that had been processed with DehydraTECH (TM) processing technology enhancements.

“Frankly, the results surprised us with their level of positivity,” noted Mr. Bunka.

“It was found that DehydraTECH processing: delivered a statistically-significant higher proportion of the semaglutide, and did so more quickly (very typical of results for our technology); reduced the quantity and severity of unwanted side effects; and had a statistically-significant impact on blood sugar in general and much more effectively after eating a meal, than did Rybelsus,” he added.

These results inspired the confidence of Lexaria’s team. In addition, the FDA’s recognition of GLP-1 drugs, having offered approvals as recently as 2021 and 2022 due to its health benefits, incentivized Lexaria to double down on this specific study. Consequently, the $3.6 million could not have come at a better time. Mr. Bunka and the rest of Lexaria’s management are optimistic that with this focus, the team’s hard work will prove its worth this year.

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

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

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420 with CNW – Legal Opinion Asserts That Rescheduling Cannabis Won’t Violate US International Obligations

A recent legal opinion has challenged the U.S. Drug Enforcement Administration’s (“DEA”) stance, suggesting that international treaties related to drugs should not hinder cannabis rescheduling as recommended by the U.S. Department of Health and Human Services (“HHS”). According to the opinion, doing so would be more in line with the country’s duties under international legislation to regulate marijuana in a manner that safeguards public safety and health.

Prepared by lawyers from Vicente LLP and Porter Wright LLP firms, the opinion aims to counter the DEA’s assertion in 2016, when it denied a previous request for a cannabis rescheduling. At the time, the agency maintained that cannabis could not be classified under a less stringent schedule than Schedule II because of international drug agreements.

The legal paper contends, however, that these treaties give countries enough latitude to create drug laws that put national welfare and health first, even if doing so means ending prohibition.

The Coalition for Cannabis Scheduling Reform, an advocacy group and association representing various marijuana-related groups and businesses, commissioned the paper, which has been shared among members and in private with key government figures.

While concerns have previously been raised by individuals such as Representative Andy Harris regarding treaty obligations, noting potential violations of the Single Convention of 1961, a group of senators has highlighted revisions to global marijuana scheduling laws, citing countries such as Canada, which have legalized and regulated cannabis without repercussions. The writers point to Canada and Uruguay in support of their reading that international drug treaties broadly support regulating drugs for safety, research and medical applications. Further, they note that the DEA has in the past rescheduled a cannabis-based medication, Epidiolex, after it received FDA approval, showing that there has been precedent for changing the categorization of cannabis.

The opinion not only refutes the notion that drug treaties forbid cannabis reclassification, but it also emphasizes the member nations’ latitude in upholding treaties even when doing so contradicts their internal constitutions.

This becomes especially important in the case of the adult-use cannabis markets that are already operating and have been approved by state legislation. The opinion argues that closing state markets on treaty grounds would violate states’ fundamental constitutional rights and highlights the existence of treaty exceptions when constitutional constraints are in effect. Moreover, the opinion underscores the legal discrepancy between the final rule and final order in DEA rescheduling proceedings, suggesting that treaty obligations could enable the agency to bypass the rulemaking process.

The legal opinion above could help shape the final decision that the DEA makes, although industry actors such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) are only awaiting a communication from the federal agency so that they can assess how their strategic plans could evolve based on the changed regulatory climate in the United States.

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CannabisNewsWire
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