Software Effective Solutions Corp. (SFWJ) Experts Work with Partners, Customers to Meet Impressive Market Growth

Research forecasts global medical marijuana space will see CAGR of 22.32% over the next decade
Several key factors contribute to double-digit growth
MedCana has assembled a team of pharmaceutical scientists who are some of the world’s most respected chemists

Recent forecasts for the global medical marijuana sector indicate significant growth, a trend that Software Effective Solutions (d/b/a MedCana) (OTC: SFWJ) is paying close attention to. A global infrastructure and holding company in the cannabis industry, MedCana is on a mission to become the world’s premier resource for pharmaceutical cannabis products.

The recent ResarchAndMarket.com article reported that the global medical marijuana market size was estimated to be $16.88 billion in 2023 and is expected to reach at $154.83 billion by 2034, with a CAGR of 22.32% during the 2024–2034 forecast period (https://cnw.fm/ON1OY). “Growing awareness regarding various therapeutic applications of the marijuana, a surge in permitting the usage of medical marijuana, increasing adoption of cannabis in therapeutic applications, rising research and development activities, growing prevalence of chronic diseases, and increase in acquisition of market players for the manufacturing of advanced medical products are some of the key factors boosting the market growth,” the article stated.

“The North America region is anticipated for the highest revenue share during the forecast period, owing to the surge in cannabis legalization and increasing product launches by major market players,” the article continued. “Increased launch of advanced medical products is predicted to boost the market growth during the forecast period. Medical marijuana, also known as medical cannabis, is a marijuana plant extract utilized to alleviate symptoms, illnesses, and various health conditions. Numerous North American states have relaxed laws regarding cannabis use, both for medical and recreational purposes.”

The article also noted that many other countries worldwide are following North America’s lead by legalizing cannabis. “The increasing trend of cannabis decriminalization is expected to significantly boost the development and launch of medical marijuana,” the report concluded.

With this backdrop of growing awareness and acceptance of medical cannabis, MedCana is well positioned to become an industry leader. The company has assembled a team of pharmaceutical scientists that are some of the most respected chemists in the world (https://cnw.fm/tPBhw). These experts work closely with MedCana partners and customers to create premium pharmaceutical-grade cannabis extracts that will meet the growing worldwide demand for high-quality products.

MedCana has established five companies focused on pharmaceutical cannabis production, as well as a software company focused on managing processes for plant-to-patient operations. In addition, the company recently rounded out its portfolio of holdings with the acquisition of an irrigation and greenhouse technology company.

The company’s focus is on developing clients and companies in Latin America, initially in Colombia, and partnerships with laboratories, research facilities and hospitals throughout the world. MedCana is building the technology, laboratories, growing facilities and scientific teams to provide premium pharmaceutical-grade cannabis extracts globally.

For more information, visit the company’s website at www.MedCana.net.

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

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — New Study Explores How Cannabis Entourage Effect Impacts Therapeutic Benefits

A recent review that delves into the collaborative interplay of different marijuana chemical compounds, such as flavonoids, terpenes and cannabinoids, has shown that to fully understand the therapeutic potential of marijuana, it’s important to understand how the different constituents interact. Echoing sentiments expressed in the cannabis community for years, the study underscores that the effects of cannabis extend beyond only CBD and THC.

The study stresses the entourage effect, which describes the complex interactions between flavonoids, terpenes, cannabinoids and other chemicals found in marijuana plants. The study, published in the scientific journal “Molecules” last month, highlights the need to explore these complex connections to fully realize cannabis’ therapeutic potential in the field of natural plant medicine.

The study recommends a more thorough investigation of the precise ratios of flavonoids, terpenes and cannabinoids in various marijuana products or strains. It implies that this kind of examination can result in the creation of more specialized and efficient medical treatments.

Terpenes and cannabinoids interact with the body’s endocannabinoid system to produce a range of effects, including neuroprotective, anti-inflammatory and analgesic properties. However, research indicates that other substances in the plant may also have an impact on their effects, which may not be entirely attributable to their separate actions.

The research notes that terpenes, for instance, have demonstrated pharmacological properties and can interact with neurotransmitter receptors and enzymes, potentially modulating the effects of cannabinoids. Further, the entourage effect proposes that terpenes and cannabinoids working together could have a therapeutic benefit that is more potent than the sum of their separate actions.

The authors also cited studies that suggest that flavonoids may have neuroprotective, antioxidant, and anti-inflammatory qualities with cannflavins, a type of flavonoid, showing strong anti-inflammatory properties, especially against neuroinflammation. The study ALSO sheds light on the intricate network of chemical interactions that could influence the effects of cannabis on individuals.

However, the authors stress the need for further research to elucidate the underlying mechanisms and synergistic effects of flavonoids, terpenes and cannabinoids. They further highlight the importance of exploring the biotechnological, bioactivities and biosynthesis applications of these compounds to harness their potential and expand treatment options.

The study also notes that the regulatory obstacles to marijuana research present serious difficulties. It highlights how important it is to resolve these barriers, especially those resulting from marijuana’s Schedule I status, to enable more widespread access to marijuana products for research.

Companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) may be doing a lot behind the scenes to leverage the therapeutic effects of combining different components of marijuana plants.

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.

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

New England Cannabis Convention To Be Held In Boston, MA

Businesses, leaders, enthusiasts, and service providers of the cannabis spectrum are all invited to the NECANN Boston Convention, the 2nd largest B2B cannabis industry event across the globe. Since its 70th booth convention back in 2015, NECANN has come a long way. This year’s convention will feature over 350 exhibitors, several workshops, five full programming tracks, and a day-long financial/investor summit. The age limit to attend the conference is 18+ unless accompanied by a guardian.

The NECANN event is a phenomenal business platform attracting the New England cannabis trading community and other visitors. Influential cannabis industry leaders will be at the event, offering critical knowledge and developing industry insights. Experts will share strategies, ideas, and trends in the cannabis industry, while attendees harness the latest growth opportunities the platform offers. Enjoy unique experiences of networking and communication among peers, investors, and industry leaders.

Discussions will cover a number of important topics ranging from 280 changes and cannabis exit strategies, to insights from experts on sourcing diverse products, exploring funding through social equity programs, building a meaningful business network, and other subjects. Industry leaders will also explain the importance of community involvement, and how data analytics can impact business performance. In addition, the panel will talk about illicit cannabis operators based on recent numbers provided to them.

The NECANN Boston Convention offers numerous business and growth avenues to the cannabis community. You will learn the latest industry trends and technologies to stay competitive in the fast-growing cannabis industry.

Due to popular demand, a THIRD exhibit hall, along with more programming and workshops, will be added.

To learn more, visit https://cnw.fm/5DLNO

About CannabisNewsWire

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Teenage Brains More Susceptible to Cannabis Harm

Only 35% of 12- to-17-year-olds believe that smoking cannabis at least twice a week carries a major risk, according to the 2021 National Survey on Drug Use and Health (NSDUH). This low perception of risk among teenagers is concerning and is partly fueled by the widespread availability of marijuana, leading to the mistaken belief that it is entirely safe, states Beth Ebel, a pediatrician affiliated with Seattle Children’s Hospital and the University of Washington School of Medicine.

The main psychoactive ingredient in cannabis, THC, alters brain chemistry to produce a “high.” The THC may have unexpected consequences on the brain, especially in young people, according to Ebel, who highlights that these effects could result in addiction and psychosis as well as other long-term health problems.

Notably, THC concentrations in modern cannabis plants are far higher than in previous generations; the potency can reach 20% or more. Furthermore, THC levels in concentrated marijuana products such as shatter and wax can reach up to 95%, which makes them much more potent and worthy of their own classification, according to Yasmin Hurd, a neuroscientist at the Icahn School of Medicine at Mount Sinai.

The adolescent phase is especially precarious for marijuana use, given the ongoing development of the brain, notes Hurd. At this point, the brain experiences major changes, including the formation of new connections, the strengthening of preexisting ones and the pruning away of superfluous ones. THC, however, interferes with the endocannabinoid mechanism, which is essential for brain growth and other physiological processes, severely affecting this developing process. Research on growing brains — both in people and animals — shows that THC has deleterious effects that result in long-term deficits in learning and memory.

For instance, a 2019 study by Hurd and her team on THC-injected teenage rats revealed abnormal nerve cell connections in the prefrontal cortex, an area of the brain essential for emotional control and problem-solving. Similarly, teens’ prefrontal cortex thinning was shown to be accelerated in marijuana users’ MRI scans, a sign of aberrant brain development, according to a 2021 study.

In addition to impairing cognition, teenage cannabis use increases the likelihood of mental-health issues such as anxiety and sadness, according to a 2023 study. Notably, individuals with marijuana-use disorder are more prone to experiencing mental-health issues, with higher rates of depression and suicidal thoughts observed among adolescents who misuse marijuana.

Furthermore, the age at which marijuana use first occurs has a substantial impact on the risk of developing a marijuana use disorder, with adolescents showing a higher vulnerability than young adults.

Teenage cannabis usage frequently results from coping mechanisms for different stressors, including anxiety or sadness, highlighting the intricate relationship between substance abuse and mental health. Misuse of cannabis, however, can worsen symptoms related to mental health, creating a harmful cycle of greater usage and elevated anxiety.

Daily cannabis usage during adolescence is linked to negative effects in adulthood, including substance misuse, suicidal thoughts and reduced educational attainment, according to longitudinal research. Additionally, there is evidence linking marijuana addiction to the development of schizophrenia. Specifically, young boys are more likely to experience an association between marijuana use disorder and new occurrences of schizophrenia.

These concerns about the potential effects of cannabis on teenage brains illustrates why licensed cannabis companies such as Prime Harvest Inc. implement stringent age-verification systems so that only those of age can purchase products from their retail outlets.

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

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

CannabisNewsBreaks – Software Effective Solutions Corp. (d/b/a MedCana) (SFWJ), Subsidiary Ink Multiyear Deal with Danziger Colombia

Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) and its majority-controlled subsidiary, Eko2o Environmental Solutions S.A.S., have signed a multiyear contract with Danziger Colombia. According to the announcement, the agreement outlines plans for Colombia-based Eko2o, a leading provider of greenhouse infrastructure and agricultural technology, to provide greenhouse infrastructure services, irrigation products and technology to Danziger’s flower operations in Colombia. The company anticipates the agreement, which marks a pivotal moment for both organizations in their commitment to innovative agricultural practices, will result in between $2.5 million and $3 million in revenue over the next three years. Eko2o specializes in providing state-of-the-art greenhouse infrastructure and agricultural technology solutions and is focused on enhancing the efficiency and sustainability of agricultural production in Colombia and beyond. “We are thrilled to embark on this initial phase with Danziger,” said Eko2o S.A.S CEO Juan Ricardo Velez in the press release. “This partnership not only represents a significant milestone for our company but also sets the stage for future expansion. We eagerly anticipate further growth with Danziger in the near future and are confident that this agreement will pave the way for more collaborations with other leading flower and cannabis producers globally and nationally.”

To view the full press release, visit https://ccw.fm/CN3dM

ABOUT Software Effective Solutions

Software Effective Solutions/MedCana is a holding company focused on developing companies in the agricultural technology and the cannabis industries. As MedCana moves forward with its expansion plans, the company remains committed to delivering on its promise of building a solid foundation for future growth of its holdings. For more information, visit the company’s website at www.MedCana.net.

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

About CannabisNewsWire

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

Lexaria Bioscience Corp. (NASDAQ: LEXX) Kicks off 2024 with FDA IND Submission for its HYPER-H23-1 Phase 1b Human Clinical Trial

Lexaria, a global innovator in drug delivery platforms, just announced the submission of its IND application with the FDA for its HYPER-H23-1 phase 1b hypertension clinical trial
This study will seek to evaluate the safety and tolerability of Lexaria’s patented DehydraTECH(TM) technology, specifically DehydraTECH-CBD, in hypertensive patients
Lexaria expects to build on success of its previous studies, which showed positive results and DehydraTECH-CBD’s potential to have broad therapeutic utility

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced the submission of its much-anticipated Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) for its HYPER-H23-1 phase 1b hypertension clinical trial. The submission follows a successful pre-IND meeting with the FDA, an integral step in the IND’s development and filing (https://cnw.fm/exwpC).

Titled “A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension,” this study will seek to evaluate the safety and tolerability of Lexaria’s patented DehydraTECH(TM) and specifically DehydraTECH-CBD in hypertensive patients. Secondary objectives will also include efficacy evaluation in reducing blood pressure and detailed pharmacokinetic testing.

The IND submission was initially set for the end of August 2023 but was delayed by the overdue delivery of required analytical and stability information from one of Lexaria’s core ingredient suppliers. However, the company has since made tremendous progress and looks to commence with its HYPER-H23-1 clinical trial as soon as possible following IND effectiveness, subject to certain conditions, including funding.

Lexaria is optimistic about the study and looks to build on the success of its previous studies that date back to 2018. So far, the company has sponsored five investigator-initiated human clinical studies of its DehydraTECH-CBD in an aggregate total of 134 people and has not recorded a single adverse event. Positive results from these studies included significant reductions in resting blood pressure over both acute and multi-week dosing regimens alone and, in some cases, complementary to standard-of-care medications. These results suggested that DehydraTECH-CBD has the potential to have broad therapeutic utility, and that is something Lexaria is looking to explore more in its HYPER-H23-1 clinical study.

This submission affirms Lexaria’s commitment to creating shareholder value. It also points to its goal to fulfill the promises made to its shareholders, as detailed in its roadmap for the 2024 calendar year. For Chris Bunka, Lexaria’s CEO, this marks a significant milestone in line with his pledge to do all he can to “turn 2024 into the year that Lexaria leaps forward.”

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

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

About CannabisNewsWire

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Judge Rejects Challenge by Out-of-State Residents Against New York’s Cannabis Program

A recent ruling by a federal judge Anne M. Nardacci has dismissed a lawsuit challenging New York’s cannabis licensing program. The lawsuit, filed by two applicants from California, argued that the program unfairly discriminates against non-New York state residents. The ruling would allow the state to grant more licenses, which would have a big effect on a market that is primarily controlled by illegal businesses.

According to Nardacci, the public’s interest in allowing legitimately licensed entities to dominate the market outweighs the issues brought up by the plaintiffs. She noted that the plaintiffs-cited dormant Commerce Provision does not apply to illegal marijuana commerce on federal territory. Rather, due to the lack of Congressional legislation, the provision prohibits states from enacting protectionist policies that hinder interstate commerce.

The legal action, initiated in mid-December by two Los Angeles-based companies, sought a preliminary injunction and temporary restraining orders. Their goal was to halt the state’s licensing procedure during the course of litigation. Nardacci, however, denied the motions, stating that the implementation of regulated permits for the sale of marijuana products would be delayed if an injunction were granted, maintaining the dominance of illegal operators in the market.

New York attorney general Letitia James expressed satisfaction with the court’s decision, noting its significance in ensuring equitable opportunities for disproportionately affected communities within the legal marijuana industry.

New York launched its cannabis program in October last year, intending to give priority to people with past drug convictions who are seeking permits. The strategy aimed to give individuals negatively impacted by the drug war an opportunity before rivals overflowed the market.

Attorneys for the state claimed that more than 1,000 retail locations were expected to be granted licenses this year. They stated that applicants from outside the state are accommodated by the application process, which enables them to prove that they reside in regions that have been disproportionately affected by marijuana prohibition. These measures were anticipated to increase the number of licensed dispensaries, challenging the dominance of black-market vendors who operate unlicensed retail locations.

Critics point to bureaucratic obstacles as the reason for the slow growth of New York’s retail cannabis market, citing delays in the social-equity fund rollout intended to assist applicants in launching stores. The licensing process has also faced legal challenges from excluded individuals and businesses, with a recent lawsuit aiming to further delay the process.

This court victory is a win for the broader cannabis industry, including companies operating in other state markets, such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), since the decision leaves regulators in New York state free to proceed with the rollout of recreational cannabis sales.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

CannabisNewsBreaks – IBN’s CNW to Elevate Visibility for ZJ Events in 2024

CannabisNewsWire (“CNW”), a specialized communications platform for the cannabis sector and one of the 60+ brands within IBN (“InvestorBrandNetwork”), has announced its renewed partnership as the official newswire for ZJ Events in 2024. ZJ Events, an innovative organizer hosting multiple trade shows across the USA and South America every year, is set to deliver a captivating 2024 event series, featuring the BizCann Expo and Alternative Products Expo, the nation’s largest CBD and hemp event (formerly known as USA CBD Expo). Leveraging its extensive array of corporate-communications solutions, IBN aims to elevate the visibility of exhibitors, participants and the conferences among diverse audiences, including public officials, investors, influencers, media professionals, consumers, and the general public. “ZJ Events excels in producing top-notch events that provide attendees with fun and thrilling experiences, setting us apart in a unique category within the traditionally dull conference space,” said Craig Corban, director of marketing at ZJ Events. “As former exhibitors ourselves, we have a unique understanding of what it takes to create truly dynamic business gatherings that drive productive networking.”

To view the full press release, visit https://cnw.fm/8tAN7

About IBN

IBN consists of financial brands introduced to the investment public over the course of 17+ years. With IBN, we have amassed a collective audience of millions of social media followers. These distinctive investor brands aim to fulfill the unique needs of a growing base of client-partners. IBN will continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Through our Dynamic Brand Portfolio (“DBP”), IBN provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) Press Release Enhancement to ensure maximum impact; (4) full-scale distribution to a growing social media audience; (5) a full array of corporate communications solutions; and (6) total news coverage solutions.

For more information, please visit https://www.InvestorBrandNetwork.com

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

About CannabisNewsWire

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

420 with CNW — Virginia Assembly Committee Approves Cannabis Bill Permitting Sales

A recently amended measure, HB 698, advanced by a Virginia Assembly subcommittee, seeks to permit existing medical cannabis dispensaries and certain small businesses to commence recreational marijuana sales in January next year, with more retailers expected to be licensed by year-end.

A medical marijuana operator has to quickly establish six microbusinesses to capitalize on an early launch date. The present form of the law would provide $400,000 in funding to each of these microbusinesses. In turn, microbusiness licenses would require that at least two-thirds of the individuals directly controlling the enterprise meet certain social-equity requirements, with preference going to those who meet multiple requirements.

Delegate Paul Krizek, the subcommittee chair and the bill’s lead sponsor, noted that his proposal draws inspiration from Maryland’s approach to legal sales, including a gradual marketplace rollout. The bill is designed to ensure affordability through low taxes (9%), utilizing medical companies to address initial demand and implementing a robust social program to assist individuals most affected by cannabis criminalization.

Equity activists applauded the inclusion of prior cannabis misdemeanor convictions and people related to someone convicted (spouse, child, parent or sibling) as substantial additions to the qualifying requirements for microbusiness licenses. Additional criteria involve residence in historically underprivileged neighborhoods, school attendance in such areas, receiving Pell grants, or military veteran status.

The accelerator might be able to sustain 30 microbusinesses, given that Virginia currently has five medical cannabis providers. However, the measure would eventually allow more licenses for different marijuana-related activities.

Despite varied perspectives, there is general agreement that market control is necessary following the legalization of cannabis home cultivation, possession and use in 2021. Currently, legislators are trying to reach an agreement on a proposal regarding retail sales, despite the possibility of a veto from Governor Glenn Youngkin, who stated last month that he had no interest in legalizing Democratic-led sales bills.

When he assumed office, Gov. Youngkin stated that he was not opposed to permitting commercial sales in general. However, he noted that there were several Democratic measures, such as clauses requiring cannabis businesses to form labor unions, that he would not support.

Krizek’s amended measure is unique for allowing Virginia’s five existing medical cannabis companies to start recreational sales before new retailers receive licenses. While advocates argue that this speeds up the state’s legal marijuana sales, detractors warn that it would unfairly favor large out-of-state medical businesses over small and local enterprises.

Several advocacy organizations, such as Marijuana Justice and the Virginia chapter of NORML, are in support of the measure. Established cannabis companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) could also support the draft law because it would expedite access to licensed marijuana products instead of having customers taking chances with black-market products.

About CNW420

To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CannabisNewsWire.com

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

CannabisNewsWire
Denver, CO
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CannabisNewsWire is powered by IBN

CBDNewsBreaks – Software Effective Solutions Corp. (SFWJ) Committed to Building Capabilities to Provide Pharmaceutical-Grade Cannabis Extracts to the World

Software Effective Solutions (OTC: SFWJ) is among companies in the cannabis space paying close attention to the mounting calls for the rescheduling of cannabis to a Schedule III from a Schedule I substance per the Controlled Substances Act (“CSA”). “The call for cannabis rescheduling on the CSA list is not new, but it has gained momentum since the U.S. Department of Health and Human Services (‘HHS’) sent a brief letter to the head of the U.S. Drug Enforcement Administration… ‘HHS is believed to have advised DEA to move marijuana from Schedule I to Schedule III of the Controlled Substances Act (“CSA”), and the law enforcement agency is now carrying out its own review before making a final determination,’” reads a recent article, which contains excerpts from an report in Marijuana Moment. “A change in the rescheduling would almost certainly benefit Software Effective Solutions, a global infrastructure and holding company in the cannabis industry. Operating as MedCana, the company currently has five divisions focused on pharmaceutical cannabis production, as well as a software company focused on managing processes for plant-to-patient operations. The recent acquisition of an irrigation and greenhouse technology company has rounded out MedCana’s portfolio of holdings… The company is committed to building technology, laboratories, growing facilities, and scientific teams needed to provide pharmaceutical-grade cannabis extracts to the world.”

To view the full article, visit https://cnw.fm/hpFXZ

About Software Effective Solutions Corp.

Software Effective Solutions/MedCana is a global infrastructure and holding company in the cannabis industry. Currently, MedCana has five companies focused on pharmaceutical cannabis production and one software company focused on managing processes for plant-to-patient operations. The recent acquisition of an irrigation and greenhouse technology company has rounded out MedCana’s portfolio of companies. MedCana’s initial focus is on developing clients and companies in Latin America with an initial focus in Colombia and partnerships with laboratories, research facilities and hospitals throughout the world. For more information, visit the company’s website at www.MedCana.net.

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

About CBDWire

CBDWire (“CBDW”) is a specialized communications platform with a focus on CBD related news and updates in the cannabidiol (“CBD”) 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, CBDW 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, CBDW brings its clients unparalleled recognition and brand awareness.

CBDW is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from CBDWire, text “CBDWire” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.CBDWire.com

Please see full terms of use and disclaimers on the CBDWire website applicable to all content provided by CBDW, wherever published or re-published: https://www.CBDWire.com/Disclaimer

CBDWire
Denver, CO
www.CBDWire.com
303.498.7722 Office
Editor@CBDWire.com