420 with CNW — New York Grants Recreational Sales Licenses to Medical Cannabis Companies

The state of New York recently permitted eight medical cannabis companies to sell recreational cannabis. This brings the number of companies that can sell recreational cannabis in the state to more than a dozen. In December 2023, six companies received registered organization dispensing licenses, and in January, the Cannabis Control Board approved licenses for two more companies, among them Green Thumb Industries.

Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a company based in Chicago, entered the New York’s marijuana market in 2019, following its acquisition of Fiorello Pharmaceuticals. Currently, the company operates more than 90 recreational marijuana dispensaries in 15 states and 4 medical dispensaries under Fiorello’s medical marijuana license.

Green Thumb’s location in Henrietta, called RISE, is the sole dispensary under the company to have received a license to sell recreational marijuana to customers in New York. The company’s senior VP of Revenue, Dominic O’Brien, stated that the company had been serving medical cannabis patients for almost give years in the state and that would remain a priority for the organization.

While a large share of Green Thumb’s market is still medical marijuana patients, O’Brien noted that he was optimistic and excited about bringing recreational marijuana products already sold in other states to RISE, among them EVO, Incredibles and Dog Walkers.

Medical cannabis providers have been part of the state’s marijuana industry since the implementation of its medical cannabis program in 2016. Medical companies are vertically integrated, which allows them to cultivate, process and sell their own produce under a single license.

In the past, some independent growers have raised concerns that the presence of medical companies might drive them out of New York’s burgeoning recreational market. This sentiment isn’t shared by all, however. The director of policy for the Office of Cannabis Management, John Kagia, states that the companies’ inclusion may help expand the state’s retail capacity at a faster pace.

New York has, in the past, struggled with access to licensed retail dispensaries. In August 2023, a court injunction left many applications that had been submitted to the state’s Conditional Adult-Use Retail Dispensary in limbo, which prevented the Office of Cannabis Management from issuing any other licenses until the injunction was lifted a couple of months later by the supreme court.

With the issue now sorted, Kagia expects that New York may issue more than a thousand licenses to manufacturers, growers, retailers and distributors in the coming months. With these changes, he notes that retailers that sell both recreational and medical marijuana will be required by law to stock products from other suppliers in the market.

Currently, regulations require that all recreational and medical marijuana sold by licensed retailers in New York must be grown in the state.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Poll Suggests 32% of Americans Would Resort to Black Market If Cannabis Only Available in Pharmacies

A recent poll indicates that almost one-third of marijuana consumers nationwide would return to purchasing from illegal sources if marijuana were to be rescheduled without preserving legal state marketplaces. The survey, conducted by a website that facilitates medical cannabis physician evaluations, involved nearly 800 respondents.

NuggMD.com reported that its survey findings showed that if cannabis was rescheduled, restricting its legal access to FDA-approved prescription medications, 32% of participants would head to the black market. An estimated 55% of respondents preferred using pharmacies to obtain cannabis, indicating a large preference for legal sources.

Last year, the U.S. Department of Health and Human Services (HHS) made a recommendation to the U.S. Drug Enforcement Administration (DEA), urging the agency to reclassify marijuana from Schedule I to III of the CSA. However, rescheduling would not automatically grant cannabis the status of a legitimate prescription medication. This is because the FDA adopts a distinct drug-approval process and typically excludes botanical substances as prescription drugs.

Despite this, the poll explores how cannabis users might react if their only access is through pharmacies, treating cannabis similarly to other Schedule III drugs. Drugs in this category are usually prescribed and available through pharmacies or under a physician’s supervision. The survey also provides insight into how users feel about possible marijuana schedule changes. Although 47% of respondents think that rescheduling wouldn’t impact their access, a sizable number — 77% of respondents — would rather purchase dispensary cannabis than depend on FDA-approved pharmacies.

Additionally, the poll reveals opinions about federal regulation. Significantly, 69% of respondents prefer separate state markets to a single federal market, and 85% of respondents support removing marijuana from the CSA rather than moving it to Schedule III.

Consumers also express a reluctance to involve the FDA or pharmaceutical companies in marijuana regulation, signaling a strong trust in state-controlled markets. Interestingly, a significant portion is willing to obtain marijuana, even if it means ignoring legal restrictions.

Although reclassifying cannabis from Schedule I to III could facilitate medical use and encourage the creation of FDA-approved medications, the process of doing so takes time. State-licensed dispensaries will probably continue to be accessible for both recreational and medical consumers until then.

There is also skepticism about products, such as raw cannabis flower, gaining approval. This skepticism highlights the need for substitute medical-grade products that can be purchased from pharmacies.

Despite potential changes, legal state markets are expected to remain, providing accessibility and lowering reliance on the black market.

It remains to be seen how the implementation of the expected rescheduling of marijuana will affect companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) that had found a lucrative niche serving plant-touching cannabis companies.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Cannabis MSOs Set Sights on Growing Wholesale Divisions

A top cannabis executive recently revealed that several cannabis multistate operators (MSOs) intend to prioritize their wholesale divisions in 2024. Jamie Mendola, the national head of wholesale/purchasing, western region regional manager and chief business development officer at Florida-based multistate operator Ayr Wellness, says that while MSOs focused on wholesale last year, the division will become an even greater priority this year.

Mendola notes that reduced capital will decrease the odds of company growth through mergers and acquisitions or by obtaining more licenses, forcing MSOs to turn their focus to wholesale. He adds that with many vertically integrated cannabis businesses in states such as New York, Massachusetts and Illinois reaching or nearly reaching their total number of retail licenses, wholesale will take higher priority.

The cannabis executive predicted that the “vast majority” of the MSOs in America’s state-level cannabis sector are focusing on organic growth. This growth will likely come from the wholesale division, Mendola said, especially in markets that still haven’t transitioned from medical marijuana to recreational cannabis. However, MSOs will have to overcome challenges such as low cannabis prices to grow their wholesale divisions.

Mendola notes that in Ayr’s case, a double-digit increase in wholesale sales volumes in 2023 was significantly undermined by a double-digit reduction in wholesale prices. Although the company saw notable growth through the end of the year, Mendola says price compression masked a lot of this growth. Limited vertical integration among the newest entrants into the cannabis retail market could help stabilize wholesale cannabis prices as these retailers will need wholesale partners to supply products regularly, Mendola says.

Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) in New York is also hoping the state’s increasing number of retail cannabis retailers leads to positive headwinds for the company’s wholesale division. The company’s CEO Matt Darin said in a recent interview that Curaleaf had already begun selling its cannabis products in the wholesale market, likely in anticipation of the flood of demand expected to come from the retail division.

Unfortunately, this strategy won’t be as effective in mature markets such as Massachusetts where both retail and wholesale divisions are at capacity. MSOs in Massachusetts built massive cultivation facilities when there was easier access to capital and cannabis prices and averaged $3,000 per pound.

Ben Burnstein, a senior associate in charge of corporate development at New York-based cannabis wholesale platform Leaflink, says wholesale prices have now dropped to around $1,400 per pound, partly due to reduced foot traffic in brick-and-mortar stores.

Wholesalers can ensure they remain competitive in the increasingly saturated market by building value for their retail partners through varied product offerings, reliability and consistency, Dazed cannabis cofounder Chris Vianello says.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces 2024 GLP-1 Human and Animal Studies Roadmap

  • Lexaria, a global innovator in drug delivery platforms, has laid down its GLP-1 human and animal studies roadmap for the 2024 calendar year
  • This builds on the success of its human pilot study, which marked a successful undertaking for exploring its patented DehydraTECH(TM) technology for the improved delivery of the GLP-1 drug semaglutide, available commercially in the branded product Rybelsus(R)
  • The company’s chronic dosing animal study and its second human pilot study will commence in Spring and run for 12 weeks. The third human pilot study will start in May or June
  • These studies will evaluate DehydraTECH for the improved delivery of GLP-1 drugs, designed to support prospective commercial partnering with global pharmaceutical companies

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, has announced five additional studies that aim to support commercial partnering for glucagon-like peptide-1 (“GLP-1”) agonists with its patented DehydraTECH(TM) technology. This follows the update on the final results from its human pilot study in what marked a successful undertaking for exploring DehydraTECH for the improved delivery of the GLP-1 drug Rybelsus(R), reduced side effects, enhanced weight loss, and improved health outcomes, per recent Zacks report (https://cnw.fm/auy9e).

Of note from the human pilot study was the sustained higher levels of semaglutide in blood using DehydraTECH technology, even 24 hours after a single dose.  DehydraTECH processing technology enhancements also achieved better blood glucose control, faster peak drug delivery and reduced side effects.

The 2024 GLP-1 study program will aim to characterize the pharmacokinetics of DehydraTECH processing technology enhancements while also exploring the commercial applicability of DehydraTECH-formulated versions of semaglutide, liraglutide, and tirzepatide. Lexaria plans to embark on one animal, three human studies, and long-term stability testing on DehydraTECH compositions of GLP-1 agonists. All of these proposed studies will depend upon sufficient funding, and all human studies will be investigator initiated non-registrational studies, and will require certain approvals before they commence.

Lexaria’s chronic dosing animal study will advance 12 arms with 8-10 obese rats per arm. It is scheduled to commence in Spring 2024. It will run for 12 weeks, with the primary objective of evaluating weight loss, pharmacokinetics, and blood sugar control over the duration of the study. Once completed, a full analysis will be performed, and results will be shared with stakeholders. This study will use DehydraTECH formulations of semaglutide and liraglutide alone and with DehydraTECH-CBD.

A second human pilot study will begin in Spring 2024, with the third starting in May or June 2024. The latter will enroll up to eight healthy human volunteers and evaluate DehydraTECH’s effectiveness in combination with a dual-action GLP-1 agonist and a glucose-dependent insulintropic peptide (“GIP”) drug absent in the SNAC formulation. It will build on the second human clinical study, whose primary objective would be to evaluate tolerability, side effects, pharmacokinetics, and blood sugar control.

For the 2024 calendar year, Lexaria also plans to evaluate the chemical and microbiological purity and stability of select DehydraTECH compositions over 6-12 months. This long term stability testing is crucial if oral variants of GLP-1 drugs are to be seriously considered as replacements for currently injectable versions of these drugs. All the studies lined up for the year will support this objective, and the company’s management is optimistic that it will be realized.

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

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

About CannabisNewsWire

CannabisNewsWire (“CNW”) is 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 — Federal Judge Upholds Medical Cannabis Advertising Restrictions

A lawsuit filed against the state of Mississippi by a medical cannabis dispensary owner has been dismissed. The lawsuit challenged Mississippi’s laws, which the plaintiff said placed restrictions on marijuana businesses by forbidding them from placing advertisements on a majority of media platforms.

In a decision issues last week, Federal District Judge Michael P. Mills agreed with the state’s stance that such operations do not benefit from the constitutional protections afforded to certain types of commercial speech because marijuana possession is still prohibited under federal law.

Clarence Cocroft II, the plaintiff, founded Tru Source Medical Cannabis in 2022 following Mississippi’s legalization of medical cannabis use for patients with life-threatening illnesses. However, he claims that because the state forbids medical cannabis companies from running advertisements in any medium, he has had difficulty attracting consumers.

Cocroft, who was represented by the Institute for Justice, a nonprofit libertarian law firm, filed a lawsuit against Mississippi’s Alcoholic Beverage Control Bureau and the state’s Health and Revenue Departments. His claims revolve around the purported infringement of his advertising rights, stating that the limitations imposed by the state prohibit him from running advertisements in periodicals, newspapers, radio, television and billboards.

In his decision, Judge Mills stated that he believed it would be a major violation of state sovereignty to remove Mississippi’s prohibitions on marijuana advertising. He stressed that the state’s legislature had outdone the U.S. Congress by legalizing cannabis to some degree. This, in Mills’ opinion, called into question the jurisdiction of a federal court to tell the Mississippi legislature how far it may take cannabis legalization.

Expressing dissatisfaction with the ruling, Cocroft maintained that Mississippi’s rules violate businesses’ First Amendment rights. He stated that he plans to file an appeal with the Fifth U.S. Circuit Court of Appeals over the ruling. While the state can’t restrict dispensaries from displaying signs on their premises or showcasing products on their websites, Cocroft’s attorneys maintain that the broader advertising restrictions imposed by the health department are unconstitutional.

Marijuana is still classified as a restricted substance under federal law, even though President Joe Biden has pardoned thousands of individuals who were found guilty of using cannabis and of simple possession on federal property. Mills emphasized that states have the right to control marijuana advertising as long as it is still illegal on a federal level, bolstering Mississippi’s jurisdiction to regulate how the substance is advertised.

This lawsuit filed in Mississippi highlights some of the challenges that cannabis enterprises, including major actors such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), have to contend with in the different markets in which they operate. Reform has been slow and incremental, but the industry hopes that all vestiges of the era of prohibition will be reversed as the public and policymakers gain a deeper understanding of the industry.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — DOJ Says Federal Government Will Ask Court to Throw Out Case Challenging Prohibition

The U.S. Department of Justice has revealed that it will ask a federal court to dismiss a lawsuit seeking to block the federal government from enforcing cannabis prohibition in state-level cannabis markets. Several industry stakeholders and cannabis businesses teamed up in May 2022 to sue the federal government over what they said were unconstitutional policies harming their operations. The group was represented by two leading law firms, including Boies Schiller Flexner LLP, which has represented clients such as former Vice President Al Gore and the Justice Department.

According to the lawsuit, enforcing cannabis prohibition in state markets is unconstitutional and creates a public risk while preventing licensed cannabis businesses from accessing critical financial services despite paying taxes. The suit was filed by Wiseacre Farm and Canna Provisions from Massachusetts, Treevit CEO Gyasi Sellers, along with multistate marijuana operator Verano Holdings Corp. (CSE: VRNO) OTCQX: VRNOF) in the U.S. District Court for the District of Massachusetts, Western Division.

However, in a document filed earlier this week with the U.S. District Court, the Justice Department noted that Attorney General Merrick Garland will file a “motion to dismiss and supporting memorandum” on the Tuesday deadline. That news comes only one month after the plaintiffs and the DOJ jointly agreed to request a deadline extension for initial brief filing. Both parties submitted a joint filing asking the court to extend the deadline by 28 days and push it to Jan. 26, 2024.

If the federal government does file a motion to dismiss, the plaintiffs will have until March 15, 2024, to submit an opposition response and up to April 5, 2024, to submit any additional replies. The DOJ is also asking for permission to submit a memorandum exceeding the 20-page limit as it will present arguments on “multiple issues of constitutional law.”

According to Ascend Wellness Holdings founder Abner Kurtin, the lawsuit is an “industry-wide effort” seeking to block the federal government from impeding intrastate cannabis trade. The suit argues that interstate cannabis trade prohibitions are “unjustified vestiges’” of long-abandoned prohibitionist policies at the state level.

With dozens of states legalizing medical and recreational cannabis over the past two decades, the suit alleges that interstate commerce prohibitions by the federal government are an “unjustified intrusion of federal power” that harms the cannabis sector and lacks any national purpose.”

The plaintiffs are also challenging tax provision IRC 280E, which prevents cannabis businesses from making tax deductions. American Trade Association of Cannabis and Hemp president Michael Bronstein said he believes that tax provisions, as well as the Controlled Substances Act, are being “misapplied to legal cannabis businesses.”

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Software Effective Solutions Corp. (SFWJ) Strengthens Position with Growing Number of Cannabis Studies

  • A recent study shows that medical cannabis treatment may be associated with improvements in health-related quality of life
  • Study data indicated that chronic noncancer pain was the most common indication for treatment, followed by cancer pain, insomnia and anxiety
  • MedCana is building the technology, laboratories, growing facilities and scientific teams needed to provide premium pharmaceutical-grade cannabis extracts to the world

Cannabis, long shrouded in controversy, is stepping into the limelight of scientific inquiry, revealing a complex tapestry of potential benefits. Software Effective Solutions (d/b/a MedCana) (OTC: SFWJ), a global infrastructure and holding company in the cannabis industry, is paying close attention to growing data showing the power of the natural substance.

One recent study, conducted by postdoctoral research fellow Thomas Arkell, a PhD at Swinburne University of Technology in Melbourne, Australia, suggests that medical cannabis treatment may be associated with improvements in health-related quality of life among patients with a range of health conditions (https://cnw.fm/3kvjz). The results of the study were published earlier this year by JAMA Network Open.

“The use of cannabis as a medicine is becoming increasingly prevalent,” the report stated. “Given the diverse range of conditions being treated with medical cannabis, as well as the vast array of products and dose forms available, clinical evidence incorporating patient-reported outcomes may help determine safety and efficacy.” According to the report, this case series study was conducted at a network of specialist medical clinics and included patients who received treatment for any indication between December 2018 and May 2022.

Results of the study, which included 3,148 patients, were noteworthy. Study data indicated that chronic noncancer pain was the most common indication for treatment, followed by cancer pain, insomnia and anxiety. “After commencing treatment with medical cannabis, patients reported significant improvements relative to baseline on all eight domains of the SF-36 (the 36-item short form health survey questionnaire), and these improvements were mostly sustained over time,” JAMA reported. After controlling for potential confounders in a regression model, treatment with medical cannabis indicated marked improvement.

This is just one of innumerable studies focused on cannabis. Recently, NORML, a nonprofit organization that represents the interests of the tens of millions of Americans who use marijuana responsibly, reported that there are more than 36,000 peer-reviewed papers in the scientific literature referencing the cannabis plant and its cannabinoids, according to a keyword search on the search engine PubMed Central, the U.S. government repository for peer-reviewed scientific research (https://cnw.fm/R8w0G).

“In recent years, this volume of research has grown exponentially, with more than 20,000 papers published just in the past decade,” the report noted. “Much of this more recent research has been dedicated to exploring and verifying cannabis’ therapeutic activities in various patient populations – including in FDA-approved gold-standard clinical trials. A summary of this clinical trial data concluded: ‘Evidence is accumulating that cannabinoids may be useful medicine for certain indications. . . . The classification of marijuana as a Schedule I drug as well as the continuing controversy as to whether or not cannabis is of medical value are obstacles to medical progress in this area. Based on evidence currently available, the Schedule I classification is not tenable; it is not accurate that cannabis has no medical value, or that information on safety is lacking.’”

This is positive news for MedCana, which has five companies focused on pharmaceutical cannabis production, as well 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.

MedCana’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 needed to provide premium pharmaceutical-grade cannabis extracts to 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 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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420 with CNW — DeSantis Hints Cannabis Ballot Measure Will Appear on State Ballot

Florida Governor Ron DeSantis anticipates the inclusion of the marijuana legalization proposal on the November ballot. DeSantis expressed optimism that proponents of marijuana legalization would prevail in the Supreme Court, despite resistance from Ashley Moody, the state’s attorney general, who is attempting to stop the vote.

The Florida Supreme Court has not yet rendered a decision, which is expected by April 1, 2024, in the lawsuit against the Smart and Safe Florida campaign, despite hearing oral arguments in November.

It’s unclear if DeSantis is merely forecasting based on the difficulties at hand or if he has heard back from the court regarding the case’s current standing, which is still considering the Attorney General’s legal challenge. Moody has urged the court to strike down the proposal, even though legalization advocates were able to gather about a million signatures to get it on the ballot. Despite his opposition to the reform and his campaign vow to oppose federal decriminalization, the governor stated that Florida residents should have the final say on the matter this time around.

Before withdrawing from the GOP presidential nomination race, DeSantis stated that if elected president, he would accept state decisions regarding cannabis legalization, even if he believes the reform is detrimental. Despite falling short of the state’s 60% requirement for passing, the reform initiative is supported by most potential voters, according to a recent poll conducted by the Florida Chamber of Commerce. Still, past surveys, such as a University of North Florida survey—showed that 67% of respondents supported the initiative, indicating high support.

Should the measure be passed, it will change the Florida constitution to allow already-established medical marijuana businesses to sell cannabis to anyone over the age of 21 years of age. Cannabis concentrate product purchases are capped at five grams, and home cultivation is not allowed.

Additionally, activists’ preferred equality provisions, such as expungements or other forms of relief for those with prior cannabis convictions, are absent from the measure.

According to DeSantis’ economic analysts, should voters approve the measure, new sales tax income may range from $195.6 million to $431.3 million a year. And those numbers might increase significantly if legislators were to apply an extra excise tax on marijuana sales, similar to other states where cannabis is legal.

However, DeSantis has stated unequivocally that he still doesn’t support the bill, regardless of its possible economic benefits. Recently, he made the claim that some people are utilizing the medical cannabis program as a cover for recreational use, which may be contributing to the state’s rise in the number of patients.

The entire cannabis industry, including leading companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED), will be watching the outcome of the matter before the state supreme court and the polls later this year.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Ukraine Could Rely on Marijuana Imports While Awaiting Local Production

Cannabis experts in Ukraine suggest that it might take several years before the domestic cultivation of cannabis is operational within the country. The Ukrainian Parliament, Verkhovna Rada, recently granted approval for a draft law, marking a crucial step toward establishing a legal framework for the medical cannabis industry.

The legislative action could open up import-export prospects for foreign and local companies looking to balance supply and demand, especially in the early phases of the Ukrainian market. However, despite Verkhovna Rada’s approval of the legislation, significant groundwork remains before medical marijuana can be legally sold in Ukraine. This is because the measure provides a broad outline of what constitutes acceptable business operations, but it is devoid of particular guidelines.

What’s certain is that medical marijuana distribution will take place through pharmacies and will be administered to patients with specific conditions who have prescriptions from physicians. This strategy is more in line with European regulatory models that prioritize pharmaceuticals than it is with North American regulatory frameworks that prioritize private enterprise and accessibility.

Ukraine has established a rigorous timeline for putting the law into effect. Six months after President Volodymyr Zelenskyy gives his approval — he is anticipated to approve the measure soon — it will go into force. Draft regulations should be created no later than three months after Zelenskyy’s approval, in accordance with the law.

Even though the law’s specifics are still unknown, Ukraine has made great strides toward developing a working medicinal cannabis market. Independent European medicinal marijuana adviser Hanna Hlushchenko highlights the necessity for the government to establish licensing standards. She is working in tandem with the Ukrainian Association of Medical Cannabis to help formulate the rules.

According to Hlushchenko, Ukraine will most likely enact regulations comparable to those in Europe, thus making cannabis a pharmaceutical sector. She also adds that facilities looking to grow and distribute medical cannabis must adhere to pharmaceutical supply chain laws and Good Manufacturing Practice (GMP) guidelines. GMP is a rigorous quality-control accreditation commonly used in pharmaceutical production.

A European health authority’s GMP accreditation is usually necessary for export-oriented medical cannabis businesses. Merely meeting this requirement might cause future Ukrainian farmers to have to wait longer. Hlushchenko hopes that, if everything goes according to plan, authorized producers will start growing cannabis in Ukraine by late 2026 or early 2027. As for imports, she is optimistic that they might start by 2025, provided more work is done and President Zelenskyy gives his assent.

The possibility of Ukraine opening the door to medical cannabis imports presents North American companies such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) tantalizing opportunities that they could leverage in their bid to expand their global footprint.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Restrictions Imposed on New Recreational Marijuana Markets Could Stifle Business

America was one of the first countries on the globe to adopt cannabis reform and repeal prohibitionist cannabis laws, at least at the state level. The country is now home to the largest cannabis markets on the globe and earns billions of dollars annually from fees and cannabis sales.

Twenty-four states already allow recreational cannabis sales, but several of them passed adult-use cannabis policies in the past couple of years and are still working out the kinks in their markets. However, players in some of America’s youngest recreational cannabis markets are grappling with increasingly stringent rules and regulations that have the potential to stifle their growth. The cannabis industry is already known for its strict rules and numerous fees, which often raise the cost of business and make it hard for businesses to turn a profit.

However, newer markets are taking it a step further with outright bans on certain cannabis products and harsh limitations on marketing, product design and packaging as well as much lower potency caps. Consequently, cannabis operators in young markets such as Maryland, Arizona, New York and Missouri are now facing new policies that could increase the already high cost of business even further and cripple these markets before they can truly soar.

Missouri’s recreational marijuana market is looking at another potential inventory shortage as dozens of manufacturers and brands wait for hundreds of thousands of their product stock-keeping units to receive approval. This expanding backlog, which prevented many brands from entering Missouri’s adult-use market, is due to child safeguards included in new packaging rules that were published in July.

Marijuana product manufacturers in Missouri have been waiting for several weeks now after the Missouri Department of Health and Senior Services (DHSS) passed guidelines limiting cannabis packaging to a single primary color and up to only two symbols or logos featuring different colors.

Operators in New York are also struggling to follow newly passed packaging rules for recreational cannabis while businesses in Maryland have barely any room to market their brand, retail stores or cannabis products on most conventional marketing channels.

Cannabis regulators in Maryland have also banned the sale of cannabis elixirs and concentrates, which are best-sellers in other recreational markets. They also passed capped THC levels in individual edibles at 10 milligrams and 100 milligrams per package. According to Wendy Bronfein, the cofounder of Maryland cannabis operator Curio Wellness, the current environment simply isn’t conducive to business.

For companies that may be looking to expand into different markets, such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), the tightening restrictions being imposed on the new markets may be a serious matter of concern.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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