420 with CNW — Ohio GOP Governor Asks Legislature to Modify Voter-Passed Cannabis Measure Before It Takes Effect

Last week, the governor of Ohio urged legislators to revise the state’s cannabis legalization law before adult possession and cultivation became legal in December. The measure in question, Issue 2, was approved by voters a few days prior. Gov. Mike DeWine appealed to GOP leadership in the legislature to amend provisions that would limit public consumption, alleviate risk of impaired driving and restrict advertising.

The governor has already scheduled a meeting with House Speaker Jason Stephens and Senate President Matt Huffman to discuss how to address what he terms as “holes” in this statutory measure. In his statement, the governor stated that while individuals could now smoke marijuana having been afforded the right to by the initiative, other individuals had a right to not be exposed to the smell of marijuana.

Both Stephens and Huffman have already talked about their independent interests in amending the marijuana law, centering on tax policy and limits of THC. The approved measure, Issue 2, already contains restrictions on the consumption of marijuana in public as individuals are prohibited from smoking cannabis in places where the smoking of tobacco is not allowed.

The governor’s aim may be to clarify or expand the law’s provisions on consumption, which needs to be done soon, given the limited time remaining to act on this before the legislation takes effect.

Some believe that this move does not respect the will of the voters, however, with Coalition to Regulate Marijuana Like Alcohol spokesperson Tom Haren noting that he couldn’t believe elected officials weren’t respecting the outcome of an election.

The coalition is focused on establishing regulatory frameworks to allow individuals aged 21 years of age and older to grow, possess and buy marijuana in Ohio. Haren added that every voter in the state of Ohio had a right to expect that elected officials would respect and implement their will.

This sentiment was also echoed by Representative Casey Weinstein, who sponsored the bipartisan legalization measure and championed for marijuana reform in the legislature. Weinstein stated in a recent interview that voters in Ohio were very clear at the ballot, noting that legislators needed to heed the call and uphold the will of the voters.

Following the resolution’s approval, the Ohio Department of Commerce published an FAQ guide for residents to learn about the new law and timeline for implementation. However, regulators continued to emphasize that the policies may be subject to change depending on how the legislature acts.

Regardless of the final form that the legalization law takes, Ohio entrepreneurs could finally have a chance to start and run recreational marijuana companies that grow to reach the level of entities such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) that are thriving in other legal marijuana markets.

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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 — German Legislators Push Cannabis Legalization Vote to Next Year

German lawmakers have decided to delay the final vote on a cannabis legalization bill, initially set for this week, pushing the potential implementation of the reform to at least early next year. The bill, slated for its final reading in the Bundestag, Germany’s national parliament, has been rescheduled for a decision in December, according to member Carmen Wegge.

Kirsten Kappert-Gonther, a member of the Green Party, cited the need to refine certain aspects of the legislation as the reason for the delay. Despite this setback, she assured the public that legalization is inevitable, albeit postponed.

Responding to inquiries about the Bundesrat’s stance, Wegge confirmed that the legislative body representing German states would be compelled to make a statement in February if the Bundestag proceeds with the bill in December.

Although the delay is currently projected as a two-month setback, critics, including the German news outlet LTO, argue that the “traffic light” coalition government’s commitment to initiating the reform by Jan. 1, 2024, has been compromised. LTO questions the feasibility of enacting legalization by March.

The Bundestag had previously postponed the initial debate on the legislation by a week, attributing the delay to the conflict in Palestine and Israel. Last week, lawmakers in the Bundestag’s Health Committee conducted a hearing where opponents voiced concerns about certain elements of the proposal. The Union, a political alliance of the Christian Democratic Union and Christian Social Union (CDU/CSU), presented an alternative policy focusing on health protection, prevention, education and research, eschewing cannabis legalization.

The Alternative for Germany (AfD) party proposed redirecting attention to medical cannabis, advocating for its integration into national healthcare law to address risks and benefits comprehensively. However, several groups, including the German Association of Judges, the Federal Medical Association, and various police and medical organizations have opposed the coalition government’s legalization proposal.

The legalization measure, spearheaded by Health Minister Karl Lauterbach, outlines provisions allowing adults to possess cannabis and cultivate up to three plants for personal use. It also introduces social clubs for marijuana distribution. Critics argue that these clubs could be limited by factors such as proximity to schools and membership restrictions.

Lauterbach initially disclosed details of the legalization plan in April, distributing legislative text in the following month. The government’s framework, approved by the federal cabinet late last year, underwent revisions to align with international laws.

Despite criticisms, lawmakers are also planning to introduce a second measure establishing pilot programs for commercial sales in various cities, with legislation expected to be submitted to the European Commission for review. The legislation outlines cost estimates for program implementation and regulation, projecting savings from reduced enforcement and anticipating new revenue through wage taxes from cannabis club employees.

If legalization is implemented the way it has been implemented in the markets where companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operate, the benefits of legalization could exceed more than taxes and jobs. Many more downstream opportunities will be opened, such as the development of ancillary verticals around the marijuana industry.

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420 with CNW — Ohio Vote Means Recreational Cannabis Now Legal in 24 States

Ohio voters gave their approval last week to the legalization of recreational marijuana cultivation and sales, opening the doors to a potentially lucrative market in the Midwest. This milestone was achieved with around 53% of the votes counted, where supporters of Issue 2 were leading with 55.7% in favor against 44.3% opposed.

This makes Ohio the 24th state to legalize recreational marijuana following a prolonged and contentious process. It is expected that the new recreational cannabis market could generate revenues close to $2 billion within the first year of operation, ultimately increasing to $4 billion by the fourth year, according to MJBizDaily.

However, it remains to be seen how things turn out, as the state’s GOP-dominated General Assembly has expressed intentions to make key adjustments or even repeal voter-approved causes. Despite potential legislative challenges, polls indicated strong support for recreational cannabis legalization and sales leading up to the election.

Ohio’s decision to legalize recreational cannabis follows similar decisions by Minnesota and Delaware, which made legalization through their legislatures earlier in the year.

The passing of this legislation is expected to open up new opportunities for vertically integrated multistate operators such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) and Acreage Holdings. The substantial population of Ohio, with more than 11 million residents, and its proximity to neighboring states with limited marijuana programs make it a promising market.

Acreage CEO Dennis Curran expressed his excitement about the vote, seeing it as a turning point for both Ohio and the cannabis industry as a whole, marking increased acceptance of cannabis use and a reduction in the stigma surrounding the plant. Issue 2 introduces several key provisions, including allowing level 1 and 2 cannabis license holders to add three more stores and expand manufacturing and cultivation operations. Recreational cannabis sales will be subject to a 10% excise tax in addition to an existing 5.75% sales tax.

Although Ohio has yet to develop a social-equity program, Issue 2 dedicates a portion of marijuana tax revenue to create opportunities for disadvantaged applicants. The measure also establishes a state agency to formulate and oversee rules and regulations for recreational marijuana, which must be developed within nine months.

While Issue 2 had its proponents, it also faced opposition from various Ohio organizations, including the Manufacturers’ Association of Ohio, the Business Roundtable of Ohio and the Chamber of Commerce, which expressed concerns about workplace safety and the difficulty in finding workers who can pass drug tests. Governor Mike DeWine was also opposed to the legislation.

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420 with CNW — Lawsuits, Elections Could Impact Cannabis Rescheduling Timeline

With both the White House and Senate in the hands of the Democrats, the chances of federal cannabis legalization becoming a reality have skyrocketed. President Joe Biden based part of his campaign on cannabis reform, and his administration’s Department of Health and Human Services (HHS) recently issued a recommendation to the U.S. Drug Enforcement Administration to loosen cannabis restrictions on the federal level.

However, even though the current administration is throwing its weight behind cannabis reform and the DEA is likely to abide by HHS’ recommendation, lawsuits and elections may impact the timeline for federal cannabis rescheduling.

Many drug reform proponents had little faith in President Biden fulfilling his cannabis promises once he assumed office. After all, Biden was instrumental in escalating the drug war back when he was a senator, and he had made his opposition to recreational marijuana clear in his old age.

His administration’s decision to recommend cannabis rescheduling was a welcome surprise and was the first time the U.S. federal government acknowledged that cannabis had medicinal value. Based on the Controlled Substances Act and its requirements for drugs classified as Schedule I substances, legal experts say the DEA has no choice but to follow the Biden Administration’s recommendation and reschedule marijuana.

Washington DC-based law firm Arnold & Porter partner Howard Sklamberg predicts that the DEA could sign off on the recommendation as early as the end of 2024. Sklamberg, who previously served as a top enforcement official at the Food and Drug Administration (FDA), also predicted that the HHS would issue a cannabis rescheduling recommendation faster than expected.

He says the DEA will likely have a completed final rule by 2024. If American voters choose President Biden for a second term, observers say the nation may be even close to federal legalization and interstate cannabis trade. Ironically, such an outcome would mean that Biden, chief sponsor of the controversial 1994 crime bill that reportedly contributed to the mass incarceration of nonviolent drug offenders, would be instrumental in finally ending the era of cannabis prohibition in the United States.

Biden’s administration began acting on its cannabis promises later than many would have liked, but it seems to be taking cannabis reform quite seriously. Even so, observers note that lawsuits from reform proponents seeking comprehensive reform and opponents looking to keep cannabis illegal will derail efforts to reschedule the plant at the federal level.

Such lawsuits could hold up the rescheduling process until the suits are resolved or even leave the decision to reschedule cannabis entirely in the hands of the U.S. Supreme Court. This will stretch out the timeline even further and could be a disadvantage to industry enterprises such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) that have been looking forward to policy changes at the federal level.

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420 with CNW — Report from Illinois Highlights Significant Diversity Improvements in Cannabis Industry

Recent cannabis data from Illinois has revealed a sharp increase in diversity since the state launched recreational cannabis sales in January 2020. The Illinois Cannabis Regulation Oversight Officer (CROO) states that cannabis businesses in the early days of adult-use sales were 100% majority owned with only one majority woman-owned cannabis enterprise in the entire state.

However, a survey report published last week shows that efforts to promote diversity in the Illinois recreational cannabis industry have yielded great success. The surveys found that the number of Black-owned businesses in the sector increased from 0 27% from 2020 to 2023. Hispanic or Latino-owned businesses went up from 0 to 5%, and Asian-owned enterprises climbed from 0 to 3%. Furthermore, women-owned companies now account for 16% of all licensed cannabis companies in Illinois.

These findings came from two CROO surveys. The first was a mandatory survey sent to all the 277 licensed cannabis businesses in May while the other was a voluntary poll for their employees.

Approximately 224 licensees (132 companies) and 2,307 employees responded to the poll, providing CROO with a decent enough sample size to work with. They found that the number of individual cannabis business owners in the Black community increased to 26% from only 1% in 2020 while Hispanic and Latino owners now account for 7% of the market.

On the employee side, 11% of the survey participants were Hispanic or Latino, a 6% increase from 5% in 2020. However, even though the number of Black employees in the state’s cannabis sector dropped from 10% to 9% in 2023, Black workers were better represented in higher-level positions in 2023 compared to 2020, registering an increase to 19% from a paltry 1% of Black employees in the C-suite. The number of Black people on the boards of directors of cannabis companies also increased from 6% in 2020 to 20% in 2023, the report said.

CROO notes that the findings may not be fully representative of Illinois’ cannabis industry because not every licensed cannabis retailer responded to the poll. The office also added that responses from licensed cannabis companies “were not verified but accepted as accurate.” Even so, CROO says their findings represent the most accurate and available information on the subject matter to date.

Social equity has been a key component of cannabis legalization efforts in many states because it allows communities that were disproportionately harmed by cannabis prohibition to benefit from cannabis legalization.

This report shows the extent to which companies such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) are creating opportunities for a diverse set of Illinois residents to participate in this rapidly growing industry.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Continues to Advance Patented DehydraTECH(TM)

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, is steadily advancing its patented DehydraTECH(TM) technology for a growing range of applications including oral nicotine, hypertension, antivirals, human hormone therapy, diabetes and more. Through previous clinical trials, DehydraTECH-processed CBD has shown its ability to lower blood pressure in patients over multiple weeks. “That we were able to lower blood pressure in our patient population over multiple weeks using DehydraTECH-CBD is an exceptional discovery, given that previous studies by others using other oral CBD formulations have failed to evidence this sustained benefit,” a recent article quotes Lexaria CEO Chris Bunka as saying. “This success has been replicated in other studies, most notably diabetes. In Lexaria’s pre-clinical diabetes study, DIAB-A22-1, conducted in obese diabetic-conditioned animals, DehydraTECH-CBD yielded successful results showing positive impacts on blood glucose levels, overall body weight, locomotor activity, in addition to triglyceride and blood urea nitrogen levels… Lexaria’s DehydraTECH has also proven its superiority and advantage over traditional oral delivery methods in the nicotine replacement market… ‘Within just five short years of R&D and product development, Lexaria has been able to develop an oral nicotine product that meets or exceeds the performance of the world’s leading existing brands,’ noted Mr. Bunka.”

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

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 37 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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420 with CNW — Newly Released FDA Documents Shed Light on 50 Years of Cannabis Research

For several decades, the federal government’s categorization of marijuana as a Schedule I controlled substance has prompted the FDA to assess various applications from researchers looking to create therapeutic drugs derived from the plant. The FDA recently published two documents that reflect on more than 50 years of exploring marijuana-based drugs and offer insights into the potential future of drug development.

The documents highlight the evolution of the FDA’s evaluations regarding marijuana-related drugs and products and also discuss the exploration of different consumption methods, such as edibles, and delve into the examination of lesser-known cannabinoids and additional components like terpenes.

Throughout the past half century, the FDA has reviewed more than 800 investigational new drug (IND) applications linked to marijuana and marijuana-derived products. This extensive period witnessed significant changes in the forms of cannabis products, societal perspectives, and the legal framework surrounding cannabis, all of which have influenced the FDA’s stance.

Initially, there were only a few applications after the Controlled Substances Act (CSA) passage in 1970. However, in recent years, especially as more states have legalized cannabis for medical and recreational use, there has been a substantial surge in applications. In the last decade alone, the number of marijuana-related drug applications nearly equaled those from the preceding 40 years combined. Presently, the FDA is reviewing more than 150 active INDs concerning marijuana-based drugs and related synthetics.

The FDA has adapted its guidance for researchers and drug developers venturing into the realm of cannabis. It released a guidance document on botanical drug development in 2016 and, earlier this year, provided separate guidance on the distinctive considerations surrounding cannabis and hemp.

The INDs have mainly focused on four key clinical areas over the years, predominantly centered around addiction and pain medicine (53%), followed by neurology (19%), immunology and inflammation (14%) and ending with psychiatry (9%).

The evolution of product forms has also been substantial. Initially, in the 1970s, most INDs revolved around smokable marijuana. Yet, as the landscape shifted with state-level legalization, the FDA began receiving more applications concerning vapor, oral and infused food products such as sweets and baked goods. This transition in product forms, according to the FDA, is largely due to changes in consumer preferences, which are moving from exclusively smoking dried marijuana flowers to consuming alternative forms such as edibles.

Despite these transformations, challenges persist in developing marijuana-related drugs for clinical trials, particularly concerning the safety of unknown compounds. Nonetheless, the broadening exploration of different form factors aligns with recent drug approvals such as Syndros (2016) and Epidiolex (2018), both oral formulations.

The FDA anticipates increased interest in clinical research regarding marijuana-based drugs, envisioning a focus on new products, diverse forms and lesser-known components such as terpenes. However, challenges remain due to the Schedule I status of marijuana, hindering extensive research into its properties.

Nora Volkow, director of the National Institute on Drug Abuse (NIDA), has repeatedly emphasized that marijuana’s Schedule I classification significantly hampers research due to administrative hurdles. The federal prohibition on cannabis has also impeded research efforts, as noted by other federal agencies such as the National Center for Complementary and Integrative Health.

Change is, however, slowly underway. The DEA recently ended a long-standing monopoly on domestic cannabis manufacturing for research purposes and is streamlining access to marijuana for scientists after a marijuana research bill’s enactment last year. Additionally, the DEA is reviewing marijuana’s scheduling status following a recommendation from the Department of Health and Human Services (HHS) to reclassify it from Schedule I to Schedule III.

Once this reclassification is completed, cannabis industry players such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) could see an easing of some of the hurdles they have been facing in their bid to bring innovative products to the market.

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420 with CNW — Senate Passes Bill Giving VA Doctors Leeway to Recommend Marijuana Treatments

The U.S. Senate has approved a measure that will allow doctors to recommend medical marijuana treatments to military veterans. Titled the Fiscal Year 2024 (FY24) Military Construction, Veterans Affairs, and Related Agencies (MilCon-VA) Appropriations Act, the bipartisan congressional bill will allow veterans to access medical marijuana as long as they have a government doctor recommendation.

Department of Veteran Affairs (VA) doctors will now have the ability to recommend medical cannabis to their patients as long as they reside in states with legal marijuana markets. The measure will provide support for American military forces and their families in critical facets such as housing and infrastructure while increasing healthcare and benefits funding for military veterans.

It advanced by a unanimous vote of 28–0 and will be a godsend for U.S. military veterans and their families, a community that often doesn’t receive the support it needs. Military veterans are much more likely to develop crippling mental disorders such as depression, anxiety and post-traumatic stress disorder, especially soldiers who see active combat.

Many of them fail to integrate into society when they return from war due to limited access to mental-health care services, resulting in tens of thousands of military vets living on the streets.

According to Senate Appropriations Committee vice chair Susan Collins, the bill will provide “much-needed funding” to support the housing and treatment of American military veterans. Collins said that she would keep pushing for funding for the country’s veterans as the measure moves through the appropriations process in her capacity as the Appropriations Committee Vice Chairman. She also noted that the investments made by the legislation are critical to America’s national security and will reduce maintenance costs in the military while ensuring safety and readiness.

Expanding medical marijuana access to veterans has been a hot topic since states began legalizing medical marijuana. While several studies show that cannabis can be effective at alleviating conditions that tend to affect veterans such as chronic pain, anxiety, low appetite and insomnia, federal law still classifies the plant as a Schedule I controlled substance with no medical applications.

Consequently, VA doctors have been unable to recommend medical cannabis to their patients even if they live in states with regulated cannabis markets.

With the new bill’s passage, veterans around the country now have access to medical marijuana with a government doctor’s recommendation, providing them and their families with another tool to deal with the long-term effects of military service.

Companies such as SNDL Inc. (NASDAQ: SNDL) will be watching this development closely as the cannabis industry awaits the DEA’s recommendation regarding the rescheduling of marijuana in the United States. This is because these developments can open more opportunities for not just U.S.-based companies but also enterprises from other countries.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Eyes $200 Billion GLP-1 Market with its DehydraTECH(TM) Technology

Lexaria, a global innovator in drug delivery platforms, is exploring the impact of its patented DehydraTECH(TM) technology on the oral performance of GLP-1 drugs for potential diabetes and weight loss treatment
The company hopes to make these drugs more effective with reduced side effects, and even more accessible to people living with diabetes
The move is aimed to help the company partner with the behemoths in an industry projected to bring in between $150 billion and $200 billion a year

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is evaluating the impact of its patented DehydraTECH(TM) technology on the oral performance of GLP-1 drugs for the treatment of diabetes and weight loss. DehydraTECH has demonstrated, in many instances, significant improvement in how active pharmaceutical ingredients (“APIs”) enter the bloodstream with its powerful bioavailability enhancing capabilities. The move could help Lexaria carve out an important market share for an industry that is projected to bring in between $150 billion and $200 billion a year (https://cnw.fm/1KdgW). Given the positive results the company has achieved so far in its diabetes and hypertension clinical studies, Lexaria is optimistic that its foray into GLP-1 drugs will yield positive results and open up its technology to new and more lucrative global markets.

According to the U.S. Centers for Disease Control (“CDC”), obesity prevalence in the U.S. stood at 41.9% in 2017. In addition, the World Health Organization (“WHO”) noted that over 1.9 billion people worldwide are overweight as of 2016, underscoring the spike in diabetes diagnoses. This growing population of people living with this condition has seen the diabetes drug market grow over the years. It is projected to hit $82.93 billion in value by 2027, up from $63.1 billion in 2021 (https://cnw.fm/aUbV9). Given this prevalence, along with the pain and unpleasantness of injections that many people living with diabetes have to deal with, there has been a growth in demand for drugs, hence the overall uptake of GLP-1 (glucagon-like peptide-1) receptor agonists.

GLP-1 agonists work by mimicking the effects of the naturally occurring hormone GLP-1, allowing for the regulation of blood sugar levels and appetite. As a by-product, these drugs have also been linked to weight loss, hence the overall warm reception the drugs have received and the overall uptick in their demand (https://cnw.fm/mtsLA). Lexaria looks to tap into this growing demand, leveraging its DehydraTECH technology to further improve the oral performance of GLP-1 drugs for diabetes treatment and weight loss.

This revolutionary technology has demonstrated increased bioavailability, increased brain absorption, and improved drug potency by as much as 1,900 percent. This overall effectiveness has earned Lexaria 37 patents worldwide, covering various application areas, including nicotine replacement, hypertension, central nervous system disorders, and antiviral drugs.

With DehydraTECH, Lexaria looks to make GLP-1 drugs more effective with reduced side effects and even more accessible to people with diabetes. It also looks to help drive up the uptake of oral GLP-1 agonists, mainly since they are less intrusive and less painful than injectable alternatives. By doing so, the company looks to improve the quality of life of people living with diabetes, all while creating value for its shareholders.

So far, DehydraTECH’s potential has been recognized by various industry players, as evidenced by the potential collaboration with dominant entities in the space such as Novo Nordisk (NYSE: NVO), Pfizer Inc. (NYSE: PFE), Merck & Company Inc. (NYSE: MRK), or AstraZeneca PLC (NASDAQ: AZN) (https://cnw.fm/JM5ty). Lexaria looks to double down on this interest to improve its technology and expand its areas of application while fulfilling its mission and creating value for its shareholders.

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 — Nevada Approves Six Additional Cannabis Consumption Lounges

Nevada authorities are still granting more licenses for consumption lounges, with the state’s marijuana compliance board (CCB) recently giving the green light to six additional conditional licenses for various marijuana businesses, including TGIG LLC; NevadaPure LLC; Higher* Archy LLC; Desert Evolution LLC; Green Thumb Industries (GTI); and Curaleaf Holdings.

Curaleaf Holdings, a global cannabis giant, obtained one license for Tryke Companies, its subsidiary that runs Reef Dispensaries. GTI, another significant player in the multistate marijuana sector, also secured a license for Integral Associates, its subsidiary, with intentions to open a club on the Strip.

The CCB stated in June last year that it intended to establish new rules for regulating consumption lounges, aiming to promote greater inclusivity within Nevada’s marijuana sector. Back then, the agency stated that it planned to grant up to 65 permits, most of which would be linked to already-operating dispensaries and the remaining portion to independent lounges.

The board announced 20 potential candidates for the licenses granted in October 2022. In June 2023, the CCB first issued three conditional licenses to the Venue@Sol Cannabis, Planet 13 Holdings and Cheyenne Medical Sammy Davis dba, which operates as Thrive Cannabis Marketplace. LA Lounge received a license as the first lounge independent from a dispensary in July, and in August, three additional licenses were issued to KV Group, Global Harmony and Deep Roots Harvest.

There are currently 15 conditional licenses that have been approved. After being authorized, licensees have a year to fulfill all regulatory criteria and make the necessary modifications to start operating. Mitch Britten, CEO of Thrive Cannabis Marketplace, expressed excitement in September about commencing work on their new opening on the Strip, terming it a significant milestone for their business.

Planet 13 Holdings also unveiled its plans for a consumption lounge named DAZED! at the beginning of this month. The lounge, adorned with unique features such as VIP booths for marijuana-infused cocktails and “bong chandeliers,” will offer 3,000 square feet of space for food sales, entertainment and consumption. Larry Scheffler, the company’s co-CEO, expressed enthusiasm, envisioning their lounge as a destination that outshines typical Vegas experiences. They aim to open the venue by mid-April next year, capturing the attention of marijuana novices, enthusiasts, tourists and locals alike.

Many licensees of consumption lounges had originally planned to open for business by summer, but they encountered several setbacks. It is anticipated that the lounges will draw a large number of tourists, supporting the Nevada cannabis business, given that Las Vegas alone had more than 38 million visitors in 2022. Additionally, the state’s cannabis sector is expanding thanks to the entry of well-known individuals such as artist Future into the market with his cannabis line, Evol by Future.

Conversely, the establishment of lounges is not advancing as quickly in other states. In California, Governor Gavin Newsom vetoed AB 374, a bill that would have legalized marijuana cafes similar to those in Amsterdam.

The aim of the bill, which Assemblymember Matt Haney introduced early this year, was to allow lounges to sell prepackaged, noninfused food and beverages. Newsom cited concerns about the existing California laws that mandate a smoke-free workplace for workers, stressing the importance of worker health and safety. Haney expressed his intentions to collaborate with the governor’s office and labor leaders to address these concerns and reintroduce the bill in the future.

As more states begin licensing consumption lounges for cannabis, the market for ancillary product and service providers such as Industrial Innovative Properties Inc. (NYSE: IIPR) could widen in those jurisdictions.

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