420 with CNW — Payment Processing Firm Enters Canada’s Cannabis Market

Payment processing platform Square has announced its entry into the Canadian marijuana market through a collaboration with Jane Technologies, an online service that enables customers to order cannabis for store pickup or delivery. In line with the partnership, Square is poised to launch an early-access program tailored for licensed cannabis dispensaries in Ontario. The program will allow dispensaries to begin testing Square for retail point of sale (POS) solution within their brick-and-mortar stores, paving the way for a broader launch later on.

In addition to payment processing, Square’s new cannabis client services also feature real-time inventory tracking across various retail locations and compliance notifications in the event that an order exceeds Canada’s legal marijuana product purchase thresholds.

Square has been collaborating with CBD companies since 2019, despite persistent barriers to banking marijuana businesses. Square began an invite-only trial program in May of that year to provide services to CBD vendors, and the business expanded the program in October of the same year.

The entry of an established, well-known payment platform and point-of-sale provider might put pressure on rivals currently operating in the cannabis industry. Many of these competitors are comparatively smaller in scale compared to their more traditional financial counterparts, focusing primarily on serving cannabis and other heavily regulated enterprises.

In the United States, the conundrum surrounding federal marijuana illegality renders many cannabis companies incapable of accepting card payments for cannabis transactions. Financial institutions find themselves confronted with potential liabilities and legal repercussions for facilitating services to cannabis entities, thereby prompting most of them to steer clear of the industry altogether.

Consequently, certain companies have resorted to unconventional measures, such as deploying “cashless ATMs” to obfuscate cannabis sales as routine cash withdrawals. In a recent development, a Maryland tax official revealed that they refrain from categorizing cannabis transactions as such on tax returns to safeguard banks from potential legal consequences.

This admission elicited criticism from a group opposing cannabis legalization, accusing the state of shielding banks engaging in activities that breach federal law. However, both the state and its banking partner, Wells Fargo, asserted that the transactions adhered to applicable legal frameworks and regulations.

This week, a vote is scheduled in Congress regarding legislation aimed at facilitating banking relationships with cannabis enterprises. Several groups, including 35 marijuana trade associations, drug-policy reform organizations and a leading national labor union, issued a joint appeal to Congress, urging the body to pass the banking bill before the year ends to address the “humanitarian toll” inflicted by frequent robberies targeting cash-heavy cannabis enterprises.

As more enterprises such as Square join the likes of Innovative Industrial Properties Inc. (NYSE: IIPR) in addressing the unique needs of the marijuana industry, the hurdles that cannabis companies have to go through in their day-to-day operations will gradually decrease.

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 — NCAA Panel Recommends Removal of Cannabis from Prohibited Substances List

A committee within the NCAA has officially recommended removing cannabis from the list of prohibited substances for college athletes. The Committee on Competitive Safeguards and Medical Aspects of Sports (CSMAS) reached this conclusion following a recent meeting, urging all three governing bodies within the association to enact legislation that would cease the testing and penalizing of players for cannabinoids.

The committee based its recommendation on several factors, including the inadequacies of the current policy, their conviction that marijuana does not improve athletic performance and the significance of adopting a harm-reduction approach.

Should the reform be accepted, it will build upon a previous change made by the NCAA, which raised the THC level for a positive test from 35 nanograms (ng) per milliliter (ml) to 150, aligning it with the rules of the World Anti-Doping Agency (WADA).

Committee chair James Houle underlined the significance of member institutions having a say in such a significant policy shift, stressing the need for new research to support the well-being of student-athletes.

The committee also recommended that a comprehensive educational approach be developed to accompany any prospective changes to cannabinoid regulation. This move is consistent with a larger trend observed in professional sports groups, reflecting the growing acceptability of state-level cannabis legalization.

The NBA recently removed marijuana from its list of prohibited substances and allowed players to engage with cannabis brands. Sports regulators in Nevada have also taken steps to shield athletes from penalties related to marijuana use or possession, aligning with state law.

In 2021, the UFC announced it would no longer penalize fighters for positive cannabis tests. Moreover, the NYMSL partnered with a Kentucky-based CBD company, following the lead of the MLB and teams such as the Chicago Cubs and Kansas City Royals. MLB entered a league-wide partnership with a well-known CBD brand in 2022, designating them the “Official CBD brand of MLB.”

While these changes have garnered support from advocates, criticism has arisen toward WADA for maintaining its cannabis ban. A panel within WADA argued that marijuana use by athletes runs counter to the “sport’s enthusiasm” and could set a negative example while potentially endangering others.

Advocates have called for WADA to consider reforms, especially following the suspension of U.S. runner Sha’Carri Richardson from Olympic events due to a positive THC test in 2021. Subsequently, the U.S. Anti-Doping Agency (USADA) and the White House, including President Joe Biden, expressed support for policy changes, with congressional lawmakers echoing these sentiments.

The cannabis industry, including many of its leading actors such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), has long believed that marijuana has been maligned based on many unfounded misconceptions. When entities such as the NCAA reverse their prohibitive drug policies, advocates are vindicated as science rebuts many of the wrong premises upon which this plant was outlawed.

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) Steadily Advancing its DehydraTECH(TM) Technology, Having Demonstrated its Potential Across Multiple Areas of Application

  • Lexaria’s patented DehydraTECH(TM)-processed CBD has shown its ability to lower blood pressure in patients over multiple weeks
  • This technology has also shown positive impacts in obese diabetic-conditioned animals from its DIAB-A22-1 pre-clinical study
  • The NIC-H22-1 human nicotine study also demonstrated a statistically significant difference to achieve maximum blood saturation
  • These results have demonstrated DehydraTECH’s potential while propping it to take advantage of vastly untapped markets with potential for growth in the coming years

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is steadily advancing its patented DehydraTECH(TM) technology for its growing range of applications, which include oral nicotine, hypertension, antivirals, human hormone therapy, diabetes and more. The progress achieved thus far has been the product of years of clinical and pre-clinical research, all of which reflect management’s confidence in the company’s direction and technology.

As of the three months ended May 31, 2023, the company had increased its research and development (“R&D”) expenses by 118% year-over-year, primarily focused on the execution of hypertension, oral nicotine, and diabetes studies (https://cnw.fm/WUofP). This devotion of a significant proportion of its resources reflects the company’s intent to establish areas of investigation for commercial pursuits while bringing it closer to tapping into vastly untapped markets with the potential for growth in the coming years.

The investments have paid off, with Lexaria having come a step closer to submitting its Investigational New Drug (“IND”) application for its planned U.S. Phase 1b Hypertension Clinical Trial with the U.S. Food and Drug Administration (“FDA”) (https://cnw.fm/O4cn5). So far, previous clinical trials have shown DehydraTECH-processed CBD’s ability to lower blood pressure in patients over multiple weeks, a tremendous achievement for the company and for its technology.

“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,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/T5Hj3).

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. With the American Diabetes Association (“ADA”) estimating the number of Americans with diabetes at 37.3 million as of 2019, there is a dire need for viable treatment options, and Lexaria is looking to address that (https://cnw.fm/YwMuD).

Lexaria’s DehydraTECH has also proven its superiority and advantage over traditional oral delivery methods in the nicotine replacement market. Its NIC-H22-1 human nicotine study demonstrated a statistically significant difference between the time taken to achieve maximum blood saturation levels (“Tmax”) for DehydraTECH-nicotine at 2.3 and 3.1 minutes faster than alternatives currently in the market. In addition, DehydraTECH-nicotine represented a 15% and 20% faster response to achieve maximum blood saturation, a feat that few other players in the market have achieved.

“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.

“This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths,” he added (https://cnw.fm/Mthe9).

Even with its achievements so far, Lexaria remains committed to pushing the envelope regarding the research and development of its DehydraTECH technology. So far, it has demonstrated its incredible potential across various areas of application as well as its viability in the market. The consistent push for further development reflects Lexaria’s understanding of its mission and commitment to creating shareholder value.

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.

To receive SMS alerts from CNW, text CANNABIS to 844-397-5787 (U.S. Mobile Phones Only)

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420 with CNW — GOP Senators File Measure Seeking Congressional Approval of Marijuana Scheduling Change

Two Republican lawmakers have filed a measure that would force federal agencies to receive Congressional approval before they can reschedule cannabis. The Deferring Executive Authority (DEA) Act is sponsored by Senators Steve Daines and Cynthia Lummis, who provided brief previews of the measure during statements regarding the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

The recently introduced measure would require any federal agency interested in rescheduling cannabis to first submit to Congress its proposal for transferring the Schedule I drug from one classification to another. Congressional lawmakers would have the chance to review the proposal and would be granted 60 session days to block the measure’s enactment via a joint resolution if they opposed it.

The two lawmakers introduced the measure weeks after the U.S. Department of Health & Human Services (HHS) recommended that the DEA reclassify marijuana to a lower schedule due to its proven medical applications and lower abuse potential. Lummis said in a press statement that Congress is in charge of crafting laws for the nation, “not DC bureaucrats.”

The DEA Act would allow Americans to “have the final say” on something as significant as cannabis legalization through their elected leaders.

Cannabis has been a controversial topic since states began legalizing the plant more than 20 years ago. While the cannabis movement enjoyed strong support from the reform movement and younger generations, many conservatives and even Democrats weren’t comfortable with the idea of legalizing a drug they considered dangerous and a gateway to criminal activity.

However, surveys now show that a majority of Americans support at least decriminalizing the plant, something that has become clearer as voters in state after state choose to legalize cannabis for either medical or recreational uses. In addition, President Biden based part of his campaign platform on decriminalizing cannabis and putting a final end to the era of cannabis prohibition. However, the administration has been accused of dragging its feet when it comes to cannabis.

The HHS’s recent recommendation to ease federal marijuana restrictions was part of a 2022 request by the Biden administration to review the nation’s federal marijuana classification. Although cannabis is now legal in dozens of states, federal law still considers it a Schedule I drug with no medical application.

Several lawmakers including Senate Majority Leader Chuck Schumer have pledged to introduce legislation to legalize cannabis at the federal level. However, Lummis said that the Biden administration’s race to reschedule the controversial plant seems to be steeped in political rather than scientific reasons.

Lummis was part of a group of GOP Senate and House lawmakers who sent the DEA a letter asking the administrator to reject the Department of Health and Human Services’ request to reschedule cannabis.

Marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) are probably waiting to see the final position that the DEA communicates regarding the cannabis scheduling review process since that change could have major implications on how they conduct their operations.

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.

To receive SMS alerts from CNW, text CANNABIS to 844-397-5787 (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

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420 with CNW — California Cannabis Companies Urge Newsom to Veto New Product Labeling Law

California’s cannabis companies are urging Governor Gavin Newsom to reject a recently passed measure aimed at dissuading children from accessing marijuana products. The businesses argue that the bill would result in the prohibition of the current branding of numerous established products while failing to address the persisting issue of the black market.

Last week, the California Assembly passed AB 1207, which effectively bans any packaging or labeling of marijuana products deemed “enticing to minors.” This bill defines such packaging as any promotional material featuring elements such as cartoons, toys, robots, fictional or real humans, animals, fruits, vegetables, or anything else that regulators believe might appeal to individuals under 21 years old.

Supporters of the bill, including youth advocates, argue that it is necessary in light of the recent uptick in cases of children accidentally consuming marijuana products, some of which have been designed to resemble popular snacks and candies.

According to Zack Kaldveer, spokesperson for the California Public Health Institute, there has been a notable increase in child poisonings and hospitalizations due to such accidental exposures. The California Poison Control reported a surge in annual cannabis exposures, with numbers rising from fewer than 200 in 2010 to more than 1,600 in 2020, with nearly one-half of these cases involving children.

However, the vast majority of cannabis advocacy groups are firmly against the bill, fearing it may inadvertently exacerbate public safety issues rather than mitigate them.

Should the bill be enacted, the California Marijuana Industry Association estimates that most marijuana businesses would be burdened with costs ranging from $100,000 to $300,000 to redesign their product labels. Furthermore, industry insiders argue that the bill’s scope is overly broad, targeting benign packaging of established brands while letting illicit operators off the hook.

Critics point out that the illicit market frequently mimics well-known cereal, candy and snack brands — a practice already prohibited in the legal cannabis industry — and that these products are regularly sold to children by black-market operators.

Newsom has already signed three drug policy-related bills during this legislative session without issuing any vetoes. One measure includes provisions that grant immunity to individuals in possession of personal-use quantities of controlled substances if they test them for contaminants such as fentanyl, report positive results to law enforcement and provide details about the source of the substance. The second measure empowers the State Water Board to investigate suspected illegal cannabis cultivators and participate in enforcement actions, while a third measure alters background check requirements for cannabis businesses.

The proposed change to the marijuana-product labeling rules in California could be of great concern to major industry actors such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) since other jurisdictions could follow these extreme restrictions and enact them as well, compelling licensed companies to walk an even tighter rope in a bid to adhere to all the applicable laws in the jurisdictions in which they operate.

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.

To receive SMS alerts from CNW, text CANNABIS to 844-397-5787 (U.S. Mobile Phones Only)

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

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CannabisNewsBreaks — 420 Expo Releases Agenda, Announces Media Support for New Jersey’s Premier BYOC Cannabis Convention

420 Expo, New Jersey’s first-ever Bring Your Own Cannabis (“BYOC”) consumer convention, is partnering with CannabisNewsWire (“CNW”), a specialized communications platform for the cannabis sector and one of the more than 60 brands at IBN (InvestorBrandNetwork). According to the announcement, CNW is returning as a media sponsor and official newswire for the expo, which is slated for Sept. 29–Oct. 1, 2023, in Edison, New Jersey. The largest BYOC consumer convention in the Northeast, 420 Expo offers cannabis connoisseurs, budding entrepreneurs and passionate enthusiasts the ideal venue to learn more about cannabis and CBD while also engaging with industry veterans and enjoying an event centered around all things cannabis. This year’s expo will be hosted by legendary actor, cannabis activist and art collector Cheech Marin. In addition, the agenda features seminars covering a range of cannabis themes, including “Bud & Breakfast: Cannabis Tourism,” “Cannabis 101: Newbies & Doobies, “Smoking Sex: Using Cannabis to Enhance Your Love Life,” “High Nightlife: Social Consumption & Events” and “Removing the Stigma: Bringing Cannabis to the Mainstream.” 

The event also features mesmerizing stage shows, fun activities, and a vendor exhibit that includes more than 100 vendors displaying cutting-edge technology in cannabis products and associated services across the entire value chain. In addition, the venue includes a dedicated smoking section, awesome food trucks, and an array of networking opportunities. IBN and CannabisNewsWire are joining forces to leverage their extensive corporate communications solutions to enhance visibility for conference participants seeking to connect with investors, journalists, consumers and the broader public. “IBN and CNW represent a key part of our marketing strategy, brand recognition and social media presence. We were amazed by the attendance as well as the online interest generated for last year’s event,” said 420 Expo cofounder Dan Davis in the press release. “We are thrilled to be working with them for this year’s event, which promises to be even more impactful and far-reaching.”

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

About 420 Expo

The 420 Expo is New Jersey’s first-ever Bring Your Own Cannabis (“BYOC”) consumer convention. The three-day event takes place Sept. 29–Oct. 1, 2023, at the New Jersey Convention & Exposition Center in Edison, New Jersey. The premier convention features more than 100 vendors, celebrity appearances, live music and stage acts, educational seminars and panels, a full VIP program and nightly VIP after parties, and a dedicated outdoor smoking area filled with food trucks, music and games. For more information about the event, please visit www.420Expo.com.

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 844-397-5787 (U.S. Mobile Phones Only)

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

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420 with CNW — Bipartisan Senators Unveil SAFER Marijuana Banking Bill

Bipartisan senators led by Senate Majority Leader Chuck Schumer have formally unveiled a revised cannabis banking bill that would grant America’s state-legal cannabis industry access to financial services. Called the Secure and Fair Enforcement Regulation (SAFER) Banking Act, the measure would ensure state-legal cannabis businesses could access bank deposit accounts, insurance, cashless payments and a variety of other financial services that are accessible to businesses in other industries.

The cosponsors for the revised bill include Senators Chuck Schumer, Steve Daines, Jeff Merkley, Kevin Kramer, Cynthia Lummis, Krysten Sinema, Cory Booker, Bob Mendelez and Dan Sullivan. A statement from the cosponsors said the measure would make small businesses and their communities safer by allowing cannabis retailers to use financial services such as bank accounts and business loans. Furthermore, the statement explained that the measure would protect accounts in credit unions or banks from closure by federal banking regulators due to reputational risk.

For most of the state-legal cannabis industry’s existence, federal prohibition has made it nigh impossible for marijuana businesses to access financial services. Because federal law still classifies cannabis as a Schedule I drug with no medical application and potential for abuse, financial institutions shy away from serving businesses in the state-legal cannabis industry to avoid negative consequences from federal regulators.

This has forced many cannabis retailers to operate on a largely cash-only basis, meaning the average cannabis business likely has physical cash stored on its premises during business hours. Since cannabis and cash are highly liquid commodities, cannabis businesses across the country are at risk of theft and have regularly been subjected to violent robberies.  Limited access to financial aid and loans also reduces growth opportunities in the sector and ensures that only those with large capital backing can have even a remote chance of success.

The SAFER Banking Act and its previous iterations were designed to fix this issue by finally allowing banks and other financial institutions to serve state-sanctioned cannabis businesses without the threat of legal consequences by the federal government.

Schumer said in a separate statement that the federal government had punished marijuana users and businesses in the sector “for too long” despite the continued harm it does to the country. The failed war on drugs caused significant long-term damage to communities of color and is now causing harm to the nascent cannabis sector. In many cases, federal cannabis policies have put many cannabis business owners in mortal danger.

A markup of the bill will be presented to the Senate Committee on Banking, Housing and Urban Affairs this week. Schumer also noted that he intended to bring the revised cannabis banking bill to the Senate floor as quickly as possible.

The cannabis industry, including enterprises such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF), will be waiting to see if this draft law fares any better than previous attempts to enact marijuana banking reforms at the federal level.

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.

To receive SMS alerts from CNW, text CANNABIS to 844-397-5787 (U.S. Mobile Phones Only)

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

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420 with CNW — Major Hitch: DeSantis Dislikes Cannabis, But Major Funder Is Working for End of Prohibition

Florida governor Ron DeSantis has been vocal about his disapproval of recreational marijuana, calling it a significant issue and expressing his concerns about its impact. However, an interesting twist arises as the driving force behind DeSantis’ presidential campaign, led by GOP strategist Jeff Roe through Vanguard Field Strategies and Axiom Strategies, is actively supporting a campaign to legalize recreational marijuana in Florida.

Axiom and Vanguard have received nearly $29 million from Smart and Safe Florida, an organization advocating for a 2024 ballot initiative to legalize adult-use cannabis. Ironically, the companies, despite their involvement in advancing marijuana legalization in Florida, are simultaneously working to secure DeSantis’ presidential election, albeit on an antimarijuana platform. They have received more than $25 million from the pro-DeSantis super PAC, Never Back Down, which plays a pivotal role in the DeSantis campaign, handling various campaign activities and events as well as the governor’s transportation.

This poses a challenge for DeSantis, as legal restrictions prevent coordination between the campaign and super PAC, forcing him to rely on a group whose goals sometimes clash with his own. Recent tensions have emerged between Never Back Down and the DeSantis campaign, particularly concerning strategy and timing in the primary race.

In one incident, DeSantis’ allies were frustrated when the super PAC posted a strategy memo on Axiom’s website, setting expectations for the governor’s debate performance. Additionally, a leaked recording from a Never Back Down donor briefing suggested a tight timeline for DeSantis to surpass former President Donald Trump, which some Republicans found arbitrary.

The conflict over marijuana use further complicates DeSantis’ image as being tough on recreational drugs, potentially putting him at odds with his constituents. He has expressed concerns about the potency of marijuana and its possible contamination with substances such as fentanyl.

Axiom’s diverse client portfolio has occasionally led to situations where the company works for clients with conflicting ideologies. Its involvement with the procannabis initiative began in 2022, months before it joined forces with Never Back Down.

The initiative to legalize recreational cannabis is funded mainly by Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a major player in the cannabis sector, and could be a major issue for Florida Democrats to revive their status in the state. Smart and Safe Florida has gathered enough signatures to potentially qualify for the ballot.

However, it’s uncertain whether the initiative will make it to the ballot, as Attorney General Ashley Moody, a DeSantis ally, has urged the state Supreme Court to strike it down, claiming it misleads voters.

Moreover, DeSantis has remained steadfast in his opposition to recreational use, signing legislation to tighten advertising restrictions and expressing concerns about its impact on the workforce and prosperity.

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 — Leafly Lawsuit Wants New York to Lift Ban on Third-Party Cannabis Marketing

Marijuana e-commerce platform Leafly has filed a lawsuit challenging the New York Office of Cannabis Management’s ban on third-party marketing and advertising services in the state’s nascent recreational cannabis industry. A recent report from Spectrum News 1 revealed that Leafly Holdings is a plaintiff in a suit against state cannabis regulators.

The Albany County state Supreme Court lawsuit argues that the state’s rollout of cannabis has been “disastrous” and has essentially hampered the fledgling industry’s growth. The suit comes at a time when New York cannabis regulators are dealing with litigation from several parties, which has held back the rollout of recreational cannabis sales in the state.

It claims that the state’s Office of Cannabis Management adopted advertising and marketing regulations that target third-party platforms such as Leafly Holdings and that these regulations are actively limiting the industry’s ability to promote and market its products. A statement from Leafly noted that the “unprecedented restrictions” place major restrictions on the ability of small business owners to reach their consumers.

Leafly is a Seattle-based company that functions as a “customer acquisition tool” for 4,600 cannabis retailers and more than 7,800 brands. The company’s main bread and butter for the majority of its life was cannabis industry reporting. However, it recently pivoted to customer-oriented content such as cannabis product descriptions and information. Leafly currently features more than 11,000 cannabis resources and stories as well as more than 5,000 marijuana strains.

Players in the state-level cannabis industry already deal with a wide variety of barriers due to federal prohibition, and Leafly argues that the Office of Cannabis Management’s advertising rules add even more barriers for small business owners. The Seattle-based company said that every customer should have the right to compare prices and shop wherever they please, but New York chooses to ignore this right, according to several court cases related to commercial speech.

Now that New York is set to launch recreational sales with a ban on third-party marketing in place, Leafly is the primary plaintiff in a suit seeking to overturn the third-party marketing ban. Ryan McCall, the deputy cannabis practice chair at Tully Rinckey LLC, says the rule limits the number of businesses that could be involved in New York’s recreational cannabis industry in the future.

He theorizes that Leafly and other plaintiffs are suing the state now because it is preparing to implement cannabis regulations in and roll out recreational sales. McCall says this recent lawsuit will likely result in a reasonable compromise for both parties. However, he notes that it could affect marketing rules moving forward if a compromise isn’t reached.

The marijuana industry is constantly engaged in advocating for improved conditions akin to what other industries enjoy, and cannabis industry players such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) will be watching how this particular case pans out since it could chip away another form of unfair treatment targeting marijuana industry actors.

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 — New York Clamps Down on Marijuana Black Market as Licensed Firms Struggle

New York authorities are intensifying their efforts to combat the proliferation of unlicensed shops selling marijuana across the state in response to the ongoing struggle to establish a thriving legal marketplace for the substance. With the legalization of cannabis in 2021, an influx of unauthorized vendors peddling cannabis, vape products, edibles and more has posed a significant challenge to the state’s legal cannabis industry, with New York City bearing the brunt. Presently, only 23 legal cannabis dispensaries are operational statewide, and nine are located in NYC.

A recent study conducted by the Independent Budget Office of NYC revealed that approximately 1,500 unregulated retailers within the city may be holding marijuana products worth $484 million. If these products were to be sold through legal channels, it could generate a substantial $19.4 million in revenue for NYC.

In response, the state has escalated its efforts to crack down on unregulated shops by increasing the frequency of inspections, imposing fines and even ordering closures when necessary. These measures extend beyond the stores themselves, with landlords now facing penalties of up to $10,000 if they knowingly lease commercial properties to unlicensed sellers.

The crackdown on these illicit operations is not just a legal matter; it also has significant economic implications. Unlicensed sales deprive the state of much-needed revenue, as the state imposes a 13% retail tax on all cannabis products, with additional taxes based on the potency levels of THC.

Beyond the financial considerations, unlicensed shops also present substantial health risks. A 2022 study commissioned by the New York Medical Marijuana Industry Association, which examined products from 20 illicit stores in NYC, discovered that around 40% of these products contained harmful contaminants such as salmonella, lead and E. coli.

The state’s Marijuana Control Board recently announced plans to open up license applications to the general public as well as to multistate medical companies and manufacturers. Previously, licenses were restricted to individuals with prior cannabis-related convictions under the Conditional Adult Use Retail Dispensary (CAURD) program. This move is expected to expand the number of legal cannabis shops throughout the state, further shaping the future of New York’s cannabis industry.

While illicit sales have been fueled partly by delays in the opening of legal dispensaries, experts anticipate a decline in such sales in the years ahead. New Frontier Data, a marijuana research company, projects that illicit sales, which were estimated to reach $7 billion annually in 2023, will decrease to approximately $3 billion by 2030 in New York.

The black market isn’t only a concern in New York. Major marijuana companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) also have to contend with illicit marijuana sellers in the jurisdictions where they operate, and authorities are constantly trying to weed out black market actors so that only licensed operators can sell their products.

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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