Psychedelics and cannabis are probably two of the most common psychoactive drugs, or substances that change physiological and psychological functions. These drugs can affect daily life in both negative and positive ways when used.

For instance, when administered correctly, cannabis may be used as a therapeutic option for a range of neurological conditions such as Alzheimer’s, Parkinson’s and brain cancer. Contrarily, recreational cannabis has been linked to issues with mood, cognition and other symptoms.

Cannabinoids, which are naturally occurring substances in the marijuana plant, are what cause the drug’s psychological and physical side effects. The most popular cannabinoids are tetrahydrocannabinol (THC), cannabidiol (CBD) and cannabigerol (CBG). While THC gives cannabis its “high,” CBD and CBG affect pain perception, appetite and memory and are primarily used to treat diseases such as multiple sclerosis and reduce inflammation and anxiety.

The increased legalization of cannabis has led to the emergence of many products that are now available for both recreational and medical use. But to keep up with the rapidly evolving cannabinoid market, there is now a need to diversify policies in public health.

Developing novel methods for analyzing psychoactive substances using techniques such as liquid chromatography, gas chromatography and mass spectrometry can assist in addressing some of the cannabis therapeutic and regulatory issues.

On the flip side, synthesized cannabinoids are artificial chemicals that mimic the effects of marijuana but are more hazardous as a food additive than natural cannabinoids because they are less well-known, less predictable and have unpredictable effects. Sometimes, producers of marijuana-based products add synthetic cannabinoids to their products because they are easier, quicker and cheaper to produce. Consumers are at risk from this practice, however, as it increases the likelihood of product contamination and lowers quality. Synthetic cannabinoids can also have negative side effects and are difficult to regulate.

The development of innovative drugs will play a significant role in the rapid, efficient and accurate identification and quantification of both natural and synthetic cannabinoids, which will be a major step toward developing regulatory policy and implementing health interventions. As a result, more research on cannabinoids’ effects and biochemistry is required.

Pittcon is at the leading edge of this research, pushing the boundaries of study into psychoactive substances. Researchers are expected to present a number of studies that have examined marijuana and other psychoactive substances at Pittcon this year. The presentations will be crucial to advancing innovation in the cannabis and psychedelics industries, assisting in the better formulation of strategies to curtail the inappropriate use of these substances and develop potential medical treatments.

Industry experts and scientists will highlight the technologies and methodologies used to identify and measure levels of cannabinoids as well as evaluate the quality of cannabinoid products on legal and illegal markets.

As more resources are directed towards understanding both natural and synthetic cannabinoids, innovative products, such as indoor “microgardens” from manufacturers like Advanced Container Technologies Inc. (OTC: ACTX) are also becoming available on the market across the country.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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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There were a lot of concerns when Oklahoma voters approved medical marijuana in 2018. It was unclear how the marijuana industry would develop. The number of marijuana businesses also skyrocketed with very little regulation, making the state the largest holder of licensed marijuana businesses in 2020.

Several years after the voting, those queries are still being raised. State Question 820 was up for vote on March 7, 2023, when voters went to the polls. The measure would legalize marijuana use for adults over the age of 21, allow for the growth of up to six marijuana plants, and open the door to expunging some prior cannabis-related offenses.

Cannabis legalization, according to panelists at an SQ 820 online town hall hosted by the ACLU in January, would enable state businesses to compete with the black market.

There are more than 373,000 medical cannabis users in Oklahoma, according to the Medical Cannabis Authority, the body in charge of the state’s cannabis market. Additionally, there are more than 2,700 dispensaries and over 7,000 growers.

The processing of new grower, dispensary and processor license applications was, however, halted last year by the HB 3208 bill. This bill was approved by the state legislature and signed by Governor Kevin Stitt. This moratorium was in effect starting in August 2022 and could last up to two years.

Legislators have also stated that it is challenging to control the industry since the approval of SQ 788, the measure that legalized medical marijuana in 2018.

Businesses are hopeful and eager to enter new markets if SQ 820 is approved. According to Arshad Lasi, CEO of Nirvana Group, the marijuana industry is prepared to face the complexity of entering the recreational market. However, he claims that some medical cannabis patients are still hesitant because they are concerned about what might happen. They believe that since the market for recreational or adult-use products is a bit larger, prices may go up, quality may decline, or consumers will be given more preferential treatment.

And while some business operators perceive the legalization of recreational marijuana as a threat to local businesses due to invasion by multistate businesses, Lasi believes that adult-use cannabis increases market share for everybody, and if businesses are doing things by the book, they will see the benefits.

A clause in SQ 820 would give current Oklahoman business owners two years to apply for new licenses from the OMMA to serve recreational customers.

As the results of the March 7 poll trickle in, a wide variety of companies, including Advanced Container Technologies Inc. (OTC: ACTX), will be watching to see whether yet another state has decided to open a regulated recreational marijuana market.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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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Last week the Justice Department (DOJ) released an application form for those who were eligible for President Joseph Biden’s mass cannabis pardon to complete to prove that they received clemency. Biden issued an executive order in October pardoning those convicted of marijuana possession offenses in violation of federal law.

Although the pardon was automatic, activists have pushed government representatives to create a form that can be used to request certificates proving coverage. This might be helpful for individuals whose previous convictions are, for instance, keeping them from finding employment or housing.

Elizabeth Oyer, the pardon attorney, had stated in December that the online applications would be available soon, but regrettably, nothing of the sort happened, and as the months went by, activists’ impatience grew.

Anyone who received a pardon on Oct. 6, 2022, is qualified to receive a certificate of pardon. A person must have been accused of or found guilty of simple possession of cannabis in a federal court to qualify for a certificate. The applicant must have been in the country legally when the offense was committed. In a similar vein, a person must have been a citizen or a legally recognized permanent resident of the United States on Oct. 6, 2022.

The form can be completed online or printed out and mailed in. It entails basic questions regarding a person’s federal marijuana offense qualification as well as location information. Additionally, applicants must present documentation of any prior charges or convictions.

According to a Federal Register draft notice released by the Pardon Attorney’s office, the data could also be leveraged to perform statistical analyses of the characteristics of pardon applicants and recipients. The application is simple and takes about 10 to 30 minutes to complete. It includes instructions to follow, one page to fill out, and a page for appending the applicant’s signature.

The Congressional Marijuana Caucus’ cochair, Rep. Earl Blumenauer (D-OR), praised the application launch, stating that it was another positive move in President Biden’s administration in accepting the new marijuana realities.

The scope of Biden’s pardon declaration was fairly constrained; it didn’t release any person who is at the moment behind bars and did not include individuals who were found guilty of selling marijuana.

The office of the Pardon Attorney anticipates receiving close to 20,000 applications for certificates once the form receives final approval from the White House Office of Budget and Management. The draft will be open for public comment for 30 days.

The launch of this pardon certificate application is a welcome development that advocates and industry actors such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to applaud, given its potential to fix some of the lasting adverse effects of prohibition upon those with minor cannabis convictions on their records.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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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The North Carolina Senate has approved a bill to legalize medical marijuana in the state and sent it to the House. The legislation was first filed by Senate Rules and Operations Committee Chairman Bill Rabon last year and was cleared by the Senate before being blocked by House Republicans.

Rabon refiled the bill in late January amid statements from a key chamber leader that the bill was “well-constructed” and addresses a lot of key concerns.

The medical marijuana bill was approved by three separate committees and received initial approval on the Senate floor a day before advancing in a 36–10 vote.

The bill would allow patients suffering from a “debilitating medical condition” to use cannabis for medical purposes. Conditions that would qualify North Carolina residents for medical marijuana include post-traumatic stress disorder, epilepsy, multiple sclerosis, cancer, Parkinson’s disease and HIV/Aids.

The legislation would also allow a maximum of 10 vertically integrated medical marijuana suppliers operating up to eight dispensaries. It would also establish a Compassionate Use Advisory Board to add new medical conditions to the list of qualifying conditions and create a separate Medical Cannabis Production Commission to handle medical cannabis supply and licensing, and generate revenue to run the state’s medical cannabis program.

A North Carolina Cannabis Research Program would be charged with undertaking scientific research on the medical administration of marijuana and marijuana-infused products.

The legislation’s language states that it is only meant to make changes to North Carolina laws that ensure patients and their physicians are protected from civil and criminal properties.

Speaking before the Senate floor vote, Rabon said that law enforcement would have access to databases and records that allow them to verify if patients are eligible for medical marijuana and if suppliers are in compliance with state law.

Although the bill did not advance past House GOP lawmakers last year, Rabon believes it has more support in the House this year.

House Speaker Tim Moore said that he believes that more than 50% of the lawmakers in his chamber support medical marijuana reform and that he won’t be surprised if the bill advances past the House.

The legislation features some of the strictest provisions in the entire country, with Rabon saying numerous times that he wrote the bill to make it one of the strictest in the United States. It would regulate medical cannabis tightly and only allow those with debilitating medical conditions to access the plant, Rabon said, adding that recreational cannabis use would remain illegal under his bill.

Many players in the cannabis industry as well as those in ancillary niches such as Advanced Container Technologies Inc. (OTC: ACTX) are likely to follow the events in the North Carolina legislature closely to see how the bill fares.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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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Less than two years after Virginia set out to be the first southern state to legalize the sale of adult-use cannabis, the state’s anticipated start date of Jan. 1, 2024, has been essentially canceled. Governor Ralph Northam approved the legislation in April 2022, making it legal for Virginia residents to own and grow up to four cannabis plants. Additionally, it mandated that recreational sales start by Jan. 1, 2024.

However, the law also mandated that the assembly later reenact several of the legislation’s provisions, including specifications on regulation and market structures such as licensing. The chances of those laws passing were reduced after the state’s election in November 2021 when Republicans took control of the governor’s office and the House of Delegates (HOD).

Two marijuana regulatory bills sponsored by Republicans that would have established a licensing system in time for sales to start in 2024 were dropped on in January by a House of Delegates’ GOP-controlled subcommittee. At the start of February, Senator Adam Ebbin introduced a comparable bill in the Senate, but it was rejected by the same committee. Multiple sources claim that Governor Glenn Youngkin’s efforts to stop all adult-use marijuana legislation were a major factor in the bills’ failure to pass.

Republicans also prompted a proposal to cut nearly 70% of the Cannabis Control Authority’s budget.

There isn’t any time left on the legislative calendar for an alternative to be introduced since the state’s part-time assembly only assembles in regular session for 30 days in uneven-numbered years. Saturday, Feb. 25, 2023, was the last day for this year’s meetings.

The main multistate operators who hold some of the state’s current medical marijuana permits, as well as potential new operators, are forced to hold back now that adult-use marijuana regulation is canceled for the year.

Alternatives from the black market, such as illegal pop-ups and storefronts, have popped up all over the state in the absence of legal adult-use retailers.

This, combined with the abundance of untested goods containing delta-8 tetrahydrocannabinol (THC) derived from hemp, results in a situation that both Virginia Democrats and Republicans have referred to as a health crisis.

Industry observers and activists claim that legislators, including those in the subcommittee where several bills were put down in the past few days, received clear instructions from the governor not to promote adult-use marijuana bills this year. Youngkin is eyeing the Republican presidential nomination next year. He is advocating for legislation that would strictly control cannabinoids derived from hemp.

As the lawmakers put the prospect of opening a recreational cannabis market in the state, they are unwittingly killing lots of opportunities that would have come to residents. For example, some may have turned to companies such as Advanced Container Technologies Inc. (OTC: ACTX), a provider of indoor “microgardens” for people interested in growing their own cannabis at home.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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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Advanced Container Technologies (OTC: ACTX) today announced its relocation to a new 4.5-acre campus in Skiatook, Oklahoma. The new site features a large indoor farming facility, dedicated manufacturing and distribution operations, and classrooms for teaching businesses and individuals how to maximize profits using controlled environment farming. “We are thrilled to be operating in this fabulous new facility,” said Doug Heldoorn, CEO of ACTX. “With this strategic move, we are well positioned to serve the entire Midwest, and can offer businesses, growers and individuals the means and the knowledge on how to grow pristine crops, year round, in a plug-and-play type system that’s perfect both for beginners and for businesses looking to expand without the need of new buildings or expensive real estate.”

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

About Advanced Container Technologies Inc.

Advanced Container Technologies is in the business of selling and distributing self-contained, automated, indoor “micro-farms” called Grow Pods, along with related equipment and supplies. Additionally, the company designs and sells patented proprietary medical-grade plastic containers, known as the Medtainer(R), that store and grind pharmaceuticals, herbs, teas and other solids or liquids. For more information, visit the company’s website at www.AdvancedContainerTechnologies.com.

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

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CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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The Alaska Supreme Court has announced that it would expunge cannabis convictions from the records of hundreds of Alaskans. An order signed by five Supreme Court justices revealed that the court would remove the cannabis possession convictions of 750 residents from the online court case database.

However, rather than completely expunge certain cannabis records, the court will simply shield them from public view. So while the general public would likely find it hard to see these records, the records will still be accessible for inspection at courthouses and via formal criminal background checks.

Only Alaskans who were aged 21 and older when they were convicted of possession of an ounce or less of cannabis will be eligible for the removal.

Alaska Court System general counsel Nancy Meade said that since cannabis has been legal in the state for eight years, the Supreme Court thought that it was not appropriate for people to suffer the negative consequences of having a conviction attached to their name on Courtview, the state’s online database of court cases.

Now that most states have legalized cannabis in some form, reform activists and lawmakers argue that it is wrong for people with cannabis convictions to continue being penalized for certain cannabis offenses.  A criminal record can significantly impact your life in the United States by making it difficult to access employment, housing and education.

Obscuring, sealing or expunging nonviolent cannabis offenses from people’s records could shield people from the negativity associated with a criminal record and allow them to access critical services such as housing.

Rep. Stanley Wright says that there are a lot of people in his district who are held back by the barriers created by a publicly visible criminal record. A simple policy change or legislation could remove these barriers and change their whole lives, Wright said.

Sen. Scott Kawasaki was happy with the move and stated that he was glad the Supreme Court had ordered the removal of certain cannabis offenses from public view. Wright has joined nearly half a dozen independent and Democratic cosponsors in reintroducing a bill that would conceal cannabis convictions from criminal background searches and Courtview.

Alaska joins a growing number of states that are moving to either obscure or expunge marijuana-related convictions. The National Conference of State Legislatures reports that 41 states in total have passed some form of regulation to obscure nonviolent, cannabis-related convictions.

These actions by the state Supreme Court peel back some of the vestiges of prohibition and send positive signals to allied industry actors such as Advanced Container Technologies Inc. (OTC: ACTX) since increased growth of the industry opens opportunities for these related companies.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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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The total marijuana sales in Arizona in 2022 were similar to those in 2021, the first year the drug was legal for adult use, but the routes by which each year’s sales reached $1.4 billion were remarkably different. In 2021, medical cannabis sales accounted for $760 million, or nearly 55% of total sales. In 2022, recreational marijuana took the lead, accounting for roughly 70% of total sales, totaling more than $950 million. The medical cannabis market has dropped to just over $500 million.

Recreational cannabis sales ended 2022 with its best monthly total in December, totaling about $86.6 million, a small increase from the $85.8 million in the previous month. The monthly sales of medical marijuana remained stable, falling from $31.9 to $31.1 between November 2022 and December 2022.

Since the beginning of the legalization of adult-use in January 2021, cannabis sales have totaled $2.9 billion in both markets. Since April 2021, medical sales have decreased almost every month, with a few exceptions, such as July, when sales reached $71.6 million following a $5 million decline in June.

Patients continue to swarm to the recreational market, and producers of edibles and other ingestible products with higher potencies for medical use have started to cater to this market. The first full month of licensed recreational sales, February 2021, saw the lowest total sales for adult-use at around $40 million.

Medical marijuana patients pay about 6% in tax, while the state collects an additional 16% excise tax on recreational purchases in addition to the regular sales tax. Local governments add about 2% of the taxes. December saw a total of almost $23 million in tax collections.

A third of the taxes collected from recreational sales are committed to community colleges, with 25% earmarked for the Highway User Revenue Fund, another one-third to public safety — fire departments, police, and first responders — and 10% to the Justice Reinvestment Fund, which is committed to providing counseling services, job training, public health, and other social services for marginalized groups adversely affected by cannabis criminalization and arrests.

The monthly reports on the medical program are typically published one month prior by the state’s health services department (ADHS), which is responsible for the state’s cannabis regulation, before the reports from the revenue department.

As of January, there were 153,845 cardholders overall, with 128,621 of them being eligible patients. According to ADHS, those figures decreased by about 1,200 in December 2022, to 155,682 and 129,836, respectively. The state’s cardholders are divided into five groups: qualified patients, dispensary agents, designated caregivers, lab agents, and facility agents.

Those figures contrast sharply with the situation with medical marijuana at the start of 2021, when recreational sales started.

At that time, 309,479 people had medical cards, according to data from ADHS in January 2021. The number of qualified patients and dispensary agents was 299,054 and 9,489, respectively.

In terms of the quantities sold in January, the weight stood at 5,435 pounds, with flower at 4,645 pounds, and the rest accounted for other forms such as edibles.

As these marijuana sales figures climb, there is likely to be a commensurate increase in the use of cultivation equipment such as that sold by Advanced Container Technologies Inc. (OTC: ACTX), given that rising sales point to an increase in the produce being cultivated and processed.

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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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New research has found that seniors in high school within states where the medical use of marijuana is allowed had a higher likelihood of vaping marijuana, in comparison to seniors within states where the drug’s use is legal for recreational use or is prohibited.

Washington State University PhD student Christian Maynard and Professor Jennifer Schwartz of the sociology department at the institution carried out the study.

For their research, the investigators conducted an analysis obtained from the Monitoring the Future survey, which was comprised of responses on marijuana consumption from more than 3,700 seniors in high school. Of those students participating in the survey, 592 of them expressed their views on the perceived hazards linked to vaping while 620 reported on marijuana vapes accessibility.

Overall, the researchers found that seniors in states that permitted the recreational use of cannabis were more than two times as likely to have ever vaporized marijuana in the last year, compared to those in states that prohibited adult-use marijuana. A reported 56.4% and 62.2% of seniors in medicinal-use as well as adult-use jurisdictions/states also reported ease of access to vaping equipment such as cartridges.

In their report, the researchers stated that seniors who could easily access marijuana cartridges were at least thrice as likely to ever have vaped marijuana in the last year. They also found that the perceived risk linked to marijuana use was 40% for seniors in states that prohibited marijuana use, 35.5% for those that permitted adult-use marijuana and 31.3% for those in medical-use states.

In a press release, Maynard stated that the researchers expected results from adult-use and medical states to be similar but were surprised to observe no statistical difference between adult-use and prohibited states. The researchers wrote in Drug and Alcohol Dependence Reports that there was a growing prevalence of vaping among adolescents. In their report, they referenced data from Monitoring the Future survey, which demonstrated a 12% increase in lifetime prevalence of marijuana vaping for 12th graders in the 2017–2019 period.

The researchers also highlighted that additional research was required on whether legal context was linked to an increase in marijuana vaping by adolescents. They then added that research had not evaluated how factors such as acceptability of regular use of marijuana and perceived availability of marijuana vaping products diminished the effects of legal context on marijuana vaping.

Schwartz and Maynard also wrote that future studies needed to use the longitudinal Monitoring the Future survey to better evaluate causality of legal contexts on the consumption of marijuana and techniques by adolescents.

This study suggests that it is easier to keep youth away from some marijuana products if there is a legal market for the substance in a given state. This would add onto the many benefits proponents of legalization enumerate, besides creating downstream opportunities for other lines of business such as the niche products of enterprises such as Advanced Container Technologies Inc. (OTC: ACTX).

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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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A group of Canadian cannabis executives has shined a light on what it says are unsustainable federal fees on the nascent industry. The executives are asking the federal government to offer the industry some relief from the federal tax fees amid widespread financial losses and increasing job losses. During a news conference last week, the executives argued that job losses would continue to pile up if the federal government did not make any meaningful reform.

Even though cannabis is legal across dozens of states in the United States and in Canada as well, industry players have been forced to contend with relatively high fees and taxes since the inception of the industry. While cannabis companies have tried to recoup these costs by passing them on to the consumers, this has made legal cannabis several times more expensive than black-market cannabis and helped to bolster the illicit market. The situation has been especially dire in Canada, where cannabis producers have already announced close to 1,000 job losses thus far in the year.

Cannabis Council of Canada CEO George Smitherman stated that the federal government’s fees and taxes had made the cannabis industry unsustainable. He explains that the taxes and fees levied on the marijuana sector made it impossible for the industry to remain sustainable and progress in the long-term. Smitherman said that he would like the government to reduce the 2.3% standard cultivation license fee that is charged on annual gross revenue.

Speaking at the news conference in Ottawa, Smitherman noted that the budget was a prime opportunity for the Canadian government to show its commitment to making cannabis sustainable. This would involve reforming excise taxes on cannabis, he noted, adding that it would involve collaboration between territories, provinces and the national government.

CEO of British Columbia-based Pure Sunfarms Mandesh Dosanjh stated at the conference that the federal government had failed to hold up its end of the deal. He argued that the government had overlooked the cannabis industry and subjected it to enormous regulatory fee burdens and heavy taxes. As a result, these fees and taxes eat into the capital that cannabis producers could use to reinvest in their businesses. For every dollar of revenue cannabis producers earn, Dosanjh explained, 72 cents was collected as tax and fees while producers received only 28 cents.

This had created conditions that allow illegal operators to thrive, he noted, adding that legal businesses didn’t stand a chance in the sector unless the government offers relief and excise reform in the next budget.

The difficulties that cannabis companies are encountering in order to turn a decent profit inevitably also impact ancillary companies that operate in their jurisdictions, such as Advanced Container Technologies Inc. (OTC: ACTX) since dampened operations in the sector mean that those related companies will not register brisk business for their products.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

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 instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.