420 with CNW — Claims of Cannabis Testing Fraud Hit the Recreational Marijuana Market in New York

Reports of alleged fraudulent activity in cannabis testing labs have surfaced once again in New York’s recreational market, with claims that some vape oil cartridges are being labeled with cannabinoid levels exceeding 100%. Similar accusations of labs inflating THC levels to meet client demands and possibly altering data meant to ensure consumer safety have been raised in other states as well.

Critics argue that such fraudulent practices could erode public trust just as New York’s recreational market surpasses $1 billion in sales for the first time following a challenging launch. Adding to the concern, New York lab operators say that regulators are not addressing the issue with the seriousness it deserves.

In December, representatives from two of New York’s 16 licensed testing labs sent a letter to the state’s Office of Cannabis Management (OCM) highlighting what they described as major concerns. These included exaggerated THC levels in marijuana products and vape cartridges with unrealistic cannabinoid compositions.

“If these problems are ignored, there is a real risk that unsafe and unethical lab results will be standard practice, much like what has happened in other states,” wrote Aaron Riley, CEO of Certified Testing and Data in Orlando, Florida, and Edward Lukaszek, Biotrax Testing Laboratory CEO, in the letter dated December 17.

They warned that failing to take action would jeopardize the integrity of the program in the future. Their letter urged the OCM to initiate recalls immediately to begin addressing these concerns.

However, regulators appear to be downplaying their concerns. According to them, officials have also been slow in releasing critical data that could shed light on the extent of the issue.

In other jurisdictions, anonymous test results have exposed trends suggesting potential manipulation. This aligns with the suspicions of many industry insiders who believe certain labs may be deliberately adjusting results to appease clients.

When asked for comment, an OCM representative stated that the office doesn’t discuss active investigations or disclose actions being taken against licensees to third parties. In a December 20 response to Riley and Lukaszek, state officials emphasized their commitment to ensuring public safety and health.

Similar problems have been reported in other states. In Massachusetts, MCR Labs, which also operates in New York, filed a lawsuit against competitors for allegedly inflating THC results and approving contaminated products for sale.

Most experts agree that strong oversight is necessary to ensure lab integrity. In states like Colorado and California, regulators conduct independent tests by purchasing products from retail shelves. If potency inflation or contamination is detected, recalls are issued. After stricter regulations were introduced in California, recall rates surged, and several labs shut down due to noncompliance.

However, New York has yet to conduct any reference testing or announce product recalls. When asked about this, an OCM representative stated in September that reference testing had not yet been used to verify lab results.

The entire marijuana industry, including entities like Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operating across the border, would be happy to see any claims of testing lab fraud dealt with so that the industry’s reputation isn’t tainted by the wrongdoings of a few bad actors.

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

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420 with CNW — Why 2025 Could Be a Great Year for Marijuana Investors

The marijuana capital markets have encountered substantial hurdles in recent years. Investors who have been in the industry since 2019 have witnessed every phase of the market—from thrilling peaks to somber valleys.

Notwithstanding these swings, the present environment presents a remarkable chance for strategic investors because of alluring valuations, creative deal formats, and the capacity to assist top-tier management teams.

The struggle for capital access has significantly altered the industry’s competitive dynamics. Businesses have had to either adapt or collapse as a result of the drying up of various funding sources during the last two years.

Two distinct categories have emerged in this evolving market. First, resilient companies have taken proactive steps to streamline operations, embrace financial discipline, and build sustainable, profitable businesses. Challenging market conditions often highlight outstanding leadership, and these teams are proving their capabilities by driving profitability and managing complexities effectively.

On the other hand, distressed resources have surfaced as companies unable to withstand market pressures face significant financial difficulties. While this presents hardships for some, it creates an avenue for investors to acquire undervalued assets at better discounts, offering the potential for turnarounds or investments.

Uncertainty and fear have created an ideal environment for investors willing to take strategic risks. Historically, market downturns have led to some of the most rewarding investment opportunities, and this cycle will likely be no different.

Several macroeconomic factors are contributing to the industry’s potential for growth. First, the market continues to expand as more states approve recreational and medical marijuana. As of 2024, 41 states have enacted some form of cannabis reform, with the regulated market in the U.S. growing by $2.6 billion to reach $31.4 billion. Analysts project an additional 12.1% growth this year, bringing the market to $35.2 billion.

Second, progress on cannabis policy reform is making headway, with bipartisan support increasing for initiatives like federal rescheduling and SAFE Banking. A move from Schedule I to III under the CSA could significantly reduce tax burdens, improving profitability for businesses across the sector.

Lastly, shifting consumer attitudes are fueling industry growth, with 88% of adults in the U.S. supporting marijuana legalization. This shift indicates strong long-term potential for the sector.

While many investors chase rapidly rising markets, true opportunities often emerge during downturns. Investors are now favored in deal structuring, and valuations have stabilized to more reasonable levels. Many businesses are discovering a more obvious route to profitability as the industry develops.

Enterprise value-to-revenue multiples for American cannabis operators have declined to historically low levels, in some cases dropping from all-time highs of around 6X to nearly 1X. Moreover, the potential for federal policy changes represents a significant plus. If measures like rescheduling are enacted, they could attract institutional funding, which has mostly stayed out of the market.

An attractive investment case is created by the combination of disciplined leadership, favorable valuations, and possible regulatory developments. While the industry has faced considerable challenges, these difficulties have also opened doors for individuals prepared to work through the complexities.

With additional states legalizing cannabis, bipartisan policy support, and resilient management teams, this year appears to be pivotal for the industry. The cannabis capital markets may have been turbulent, but the opportunities available today are too significant to overlook. By investing today, businesses are not only setting themselves up for success but also fostering the expansion of a sector that is expected to develop in the future.

Leading marijuana companies like Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) will be looking to leverage any favorable changes in the market so that they can bolster the standing of their brand.

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420 with CNW — Marijuana Industry Predictions for 2025

The marijuana industry experienced a sluggish pace of progress in 2024. Efforts to pass cannabis reform measures in Congress fell short, and the DEA delayed rescheduling cannabis as a recognized medicinal substance.

Moreover, voter rejection of recreational cannabis legalization initiatives, including a high-profile defeat in Florida despite almost $150 million spent by multistate operators, suggests that easy reform opportunities may have reached their peak.

However, significant changes are looming. Relief from the burdens of Section 280E taxation appears closer, and with Donald Trump assuming office, he will become the first president to have publicly supported recreational cannabis legalization.

Here are the key developments anticipated in the industry for 2025:

Rescheduling marijuana to Schedule 3

The DEA is expected to finalize the process of rescheduling cannabis as a Schedule III drug this year. Following a May 2024 proposal to alter marijuana’s federal classification, an administrative law judge will issue a decision after hearing extensive arguments. Regardless of the outcome, legal challenges are likely, and the Trump-appointed DEA administrator holds the authority to override the judge’s ruling.

A pro-marijuana presidency?

For the first time since 2017, Republicans will control all three branches of government as Donald Trump begins his term. Many in the cannabis industry are optimistic, citing Trump’s past endorsement of Florida’s recreational cannabis legalization measure during his campaign.

However, his cabinet choices, including Attorney General nominee Pam Bondi—who has previously linked marijuana use to fentanyl addiction—suggest marijuana reform may not be a top priority. Although Trump could push for hearings on marijuana banking reforms, other pressing issues like the border crisis and opioid epidemic may delay significant action until after the 2026 midterms.

Tax battles with the IRS

In a memo last year, the IRS reiterated that marijuana businesses must comply with Section 280E, preventing them from taking typical business deductions. Nevertheless, major operators claimed these deductions, sparking a potential legal showdown that could set critical precedents for the cannabis industry.

California’s tax dilemma

California marijuana businesses owe the state $1.3 billion in taxes, with the excise tax set to rise to 19% this summer unless lawmakers intervene. High tax rates have long driven customers to the illicit market, straining legal operators. As the state faces a $20 billion budget deficit starting in 2026, lawmakers will likely face tough choices.

Tighter controls on hemp-derived THC

Although Congress failed to update the Farm Bill to address the hemp THC loophole, several states, including California, enacted bans on intoxicating hemp products. Many experts believe uniform regulations for THC products are inevitable, though significant federal action may go past 2025.

A Supreme Court showdown

Legal challenges to federal marijuana prohibition are intensifying. Attorneys for Verano Holdings and others argue that federal cannabis laws are unconstitutional, citing a 2005 Supreme Court decision. While lower courts have rejected these arguments, the case is expected to reach the Supreme Court by 2025, potentially setting a landmark precedent.

State-level reforms stagnate

States like Pennsylvania have promised votes on recreational cannabis legalization, but progress remains slow. Recent defeats in South Dakota, North Dakota, and Florida leave state legislatures as the primary avenue for reform, though efforts in states like Minnesota and Delaware are still unfolding at a measured pace.

Cannabis firms like Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) will be watching how the U.S. marijuana industry landscape shapes up as the year progresses and the new administration reveals more concrete plans for its stance on this substance.

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420 with CNW — Federal Court Upholds Ban on Cannabis Advertising in Mississippi

Mississippi’s medical cannabis businesses are prohibited from advertising on billboards or any other platforms due to marijuana’s federal status as an illegal substance, according to a recent decision by an appeals court.

The owner of Tru Source Medical Marijuana, a medical cannabis store operating in Olive Branch, Mississippi, contested this restriction. He claimed that since state law allows the sale of marijuana, the First Amendment should protect medical cannabis businesses’ advertising rights.

However, on Friday, a three-judge bench from the 5th Circuit Court of Appeals ruled against the dispensary owner. The court referred to the federal Controlled Substances Act (CSA), which has classified marijuana as an illegal drug since 1970, banning its production, distribution, and possession. The ruling emphasized that federal law takes precedence and that Mississippi’s restrictions on advertising are consistent with this overarching legal framework.

“Mississippi is not subject to constitutional barriers in limiting commercial speech that pertains to unlawful activities,” the judges stated in their decision.

The state attorney general welcomed the ruling, describing the state’s advertising restrictions as reasonable. MaryAsa Lee, a spokesperson for the office, highlighted that the decision reinforces the state’s efforts to regulate medical cannabis advertising through various media, including broadcast, digital platforms, and print.

Tru Source CEO and founder, Clarence Cocroft II, filed a lawsuit in 2023 to contest the ban on advertising through text messages, mass emails, social media, broadcast, billboards, or print.

Cocroft expressed frustration over the decision, noting that the restrictions make it challenging to reach potential clients and educate the public about the state’s medical cannabis program. Despite the setback, Cocroft stated that he remains determined to continue advocating for equitable treatment of medical cannabis businesses.

Although direct advertising is heavily restricted, the state does allow businesses to maintain social media profiles and websites that provide information about their locations and product offerings. Additionally, businesses can list their information in business directories and phone books and include marijuana imagery in their logos. They are also permitted to sponsor advocacy or charitable events.

Cocroft’s legal representation, the Institute for Justice, a not-for-profit law firm, is exploring further legal options. The firm is considering asking the appeals court to review the case or potentially escalating the matter to the apex court. Ari Bargil, an attorney from the firm, criticized the contradictory stance of the state, arguing that it’s unreasonable to create a legal market for medical cannabis while relying on federal law to restrict communication between businesses and consumers.

Established marijuana firms like Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) operating in other jurisdictions understand the frustrations that come with marijuana advertising restrictions in a highly competitive environment. The industry hopes that firms in Mississippi find creative ways to reach their potential clients without breaking any existing laws.

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420 with CNW — NIH Says Oncologists Aren’t Equipped to Answer Cancer Patients’ Questions on Medical Marijuana

Recent research highlights the increasing use of marijuana among individuals undergoing cancer treatment and the associated implications of this trend. Various studies indicate that approximately 20%-40% of cancer patients turn to cannabinoids or medical marijuana to alleviate side effects such as stress, anxiety, insomnia, pain, and nausea.

The surge in marijuana use among cancer patients aligns with the rise in states that have legalized it for medical purposes. However, research into the safety and efficacy of which marijuana products can be used for managing side effects and symptoms associated with cancer has not kept pace.

In March this year, the American Society of Clinical Oncology (ASCO) released its first clinical marijuana use guidelines stating that the access and utilization of marijuana and/or cannabinoids by cancer adult patients had outstripped the body of research supporting their clinical applicability.

A significant issue stemming from this gap in scientific knowledge is that many cancer care professionals, including oncologists, feel unprepared to discuss medical marijuana with their cancer patients. One study revealed that while almost 40% of surveyed oncology nurses and oncologists felt comfortable providing advice on marijuana use, just roughly 13% considered themselves knowledgeable about it.

The studies, which were conducted at cancer centers recognized by the National Cancer Institute (NCI) and funded by the organization, were published as a group in JNCI Monographs in August.

For many years, cancer patients have turned to marijuana to alleviate various symptoms associated with cancer and other illnesses. However, until recently, such practices were largely illegal in the U.S. Even now, marijuana remains a Schedule I drug, which means it is still federally illegal. Yet, 24 states plus DC have legalized it for both medical and recreational use.

Approximately 75% of Americans now reside in a state where marijuana is legal in some capacity, per a Pew study. Furthermore, access to marijuana has become widespread, with roughly 15,000 dispensaries across the country.

While access to marijuana has grown, questions about its safety remain. One of the primary concerns is the potential interaction between marijuana and cancer treatments. Some small studies suggest that marijuana could reduce the effectiveness of immunotherapy treatments. Additionally, marijuana has sedative properties and may amplify the effects of other medications that cause drowsiness, increasing the risk of accidents or falls.

Despite these concerns, many patients believe the marijuana benefits outweigh its risks. This can make it challenging for healthcare providers to discuss the potential harms and the lack of robust scientific evidence with patients who may already have preconceived positive opinions about its use.

Experts advise healthcare providers to review the ASCO guidelines and stay updated on the growing body of research into the physiological and biological effects of marijuana. Furthermore, they recommend that cancer patients inform their oncologists of any supplements they are using, including marijuana products.

Studies, however, indicate that this is not occurring as frequently as it ought to—the JNCI study found that just 20% of marijuana users reported talking to their oncologist about their use.

The marijuana industry, including enterprises like Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) would be comfortable when oncologists get ample information about the medicinal use of cannabis by cancer patients so that the best advice can be given by these professionals who are responsible for overseeing the treatment and management of issues arising after a cancer diagnosis.

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420 with CNW — Research Says Most Americans Distrust Government as Cannabis Information Source

According to a recent study, many American adults tend to obtain information about cannabis not from government or medical resources but rather from friends and family. The study, which included a nationally representative sample of 1,161 participants, highlighted that government websites were the least preferred source for marijuana-related information, accounting for just 4.7% of respondents. Health providers were slightly more popular, with 9.3% citing them as a source. Interestingly, budtenders who provide guidance in cannabis dispensaries were at 8.6%.

In contrast, the leading sources of cannabis information were family and friends, with 35.65%, closely followed by websites at 33.7%. Notably, individuals using medical marijuana were more likely to cite healthcare professionals as a source of information compared to nonmedical users — 16.4% versus 5.2%, respectively.

The study points to a growing trend of liberalizing marijuana policies across the United States. It suggests that the potential shift in cannabis classification from schedule 1 to 3 of the Controlled Substances Act (CSA) could have widespread implications for public health. The authors of the paper emphasize the need for better education for healthcare providers on marijuana-related topics and careful management of government communications regarding cannabis.

Paul Armentano, deputy director of NORML, commented on the findings, noting that cannabis consumption is a longstanding practice that is not going to diminish. He emphasized that government agencies and healthcare providers should deliver accurate information about marijuana. Historically, government sources have either exaggerated or misrepresented the facts about cannabis and its consequences, which has contributed to the public’s skepticism regarding their credibility as reliable information sources.

Armentano also stressed that healthcare providers must remain updated on marijuana-related trends and research and should engage with their patients about cannabis just as they would with any other health-related behavior that could influence their patients’ well-being.

The authors of the study highlighted that the lack of adequate training for physicians may worsen the spread of misinformation regarding marijuana. Previous surveys and studies indicate that many healthcare professionals seek more relevant training, particularly during their medical education. Alarmingly, only 9% of medical schools in 2016 had specific courses on medical marijuana.

Among the surveyed individuals, 27% reported using cannabis within the past year. These individuals were more inclined to gather information from a variety of sources, except for government sites and mainstream media articles.

The study was published in the “Cannabis Research Journal” and received funding support from the National Institute on Drug Abuse.

It isn’t surprising that Americans prefer to obtain their cannabis information from industry actors such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) since many state and federal authorities seem biased against marijuana. As long as those biases persist, the population could keep distrusting anything that the authorities say about marijuana.

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420 with CNW — Study Shows Users of Medical Cannabis Report Short-Term Benefits in Quality of Life

A recent study involving hundreds of individuals using medical cannabis has shown significant and rapid improvements in overall health during the first three months of use, according to research from the Philadelphia College of Osteopathic Medicine (PCOM). The findings, published in the “Cannabis Research Journal,” followed almost 400 adults in Pennsylvania who were new to medical marijuana treatments.

The participants, who were 46 years of age on average, used medical cannabis to address more than 20 health conditions recognized under Pennsylvania’s qualifying medical cannabis program. The most common conditions treated were severe chronic pain and anxiety disorders.

The research revealed that the respondents experienced health improvements in all aspects of their lives, including reduced pain, increased energy levels and enhanced physical, emotional and social functioning.

Lead researcher Dr. Michelle R. Lent noted that more research needs to be done to determine the long-term effects of medicinal cannabis use on health and everyday functioning. Further, she emphasized that the study — one of the most extensive so far — provides valuable insights into how medical marijuana use affects people’s lives.

“Knowing which patients can benefit most from particular therapies is crucial in this era of personalized medicine,” she added.

The respondents noted significant gains in their emotional well-being and capacity to carry out everyday duties, among other areas, after three months. Positive changes were also observed in social interactions and physical constraints.

These gains, according to the study, constituted what the researchers defined as clinically relevant progress. Notably, social functioning improved by 20%, emotional health improved by 15% and reported pain levels decreased by 20%. Compared to older adults, younger participants showed the greatest improvements in terms of their physical and pain-related outcomes.

Lent noted that deciding whether to include medical cannabis as part of a treatment plan can be difficult for both patients and healthcare providers. However, studies such as this one offer evidence in favor of more widespread access to medical marijuana treatments.

The researchers assessed the participants at intervals of three, six, nine and twelve months. While data beyond the three-month mark have yet to be fully analyzed, future studies aim to explore whether these early improvements are sustained over the longer term.

The majority of participants in the study were white and female, which may offer additional insights into the specific populations benefiting from medical-marijuana treatments.

As more of these studies are conducted, it will become clearer that the various medical marijuana products from entities such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) possibly make a significant contribution to improving the well-being and health of those who opt for these products in lieu of, or as additions to, their conventional medications.

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420 with CNW — Study Finds Drop in Marijuana Use by Teens, Rise Among Adults

A recent study revealed that marijuana use has been on the rise in the United States, though surprisingly not among young teens. The study, which analyzed the cannabis consumption habits of more than 500,000 people between 2013 and 2022, was published in the latest edition of Drug and Alcohol Dependence Reports. It highlighted that marijuana use saw significant growth among individuals living in households with an annual income exceeding $75,000 and those holding college degrees.

Along with examining usage patterns over the previous 30 days, the study also looked at trends related to household income, age, gender, race, ethnicity and educational background. One unexpected outcome of the research was that cannabis use among teenagers did not increase.

The study grouped all teens aged 12 to 17 years of age together, which may have contributed to the stable numbers. The authors noted that some differences might exist if data on younger and older teens were examined separately. Notably, recent statistics from the Centers for Disease Control and Prevention (CDC) showed a decrease in marijuana use among high school students, dropping from 23% in 2013 to 17% last year.

State-level cannabis legalization could likely be a factor in reducing teen marijuana use. Dispensaries are strictly prohibited from selling to individuals under the age of 21 and typically require ID scanning to verify age, which may reduce illegal purchases compared to liquor stores. Other factors could also be influencing teen behavior, such as the pandemic. According to the authors, there was a notable decline in cannabis use during the pandemic, possibly due to less peer interaction and more parental supervision.

Although marijuana use among teens has stayed steady or declined, the research showed a marked increase in usage among people at higher socioeconomic levels. Cannabis consumption increased by more than threefold among individuals with college degrees and those from higher-income households.

In 2013, only 4% of college-educated people reported using cannabis, but that number grew to nearly 13% by 2022. Similarly, among households earning more than $75,000 annually, marijuana use rose from 6% in 2013 to 13% in 2022.

This shift may be related to changing attitudes toward marijuana due to legalization. Cannabis has become more normalized, especially with endorsements from public figures, including celebrities and athletes. The increasing number of dispensaries in affluent neighborhoods and near universities may also be contributing to this trend.

The authors also suggested that improved access to medical marijuana could explain part of the rise in use among wealthier individuals.

Another notable finding from the study was that marijuana use was most prevalent among non-Hispanic multiracial individuals compared to other racial and ethnic groups, with more than 25% of this group reporting marijuana use in 2022.

This recorded drop in the number of teens using marijuana provides credence to what proponents of legalization indicated that creating a regulated market in which entities such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) are allowed to operate would curb the use of this substance by underaged individuals.

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420 with CNW — Mothers in Brazil Take Lead in Advocating for Medical Cannabis for Sick Children

Brazil’s most populated state, Sao Paulo, home to more than 44 million residents, made history by being the first to pass legislation granting free access to CBD. The legislative victory was largely driven by Brazilian mothers who spent a decade campaigning tirelessly to access CBD for their ill children.

Combining CBD with other medications has shown promise for lowering seizures in individuals with severe epilepsy.

One of the mothers who led the campaign was Maria Aparecida Carvalho. At the age of 10, her daughter, Clárian, was diagnosed with severe epilepsy, which can lead to life-threatening complications, including the sudden cessation of lung and heart function.

The medications prescribed to Clárian had significant side effects, even requiring near-dialysis treatment due to poisoning. Clárian’s prolonged seizures caused immense fear and sleepless nights for her parents, who took turns watching over her.

The story of Charlotte Figi, a U.S. youngster who suffered from the same illness and went on to become a global representative of the advantages of CBD therapy, motivated Carvalho to seek CBD as an alternative. She told her husband right away, suggesting they look into getting it, even from unofficial sources if needed.

However, a few months later, the neurologist treating Clárian succeeded in smuggling some CBD into the nation by bringing it back from overseas. Eventually, with legal assistance, Carvalho obtained a court permit to cultivate cannabis in her compound, allowing her to produce CBD for her daughter and other patients.

Brazil’s current laws permit marijuana use and its extracts for medical and scientific purposes. However, cultivating it remains illegal, forcing the sector to rely on imported marijuana oil and other raw materials, which significantly drives up costs.

San Paulo state legislator Caio França, a center-leftist, drafted a measure in 2019 that would have allowed families to obtain CBD via the country’s public health system. He lobbied his largely conservative colleagues for three years, gradually winning them over with testimonies from families whose children required CBD for treatment.

The measure passed in 2022 with almost two-thirds approval from the state legislature, and Governor Tarcísio de Freitas, a former member of far-right former President Jair Bolsonaro’s Cabinet, signed it into law in January 2023. Due to his conservative background, de Freitas limited the law’s scope to patients with three rare conditions, including Lennox-Gastaut and Dravet syndromes, based on research showing that CBD was effective for these specific ailments.

For companies that have for long manufactured medical marijuana products, such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED), the stories coming out of Brazil about the ways in which cannabis products are helping mothers to manage the conditions of their ill kids serve as case studies of how cannabinoids can manage symptoms that conventional treatments have been ineffective in combating.

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420 with CNW — Ohio’s Adult-Use Cannabis Sales Exceed $11M in First Week

Ohio’s recreational marijuana market has experienced impressive growth, generating more than $11.5 million in sales in its first week. According to the state’s Commerce Department, Cannabis Control Division, the total revenue from adult-use cannabis sales reached $11,530,708 as of Aug. 10, 2024.

Sales officially began on Aug. 6, eight months after Ohio voters approved recreational cannabis legalization, with 57% of voters supporting the ballot measure. The average cost of an ounce of flower was $266. The data shows that 1,285 pounds of cannabis plant material and 173,043 units of processed products were sold.

Ohio’s medical marijuana market is also thriving, pulling in more than $8.3 million in sales in the same period. When recreational sales are factored in, the state’s annual revenue is expected to approach $1.3 billion. This amount would be much more than Michigan’s first-year cannabis sales revenue in 2020, which came in at $474 million for medical use and $510 million for recreational use. Conversely, Illinois recorded sales of about $11 million in the first week of 2020.

Currently, Ohio has 120 dual-use stores registered to sell marijuana for both recreational and medical purposes, up from 98 when recreational cannabis sales first started. The state intends to grant about 170 more licenses to increase retail options and 50 licenses set aside for social-equity candidates.

Despite the success, more than 70 cities across Ohio have enacted local bans preventing recreational cannabis entities from operating within their jurisdictions, as reported by Ohio State University’s Moritz College of Law.

Under the ballot initiative that legalized recreational marijuana, a 10% tax is applied to all nonmedical cannabis purchases. Revenue from this tax is allocated to five different state funds: the Marijuana Social Equity and Jobs Fund, the Recreational Use Tax Fund, the Host Community Marijuana Fund, the Substance Abuse and Addiction Fund, and the Cannabis Control Division and Tax Commissioner Fund. These funds are designed to address a range of needs, from social-equity initiatives to addiction services.

Meanwhile, large marijuana operators are moving quickly to capture market share. Ascend Wellness Holdings launched recreational sales at its Carroll store on Aug. 15, 2024, following its initial rollout at locations in Sandusky, Cincinnati, Piqua and Coshocton. Verano Holdings, based in Chicago, also began recreational sales at its five Zen Leaf stores across the state.

Recreational cannabis currently is legal in 24 states, the District of Columbia and two territories. The entire cannabis industry, including companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED), will be rooting for the industry in Ohio to grow and reach its full potential so that the consumers who need these products can access them legally and conveniently.

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