Although many people consider cannabis to be a versatile alternative medicine, the reality is that there is barely any scientific research on its potential risks and benefits. Thanks to federal prohibition laws that consider cannabis a class I drug with no medical application, research into the plant has been outlawed for decades. However, there has been an increasing push for more cannabis research as more states legalize the plant for medical and recreational use.

One of the country’s top federal agencies has thrown its weight behind this growing movement. The National Institute on Drug Abuse (“NIDA”) has increased its effort to promote much-needed research into the effects of cannabis. This comes at a time when lawmakers are considering legalizing cannabis at the federal level, and Americans in more than 30 states have access to medical marijuana.

NIDA recently published a notice of interest outlining the types of study proposals it is looking to fund and instructing interested researchers on how they can apply. According to the federal agency, recommendations from a workgroup that was set up in 2018 to explore cannabis research were used to craft the guidance.

The National Institute on Drug Abuse put out a similar notice to solicit cannabis studies back in 2019, but it expired in January.

The recent notice acknowledged that cannabis policies across the country continue to evolve at a fast pace. So fast, in fact, that they are outpacing the scientific knowledge needed to determine how cannabis could impact public health. By providing funding for cannabis research, NIDA hopes to get much-needed research about cannabis in the relevant hands.

Potential studies would include investigating the reasons that push people to consume cannabis, physical and mental qualities that predispose one to cannabis use, and developing standard methods for measuring cannabis and the cannabinoids, terpenes and flavonoids within the substance.

NIDA also said that it would fund research into different models of cannabis retail distribution to identify the components or combinations with public health risks. Researchers would be limited to 5 milligrams of THC for their studies, the agency said.

But despite NIDA’s interest in furthering cannabis research, the federal agency acknowledges that it will be a difficult endeavor while cannabis is still federally prohibited. NIDA director Nora Volkow has even mentioned in past interviews that she is reluctant to run studies on schedule I drugs such as marijuana because scientists have to deal with a multitude of “cumbersome” rules.

Last October, the agency submitted a report to Congress detailing how federal prohibition is holding back crucial research into the potential risks and benefits of drugs such as cannabis. Once the restrictions on cannabis research are eased, it will be a lot easier for sector players such as Flora Growth Corp. (NASDAQ: FLGC) to undertake research aimed at developing products that can meet the needs of different customer segments.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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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Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, today announced that it has acquired 100% of the equity interests in each of Just Brands LLC and High Roller Private Label LLC for cash consideration of US$16.0 million and 9.5 million privately issued Flora common shares, subject to certain potential future adjustments. According to the update, Just Brands and High Roller are the owners of the JustCBD brand and associated operations (collectively “JustCBD”). “We are thrilled to announce this news today and welcome the JustCBD team to Flora. To build such a recognizable brand in this noisy, rapid-growth market is a testament to everyone at JustCBD,” said Luis Merchan, CEO of Flora. “This acquisition continues to strengthen Flora’s foothold in the U.S. wellness market as well as providing meaningful growth acceleration and delivering human capital to the Flora organization. Additionally, there is incredible opportunity to leverage our economically advantaged cultivation to support the expansion of the JustCBD brand in the global market.”

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.

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

About CannabisNewsWire

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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This week, the U.S. Department of Agriculture (“USDA”) revealed that the value of the hemp market in 2021 reached $824 million. The survey is the first federal study into the hemp sector, and the analysis is meant to be used as a benchmark for the sector’s economic impact.

According to Hubert Hamer, an administrator for USDA National Agricultural Statistics Service (“NASS”), the report would provide producers, state governments, regulators, processors and other key players with benchmarks on hemp production.

The Hemp Acreage and Production Survey was undertaken in collaboration with the University of Kentucky and the National Association of State Departments of Agriculture after it received approval from the White House last year.

The agency wanted to determine the size of the hemp market and collected data from about 20,000 hemp growers who cultivate about 54,200 acres for the crop. Respondents were asked questions on the acreage for operations, the prices producers are able to bring in, primary and secondary uses for the crop, acreage for operations and outdoor hemp production.

The department also included the areas it was interested in including smokable hemp, CBD, fiber, seeds and grains for consumption. Hamer also adds that the results will not only guide producers into cultivating hemp but also inform on the type of hemp under production. He also adds that it may impact the policy decisions in the hemp industry.

The study finds that hemp is being cultivated for its different products including grain, seed and fiber.  It found that floral hemp came from most of the acreage from a total of about 16,000 acres and was valued at $623 million.  However, the market for floral hemp is facing stumbling blocks because of a lack of federal regulation around marketing cannabinoid products derived from hemp. Stakeholders have said that sound legislation such as the bill from Rep. Chellie Pingree (D-ME) could improve the segment.

Furthermore, the study also reveals a reduction in hemp production, which stakeholders have been monitoring for years. For example in January 2019, a report by an advocacy group found that the hemp cultivated in the United States covered about 78,000 acres in comparison to the 54,200 acres mentioned in the study. According to Jonathan Miller, general counsel for the U.S. Hemp Roundtable, burdensome testing requirements and the lack of regulations for CBD products is leading to the decline in hemp production. A possible solution would come from Congress passing legislation that regulates CBD.

The USDA has placed strict THC requirements for cultivators and processors resulting in a significant inequality between the acreage of hemp plants harvested across many states. This might become a thing of the past if Congress passes the Pingree-sponsored bill known as the Hemp Advancement Act. The bill seeks to raise the legal threshold of THC concentration in hemp products from 0.3% to 1%.

There are plans for such reports to be produced every year, but according to a NASS representative, that is only possible if there is funding. The periodic surveys are necessary because they help regulators and policymakers track how different stakeholders, including entities making hemp-derived pharmaceutical-grade products such as Flora Growth Corp. (NASDAQ: FLGC), are faring in this rapidly evolving landscape.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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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Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, continues to strengthen its executive bench with the appointment of Jessie Casner as the company’s chief marketing officer. Casner joins Flora from the recently acquired Vessel brand, where she served as vice president of sales and marketing. Casner’s experience in brand marketing will assist in driving the rapid growth of Flora’s core CPG brands, including Vessel, Tonino Lamborghini, Mind Naturals, Stardog, and others. “I’m excited to welcome Jessie Casner as our chief marketing officer,” said Luis Merchan, CEO of Flora Growth. “This appointment is another example of our commitment to invest in human capital at all levels of the organization. Jessie’s expertise in go-to-market strategy and consumer marketing make her the right choice to guide our multinational marketing campaign objectives for both Flora and our growing portfolio of brands.”

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.

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

About CannabisNewsWire

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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Earlier this week, PanXchange launched its industrial hemp trading platform, which is open to qualified CPG manufacturers, processors, growers and trade houses, waiving commissions and registration fees. PanXchange has created buyer-approved methodologies that are inclusive of farmers, both small and large. The platform is focused on creating benchmark pricing for improved risk management and physical commodity trading markets.

PanXchange CEO Julie Lerner explained that since the legalization of hemp, the growth of the hemp industry has suffered greatly because of competition, overproduction, stigma in mainstream agriculture and subsequent mergers and acquisitions, which wasn’t helped by the coronavirus pandemic. Lerner added that the platform was launched to help support the community as the company believed in the crop’s future as an industrial product, which is why it opted to waive commissions and registration on all semiprocessed fiber and cannabinoid trading. This free trading decision complements the company’s grassland and cropland carbon credit program.

Hemp is a carbon-friendly commodity that sequesters carbon found in the soil. Studies have found that this crop can trap 200% more carbon annually than eucalypt trees. It can also be used as an ecofriendly substitute in products such as bioplastics, building materials and hempcrete.

Lerner also explained that most programs available to farmers currently were prohibitive and costly, noting that farmers needed to be financially remunerated for using smarter farming practices. Their program, she added, provided a viable solution. The company’s hemp platform provides a centralized and user-friendly marketplace where parties can trade and source hemp cannabinoids as well as a variety of other industrial hemp products.

The company’s director of hemp Seth Boone stated that opening the market also offered the company more opportunities to build liquidity. He explained that the platform was synonymous with a cash market, which was where industry stakeholders went to manage last-minute issues with supply chains, seek short-term opportunities and observe current prices. Boone noted that negotiating a long-term contract with a counterpart involved having confidence in the price.

The PanXchange hemp platform serves as a resource for stakeholders to extend their supply chain networks and will help facilitate the full commercialization of hemp in various sectors, including textiles, bioplastics and building materials.

While the company’s meticulous vetting process remains unchanged for new members, its interactive charts, in-depth fundamental analysis and monthly benchmark prices do require a subscription. PanXchange remains focused on developing the same grassland and cropland carbon credits, which offer its clientele better risk management and hedging.

If this exchange pans out as expected, it could eventually attract established players in the cannabis value chain such as Flora Growth Corp. (NASDAQ: FLGC) to source any additional biomass needed for their operations.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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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Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, today announced that it has filed 23 cannabinoid-infused food and beverage products with the Instituto Nacional de Vigilancia de Medicamentos y Alimentos (“INVIMA”), similar to the U.S. Food and Drug Administration (“FDA”). The announcement comes as Colombian President Ivan Duque signed Resolution 227, which provides the framework for the use, distribution and export of cannabis, dried flower and other non-psychoactive derivatives. Flora expects to be the world’s first cultivator to obtain these unique INVIMA approvals for its cannabinoid-infused food and beverage products developed under its KASA Wholefoods division, which prioritizes the sourcing of natural ingredients and value-chain sustainability to create items to help consumers restore and thrive. “We are incredibly excited by the government’s decision to permit cannabinoid food and beverage products and look forward to bringing these cannabis wellness products to consumers in Colombia and around the globe,” said Luis Merchan, president and CEO of Flora Growth. “Aligning with globally recognized safety and compliance standards is at the forefront of Flora’s strategy, particularly when it comes to the food and beverage sector of the cannabis industry.”

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

About Flora Growth Corp.

Flora is building a connected, design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.

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

About CannabisNewsWire

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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British Columbia’s Prince George Airport may soon host the first in-airport marijuana store in the world. Owen Ritz, the cofounder of Copilot, which is the retail brand that’s spearheading this project, revealed that its airport terminal store would be open by the beginning of summer after store construction was completed and further approvals required from the government were received.

In a recent interview, Ritz explained that cannabis was a product that some individuals used to relieve stress and, given that travelling was a stressful experience, the store’s presence would benefit customers who were looking to buy cannabis products and potentially consume them before they travelled. He added that other potential customers included curious travelers who ordinarily wouldn’t visit a marijuana store or travelers who wanted to pick up some products before they headed to their final destination.

The Prince George Airport Authority had announced the planned marijuana retailer earlier in the year.

In the interview, Ritz also revealed that he and Reed Horton, the cofounder of Copilot, first pitched the retail concept to the airport a couple of years ago, which earned them the authority’s support and approval. However, this was before the coronavirus pandemic when the regional single-terminal airport served about half a million travelers.

The cannabis retail store will be located in a central point, between the security checkpoint and the check-in hall. The store will not sell its products to airline staff or airport staff on shift. It will also not sell its products to travelers with final destinations or international transits.

Additionally, air travelers will be allowed to legally bring marijuana on domestic Canadian flights. While the airport remains a nonsmoking zone at the moment, plans are underway to create a designated marijuana consumption area for the responsible consumption of marijuana products. This will be similar to what has been done in the Calgary, Kelowna and Vancouver airports.

Copilot’s goal is to create a travel-focused brand that focuses on travel and cannabis. In the future, the company hopes to produce and sell products that specifically cater to the needs of travelers rather than ordinary commodity marijuana products. The company is primarily focused on Canada, as the United States still federally prohibits marijuana, despite most states legalizing the herb for recreational and/or medical use.

With regard to duty-free sales of cannabis, Ritz notes that the possibility of duty-free airport marijuana sales in the future is an opportunity more than it is a risk.

Canada looks set to blaze the trail for the cannabis industry in many ways, and internationally oriented companies such as Flora Growth Corp. (NASDAQ: FLGC) may have a lot more avenues to exploit in their bid to expand their footprint across national borders.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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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The number of states legalizing cannabis for medical and recreational use is growing in the United States. This comes as cannabis product marketing increases, more companies enter the flourishing market and the call for the federal prohibition on cannabis to be removed grows.

However, while more research on the therapeutic use of the plant is conducted, many universities and states are finding it hard to carry out as much research on marijuana’s clinical applicability as they want to because of the various hurdles that hinder progression of clinical studies. For instance, the DEA has strict licensing regulations for providers to dispense marijuana and complex requirements for securing marijuana product at the institution carrying out the clinical trials.

Additionally, the government restriction imposed on the marijuana supply researchers conducting studies can use has been a huge obstruction. Since the late 1960s, scientists have only had one supplier of marijuana — the University of Mississippi — which was the only facility contracted by the National Institute of Drug Abuse. This facility wasn’t supplying the full range of products being used by consumers, which slowed the progression of clinical trials involving the use of marijuana and delayed publishing of evidence-based data establishing safety and effectiveness parameters.

It wasn’t until recently that the Drug Enforcement Administration announced that it planned to approve more domestic manufacturers, after decades of calls to do so. This, researchers believe, will be a game changer for marijuana-related research. This is because studying different strains will allow researchers to know exactly what’s inside each strain, particularly because the marijuana products consumers are obtaining from dispensaries are more potent and diverse than marijuana of the past.

Researchers also hope to conduct more research into THC and whether it makes a treatment more effective; they plan to do this once they are allowed to use and carry out research on a variety of products. THC (tetrahydrocannabinol) is one of the two primary compounds found in the cannabis plant, the other being CBD (cannabidiol). Unlike THC, which has psychoactive properties that induce a high when consumed, CBD doesn’t contain any psychoactive properties.

In addition, researchers hope that having access to a variety of cannabis products will enable scientists to learn how exactly THC and CBD interact with the pain-sensing, inflammatory and endocannabinoid systems in the human body. This type of research will facilitate the development of new and improved treatments and help close the knowledge gap. It should be noted that the cannabis plant contains more than 100 cannabinoids.

Now that more manufacturers have been authorized to begin availing research-grade marijuana for approved clinical trials, the public is likely to learn more about the effects of cannabis products made by sector players such as Flora Growth Corp. (NASDAQ: FLGC) as the years go by.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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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Flora (NASDAQ: FLGC), a leading all-outdoor cultivator and manufacturer of global cannabis products and brands, has announced its entry into an agreement with Artos Ltd. to sell approximately 3,600 kg of dried high-THC cannabis flower to Israel from its Cosechemos cultivation facility. Through the agreement, Flora seeks to establish a partnership with the Artos team to expand their offering of cannabis products for the Israeli market to also include oils and, when regulations permit, finished THC and CBD consumer products. The export of the high-THC product is pending the dried-flower checklist from the Colombian government from the 2021 cannabis law update. “As Cosechemos continues to reach full-scale commercial production, our team remains focused on increasing our presence in international cannabis markets through distribution agreements that will serve as a gateway into the markets,” said Luis Merchan, CEO of Flora Growth. “With Artos’ extensive distribution network, this agreement will ensure that safe, high-quality cannabis products are provided to the Israeli cannabis market and offer a valuable source of health and wellness products to the country.”

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

About Flora Growth Corp.

Flora is building a design-led collective of plant-based wellness and lifestyle brands delivering the most compelling customer experiences in the world, one community at a time. As the operator of one of the largest outdoor cannabis cultivation facilities, Flora leverages natural, cost-effective cultivation practices to supply cannabis derivatives to its diverse business divisions of cosmetics, hemp textiles, and food and beverage. Visit www.FloraGrowth.ca or follow @floragrowthcorp on social for more information.

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

About CannabisNewsWire

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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A recent report by Deloitte Canada states that marijuana has contributed more than $43 billion to the country’s gross domestic product (“GDP”). Since recreational marijuana was legalized in 2018, it has also contributed more than $13 billion to Ontario’s GDP.

The report, which was compiled with help from the Ontario Cannabis Store, stated that for every $1 in capital expenditures or revenue, the marijuana industry added roughly $1.02 and $1.09 to Ontario’s and Canada’s gross domestic product from legal purchases. The Ontario Cannabis Store is a provincial distributor of cannabis.

The report also provides insight into how the marijuana industry in Canada has impacted the nation’s finances over the past few years. For example, it states that in three years, the country’s marijuana sector has emerged as a burgeoning new source of economic growth, supporting and creating thousands of employment opportunities in various communities. Thus far, the cannabis industry has created more than 150,000 jobs and sustains roughly four jobs in Ontario and Canada each for every million dollars in capital expenditure or revenue.

The report also noted that it expected the sector to make an increasingly positive and strong impact on provincial and national economies as it matured and grew. Report estimates show that the cannabis industry has generated an estimated $3 billion and $15 billion in tax revenues for Ontario and Canada as a whole, respectively. Consumer purchases alone have generated $2.9 billion in excise and sales taxes.

The estimates also show that at the Ontario level, marijuana producers and retailers were responsible for $1.2 billion in indirect taxes, $141 million in direct taxes and $674 million in other taxes, while consumer purchases brought in $1 billion in excise and sales taxes.

With regard to diversity within the industry, the report found that not much had changed since marijuana was legalized in October 2018. Before legalization, almost all federally licensed marijuana producers were managed by Caucasian men. It cited a study conducted by the University of Toronto and the Center on Drug Policy Evaluation which found that racialized women and men were considerably underrepresented among marijuana company directors and executives.

This study gathered responses from 700 directors and executives from more than 200 firms. It found that of the total number, 72% were Caucasian men, 14% were racialized men, 12% were Caucasian women and 2% were racialized women. The racialized portion encompasses South Asian, East Asian, Indigenous, Arab, Hispanic and Black individuals.

The stats on the type of contribution the cannabis sector has made to the GDP of Canada is an indirect bill of health for entities such as Flora Growth Corp. (NASDAQ: FLGC), which operate within the legal cannabis industry in Canada and beyond because the health of these companies translates into greater tax revenues and salaries for employees as well as other multiplier effects.

NOTE TO INVESTORS: The latest news and updates relating to Flora Growth Corp. (NASDAQ: FLGC) are available in the company’s newsroom at https://cnw.fm/FLGC

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