420 with CNW — DEA Chief Promises to Ask DHS for Cannabis Scheduling Review Timeline

Anne Milgram, chief of the Drug Enforcement Administration (DEA), has promised to speak to the U.S. Department of Health and Human Services about the timeline for conducting a review of marijuana’s status at the federal level. Milgram made the statement during a recent DEA oversight meeting where she was questioned by the House Judiciary Subcommittee on Crime and Federal Government Surveillance.

Unlike most industries, cannabis exists in a precarious landscape where dozens of states allow medical and recreational marijuana-related commerce, but federal law still considers cannabis as a Schedule I controlled substance. This federal classification presents several challenges to companies operating within the state-legal cannabis industry, including limited access to banking services and financial aid.

After being pressed by Representative Matt Gaetz on marijuana’s federal status during the DEA meeting, Milgram told committee members that her agency still hadn’t received an official timeline for the review of cannabis’s classification at the federal level but added that she would ask for a timeline. The DEA head noted that the Department of Health and Human Services (DHHS) had not provided the DEA with its review of marijuana’s federal classification and recommendation for action. Without the DHHS’s review and recommendation, the DEA cannot launch an internal evaluation process that would pave the way to potentially rescheduling marijuana.

Cannabis’s status at the federal level has consistently been a thorn in the sides of recreational and medical cannabis operators in America’s state-legal marijuana sector for years. Federal law classifies marijuana as a controlled substance with no medical application even though more than 30 states allow the therapeutic use of marijuana and a growing body of literature has shown that cannabis has several medical applications.

This disconnect between federal law, state law and scientific literature has prompted reform activists and lawmakers to ask for a review of federal cannabis policy.

The drug’s status at the federal level also limits the industry’s access to banking services and forces companies working in the space to operate on a cash-only basis, increasing their risk of violent robberies and making it harder for them to meet their tax obligations. Furthermore, Gaetz explained, federal cannabis prohibition significantly limits further research into cannabis as accessing scheduled drugs for research is incredibly difficult.

Gaetz also talked about the connection between state-level legalization of cannabis and decreased opioid prescription rates and asked the DEA head to consider the effect cannabis legalization has on opioid prescription rates while reviewing federal cannabis prohibition.

While the cannabis industry remains anxious to know the outcome of the federal marijuana scheduling review, other entities such as IGC Pharma Inc. (NYSE American: IGC) may not be overly bothered. This is because drug development from cannabis and other substances has a stable federal regulatory framework that interested parties adhere to in their bids to bring new formulations onto the national and international market.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

About CNW420

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

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420 with CNW — Idaho Campaigners Continue Gathering Signatures to Put Cannabis on Next Year’s Ballot

In the border regions between Idaho and Oregon, there exist stark differences in cannabis legislation. While Oregon allows for the legal purchase of cannabis, Idaho stands as one of the few states that have yet to adopt any form of legalized cannabis. Amid this backdrop, an organization known as Kind Idaho is firmly devoted to championing cannabis’s potential as a medicinal solution.

Led by Joe Evans, the treasurer of Kind Idaho, the political action committee and nonprofit organization, founded in 2021, is unwaveringly committed to the cause of medical cannabis legalization. Evans clarifies that the group’s sole focus is on medical cannabis as opposed to advocating for full decriminalization or casual use for ailments such as headaches.

Recently, Representative John Vander Woude introduced the Idaho Medical Marijuana Act, a narrow proposal aiming to spark discussions heading into 2024. The act, however, met criticism from Evans and his supporters because it offers extremely limited access to medical cannabis, restricting it to ingestible forms such as chewables, tablets, pills or droplets, with a maximum of 10 mg of tetrahydrocannabinol.

In contrast, the citizen initiative put forth by Kind Idaho presents an alternative path to medical cannabis. The initiative’s objective is to shield Idahoans suffering from chronic diseases, conditions or terminal illnesses from arrest and penalties, granting them legal access to medical cannabis.

With a challenging task ahead, Kind Idaho is currently focused on gathering signatures for its petition. Group members aim to collect approximately 63,000 signatures from registered voters by April 14, 2024, to earn a spot on the ballot. Their efforts are particularly significant considering Idaho’s status as one of the five states without any form of legal cannabis.

Addressing concerns that legalizing medical cannabis might fuel drug-related problems, Evans emphasizes that Idaho already spends millions each week on border town dispensaries. Instead, he highlights the pressing need to help individuals grappling with serious medical issues, including cancer patients enduring painful treatments and seeking nonaddictive alternatives to manage their pain effectively.

Evans firmly believes that offering this alternative treatment is essential, as it allows patients to exercise their right to explore viable options beyond dangerous pain-management programs. His campaign remains undeterred by those seeking recreational cannabis, as their primary goal is to assist those genuinely in need of medical relief. For Evans, the urgency of this cause is personal, with countless individuals in his life requiring access to medical cannabis as a safer and more effective solution than their current prescriptions.

The struggles that some states such as Idaho go through to have marijuana legalized for medical purposes can partially be addressed if more companies such as IGC Pharma Inc. (NYSE American: IGC) invest in developing pharmaceutical-grade formulations approved by the FDA so that the patients who need these treatments can obtain them through the mainstream medical system.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — MasterCard’s Ban on Marijuana Transactions Shakes Industry

America’s state-legal marijuana industry has been left reeling after MasterCard banned the use of its debit cards in cannabis-related transactions. Players in the industry were left shocked after MasterCard demanded that payment processors and banks immediately cease marijuana transactions using the company’s debit card, sending an already fragile industry into chaos.

Both medical marijuana and recreational cannabis retailers and their customers will undoubtedly be affected by the ban, with retailers likely being forced to go back to cash-only transactions. Marijuana’s illegal status at the federal level comes with several major limitations, chief of them being that cannabis businesses have little access to financial services such as bank accounts and cashless payments because financial institutions avoid the industry for fear of federal repercussions.

This forces most cannabis businesses to operate on a cash-only basis, putting them in danger of robbery and increasing public health risks during the coronavirus pandemic when contactless payments were encouraged to prevent spreading the virus. MasterCard claims that since federal law still prohibits the possession, sale and consumption of marijuana, it will not allow cannabis-related transactions to occur on its systems.

Even customers will not be allowed to use MasterCard debit cards to purchase medical and recreational cannabis in states with legal marijuana markets.

A spokesman from one of the largest payment processors on the globe said that the company was informed of the matter and took action in “accordance with its policies,” instructing financial institutions to immediately halt all payment services offered to marijuana merchants.

This will be a major blow to the cannabis industry because it still struggles to access financial services despite paying billions of dollars in taxes. Cannabis businesses will now become prime targets for robberies, especially when moving their cash deposits. The recent announcement from MasterCard also shows that despite how lucrative the cannabis industry is, it will continue to face numerous hurdles as long as the plant is still illegal at the federal level.

A few months ago, a similar announcement from payment processor Paychex that it would no longer be serving marijuana or marijuana-adjacent businesses sent numerous cannabis operators scrambling for alternative payroll providers.

The recent cease and desist order from MasterCard to participating banking institutions will likely result in the installation of more ATMs at cannabis retail stores, with the resultant increase in physical cash on-site coming with a range of associated risks.

Dawne Morris, cofounder of Proteus 420, a California-based company that makes inventory and point-of-sale (POS) software for cannabis businesses, says that the move will make facilitating legal cannabis operations harder by encouraging cash transactions and giving illicit operators more leeway to enter the market.

For companies such as IGC Pharma Inc. (NYSE American: IGC), which specialize in developing drugs from marijuana ingredients, the ban by MasterCard isn’t an issue since they are federally regulated and can access traditional banking services.

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420 with CNW — Congressional Committee Leaders Call for Expert Guidance Regarding CBD Regulation

Bipartisan congressional committee leaders are calling on experts to offer guidance on best practices for building a framework to regulate America’s CBD industry. This call comes amid increased pressure on the U.S. Food and Drug Administration to start regulating the nearly five-year-old industry that was built on the passage of the 2018 Farm Bill.

The Farm Bill legalized the cultivation and sale of industrial hemp, which it defined as cannabis with less than 0.3% THC, and its derivatives under state or tribal programs. This led to the birth of the CBD industry, a sector that quickly began making millions on the sales of cannabidiol, a chemical compound produced by the cannabis or hemp plant.

Cannabidiol is nonpsychoactive, meaning it doesn’t induce mind-bending effects in users when ingested. However, CBD is said to have potent medical properties, some proven and some unproven, and many players in the unregulated CBD industry began claiming that their products had some kind of medical benefits.

Although the FDA sent warning letters to companies claiming their products could alleviate certain medical issues, that is the most the government agency has done to regulate the industry. The result is what some have called a “wild west” with barely any product regulation or quality checks to ensure products are consumer-safe.

Leaders from key Senate and House committees asking for expert opinions indicate that lawmakers are finally heeding the industry’s pleas for a regulatory framework. The chairs of the House Energy and Commerce Committee and the Senate Health, Education, Labor and Pensions (HELP) and ranking committee members are leading the charge and asking experts to provide their opinions on key issues related to CBD and the FDA. The committee leaders are specifically seeking expert feedback on the FDA’s stance that there is no regulatory pathway that can allow the regulation of CBD as a dietary supplement or in the food supply.

Earlier this year, the FDA announced that years of review had found there was no regulatory pathway for CBD in the food supply or as a dietary supplement, indicating the need for a new regulatory pathway. The agency noted at the time that it was ready to work with Congress to alleviate CBD’s regulatory problems.

Congressional committee leaders are also asking experts to weigh in on the emergence of synthetic psychoactive cannabinoids such as delta-8 THC, which can be produced from legal CBD, as well as labeling requirements and the balancing of consumer access with consumer safety.

The challenges standing in the way of regulating CBD as a food or dietary ingredient may favor companies such as IGC Pharma Inc. (NYSE American: IGC), which opted to go the drug-development route because there is a clear process that is laid out for companies seeking to develop treatments from cannabis ingredients or any other substance.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — DOJ Wants Federal Court to Throw Out Case on Overdose Prevention Sites

The Biden administration has consistently expressed its commitment to approaching the overdose crisis through harm-reduction measures. One key aspect that advocates have been closely monitoring is whether this approach would extend to the authorization of safe consumption sites, where individuals can use illicit substances under medical supervision.

However, activists received disappointing news as the Justice Department has decided to reject legal arguments advocating for possible exceptions to the federal ban on such facilities. Subsequently, they are seeking to dismiss a long-standing lawsuit that could have enabled the opening of a safe drug consumption facility in Philadelphia known as Safehouse, which had been blocked during the Trump administration.

Throughout the legal challenge, the Justice Department’s stance remained uncertain. Some indications suggested they might yield the case, allowing the harm-reduction strategy to move forward. In response, Pennsylvania lawmakers initiated efforts to implement a statewide ban on harm-reduction centers, successfully passing a bipartisan bill in the Senate in May 2023.

Even some legislators who support cannabis legalization have urged the federal court to prevent Safehouse from opening, and they sought permission to file a brief in the case. Additionally, a coalition of 20 Pennsylvania community groups also sought to intervene in the lawsuit.

However, the U.S. District Court for the Eastern District of Pennsylvania denied these requests, as the government was unequivocally defending the existing statute and opposing overdose prevention sites.

The Justice Department, in its motion to dismiss the case, countered Safehouse’s legal arguments that it should be exempt from CSA enforcement due to religious freedom laws. The DOJ emphasized that Safehouse is not a religious organization.

Safehouse now has until Aug. 15, 2023, to present any opposing briefs to the Justice Department’s motion to dismiss; the DOJ will respond to these arguments by September 8.

Frank James, a Safehouse board member and a retired president of Missio Seminary, expressed deep disappointment in the government’s stance. He conveyed that the organization feels hindered from following its strongly held religious convictions, especially as the overdose death rate continues to rise.

Initially, the DOJ declined to provide its position on the harm-reduction issue, requesting more time to respond to the complexities of the case. Last year, it mentioned evaluating possible guardrails for safe consumption sites.

In January, the DOJ and Safehouse agreed to transfer the case to mediation before a magistrate judge, raising hopes for a potential resolution. However, it is now evident that the department remains steadfast in its opposition to the case.

It now looks like entities SUCH AS IGC Pharma Inc. (NYSE American: IGC) may be the ones to play a major role in bringing about significant drug reform by commercializing marijuana treatments that pass FDA scrutiny. In this way, the notion that marijuana is a dangerous substance could be reexamined and policy reforms effected federally.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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CannabisNewsBreaks – IGC Pharma Inc. (NYSE American: IGC) Expands Phase 2 Trial to Add New Site

IGC Pharma (NYSE American: IGC) today announced the addition of an important trial site at the University of Puerto Rico network as an expansion of its ongoing phase 2 clinical trial investigating lead drug asset, IGC-AD1, as a treatment for lowering agitation in patients with Alzheimer’s disease. According to clinicaltrials.gov, IGC-AD1 is the only natural THC-based investigational drug undergoing FDA trials. The therapy relies on low doses of THC and another compound as pharmaceutical active agents for the treatment of Alzheimer’s and, in pre-clinical and phase 1 studies, has shown the potential to be effective in ameliorating Aβ plaques and to reduce neuropsychiatric symptoms such as agitation in dementia due to Alzheimer’s. “We are excited to announce our partnership with the University of Puerto Rico, a remarkable institution conducting world-leading medical research,” said Ram Mukunda, CEO of IGC Pharma. “The addition of this site with individuals living with Alzheimer’s from the Hispanic community is a significant milestone in our phase 2 trial. Alzheimer’s disease, including the resulting symptom of agitation, is complex to treat and incredibly hard to live with.”

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About IGC Pharma Inc.

IGC Pharma develops advanced cannabinoid-based formulations for treating diseases and conditions, including, but not limited to, Alzheimer’s disease, period cramps (“dysmenorrhea”), premenstrual syndrome (“PMS”), and chronic pain. IGC has two investigational drug assets targeting Alzheimer’s disease, IGC-AD1 and TGR-63, which have demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating key hallmarks of Alzheimer’s disease, such as plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol (“THC”) based formulation that is currently in a 146-person phase 2 clinical trial for agitation in dementia due to Alzheimer’s (clinicaltrials.gov, NCT05543681). IGC also markets a wellness brand, Holief(TM), that targets women experiencing premenstrual syndrome and menstrual cramps.

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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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420 with CNW — Investors Weigh in On Whether Europe Can Sidestep Challenges America’s Cannabis Industry Has Faced

The most significant development in Europe’s marijuana market took an unexpected turn this year. Despite expectations, Germany decided against legalizing the recreational use of marijuana. Instead, the country diluted its plans for law reform following consultations with regulatory bodies.

Now, one might wonder if this decision sets a negative precedent for venture capitalists (VCs) investing in European cannabis startups. Surprisingly, it may not be all bad news; in fact, it could prove beneficial for some. Óskare Capital cofounder Oliver Lamb views Germany’s cautious approach positively, especially for the medical and pharmaceutical sectors.

Drawing lessons from North America’s experience, Lamb highlights the potential pitfalls of a hybrid recreational-medical market. The U.S. witnessed the adverse consequences of blurring lines between medical and recreational cannabis, hampering targeted medication development.

Matt Hawkins, founder of Entourage Effect Capital, concurs, stressing the importance of learning from past experiences to avoid such mishaps. Despite concerns about the limited addressable market for legal cannabis in Europe, influenced by Germany’s recent decision, some funds are not entirely discouraged. Hawkins admits that the scaling back in Germany has made the firm more cautious about investing in Europe. Nevertheless, officials still hold hope for the continent’s ability to create a commercial adult-use market, albeit recognizing the challenges.

Adding to the complexities, European cannabis startups are currently grappling with a global repricing wave initiated by investors. Many consider these companies to be overvalued, prompting caution in the investment landscape.

In this light, Emily Paxhia, cofounder of Poseidon Investment Management, advises cannabis entrepreneurs buckle down and persevere amid the slowdown, with survival becoming the top priority.

For companies aware that they might not endure these tough times, seeking potential buyers through consolidation emerges as a viable option. It is anticipated that mergers and acquisitions will become more common in the coming months. However, the market currently favors buyers, making it a challenging environment for sellers, as highlighted by Lamb.

Ultimately, while Germany’s decision to hold back on recreational legalization surprised many, it has opened up conversations about the delicate balance between medical and recreational cannabis markets. Investors and entrepreneurs alike must navigate these waters carefully, learning from the lessons of the past and making strategic decisions to thrive in this evolving industry. As the European cannabis market continues to develop, key attributes such as adaptation, resilience and foresight will be the essential ingredients for success.

As the approach in Germany shows, the medical side of marijuana isn’t as controversial as the substance’s recreational use. It is therefore no wonder that several entities such as IGC Pharma Inc. (NYSE American: IGC) are seeking to develop pharmaceutical-grade formulations from marijuana compounds, including THC. Such an approach sidesteps the politics often linked to marijuana and follows the clearly defined drug development process.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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420 with CNW — DOD, VA Oppose Medical Cannabis but Stay Neutral on Psychedelics

The U.S. Departments of Defense and Veterans Affairs both hold firm opposition to the use of cannabis in treating PTSD. However, when it comes to psychedelics such as LSD and psilocybin, their stance is more neutral, asserting the need for further research.

In a recent update to joint clinical practice guidelines, the departments offered recommendations on various therapies to address acute stress disorder and PTSD commonly affecting military veterans. Despite many veterans turning to cannabis for symptom relief, the DOD/VA Management of Post-Traumatic Stress Disorder and Acute Stress Disorder Work Group is wholly against this alternative treatment. While the work group strongly opposed medical cannabis, they admitted their confidence in existing evidence was “very low.” This was due to the lack of reliable clinical trials, small sample sizes and selection bias in the available data.

However, the departments actively sought new data on psychedelics, which had not been mentioned in their prior review six years ago. Their investigation into the therapeutic potential of ayahuasca, psilocybin, LSD, DMT and ibogaine yielded no studies that met the search criteria for PTSD effects, as reported by Psychedelic Alpha. Notably, the DOD and VA addressed MDMA separately. The FDA granted “breakthrough therapy” designation to MDMA based on preclinical evidence suggesting its potential for treating PTSD.

However, the departments are cautious, stating there is “insufficient evidence to recommend for or against” the effectiveness of MDMA-assisted therapy for PTSD. The varying control conditions in the relevant studies could have biased outcomes.

While the DOD and VA remain hesitant to endorse psychedelics and strongly reject cannabis for treating mental-health conditions, bipartisan lawmakers urge federal agencies to explore the therapeutic efficacy of these substances. They also aim to protect veterans in legal states from facing penalties for medical marijuana use.

Recent amendments filed for a VA spending bill in the House propose safeguards for veterans using medical marijuana and for VA doctors recommending such programs. However, the House Rules Committee’s approval is needed for these measures to advance to the floor for consideration. The committee previously blocked numerous cannabis and psychedelics amendments to the National Defense Authorization Act (NDAA).

Nonetheless, the House Armed Services Committee had previously inserted two marijuana and psychedelics-related proposals into the NDAA’s core text. One proposal mandates that the defense secretary carry out clinical investigations on the therapeutic advantages of psychedelics for active-duty military members suffering from PTSD, traumatic brain injury or chronic traumatic encephalopathy, using psilocybin, MDMA, ibogaine or DMT. The Rules Committee did, however, reject some of the NDAA’s suggested changes.

While the DOD and VA are firm in their rejection of the medicinal potential of cannabis, many companies such as IGC Pharma Inc. (NYSE: IGC) are so strong in their belief in the potential of these substances that they are investing millions of dollars in commercializing FDA-approved THC formulations against chronic pain and other conditions.

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420 with CNW — Study Finds Medical Cannabis Beneficial to Military Veterans’ Quality of Life

According to a new study, the vast majority of American military veterans who use medical marijuana claim noticeable increases in their general well-being. The study, conducted by a team from the University of Utah, the University of Massachusetts and various marijuana research institutes, analyzed survey data from more than 500 veterans who openly admitted to using marijuana. The goal was to gain deeper insights into the motives and outcomes of their cannabis usage.

Interestingly, approximately 67% of respondents disclosed that they use marijuana on a daily basis. For 30% of these veterans, marijuana serves as a valuable substitute for conventional medications such as nonsteroidal anti-inflammatory drugs and antidepressants. Even more striking, 21% claimed that marijuana allowed them to cut down on opioid-based prescriptions, which can be particularly concerning given the ongoing opioid crisis.

Unquestionably, the study’s results are overwhelmingly positive, with an impressive 91% of veterans affirming that medical marijuana significantly enhances their well-being.

This research holds particular significance for veterans, considering the disproportionate prevalence of post-traumatic stress disorder (PTSD) and alarming suicide rates within the community. Many veterans have turned to cannabis as a viable treatment option, as evident in a 2019 survey conducted by the IAVA, where 20% of veterans used cannabis for medical use and 66% for recreational purposes.

The Department of Veterans Affairs currently allows veterans to discuss their marijuana use with doctors. However, doctors are legally barred from issuing medical marijuana recommendations. Nevertheless, there are efforts in Congress to change this, with a bipartisan bill aiming to grant doctors the ability to recommend medical cannabis in legal states.

Lawmakers have also shown interest in exploring the potential benefits of psychedelics for active duty military personnel and have initiated a medical cannabis “pilot program” through the National Defense Authorization Act (NDAA). Similarly, the Senate Veterans Affairs Committee approved a bill to study the therapeutic potential of marijuana for veterans with specific conditions, marking a groundbreaking step in cannabis legislation.

Representative Mariannette Miller-Meeks introduced a separate bill to promote research into marijuana’s medical potential for veterans with chronic pain, PTSD or other pertinent disorders as determined by the VA secretary.

Despite Congress’s previous failure to pass a marijuana and veterans research bill, there remains a strong coalition of more than 20 veterans service organizations (VSOs) advocating for further research and legislation in this area.

It isn’t surprising that enterprises such as IGC Pharma Inc. (NYSE American: IGC) are seeking to take the medical use of cannabis compounds a step higher by commercializing formulations that have been subjected to FDA scrutiny and oversight.

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420 with CNW — Study Shows Proximity Vital to Customers Buying Cannabis from Licensed Stores

Marijuana retailers are well aware of the fact that customers prefer to purchase cannabis from nearby sources when possible. This intuition is supported by a recent study on Canada’s legalized marijuana market, which shows that consumers are much more likely to purchase products from legal marketplaces if they are close to licensed retailers.

The research, which is slated for publication in the “Journal of Studies on Drugs and Alcohol,” explores the relationship between Canadian marijuana users’ proximity to authorized retail establishments and their decision to buy cannabis products. Notably, respondents were more likely to choose legal establishments and less likely to choose regulated internet sites if they lived within three kilometers (about 1.9 miles) of the closest permitted cannabis retailer.

The study, which examines data from 15,312 Canadian marijuana users who took part in the International Marijuana Policy Study, spans the years 2019 to 2021. The study uses postal codes, which are typically more precise than U.S. ZIP codes, to locate their locations. The investigation explored various sources from which cannabis users acquired marijuana, such as regulated and illicit stores, websites, dealers, home production, and family and friends.

Compared to those who lived farther away, those who lived within three kilometers of a physically permitted marijuana business were less likely to buy from licensed online retailers or raise their own plants.

Interestingly, a comparison between Quebec and Alberta shows that consumers’ satisfaction declines when marijuana stores get closer to one another. The private cannabis retail industry in Alberta had a significant ratio of 18.7 outlets per 100,000 persons by 2021, compared to just 0.8 stores in Quebec’s government-owned retail monopoly. Albertans are more likely to purchase from regulated stores, although the difference was just 1.6 times greater.

The study also discovered a rise in the percentage of respondents obtaining their cannabis through legal channels and a drop in those obtaining it illegally, which is consistent with Canada’s goals for legalizing recreational marijuana.

It’s worth noting that the three-kilometer distance doesn’t necessarily correspond to the actual travel distance from a respondent’s postal code to the closest retail outlet. Instead, it reflects a straight line.

Canada had more than 3,740 licensed marijuana retail establishments as of April 2023 across all of its provinces and territories, which equates to 0.95 cannabis outlets per 10,000 persons. Alberta continues to be the state with the most marijuana stores per capita.

The report also showed $3.4 billion worth of legal recreational marijuana was sold in 2022, a 17.9% rise over 2021. In contrast, medical marijuana sales have decreased from their high as a result of the spike in recreational cannabis spending since it cannot be purchased through adult-use retail stores.

While companies that sell recreational or medical cannabis have to compete with unlicensed dealers, enterprises that focus on FDA-approved formulations made from marijuana compounds, such as IGC Pharma Inc. (NYSE American: IGC), don’t have such concerns because their products are accessible from pharmacies if one gets a prescription from their doctor.

NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC

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