420 with CNW — Missouri Conducts Outreach Events as Cannabis Microbusiness Lottery Looms

The cannabis industry in Missouri is likened to the modern-day “gold rush,” according to Tiffany and Anwar Lee, a couple from St. Louis. Intrigued by the potential, they contemplate participating in a lottery system by paying a $1,500 application fee for a chance to obtain a coveted cannabis microbusiness license.

The new initiative, designed to foster opportunities for businesses in marginalized communities, stems from the constitutional amendment that legalized recreational marijuana following last year’s voter approval. Discussing their prospects at an outreach event in St. Louis, Anwar acknowledges the financial potential the industry holds, providing a means to achieve a comfortable standard of living.

However, the odds of success for applicants such as the Lees remain slim, given the limited number of licenses to be awarded. In August, the Missouri lottery will select only six winners per Congressional district, totaling 48 licenses across the state.

Abigail Vivas, Missouri’s chief equity officer, leads various outreach events to explain the eligibility criteria for a microbusiness license. Vivas anticipates around 5,000 applicants statewide, although other estimates suggest it could be around 1,000 per congressional district.

The program became a focal point during the campaign to legalize marijuana, countering opponents’ claims that the law would further entrench an unjust and unequal licensing system, benefiting only the wealthy. Supporters of the program highlighted its uniqueness nationwide and its potential to diversify an industry predominantly dominated by white entrepreneurs.

Although the term “equity” is not explicitly stated in the program’s constitution, its underlying spirit is to prioritize applicants who have been impacted by unfair marijuana-related legal actions. Individuals with past nonviolent marijuana offenses, residing in impoverished areas or experiencing high unemployment levels qualify for consideration.

While the program’s intention is commendable, concerns arise regarding the use of ZIP codes for eligibility assessment. Some ZIP codes correlate to courthouses, potentially allowing affluent residents in certain neighborhoods to apply for and receive licenses meant for disadvantaged communities. This discrepancy has prompted discussions, and the Department of Health and Senior Services (DHSS) has issued a variance, accepting alternative forms of proof, such as statements from elected officials attesting to historical incarceration rates.

Vivas acknowledges the challenges and uncertainties surrounding the microbusiness program’s implementation but affirms the department’s commitment to staying flexible and aligned with the spirit of the law. While it may not be a perfect system, the state is striving to ensure a fair and inclusive process for applicants seeking to participate in the burgeoning cannabis industry.

These state-level laws aren’t applicable for companies that target making FDA-approved medicines from marijuana. Enterprises such as IGC Pharma Inc. (NYSE American: IGC) that have set their eyes on developing THC-based formulations against chronic pain follow drug-development guidelines established by the FDA, and so they don’t have to pander to the patchwork of marijuana laws existing in different states.

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 — Oklahoma Cannabis Companies Sue Regulators over Proposed Fees

Although most cannabis reform activists and industry stakeholders are delighted with nationwide efforts to legalize cannabis and promote social equity, they aren’t happy with the fees and taxes cannabis businesses are forced to pay. Cannabis operators in most states with legal markets have long complained of excessively high fees and taxes they are required to pay under their respective regulatory policies.

Even though cannabis is still illegal at the federal level, taxes across the country are so high that they exceed taxes for alcohol by a wide margin in many states. These fees significantly limit participation in the market, increase prices for legal cannabis and allow the already massive cannabis black market to continue attracting most of the market.

A group of medical cannabis companies in Oklahoma have teamed up with a cannabis industry advocate to sue the state over the increasingly high fees levied on cannabis businesses.

Regulators recently approved a new fee structure that increased licensing fees for medical cannabis cultivators, processors, laboratories and dispensaries. Cannabis businesses that used to pay a flat $2,500 fee for licenses will now have to pay thousands more per year, with the largest cultivators required to pay up to $50,000 annually to retain their licenses.

The lawsuit claims that these fee increases are in violation of Oklahoma’s constitution and are no different from a “revenue-raising” measure. Oklahoma law requires that revenue bills receive more votes to advance compared to traditional bills. However, the lawsuit argues that since the new cannabis fees did not receive supermajority votes and were passed just as the 2022 session drew to a close, they cannot be codified as law.

Furthermore, the lawsuit explained that it called the fees a revenue-raising measure because the bill did not outline any regulations that would be funded by the extra funding raised by the increased fees. As such, the lawsuit said, the legislation was designed to raise additional revenue for the state rather than being regulatory in nature.

The lawsuit says that the new regulations would have a major financial impact on the medical cannabis industry, costing players in the sector close to $30 million in fees per year.

Oklahomans for Responsible Cannabis Action founder Jed Green and one of the petitioners on the suit says that the lawsuit raises constitutional questions that affect every taxpayer in Oklahoma. He was joined in the petition by medical cannabis cultivator Pharside, medical cannabis dispensary Oklahoma Natural Cures, and cannabis processor Bingo 101.

For enterprises such as IGC Pharma Inc. (NYSE American: IGC), which operate under the drug-development regulations of the FDA, no such disputes over fees can arise because there is a national structure governing the fees drug developers have to pay as they seek permission for each phase of the process that they seek to conduct.

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 — Maryland Starts Implementing Adult-Use Cannabis Law

Two months after Maryland approved legislation to create a regulatory framework for recreational cannabis sales, the state has officially launched its adult-use market. State lawmakers approved Senate Bill 516 in April following months of negotiation on key issues such as social equity and taxation before forwarding it to the governor’s desk.

Governor Wes Moore signed the measure into law in May and set the stage for recreational sales in Maryland, stating at the time that the bill would make sure Maryland’s recreational cannabis market would provide equitable opportunity. The recreational cannabis bill finally took effect last week and made simple possession and personal cultivation of cannabis legal. It will also allow existing medical cannabis dispensaries to begin selling adult-use marijuana, ensuring that the state’s recreational market will see a relatively quick launch just months after legalization.

Regulators have already approved close to 100 dispensaries and converted their medical cannabis licenses to dual licenses that will allow businesses to serve both medical cannabis patients and adult consumers from July 1, 2023. The Maryland Cannabis Administration (MCA) has also approved 38 recreational cannabis cultivators and manufacturers to help supply the burgeoning market.

Cannabis is without a doubt one of the fastest-growing industries in the world. The industry has created hundreds of thousands of new job opportunities and generated billions of dollars in annual taxes, with states such as California regularly reporting hundreds of millions of dollars in cannabis taxes per year.

Most states with legal cannabis markets have also included social equity provisions that ensure members of communities that were disproportionately affected by the failed war on drugs have equitable access to the lucrative cannabis market.

Speaking at a recent Cannabis Regulators Association (CANRA) conference, Governor Moore noted that cannabis policy has been used to oppress people of color in the past and weakened not just certain communities but the country as a whole. He said that the state was now penning a new chapter in America’s sordid tale with cannabis, a chapter focused on ensuring both equity and economic growth.

Acting MCA Director Will Tilburg said that the association is excited to “offer safe, legal and tested” cannabis products to adults, and urged consumers to learn about the recreational cannabis law and practice safe, responsible cannabis consumption.

Customers can now purchase pre-rolled joints, dried cannabis flower, disposable vape pens, vape cartridges, capsules, topical products and edibles with no more than 10mg of THC per serving and 100 mg of THC per package.

Smoking in public spaces, restaurants and moving cars is not allowed, and it is still illegal to drive while under the influence of marijuana or transport cannabis products out of the state of Maryland.

As more U.S. states start implementing recreational cannabis programs, several enterprises such as IGC Pharma Inc. (NYSE American: IGC) are also working to raise the bar for the medical use of marijuana by developing formulations that meet the requirements of regulators such as the FDA before such formulations are licensed for use within the healthcare 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

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 — NBA Formally Removes Cannabis from List of Banned Substances

The National Basketball Association, as well as its players’ association, has officially come to terms on an agreement that brings significant changes to the league’s approach toward cannabis. In a comprehensive document spanning 676 pages, various provisions related to cannabis have been outlined, with the major change being the deletion of marijuana from the organization’s list of banned drugs for players.

One key aspect of the new agreement is that players are now allowed to invest in and promote cannabis brands, but with specific conditions. Players can hold an ownership interest, either directly or indirectly, in entities involved in producing or selling CBD products, provided that the THC content in the cannabis does not exceed 0.3% dry weight. Additionally, players are permitted to invest in cannabis firms, as long as their ownership is passive while also being below 50%.

Promotional activities by players are also addressed in the agreement. Players can endorse CBD products from entities that don’t fall under the category of cannabis companies. However, if a player wishes to endorse cannabidiol (CBD) products from a marijuana entity, they must seek permission from both the NBA as well as the association bringing together all the players.

Permission may be withheld if the cannabidiol products are marketed through a brand which also includes cannabis products. If the endorsement could cause confusion with cannabis-related items, permission could also be denied.

The collective bargaining agreement establishes sanctions for players found guilty of driving while intoxicated by alcohol or any controlled substance, as well as for those involved in felonies related to cannabis distribution. The use of cannabis or its products by players is treated similarly to alcohol, and teams are allowed to refer players to the medical director for mandatory evaluations if they have reasonable cause to suspect substance use or dependency issues.

The agreement also acknowledges the potential dangers of synthetic cannabinoids such as delta-8 THC and provides a voluntary treatment option for players seeking help in such cases. While voluntary entry into the program incurs no penalties, noncompliance after enrolling could lead to fines and possible suspensions.

By formally eliminating cannabis from the list of banned substances, the NBA ratifies its decision to suspend cannabis testing for the past three seasons.

This move was praised by well-known personalities, such as Snoop Dogg, an iconic figure in the cannabis community and a commentator for the NBA. Snoop Dogg commended the league’s decision, recognizing the benefits of cannabis for medical purposes and as an alternative to opioids.

Michele Roberts, a former head of the NBPA and a board member of Cresco Labs, a major cannabis company, had previously anticipated that the league would eventually adopt a formal policy change to support cannabis use, which has now become a reality with the signing of the new collective bargaining agreement.

It isn’t surprising that the NBA is making these adjustments to its rules. It has been known that numerous enterprises such as IGC Pharma Inc. (NYSE American: IGC) are making headway in commercializing FDA-approved treatments based on cannabis constituents including THC, so the NBA can no longer deny the therapeutic potential of cannabis.

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 — Despite Ongoing Challenges, California’s Legal Cannabis Market Remains Huge

Despite facing financial and tax challenges, California’s marijuana industry remains unparalleled as the largest cannabis market globally. According to the recent MJBizFactbook report, the state is projected to generate approximately $5.9 billion in legal medical and recreational cannabis sales in 2023.

To provide perspective, this revenue could sustain the economy of a small island country. For instance, the International Monetary Fund (IMF) estimates that Barbados’s gross domestic product (GDP) will reach $6.1 billion this year. Additionally, the IMF forecasts Fiji’s GDP to be approximately $5.4 billion.

Given California’s colossal cannabis market, its magnitude is not surprising. If California were an independent country, its GDP for 2022, totaling $3.6 trillion, would rank fifth globally, positioned between Germany and India with $4.2 trillion and $3.2 trillion, respectively.

Furthermore, marijuana has become a prominent agricultural product in California, competing with and sometimes surpassing two major crops. In 2022, grape production, renowned for the state’s exceptional wine industry, reached a value of $5.5 billion, followed by almonds at $3.5 billion.

Comparatively, other marijuana markets in the United States pale in comparison to California’s sales. Michigan, the second-largest American marijuana market in terms of sales, is projected to generate only one-half of California’s consumer purchases, amounting to $3.1 billion in combined medical and recreational cannabis sales this year.

Until states with large populations such as New York or Pennsylvania bolster their markets, California is unlikely to face significant competition. This also holds true for countries such as Germany, which have yet to establish legal recreational markets.

While acquiring precise data on international legal cannabis sales is challenging, Canada, arguably the largest legal adult-use market outside the United States, reported recreational sales of just $3.4 billion in 2022.

Meanwhile, a bill to legalize marijuana cafes in California was recently approved by the state’s assembly committee. The measure allows dispensaries to offer noncannabis food and beverages at their locations, subject to local approval. California is also taking steps to broaden the market for marijuana outside of the state. Regulators are asking the attorney general’s office for a formal opinion on whether allowing marijuana commerce across state lines would put California at a heightened risk of federal enforcement action.

The governor approved a statute last year giving him the authority to enter into deals with other legal jurisdictions to import and export marijuana goods. The request for advice from DCC is an important first step that might ultimately result in the law being put into effect.

Companies such as IGC Pharma Inc. (NYSE American: IGC) that are looking to commercialize pharmaceutical-grade medicines from THC will not have to be concerned about laws surrounding interstate commerce in marijuana products because the moment a given formulation gains FDA approval, the makers are free to market it anywhere within the country.

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 — Florida AG Tells Supreme Court Cannabis Legalization Measure is Misleading to Voters

Florida Attorney General Ashley Moody is working hard to keep a cannabis legalization initiative off the 2024 ballot. The attorney general recently issued a brief to the Florida Supreme Court detailing why she is opposed to the addition of the legalization measure on next year’s ballot.

Moody had received a two-week extension from the court to give her more time to finish the brief, and she submitted it on the Monday deadline. The Attorney General’s office is looking to nullify the marijuana legalization measure based on the argument that its ballot summary’s language is “affirmatively misleading” in several ways.

According to Moody, the summary does not take adequate steps to inform Florida voters that cannabis will remain illegal at the federal level. She notes in her brief that prior court opinions on ballot legalization measures did not stress the fact that “voters need clear guidance” before being asked to eliminate state-level penalties for possessing a substance that would still be illegal per the federal law. The note stated that “rampant disinformation in the press” and the measure’s sponsor made the need for clarity in the measure summary even more necessary.

Moody also argued that the ballot measure was misleading because it suggested the legislation would raise the number of cannabis retailers when the reality is it would simply allow existing operations to expand their retail outlets. Increased competition in the cannabis marketplace would increase product quality and professionalism among cannabis producers and retailers while reducing retail prices, the brief explained.

However, Moody said in her note, the state only allows medical marijuana treatment centers to take part in the cannabis trade at the moment, and the ballot measure won’t take any steps to change this. Moody states that the measure is also misleading because it would leave “reasonable voters” with the impression that they have limited immunity for the possession of up to three ounces of cannabis when in reality they would be subject to certain penalties for possessing more than the allowable amounts of cannabis.

Furthermore, the measure would limit the legislature’s ability to increase the maximum possession limit for cannabis and home marijuana cultivation in its entirety, allowing companies such as Trulieve, which financed the measure, to “entrench their monopoly in the marijuana market.”

Finally, the attorney general said that the ballot measure is misleading because it does not mention that the Florida Department of Health won’t be granted “constitutional regulatory authority” in the adult-use cannabis industry like it has medical cannabis. She noted that the bill neglected to disclose that there will be a significant period after legalization when medical cannabis dispensaries take part in the unregulated recreational cannabis trade.

In general, Moody concluded, the measure asks voters to usher in major changes to the state constitution without explaining what those changes would be; The bill should therefore be nullified, she states.

It is interesting to note that most controversy regarding marijuana in Florida and indeed around the world hinges on the recreational use of the substance. Enterprises that specialize in leveraging the medicinal properties of the plant, such as IGC Pharma Inc. (NYSE American: IGC), are insulated from those debates because they operate in a stable environment guided by the FDA drug-development protocols.

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 — Cannabis High Linked to Improved Symptoms Among Patients Using Medical Marijuana

More than 30 states now allow their residents to purchase and even grow medical cannabis to treat several allowed conditions. Even though cannabis users typically tend to be younger, a decent portion of medical marijuana patients are older people dealing with conditions such as insomnia and chronic pain from arthritis.

For a lot of medical marijuana patients, especially older ones, the “high” that comes with consuming THC cannabis isn’t always welcome.  Some patients have taken to using cannabis alongside CBD (cannabidiol) to reduce the high, while some researchers have even developed a cannabis strain that delivers the benefits without the high.

However, a recent study from the University of New Mexico (UNM) has revealed that feeling high after taking medical marijuana is associated with greater symptom relief. The research’s findings, which were published in the “Frontiers in Pharmacology” journal, found that patients who feel high after medicating tend to feel greater relief from their respective symptoms.

University of New Mexico associate professor of psychology and senior study author Jacob Vigil explains “feeling high” as feelings of euphoria and impairment. While this mental state is usually the goal for recreational users, some medical marijuana patients see it as a hindrance.

Vigil and his colleagues sought to determine whether the state of impairment and euphoria limited marijuana treatment or is simply an unavoidable part of treatment. The research team partnered with the cannabis-tracking treatment app ReLeaf to examine data from an estimated 2,000 medical marijuana patients collected during some 16,000 sessions with medical cannabis.

They found that 49% of the patients experienced the telltale signs of marijuana high with side effects such as red eyes and dry mouth. Furthermore, 7.7% of the patients saw greater symptom relief and higher levels of peace and relaxation while 20% experienced side effects. Although feeling high was associated with feelings of confusion, clumsiness, and even paranoia, it also caused feelings of happiness, optimism and gratitude.

The researchers surmised that feeling high may be a “fundamental aspect” of taking therapeutic marijuana rather than a hindrance to avoid.

Regarding the proliferation of high-THC products in the market, the research team noted that high THC levels had no correlation with greater symptom improvement. Rather, the researchers suggested that high-THC products only increased relief from symptoms if patients were feeling high. The effect was especially pronounced in participants suffering from fatigue, pain, anxiety and depression.

Researchers say the study highlights the complicated way marijuana interacts with human bodies and points to a future where cannabis treatments are highly customized for each patient.

With this mounting evidence of marijuana’s medicinal effects, it is highly likely that the drug development pipelines of companies such as IGC Pharma Inc. (NYSE American: IGC) will yield viable formulations that meet the FDA’s requirements.

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 — NFL to Inject More Dollars into Studying Cannabis as Concussion Treatment

The joint efforts of the National Football League (NFL) and its players’ union have resulted in the announcement of a new round of funding for independent research on the therapeutic advantages of CBD as an alternative treatment for pain in concussed players instead of relying on opioids. The amount of $526,525 has been allocated to support two studies, with one led by the American Society of Pain and Neuroscience (ASPN) investigating cannabidiol and noninvasive vagal nerve stimulation (nVNS) as potential remedies for post-concussion headaches.

The study, which will be randomized and is the first of its kind, aims to compare the effects of CBD and nVNS on athletes involved in contact sports who are experiencing post-traumatic headaches. This data will serve as a foundation for future investigations into post-traumatic headache treatment.

The NFL and the NFL Players Association have been actively promoting research on the benefits and risks of cannabinoids, including CBD, for the past few years. In a previous initiative, the league provided $1 million in grants for two studies that explored the efficacy of cannabis and its components in managing pain and offering neuroprotection to football players with concussions.

NFL-NFLPA Pain Management Committee cochair Kevin Hill expressed hope that these studies would contribute to improved pain management for professional football players.

The funding plan was initially outlined by an NFL commissioner in June 2022, highlighting the widespread interest among players and stakeholders in exploring the therapeutic potential of cannabinoids as an alternative to opioid pain relievers.

The NFL-NFLPA committee organized two informational forums on CBD in 2020. In addition, the NFL’s drug-testing policy underwent significant changes in 2020 as part of a collective bargaining agreement. The revised policy stipulates that players will no longer face suspensions for positive drug tests — not just for cannabis but for any drug.

Similar revisions to drug policies have been adopted by other sports leagues as the movement for cannabis legalization gains momentum at the state level. The NCAA, for example, has a committee dedicated to promoting the health and well-being of student-athletes, which has proposed removing cannabis from its list of banned substances.

The NBA has also eliminated THC from its drug-testing requirements while also allowing players to make passive investments in the cannabis industry. However, under the latest collective bargaining agreement, NBA players are prohibited from endorsing cannabis companies.

Nevada sports regulators recently voted to propose a regulatory amendment that would protect athletes from penalties for possessing or using cannabis per state law.

In 2021, the UFC announced that fighters would no longer face punishment for positive cannabis tests.

Meanwhile, the Kansas City Royals, following the example of the Chicago Cubs, have formed a partnership with a marijuana brand to raise awareness about the potential therapeutic benefits of CBD.

It isn’t surprising that the NFL is injecting research dollars into exploring the therapeutic potential of cannabis. Many companies, such as IGC Pharma Inc. (NYSE American: IGC), have already registered significant progress in their attempts to develop medicinal formulations from THC and other cannabinoids. The NFL is therefore not misguided in exploring this aspect of marijuana.

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.

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

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420 with CNW — More States Ease 280E Code Burden on Marijuana Companies

The United States cannabis sector is reaping the benefits of long-awaited tax relief as more states, currently standing at 20, have sanctioned legislation that grants exemptions to businesses from Section 280E of the federal tax law. During the spring, lawmakers in Illinois, Connecticut, New York, and New Jersey passed bills that will enable marijuana companies to reduce their business expenses from state income taxes, despite the fact that these businesses are still illegal under federal law.

The expected savings could be substantial for larger businesses, depending on the corporation tax rate imposed by each state.

Nevertheless, the state-level exemption does not impact the federal taxes that marijuana companies are liable to pay, and these businesses will still be prohibited from deducting expenses for national income taxes. Section 280E of the Internal Revenue Service (IRS) tax act prohibits marijuana businesses from claiming conventional business deductions due to the classification of the plant as a Schedule 1 substance under the federal CSA.

The Marijuana Policy Project (MPP), a Washington, D.C.-based advocacy group, claims that legislation to free businesses from the restrictions of 280E has been passed in 16 states where recreational cannabis use is allowed. In contrast, 280E has not been waived for the adult-use cannabis sector in Arizona, Alaska, Maine, Washington State, or Nevada, while Rhode Island’s attempts appear to have stagnated in a legislative committee. Also excluded from 280E under state tax regulations are medical marijuana businesses in Washington, D.C., Arkansas, Maine, Louisiana, and Hawaii.

Legislators are passing exemptions that let the cannabis industry operate and deduct business expenditures similarly to any other industry in recognition that the existing tax rates are unsustainable and that tax income may decrease further if businesses break down.

However, since corporate tax rates vary across states, the benefits derived from state exemptions will differ depending on the location of the companies.

For instance, whereas Illinois has a flat corporation tax rate of 9.5% for all businesses after decoupling from 280E in May, Nevada has no corporate tax. New Jersey permits deductions for both corporate company tax and gross income tax, while some jurisdictions could have limitations on deductibility.

Nevertheless, industry watchers are mostly optimistic about big federal-level improvements. The cannabis industry will likely pay an additional $1.8 billion in 2022’s federal taxes compared to noncannabis businesses, according to research done by Oregon-based Whitney Economics. This sum is anticipated to reach $2.1 billion this year. In the meantime, investors are closely monitoring the progress of President Joseph Biden’s administration, which recently declared its desire to examine and perhaps change the scheduling of cannabis.

With or without a scheduling change for marijuana, the pharmaceutical-grade formulations being developed by enterprises such as IGC Pharma Inc. (NYSE American: IGC) from cannabis may not be affected. This is because these companies have to adhere to an existing set of requirements overseen by the FDA, the regulator responsible for approving any drugs before they enter the healthcare 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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CannabisNewsWire420
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http://www.CNW420.com
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Editor@CannabisNewsWire.com

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420 with CNW — Wisconsin Supreme Court Says Cannabis Smell Provides Sufficient Grounds for Police Searches

Wisconsin’s Supreme Court has declared that the presence of a marijuana-like smell inside a car provides sufficient justification for police to search the vehicle’s occupants. This ruling, delivered last week by the court’s conservative majority in a 4 to 3 vote, overturned previous decisions by lower courts that maintained officers could not be certain whether they were detecting the scent of CBD.

In 2019, Quaheem Moore found himself subject to a search by two police officers when he was pulled over for exceeding the speed limit. He was alone in the vehicle, which emitted a smell resembling marijuana. Moore informed the police that he possessed a vaping tool containing CBD and that the car was his brother’s rental. The officers did not detect the scent of cannabis on Moore.

Moore contended in court that there was no evidence that he was the source of the odor.

To conduct a search, law enforcement must possess adequate evidence to reasonably believe that an individual has likely committed an offense. Additionally, any evidence obtained through an illegal search is inadmissible in court.

Although he was never charged with marijuana possession, Moore faced narcotics charges after the police found small bags of fentanyl and cocaine in his pocket. An appeals court and a circuit court judge had previously moved to exclude the drugs, deeming the search unlawful.

In its ruling, the Supreme Court cited a 1999 case in which it held that police had a legal basis to detain a motorist after identifying him by the marijuana odor emanating from his car. This viewpoint asserted that an offense had been committed if a controlled substance could be detected by smell alone.

The three liberal judges, however, questioned that decision, claiming it was out of date and did not take into consideration the later legalization of substances with a marijuana-like odor. They added that there was not enough proof for the police to believe Moore was to blame for the smell in the vehicle he was operating.

Joshua Hargrove, Moore’s lawyer, stated that the decision would allow police to conduct searches based on dubious assumptions without ever being held legally responsible.

The ruling emerges amid an ongoing debate between Republicans and Democrats in Wisconsin regarding the legalization of marijuana. Despite Governor Tony Evers’ efforts to legalize medical and recreational cannabis, the Republican-controlled House has consistently rejected these efforts. However, Robin Vos, the Republican Assembly Speaker, announced plans to introduce legislation legalizing medical cannabis soon.

Neighboring states Illinois and Michigan have already legalized marijuana, and Minnesota is set to legalize it in August following recently passed legislation.

For patients who have a chance to use the cannabis-based formulations being developed by entities such as IGC Pharma Inc. (NYSE American: IGC) once they hit the market, there will be no concerns about the smell of marijuana and the resultant police searches since these medicines will have followed the process leading to FDA approval and will not require the patient to smoke marijuana as they manage their health conditions.

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.

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

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

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

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

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

CNW420 is part of the InvestorBrandNetwork.