Recent research presented at a conference in Hawaii indicates that individuals who contracted COVID-19 and who had used cannabis experienced more favorable outcomes and a reduced mortality rate compared to those who didn’t. These findings were shared during a presentation at the annual meeting of the American College of Chest Physicians (CHEST).

To carry out the research, a team of scientists scrutinized the medical records of more than 320,000 patients collected from the U.S. National Inpatient Sample, a database monitoring hospital admissions and outcomes. Any patients under the age of 18 years old or those with incomplete information were excluded from the study. Among the patients surveyed, only 1% — 2,603 patients — reported cannabis use.

These patients were classified into two groups based on their cannabis usage. To ensure comparability, the data from the study was employed to match cannabis users with nonusers in a one-to-one ratio based on factors such as gender, race, age and 17 other comorbidities, including chronic lung conditions. The research findings revealed a significant contrast between marijuana users and nonusers, with cannabis users displaying a notably lower mortality rate (2.9% versus 13.5%). Furthermore, cannabis users experienced significantly fewer COVID-19 complications such as multiorgan failure, acute respiratory distress syndrome and intubation.

The analysis brought to light that, on univariate assessment, cannabis users exhibited notably lower rates of intubation (6.8% versus 12%), acute respiratory distress syndrome (2.1% versus 6%), acute respiratory failure (25% versus 52.9%), severe sepsis resulting in multiorgan failure (5.8% versus 12%), in-hospital cardiac arrest (1.2% versus 2.7%) and mortality (2.9% versus 13.5%). The authors underlined the clinical implications of these findings and urged further exploration of the potential association between COVID-19 outcomes and marijuana use.

Research into potential links between marijuana and COVID-19 has been relatively scarce. In 2022, a study found that among patients hospitalized with COVID-19, cannabis users exhibited milder COVID-19 symptoms and markedly improved health results. Another study conducted the same year also indicated that marijuana use was associated with a reduced risk of contracting COVID-19, though it was also correlated with more severe infections.

Additionally, in 2022, researchers from the University of Oregon conducted a laboratory study that suggested marijuana compounds could prevent COVID-19 infection in human cells. These findings have prompted further investigations into cannabis as a potential treatment for COVID-19.

The recent study, titled “Exploring the Relationship Between Cannabis Smoking and COVID-19,” has been published in this month’s supplement to the peer-reviewed “CHEST” Journal.

This study, together with more scientific literature that is becoming available, gives further credence to the concept of medicinal marijuana and encourages entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) to keep developing more medical cannabis products for their clients.

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

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The Senate Banking Committee advanced a new bill on Sept. 27, 2023,  that would grant marijuana businesses access to banking services. The bipartisan measure, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, seeks to provide legal safeguards for financial institutions that choose to offer services to state-regulated cannabis enterprises.

Senator Jeff Merkley (D), the bill’s lead sponsor, celebrated this progress as a historic event, highlighting the remarkable spirit of cooperation across party lines.

He expressed his concerns about the current scenario where legal cannabis businesses are forced to operate solely in cash, terming it an invitation to criminal activities such as organized crime, robberies and money laundering. Merkley articulated his commitment to fostering bipartisan support to ultimately enact legislation that eradicates the cash-driven marijuana economy, thereby bolstering public safety nationwide.

The bill also boasts support from Senate Majority Leader Chuck Schumer (D) and Senators Steve Daines (R), Kyrsten Sinema (I) and Cynthia Lummis (R). The lawmakers issued a joint statement underscoring the legislation’s potential to create safer environments for small businesses and local communities by granting legal marijuana enterprises access to conventional financial services, such as bank accounts and small business loans.

Despite the legalization of marijuana for medical and recreational use in 39 states, the industry has grappled with growth limitations due to its classification as a Schedule I substance under federal law. This has deterred many banking institutions from offering financial services to cannabis-related businesses, thus restricting their access to capital and broader markets. As a result, state-regulated marijuana enterprises have been compelled to conduct their operations exclusively in cash, exposing them to the perils of theft, organized crime and money laundering.

Given the expansion of recreational marijuana markets in various states, analysts from the MJBizFactbook anticipate that the combined sales of recreational and medical marijuana in the United States will reach $33.6 billion by the close of 2023.

The recent Senate vote represents a historic milestone, marking the first time the Senate has considered such legislation. While a previous iteration of the bill, the SAFE Banking Act, enjoyed multiple House approvals, it faced repeated obstacles in the Senate under both Republican and Democratic control.

The latest version of the bill also includes stringent provisions for federal regulators, preventing them from closing cannabis-related accounts without valid justification and from denying banking services based on political motivations and personal beliefs. The fate of the bill now hinges on the potentially more challenging terrain of the Republican-controlled House.

The entire cannabis industry, including major entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), is waiting with bated breath as they follow how this landmark bill will be handled on the U.S. Senate floor.

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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New York authorities are intensifying their efforts to combat the proliferation of unlicensed shops selling marijuana across the state in response to the ongoing struggle to establish a thriving legal marketplace for the substance. With the legalization of cannabis in 2021, an influx of unauthorized vendors peddling cannabis, vape products, edibles and more has posed a significant challenge to the state’s legal cannabis industry, with New York City bearing the brunt. Presently, only 23 legal cannabis dispensaries are operational statewide, and nine are located in NYC.

A recent study conducted by the Independent Budget Office of NYC revealed that approximately 1,500 unregulated retailers within the city may be holding marijuana products worth $484 million. If these products were to be sold through legal channels, it could generate a substantial $19.4 million in revenue for NYC.

In response, the state has escalated its efforts to crack down on unregulated shops by increasing the frequency of inspections, imposing fines and even ordering closures when necessary. These measures extend beyond the stores themselves, with landlords now facing penalties of up to $10,000 if they knowingly lease commercial properties to unlicensed sellers.

The crackdown on these illicit operations is not just a legal matter; it also has significant economic implications. Unlicensed sales deprive the state of much-needed revenue, as the state imposes a 13% retail tax on all cannabis products, with additional taxes based on the potency levels of THC.

Beyond the financial considerations, unlicensed shops also present substantial health risks. A 2022 study commissioned by the New York Medical Marijuana Industry Association, which examined products from 20 illicit stores in NYC, discovered that around 40% of these products contained harmful contaminants such as salmonella, lead and E. coli.

The state’s Marijuana Control Board recently announced plans to open up license applications to the general public as well as to multistate medical companies and manufacturers. Previously, licenses were restricted to individuals with prior cannabis-related convictions under the Conditional Adult Use Retail Dispensary (CAURD) program. This move is expected to expand the number of legal cannabis shops throughout the state, further shaping the future of New York’s cannabis industry.

While illicit sales have been fueled partly by delays in the opening of legal dispensaries, experts anticipate a decline in such sales in the years ahead. New Frontier Data, a marijuana research company, projects that illicit sales, which were estimated to reach $7 billion annually in 2023, will decrease to approximately $3 billion by 2030 in New York.

The black market isn’t only a concern in New York. Major marijuana companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) also have to contend with illicit marijuana sellers in the jurisdictions where they operate, and authorities are constantly trying to weed out black market actors so that only licensed operators can sell their products.

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 rollout of recreational cannabis in New York has faced yet another hurdle as a judge from the state’s Supreme Court has put a halt on all applications for business licenses to establish adult-use marijuana dispensaries. The judge cited inconsistent and unclear information from regulating officials. This recent setback adds to the challenges that have characterized the launch of legalized marijuana in New York.

The issue revolves around a program called the Conditional Adult Use Retail Dispensary (CAURD), managed by the Office of Cannabis Management (OCM). When the state legalized marijuana in March 2021, lawmakers and cannabis regulators initially announced that a portion of retail licenses would be reserved for small nonprofit organizations and individuals who had been adversely affected by the war on drugs.

This exclusion left out several potential marijuana businesses, including those with existing medical cannabis licenses, often owned by larger multistate operators. Some of these operators took legal action against the state earlier this year. Additionally, a group of service-disabled military veterans filed a lawsuit against the state, arguing that the CAURD program violates their rights and is unconstitutional because they were not eligible for permits.

As a response to this lawsuit, Judge Kevin Bryant, presiding over the State Supreme Court, issued an injunction on Aug. 7, 2023, which temporarily suspended all CAURD applications. This injunction was subsequently upheld on Aug. 18. While the OCM has granted licenses to a few hundred emerging CAURD businesses, records from the agency indicate that only 23 legal marijuana retail stores are operational in the state. Interestingly, more than 1,500 unlicensed cannabis retailers are currently operating exclusively in New York City.

Last week, a glimmer of hope emerged for certain applicants when the state released a list of 30 CAURD applicants that had made significant progress in the application process and were thus exempt from Judge Bryant’s order. However, in a subsequent ruling last week, Bryant noted that information from the OCM indicated that not all 30 applicants had fulfilled the necessary licensing prerequisites. As a result, he directed OCM to provide an updated list of potential injunction-exempt applicants under oath, planning a comprehensive, individualized order.

This series of events has taken many by surprise and left both applicants and observers feeling perplexed. Osbert Orduña, CEO of the Cannabis Place, which is in the process of applying for a CAURD license to operate in Queens, expressed disappointment in the recent developments. He emphasized that this setback has negative repercussions for small businesses, potential employees and cannabis consumers in New York — all affected by a lawsuit initiated by a small group of individuals.

These regulatory hiccups can be massively disruptive, and even established companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) may possibly reconsider staying in a market that doesn’t have a reliable regulatory regime guiding operators, creating uncertainty about the stability of the rules under which they operate.

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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