420 with CNW — NIH Study Finds Concurrent Use of Tobacco, Marijuana Is Rising

The proportion of Americans who use both tobacco and marijuana has been gradually increasing, particularly among older persons, according to a recent study. After analyzing national data spanning 20 years, Duke University School of Medicine researchers caution that combining both drugs can increase the risk to one’s health when compared to using either drug alone.

A reported 6.38% of American adults in 2021 reported using tobacco and marijuana together within the previous month. While this proportion might not seem like much, it is a considerable rise over prior years. The researchers credit this increase to the growing legalization of marijuana in a number of states, which has increased social acceptance and familiarity with cannabis use.

Lead author of the study, Dana Rubenstein, a Duke University researcher and fourth-year medical student, pointed out that the data from 2021 indicates some groups are more likely to utilize both drugs. Co-using tobacco and cannabis was more common among younger adults, those with less education and residents of states that legalized medical cannabis.

Prior research analyzing the patterns of tobacco and cannabis use, separately or in combination, concentrated on data from 2003 to 2012. But in the intervening period, marijuana laws have been relaxed in 24 more states. Most Americans now reside in places where marijuana use for recreational purposes is legal.

The study reviewed data from 708,891 adults surveyed between 2002 and 2021 through the National Survey on Drug Use and Health. Key findings showed that the co-use of tobacco and marijuana steadily rose between 2002 and 2019. Exclusive marijuana use began increasing after 2007, while tobacco use on its own declined during that period.

Interestingly, while most demographic groups experienced an increase in co-use of these substances, young individuals (18 to 25 years of age) went against this trend, with co-use rates falling after 2014. Rubenstein suggests this decline may be due to fewer young adults choosing to use tobacco over the past 20 years.

In contrast, older adults have shown the opposite pattern, with a notable rise in co-use. The most striking increase was observed among adults aged 50 years and above, where co-use jumped from just 0.42% in 2002 to 3.1% in 2019. Among those aged between 26 and 34, the co-use rate nearly doubled from 6.15% to 10.3%. Similarly, those aged between 35 and 49 saw a stable period between 2002 and 2009, followed by a significant uptick, reaching 6.6% in 2019.

The coauthors of the study, Drs. Lauren R. Pacek and F. Joseph McClernon, who were both formerly employed by Duke University, emphasize the significance of developing focused programs to help individuals stop using both drugs. They also note how important it is to distinguish between the purposes of marijuana use — whether they be recreational or medical — and how this affects co-use with tobacco products.

Leading marijuana companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) are likely to delve deeper into the findings of this study in order to tease out any insights that could be beneficial as the companies make strategic plans for the future.

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

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420 with CNW — Adolescents Marijuana, Alcohol Use May Be Influenced by Childhood Sleep Patterns

While ensuring children get a good night’s sleep is crucial for their development, research suggests sleep habits in childhood might also influence future drug use. A recent study conducted by researchers from the Pennsylvania State University (Penn State) and published in the Annals of Epidemiology indicates that teens who experienced later bedtimes and shorter sleep durations during their earlier years were more likely to have experimented with alcohol or marijuana by the age of 15.

The researchers focused on examining sleep habits during various childhood stages to understand how they relate to substance use in adolescence, a connection few previous studies have explored. The study assessed two main aspects of sleep health: the length of sleep overall and the regularity of bedtime. According to the researchers, children, particularly those in school, who stay up late are likely to struggle with achieving quality sleep.

The study analyzed data from 1,514 participants involved in the Future of Families and Child Well-being Study, a comprehensive longitudinal study that tracks children from various cities across the Unites States. Parents were asked to report their child’s usual weekday bedtime at ages nine, five, and three, along with how long they slept at ages nine and five.

The researchers discovered a noteworthy pattern while examining the relationship between early bedtimes, sleep duration and subsequent substance use in children. Teens whose bedtime at age nine was later than that of their friends had a 45% higher likelihood of having tried alcohol by the time they were 15. Neither the amount of sleep at age five nor age nine, nor the time spent sleeping demonstrated a comparable association with alcohol consumption.

When it came to cannabis use, sleeping an hour less at age nine was linked to a 19% increased risk of marijuana experimentation, while having a later bedtime at age five was linked to a 26% higher likelihood of taking the drug by age fifteen.

The study also gathered self-reported data from fifteen-year-olds regarding their substance use, bedtime and sleep duration. The findings showed that teens that went to bed later had a 39% higher likelihood of consuming alcohol and a 34% greater chance of using cannabis. Furthermore, a 28% higher likelihood of alcohol usage was linked to sleeping one hour less each night, although this correlation did not hold for cannabis use.

These findings highlight the significance of sound sleeping habits for long-term well-being, particularly in the school-age years. The researchers emphasize that creating regular, appropriate bedtimes and fostering sleep-friendly surroundings are essential tactics for fostering healthy sleeping habits.

The age-verification processes that licensed companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) are required to implement at their retail outlets can help in keeping marijuana out of the hands of minors and shield them from any possible harms growing brains could suffer from early exposure to the substance.

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420 with CNW — Thai Minister Reveals Government Will Draft Measure to Regulate Adult-Use Marijuana

Thailand’s government seems to be reconsidering its previous commitment to banning recreational cannabis, with a minister proposing a shift toward regulating the rapidly growing industry. Bhumjaithai Party leader and Interior Minister Anutin Charnvirakul stated that Srettha Thavisin, the prime minister, had decided to look into the possibility of drafting a bill to regulate cannabis sales and use instead of outright banning it.

Anutin thanked the prime minister for taking up the matter and choosing to pass legislation. His party played a significant role in the decriminalization of marijuana in 2022. He also noted that the administration will allow different political parties to submit their draft laws to parliament in addition to Bhumjaithai’s legislation.

While the details of the proposed bill remain unspecified, this move appears to delay Srettha’s contentious plan to ban cannabis, only two years after Thailand became the first southeast Asian country to legalize it.

This month, a Ministry of Public Health drug control committee approved a proposal to categorize marijuana as a narcotic. The proposal was scheduled for review by the Narcotics Control Board (ONCB), but discussions between Anutin, Somsak and Srettha preempted the meeting. Had it been approved, the ban would have started on Jan. 1, 2025.

Srettha’s contentious agenda has caused a rift within his fragile coalition government. Throughout the 2019 election campaign, Bhumjaithai — the coalition’s second-biggest party — prioritized marijuana decriminalization, with Anutin being a major driving force on the issue.

However, the decriminalization of cannabis in Thailand took place in the absence of any legal restrictions on its production or distribution. Bhumjaithai later drafted a measure for regulation, but it did not reach a vote before last year’s general election.

Decriminalization led to a booming recreational cannabis market with numerous shops offering various products, including joints and edibles. Amid a moral panic over rising drug use, especially among the youth, Srettha’s party, Pheu Thai, took a tough stance on cannabis, promising during the election campaign to reinstate controls.

Srettha ordered in May for authorities to reschedule marijuana as a category five drug, which will prohibit its production, possession or use. This change is anticipated to take effect by the start of 2025.

Anutin recently stated that he was perplexed by the return to harsh measures and promised to use his position on the ONCB to resist the recriminalization. While Bhumjaithai never completely endorsed recreational use — Anutin’s main objective was to create a business around medical marijuana — he emphasized the importance of conducting additional research before reaching snap judgments.

The recent move by the government to return to a regulated approach is intended to ease the political strain between Pheu Thai and Bhumjaithai, its main coalition partner. This change is likely to be cautiously welcomed by the country’s marijuana businesses and activists, who have been protesting daily outside Government House in Bangkok.

For companies that have their eye on the international market, such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), the reported change of heart by the Thai government regarding the country’s marijuana policy direction could set the stage for some attractive market opportunities.

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420 with CNW — Florida Medical Cannabis Patients Surprised by Email Blast

Florida boasts more than 700,000 medical cannabis patients, and GOP Governor Ron DeSantis, who is currently opposing a proposal to legalize recreational cannabis, wants to highlight his achievements to this targeted group. Recently, Florida’s Health Department sent out an email to medical-cannabis patients, praising DeSantis for signing the state’s budget. The email also promoted a cancer research initiative by First Lady Casey DeSantis and highlighted various health issues addressed in the budget, including syphilis, HIV and hepatitis.

However, the email did not mention medical cannabis, which has raised concerns among advocates and patients who argue that the administration misused the patient list to push political messaging, violating the privacy of these patients. State Representative Kelly Skidmore, the top Democrat on the House Health Policy Committee, criticized the move as a misuse of power and information. She emphasized that patients did not consent to receive promotional material about the governor’s achievements.

In defense of its conduct, the Health Department said that the email was sent to every person in its databases — more than two million people — including the media, the general public, healthcare professionals and licensees. Weesam Khoury, a department spokesperson, did not elaborate on whether comparable marketing made use of patient records for COVID-19, HIV, cancer or other conditions. She was disappointed, she said, that the Associated Press chose to accentuate the annoyance caused by the email over the budget’s noteworthy initiatives.

Advocates argue that the issue extends beyond inconvenience to a breach of privacy. They worry that the broad public-records laws in Florida could allow someone to identify medical-cannabis patients from the email list, because these patients comprise about 35% of the email recipients. This could lead to unwarranted marketing, political messages or even job-related repercussions for patients.

Former agriculture commissioner and state Democratic Party chair Nikki Fried expressed surprise that the state was using the patient email list to promote policies. She said she would have encountered fierce criticism if she had taken similar action with the database of concealed weapons licenses. Fried referred to the action as reckless.

A medical-cannabis patient in Pensacola, who wished to remain anonymous for privacy reasons, mentioned plans to file a formal complaint. The patient compared the situation to a doctor disclosing private patient information for personal gain, insisting that accountability is necessary.

John Morgan, a personal injury attorney who led Florida’s 2016 medical cannabis initiative, questioned whether the email violated federal laws protecting medical information. He suggested that the email list could be highly valuable for political purposes, especially for promoting recreational cannabis legalization in the upcoming November election.

Leading cannabis companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) could be concerned at the casual way in which the health department in Florida is regarding the registry of medical-marijuana patients, given the potentially serious consequences that can result when that data reaches the wrong hands and the loss is traced to a state government agency.

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420 with CNW — Slumping Marijuana Market in Colorado Triggers Industry Concern

In 2014, a Denver-based cannabis dispensary, 3D Cannabis, made history as the first seller of legal marijuana. Over a decade later, the dispensary bears a sign saying it is “temporarily closed,” with the building’s doors and windows boarded up and the parking lot strewn with trash, symbolizing the challenges facing Colorado’s marijuana market.

Once a thriving success, the industry is now marked by failed entities and struggling entrepreneurs due to regulatory challenges, market saturation and increased competition from neighboring states.

The market’s sales peaked in 2020 at $2.2 billion. But by 2023, revenues had fallen to $1.5 billion, which led to restructuring, closures and layoffs. The decrease has also affected state finances; in the most recent fiscal year, Colorado’s marijuana tax receipts dropped significantly to $282 million from prior years.

Several factors have contributed to the industry’s struggles. An oversupply of cannabis following the pandemic caused prices to drop sharply. The rise of cheap, unregulated hemp-derived products added further pressure. Additionally, the federal illegality of marijuana means operators face high taxes and costly rules.

However, the primary challenge has been the rapid spread of legalization across the country, with neighboring states such as Arizona and New Mexico now having their own legal cannabis markets and disrupting Colorado dispensaries, particularly those near the southern border. Tourists who previously flocked to Colorado for legal marijuana now have closer options, and even Texans are finding satisfying alternatives in hemp products available locally.

While some business owners have managed to survive by adapting, many have closed or moved to other states. The number of marijuana licenses in Colorado decreased by more than 16%, similar to the number of marijuana jobs, marking the second consecutive year of employment losses.

Maggie’s Farm, a retailer in southern Colorado, is one prominent example: out of its eight dispensaries, five are closed. Similarly, one of the biggest marijuana companies in the United States, Curaleaf, stated in January of last year that it was closing its cultivation and production facilities in Colorado.

In 2020, the pandemic helped the state’s cannabis industry at first since more people were staying at home and making more purchases, thanks to stimulus checks. However, as the pandemic’s dynamics shifted, the rush to expand cannabis production resulted in a glut of supply, causing prices to drop from nearly $1,700 a pound to about $700 a pound.

Companies such as Veritas Fine Marijuana, a wholesale grower, initially expanded their production but later had to downsize and change their cultivation methods to stay competitive. At its peak, Veritas employed 144 people; currently, it has only 21 employees.

Native Roots, another significant player, experienced similar challenges. Its Mothership growth facility in Denver used to produce around 32,000 pounds of cannabis annually but had to cut production by half by mid-2023. The company is cautiously increasing production again while closely monitoring market conditions. Native Roots benefits from having 21 dispensaries across the state, helping it weather the downturn better than some competitors.

Moreover, states compete on regulations, further complicating the market. New Mexico, for instance, allows adults to purchase up to two ounces of marijuana, double Colorado’s limit. Additionally, edibles in New Mexico can contain higher dosages. These higher limits attract residents from states without legal weed, who previously traveled to Colorado.

Despite the industry’s struggles, Colorado’s early legalization has produced successful entrepreneurs who have expanded beyond Colorado’s borders. Nancy Whiteman, for instance, founded Wana in 2010, focusing on marijuana-infused edibles. Wana has grown significantly, with operations in 17 states and Puerto Rico, and plans to enter the European market. Whiteman’s success culminated in a lucrative deal with Canopy Growth, a major Canadian cannabis producer valued at $350 million.

Major marijuana entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) could be assessing the changing market dynamics and planning their future strategic direction in order to remain at the top.

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420 with CNW — Daily Marijuana Use Has Now Overtaken Alcohol Use in the US

According to a recent survey, the number of Americans who use marijuana daily or almost daily has increased relative to those who use alcohol at the same frequency. The findings, which have been published in the “Addiction Journal,” are based on information gathered over the previous 40 years by the National Survey on Drug Use and Health.

According to the report, 17.7 million people used cannabis daily in 2022, overtaking the 14.7 million people who drink alcohol every day for the first time. Although alcohol is still consumed more frequently overall, the survey shows that daily cannabis consumption has significantly increased over the past few decades.

In particular, there was a 15-fold increase in the number of individuals consuming cannabis every day, or almost every day, between 1992 and 2022. Less than a million people reported using it frequently in 1992, which was the lowest number since the survey’s inception in 1979.

The chief medical officer of the medicinal cannabis startup EO Care, Dr. Brooke Worster, noted that although there are more users now for a variety of reasons, more people are freely confessing to using cannabis as a result of the stigma around it being lessened. According to Worster, the rates haven’t changed as drastically as the survey suggests.

She also noted that more than the previous 20 years, the legal marijuana market has expanded dramatically, drawing a wide variety of users, including a large number of senior citizens.

Currently, 24 states and DC allow the recreational use of cannabis, and 38 states allow it for medical use. Despite this, the federal government has been hesitant to decriminalize or fully legalize cannabis nationally.

However, a major shift occurred recently when the U.S. Department of Justice (DOJ) moved to reclassify marijuana from Schedule I of the the Controlled Substances Act (CSA) to Schedule III. President Joseph Biden acknowledged the need for reform, stating that too many lives have been destroyed by a misguided approach to cannabis.

Worster also addressed the misconception that cannabis acts as a “gateway” drug leading to the use of more dangerous substances. Decades of medical research have debunked this myth, showing that the majority of marijuana users do not progress to harder substances. Nonetheless, she cautioned that young adults and users of high-potency cannabis products are at higher risk of developing marijuana-use disorder.

Marijuana-use disorder can result in serious health and social problems that affect a person’s safety and quality of life, but it does not cause organ destruction or death such as opioid and alcohol-use disorders do.

The increasing daily use of marijuana by Americans suggests that licensed entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) could potentially see their sales grow steadily as more people become comfortable about using marijuana either for medicinal or recreational purposes.

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420 with CNW — Citrus-Smelling Cannabis Compound Has Potential to Manage THC-Induced Paranoia

Cannabis, when used in the right amount, can have calming effects, easing anxiety and alleviating pain. However, determining the appropriate dosage can be challenging. Consuming even slightly too much can lead to a starkly different experience, often referred to as “paranoia” by recreational users, characterized by panic and acute anxiety.

Recent research published in Drug and Alcohol Dependence suggests that one of the aromatic compounds in marijuana, d-limonene, may counteract these anxiety-causing effects. The citrusy compound, found naturally in marijuana, could potentially help users avoid experiencing anxiety attacks, which would increase cannabis’ therapeutic effects.

Marijuana contains more than 500 chemical components, with THC being the primary psychoactive component responsible for the “high.” Additionally, cannabinoids such as CBD are thought to influence the overall experience. Terpenes, aromatic compounds in marijuana, contribute to its unique scent. There’s a longstanding belief in the cannabis community that ingesting products created from the entire plant rather than isolated compounds, including CBD or THC, produces a different, more beneficial effect, a concept known as the entourage effect.

However, the scientific evidence for the effect remains unclear due to the many chemicals involved. Ryan Vandrey, a behavioral pharmacologist at Johns Hopkins University, explains that, despite the lack of conclusive evidence for the entourage effect, it has significantly influenced how marijuana strains are bred and marketed. This concept originated partly from studies suggesting that terpenes such as d-limonene may have anxiety-reducing properties, as indicated in a review paper in 2011 by Ethan Russo.

To investigate whether d-limonene could indeed alleviate THC-induced anxiety, Vandrey and his team conducted a double-blind study involving participants who had previously experienced anxiety while using marijuana. The results showed that increasing concentrations of d-limonene relative to THC led to fewer reported symptoms of anxiety, suggesting a potential therapeutic effect. This effect was most significant when participants inhaled a high ratio of d-limonene to THC, a ratio not typically found in natural marijuana strains.

However, Vandrey cautioned about the preliminary nature of these findings and the need for further research. While d-limonene appears to target anxiety specifically without affecting other aspects of the marijuana high, its mechanism of action remains unclear. Additionally, the study’s limitations, such as using vaporized marijuana and high concentrations of d-limonene, need to be addressed in future studies.

Despite these limitations, the study opens the door to further exploration of terpenes’ role in marijuana effects. Researchers are already investigating other terpenes found in marijuana to better understand their impact.

The potential of terpenes such as d-limonene isn’t entirely new. Folk remedies dating back centuries suggest that compounds found in citrus fruits could counteract the negative effects of cannabis. While these remedies have historical backing, scientific research is just beginning to uncover their true potential.

The entire cannabis industry, including leading companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), could pay attention to the outcomes of any additional studies exploring the effects of d-limonene because it could open new opportunities for custom cannabis products.

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420 with CNW — California Authorities Seize Illicit Cannabis Worth $53M

California authorities recently conducted a comprehensive operation aimed at dismantling illegal marijuana operations across the state, seizing more than $53 million worth of illicit cannabis between Jan. 1, 2024, and March 31, 2024. The crackdown spearheaded by the state’s governor’s office targeted search warrants in various counties, including eight in Orange, one in San Joaquin, two in Riverside, one in Los Angeles, two in Alameda, five in Kern and one in Fresno.

During the operation, law enforcement confiscated $53,620,600 worth of illegal marijuana along with 31,866 pounds of unlicensed product and 11 firearms. Additionally, approximately 54,137 unlicensed marijuana plants were eradicated during the multicounty effort.

Governor Gavin Newsom stressed the significance of combating illegal marijuana activities, noting that it not only undermined the regulated market but also posed risks to public health and the environment. He highlighted the state’s commitment to fostering a legal market while aggressively tackling illicit operations associated with human trafficking as well as organized crime.

Established in 2022 by Governor Newsom, the Unified Cannabis Enforcement Taskforce (UCETF) plays a pivotal role in coordinating enforcement efforts among federal, state and local agencies. Led by the state’s Fish & Wildlife Department (CDFW) and the Cannabis Control Department (DCC), with support from the Homeland Security Division of the Governor’s Office of Emergency Services (Cal OES), the task force comprises more than two dozen partners working collaboratively to disrupt illegal marijuana activities.

The Alcoholic Beverage Control, Cannabis Control, Employment Development, Fish & Wildlife, and Tax & Fee Administration departments, the California National Guard Counter Drug Task Force, the California Division of Occupational Safety & Health, and the California State Parks were among the state agencies and departments that took part in this year’s Q1 UCETF operations.

Since the task force’s establishment, 236 search warrants have been carried out, yielding the confiscation of illicit marijuana valued at $371,199,431. In addition, during enforcement actions, 139 guns and more than 401,458 illegal cannabis plants have been seized so far.

Nathaniel Arnold, CDFW’s acting chief, highlighted UCETF’s dedication to prioritizing high-impact targets and leveraging resources from partner agencies to enhance public safety, protect the environment and support the regulated marijuana market. In parallel efforts, California recently allocated $12 million in cannabis grants to 10 cities and counties statewide, aimed at supporting equity programs for communities disproportionately affected by past drug policies. The funds support programs that help applicants secure startup financing, comply with regulations and receive technical support.

The broader cannabis industry, including leading companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY), will be hoping that all jurisdictions where marijuana is legal take firm action against the marijuana black market because it not only threatens the viability of the regulated market but also poses serious public health risks.

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420 with CNW — Colombian Marijuana Exports Exceed $10M as Authorities Double Shelf-Life Limit

In the past year, Colombia’s export of medical marijuana has continued its upward trajectory, although it hasn’t reached the anticipated heights yet. According to data from ProColombia, a governmental body promoting alternative Colombian trade, medical marijuana exports from the country reached a value of $10.8 million in 2023. This marks an 11.3% increase compared to the previous year’s $9.7 million and a notable 96% rise from 2021.

Observers within the industry interpret these latest figures as indicators of the Colombian marijuana market’s ongoing development. Avicanna CEO Aras Azadian highlights the growing recognition of the economic, practical and environmental advantages of cultivating cannabis in Colombia. Azadian anticipates further growth, particularly as pharmaceutical projects such as Avicanna’s Trunerox gain marketing authorization in Colombia and Brazil, leveraging active pharmaceutical ingredients sourced from Colombia.

Trunerox, an Avicanna’s CBD-based medication that targets individuals with Dravet and Lennox-Gastaut syndromes, exemplifies the potential for medical cannabis products. Azadian notes the extended timeline for developing medical marijuana markets, suggesting that only a handful of companies may thrive due to the considerable investment and regulatory hurdles. Despite the challenges, the approval of certain products indicates potential scalability.

In 2023, Colombia’s marijuana exports encompassed diverse products, including dietary supplements, cosmetics and phytotherapeutic products. Notably, the destinations for Colombia’s exports have been evolving alongside changing regulations in other countries. Brazil emerged as the top destination in 2023, surpassing Argentina, then followed by Australia and Germany.

Azadian draws attention to the importance of pharmaceutical cannabis medications such as Trunerox, which can make medical claims and may support Colombia’s exports in the future. Rather than being a raw resource, he sees Trunerox as a finished good that Colombia will sell in large quantities.

Recent regulatory changes in Colombia that extend the timeframe for selling or exporting THC products to 48 months offer further opportunities. This extension, doubling the previous limit, aims to prevent the stockpiling of unsellable cannabis while providing relief to companies with surplus inventory.

Industry responses to the regulatory change vary, with some viewing it as critical, particularly for smaller growers who rely on inventory as capital. Larger producers such as PharmaCielo welcome the extension because it allows them to retain inventory for longer, supporting anticipated growth in international sales.

Despite the expansion of government-funded health insurance to include medical cannabis in late 2022, the domestic market in Colombia faces challenges. Only two medical marijuana drugs have obtained marketing authorization from INVIMA, Colombia’s regulatory body. Additionally, the majority of medical products are magisterial preparations, which face hurdles in scaling due to regulatory constraints and insurance coverage issues.

Avicanna’s head legal director, Ernesto Castilla Bautista, highlights the constraints imposed by the magisterial preparation model, inhibiting economies of scale. He notes the challenges patients face in accessing medical cannabis due to insurance coverage issues, emphasizing the need for products such as Trunerox with INVIMA approval to streamline access and affordability for patients.

The successes being notched by Colombian cannabis exporters are an inspiration to entities such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) that have an interest in making their mark on the global cannabis market.

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420 with CNW — Schumer Sends Out Petition Urging Public to Express Support for Cannabis Banking Legislation

Chuck Schumer, the Senate Majority Leader, is rallying public support for a bill focused on facilitating banking services for cannabis-related businesses through an online petition. In a recent communication concerning this endeavor, he reaffirmed his stance in favor of a comprehensive federal legalization of marijuana.

In the wake of continuing congressional discussions on budgetary appropriations, the SAFER Banking Act has come back into focus. Schumer, in an email communication, highlighted the challenges faced by state-licensed marijuana businesses in accessing banking facilities nationwide.

Schumer paints a picture of the predicament faced by these businesses, unable to access basic financial services such as credit lines or deposits due to the federal illegality of cannabis. Consequently, they are compelled to manage substantial cash reserves, a situation fraught with risks. Financial institutions remain wary of engaging with such enterprises given the conflicting legal landscape.

Further, he emphasizes the urgency of supporting the SAFER Banking Act to address these immediate concerns, employing a common tactic of online petitioning to galvanize support, leveraging it as a means for list-building and potential campaign fundraising.

Signatories are directed to a questionnaire probing their awareness of the marijuana banking issue, shedding light on the extent of the problem. The messaging underscores Senate Democrats’ commitment to assisting small businesses and rectifying the unjust legal status of cannabis. It solicits support to uphold the Democratic Senate Majority, hinting at donation avenues for those inclined to contribute.

The fate of the bill now rests with Schumer’s leadership. While the banking committee in the Senate endorsed the bipartisan measure months ago, its progression to the Senate floor hinges on scheduling. Nonetheless, there’s a palpable optimism among legislators regarding the measure’s prospects, buoyed by ongoing bicameral discussions.

Sherrod Brown, Chair of the Senate Banking Committee, has signaled the Act’s priority status despite acknowledging the complexities posed by prevailing House dynamics. Similarly, Tom Emmer, the House Majority Whip, although not a vocal advocate for marijuana reform, expressed a desire to advance the banking bill during a recent industry summit.

Disagreements over nonmarijuana provisions within the measure have stalled its advancement. Nevertheless, bicameral negotiations persist, with indications pointing towards an imminent resolution. Prominent sponsors from both parties have reaffirmed their commitment to shepherding the bill through Congress. Senator Maria Cantwell recently joined as the 36th cosponsor of the measure, further solidifying support within the chamber.

Should the bill proceed to the Senate this year, amendments are expected. Schumer has hinted at the possibility of incorporating provisions relating to gun rights for marijuana consumers and state-legal marijuana expungements.

The cannabis industry, including leading companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) has long yearned for equal access to banking services in the way that other legitimate businesses access these services, but it looks like it may take a while for the needed legal reforms to be enacted at the federal level.

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