May 2022 - Page 2 of 7 - CannabisNewsWire

WednesdayMay 25, 2022 11:15 am

Flora Growth Corp. (NASDAQ: FLGC) Increases Vessel’s Footprint in the Canadian Cannabis Marketplace; Expands Its Operational Footprint in the E.U. and UK

Flora Growth’s Vessel brand just got listed on the Ontario Cannabis Store (“OCS”) Vessel also launched its direct-to-consumer online store to take control of its customer relationship journey Flora, through this expansion, seeks to tap into the growing Canadian cannabis market, which is valued at an estimated CAD 5.9 billion in 2022 The company has also expanded its operational footprint in Europe and the U.K. in a move that furthers its international growth strategy Flora Growth (NASDAQ: FLGC) just announced that its Vessel brand just got listed on the Ontario Cannabis Store (“OCS”) in a move that significantly increases the…

WednesdayMay 25, 2022 9:00 am

Lexaria Bioscience Corp. (NASDAQ: LEXX) Making Waves in the Growing Antiviral Drug Space with its DehydraTECH Technology

Lexaria Bioscience Corp., through its patented DehydraTECH technology, is improving the way many drugs enter the bloodstream In June 2021, the company proved that an antiviral drug enhanced with its technology was effective at inhibiting the COVID-19/SARS-CoV-2 virus With the global antiviral market projected to hit $66.7 billion by 2025, Lexaria plans to capitalize on this growth by pushing its DehydraTECH technology and exploring multiple avenues of related application Today, it is estimated that infectious diseases account for a quarter to one-third of mortality globally. This has mainly been attributed to increased travel, globalization, populated cities, urbanization, and changes in…

WednesdayMay 25, 2022 4:20 am

420 with CNW — Congressman Calls on DOT to Modify Truck Driver Cannabis Testing Rules

Earlier this week, Rep. Earl Blumenauer sent a letter to the U.S. Department of Transportation urging the federal agency to reform its cannabis testing policies for truckers and other commercial drivers. The congressman explained that these drug tests unnecessarily cost individuals their jobs and also contribute to issues in the supply chain. In the letter, he cited data from the department showing that thousands of drivers lost their jobs due to strict THC drug-screening policies. Blumenauer explained that while no individual wanted impaired drivers on U.S. roads, there didn’t exist tests that could detect impairment, which meant that these individuals…

TuesdayMay 24, 2022 4:20 pm

420 with CNW — Marijuana Product Sampling Grows Despite Pandemic, Legal Obstacles

CPG professionals have long known that one sure way to get your target market to buy a new product is by first giving those people a free sample. The samples provide members of the public with an easy way to try something new without risking anything. Samples are also bait for retail outlets, so it isn’t surprising that several companies in the marijuana industry are finding creative ways to use this marketing approach. Considering that store sales can be boosted by a jaw-dropping 2,000% and more than 33% of shoppers who receive a sample buy that product within the same…

TuesdayMay 24, 2022 12:00 pm

The Flagship CWCBExpo of the New York Cannabis Week to be Held June 2-4; Will Foster Relationships Among Hundreds of Business Leaders from Across the Cannabis Ecosystem

The Cannabis World Congress & Business Exposition (“CWCBExpo”) will be held in New York City between June 2-4, 2022 The conference will feature dozens of expert speakers with expertise in developing brands, increasing efficiencies, and investments Hundreds of exhibitors and leading cannabis businesses will showcase cutting-edge product innovations In 2021, revenue from licensed marijuana of $24.5bn – $27bn in the United States eclipsed Starbucks sales throughout North America The Cannabis World Congress & Business Exposition (“CWCBExpo”) event will be held at New York City’s Javits Convention Center, Hall 3A on June 2-4, 2022. As the flagship event during Cannabis Week, a platform…

TuesdayMay 24, 2022 4:20 am

420 with CNW — Congressman Optimistic About Cannabis Banking Reform Inclusion in Manufacturing Bill

During a press briefing earlier this week, Rep. Earl Blumenauer revealed that he was optimistic about the possibility of including cannabis banking reforms in the final version of the large-scale manufacturing bill that will soon be signed into law. The Congressman has championed for marijuana legalization for a while now and is currently involved in negotiations on the America COMPETES Act. During the briefing, the Congressman stated that there was a joint effort among conferees in both chambers to ensure that the SAFE Banking Act, which was approved by the House, was attached to the final conference report that is…

MondayMay 23, 2022 4:20 pm

420 with CNW — DOJ Urges US Supreme Court to Reject Cannabis Case

The U.S. Department of Justice has asked the U.S. Supreme Court to decline taking up a lawsuit regarding claims for medical marijuana treatment reimbursement for injured employees. A section of the arguments given by the DOJ for its recommendation include a statement that the federal legislature is moving to resolve the conflict between federal marijuana law and state law. The specific question put before the Supreme Court arises from two cases in Minnesota. In both cases, employees wanted compensation after being injured at work. For both of these cases, the supreme court of Minnesota decided that the law at the…

MondayMay 23, 2022 9:00 am

Flora Growth Corp. (NASDAQ: FLGC) Year-end Report Shows Significant Revenue and Profit Growth, with Expectations for Further Rapid Growth in 2022

Cannabis cultivator and distributor Flora Growth has announced its annual financial and operating results, showing “significantly higher” revenues and profit gain for 2021 over the previous year Flora maintains an outlook for 2022 of an additional 288 to 400 percent revenue growth by year end, largely driven by the company’s acquisition of consumer wellness brand JustCBD The JustCBD acquisition increased Flora’s reach to more than half a million consumers through 14,000 retail stores in the United States Flora’s operations are centered at its Cosechemos cultivation facility in central Colombia, where the company enjoys ideal growing conditions year-round and has easy…

MondayMay 23, 2022 4:20 am

420 with CNW — US Marijuana Sales in 2021 Exceed Those of Starbucks

People in North America have grown to expect to see a Starbucks outlet almost on every street corner. However, available information on cannabis sales suggests that marijuana could overthrow this coffee giant as legal sales of marijuana exceeded those recorded by Starbucks by a wide margin. This is no small feat by the marijuana industry, given the fact that only 39 of all the states in the U.S. have legalized marijuana in some form, either for medicinal or/and for recreational purposes. In contrast, Starbucks has been around since the early ‘70s, and coffee has always been legal, while the legal…

FridayMay 20, 2022 4:20 pm

420 with CNW — Governor Newsom Proposes Cannabis Tax Cuts to Combat California’s Illicit Market

Last week, Gov. Gavin Newsom of California unveiled a modified budget proposal whose approval would revise the state’s marijuana tax revenue allocations and eliminate the state’s cannabis cultivation tax. The governor’s announcement comes just months after officials in the state announced that California had allocated $100 million in funding for the development of local cannabis markets, which would involve getting marijuana businesses fully licensed. Newsom’s plan will maintain the 15% excise tax rate on cannabis sales and shift the point of collection and remittance for excise tax to retail from distribution, effective Jan. 1, 2023. This updated budget will also…

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Month: May 2022