March 2024 - CannabisNewsWire

ThursdayMar 28, 2024 4:20 pm

420 with CNW — New York to Evaluate Struggling Cannabis Industry as Hiccups Allow Illicit Market to Flourish

Kathy Hochul, the governor of New York, has issued an order to reassess the state’s adult-use cannabis licensing program due to various setbacks. Those hurdles, including lawsuits and administrative challenges, have not only stood in the way of the legal marijuana market but have also led to the proliferation of illicit sellers. The assessment aims to identify ways to expedite license processing and facilitate quicker business openings. Additionally, the assessment will conduct a comprehensive review of the state’s Office of Cannabis Management’s (OCM) organizational structure and procedures. Hochul, a member of the Democratic Party, has openly complained about the launch…

ThursdayMar 28, 2024 9:00 am

Astrotech Corp. (NASDAQ: ASTC) and AgLAB Inc. Use Mass Spectrometer Technology to Significantly Enhance Hemp and Cannabis Production Yield and Profit

The cannabinoid market value in 2023 was $22.23 billion and is expected to grow at a CAGR of 15.3%, resulting in an estimated market value of $60.36 billion The global mass spectrometry market will reach $6.77 billion in 2024 and is expected to grow at a CAGR of 6.25%, reaching $9.17 billion by 2029. Astrotech and subsidiary AgLAB Inc. are using mass spectrometry to boost the profitable yield of hemp and cannabis production The United States has seen a rising awareness of the health and therapeutic benefits of cannabinoids, prompting an expected market increase of 15.3%, from $22.23 billion in…

WednesdayMar 27, 2024 4:20 pm

420 with CNW — Colorado Bill Seeking to Silence Social Media Posts on Marijuana Raises Concern

A conservative think tank in Colorado has voiced worries about a proposed measure that could have an impact on internet discussions of cannabis and associated products, including hemp. The bill, SB24-158, covers various aspects of internet regulations, including content policies and age verification. A noteworthy clause in it targets social media companies, mandating that they immediately take down any content that sells, promotes or endorses narcotics that are considered illegal. The definition of “illicit substance” in the bill is expansive, encompassing not just illegal drugs but also substances regulated in the state. It broadly refers to controlled substances categorized under…

WednesdayMar 27, 2024 10:00 am

Scientific Review Finds Potential for CBD to Manage AUD Symptoms

Alcohol use disorder (AUD) is a condition characterized by the impaired ability to control or stop the use of alcohol despite adverse health, occupational or social consequences. A recent scientific review on cannabidiol (CBD) and its effects suggests that the compound may help manage symptoms of alcohol use disorder. CBD is one of the two primary compounds found in the marijuana plant, the other being tetrahydrocannabinol (THC). Unlike THC, CBD doesn’t induce a high when ingested. The nonpsychoactive compound does, however, possess antioxidant and anti-inflammatory properties. The review was carried out by local health districts in Sydney and researchers at…

TuesdayMar 26, 2024 4:20 pm

420 with CNW — Las Vegas Consumption Lounges Usher in New Era for Cannabis Industry

The much-anticipated introduction of cannabis consumption lounges in Las Vegas has finally materialized, with almost 20 establishments reportedly nearing completion, according to regulators. Thrive Cannabis Marketplace opened its first licensed lounge next to its store, just off the renowned Las Vegas Strip, while Smoke and Mirrors Cannabis Lounge opened for business later, having passed the last site inspection by Nevada’s Cannabis Compliance Board (CCB). For Reset, a marijuana hospitality company with offices in Las Vegas that offered advice to Thrive, the trip took around seven years, according to managing partner Chris LaPorte. The schedule was further extended by bureaucratic procedures,…

MondayMar 25, 2024 4:20 pm

420 with CNW — VP’s Comments on Marijuana Suggest Campaign Shift on Legalization

Vice President Kamala Harris, speaking at the White House to a group of individuals who received pardons related to marijuana offenses, expressed her support for the legalization of cannabis, marking a potential change in the administration’s stance as the November elections approach. An attendee at the meeting disclosed Harris’s statement, which came after her public call for the DEA to expedite the rescheduling of marijuana. Harris, who had previously advocated for cannabis legalization as a senator and during her 2020 presidential campaign, has not publicly championed the cause since joining President Joe Biden’s ticket. Throughout the campaign and her tenure…

MondayMar 25, 2024 12:45 pm

Lexaria Bioscience Corp. (NASDAQ: LEXX) Hires Contract Research Organization to Perform Important GLP-1 Human Pilot Study

Lexaria, a global innovator in drug delivery platforms, recently hired a Contract Research Organization to perform their second GLP-1 human pilot study which will test a dissolvable DehydraTECH-GLP-1 oral dose formulation The announcement follows Lexaria’s WEIGHT-A24-1 animal study announcement examining diabetes and weight loss effects of DehydraTECH-processed GLP-1 drugs and cannabidiol alone and in combination The move aligns with the company’s resolve to focus on their ability to enhance the delivery of GLP-1 diabetes and obesity drugs At the beginning of the year, Lexaria Bioscience (NASDAQ: LEXX), a global innovator for enhanced drug delivery platforms, announced its intention to double…

MondayMar 25, 2024 12:00 pm

Software Effective Solutions Corp. (SFWJ) Completes Key Acquisitions, Is Committed to Becoming Cannabis Market Leader

MedCana adds to portfolio with strategic acquisition of two cannabis companies First acquisition represents “leap forward” in SFWJ’s commitment to innovation, excellence within the cannabis sector Second company holds key production, processing and exportation licenses that will strengthen MedCana’s operational chain Software Effective Solutions (d/b/a MedCana) (OTC: SFWJ) is growing its footprint in the cannabis space through savvy acquisitions. In the past few months, MedCana, a leading holding company in the cannabis industry, has announced two new acquisitions as the company keeps its eye on making strategic additions to its portfolio. Last month, the company announced that it was in…

MondayMar 25, 2024 10:30 am

Zoned Properties Inc. (ZDPY) Seizing Real Estate Opportunities in Growing Cannabis Industry

Cannabis industry retail opportunities growing amid evolving regulations, increasing consumer demand, and shifting public attitudes Demand for specialized, direct-to-consumer properties includes dispensaries, manufacturing or processing centers, and distribution hubs ZDPY is a technology-driven property investment company that focuses on securing direct-to-consumer real estate opportunities in the regulated cannabis market ZDPY has recently secured and acquired investment properties in Michigan, Arizona, and Illinois with 100% occupancy and a weighted average lease term of 10+ years All ZDPY properties are occupied by commercial cannabis tenants, company anticipates $2.5+ million from its property investment portfolio in 2024 Changing regulations and attitudes towards cannabis…

MondayMar 25, 2024 10:00 am

Survey Finds 7 in 10 Canadians Buy Cannabis from Legal Sources

A recently conducted survey has determined that the number of Canadians purchasing marijuana legally has increased. Data published by Statistics Canada earlier this month shows that more than two-thirds of marijuana consumers are buying the drug legally. The survey received responses from 5,185 adults 25 to 44 years of age and 2,251 individuals aged 18 to 24. It determined that within the last 12 months, almost 72% of those surveyed exclusively purchased marijuana from legal markets. When queried why they bought from legal sources, 38% of respondents stated that they did so because of product safety, nearly 13% wanted to…

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Month: March 2024