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420 with CNW — Marijuana Department in California Gives Universities $20M to Study Cannabis

The California Department of Cannabis Control (DCC) revealed that on April 26, 2023, it had given 16 educational institutions funding totaling $19,942,918 for marijuana research. The funds will support projects researching how marijuana affects young people’s psychological wellness, innovative cannabinoids such as Delta-8 and Delta-10 THC, and a groundbreaking study of California’s historic cannabis genetics.

The DCC expects these activities will set the standard for marijuana research and enhance scientific study to better comprehend cannabis’ advantages and drawbacks.

Six divisions of colleges received awards, with Cal Poly Humboldt receiving the largest award of $2,699,178 for its grassroots study on heritage cannabis genetics. Additionally, $2 million each were given to the universities of California, Los Angeles, and Irvine to research the potency of marijuana. The first double-blind, federally acceptable, placebo-controlled drug administration trial comparing the consequences of inhaled marijuana plants to inhaled extracts will also be carried out through a partnership involving UC Irvine and UCLA.

The awards were given out based on their capacity to produce fundamental research that will underpin expanding future knowledge, their capability to enhance the public’s comprehension of marijuana, their potential to deliver information beneficial for legislation, and their solid scientific approach. Sixteen concepts were selected from a list of 98 total submissions.

The DCC also unveiled a brand-new funding initiative in February, promising $20 million to boost and develop the state’s marijuana business. The retail access grant program aims to promote legal retail businesses in locations where existing customers do not have easy access to legally grown marijuana.

Last year, the department executed 155 warrants for search operations, an increase from 61 in 2021, based on the report issued by the DCC at the beginning of March. The DCC captured an estimated 41,726 pounds of marijuana in 2021, with a market value of almost $78 million. In 2022, the amount rose to 144,254 pounds, with a value of more than $243 million.

In general, the DCC’s funding program aims to increase security for customers, foster an equitable market and increase the availability of California’s retail marijuana market. The DCC is eager to share the findings after the research is finished since the awards will offer insightful information on issues that concern Californian’s consumers, businesses, and legislators.

The program is designed to provide funding for research projects that address gaps in knowledge and understanding of the marijuana industry. It is hoped that this will lead to better regulation and policymaking in the future.

These studies funded by the DCC in California will add to the work being done by companies such as IGC Pharma Inc. (NYSE American: IGC), which lean more toward conducting research with the aim of commercializing marijuana-derived FDA-approved formulations.

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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