Chris@CNW, Author at CannabisNewsWire

MondayMar 04, 2024 4:20 pm

420 with CNW — Official Records Show Recreational Marijuana Sales in Canada Exceeded C$5B in 2023

In 2023, Canada’s recreational marijuana market boasted a value of approximately C%5.07 billion ($3.8 billion), a recent government report on retail sales stated. This reflects a 12.2% increase from the previous year, showcasing a trend of growth, albeit at a slower pace compared to earlier years, marking more than five years since the legalization of recreational marijuana in 2018. Brad Poulos, an entrepreneurship professor at Toronto Metropolitan University, explains this slowdown as a normal evolution of the market. He points out that a big part of the increase in sales of legal marijuana comes from customers moving away from illegal…

MondayMar 04, 2024 10:30 am

Study Shows CBD-Dominant Marijuana Products Can Ease Anxiety While Negating Risks of THC

A new study has found that marijuana products dominant in CBD can ease anxiety more effectively in comparison to products that contain THC. THC and CBD are the two primary compounds found in marijuana. However, unlike CBD, THC induces a high when ingested. The study was carried out by researchers at CU Boulder. It is the first randomized trial to investigate how commercially available marijuana influences symptoms of anxiety. Currently, one in five adults in America have an anxiety disorder, which makes it a common mental health condition in the United States. The researchers’ primary objective was to better understand…

MondayMar 04, 2024 9:45 am

Zoned Properties Inc. (ZDPY) Is ‘One to Watch’

Zoned Properties in January 2024 acquired an investment property in Chicago and signed a long-term lease agreement for Justice Cannabis Co. to operate a retail dispensary there The company reported revenues of $720,450 for the quarter ended September 30, 2023, compared to $614,988 for the same quarter in 2022, an increase of 17.2% Zoned Properties reported net income of $114,523 for the September 2023 quarter, compared to a net loss of $77,328 for the same quarter a year earlier The company continues to build out its proprietary cannabis technology platform, REZONE, in preparation for commercial launch Zoned Properties in August…

FridayMar 01, 2024 9:30 am

Advocates Say Biden Missing Huge Opportunity by Not Pursuing Cannabis Legalization

At the moment, marijuana remains illegal at the federal level. This is despite the fact that 38 states have legalized its medical use while another 24 states legally allow recreational use. Marijuana advocates believe the Biden administration is missing out on a chance to attract young voters by not legalizing the drug federally. Thus far, the administration has availed different avenues for cannabis reform, including initiating the process of possibly rescheduling the drug’s status and issuing federal pardons for simple possession. Advocates argue that this isn’t enough, however, noting that President Joe Biden is not addressing marijuana’s criminalization, which has…

FridayMar 01, 2024 4:20 am

420 with CNW — Modified Ballot Measure to Broaden Medical Marijuana Approved in Arkansas

Efforts to enhance accessibility to medical marijuana are gaining traction in Arkansas as advocates and industry stakeholders push for a constitutional amendment slated for the November ballot. Tim Griffin, the state’s attorney general, recently gave the green light to the proposed amendment’s ballot language after making some revisions. Now, supporters have until July 5, 2024, to secure approximately 90,704 registered voters’ signatures, a crucial step in securing a spot on the Nov. 5, 2024, general election ballot. The ballot committee supporting the proposal, Arkansans for Patient Access, is led by Bill Paschall, executive director of the Arkansas Marijuana Industry Association.…

ThursdayFeb 29, 2024 4:20 pm

420 with CNW — New Poll Shows Voters Want Cannabis Taxes to Fund Housing, Education

Opinions among adults in New Jersey vary regarding how the state should utilize revenue from the marijuana tax. However, a recent study sheds light on the prevailing sentiment that most residents do not favor directing marijuana tax funds toward antidrug or law-enforcement initiatives. The study, which was published in the “International Journal of Drug Policy,” polled 1,006 New Jersey residents and gave them seven alternatives for how marijuana tax revenue should be spent, including financing for law enforcement, affordable housing and public health. The study’s findings, compiled by researchers from Drexel and Rutgers Universities, showed that financing for community-based programs…

WednesdayFeb 28, 2024 4:20 pm

420 with CNW — Pennsylvania Bill Seeks to Allow Medical Cannabis Users to Own Guns

Pennsylvania’s Erie GOP Senator Dan Laughlin is initiating a measure to change the gun ownership laws, enabling medical cannabis users to possess firearms. Laughlin argues that Second Amendment rights shouldn't be violated because medical marijuana is a legitimate treatment for symptoms. Laughlin notes that the amendment is aimed at defending constitutional rights and personal liberty. However, changing state laws will not be enough because federal law forbids marijuana users from owning firearms. The senator, who is surprised by the federal government’s passivity, takes inspiration from a case filed by the district attorney of Warren County against federal limits. Robert Greene,…

WednesdayFeb 28, 2024 10:45 am

Germany Approves a Quasi-Legalization Marijuana Law

Germany recently passed a recreational marijuana legislation that decriminalizes marijuana, provides a foundation for cultivation social clubs and permits home growing. Under the legislation, cultivation social clubs are defined as not-for-profit organizations that allow members to obtain cannabis for recreational use. The law, which hasn’t yet been read in the Bundesrat, will be enacted on April 1, 2024. The Bundesrat isn’t required to provide “consent” and will focus more on looking into the measure itself. However, if it does summon the Mediation Committee, then the measure may not go into effect in April as is expected. Bloomwell Group’s CEO and…

TuesdayFeb 27, 2024 4:20 pm

420 with CNW — Why the Federal Government Is Not Acting Fast to Reform Cannabis Laws Despite Public Support

The legal status of cannabis remains complex in the United States, with the Drug Enforcement Administration (DEA) playing a central role. For years, the agency has maintained that cannabis is a highly dangerous and addictive drug and lacks medical value, despite contrary evidence from public opinion, medical research and state laws. This has led to a situation where marijuana is readily accessible in certain states, heavily penalized in others and federally illegal throughout the country. According to Carmel Shachar, a professor at Harvard School of Law, the U.S. courts or Congress could resolve this confusion, but so far, there’s been…

TuesdayFeb 27, 2024 11:15 am

Astrotech Corp. (NASDAQ: ASTC) Reports 512% Jump in YTD Revenue

Astrotech reported financial results for the quarter ended December 31, 2023, recording year-to-date revenue of $1,540,000 The company attributed the growth to the successful fulfillment of two significant purchase orders for the TRACER 1000(TM), the world’s first mass spectrometer-based explosive trace detectors (“ETD”), to customers in Romania Astrotech is focused on commercializing its innovative platform mass spectrometry technology through its wholly owned subsidiaries 1st Detect Corp., AgLAB Inc., Pro-Control Inc., and BreathTech Corp. The company and its subsidiaries are positioned to capitalize on burgeoning markets, including the global mass spectrometry market, expected to grow from an estimated $6.77 billion in…