The state of New York recently permitted eight medical cannabis companies to sell recreational cannabis. This brings the number of companies that can sell recreational cannabis in the state to more than a dozen. In December 2023, six companies received registered organization dispensing licenses, and in January, the Cannabis Control Board approved licenses for two more companies, among them Green Thumb Industries.
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), a company based in Chicago, entered the New York’s marijuana market in 2019, following its acquisition of Fiorello Pharmaceuticals. Currently, the company operates more than 90 recreational marijuana dispensaries in 15 states and 4 medical dispensaries under Fiorello’s medical marijuana license.
Green Thumb’s location in Henrietta, called RISE, is the sole dispensary under the company to have received a license to sell recreational marijuana to customers in New York. The company’s senior VP of Revenue, Dominic O’Brien, stated that the company had been serving medical cannabis patients for almost give years in the state and that would remain a priority for the organization.
While a large share of Green Thumb’s market is still medical marijuana patients, O’Brien noted that he was optimistic and excited about bringing recreational marijuana products already sold in other states to RISE, among them EVO, Incredibles and Dog Walkers.
Medical cannabis providers have been part of the state’s marijuana industry since the implementation of its medical cannabis program in 2016. Medical companies are vertically integrated, which allows them to cultivate, process and sell their own produce under a single license.
In the past, some independent growers have raised concerns that the presence of medical companies might drive them out of New York’s burgeoning recreational market. This sentiment isn’t shared by all, however. The director of policy for the Office of Cannabis Management, John Kagia, states that the companies’ inclusion may help expand the state’s retail capacity at a faster pace.
New York has, in the past, struggled with access to licensed retail dispensaries. In August 2023, a court injunction left many applications that had been submitted to the state’s Conditional Adult-Use Retail Dispensary in limbo, which prevented the Office of Cannabis Management from issuing any other licenses until the injunction was lifted a couple of months later by the supreme court.
With the issue now sorted, Kagia expects that New York may issue more than a thousand licenses to manufacturers, growers, retailers and distributors in the coming months. With these changes, he notes that retailers that sell both recreational and medical marijuana will be required by law to stock products from other suppliers in the market.
Currently, regulations require that all recreational and medical marijuana sold by licensed retailers in New York must be grown in the state.
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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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Hawaii recently introduced a new measure that would establish legal protections for psilocybin’s therapeutic use. Under SB 3019, eligible patients would be allowed to possess the psychedelic and receive it under the care of a trained facilitator.
The legislation, which was sponsored by Senator Chris Lee, was introduced by a task force formed in 2023 to look into breakthrough therapies. While the measure won’t legalize the psychedelic, it would defend eligible patients and their caregivers from state laws against psilocybin. Under SB 3019, mental health professionals would be allowed to recommend therapeutic psilocybin for individuals who met the stipulated eligibility criteria.
Prior to the drug being administered, eligible patients would be required to undergo a preparation session. Once this was done, they would receive roughly five grams of the psychedelic. It should be noted psilocybin administered would not exceed the aforementioned dosage.
Eligible conditions that can be treated with psilocybin under the legislation include major depressive disorder or treatment-resistant depression; post-traumatic stress disorder; demoralization and existential stress; end-of-life anxiety; obsessive-compulsive disorder; substance use disorders; and eating disorders such as bulimia and anorexia.
In its findings section, SB 3019 states that psilocybin has demonstrated promising potential for the treatment of various mental-health conditions, highlighting studies which found that the psychedelic could effectively be used to treat different mental and medical conditions.
The legislation adds that voters in the states of Colorado and Oregon have already adopted laws that regulate and license psilocybin while other states have also made similar proposals to conduct research and created task forces on the same. The legislation also notes that its purpose is to make sure that individuals who struggle with various treatment-resistant, mental-health conditions and trauma aren’t penalized by the state for using psilocybin for therapeutic purposes.
Facilitators will also be required to be 21 years of age or older, be a resident of the state of Hawaii and hold a high-school diploma or equivalent degree. Additionally, all facilitators would need to complete an integration training program on psychedelics. The program’s curriculum has already received approval from the Office of Wellness and Resilience.
Lee explained that there were many cases where psychedelics such as MDMA and psilocybin could help improve the quality of life of individuals at minimal cost, especially in comparison with other treatments.
The FDA has already granted breakthrough therapy designation to psilocybin and MDMA. This designation allows for the faster development and review of drugs that can treat severe illnesses.
In Hawaii particularly, Lee noted that many veterans who suffered from ailments such as PTSD as well as older individuals who sought end-of-life care could benefit from psilocybin.
The psychedelic reform movement making its way around the country and even the world is undoubtedly inspired to a certain extent by the scientific data being unearthed by startups such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ), which are working to commercialize psychedelic treatments.
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Marigold PR, an award-winning public relations agency to the North American cannabis industry, presents the inaugural Radicle Femmes, Canada’s largest networking event celebrating women in cannabis.
Held on International Women’s Day, March 8, 2024, in Toronto, ON, the event is in collaboration with VIP sponsor the Ontario Cannabis Store (OCS), as well as cannabis advisory firm The Panther Group, creative agency Sister Merci, and cannabis wellness brand Solei. Radicle Femmes will highlight the achievements of women entrepreneurs, professionals, and advocates in shaping the industry landscape and will discuss challenges that women continue to face, including access to funding and low representation in the sector.
Held at Soluna Toronto, this event will draw a diverse audience, including entrepreneurs, marketers, consultants, retail decision-makers, licensed producers, brand representatives, and various ancillary services. The format will feature a dynamic program of panel discussions and valuable networking sessions that create a platform for business opportunities. The event’s official tagline, “I can’t believe we still need these events,” reflects the sentiments of many women in the cannabis industry and beyond as the Women Entrepreneurship Knowledge Hub estimates that only 18% of businesses are majority-owned by women in Canada.
“Women are underrepresented in leadership positions in many industries, including the cannabis industry, despite their significant contribution to the sector,” says Tanya Watkins, Vice President, Corporate Affairs, Social Responsibility & Strategic Engagement at the OCS. “The OCS’s commitment to enabling a vibrant cannabis marketplace is tied to supporting a diverse and inclusive industry. We’re proud to sponsor Radicle Femmes, which celebrates the many contributions of women who continue pushing the legal cannabis industry forward.”
Radicle Femmes invites potential partners to join in celebrating and promoting women in cannabis. Sponsorship packages are available and offer a unique opportunity to align your brand with this impactful event. For more information on sponsorship opportunities, please contact [email protected].
(Globe Newswire) Vancouver — EnWave Corporation has signed a technology evaluation and license option agreement with a North American multi-state cannabis company, to lease a 10kW Radiant Energy Vacuum (REV™) dehydration machine to evaluate the value proposition of REV™ technology over incumbent drying methods. The cannabis cultivator’s evaluation is expected to complete before the end of June 2024. If the evaluation is deemed successful, EnWave expects to grant a commercial license and sell REV™ equipment to the cannabis cultivator.
I’m one of those obsessed gardeners who keeps one eye on the plants and another on the weather. During torrential rain, precious potted plants are pulled under cover so as not to drown. In a freeze, they are sheltered. I am constantly checking weather apps to get ahead of the next Pacific storm, and I regularly flip through the pages of the Farmer’s Almanac, hoping for clues on when the next cold Arctic front or drought might arrive.
You’ve undoubtedly heard of the Farmer’s Almanac and Old Farmer’s Almanac. For over 200 years, these illustrious publications have provided gardeners and farmers with the best time and date to plant scarlet runner beans and other precious food crops. Wondering if the best time to harvest tomatoes is during a waxing or waning moon? The almanac has the answer. But bar none, their most infamous claim to stardom is their weather predictions.
Although both publications each boast an accuracy of 80%, a 20th-century study compared five years of predictions to actual conditions and found that their forecasts were about 50% accurate.
So, which is the best crystal ball for your vegetable garden? Research and social media statistics might help you decide.
Old Farmer’s Almanac
Founded in 1792, Robert B. Thomas believed Earth’s weather was influenced by magnetic storms on the sun’s surface. He developed a secret weather that’s been refined over the years. The almanac now uses three disciplines to make long-range predictions:
solar science, the study of sunspots and other solar activity,
climatology, the study of prevailing weather patterns,
and meteorology, the study of the atmosphere.
How they work together remains a secret, but you might grab a few clues by joining their many followers on Instagram: @oldfarmersalmanac.
Farmer’s Almanac
The Farmer’s Almanac is sometimes called the “New Farmer’s Almanac” and was founded in 1818. Its formula also considers sunspot activity, the moon’s tidal action, and the planets’ position. The editors deny using computer or satellite-tracking equipment, weather lore, or groundhogs. The only person who knows the exact formula is the almanac’s weather prognosticator, who uses the pseudonym Caleb Weatherbee. Find them on Instagram: @farmersalmanac.
Environment Canada
Environment Canada (@canenvironment) predicts weather using satellite images, radar technology, and manned and unmanned weather stations throughout Canada. All the data goes to computer programs that extrapolate what could happen. In 2014, the Toronto Star asked Jason Samenow, weather editor for the Washington Post, if he thought Environment Canada’s seven-day forecast was accurate. He said yes and that it has a 70% success rate. Environment Canada, unlike both almanacs, does not suggest the best day to plant peas. You’re on your own for plant dates!
Punxsutawney Phil
When discussing the weather and long-range predictions for the garden, some say the best forecaster is Punxsutawney Phil. Belonging to a cohort of soothsaying groundhogs, Phil lives in Pennsylvania and is noted for predicting an early end to winter or six more weeks of doom and gloom.
His method is basic. He emerges from his hole on Feb. 2nd, and if he sees his shadow – you can expect six more weeks of winter. As for the historical accuracy of his predictions, it turns out that Phil was only right in predicting an early spring seven out of 15 times. At least he’s the mascot of his club, Groundhog.com, and has an Instagram following @Punxsyphil – me now included.
Good Old Fashioned Nature
A gardening friend once told me that her grandmother said snowdrops were a sure sign of spring. The ground had warmed enough for them to break the surface, and it was time to plant. What do you think? What’s your guiding light for springtime planting?
A recent poll indicates that almost one-third of marijuana consumers nationwide would return to purchasing from illegal sources if marijuana were to be rescheduled without preserving legal state marketplaces. The survey, conducted by a website that facilitates medical cannabis physician evaluations, involved nearly 800 respondents.
NuggMD.com reported that its survey findings showed that if cannabis was rescheduled, restricting its legal access to FDA-approved prescription medications, 32% of participants would head to the black market. An estimated 55% of respondents preferred using pharmacies to obtain cannabis, indicating a large preference for legal sources.
Last year, the U.S. Department of Health and Human Services (HHS) made a recommendation to the U.S. Drug Enforcement Administration (DEA), urging the agency to reclassify marijuana from Schedule I to III of the CSA. However, rescheduling would not automatically grant cannabis the status of a legitimate prescription medication. This is because the FDA adopts a distinct drug-approval process and typically excludes botanical substances as prescription drugs.
Despite this, the poll explores how cannabis users might react if their only access is through pharmacies, treating cannabis similarly to other Schedule III drugs. Drugs in this category are usually prescribed and available through pharmacies or under a physician’s supervision. The survey also provides insight into how users feel about possible marijuana schedule changes. Although 47% of respondents think that rescheduling wouldn’t impact their access, a sizable number — 77% of respondents — would rather purchase dispensary cannabis than depend on FDA-approved pharmacies.
Additionally, the poll reveals opinions about federal regulation. Significantly, 69% of respondents prefer separate state markets to a single federal market, and 85% of respondents support removing marijuana from the CSA rather than moving it to Schedule III.
Consumers also express a reluctance to involve the FDA or pharmaceutical companies in marijuana regulation, signaling a strong trust in state-controlled markets. Interestingly, a significant portion is willing to obtain marijuana, even if it means ignoring legal restrictions.
Although reclassifying cannabis from Schedule I to III could facilitate medical use and encourage the creation of FDA-approved medications, the process of doing so takes time. State-licensed dispensaries will probably continue to be accessible for both recreational and medical consumers until then.
There is also skepticism about products, such as raw cannabis flower, gaining approval. This skepticism highlights the need for substitute medical-grade products that can be purchased from pharmacies.
Despite potential changes, legal state markets are expected to remain, providing accessibility and lowering reliance on the black market.
It remains to be seen how the implementation of the expected rescheduling of marijuana will affect companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) that had found a lucrative niche serving plant-touching cannabis companies.
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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Demons and devils and bad voices brewing, negative ideas and fear-based choices, all tied up in our daily days of our mutual currency induced daze. No wonder most are ‘unbalanced’, some to the point of crazy, considering the stresses that get, well, stressed from our first day to yesterday daze.
History, health, diet, relationships, media, school, religion and our very families themselves have all played a role in rolling us towards the shadowy side of life we all have to face.
Please join myself, The New NOW, Cambell from Autodidactic and our first ever three way chat with Ryder Lee or ‘Raised by Giants’ as we tackle our unique and shared perspectives on what is means to be alive in these times of seemingly ‘non-ending’ calamities, crimes and conundrums.
A top cannabis executive recently revealed that several cannabis multistate operators (MSOs) intend to prioritize their wholesale divisions in 2024. Jamie Mendola, the national head of wholesale/purchasing, western region regional manager and chief business development officer at Florida-based multistate operator Ayr Wellness, says that while MSOs focused on wholesale last year, the division will become an even greater priority this year.
Mendola notes that reduced capital will decrease the odds of company growth through mergers and acquisitions or by obtaining more licenses, forcing MSOs to turn their focus to wholesale. He adds that with many vertically integrated cannabis businesses in states such as New York, Massachusetts and Illinois reaching or nearly reaching their total number of retail licenses, wholesale will take higher priority.
The cannabis executive predicted that the “vast majority” of the MSOs in America’s state-level cannabis sector are focusing on organic growth. This growth will likely come from the wholesale division, Mendola said, especially in markets that still haven’t transitioned from medical marijuana to recreational cannabis. However, MSOs will have to overcome challenges such as low cannabis prices to grow their wholesale divisions.
Mendola notes that in Ayr’s case, a double-digit increase in wholesale sales volumes in 2023 was significantly undermined by a double-digit reduction in wholesale prices. Although the company saw notable growth through the end of the year, Mendola says price compression masked a lot of this growth. Limited vertical integration among the newest entrants into the cannabis retail market could help stabilize wholesale cannabis prices as these retailers will need wholesale partners to supply products regularly, Mendola says.
Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) in New York is also hoping the state’s increasing number of retail cannabis retailers leads to positive headwinds for the company’s wholesale division. The company’s CEO Matt Darin said in a recent interview that Curaleaf had already begun selling its cannabis products in the wholesale market, likely in anticipation of the flood of demand expected to come from the retail division.
Unfortunately, this strategy won’t be as effective in mature markets such as Massachusetts where both retail and wholesale divisions are at capacity. MSOs in Massachusetts built massive cultivation facilities when there was easier access to capital and cannabis prices and averaged $3,000 per pound.
Ben Burnstein, a senior associate in charge of corporate development at New York-based cannabis wholesale platform Leaflink, says wholesale prices have now dropped to around $1,400 per pound, partly due to reduced foot traffic in brick-and-mortar stores.
Wholesalers can ensure they remain competitive in the increasingly saturated market by building value for their retail partners through varied product offerings, reliability and consistency, Dazed cannabis cofounder Chris Vianello says.
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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