Manitoba Liberal Party wants to target black market cannabis
The Manitoba Liberal Party is including cracking down on illicit online cannabis sales as part of its platform in the lead-up to the provincial election on October 3.
The party commits to cracking down on the sales of illicit drugs online, specifically referencing an uneven playing field faced by legal cannabis retailers in the province that they say is due to a lack of enforcement on those selling cannabis illegally online.
They promise to give the Liquor, Gaming, and Cannabis Authority of Manitoba (LGCA) more authority to go after these types of websites and services.
From the party platform: “Legal Manitoba-based cannabis stores have struggled to compete because there has been no enforcement against illicit sales, either online or with brick-and-mortar stores. While illicit tobacco sales are being investigated and prosecuted by the province, cannabis sales are not. We will strengthen the legislative authority of the Liquor, Gaming, and Cannabis Authority of Manitoba to ensure they are inspecting and prosecuting illicit sales of cannabis to protect the legal market.”
Dougald Lamont, Manitoba Liberal Leader and MLA for St. Boniface, tells StratCann that what he and his party want to see is the LGCA and the Province of Manitoba “inspecting, enforcing and busting illicit cannabis sales, the same way they crack down on other illicit drugs and on contraband tobacco.”
“If we’re busting people for illegal cigarettes, we should be busting them for illegal cannabis. There are people selling cannabis in storefronts and online with similar packaging, no quality standards.”
“The LGCA and Manitoba Finance need to be working together on actively inspecting and disrupting the illicit cannabis market, and working with other provincial governments, and the federal government, to go after online sales,” he adds. “Right now, legal cannabis stores in Manitoba can’t advertise, but illicit operators can sell online.”
Lamont says this policy proposal is based on feedback he has received from those working in Mantioba’s legal cannabis industry.
“They had a ton of basic common-sense suggestions—enforce the law, make sure we have standards. Really, it’s about getting the government to listen and actually do its job. We’re thankful because the insights into the challenges of the legal cannabis industry were incredible. Big retailers have their place, but the Manitoba Liberal priority is to make sure we have strong independent Manitoba businesses, and that includes legal cannabis shops.”
The Manitoba Liberals are not expected to form government in the upcoming election. The Progressive Conservatives and NDP are currently polling within a few points of each other.
Todd Freisan, the general manager at AAAAA Supercraft, located in Ste-Anne, Manitoba, says he appreciates the proposal’s intent but sees the issue as a national problem, not a provincial one.
“This is a federal issue; this is not a provincial issue,” says Friesan. “What can a province do in terms of stamping out the illicit market online? Not a whole heck of a lot.
“It’s a noble cause to go after some of these shops and try and balance the scales, but at the end of the day, it’s like a hydra: you can cut off one head, and three others come back.
“The only way to really get a hold of the illicit market and start changing people’s minds on the legal market is [addressing] the federal taxation program. That’s the only way it’s ever going to balance itself, when the pricing starts to even itself out. That makes prices higher, and that drives people to the illicit market.”
RJ Kusmack at Fiddler’s Green, a cannabis retailer in downtown Winnipeg, shares a similar sentiment. He says he appreciates that Lamont is trying to address industry concerns, but feels the more significant challenge he faces when it comes to the illicit market is the large number of corner stores and convenience stores that sell cannabis illegally that are also not facing much, if any, enforcement.
In April of this year, Winnipeg police arrested the owner of a convenience store for illegally selling cannabis. Still, Kusmack says many around the city do not face such enforcement.
“They’re all over. They sell it right over the counter: cannabis, tobacco, all kinds of things. They need to do more about that.”
Still, he says the lack of enforcement on illicit online stores frustrates him as someone who follows the provincial rules.
“If I had to do it all over again, I’d probably open up a black market website because of how cheap you can execute it for and the fact there isn’t even a small amount of policing or enforcement. There’s zero.”
While making no specific mention of the illicit cannabis market, the Manitoba NDP has pledged to crack down on drug traffickers with an Unexplained Wealth Act.
While making no reference to the illicit cannabis market, the Manitoba Green Party proposes to legalize growing cannabis at home. The party has in the past lent its support to a court case challenging Mantioba’s ban on growing cannabis at home.
Earlier this year, the Manitoba government, controlled by the Conservative Party, approved a measure to no longer require cannabis retailers to submit Social Responsibility Fee (SRF) payments for 2022 or 2023.
The measure was, in part, based on pressure by the Manitoba NDP on the issue.
The legislation, Bill 10, was first introduced in November 2022 and initially proposed to repeal the fee payments back to January 2023. The government then extended this back an extra year, eventually offering refunds to stores that had paid into the program beyond that date.
Policing the black market online
Unlicensed retailers selling cannabis online have long been a challenge for law enforcement. While many unlicensed brick-and-mortar cannabis retailers closed down in the wake of legalization, the number of f illicit online cannabis sites has increased, with some former brick-and-mortar businesses moving online and many new online stores opening up.
While there have been some notable instances of enforcement against illicit online retailers, they can require lengthy investigations, and law enforcement agencies say they y lack the resources to target them all.
“Unfortunately, it’s been described as a whack-a-mole: we take down one site and two more open up,” Abbotsford BC Police Chief Mike Serr told the Globe and Mail in 2019.
“If you were to do a simple Google search, you would see numerous sites coming up, and one of the issues for consumers is it’s really difficult to tell online who is a legal seller and who is an illegal seller.”
In 2020, a popular subreddit geoblocked a forum dedicated to illicit online retailers in Canada, although the subreddit is still easily accessible through a VPN.
In late 2022, police in BC arrested three people in connection to an illicit online cannabis store. The BC government has also introduced new legislation to help them get a handle on illicit online cannabis sales in the province.
Earlier in the year, BC’s director of civil forfeiture announced the province sought to confiscate cash and eight properties worth nearly $7 million allegedly connected to three illicit cannabis websites.
In August 2022, Edmonton Police Service (EPS) seized a large quantity of illegal cannabis plants and products, along with nearly a kilogram of psilocybin and other property, following a five-month investigation into an illicit online cannabis retailer.
In 2020, Ontario Provincial Police (OPP), along with the Ontario Provincial Joint Force Cannabis Enforcement Team (PJFCET), conducted a raid on an illicit online cannabis retailer.
Nova Scotia RCMP P arrested seven people for an online cannabis sales network in 2020 as well. Police in Newfoundland also targeted an illicit online cannabis store in 2021.
Oregon Opens First Nationwide Addiction Treatment Center Leveraging Psilocybin
A collective of trained and experienced psilocybin facilitators in Oregon has launched the country’s first psilocybin-assisted recovery program for addicts. The program is the result of a partnership between Nexus Center for Consciousness and a team of licensed psilocybin facilitators called Moksha Journeys.
The program will provide a 28-day retreat for adults looking for alternative addiction-recovery treatments. In addition, the program will offer treatment services such as family therapy, guest counseling, movement coaching, sound therapy and acupuncture treatment as well as outdoor recreational services such as hiking southern Oregon’s forests. The Oregon psilocybin-assisted recovery program will hold its first retreat later in September.
Nexus Center for Consciousness is a wellness provider based in Ashland, Oregon, that offers coaching, counseling and wellness services during comprehensive adult retreats for addiction recovery. Moksha Journeys CEO and founder Rose Moulin-Franco says the team designed the psychedelic-assisted treatment program to provide alternative treatment options for people struggling with alcohol and drug dependency who haven’t benefited from traditional treatment approaches. Moulin-Franco is a licensed psilocybin facilitator and a former owner of an outpatient treatment facility. He says the team is excited to begin exploring the therapeutic benefits of psilocybin, especially in regard to addiction treatment.
However, Moulin-Franco noted that the facility was a psychedelic experience retreat not a treatment center. Such recovery retreats are legal under supported adult psychedelic policies and offer various health and wellness-based services “in a retreat setting,” Moulin Franco said.
A growing body of scientific literature on psychedelic compounds such as psilocybin has revealed that the substance may be effective at treating mental conditions such as anxiety, depression, and alcohol and drug dependency. Mainstream interest in psychedelics has surged in recent years thanks to research showing that psychedelics can be especially effective against mental disorders such as PTSD that often fail to respond to conventional treatments. Although research on psychedelics is still scant, results have been promising enough to attract considerable attention from Big Pharma, major investors and lawmakers across the country.
While conventional mental-health treatments such as talk therapy and antidepressants are effective for a portion of the population, many patients find little, if any, relief from using traditional mental-health treatments. Furthermore, these treatments often cause a variety of side effects, including appetite loss, insomnia, headaches, reduced or loss of libido, erectile dysfunction and difficulty reaching orgasm, which can significantly affect patients’ quality of life.
With America in the midst of a mental-health crisis, and mental-health treatment costs skyrocketing, America is sorely in need of safer, more effective, and affordable mental-health treatments.
Such programs give psychedelics startups like Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) clear proof that the public is yearning for alternative treatments to mental health disorders, and psychedelics are poised to address that need.
About PsychedelicNewsWire
PsychedelicNewsWire (“PNW”) is a specialized communications platform with a focus on all aspects of psychedelics and the latest developments and advances in the psychedelics sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, PNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, PNW brings its clients unparalleled recognition and brand awareness. PNW is where breaking news, insightful content and actionable information converge.
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Christina Lake closes first tranche of non brokered private placement of secured convertible notes
(Globe Newswire) Vancouver — Christina Lake Cannabis Corp., further to the press release dated September 7, 2023, the company is pleased to announce that it has closed the first tranche of a non-brokered private placement of secured convertible promissory notes in the principal amount of CDN$3,190,000.
The company issued convertible promissory notes secured by land and buildings. The note bears interest at a rate of 15 per cent per annum over a term of 36 months. Repayment of the note shall be in the form of interest only payments for the first 15 months of the term and a blended principal and interest payment for the remaining term. Outstanding principal and interest from the notes will be convertible into common shares at a conversion price of $0.06 per common share during the term. The company shall also have the right to redeem or repay the notes at any time during the term.
All securities issued pursuant to the offering are subject to a statutory four-month and one day hold period from the date of issuance pursuant to applicable securities laws of Canada.
Proceeds from the offering will be used for repayment of outstanding debentures, working capital and general corporate purposes.
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MI 61-101 Disclosure
Certain insiders of the company participated in the first tranche of the offering for an aggregate total of $1,800,000 in notes. The participation by such insiders is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as no securities of the company are listed or quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and neither the fair market value of the notes to be acquired by the participating directors and officers nor the consideration to be paid by such directors and officers is exceeds $2,500,000.
The company did not file a material change report more than 21 days before the expected closing of the offering as the details of the participation therein by related parties of the company were not settled until shortly prior to closing of the first tranche of the offering and the company wished to close on an expedited basis for sound business reasons.
EnWave announces refreshment of executive stock option position
(Globe Newswire) Vancouver — EnWave Corporation announced today that it has granted Mr. Brent Charleton, CEO and president, an aggregate of 800,000 incentive stock options to replace the 800,000 stock options that expired on September 9, 2023.
The grant of options is subject to the terms of the company’s stock option plan, exercisable at a price of $0.36. The options are exercisable for a term of five years and will vest in one-third increments over eighteen months in accordance with the provisions set out in the plan, or as otherwise required by the TSX Venture Index.
The grant of the options is subject to approval by the TSXV.
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Grimsby residents frustrated by hemp facility after OLT approval
By Abby Green, Local Journalism Initiative Reporter
People neighbouring a proposed hemp facility in Grimsby are raising a stink about it coming to town, even though the project has been given the green light by the province’s land-use planning arm.
Residents turned out in droves to a Sept. 5 council meeting and a Sept. 6 planning committee meeting to voice their concerns over the potential smell and unanswered questions about the facility slated for 29 Kemp Road East.
The company planning to build the facility, Canurta, went before council in February, saying that the facility would process industrial hemp and other crops to extract polyphenols, which could create various health products.
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The original application for a minor variance to a zoning bylaw was denied by Committee of Adjustment in December 2022.
Subsequently, a hearing was held at the Ontario Land Tribunal (OLT) in July, where the tribunal ordered that the facility be allowed provided that “No processing of Hemp leaves or growing or processing of Cannabis or Cannabis-related products shall be permitted on the Subject Property.”
It’s this exception that has councillors and residents alike confused, as the proposed facility is for processing hemp, which is a plant in the cannabis family.
“So is the nuance there that hemp can be processed at the facility, assuming there is approval from Grimsby, that anything that contains CBD, like in the leaf or other cannabis products, would not be allowed?… It looks like it’s conflicting to me,” said committee member Ian Potter.
Walter Basic, the town’s assistant director of planning, attempted to clarify that the growing and processing of cannabis is not permitted on the site, and the restriction on hemp is the processing of hemp leaves.
“So I have some material coming in and I’m allowed to process the stems?” Potter said. “(But) to process the stems, I would have to remove the leaves. But I’m not allowed to remove the leaves (because that would mean) I’m processing the leaves. So, I’m not sure what’s actually being processed at the plant.”
Seven residents delegated, all concerned with the lack of communication from Canurta and alleged circumvention of proper processes, such as building on the site without a permit and a lack of a business plan.
But the biggest concern was still about the potential odour that could come from the facility.
Gordon Van Egmond, a resident who lives near where the facility will be located, said he is baffled by the fact that it seems no one involved has visited a processing facility.
Van Egmond said he works with greenhouses professionally and received correspondence from hemp growers that the facilities smell.
“They state very clearly it is identical to marijuana? and it smells bad when it flowers,” he said.
Lindsay Dixon said that her home, which is west of the subject land, is constantly flooded by the property when it rains or snow melts.
“Now they have all these expectations of putting in this septic system as well, having potentially up to 10 people that are working there,” she said. “What’s going to happen with all of that wastewater groundwater? Where is that all going to end up?”
Another resident, Melissa Shred, said she doesn’t live in the immediate area but wonders how the chip and tar road in front of the proposed business will handle all the truck traffic.
“(The developer) tried to allude to the fact that farmers can harvest their crops. Yes, they harvest crops once a year. That’s it. It’s not every day. It’s not trucks coming back and forth every day,” she said.
Other delegates wondered how the facility was going to be monitored and how much it would cost the town.
Many of these questions were left unanswered, and the committee decided to seek legal opinion on the next steps.
The town had 30 days to appeal the decision with the OLT, but the 30-day window has passed.
Enniskillen Council holds off on decision to extend cannabis approval
By Blake Ellis, Local Journalism Initiative Reporter
The owners of an Enniskillen greenhouse are worried new zoning rules to limit commercial cannabis production will limit their options to rent the facility.
Enniskillen Township passed changes to its official plan Aug. 21 aimed at limiting where the operations can set up in the community after years of issues with High Park Farms on Lasalle Line.
The new rules says indoor operations would have to be on Agricultural or a Mixed Commercial Industrial zoned land. It would also keep the operation 300 meters from playgrounds, sporting venues, community centres, churches or any other place people gather and sleep.
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Any cannabis operators would also need to submit plans to reduce light leakage from the greenhouse. They’ll also have to do studies on traffic impact, noise and air quality if the bylaw passes.
Councillor Mary Lynne McCallum is one of the councillors who pushed to have limits after the neighbours of the now closed High Park Farm cannabis operation on Lasalle Line complained of light pollution and heavy smells when the plants were being harvested. At the time the changes were proposed, McCallum said they were “purely preventative.”
But the new rules leave the owners of the greenhouse – Jack and Christine Greydanus of the Enniskillen Pepper Company – in a bind. And the company wants an exemption for the Lasalle Line greenhouse.
The Township of Enniskillen tabled the site specific bylaw amendment on Aug. 21 to continue to allow commercial cannabis cultivation on the property of Jack and Christine Greydanus on Lasalle Line and promised to discuss it again in a month.
Christine Greydanus told council she and her husband have invested significantly in the greenhouse when Tilray set up High Park Farms and now are being asked by neighbours who oppose a commercial cannabis operation to be downzoned.
“The conduct of our tenant was unacceptable,” said Greydanus, and the tenant modified its practices once complaints were made.
They intended to be good neighbours, said Jack Greydanus, but this ‘failed miserably.’
Still, Greydanus believes a commercial cannabis should be allowed on the property since one had existed in the past.
Trevor Brand – who mother lives right across the road from the greenhouse – said many of the things put in place on the property to deal with light pollution, noise and odour didn’t work when High Park Farms was still operating.
He said there has also been significant loss in property values to many neighbouring properties. “Not to mention the mental stress which has brought my mom and I to our breaking point,” said Brand, as his voice cracked and the large number of supporters in the council chamber applauded.
Council gave the green light to the zoning bylaw amendments for commercial cannabis production regulations and endorsed the proposed official plan amendments at the meeting. The official plan amendments will be submitted to the County of Lambton for approval.
But it put off a decision on allowing commercial cannabis operations to continue on the Lasalle Line property until its Sept. 18th meeting.
Lexaria Bioscience Corp.’s (NASDAQ: LEXX) Investigational Research Programs Position the Company for Important Partnership Opportunities and Growth
- Lexaria Bioscience has completed several studies that confirm and support the superiority and advantages of its patented DehydraTECH(TM) technology over traditional oral delivery methods
- The company recently announced results from its human oral nicotine study NIC-H22-1 comparing its DehydraTECH-nicotine pouch to world-leading brands, Zyn(R) and on!(R)
- Results from the study demonstrated that DehydraTECH-nicotine was statistically significantly faster in reaching Tmax than both brands
- Lexaria has also undertaken other investigational research programs, including the analysis and execution of hypertension, diabetes, hormone therapy, and dementia studies, which could birth excellent partnership opportunities, supporting further growth
- A report by Zacks Investment Research discussed the nicotine study alongside Lexaria’s other recent milestones, maintaining a $12.00 price target
Lexaria Bioscience (NASDAQ: LEXX), a global innovator seeking to enhance the bioavailability of multiple active pharmaceutical ingredients using its patented DehydraTECH(TM) drug delivery technology platform, continues to devote an increasing proportion of its resources and focus toward research and development (“R&D”) as part of its overall goal to establish areas of investigation for commercial pursuits and reduce risks of the unknown for both commercial and regulatory goals.
In the three months ended May 31, 2023 (“Q3 2023”), for example, the company increased its R&D expenses 118% year over year to $1.64 million in Q3 2023 from $752,095 in Q3 2022, with a recent Zacks Investment Research report attributing this expenditure to Lexaria’s multiple DehydraTECH investigational research programs then underway, including analysis and execution of hypertension, nicotine, and diabetes studies (https://cnw.fm/syN1c). The report also lauded the company’s efficient use of capital, which allowed its R&D activities to expand into new preclinical work, including hormone therapy and dementia.
“While still at an early stage, these programs could be excellent partnership opportunities that will support further growth and potentially provide growth capital,” reads the report (https://cnw.fm/I4VUz). “Research efforts around these indications help further characterize DehydraTECH-CBD and its advantages compared with traditional delivery methods.”
The company has completed several studies confirming and supporting DehydraTECH’s superiority and advantages over traditional oral delivery methods. One such study, the human nicotine study NIC-H22-1, compared its DehydraTECH-processed nicotine tobacco-free pouch to two oral nicotine pouch brands, Zyn(R) (from Swedish Match) and on!(R) (from Helix Innovations LLC, a subsidiary of Altria Group Inc.) The randomized, double-blinded, crossover study involved 36 subjects, each dosed three times over several weeks. In May, the company announced that the dosing of the 36 patients was completed and, in early August, issued a press release announcing topline results.
Results from the study demonstrated a statistically significant difference between the time taken to achieve maximum blood saturation levels (“Tmax”) for DehydraTECH-nicotine and both Zyn and on! “Time to Tmax of 15.37 minutes was 2.3 minutes faster than what was produced in the on! arm and 3.1 minutes faster than the time measured in the Zyn arm. In percentage terms, this represented a 15% and 20% faster response to achieve maximum blood saturation levels,” summarizes the report.
Lexaria also used as a benchmark the Tmax to be reached with a combustible cigarette, citing a pharmacokinetic study that put the figure at 8 minutes. “Relative to this benchmark, the company put together a comparison of other nicotine delivery methods, including the data generated from the NIC-H22-1 study. Of the eight comparable vehicles, DehydraTECH oral pouch was the fastest to Tmax relative to combustible cigarettes,” the report continues.
The study also evaluated qualitative aspects of DehydraTECH-nicotine, reporting its superiority across six different categories that examined the desirable and undesirable attributes of nicotine consumption. The categories included euphoria and head rush, tolerability, pleasure, mouth and throat burn, nausea, and hiccups. With these positive results in hand, Zacks expects that partner work with global tobacco juggernauts will expand.
“Within just five short years of R&D and product development, Lexaria has been able to develop an oral nicotine product that meets or exceeds the performance of the world’s leading existing brands,” commented Lexaria CEO Chris Bunka in an August 9 press release (https://cnw.fm/MKN9L). “This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths.”
Zacks’ report also covered Lexaria’s other recent milestones, including the move to incorporate a new wholly owned subsidiary called Lexaria Nutraceutical Corp. The move is intended to optimize the company’s strategy, helping maximize the potential for its DehydraTECH technology in multiple markets worldwide. Moreover, the report discussed Lexaria’s recent publications, patents, and capital raise, as well as details from its hypertension and diabetes studies.
With the recently released nicotine data preparing Lexaria to enter into discussions with prospective partners and its hypertension program on course to result in an Investigational New Drug (“IND”) application, Zacks maintains a price target of $12.00 per share.
For more information, visit the company’s website at www.LexariaBioscience.com.
NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX
About CannabisNewsWire
CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.
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420 with CNW — Maryland Unveils Online Portal Allowing Cannabis Social-Equity Applicants to Verify Eligibility
The state of Maryland has unveiled a new online portal that will allow marijuana social-equity applicants to verify their eligibility for social-equity licenses before they can officially submit applications later in the year. According to a recent statement from the Maryland Cannabis Administration (MCA), the state’s Social-Equity Verification Portal will be open to the public beginning Sept. 8, 2023.
Maryland Cannabis Administration Acting Director Will Tilburg said the goal of the verification tool is to provide people interested in social-equity status with a means of determining their eligibility before regulators officially open the application period. Like most states with legal cannabis programs, Maryland’s cannabis legalization policy includes social-equity provisions meant to reinvest in communities disproportionately impacted by the decades-long war on drugs. The new verification tool is the latest in Maryland’s efforts to implement its cannabis social-equity goals ahead of the application period.
Regulators will issue the first round of new cannabis cultivation, processing and retail licenses to social-equity applicants exclusively, making social-equity status extremely attractive for entrepreneurs looking to enter Maryland’s nascent cannabis industry as soon as possible. Maryland launched recreational cannabis sales on July 1, 2023, through its network of existing medical cannabis operators who acquired dual licenses that allowed them to sell both medical and recreational cannabis. The new round of licenses is exclusively for recreational cannabis operators and will allow them to tap into an industry predicted to reach a billion dollars in valuation by 2025.
Maryland classifies social-equity applicants as businesses that are at least 65% owned by individuals who live or have lived for at least 5 of the past 10 years in an area designated as “disproportionately impacted” by cannabis criminalization. Social-equity applicants should also have gone to a public school in the designated area for a minimum of five years or a Maryland college where at least 40% of the students qualify for a federal pell grant.
State officials announced the launch of the free online verification portal on the same day the Maryland Cannabis Administration’s Office of Social Equity published data on zip codes, colleges and public schools that are eligible for social-equity status.
The Maryland Department of Commerce (DOC) has also begun accepting applications for a multimillion dollar program to help social-equity applicants open cannabis businesses in the state. The $40 million program will provide grants to social-equity applicants with preapproval and help medical cannabis businesses convert their single licenses into dual licenses.
When the recreational cannabis industry gets fully underway in Maryland, the state could see many thriving companies in the way that entities such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) are thriving in the markets within which they have operations.
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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BC cannabis producer Tricanna victim of break and enter
A cannabis processor in Mission, BC was broken into in the early morning of September 11.
Tricanna, a cannabis processor who works with numerous cannabis growers to bring products to market, posted about the break-in on their Instagram page.
The post states that no staff were harmed but a “significant amount” of product was stolen. It also notes the processor is working with RCMP on the issue.
Dayne Lange, the CFO and one of the founders of TriCanna, tells StratCann that she received alerts on her phone around 3:45 am on Monday, Sept 11 and watched the break-in occur live on a security camera feed while they waited for police to arrive.
“It was so organized. They had all the tools they needed to get the job done in the time frame they needed,” says Lange. “They were emptying out our secure room and all of a sudden they just left, so they obviously had someone telling them when to leave.”
A video shared on twitter that was said to be from security footage, now removed, showed what appeared to be a large vehicle ramming open an outside door or wall, providing several individuals in high-vis vests and face masks access to enter the building and begin cutting open a secondary inside door. One of the individuals knocked the video camera off its stand just before the video ends.
Lange says the RCMP have confirmed that they have suspects in mind and they are actively investigating.
She also wants to allow this incident to serve as a warning to others in the industry to remain vigilant.
“We just want to let everyone know, no one should be taking the legal industry for granted right now in relation to security.”
BC RCMP did not immediately respond to a request for comment on details about the break-in.
Another cannabis processor, Pistol and Paris, was the victim of a similar break-and-enter on the early morning of July 18, with several individuals smashing through a grate, cutting into a Sea-Can to gain access to a storage building, and making off with a large quantity of cannabis.
Police who responded to the call briefly pursued the truck as it was leaving the facility but were unable to immediately catch them.In August 2022, Police in Abbotsford, BC, put out a press release warning of several recent home invasions at licensed medical cannabis grows in the area, saying they appeared to be coordinated efforts by a team targeting grow operations at people’s homes.
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