LSD was discovered less than a hundred years ago, in 1938 to be precise, by Albert Hofmann. Hofmann, who was a chemist at the time, was working at a Swiss pharmaceutical firm. Its hallucinogenic effects were discovered years later though, in 1943, when the chemist accidentally consumed a small amount.
In the 60s, the drug was heralded in hippie counterculture, before being banned with the introduction of the Controlled Substances Act. Did you know that LSD was used by the Nazis as a truth serum, with the CIA also using it in experiments?
Following the drug’s discovery, the company Hofmann was working at, Sandoz, began looking into its potential as a new drug for mental health. Sandoz’s CEO at the time, Arthur Stoll, corresponded with Richard Kuhn about the discovery. Kuhn was the leading biochemist in Hitler’s camp at the time.
These developments were taking place as World War II raged on and with the Nazis growing even more paranoid about opponents in the regime, it was inevitable they’d resort to new techniques to extract truth. It is estimated that the Nazis operated over 1,000 concentration camps while they were in power, with many being used for medical experiments.
SS documents show that various tests were carried out using LSD to determine how to extract secrets from prisoners.
Following the liberation of some camps, Americans stumbled on similar documentation showing what the Nazis had been conducting research on. Soon after, the American military’s interest in LSD peaked, with the CIA taking over research on the psychedelic. Project MK-Ultra, led by the CIA, investigated the effects of LSD on human subjects, often without obtaining consent.
The agency’s objective had been mind-control and while that wasn’t successful, the agency did determine that the psychedelic could disrupt an individual’s thinking. This was in the 1950s, when America was paranoid that the Soviets were brainwashing individuals using drugs.
Using LSD, the U.S. military thought it could develop a pharmacological weapon. This wasn’t successful though, with the project being condemned for its use of individuals without their consent.
Now, the psychedelic is being used in medical treatment and research. Various studies have already found that when combined with therapy, the drug may be effective in treating a range of mental conditions, including anxiety, depression, and addiction.
Many hope that in the future, LSD along with other psychedelics will be approved as treatment options for a range of mental disorders. This comes as many psychedelic drug development companies like atai Life Sciences N.V. (NASDAQ: ATAI) have invested heavily in taking several of these compounds through the clinical drug development process so that regulatory agencies can approve their formulations.
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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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Kentucky is making significant progress toward introducing medical cannabis as an option for healthcare in the state. Recently, 26 businesses were chosen to cultivate and process medical cannabis, which will soon be available for sale across Kentucky. The businesses earned their licenses through a random lottery held at the Kentucky Lottery office in Louisville.
Governor Andy Beshear expressed enthusiasm about the milestone, highlighting that all medical marijuana activities—from cultivation and processing to testing and dispensing—will occur within Kentucky. Further, he stated that the lottery was a step closer to providing safe and affordable access to medical marijuana for Kentuckians dealing with severe health conditions.
In his remarks, Beshear shared that the start date for patient access could be as soon as January 1 or shortly thereafter, as dispensaries and other necessary facilities begin operations. “A new day is approaching in Kentucky,” he noted, with safe, regulated medical cannabis soon available to support qualifying patients in managing their health conditions.
The Office of Medical Cannabis (OMC) executive director, Sam Flynn, shared that the state received 4,998 applications for business licenses related to medical cannabis, with 918 applicants aiming for processing and cultivation roles. Approximately 84% of these applications were approved for participation in the lottery.
Flynn further explained that the lottery approach was based on examining best practices in other states with established medical marijuana programs. “We prioritized creating a transparent and fair process from the start,” he added.
The lottery winners have fifteen days to pay their processing or cultivation license fees or risk losing the license. Once fees are paid, the OMC will officially grant the licenses, allowing businesses to start operations.
Under the program, cultivators will be required to grow cannabis in secure, locked facilities. They will then sell the harvested cannabis to processors, who will develop various medical cannabis products from the raw material.
A date for a separate lottery to award 48 dispensary licenses is expected to be announced on Thursday.
In September, the state took an initial step by awarding its first marijuana business license to a testing laboratory in Nicholasville. The facility is expected to examine products for safety and quality before they reach patients.
Eligible conditions include any form or stage of cancer; severe, chronic, or incapacitating pain; epilepsy or other chronic seizure disorders; post-traumatic stress disorder (PTSD); multiple sclerosis or associated muscle spasms; and chronic nausea or vomiting that resists conventional treatments.
The entire cannabis industry, including firms like Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF), will be hoping that the roll out of the medical marijuana program in Kentucky goes without a hitch and gives patients who need those products a chance to access them legally.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The 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. 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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A new report from city staff in Winnipeg says there have been no public complaints or licence applications following the designated medical cannabis production zoning amendments adopted in 2022.
The city adopted their new bylaw to regulate designated medical cannabis production sites in April 2022 following community concerns at such operations occurring in residential areas within the city. Health Canada allows the licensing of designated individuals to grow cannabis for others who are authorized to access cannabis for medical purposes.
As part of Winnipeg’s 2022 bylaw, city staff were also required to put together a report two years later on the effectiveness of the new licensing program. Staff were given an extra six months in April 2024 to complete the report, which is scheduled to be reviewed by the city’s Standing Policy Committee on Property and Development on November 8.
The report notes that since the program’s implementation, there have been no licence applications for designated cannabis production facilities. It also points out that the city has not received any calls from residents about such licences during this time.
City staff also note that while Health Canada’s public portal said at one point there were around 2,000 designated and personal medical growers operating in Manitoba, as of October 2022, these numbers now show fewer than 20 designated growers in the province.
While personal and designated production licences had seen several years of steady declines, a recent report from Health Canada notes an uptick in licence issuances in 2024, including in Manitoba.
The number of personal and designated medical grow inspections conducted by Health Canada has been increasing in the last few years. There have been more than 300 such inspections in the previous two years.
All such designated growers of cannabis for medical purposes in the City of Winnipeg are required to be licensed under, and comply with, the bylaw. The licensing program allows city officials to conduct inspections, suspend or revoke a licence, or issue a fine if there are health and/or safety concerns.
Manitoba also recently passed a law that will allow people in Manitoba to grow up to four cannabis plants at home, although the law is still not in force. The staff report says that public consultation will be launched through Manitoba’s online consultation platform, EngageMB in the fall of 2024, with proclamation expected to be in early 2025.
City staff does not recommend any changes to the city’s bylaw.
(CNW) Calgary – SNDL Inc. reported its financial and operational results for the third quarter ended September 30, 2024. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated.
SNDL has also posted a supplemental investor presentation on its website, found at https://sndl.com.
The company will hold a conference call and webcast presentation at 10:00 a.m. EST (8:00 a.m. MST) on Tuesday, November 5, 2024. The conference call details can be found below.
THIRD QUARTER 2024 FINANCIAL AND OPERATIONAL HIGHLIGHTS
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Net revenue for the third quarter of 2024 was $236.9 million, compared to $237.6 million in the third quarter of 2023, a decrease of 0.3%. This decrease was driven by market softness in the Liquor Retail segment, while both Cannabis Retail and Cannabis Operations segments posted strong growth. This represents an increase of 3.8% in net revenue quarter on quarter, as compared to net revenue of $228.1 million in the second quarter of 2024.
Achieved a gross profit of $63.0 million, representing a record gross margin of 26.6% of sales in the third quarter of 2024, up from 20.5% in the third quarter of 2023. The 30% improvement in gross profit year-over-year, or 8.3% improvement quarter-on-quarter, highlights the continuous success of the Company’s margin improvement initiatives, including data licensing programs, mix optimization and supply chain productivity initiatives.
Operating loss was $18.5 million for the third quarter of 2024, driven by a negative valuation adjustment of equity-accounted investees (SunStream portfolio) of $13.4 million and restructuring charges of $1.9 million. This compares to a loss of $16.4 million in the third quarter of 2023, which included a favorable equity-accounted investees valuation adjustment of $6.6 million. Excluding the volatility of these non-cash valuation adjustments, we continue to see material improvements in profitability.
Cash flow was positive by $80.0 million in the third quarter of 2024, compared to $16.5 million in the third quarter of 2023, as a result of profitability improvements and the repayment of loan investments. Year-to-date cash flow is positive by $67.9 million.
Free cash flow in the third quarter of 2024 was positive $9.2 million, compared to $16.3 million in the third quarter of 2023. This result brings year-to-date free cash flow to negative $2.8 million, compared to negative $62.3 million in the first nine months of 2023. SNDL is on pace to deliver positive free cash flow for the 2024 calendar year, in line or ahead of guidance.
Third quarter results reflect dynamic 8% net revenue growth from our combined Cannabis businesses, while reaching a new record high gross margin, despite continued softness in Liquor sales. In addition to continued operational improvements, the following examples highlight strategic initiatives driving SNDL towards sustained profitable growth:
Completed the acquisition of the principal indebtedness of Delta 9 for a purchase price of $28.1 million in early July, becoming its senior secured creditor with a first-priority security interest in all assets of Delta 9 and certain of its subsidiaries.
By mid-July we announced a restructuring program aimed at reducing corporate overheads, improving organizational efficiency, and delivering ongoing annualized savings of over $20 million. The program is on track with more than $2 millionsavings delivered in the third quarter ($10.3 million annualized).
SNDL collected US$73 million in early August from SunStream, following the loan repayment to SunStream representing a majority of Ascend’s outstanding balance and the full outstanding balance of Jushi.
SNDL’s stalking horse bid was chosen as the successful bid in the acquisition of the Indiva Group’s business and assets, as announced on August 29. This acquisition has closed and positions SNDL as the market leader in the Canadian edibles category.
On October 21, SNDL announced the closing of the plan of arrangement pursuant to which SNDL has privatized Nova Cannabis Inc. through the acquisition of the remaining minority equity interest.
The Company had $763.8 million of unrestricted cash, marketable securities and investments and no outstanding debt, with $263.0 million of unrestricted cash as of September 30, 2024. Subsequent to the end of the quarter, $37.3 million was used to pay the cash consideration portion of the acquisition of Nova’s minority equity interest. SNDL has not raised cash through share offerings since June 2021.
“We are pleased with the substantial progress reflected in our results for the third quarter of 2024 as we advance towards sustainable profitability. Our team delivered a record gross margin, positive cash flow and free cash flow, and closed the quarter with over a quarter billion dollars in unrestricted cash and zero debt. We are materially improving our operational performance while executing multiple strategic initiatives that we believe will solidify our foundation and drive sustained, profitable growth,” said Zach George, Chief Executive Officer of SNDL. “Our strong balance sheet serves as a beacon for future opportunities, allowing us to thoughtfully deploy capital into organic and inorganic investments with attractive, risk-adjusted returns. I am more confident than ever that our team – setting new records with each quarter – has the expertise and drive to unlock SNDL’s significant potential.”
THIRD QUARTER 2024 KEY FINANCIAL METRICS
OPERATING SEGMENTS
($000s)
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Liquor
Retail
Cannabis
Retail
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Cannabis
Operations
Investments
Corporate
Total
Three months ended September 30, 2024
Net revenue
144,565
81,144
25,007
—
(13,824)
236,892
Gross profit
36,951
20,710
5,307
—
—
62,968
Operating income (loss)
11,795
4,395
(703)
(7,824)
(26,174)
(18,511)
Adjusted operating income (loss) (1)
11,795
4,395
(578)
(7,824)
(24,381)
(16,593)
Three months ended September 30, 2023
Net revenue
151,801
75,539
20,954
—
(10,699)
237,595
Gross profit
37,263
20,046
(8,704)
—
—
48,605
Operating income (loss)
8,278
3,432
(13,957)
9,886
(24,023)
(16,384)
Adjusted operating income (loss) (1)
8,278
3,432
(14,153)
9,886
(22,992)
(15,549)
(1)
Adjusted operating income (loss) is a specified financial measure that does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures reported by other companies. See “Non-IFRS Measures – Adjusted operating income (loss)” below.
THIRD QUARTER 2024 RESULTS
SNDL’s business is operated and reported in four segments: Liquor Retail, Cannabis Retail, Cannabis Operations and Investments.
Liquor Retail
SNDL is Canada’s largest private sector liquor retailer, operating 166 locations, predominantly in Alberta, under its three retail banners: “Wine and Beyond“, “Liquor Depot“, and “Ace Liquor“.
Net revenue for Liquor Retail sales was $144.6 million in the third quarter of 2024, compared to $151.8 million for the same period in the year prior. The 4.8% reduction year-over-year was driven by overall market slow-down in customer traffic.
Same-store sales decreased by 5.0% for stores operating in the third quarters of 2023 and 2024. Same-store sales refer to the revenue generated by the Company’s existing retail liquor locations, which operated during the current and comparative periods.
Gross profit for Liquor Retail was $37.0 million, or 25.6% of sales, in the third quarter of 2024, compared to $37.3 million, or 24.5% of sales, in the third quarter of 2023. The Company achieved record gross margin for its Liquor Retail segment in August of 2024, with margins reaching 26.5%, mainly driven by productivity in procurement, mix management and pricing optimization initiatives.
Operating income for Liquor Retail was $11.8 million in the third quarter of 2024, compared to $8.3 million in the third quarter of 2023, an impressive 42.5% improvement despite lower revenue.
SNDL’s proprietary data licensing program for Liquor Retail which launched in the first quarter of 2024, saw a 23% increase in revenue compared to the prior quarter.
As of November 4, 2024, the Ace Liquor store count was 134, the Liquor Depot store count was 19, and the Wine and Beyond store count was 13.
Cannabis Retail
SNDL is Canada’s largest private-sector cannabis retailer by number of stores, operating 187 locations under its three retail banners: “Value Buds“, “Spiritleaf“, and “Superette“. The Company’s Cannabis Retail strategy is based on several pillars, including the quality of its store locations, its range of products, and the unique experiences provided to customers. Using data and insights from a large volume of monthly transactions enables SNDL to leverage technology and analytics to inform and improve its retail strategy.
Net revenue for Cannabis Retail in the third quarter of 2024 was $81.1 million, compared to $75.5 million in the third quarter of 2023. The 7.4% increase year-over-year was driven by productivity improvements and new stores opened throughout the year.
Same-store sales increased 2.3% for stores operating in the third quarters of 2023 and 2024, in line with the first half of the year. Same-store sales refer to the revenue generated by the Company’s existing retail cannabis locations, which operated during the current and comparative periods.
Gross profit for Cannabis Retail was $20.7 million, or 25.5% of sales, in the third quarter of 2024, compared to $20.0 million, or 26.5% of sales, in the third quarter of 2023, a 3.3% increase year-over-year.
Operating income for Cannabis Retail was $4.4 million in the third quarter of 2024, compared to $3.4 million in the third quarter of 2023, an increase of 28.1% year-over-year.
SNDL’s proprietary data licensing program generated revenue of $4.0 million for the third quarter of 2024, in line with the same period in the year prior.
As of November 4, 2024, the Spiritleaf store count was 81 (20 corporate stores and 61 franchise stores), the Superette store count was 4 corporate stores, and the Value Buds store count was 102 corporate stores.
Cannabis Operations
SNDL has a diverse brand portfolio from value to premium, emphasizing premium inhalable formats and a full suite of 2.0 products. With enhanced procurement capabilities and plans to continue evolving toward a cost-effective cultivation and manufacturing operation, the Cannabis Operations segment is a key enabler of SNDL’s vertical integration strategy.
Net revenue for Cannabis Operations for the third quarter of 2024 was $25.0 million, up 19.3% from $21.0 million in the third quarter of 2023, mainly as a result of increasing provincial board and Business-to-Business distribution and a continued focus on consumer innovation, quality and operational efficiencies.
We are encouraged by the strong demand for our products, as evidenced by the opening of 71 new distribution points during the third quarter and the increase in international orders for the fourth quarter.
Gross profit for the segment in the third quarter of 2024 of $5.3 million, an increase of $14.0 million from negative $8.7 million in the third quarter of 2023. The record gross margin of 21.2% for the segment is supported by a strong productivity program.
Operating income for the third quarter of 2024 improved by $13.3 million over the same period in the prior year, going from negative $14.0 million to negative $0.7 million. The substantial increase in operating income results from margin expansion, reduced overhead spending, and operational efficiencies.
Investments
As of September 30, 2024, the Company has deployed capital to a portfolio of cannabis-related investments with a carrying value of $500.4 million, including $451.1 million to SunStream Bancorp Inc. (“SunStream“). This carrying value was reduced by $100.1 million during the third quarter of 2024, mainly driven by the cash collections on outstanding loan balances to SunStream from Ascend Wellness Holdings, Inc. (“Ascend“) and Jushi Holdings Inc. (“Jushi“).
In July 2024, Ascend repaid approximately 80% of their outstanding loan balance with SunStream, amounting to US$12 million. On July 31, 2024, Jushi repaid their full outstanding balance of US$53 million with SunStream. Both repayments occurred several months ahead of the maturity date, increasing SNDL’s cash liquidity and enabling the deployment of additional capital to support our growth agenda.
In the third quarter of 2024, the investment portfolio generated negative operating income of $7.8 million, including a $13.4 million negative valuation adjustment of equity-accounted investees (SunStream portfolio). This compares to a positive operating income of $9.9 million in the third quarter of 2023, which included a favorable $6.6 million valuation adjustment of equity-accounted investees.
SunStream is a joint venture sponsored by SNDL. During 2023, SunStream directed the formation of the SunStream USA group of companies (“SunStream USA Group“) in connection with the restructuring of certain loans provided by SunStream. SunStream USA Group is anticipated to be a U.S. platform with one or more independent third-party investors, which will be independently managed and governed.
During the third quarter of 2024, the credit portfolio controlled by SunStream comprised five investments: Jushi, SKYMINT Brands (“Skymint“), Ascend, Surterra Holdings, Inc. d/b/a Parallel (“Parallel“), and Columbia Care Inc.
The previously announced transactions to acquire certain operations and assets of Parallel and Skymint continue to be subject to certain conditions and regulatory approvals.
SNDL continues to monitor local and international regulatory changes, including the potential reclassification of marijuana from a Schedule I drug to Schedule III drug under the U.S. Controlled Substances Act, or the outcome of amendment 3 vote to legalize recreational marijuana for adults aged 21 and older in Florida. These decisions do not directly affect SNDL’s operations, which are located solely in Canada, though they would have a favorable effect on the SunStream joint venture investments in the United States.
Equity Position
$763.8 million of unrestricted cash, marketable securities and investments, including investments in equity-accounted investees, and no outstanding debt at September 30, 2024, resulting in a net book value of $1.2 billion.
Subsequent to the three months ended September 30, 2024, SNDL issued 159,792 shares as the share consideration for the acquisition of Nova’s minority equity interest, in addition to the $37.7 million in cash consideration mentioned above.
On November 13, 2023, the Company announced that its board of directors had approved a renewal of the share repurchase program upon its expiry on November 20, 2023. The Company’s share repurchase program continues to be available to lower the outstanding share float. SNDL will continue to assess opportunities to utilize the program to the extent that management believes it is in the best interest of SNDL’s shareholders. Subsequent to the quarter end, in October 2024 the Company repurchased 59,417 common shares for cancellation under the share repurchase program at a price of US$1.90 per share.
This press release is intended to be read in conjunction with the Company’s condensed consolidated interim financial statements and the notes thereto for the three and nine months ended September 30, 2024, and the accompanying Management’s Discussion and Analysis. These documents are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.shtml.
CONFERENCECALL
The Company will hold a conference call and webcast presentation at 10:00 a.m. EST (8:00 a.m. MST) on Tuesday, November 5, 2024.
WEBCAST ACCESS To access the live webcast of the call, please visit the following link:
SNDL posted $236.9 million in revenue in the third quarter of 2024, with an $18.5 million loss.
Q3 2024, which includes the three months ending September 30, 2024, saw the Alberta-based company remain relatively level, year-over-year, in terms of revenue, but a 13% increase in net losses from the same period in 2023. In its previous quarterly report, SNDL reported a $4.6 million loss in adjusted operating income.
The company, which operates cannabis and alcohol businesses, posted net revenue of $81.1 million from its retail cannabis operations and $25 million from its cannabis operations. SNDL reported $4.4 million in adjusted operating income from its retail cannabis operations and a $578,000 loss on its cannabis production businesses.
Retail cannabis net revenue was up 7.4% from the same period in the previous year at $75.5 million, and adjusted operating income was up from $3.4 million. Net revenue from SNDL’s cannabis operations was up from $21 million in Q3 2023, while its adjusted operating loss was down from $14.2 million.
SNDL is Canada’s largest private-sector cannabis retailer by the number of stores, operating 187 locations in the most recent quarter under its three retail banners: “Value Buds”, “Spiritleaf”, and “Superette”. Same-store sales increased 2.3% in Q3 2024 compared to Q3 2023. As of November 4, 2024, the Spiritleaf store count was 81 (20 corporate stores and 61 franchise stores), the Superette store count was four corporate stores, and the Value Buds store count was 102 corporate stores.
SNDL also brought in $4 million through its “proprietary data licensing program” in the third quarter of 2024.
“We are pleased with the substantial progress reflected in our results for the third quarter of 2024 as we advance towards sustainable profitability,” said Zach George, Chief Executive Officer of SNDL. “Our team delivered a record gross margin, positive cash flow and free cash flow, and closed the quarter with over a quarter billion dollars in unrestricted cash and zero debt. We are materially improving our operational performance while executing multiple strategic initiatives that we believe will solidify our foundation and drive sustained, profitable growth.”
On November 4, SNDL also announced that it had successfully closed its acquisition of the Indiva Group’s business, a move the company says will make it a leader in producing cannabis edibles in Canada.
The acquisition includes Indiva’s facility in London, Ontario, and a portfolio of owned and licensed brands like Pearls by Grön, No Future gummies and vapes, Bhang chocolate, Indiva Blips tablets, Indiva Doppio sandwich cookies, and Indiva 1432 chocolate. Indiva boasts a portfolio of seven brands and 53 listed SKUs, all manufactured in the company’s 40,000-square-foot production facility.
The DEA recently revealed that a hearing on cannabis rescheduling is being delayed until next year. This news comes after the agency’s administrator Anne Millgram gave the stamp of approval for more than 24 witnesses to take part in the hearing this coming week.
Soon after this, Chief Administrative Law Judge John Mulrooney gave a preliminary order indicating that the data provided on those supposed to testify was inadequate and requested additional details. He also hinted at a formal hearing being scheduled for January or February of next year.
When the department of justice proposed that marijuana be moved to Schedule III earlier this year following a scientific review, stakeholders and advocates had hoped the process would be complete by the year’s end.
This seemed to be the case, with the DEA scheduling the hearing for December 2nd,after the November elections but before inauguration. The hearing was set following a public comment period, which saw thousands upon thousands of individuals weigh in on the issue. It would focus on collecting additional input from experts.
Now, the order given by Mulrooney states that the list of participants for the hearing offered no indication whether they opposed or supported the proposed change.
The order calls attention to the fact that the list didn’t contain notices of appearance, phone numbers or addresses, only list of organizations and persons together with their email addresses. In his order, Mulrooney notes that selected participants are required to provide these details by November 12th.
The list of witnesses chosen by the DEA include Smart Approaches to Marijuana, the American Academy of Hospice and Palliative Medicine, National Cannabis Industry Association, Veterans Initiative 22, Cannabis Industry Victims Educating Litigators, Drug Enforcement Association of Federal Narcotics Agents, National Drug and Alcohol Screening Association, Cannabis Bioscience International Holdings, Counsel for the Government, National Transportation Safety Board, Community Anti-Drug Coalitions of America and the Commonwealth Project, among others.
The judge added that while an initial hearing would still occur on Dec. 2nd, no evidence or testimony would be taken.
NORML Deputy Director Paul Armentano commented that there was a possibility that the process could take longer than many would’ve liked or anticipated. He added that the administrative process was complicated, noting that historically, challenges to cannabis’ scheduling would take years to resolve.
U.S. Cannabis Council’s head of policy, David Culver, stated that while they were disappointed in the delay, he was still confident about the process.
At the moment, cannabis remains classified as a Schedule I drug. This classification makes it illegal at the federal level, despite many states having legalized the drug for recreational and/or medicinal use.
While the rescheduling delay may be a disappointment to the overall industry, leading firms like Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are probably thinking long term and taking it all in stride as they await the final decision which could impact their strategic plans.
About CannabisNewsWire
CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 70+ 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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Cannabis retailers in Vernon, BC, say they have seen an increase in new customers in the days following recent raids of several unlicensed stores operating just outside city limits.
Provincial inspectors recently closed down a handful of unlicensed cannabis stores operating on Okanagan Indian Band Land near Vernon over a few days at the end of October. Although those stores have reportedly now reopened, some owners and managers at licensed retail shops in the Vernon area say they saw an increase in new customers following those temporary closures.
“Yes we have seen an increase in customers, especially new customers,” says Sarah Ballantyne, the owner of Spiritleaf Vernon. Ballantyne says her store even had to place a larger weekly order to respond to this increased demand.
She says she has seen similar cycles of new customers following other enforcement actions in the past, which can ebb and flow depending on how fast the raided stores restock and re-open.
“We go through this every once in a while when it happens. It can be a bit of a rollercoaster, but we get restocked every Thursday.” Lower-priced ounces, she notes, have been in particular demand.
Lance Ashlin-Mayo, the manager at Lucid Cannabis in Vernon, says he’s seen a similar increase, if only briefly.
“I have noticed an uptick in sales,” Ashlin-Mayo tells StratCann.
Still, not all of the new customers passing through his doors stick around, he says, as some still balk at the prices in the legal market, as well as the restrictions on edibles that don’t exist in the unregulated or illegal market.
“There’s some things with a legal store, we just cannot compete with them, and that’s flower and concentrates.” he continues. “They can sell flower for like $60 an ounce. I can’t even buy it from the government for $60 an ounce, and that’s before I mark it up. And the government ties my hands on the edibles, while they’re selling gummies with 100 milligrams [THC].”
“I’ve got people coming in and looking at my prices and yelling at me. And then I have people coming in and seeing the 10 mg edibles and turning around.”
“The people that were going to the Green Mile are on the low end of the pay scale. They like their weed, but they only have so much money. A lot of people on disability would go to the Green Mile to get as much as they could for the lowest price. People who have money, go to the legal stores.”
Some of these new people he’s seeing through his front doors stick around; others return to the illegal market as soon as they can.
“I’m a pretty good salesman, but people only have so much money.”
Ounces for sale at an unlicensed cannabis store near Vernon, BC
Those global despots, united by their common hatred of sentient humanity, do not actually hold the power. Do not have control of the life force, nor the means to get that control.
All their cards are stacked on winning a psychological battle for the human mind. But everyday that veneer of omnipotence is getting thinner; more transparent; more discordant.
They are unable to play their ‘master-stroke’, because they realise that if they make that move it will lead to their own extermination.
They cannot alter the universal karmic law that every action brings about its equal and opposite reaction – so they have to work via perception controlling acts of stealth that get mankind to take the actions on their behalf.
This is the key to the success of their deceiving methodology. They – the less than human dark energies – have no creative ability of their own. They cannot actually ‘do’ anything. But they can trick humanity into doing their bidding for them.
The despotic architects of control operate via an energetic connection with those non human dark energies residing outside the three dimensional fields that preoccupy the majority of mankind.
Their capacity for domination is entirely dependent upon the existence of this symbiotic relationship. They are fed such powers via their participation in Masonic and Satanic rituals which make direct connection with the demonic elements that become their overlords.
The entire see-sawing drama of existence pivots around a clash between the dark tricksters powers to deceive and the good humans power to resist and expose these deceptions.
The stage is thus set for a titanic struggle, the essence of which involves ‘we mankind’ realising – in large enough numbers – that we allowed ourselves to be comprehensively tricked into acting according to a script written and directed by the great deceivers for the great deceivers.
What I am going to report today is that that realisation is growing faster than the ability of the dark side to stifle it.
The deceivers no longer go to the trouble of making covert moves on the global chess board. They have gone overt and their raw arrogance has had the affect of shocking sentient humans on a deeper level than previously experienced.
Due to this a strange common power of mind is moving amongst a steadily expanding percentage of the population. The message therein is
“We are the true masters of the chessboard of life on earth, the moment has come to exert our God given powers of self motivated resistance and rebirth.”
Those who try to deceive humanity into believing that it is incapable of being anything more than a game devised entirely for their own ends, are losing confidence in their ability to hold in check a rising tide of the collective unconscious of humanity.
They had thought that they had all the moves on the chessboard covered. They thought that blanket coverage of death and destruction, chaos, immorality, bestiality and a narcissistic infatuation with selfish self interest – would be enough to drive humanity into a state of abject slavery and submission to their every demand.
That by subjecting the population to a daily diet of fear based doomsday predictive planning and mass mind control, any remaining will to resist would be crushed into irreversible surrender.
But what this unprecedented attack on human life ultimately did was to invoke a massive karmic reaction. A reaction of equal and opposite proportions to that which was intended.
So, instead of finally destroying the inherent spirit of resistance embedded in human nature, an extraordinary reversal is to result. A reversal in which the relentless suppression of instincts which, when unrestricted, exude and expresses warmth, generosity and compassion – would finally backfire on its perpetrators.
The unpredicted backlash will be tsunami-like. Previously cock-sure, arrogant tyrants of the world stage will have the sensation of having the sand sucked out from under their feet. They will no longer be able to keep their balance or continue to articulate sentences based on well rehearsed strings of lies.
In desperation, they will turn to the military to shoot any citizen who refuses to follow their orders for a complete emergency lock-down.
But the military also finds itself possessed of a new sense of purpose – a loyalty to the people – and will not comply. Instead holding the perpetrators in detention centres especially built to incarcerate the freedom loving resistance.
Such a form of checkmate for the architects of control draws ever closer. It is simmering out of sight just around the corner.
However the tail of the wounded dragon thrashes mercilessly and consequently all of life is thrown into disarray. A prelude to the great turning whose energies are already seeping into the fissures spreading through the dying monster.
Our job – we ‘humanity’ – is to now make the critical moves that will tip the balance in favour of achieving an unprecedented victory for the forces of justice, truth and wisdom. The full liberation and emancipation of mankind, leading to the same for the animal kingdom and all of nature.
The final moves of checkmating the architects of our oppression are our responsibility, our mission in the external world.
Once committed to taking actions that will fulfil this challenge, the unseen higher forces will flood us with the necessary energetic powers to complete this great task.
Have no doubt about this. Don’t waste an ounce of energy in contemplating failure.
For truth and justice to prevail on the global stage we must also commit to making them prevail in our individual lives.
The inner and the outer are complementary reflections of one dynamic, one supreme goal.
Everything we do must lean into the rising wind of change, must turn our bodies and minds into proud prows of great ships, forever plunging forward into the heaving waves that try to knock us back.
That is the way to become great. And we should all want to become great. To release that infinite potential smouldering like a volcano just under the surface of a futile attempt to fit into the deadly mediocrity of the political status quo.
Although a Cimmerian darkness abounds – the hour of our greatest victory is at hand.
We are gathering together our collective energies whose combined forces will sweep aside all who seek to block the resurgent life force from fulfilling its deepest and most sacred physical, mental and spiritual liberation.
Show the darkness your true light. Become fearless victors of the one true fight.
Julian Rose is an early pioneer of UK organic farming, a writer, broadcaster and international activist. He is author of the acclaimed title ‘Overcoming the Robotic Mind’. Do visit his website www.julianrose.info for further information.
Advocates in New Jersey are currently debating whether the state’s Marijuana Regulatory Commission should raise the fee directing revenue from recreational cannabis sales to fund social equity initiatives and support communities affected by past drug policies. The commission is set to meet soon to determine the fee rate that will apply starting January 1. Presently, the fee is set at $1.24 per ounce.
Four years since New Jersey legalized recreational cannabis, some advocates argue that it is time to increase the fee to $30 per ounce. New Jersey has some of the lowest marijuana taxation in the nation, according to Marleina Ubel, a senior policy analyst at New Jersey Policy Perspective. She suggested that a cost of $30 would be practical and reasonable for companies.
Ubel stressed that the money raised by this tax is essential for the communities that were most negatively impacted by previous drug restrictions. She suggested that the revenue may be used to support after-school programs and other initiatives that would assist in reviving these areas.
The fee is a required part of the state’s cannabis legalization law and is collected based on the amount of cannabis produced. The law allows the commission to adjust the fee every year, capping it at a specific maximum as the market grows.
Although the commission has the authority to set and modify this fee, it can only recommend how the funds should be used, with final spending decisions falling on the governor and the Legislature. Part of the revenue must be directed toward initiatives that discourage youth from marijuana use.
The commission has conducted public talks on possible applications of the money over the last three years, coming up with ideas such as legal aid, expungement programs, social support services, and larger community reinvestment projects. None of the social equity fee funds have been used yet.
Proponents of the increase contend that without a larger fee, the program cannot have the desired effect. The American Civil Liberties Union of New Jersey’s Ami Kachalia also supports increasing the charge to the suggested $30 per ounce. She believes this adjustment would enhance the state’s commitment to social justice by funneling more resources into Latinx and Black communities, who faced the brunt of discriminatory drug enforcement policies.
Not all parties support the fee hike, as some worry it may harm the growing market. Raising the tax, they contend, would encourage growers to raise wholesale prices, which would then force retailers and manufacturers to pass the higher expenses on to customers. This might then encourage more individuals to buy cannabis from unlicensed vendors.
Cannabis firms, such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), operating in different markets will be hoping that any fees added onto marijuana products in New Jersey don’t make the final product too costly for the people to afford since this would be counterproductive to all parties concerned.
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Santé Cannabis doesn’t want Canada to forget about the medical needs of cannabis users six years after legalization, and they are stepping up to do something about it.
The Quebec cannabis medical clinic announced they’re launching a three-year observational study into emerging cannabis treatments, with the goal of enlisting 3,000 patients.
The voluntary study asks Santé clients, who receive treatment plans through the Montreal-based clinical service, to complete a questionnaire on the type of cannabis and ingestion method they are using, how effective it is in managing their medical conditions, if they found the cost to be reasonable, quality of life assessments, and much more.
“We’ve seen how there are new formats, like suppositories, and there hasn’t been on a lot of research into these specific product formats,” says Erin Prosk, president and CEO of Santé Cannabis, in an interview. “The goal of this study is to improve patient outcomes and to reinvest into research to understand which products are most therapeutic to our patients.”
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To that end, the clinic has partnered with LPs Aurora and Tilray in order for the producers to receive anonymized data on the products they offer and better refine them in the future, Prosk adds.
She explains that when a patient agrees to take part in the study, they’ll answer a questionnaire four times within a year, aligning with their quarterly visits to Santé’s clinics (either online or offline).
Prosk says these kinds of studies aren’t just a nice-to-have but a priority. “Without research like this, patients end up experimenting with trial-and-error and they become disconnected from the medical and health care community.”
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