The organization spearheading the campaign for the legalization and oversight of marijuana in Ohio recently stated it has amassed nearly tenfold the requisite additional signatures to present the matter to the public for consideration this November. Tom Haren of the CTRMLA conveyed that the group’s collective efforts garnered an additional 6,545 signatures.
During the initial days of July, the group formally submitted well over 222,000 signatures to Frank LaRose, the Ohio secretary of state. That number was a substantial surplus in comparison to the stipulated 124,046 necessary for the proposition’s eligibility on the November 2024 general election ballot.
However, the revelation emerged three weeks later that only slightly more than 123,000 of these signatures were substantiated. This revelation compelled LaRose to remark that the recorded verification outcomes signified an “inadequate count of valid endorsements.” Additionally, he made it explicit that there remained a 10-day window for the campaign to secure and submit the requisite supplementary endorsements.
With the recent deposition of 6,545 endorsements, proponents are confident that they’ve bridged the gap with a notable surplus. Articulating the coalition’s sentiment, Haren stated confidently, “This presentation affirms our continuous assertion: the regulation of marijuana finds favor amongst the populace of Ohio.”
Subsequently, LaRose’s office undertakes the task of verifying these endorsements. Should at least 679 of them be verified, the instigated statute will earn a place on the ballot this November, sharing space with a constitutional amendment aimed at safeguarding access to reproductive healthcare, contraception and abortion.
The proposed ballot measure advances the notion of permitting individuals aged 21 years of age and above to purchase and possess up to 2.5 ounces of marijuana, along with the allowance to cultivate plants at their residences. In addition, a 10% tax allocation would be directed toward administrative expenses, addiction rehabilitation, municipalities housing dispensaries and initiatives promoting social fairness and employment.
If ratified, Ohio would assume the status of the 24th state to legalize recreational marijuana. The verdict of a dedicated election scheduled for Aug. 8, 2023, weighing the elevation of prerequisites for future constitutional amendments, holds no bearing on the marijuana inquiry, considering its advancement through the avenue of citizen-initiated statute progression.
Ohio initially legalized medical cannabis in 2016 via the legislature, culminating in the inauguration of regulated dispensaries in 2019. A precursor endeavor to legalize recreational marijuana in 2015 was included in the ballot but met defeat, opposed by a majority of more than 65% of Ohio’s voters.
If these additional signatures are certified by the state, Ohio could be on its way to licensing marijuana companies. Those companies will, in turn, create a bigger market for other enterprises such as Advanced Container Technologies Inc. (OTC: ACTX), whose niche is in supplying cultivation equipment, including for marijuana cultivation.
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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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Researchers from the Imperial College London’s Center for Psychedelic Research have announced plans to carry out a clinical trial exploring the potential of psychedelics as gambling addiction treatments. After recently studying psychedelics-assisted therapies in treating depression, the center is now looking to investigate whether psilocybin has therapeutic potential against addictions such as gambling.
It will be the first study exploring psychedelics as treatments for addiction and is slated to begin in October 2023 with five participants and a control group. According to the study’s recruitment page, the study’s main aim is to determine how gambling-related activities affect the brain’s reward system. Researchers will also analyze the reward system’s reaction after exposing gambling-addicted men to gambling-related stimuli while using individuals of a similar age without gambling addictions as a control.
The study will be part of a swiftly growing body of literature exploring the therapeutic potential of various psychedelic compounds.
Although federal law classifies psychedelics as CSA Schedule 1 drugs with no medical applications, an increasing number of studies have revealed that the drugs may be able to treat mental health conditions such as post-traumatic stress disorder, eating disorders, anxiety and depression, Furthermore, some studies have found that psychedelics such as psilocybin may have applications as chronic pain treatments.
Participants in the upcoming clinical trial will have to go through a health screening and an EEG test (electroencephalogram) before the trial begins. Researchers will then dose the participants with psilocybin and take them through gambling tasks or show them gambling-related videos before providing talk therapy.
The research team will use functional magnetic resonance imaging (fMRI) to follow changes in the study participants’ reward systems. Based on results from prior psychedelic-related findings, psychedelics may be able to treat gambling addictions more effectively than existing treatments.
Rayyan Zafar, PhD, a researcher for the study, explains that current treatment protocols for gambling addictions mostly involve Cognitive Behavioral Therapy (CBT) with some cases requiring the prescription of off-label naltrexone. Zafar theorized that the similarities between behavioral addictions and substance-use addictions in terms of brain and clinical characteristics make psychedelics a possible treatment because they could target the underlying physiological and psychological mechanisms associated with gambling addictions.
Estimates from addictions.com show that more than 80% of U.S. adults gamble every year with around three to five gamblers out of every 100 dealing with gambling problems. In addition, data shows that people with alcohol use disorders have a 23-fold risk of becoming addicted to gambling.
Young people aged 20 to 30 years old exhibit the most excessive rates of problem gambling with 75% of college students reporting having gambled within the past 12 months and around 6% of university students struggling with gambling issues.
As more companies such as Seelos Therapeutics Inc. (NASDAQ: SEEL) also conduct their own trials aimed at developing psychedelics treatments, the world is likely to see widespread use of these substances to treat different ailments in the years to come.
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The Ontario government expects to bring in $269 million from its portion of the federal cannabis excise duty for the 2023-24 fiscal year.
The provincial government also projects another $194 million in revenue from the Ontario Cannabis Store, out of more than $204 billion in total revenue for the province projected for the current fiscal year.
These figures show an increase from the $253 million the province brought in from their portion of federal cannabis taxes in the 2022-23 fiscal year, $215 million in the year prior, and $106 million in the 2020-21 fiscal year.
This compares to the $617 million the province projects to bring in from tax revenue from the sales of beer, wine, and spirits in the province and $840 million from the tobacco tax in 2023-24.
The Ontario Cannabis Store brought in $67 million in revenue in 2020-21, $186 million in 2021-22, and $225 million in 2022-23.
Ontario, like most provinces, receives 75 percent of the $1 per gram excise tax charged at the federal level. Only Manitoba opted out of the initial tax-sharing agreement, although the provincial government is currently in talks with the federal government to take part in that.
Earlier this year, the Ontario Cannabis Store announced it would lower its margins and move to a fixed-price model. The change comes as part of a commitment to improving process transparency in its 2022-2025 Business plan, which includes a review of the OCS pricing structure. With this new change, the OCS projects that margin reductions will contribute approximately $35 million to the marketplace in 2023–24.
Ontario sold more than 63 million grams of legal cannabis in the first three months of 2022, representing over $405 million in sales. This data is from the most recent financial reports from the OCS since it stopped issuing quarterly reports. The next report is expected later this year.
Ontario sold more than $1.5 billion of cannabis in fiscal year 2021 ($405,000,000 in Q4, $398,700,000 in Q3, $393,900,000 in Q2 and $307,000,000 in Q1).
Ontario Portion of the Federal Cannabis Excise Duty
We are proud to announce that Oaksterdam University alum Pete “Big Pete” Feurtado and his Santa Cruz-based business Big Pete’s Treats are featured in High Times magazine. Pete attended Oaksterdam in the fall of 2009, and it was here that the seeds for his successful business were sown. As part of Oaksterdam’s Business of Cannabis certification coursework, students embark on a business plan with guidance and feedback from our expert faculty.
Pete’s capstone project evolved into the Big Pete’s Treats. Around the same time, Pete “Little Pete” Feurtado, Jr. concluded his studies at a separate academic institution. This timing seamlessly brought father and son together to channel their collaborative energies into home-based edible concoctions.
The two Pete’s sold their maiden batch of cookies in January of 2010, and have been crafting cannabis butter and perfecting cookie recipes ever since.
Big Pete Feurtado stirs a batch of infused cookies.
In a landscape where enterprises ebb and flow, the enduring success of Big Pete’s Treats over 14 years is notable. The enterprise germinated as a modest culinary experiment and burgeoned into a multi-state operation specializing in infused edibles.
As this chapter unfolds over a decade and counting, the founders’ unwavering commitment has yielded an array of over ten infused cookie variations, meticulously crafted using their proprietary full-spectrum cannabis butter, all while maintaining their pioneering role in the realm of edibles.
We are proud to play a role in the success of Big Pete’s Treats and support our alumni around the world.
Learn more about our live and self-paced Business of Cannabis certfication courses.
(Globe Newswire) Toronto — Avicanna Inc., a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased announce the filing of interim financial statements for the three-month period ending June 30, 2023.
“We are pleased to present the results of the second quarter and report the progress of our operations, which includes the increase in revenues and improvements in margins. During the quarter we worded towards the closing of the acquisition of the Medical Cannabis by Shoppers business and prepared for the launch of the new medical cannabis care platform, MyMedi.ca, and continued to make advancements in our Canadian operations with a focus on our proprietary medical products.” — Aras Azadian, CEO, Avicanna
Q2-2023 highlights:
Financial highlights: Q2 2023 revenue of $3.3 million, an increase of 183% over Q1 2023 and 200% over the comparable quarter which was mainly attributed to the takeover of certain operational responsibilities and sales-revenue rights related to acquisition of the Medical Cannabis by Shoppers business. General and administrative expenses increased by 6% over the same period resulting in a 26% improvement in adjusted EBITDA over the comparable quarter of the prior year and an improvement of 18% over the first quarter of 2023.
Canadian commercial advancements: 26 commercial SKUs and 118 total commercial listings that resulted in a 120% growth in listings and 70% growth in finished goods sold compared to the comparable quarter 2022, with 43% gross margins in its North American operations compared to 20% gross margins in the comparable quarter 2022.
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Medical Cannabis By Shoppers: On May 29, 2023, the Company announced that the definitive Asset Purchase Agreement with Shoppers Drug Mart Inc. for Avicanna to acquire the Medical Cannabis By Shoppers business was fully executed. On May 4, 2023, Avicanna announced the execution of the definitive Master Service Agreement with Northern Green Canada (NGC). NGC is a Canadian licensed producer that is tasked with providing logistics and fulfilment services for Avicanna’s cannabis care platform, MyMedi.ca. On May 29, 2023, NGC and Avicanna successfully acquired the inventory for Medical Cannabis by Shoppers and transitioned inventory and fulfilment services to NGC.
Proprietary SEDDS Capsules: On June 25, 2023, Avicanna announced the expansion of the Strategic Manufacturing Agreement (SMA) with MediPharm Labs Corp. (MediPharm), adding the manufacturing and commercialization of company’s proprietary SEDDS capsules to the SMA. Avicanna’s proprietary SEDDS capsules are to be manufactured by MediPharm to GPP and GMP standards to meet product channel requirements in Canadian and international markets. The capsules are expected to be launched under the RHO Phyto brand in Canadian medical cannabis channels during the second half of 2023.
New Medical Cannabis Education and Training Campaign and sponsorship of Canadian Consortium for the Investigation of Cannabinoids (CCIC). Through a Sponsorship Agreement, CCIC’s Canadian Cannabis Syllabus (CCS’) will be made available to the medical community. The CCS provides foundational information for healthcare professionals interested in learning more about cannabis and cannabinoid products in clinical practice.
Research Collaboration with Langara College and NSERC Grant. Through a Research Collaboration led by Dr. Jessica Kalra and Dr. Kalra’s research team, research will be conducted focusing on characterization of Avicanna’s proprietary products and drug pipeline formulations through in vitro and in vivo models. This Research Collaboration was awarded a two-year grant by the Natural Sciences and Engineering Research Council of Canada.
Other highlights subsequent to June 30, 2023:
Launch of MyMedi.ca. MyMedi.ca is Avicanna’s medical cannabis care platform to serve the needs of medical cannabis patients. MyMedi.ca features diverse and scientifically curated products from leading Canadian licensed producers in addition to pharmacist-led patient support programs and educational resources to support the incorporation of medical cannabis into health care regimens. MyMedi.ca also provides specialty services to distinct patient groups such as veterans, and collaborating with public and private providers for adjudication and reimbursement. The platform is now available nationwide in Canada to tens of thousands of patients who have obtained medical cannabis authorization from healthcare providers with an initial product portfolio including 35 brands and over 200 SKUs selected from various Canadian licensed producers
Closed acquisition of Medical Cannabis by Shoppers Drug Mart business. Avicanna acquired specific assets of the Medical Cannabis by Shoppers Drug Mart business, including inventory and equipment, for approximately $2.6M and will pay Shoppers Drug Mart an earnout, based on net revenues, for a period of two years. First launched in Ontario in January 2019, Medical Cannabis by Shoppers provided patients access to medical cannabis products from more than 30 licensed cannabis brands. Over the past four years, the legacy Medical Cannabis by Shoppers business supported tens of thousands of patients and worked with patient groups to facilitate access to medical cannabis.
(Globe Newswire) Chicago and Vancouver — RISE Dispensaries, a rapidly growing cannabis retail chain owned by Green Thumb Industries Inc., today announced that RISE Dispensary Fruitland Park, the company’s eighth retail location in Florida and 85 nationwide, will open on August 16.
The new dispensary will host a grand opening event on August 25, where profits from the day will be donated to Minorities for Medical Marijuana. The grand opening will include a ribbon cutting ceremony at 8:00 a.m. ET with representatives from the Florida Chamber of Commerce.
“We are excited to open our eighth medical dispensary in the Sunshine state, and introduce our high-quality, premium cannabis products to patients in the Fruitland Park and Lake County community. We look forward to welcoming more cannabis patients to the RISE experience while supporting Minorities for Medical Marijuana, an Orlando-based nonprofit organization that aspires to build a more equitable cannabis industry.” — Anthony Georgiadis, president, Green Thumb
Minorities for Medical Marijuana (M4MM) is a purpose-driven nonprofit organization that provides members of the cannabis community with the information, referrals, advocacy, coordination and education needed to build a more equitable industry. In addition to the RISE Fruitland Park grand opening donation, M4MM also serves as the recipient of RISE Dispensaries’ Round Up Program across Florida, where patients have the option to round up to the nearest dollar when making an in-store purchase in support of the organization.
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“RISE’s commitment to supporting M4MM’s `Project Clean Slate,’ our social justice program that provides expungement and wrap-around services for those affected by past marijuana possession charges, is a prime example of impact investing. By embracing and supporting social justice programming, RISE is helping us further our mission of empowering marginalized voices and nurturing a more inclusive and equitable world.” — Roz McCarthy, founder and CEO, Minorities for Medical Marijuana
Green Thumb entered the Florida market in 2018 and operates two production facilities in Ocala and Homestead. In addition to RISE Dispensary Fruitland Park, the Company currently owns and operates medical cannabis retail stores in Bonita Springs, Deerfield Beach, Hallandale Beach, Kendall, Oviedo, Pinellas Park and West Palm Beach, with delivery services available at each location.
RISE Dispensary Fruitland Park offers a spacious interior, educated staff and a welcoming environment for patients. Patients can explore the store’s wide array of cannabis product offerings, including RYTHM flower and vapes, Dogwalkers pre-rolls, Good Green flower, and Shine flower, pre-rolls, vapes and chews. The store is located at 3295 US 441, Fruitland Park, FL, 34731, and is open on Monday through Saturday from 9 a.m. to 8 p.m. and Sunday from 11 a.m. to 6 p.m.
According to the Florida Department of Health, over 800,000 Floridians are currently registered active cardholders in the state’s medical marijuana program.
In a recent article titled “Cannabis is Having a Senior Moment,” CNN’s Dr. Sanjay Gupta talked about the increasing rates of marijuana use among older Americans. People aged 65 and older are now the fastest growing group of marijuana users in the country, Gupta said, dubbing the trend a kind of “senior moment” that has left him quite surprised.
America is currently home to a massive state-level medical marijuana industry that serves millions of patients and generates hundreds of millions of dollars per year in medical cannabis sales. Surprisingly, a significant portion of medical marijuana patients are older individuals, belying the idea that cannabis in all its forms is a young man’s game.
Unlike younger, more liberal generations who grew up after the war on drugs, seniors spent their formative years in a world that criminalized cannabis as harshly as cocaine and heroin. They experienced anticannabis sentiment for the majority of their lives and were inundated with messages about the personal and societal ails associated with consuming cannabis.
This generation is now adopting cannabis in surprising numbers, Gupta said, with recent studies indicating that more seniors are using cannabis to address age-related issues such as pain from arthritis and poor sleep. In many cases, seniors prefer to use cannabis in place of prescription opioids, antidepressants and sleeping pills, Gupta noted.
The growing trend of cannabis use among America’s senior population encouraged Gupta to begin working on his most recent documentary, “Weed 7: A Senior Moment.” Gupta notes that cannabis could have “tremendous implications” if it could replace the pharmaceuticals many American seniors take on an almost-daily basis. Prescription pharmaceuticals have a myriad of side effects that can significantly diminish the quality of life of seniors while cannabis doesn’t seem to exhibit severe side effects.
Incorporating cannabis into treatments for seniors could also result in major cost savings as the United States spends close to $600 billion of its annual healthcare budget on pharmaceuticals alone.
With Gupta estimating that more than 30% of seniors take at least five pharmaceuticals per day, overall prescription pharmaceutical medication use may decrease if seniors transition to using cannabis as an alternative medication in mass.
Close to 40 states currently allow their residents to use medical marijuana to address more than 20 medical conditions. These conditions include chronic pain, inflammatory bowel disease, irritable bowel syndrome, obsessive-compulsive disorder and PTSD, to name a few.
This medical use of marijuana lends credence to the efforts by companies such as IGC Pharma Inc. (NYSE American: IGC) to develop FDA-approved formulations from cannabis targeting different disease conditions, such as chronic pain.
NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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