by Grow Up Conference | Jul 28, 2023 | Cannabis News Wire, Media Partners
- Lexaria’s new patent includes claims for many types of nicotine, including nicotine benzoate, nicotine ditartrate, nicotine citrate, nicotine polacrilex, and many others, for use in sublingual delivery formats like oral pouches
- The global oral nicotine pouch market was valued at $4.69 billion in 2022 and is expected to grow to $11.91 billion by 2029, driven by the growing ban on e-cigarettes worldwide
- The white pouch category is one of the fastest-growing, tobacco-free alternatives to smoking and vaping – growing at a CAGR of 13.4%
Lexaria Bioscience (NASDAQ: LEXX), a global innovator of drug delivery platforms, has announced that the United States Patent and Trademark Office (“USPTO”) has granted a strategically important new patent in the oral nicotine sector for its patented DehydraTECH(TM) technology. The granting of the new patent further substantiates the superior DehydraTECH processing and sublingual compositions through exceptional scientific study results and recognition by the USPTO (https://cnw.fm/Sk9yh).
Lexaria’s new patent, US patent #11,700,875 Compositions and Methods For Sublingual Delivery of Nicotine, includes claims for many types of nicotine, including nicotine benzoate, nicotine ditartrate, nicotine citrate, nicotine polacrilex, and many others, for use in sublingual delivery formats like oral pouches. DehydraTECH-nicotine has shown in multiple sets of animal testing that it can be delivered to the bloodstream up to 10-times to 20-times faster at up to 10-fold higher levels of nicotine into blood plasma from oral absorption than concentration-matched controls. The speed of onset has proven vital to nicotine users.
The oral nicotine pouch category interests Lexaria and the nicotine products industry, growing partly because of its reduced risk of health outcomes, as the US Food and Drug Administration has previously noted. The white pouch delivery method specifically avoids harmful lung outcomes experienced by smokers or vapers. It involves absorption primarily through the buccal and sublingual tissues of the mouth of purified nicotine that has been separated from the harmful substances found in most other formats.
The global oral nicotine pouch market was valued at $4.69 billion in 2022 and is growing at a CAGR of 13.4% (https://cnw.fm/Hv5tb). By 2029, the market is expected to reach $11.91 billion – driven by multiple countries banning the sale of e-cigarettes, the devices used in vaping. Currently, 37 countries have banned these devices, representing a cumulative population of over 2.3 billion people (https://cnw.fm/SWyLu). The initial purpose of vaping was to help wean people off cigarette use, but it has become controversial and is limited in certain countries, with many restrictions and bans worldwide.
The US-granted patent is also progressing as a patent application through other jurisdictions internationally. The US patent and international patent applications are partly supported by the superior pharmacokinetic blood plasma data from Lexaria in its animal studies conducted from 2017 through 2021. This new patent builds nicely upon the company’s growing patent portfolio in the oral nicotine delivery sector, including the white pouch category for sublingual and buccal tissue delivery. The patents are built on a foundation of nicotine-specific patent filings dating back to 2019 and DehydraTECH patents dating back to 2016.
Lexaria’s DehydraTECH-nicotine has patents granted for oral nicotine delivery in the US, Canada, Australia, and is pending in numerous other countries. The white pouch category is one of the fastest growing, tobacco-free alternatives to smoking and vaping – emitting no smoke, odors, or vapors that can affect nearby persons and are a superior nicotine delivery method. Lexaria demonstrates this through its granted patents, subsequent studies, and future endeavors for sublingual and buccal delivery with DehydraTECH.
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
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by Grow Up Conference | Jul 28, 2023 | Extraction Magazine, Media Partners
Here you can find a selection of cannabis scientific studies published in the latest month. Each article is correlated with a short abstract describing the purpose of the study and the main research findings.
A great cannabis culture comes from great and peer reviewed sources! For this reason we believe in the importance of consulting reliable sources. Whether you are interested in a particular article don’t hesitate to read the full piece for more information.
Cannabis and analytical methods — Best New Findings
Development of a quick preparation method for the analysis of 11-nor-9-carboxy-∆9-tetrahydrocannabinol in human urine by phenylboronic-acid solid-phase extraction
This study provides a new preparation method for urine samples of cannabis users. The main tetrahydrocannabinol (THC) metabolite to detect is 11-nor-9-carboxy-∆9-tetrahydrocannabinol (THC-COOH) and this method offers an alternative to conventional, laborious and multistep sample preparation techniques. In order to perform gas-chromatography mass spectrometry (GC/MS) accurate quantification, it is necessary to perform a derivatization (silylation or methylation) of the cannabinoid metabolites. This technique involves the glucuronidation of the THC metabolite THC-COOH (THC-COOGlu) and the solid-phase extraction (SPE) using phenylboronic-acid (PBA). This compound is a useful solid phase extraction media and it is capable of creating reversible covalent interactions between PBA and sample molecules.
https://doi.org/10.1016/j.jpba.2023.115556
Characterization of Some “Hashish” Samples in the Egyptian Illicit Trafficking Market Using a Thermal Separation Probe and Gas Chromatography–Mass Spectrometry
This research focuses on the determination of the chemical makeup of some samples of Egyptian ash, coming from the illegal market. The analysis was performed using gas-chromatography mass spectrometry technique in conjunction with a thermal separation probe (TSP/GC/MS). Many different terpenes and cannabinoids have been detected including isoaromadendrene epoxide, caryophyllene, and alloaromadendrene oxide, cannabiorcochromene (CBC-C1), tetrahydrocannabivarin (THCV), cannabichromene (CBC), cannabidiol (CBD), cannabielsoin (CBE), dronabinol (delta-9-THC), cannabigerol (CBG), and cannabinol (CBN). The phenotypic index that is the ratio between the percentages of THC plus CBN divided by the percentage of CBD (THC%+CBN% / CBD%) have been calculated in order to define the nature of the samples and the country of origin.
https://pubs.acs.org/doi/full/10.1021/acsomega.3c02809
GC vs. HPLC in quantitation of CBD, CBG, ∆9-THC and CBN in plasma using different sample preparation methods
The aim of this study was to understand the divergence of the cannabinoids recovery degrees reported in literature using the same techniques. The recovery degree of the analyte by the sample preparation method and its quantitation are key factors influencing the sensitivity of the analytical procedure. This research offers an extensive comparison of preparative procedures for the cannabinoid quantification in plasma samples using GC-MS and high-performance liquid chromatography paired with mass spectrometry (HPLC-MS). The analyzed preparative procedures in terms of efficiency and recovery degrees of a certain cannabinoid include protein precipitation, liquid-liquid extraction (LLE), QuEChERS and solid-phase extraction (SPE).
https://doi.org/10.1016/j.jpba.2023.115563
Determination of phytocannabinoids in cannabis samples by ultrasound-assisted solid-liquid extraction and high-performance liquid chromatography with diode array detector analysis
The accurate determination of specific cannabinoids attained great importance due to the recent changes in cannabis control in many states. A reliable analytical methodology is crucial for the forensic, medical and recreational industry. Spiking cannabis products containing Δ8-tetrahydrocannabinol (THC) are an actual trend that require attention in order to include this cannabinoid in current analytical methods. This study presents an ultrasound-assisted solid-liquid extraction followed by high-performance liquid chromatography with diode array detection (HPLC-DAD). This research demonstrates that this method can be included for routine analysis and a new solvent mixture is proposed in order to improve the method sensitivity, speed and extraction efficiency.
https://doi.org/10.1016/j.chroma.2023.464191
Cannabis and Health — Best New Findings
Cannabis Use Disorder and Perioperative Complications
This cohort study analyzed 12 422 hospitalizations after major elective, noncardiac surgery from the 2016-2019 National Inpatient Sample database. The central question to answer was if cannabis use disorder is associated with increased risk of perioperative complications and in-hospital mortality after major surgeries. Among the analyzed perioperative complications there are: , acute kidney injury, respiratory failure, myocardial ischemia, , stroke, , venous thromboembolism, hospital-acquired infection, and surgical procedure–related complications. This retrospective and population-based study highlighted that cannabis use disorder is associated with a modest increased risk of composite perioperative morbidity and mortality compared with hospitalization without cannabis use disorder.
doi:10.1001/jamasurg.2023.2403
Impact of the introduction of medical cannabis in the UK on risk perception and recreational use of cannabis: A longitudinal and cross-sectional analysis
This study used data coming from longitudinal, cross-sectional components of an online survey investigating drug abuse and nightlife behaviors. The comparison was made between data coming before and after November 2018, when prescription cannabis was allowed in the UK for the treatment of certain medical conditions. The aim of the study was to understand if this change had an impact on the perception of risk among people and their recreational use of cannabis. However, no significant differences were highlighted, neither the use frequency pre and post policy change.
https://doi.org/10.1177/20503245231168392
The moderating role of recreational substance use in the association of Mediterranean diet with academic performance among adolescents
This cross-sectional study analyzed a sample of 757 adolescents, self-responding for their recreational substance use including tobacco, alcohol and cannabis. Previous studies analyzed the relationship between the Mediterranean diet with academic performance among young people, highlighting that higher adherence to this diet was associated with greater academic performances. This study found that this relationship was moderated by the recreational use of substances.
https://doi.org/10.1038/s41598-023-37529-8
Early Administration of the Phytocannabinoid Cannabidivarin Prevents the Neurobehavioral Abnormalities Associated With the Fmr1-Ko Mouse Model of Fragile X Syndrome
The administration of the cannabinoid cannabidivarin (CBDV) has been reported to be beneficial for potentially preventing neurodevelopmental disorders (NDD). This research reports the results about the CBDV treatment at different dosages and developmental stages on the Fmr1-knockout (Fmr1-KO) mouse model of Fragile X syndrome (FXS). If CBDV is administered during adolescence, positive results in terms of prevention of cognitive, social and acoustic alterations of adult Fmr1-KO mice have been registered. In addition to that, the expression modification of various inflammatory brain markers have been also noticed. CBDV early administration could potentially prevent neurobehavioral alterations linked to FXS.
https://doi.org/10.20944/preprints202307.0140.v1
Combining Noninvasive Brian Stimulation with Behavioral Pharmacology Methods to Study Mechanisms of Substance Use Disorder
This research focuses on the effects that tetrahydrocannabinol (THC), the main psychotropic constituent of Cannabis sativa L. can have on the brain employing neuroimaging-guided transcranial magnetic stimulation (TMS). TMS and psychotropic drugs have been extensively used to investigate the link between brain functions and behavior in humans. The impact of THC intoxication on cognitive function is evaluated through dorsolateral prefrontal cortex (DLPFC) stimulation including the subjective response to the psychotropic molecule.
10.3389/fnins.2023.1150109
Feasibility of a cannabidiol (CBD)-dominant cannabis based medicinal product (CBMP) for the treatment of Long COVID symptoms: A single arm open label feasibility trial
This study is a single arm open label feasibility trial of the tolerability and safety of a full-spectrum high cannabidiol (CBD) concentration cannabis-based medicinal product (CBMP). Cannabis derived medicinal products have been shown great potential to treat various symptoms associated with long COVID including fatigue, sleep disturbances, pain, anxiety, cognitive dysfunction and depression. CBD-dominant CBMP appears as effective and well tolerated, even if larger studies have to be done in order to fully assess the efficacy of this treatment on long Covid induced symptoms.
10.22541/au.168849372.20263077/v1
Cannabis Growing and Technology _ Best New Findings
Utilization of hemp stalk as a potential resource for bioenergy
The goal of this study was to highlight the potential use as bioenergy resources of different clones of hemp. Physical properties, fixed carbon, volatile content, ash content, chemical composition, calorific value, ash composition, and metal element of the samples were investigated. From this research came out that hemp stalks possess the desired fuel characteristics and that particularly some clones could be used as raw material for bioenergy production.
https://doi.org/10.1016/j.mset.2023.07.001
Plant-Parasitic Nematodes Associated withCannabis sativain Florida
This research focuses on the collection of data to evaluate the interaction of hemp and plant-parasitic nematodes in Florida. Among many different nematode species, root-knot nematodes and reniform nematodes are among the primary obstacles to crop production in the world. No significant changes in hemp production measured in different locations were associated with nematode soil populations. Nevertheless this is just an initial study and more research should be done to understand the long term impact that nematode rich soil could have on hemp production.
https://doi.org/10.2478/jofnem-2023-0018
Hemp ( Cannabis sativa L.) Agronomic Practices, Engineering Properties, Bioactive Compounds and Utilization in Food Processing Industry
This study presents a review of the current knowledge regarding the agronomic practices for hemp cultivation, the plant morphology and engineering potential of hemp seeds together with the hemp processing technologies. The purpose of this article is to help researchers to evaluate the potential of hemp as functional food and hemp fibers as textiles raw material.
https://doi.org/10.1002/9781119793007.ch5
Veterinary Use of Cannabis — Best New Findings
Pharmacokinetics, efficacy, and safety of cannabidiol in dogs: an update of current knowledge
In the last 5 years, cannabidiol (CBD) has been extensively used in veterinary medicine to treat a variety of conditions including skin lesions, anorexia, pain, epilepsy, among other health issues. This scientific review summarizes the effects of CBD and cannabidiolic acid (CBDA) on dogs and it reports data regarding the kinetic profile of these molecules. Even if some studies report the beneficial effect of CBD on dogs therapy, further studies have to be done in order to assess with certainty CBD potential therapeutic effects.
https://doi.org/10.3389/fvets.2023.1204526
by Grow Up Conference | Jul 28, 2023 | Cannabis News Wire, Media Partners
Marijuana retailers are well aware of the fact that customers prefer to purchase cannabis from nearby sources when possible. This intuition is supported by a recent study on Canada’s legalized marijuana market, which shows that consumers are much more likely to purchase products from legal marketplaces if they are close to licensed retailers.
The research, which is slated for publication in the “Journal of Studies on Drugs and Alcohol,” explores the relationship between Canadian marijuana users’ proximity to authorized retail establishments and their decision to buy cannabis products. Notably, respondents were more likely to choose legal establishments and less likely to choose regulated internet sites if they lived within three kilometers (about 1.9 miles) of the closest permitted cannabis retailer.
The study, which examines data from 15,312 Canadian marijuana users who took part in the International Marijuana Policy Study, spans the years 2019 to 2021. The study uses postal codes, which are typically more precise than U.S. ZIP codes, to locate their locations. The investigation explored various sources from which cannabis users acquired marijuana, such as regulated and illicit stores, websites, dealers, home production, and family and friends.
Compared to those who lived farther away, those who lived within three kilometers of a physically permitted marijuana business were less likely to buy from licensed online retailers or raise their own plants.
Interestingly, a comparison between Quebec and Alberta shows that consumers’ satisfaction declines when marijuana stores get closer to one another. The private cannabis retail industry in Alberta had a significant ratio of 18.7 outlets per 100,000 persons by 2021, compared to just 0.8 stores in Quebec’s government-owned retail monopoly. Albertans are more likely to purchase from regulated stores, although the difference was just 1.6 times greater.
The study also discovered a rise in the percentage of respondents obtaining their cannabis through legal channels and a drop in those obtaining it illegally, which is consistent with Canada’s goals for legalizing recreational marijuana.
It’s worth noting that the three-kilometer distance doesn’t necessarily correspond to the actual travel distance from a respondent’s postal code to the closest retail outlet. Instead, it reflects a straight line.
Canada had more than 3,740 licensed marijuana retail establishments as of April 2023 across all of its provinces and territories, which equates to 0.95 cannabis outlets per 10,000 persons. Alberta continues to be the state with the most marijuana stores per capita.
The report also showed $3.4 billion worth of legal recreational marijuana was sold in 2022, a 17.9% rise over 2021. In contrast, medical marijuana sales have decreased from their high as a result of the spike in recreational cannabis spending since it cannot be purchased through adult-use retail stores.
While companies that sell recreational or medical cannabis have to compete with unlicensed dealers, enterprises that focus on FDA-approved formulations made from marijuana compounds, such as IGC Pharma Inc. (NYSE American: IGC), don’t have such concerns because their products are accessible from pharmacies if one gets a prescription from their doctor.
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
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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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by Grow Up Conference | Jul 27, 2023 | Cannabis News Wire, Media Partners
Ohio lawmakers have passed an operating budget with provisions that effectively remove the Board of Pharmacy as the entity in charge of the state’s cannabis industry and replace it with a new Division of Marijuana Control. The new regulatory agency for all cannabis-related matters will function under the auspices of the Ohio Department of Commerce.
Ever since former Ohio Governor John Kasich signed House Bill 523 into law and launched the state’s medical marijuana program, both the pharmacy and commerce departments had been tasked with overseeing the fledgling medical cannabis program. While the commerce department handled marijuana cultivators, processors and testing laboratories, the pharmacy department regulated retail operations and dispensaries as well as maintained Ohio’s registry of caregivers and medical marijuana patients.
Putting two departments in charge of medical cannabis proved to be a major headache for companies in Ohio’s medical cannabis market. These companies had to deal with both departments and all the bureaucracy that came with each. Large vertically integrated companies that were involved in cultivation, processing and sale had an especially challenging time dealing with both departments.
Ohio Medical Cannabis Industry Association’s government affairs director Charlie Trefny states that this system of shared governance would lead to disagreements due to different interpretations of rules. In some cases, Trefny says, the two departments would give cannabis companies different responses regarding the same issues. This includes providing conflicting feedback on critical issues such as product labeling, which could have dire consequences for medical cannabis operators.
Companies that aren’t vertically integrated were also forced to interact with both pharmacy and commerce. For instance, the pharmacy department would have to review labels attached to products from cultivators or processors resulting in cases where it would reject product labels that had been approved by the commerce department.
Medical cannabis operators have been asking regulators to grant the sector one regulator rather than two since its inception to make the regulatory environment more business-friendly. Trefny noted that consolidating regulation under a single department will make the medical cannabis supply chain more efficient as well.
According to language included in the recently approved operating budget, the pharmacy department will have to transfer its oversight of retailers, dispensaries and the state medical marijuana patient and caregiver registry to the commerce department by Dec. 31, 2023.
On the other hand, medical cannabis operators aren’t pleased with language included in the bill that would allow standalone processors to receive additional cultivation licenses and allow level 2 cultivators to expand their growing space to 15,000 square feet.
The improvements, which are likely to result from streamlining the regulation of medical cannabis in the state, could have additional benefits such as allowing ancillary firms operating in the same space, including Advanced Container Technologies Inc. (OTC: ACTX), to do brisk business with marijuana companies as demand grows.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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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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by Grow Up Conference | Jul 27, 2023 | Media Partners, Psychedelic News Wire
The Kentucky Opioid Abatement Advisory Commission has begun taking expert testimonies on the benefits of using psychedelics to treat opioid use disorder. Psychedelics have emerged as a potential alternative treatment to a wide variety of mental disorders in recent years, thanks to an influx of psychedelic-based research.
Scientists have found that psychedelic compounds such as psilocybin can aid in the treatment of conditions, including post-traumatic stress disorder, anxiety, depression and substance-use disorder.
A panel of experts in Kentucky is now receiving testimonies on the potential benefits of incorporating psychedelic-assisted therapy into opioid use disorder treatment protocols. The panel comprised of cellular and molecular pharmacologist Dr. Deborah Mash, behavioral neurologist and neuropsychiatrist Dr. Nolan Williams, neuropsychiatrist Dr. Kenneth Alper, and neurobiologist and neuropharmacologist Dr. Drini Rao.
Karen Butcher, a Kentucky resident who lost her son to an opioid overdose in 2020, asked the panel why Kentucky couldn’t explore psychedelic use as a potential treatment for opioid use disorder if the cost wasn’t a factor. Butcher was specifically asking about ibogaine, a naturally occurring psychedelic that has shown potential as a treatment for opioid addiction.
Mash noted that there was “no substantive reason” holding back further clinical exploration of ibogaine The opioid crisis has taken over half a million lives in the United States from 1999 to 2020 and has become deadlier in recent years thanks to the introduction of drugs such as fentanyl.
In Kentucky, more than 9,000 have lost their lives due to opioid overdose since 2018, signaling the state’s need for more effective opioid addiction treatments. Some Kentucky officials are also asking the commonwealth to fund clinical studies investigating ibogaine’s potential as a treatment for opioid use disorder, with the chair of the Kentucky Opioid Abatement Advisory Commission Bryan Hubbard suggesting that these studies be funded in part by settlement money from opioid lawsuits.
At the moment, psychedelic-based treatments are only accessible to those who take part in clinical trials or individuals who are wealthy enough to travel to other countries that allow psychedelic-assisted therapy. Hubbard and the panel of experts are looking to change this by making psychedelics more accessible locally.
Mash has studied psychedelics for decades and states that ibogaine can help to break people out of the cycle of addiction. She and her team were investigating an ibogaine-based drug in the early 1990s, but her research ran aground when the National Institute of Drug Abuse pulled its funding.
With other startups such as Compass Pathways PLC (NASDAQ: CMPS) now studying other psychedelics, such as psilocybin, mental health treatment could be transformed in the years to come.
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by Grow Up Conference | Jul 27, 2023 | Grow Opportunity, Media Partners
(Globe Newswire) Leamington, Ont. — Tilray Brands, Inc., a leading global cannabis-lifestyle and consumer packaged goods company and Great North Distributors, Inc., Canada’s leading national sales broker for legalized adult-use cannabis — today announced a renewed national brokerage agreement.
Under the agreement, Great North will continue to be the exclusive representative for Tilray’s full portfolio of recreational cannabis products across the Canadian marketplace, with the exception of Quebec. Tilray’s market-leading cannabis portfolio includes Good Supply, RIFF, Solei, Canaca, The Batch, Chowie Wowie, and newly acquired Redecan, Original Stash, and Bake Sale.
Per the renewed 4-year agreement, Great North will invest significant, dedicated, incremental headcount to the Tilray division across all provinces and territories, upgrading key account resources, brand education for budtenders, and enhanced data capabilities to assist retailers in making the best possible decisions to maximize sales revenue.
“As the Canadian cannabis retail landscape continues to evolve, continuity in our distributor allows us to capture significant synergies and further optimize our national sales strategy. Our renewed agreement will further drive exceptional route-to-market efficiencies for our market-leading and growing cannabis portfolio which now includes HEXO brands.” — Blair MacNeil, president, Tilray Canada.
“Great North’s national Canadian network is best positioned to help us accelerate growth and capture even more market share across Canada. As we continue to build our brands, our longstanding relationship with Great North provides us with the flexibility to adjust to market conditions in real time.”
Great North has an extensive reach across every province in Canada, including established relationships and expertise working with provincially owned and operated retailers and private retailers in Canada’s cannabis industry. Great North applies industry-leading data analytics capabilities to the sector, providing suppliers with a powerful data-driven approach to cannabis sales.
by Grow Up Conference | Jul 27, 2023 | Grow Opportunity, Media Partners
A British Columbia Supreme Court judge has approved the bulk sale of more than 1,200 kilograms of cannabis by a company after the Canada Revenue Agency threatened to destroy it.
In a ruling released online this week, the court allowed Tantalus Labs Ltd. to move ahead with a hasty sale of its remaining inventory of cannabis flower after the CRA planned to destroy the product at its facility in Maple Ridge, B.C.
The agency had earlier declined to renew the company’s excise tax licence due to financial difficulties, which saw Tantalus shed the bulk of its employees at the end of June due to looming insolvency.
Without the licence, the company would’ve been unable to sell its remaining inventory and potentially recover more for creditors, including its main lender and the CRA itself.
As the date of its licence expiry approached, the company had to go to court for approval of the sale of its remaining inventory on what bankruptcy trustee Ernst & Young called a “fire sale basis.”
Court documents say the company has more than $14 million in debt, mostly to lender Sungrown Mortgage Corp. and the CRA, and the company was forced to enter insolvency and sell off its remaining inventory under threat of destruction.
Justice Shelley Fitzpatrick allowed the sale to move forward, but said in her ruling that the circumstances were “unusual” since Tantalus had only filed its insolvency notice less than two weeks before landing in court.
Fitzpatrick’s ruling said the “fire sale” circumstances were unfortunate, arising “somewhat inexplicably from the position of CRA, and CRA’s threat to enter Tantalus’ premises and destroy the inventory and/or its value.”
In its report on Tantalus tied to the insolvency, Ernst & Young said an “orderly” sale of the company’s remaining product could fetch around $2 million, while a fire sale would net about $300,000.
Had the CRA renewed the company’s licence, an orderly sale would’ve benefited the agency itself “as a result of the increased tax revenues rather than the reduced proceeds anticipated to be received in a forced liquidation or fire sale scenario,” Ernst & Young’s report said.
Tantalus CEO Dan Sutton said Wednesday that many cannabis companies are struggling under the weight of regulatory and tax burdens placed on the industry.
Sutton said he couldn’t reveal too much since the insolvency process is still ongoing, but called the CRA’s actions “peculiar” because it would’ve benefited as a creditor had it granted Tantalus more time.
“The judge was similarly confused,” he said.
Sutton and many others have long complained about what he calls the “extreme and burdensome excise tax requirements on top of payroll tax and GST payments in the Canadian cannabis industry.”
The CRA, he said, seems to have changed its tune at the beginning of the year and has stepped up efforts to recoup back taxes owed “with a more aggressive tone than it has historically.”
Sutton said the ordeal has been “disappointing for everyone,” including the city of Maple Ridge, where Tantalus employed nearly 80 people and hoped to create more jobs in the long term.
“I hope that lessons like Tantalus and many other companies, especially small businesses that are suffering under this grossly miscalculated excise tax, will become a lesson to the federal government to amend these regulations,” he said. “It doesn’t seem to be a business that, or rather, a regulatory environment that validates small business participation at this time. (It’s) super troubling.”
The CRA did not immediately respond to requests for comment.
by Grow Up Conference | Jul 27, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Jul 27, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Jul 27, 2023 | Cannabis Prospect Magazine, Media Partners
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