Ohio’s recreational marijuana market has experienced impressive growth, generating more than $11.5 million in sales in its first week. According to the state’s Commerce Department, Cannabis Control Division, the total revenue from adult-use cannabis sales reached $11,530,708 as of Aug. 10, 2024.
Sales officially began on Aug. 6, eight months after Ohio voters approved recreational cannabis legalization, with 57% of voters supporting the ballot measure. The average cost of an ounce of flower was $266. The data shows that 1,285 pounds of cannabis plant material and 173,043 units of processed products were sold.
Ohio’s medical marijuana market is also thriving, pulling in more than $8.3 million in sales in the same period. When recreational sales are factored in, the state’s annual revenue is expected to approach $1.3 billion. This amount would be much more than Michigan’s first-year cannabis sales revenue in 2020, which came in at $474 million for medical use and $510 million for recreational use. Conversely, Illinois recorded sales of about $11 million in the first week of 2020.
Currently, Ohio has 120 dual-use stores registered to sell marijuana for both recreational and medical purposes, up from 98 when recreational cannabis sales first started. The state intends to grant about 170 more licenses to increase retail options and 50 licenses set aside for social-equity candidates.
Despite the success, more than 70 cities across Ohio have enacted local bans preventing recreational cannabis entities from operating within their jurisdictions, as reported by Ohio State University’s Moritz College of Law.
Under the ballot initiative that legalized recreational marijuana, a 10% tax is applied to all nonmedical cannabis purchases. Revenue from this tax is allocated to five different state funds: the Marijuana Social Equity and Jobs Fund, the Recreational Use Tax Fund, the Host Community Marijuana Fund, the Substance Abuse and Addiction Fund, and the Cannabis Control Division and Tax Commissioner Fund. These funds are designed to address a range of needs, from social-equity initiatives to addiction services.
Meanwhile, large marijuana operators are moving quickly to capture market share. Ascend Wellness Holdings launched recreational sales at its Carroll store on Aug. 15, 2024, following its initial rollout at locations in Sandusky, Cincinnati, Piqua and Coshocton. Verano Holdings, based in Chicago, also began recreational sales at its five Zen Leaf stores across the state.
Recreational cannabis currently is legal in 24 states, the District of Columbia and two territories. The entire cannabis industry, including companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED), will be rooting for the industry in Ohio to grow and reach its full potential so that the consumers who need these products can access them legally and conveniently.
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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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Entourage Health Corp. reported net revenue of $9.3 million, before excise duties and discounts, but a loss of $10.3 million in its Q2 filing for 2024.
For the three months ended June 30, 2024, the Ontario-based cannabis producer’s revenue decreased by 9% to $12.2 million, compared to nearly $13.4 for the same period in 2023.
Entourage’s loss and comprehensive loss in Q2 2024 increased from a $6.3 million loss in Q1 2024, and a $9.9 million loss in Q2 2023.
“Overall, our year-to-date performance aligns with our expectations and prior achievements. As we move into Q3 and beyond, we are optimistic about the opportunities ahead,” said George Scorsis, CEO and Chair. “This quarter, we focused on the launch of new products and offerings under all our Entourage Brands. The expansion of Dime Bag resulted in significant traction, achieving over 90% distribution in Ontario. We remain dedicated to bringing variety to our consumers and are confident that these efforts will drive improved financial results as we progress through the year.”
The company says the higher loss in Q2 2024 is the result of lower sales and gross margin across its portfolio, which was offset by lower SG&A expenses due to effective cost management and operational efficiencies.
Most of the company’s $9.3 million in sales in the three months ended June 30, 2024 were split evenly between the medical and non-medical supply streams (~$4.1 million each), while about 11% were bulk B2B sales ($1 million).
While revenue from non-medical sales dropped 29% compared to the same period in the previous year, bulk sales increased by 351%. Medical sales stayed relatively level, with a slight 1% decrease compared to Q2 2023.
This amounted to nearly 1.4 million grams of cannabis sold in the medical stream in the three months ended June 30, 2024, 2.1 million grams sold in the non-medical adult-use supply stream and 2.5 million grams sold in bulk, for a total of more than 6.1 million grams of cannabis. This represented a 40% increase in total grams sold compared to the same period in 2023.
The average selling price of a gram of cannabis sold in the medical supply stream was $2.97, while adult-use was $1.95, and bulk sales were $0.39 a gram, for a total average price of $1.52 a gram. This represented a 7% decrease in price in the medical supply stream, and a 83% decline in the price in the bulk supply stream, while adult-use non-medical sales stayed level compared to Q2 2024.
The company had $8.4 million worth of cannabis on hand as of June 30 2024, along with $2.2 million in extracts.
Entourage sells under the brands Color Cannabis, Saturday Cannabis, and Dime Bag in the non medical stream and through its Starseed Medicinal medical platform and its health and wellness brand Syndicate Cannabis.
Entourage produces drie flower, pre-rolls, oils, capsules, edibles, topicals, vapes, and a heat-free “micro inhaler” for sale in Canada in the medical and adult-use markets.
It sells non-medical products into the Ontario Alberta, BC, Manitoba, and Saskatchewan markets. Medical sales in Canada are nationwide. The company also has an arrangement with Australia Pty Ltd., a fully-owned subsidiary of Lyphe Group Ltd., for the sale, execution, and fulfillment of its first international order of medicinal cannabis to Australia
“We have achieved stability despite a challenging environment, highlighting the resilience of our business model and the strength of our long-term strategy,” said Vaani Maharaj, CFO. “Although Q2 presented its share of market fluctuations, our steady performance over the past six months demonstrates our commitment to overcoming these obstacles. As we move forward, our focus on execution and capital efficiency will be key to driving future growth and success.”
As a going concern, Entourage reports it has material debt obligations that come due within the next twelve months noting that it has suffered recurring losses from operations and requires additional financing to fund its business and operations.
If Entourage is unable to raise the additional capital needed and subsequently renegotiate the payment terms of its outstanding loans and borrowing, the company’s financial report says it will be unable to meet its financial obligations. As of June 30, 2024, the company had a working capital deficiency of $163,248,157 and an accumulated deficit of $382,153,256. Management plans to fund the operations through existing cash positions, as well as looking at different strategies with its lender.
In Virginia, medical and recreational marijuana is legal, although retail sales and recreational marijuana dispensaries haven’t yet been launched following delays with the approval of a re-enactment clause. However, residents in the southwest region of the state can still access the drug easily, with many stores openly selling the substance. This is despite some of these businesses being raided by law enforcement last year.
The sale of marijuana in this part of the country is surprising, especially since the stores are in the most conservative parts of Virginia. There’s at least one marijuana store in Tazewell County and another in Wythe County, which saw the majority of their residents vote for Donald Trump. Washington County and Bristol also have multiple stores, with more than 65% of residents in both counties voting Republican.
This conflicts with how lawmakers in the region vote, with GOP lawmakers in the General Assembly nearly unanimously opposing the legalization of retail marijuana. Additionally, Governor Glenn Youngkin vetoed a measure that was approved by the Democrats. This measure would have limited the number of licenses marijuana stores that could be awarded to 350. This is only 54 licenses short of the total number of Alcoholic Beverage Control board stores in Virginia.
This move may not have worked in the governor’s favor, however, with some towns in the southwest region now having more marijuana stores than liquor stores. For instance, Marian has at least two marijuana stores and a liquor store while Bristol has nine marijuana stores and two liquor stores.
It appears that the lawmakers may not reflect the will of the people in this regard. This is also evidenced by analysis which shows that when legal marijuana is on the ballot, GOP voters vote for legalization. This is backed by red states, including Montana and Missouri, which have voted in favor of recreational marijuana.
Additionally, legal marijuana has been approved in counties that overwhelmingly voted in favor of the GOP in the presidential vote, with Vinton being the most procannabis and Republican county in Ohio.
One of the downsides to this market is that the products being sold to consumers haven’t been tested for safety. This means that consumers have no way of knowing what’s in the marijuana they are purchasing. Tests carried out on marijuana purchased from Radford showed that the drugs had high levels of cadmium, lead and arsenic, while marijuana purchased from Roanoke County was moldy.
The marijuana industry, including leading companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), hope that the adult-use marijuana market in Virginia gets underway and allows people to access tested products so that they don’t expose themselves to potentially tainted black market products.
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The U.S. Food and Drug Administration (FDA) recently rejected an application to approve the use of MDMA as a treatment for post-traumatic stress disorder (PTSD). The MDMA formulation, developed by Lykos Therapeutics, would have been administered in combination with psychotherapy if it had been approved.
In its rejection, the federal agency requested for more clinical trials to be done to gather additional data on the drug’s effectiveness and safety. This decision comes just months after the FDA’s advisory committee determined that the application made by Lykos was lacking on both fronts.
The decision is a significant change in the drug’s trajectory, seeing as in 2017, the FDA approved the psychedelic’s review process. This was driven by promising findings in the early stages which suggested that MDMA, when administered together with psychotherapy, could provide relief to the millions with post-traumatic stress disorder.
During this period, Lykos applied for approval to market its psychedelic formulation, called midomafetamine. In its application, the company included strong data from a pair of phase 3 trials that demonstrated decreased scores for symptoms of PTSD.
The FDA declined, however, and requested a second trial, which needs to include improved policies following misconduct involving therapists who abused a patient. The panel, made up of 11 members, voted on the matter, with 9 agreeing that the evidence provided didn’t demonstrate the effectiveness of the drug. Additionally, 10 of them ruled that the drug’s potential benefits didn’t outweigh the risks.
The company’s chief executive, Amy Emerson, revealed that carrying out another trial would take a couple of years.
Soon after the rejection, editors at the “Psychopharmacology” journal retracted three papers from scientists associated with MAPS Public Benefit Corp. A pair of the papers analyzed half a dozen clinical trials that were included in the submission made to the FDA. In their report, the editors highlighted violations in protocol that amounted to unethical conduct.
Additionally, Lykos announced that Rick Doblin would be stepping down from the company’s board to allow him to freely advocate for psychedelic treatments. Doblin pioneered the MDMA treatment. Lykos also announced that it would be letting go 75% of its workforce.
Despite this setback, scientists could learn a lot from Lykos and its journey of studying treatments for conditions such as addiction and depression. University of California’s David Olson notes that it is possible to develop psychiatric medications while avoiding psychotherapy completely during trials.
He explained that if a drug was effective and safe, there is no reason a physician couldn’t prescribe the drug with psychotherapy because the FDA didn’t regulate medicine as a practice.
Many startups in the psychedelics space, such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ), will be reflecting deeply about what has happened to the MDMA application submitted by Lykos Therapeutics. Any lessons they can learn will be invaluable because implementing the needed changes can make or break years of work invested in developing a psychedelic drug candidate.
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If the Canadian cannabis industry were a painting, it would be more Jackson Pollock than Rembrandt. While the country made history by being the second (after Uruguay) to legalize, it also became a canary in a coal mine, so to speak, showing others in waiting various examples of success and failure.
There is likely no better display of this legalization kaleidoscope than the mishmash of retail frameworks that exist across the country. Each province has its unique take on the supply chain and the stores themselves, and all of it is subjectively working or not, depending on who you talk to.
StratCann wanted to examine two very different yet profitable business models, Quebec and Ontario, and ask some experts what works for these strategies, what doesn’t, and where they may be 5-10 years down the road.
“Quebec came in with probably the biggest apprehension of any province, I think we are still seeing that today,” said Nathan Mison, President of Diplomat Consulting.
Mison went on to add that from his perspective, the SQDC did the “bare minimum” that was required at the beginning of legalization. He feels this has led to a limited number of retailers and the province’s population being underserved.
“[As for] Ontario, it is a very unique environment with the AGCO having regulatory involvement and then the OCS being the primary moneymaker and commercial driver of wholesale and distribution,” he said.
Mison added that political change at that time likely altered Ontario’s course. “The Wynne government’s aspiration was to have it like the LCBO, where you would have vertical integration. The [incumbant] Ford government decided that the private retail model was more a model consistent with their economic understanding.”
“Two jurisdictions like Ontario and Quebec that hold the vast majority of the Canadian population are probably more important to the success and viability of that opportunity.”
Nathan Mison, Diplomat Consuting
Then and now
Some of the people who notice the most wins and losses in each of these two frameworks are the producers and suppliers of cannabis products in Canada. They have the task of adhering to an endless list of nuances that exist in this country-wide variety pack of rules and regulations.
“Quebec has the advantage of an efficient one-store mentality where stores are not competing with each other as they all sit under the same umbrella, and distribution is relatively consistent of your products amongst them,” said Margaret Brodie, CEO of Rubicon Organics. “Ontario’s set up is a free market retail approach where locations, products and store set ups are individualized to ownership, meaning variety for the shopper. As a result, the Ontario consumer experience is different in almost every store visit where Quebec is homogeneous (other than its nursery program).”
“Quebec has the advantage of an efficient one-store mentality where stores are not competing with each other as they all sit under the same umbrella, and distribution is relatively consistent of your products amongst them.”
Brodie listed some of the other important differences as well, including:
Quebec does not have vapes, topicals, or traditional edible formats.
Quebec lists its menu by THC across most categories.
Quebec does not allow in-store education or LP marketing materials, which makes it difficult to educate budtenders on brands and products—although they have recently announced that educational videos on brands will be allowed and provided to store staff for training purposes.
Quebec does not allow products over +30% THC, including concentrates, which, in Brodie’s view, only supports the black market.
Mison also agrees that there are challenges in the framework for the Quebec model that hinder efforts to eliminate the black market. “I think Quebec has a significant problem, especially with, in my opinion, their short-sightedness on vape and edible products that have allowed the illicit market to flourish.”
Right and wrong
Speaking on the same topic of what’s going right and wrong in these markets, Mison added it depends on whom you ask.
“In Quebec, I would say they are doing it right for the government, which is creating revenues that go into government coffers,” he said. “I think their ‘buy Quebec’ model that is in their regulations has made it so that Quebec licensed producers are some of the most robust and successful in the country.”
He went on to say that Ontario “punched themselves in the face to get to where they are today,” referring to the “ridiculous amount of lotteries they did.” Despite that, he feels the Ontario model is a success. “It probably has allowed for the proliferation [of legal stores] and displacement of the illicit market.”
As for what needs to be changed, Mison feels that a piece of low-hanging fruit is taking window coverings down in retail stores in Ontario and Quebec, just as other provinces have done. He also has thoughts on other modifications.
“Ontario’s set up is a free market retail approach where locations, products and store set ups are individualized to ownership, meaning variety for the shopper. As a result, the Ontario consumer experience is different in almost every store visit where Quebec is homogeneous (other than its nursery program).”
Margaret Brodie, Rubicon Organics
“I believe in a hybrid model. There should be private wholesale and distribution as well as government wholesale and distribution,” he said. “I [also] think the end of prohibited relationships is going to be a big change. Ontario will go first and Quebec will go kicking and screaming. No other retail environment in Canada [prohibits] a producer and a retailer to have direct relationships. Treat cannabis the same as alcohol.”
Mison added that he would also like to see changes in how and where Canadians and tourists can consume, not just in Quebec and Ontario but everywhere.
“The proliferation and opportunity we are seeing in the United States with cannabis hotels and consumption sites, therapeutic use in spas, Canada has an opportunity to see that. Two jurisdictions like Ontario and Quebec that hold the vast majority of the Canadian population are probably more important to the success and viability of that opportunity.”
Brodie also shared some diverse thoughts on what she would like to see moving forward so producers can have a healthier landscape in which to do business.
“I’d like to see enforcement against the black market in both provinces and nationwide, in particular, shutting down online storefronts delivering in major centers within 45 minutes,” she said. She added that Ontario came out in its recent budget with $30 million for enforcement efforts, and she would like to see the federal government and other provinces follow suit.
“If there are no changes to enforcement then reduce our fees and taxes so that legal businesses can compete on a level playing field.”
Brodie would like to see some additional changes to both models. For Quebec, an increase in the number of stores, more product education, and making vape products available are on her wish list.
“[For Ontario] I’d love to see more data from the OCS for LPs to know where our product is sold so we can support those stores with education as well as more frequent product calls,” she said.
“From a public safety perspective, I’d like to see the elimination of store window coverings which reduces risk to retail employees who work alone or at night in stores, and reduces stigma related to cannabis products.”
“Today, we are much more driven by enhancing customers’ experience. We have already revamped and renovated existing stores to make them more convenient.”
Chu Anh Pham, La Société québécoise du cannabis
Where will we be in 5 or 10 years?
Although nobody has a (working) crystal ball, there’s nothing wrong with looking down the road and predicting where both markets will be in the near and more distant future.
“In Quebec, I expect to see over 400 SQDC stores that offer more education and explanation compared to where they are now,” Brodie said. “In Ontario, I expect to see the strength of chains and brands grow through consolidation with smaller stores needing to focus on differentiated experiences.”
Brodie added that she believes the stigma towards cannabis will be in our “rearview mirror”, and its acceptance will be more prominent with the possibility of lounges and consumption at outdoor areas such as fairs and festivals. Further, she believes that non-intoxicating cannabinoid products will be made available outside licensed stores, particularly CBD in the natural health product sector.
Mison believes that the future of these two markets depends on the different political landscapes moving forward.
“It depends on the elections that are going to occur in the next 18 to 24 months to see significant changes in both those jurisdictions,” he said. “Canadians’ opinions on cannabis are actually further along than our political bureaucratic and regulatory class, and it’s [the latters’] responsibility to catch up to where the citizenry is.”
Straight from the source
StratCann reached out to both the SQDC and OCS for comment on how far they’ve come and where they expect to go moving forward.
“SQDC has changed a lot since its opening. At the very beginning of cannabis legalization, we had to act rapidly to open stores. Everything had to be built: find locations, leases, staff, suppliers,” said SQDC Spokesperson Chu Anh Pham.
“Today, we are much more driven by enhancing customers’ experience. We have already revamped and renovated existing stores to make them more convenient, we have changed the product display in certain stores (now presented by categories Indica/Sativa/Hybrid), we added several new products, like beverages and infused pre-rolls, we now sell accessories such as pipes and grinders. Delivery service and on-line orders are also available.”
Pham added that they have grown to 100 stores and 1,200 employees.
“Since our mission aims to progressively eliminate the illegal market, while still protecting public health, we are constantly trying to put forward a product offer and quality that suits customers’ expectations and fits into our legal framework,” said Pham. “So, we will keep opening new stores, but at a slower pace.”
She said they “plan to open about 20 stores during the next 3 years, including 9 this fiscal year,” with new concepts being tested in each new location.
Pham addressed the SQDC’s perspective on the ever-evolving product market and how it affects their decisions moving forward.
“New products enter constantly whether on the illegal market, other legal provincial markets in Canada, or even on the foreign market and Quebecer consumers are exposed to them. We follow every trend carefully to be ready to adapt if the legal framework must change,” she said. “Vaping products, legal age for consumption, THC degree, and attractive ready-to-eat, are subjects debated in society.”
“The Ontario Cannabis Store is constantly adapting to a shifting cannabis retail landscape and rapidly changing market demands.”
Solomon Israel, Ontario Cannabis Store
As for the OCS, StratCann reached Solomon Israel, Senior Communications Advisor, who assisted with these comments.
“The Ontario Cannabis Store is constantly adapting to a shifting cannabis retail landscape and rapidly changing market demands,” he said. “We have worked hard to help authorized retailers and licensed producers succeed as Ontario’s cannabis retail framework has evolved. The OCS has grown quickly within Ontario’s legal cannabis industry, scaling up our wholesale operations by moving to a larger, highly automated cannabis distribution centre in 2020.”
He added that they have recently made improvements to their product call and product assortment processes, announced enhancements to their Flow-Through program, and upgraded data access that assists LPs with product forecasting.
“Future OCS initiatives will continue to focus on improving the wholesale experience for both licensed producers and authorized retailers, informed by market data and feedback from our partners.”
California Senate lawmakers have advanced a bill that would grant small cannabis cultivators a new license to sell directly to consumers at state-run farmers’ markets and other transient events. Additionally, the bill would allow adults to use cannabis at events that have been approved.
The bill does not, however, imply that small marijuana farmers can openly sell their goods at farmers’ markets alongside other merchants. Cannabis sales in approved locations would require certain regulatory permits from state and local authorities.
The assembly initially approved the bill in May, where it received overwhelming support before heading to the senate. The bill is now poised for a full senate vote after passing through two senate committees.
If the senate approves it, the bill will return to the assembly for approval of the senate’s amendments. One key amendment states that license holders may only offer products for sale and permit on-site consumption at temporary events organized by the state, not at other kinds of temporary gatherings.
Temporary event licenses would be issued by the Cannabis Control Department (DCC). With these permits, those 21 years of age and older would be able to purchase cannabis and consume it on-site at establishments that have local approval.
These activities require permission from local governments, and licenses would only be granted to those who meet the requirements for small-scale cannabis production. This group of growers consists of individuals who grow no more than an acre of marijuana or those who have mixed-light tier 1 or tier 2 permits, each of which has a maximum square footage requirement.
The measure expands on a 2018 California state law that authorized cannabis event permits for a limited time in locations where municipal governments have granted permission. For the first time, marijuana sales and on-site consumption were made possible by the 2018 law at gatherings such as the California State Fair. The new rule would give small-scale producers that obtain the required permits the same sales chances as licensed shops, which are now permitted to sell their products.
In parallel developments, a more comprehensive legislative proposal aimed at overhauling California’s hemp and cannabis regulations seems to have stalled. A committee in the senate failed to bring the proposal to a vote before the deadline, leaving its future uncertain.
The plan, backed by Governor Gavin Newsom, included an amendment that would have integrated hemp-derived products into the state’s licensed cannabis market. Additionally, it aimed to permit hemp farmers from other states to market their goods in California.
This new legislation breaks new ground, and many cannabis companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) will be watching to see if other jurisdictions also take up this approach of helping smaller cannabis growers to access the final consumers of their products.
About CNW420
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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Lexaria, a global innovator in drug delivery platforms, just reported positive results from its applied research program conducted in collaboration with the National Research Council of Canada (“NRC”)
The study’s objective was to examine the molecular properties of semaglutide, processed with its patented DehydraTECH(TM) technology, comparing it to Rybelsus(R), the commercially available alternative
Lexaria’s DehydraTECH demonstrated that semaglutide can be efficiently released in a simulated gastric fluid environment, without the use of salcaprozate sodium (“SNAC”) ingredient chemistry
This milestone moves the company closer to the diabetes treatment market, projected to hit $153.98 billion in value by 2032
Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just released findings from its applied research program that sought to evaluate the mode of action facets of its patented DehydraTECH(TM) technology and the glucagon-like peptide 1 (“GLP-1”) drug, semaglutide. The program was conducted in conjunction with the National Research Council of Canada (“NRC”), with the management terming the findings as “positive” (https://cnw.fm/07B2H).
This marks a significant milestone for Lexaria, mainly since it builds upon its growing dataset around DehydraTECH amenability to GLP-1 formulation and oral delivery performance. In addition, it demonstrates DehydraTECH’s versatility and superiority, notably since the study achieved the desired outcomes without the proprietary salcaprozate sodium (“SNAC”) ingredient chemistry.
The results are significant, since published literature describing Rybelsus(R) noted that it occurs in simple monomeric form in the human gut. This presence has been attributed to SNAC, and the property has been known to allow the permeation of the gastric epithelium to deliver GLP-1 drugs into the bloodstream. Lexaria’s study clearly showed that semaglutide was efficiently released in the simulated gastric fluid environment. In all the cases, it was likely in monomeric form, a form previously achieved using the SNAC technology.
To realize this objective, Lexaria and the NRC team examined the molecular properties of DehydraTECH-processed semaglutide in comparison to the commercially available semaglutide formation, Rybelsus(R). They further used simulated gastric fluid, mimicking conditions in the human gut. In addition, they leveraged various testing methods such as dynamic light scattering (“DLS”), electrospray ionization mass spectrometry (“ESI-LCMS”), polyacrylamide gel electrophoresis (“PAGE”) and size exclusion chromatography (“SEC”).
The findings from this study offer a glimpse into Lexaria’s future. At the beginning of the year, its management noted its commitment to doubling down on GLP-1 studies for 2024, promising to make the year its biggest one yet. This milestone affirms this commitment while highlighting what is in line for Lexaria and its DehydraTECH technology. More importantly, it demonstrates the technology’s potential and versatility, in delivering various orally administered bioactive molecules more effectively (https://cnw.fm/Ydfes).
Lexaria is making decent headway as it works toward carving out market share in the diabetes treatment market. In 2023, this market was valued at $79.25 billion. It is set to grow to $153.98 billion by 2032, representing a CAGR of 7% over the forecast period (2024-2032) (https://cnw.fm/lM1eW). Lexaria has several additional R&D studies underway, including both animal and human investigations into semaglutide, liraglutide and tirzepatide. Together, those three drugs represent more than 90% of all revenue in the current global GLP-1 market. Its management is bullish about its current direction and is confident that its efforts will pay off in due time.
NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX
About CannabisNewsWire
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Researchers have discovered that the long-term administration of low-dose tetrahydrocannabinol (THC) may have an overall anti-aging effect, especially in the brain. Although this study focused on mice, the researchers hope the results may set the stag for future treatments of age-related cognitive decline in humans.
The Société québécoise du cannabis (SQDC) opened its 100th cannabis store this week, located in a suburb just outside Montreal.
The newest store is in Richelieu, the first cannabis store in the small city of about 5-6,000 people.
“The Richelieu branch is part of our new desire to improve the customer experience,” says Alexander Bove, Director of Real Estate at the SQDC. “With a surface area of 2,600 square feet, the store has adopted a display by product category, the design promotes user-friendliness and several display islands have been added to the sales area to highlight the product offering. We have 100 reasons to be proud and thank you 100 times to our teams who are fully dedicated to developing the SQDC,”
“Displaying by product category is a new way to present cannabis products to our customers, including pre-rolls, oils, edibles and large formats and differs from displaying by species, such as sativa, indica and hybrid.”
The SQDC says it plans to open about twenty branches over the next two years, including nine in total during the current fiscal year. The new Richelieu is the third store of those nine that the SDQC has opened so far this year.
The new store will also take a new approach to displaying products.
“Displaying by product category is a new way to present cannabis products to our customers, including pre-rolls, oils, edibles and large formats and differs from displaying by species, such as sativa, indica and hybrid. In the sales area, certain categories such as concentrates and accessories are found in separate displays,” says SQDC Director of Operations Alban Troja.
The SQDC has stores in all regions of Quebec and says that more than 60% of cannabis purchases in the province come from their stores.
The SQDC contributed $258.8 million to Quebec in 2023. This is an increase from $232.7 in total revenue for Quebec in 2022-2023 from $94.9 million in net income, $77.8 million in the province’s share of excise taxes, and $50 million in QST.
The province says revenue from sales and tax are entirely paid to the Ministry of Finance of Quebec, and intended in particular for prevention and research in cannabis and the fight against misdeeds linked to the use of psychoactive substances. This claim, however, has recently come under scrutiny.
For the fiscal year ending March 30, 2024, the SQDC reports selling 122,478 kg of cannabis, an increase of 15% compared to the previous year (106,626 kg in 2022-2023). The majority of these were dried flower (97,918 kg), while 24,560 kg were for other cannabis products.
(CNW) Toronto – Nova Net Lease REIT, a real estate investment trust with investments in cannabis-related properties in the U.S., today announced its financial results for the three months ended June 30, 2024. The REITs financial results are available on SEDAR. Results are presented in U.S. dollars.
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