by Grow Up Conference | Jul 17, 2024 | Cannabis News Wire, Media Partners
The Senate Appropriations Committee has passed a spending measure with an amendment that would allow physicians in the Department of Veterans Affairs to talk about and recommend medical cannabis to patients in states where the drug is legal. This committee approved the marijuana amendment introduced by Senator Jeff Merkley in a voice vote last week.
The bill itself provides funding for Military Construction, Veterans Affairs and Related Agencies for the coming fiscal year.
During discussions, Merkley stated to the panel that the only healthcare system in the United States where a physician couldn’t discuss medical cannabis with patients in legal states was the veterans’ system. Merkley noted that veterans were being discriminated against, which was unacceptable.
The Senate Appropriations Committee passed a similar marijuana and veterans’ amendment in the previous sessions since 2015.
Merkley also explained that the committee had approved this amendment every year for the last 10 years because it wanted veterans to have access to the entire range of medical advice that every other person in America already has.
In the House, the chamber passed a similar bipartisan amendment to its version of this measure, which would allow VA physicians to give medical cannabis recommendations to veterans. The bill would arrive at the same policy outcome as a standalone measure that was reintroduced in the House by Representatives Earl Blumenauer and Brian Mast, cochairs of the Congressional Cannabis Caucus.
The measure in question, the Veterans’ Equal Access Act, has been tabled a number of times in the last couple of years with bipartisan support. While it was approved by the committee and floor a couple of times, it has never been enacted.
In 2023, the Senate Veterans’ Affairs Committee passed another measure directing Veterans’ Affairs to conduct research into the therapeutic potential of cannabis for military veterans with specific conditions. The bill was sponsored by the chairman of the committee, Senator Jon Tester, alongside Senator Dan Sullivan.
Despite this being the first time a standalone marijuana bill has ever advanced through a panel in the Senate, GOP legislators in the Senate impeded a motion to move the bill to the floor. Bipartisan Senate and House legislators have also filed other measures to legalize medical marijuana for military veterans.
This latest resolution would temporarily permit veterans to legally use and possess cannabis under federal law, as recommended by physicians in accordance with state law. Doctors with the VA would also be permitted for the first time to give such recommendations.
If this legislation makes it all the way to the president’s desk and is signed, the market for medical marijuana within the veteran community could trigger an effect that boosts even ancillary business such as Innovative Industrial Properties Inc. (NYSE: IIPR) as demand for marijuana and the related infrastructure increases.
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by Grow Up Conference | Jul 16, 2024 | Cannabis News Wire, Media Partners
The marijuana industry has been significantly hindered by Section 280E of the IRS Code, which prevents businesses dealing with substances listed in Schedules 1 and 2 of the Controlled Substances Act (CSA) from deducting regular business expenses.
Although Section 280E affects federal deductions, the regulations are not governed by federal laws in half of the markets where marijuana businesses are licensed to sell the drug for recreational or medical purposes. This implies that when cannabis businesses submit their state taxes, they are not subject to Section 280E.
This provision has stunted the growth of legal cannabis businesses across the country. However, the sector is about to undergo a major financial shift due to the Biden administration’s proposal to reclassify the drug from Schedule 1 to 3.
Cannabis enterprises are subject to significant limitations on their income-tax obligations and tax filings under Schedule 1. They must also consider whether the states in which they conduct business adhere to federal tax rules.
Section 280E prevents companies from claiming a wide range of administrative, selling and general expenses that are typical for other businesses, including the following:
- Rent: Leasing space, a common deductible expense in other industries, cannot be deducted in the marijuana sector.
- Salaries and wages: Paying employees, from executives to budtenders, does not provide any tax relief.
- Utility costs: Essential utilities such as water and electricity cannot reduce the tax burden.
- Maintenance and repairs: Keeping facilities in good condition is a nondeductible expense, limiting reinvestment and improvements.
- Advertising and marketing: Promoting and building a brand drains funds without the benefit of tax write-offs.
- Health insurance: Providing medical coverage for employees is an unrecognized expense, affecting workforce stability.
- Amortization and depreciation: The gradual loss of asset value over time is not acknowledged by federal tax rules for nonplant-touching assets.
What could change if cannabis businesses were freed from the constraints of Section 280E? It would result in a scenario where the industry is no longer categorized alongside substances such as LSD and heroin but rather with everyday prescription medications.
For starters, cannabis businesses could claim deductions for typical expenses such as salaries, rent, utility bills, and advertising and marketing costs. Money saved from 280E could be reinvested into the enterprise, spurring growth, job creation, research and development.
Further, cost savings could be passed on to consumers, making medical marijuana more affordable and accessible. Additionally, with reduced stigma, obtaining loans, credit lines and banking services could become easier. Relief could also lead to competitive pricing for patients and consumers, reducing the appeal of the black market.
The potential for these changes has the industry excited and speculative. Will these possible deductions create a thriving economic environment for marijuana businesses, or will financial parity with other industries remain elusive?
One thing is certain: rescheduling cannabis and making Section 280E irrelevant for marijuana entities could unleash a flood of prosperity and turn a once-restricted sector into a major player in the financial world.
The question: when will the industry be able to reach its full potential financially? Marijuana companies such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) can only wait for the final rule to be published so that they ascertain how the change in policy will impact their tax obligations.
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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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by Grow Up Conference | Jul 16, 2024 | Media Partners, Stratcann
BC’s cannabis branch has provided updates on its cannabis sampling rules for cannabis marketing licensees.
The BC Liquor and Cannabis Regulation Branch (LCRB) first updated its regulations in September 2023 to allow cannabis retail store licensees and their employees to accept samples from a federal licence holder.
In BC, a marketing licence authorizes the licensee to promote cannabis for the purpose of selling it in British Columbia. A federally licensed cannabis producer is required to have a marketing licence to promote their products in BC.
Cannabis Retail stores and Farmgate stores (PRS licensees), as well as Section 119 authorization holders are no longer required to pay a nominal fee for product samples. They may now also share product samples they receive (from federal licence holders and marketing licensees) with other cannabis store licensees and authorization holders.
All licensees and authorization holders must also ensure they keep records relating to cannabis samples.
The newest updates to the province’s handbook for the marketing of non-medical cannabis in BC clarify that the amount of cannabis in the cannabis sample may not exceed 3.5 grams of dried cannabis or the equivalent amount per class of cannabis. This is the equivalent of one gram of cannabis extracts or three cannabis seeds.
However, an exception applies if the class of cannabis is not available in 3.5 g or less of dried cannabis or an equivalent amount. In that case, the smallest available amount of the class of cannabis may be provided as a sample.
A marketing licensee cannot provide cannabis samples to non-licensees such as patrons and members of the public.
A marketing licensee must keep records respecting cannabis samples received from a federal licence holder that contains the following information:
- the unique excise tax identifier from the original packaging of the cannabis sample;
- the LDB SKU for the cannabis that the sample is from that is registered under the Cannabis Distribution Act;
- the date the licensee received the cannabis sample;
- the name and licence number of the federal licence holder that provided the cannabis sample to the marketing licensee;
- the amount of cannabis for each class of cannabis product in the sample received
A marketing licensee must also keep records respecting cannabis samples provided to another licensee that contain the following information:
- the unique excise tax identifier from the original packaging of the cannabis sample;
- the LDB SKU for the cannabis that the sample is from that is registered under the Cannabis Distribution Act;
- the date the licensee provided the cannabis sample;
- the name and licence number of the non-medical cannabis retail store licensee that received the cannabis sample;
- the amount of cannabis for each class of cannabis product in the sample provided
A marketing licensee may possess cannabis samples if:
- the cannabis sample was supplied to the marketing licensee by a federal licence holder of a cultivation or processing licence;
- the marketing licensee is authorized under the Cannabis Act (Canada); and
- the cannabis sample is from cannabis registered under the Cannabis Distribution Act.
A marketing licensee may supply cannabis samples to non-medical cannabis retail store licensees for no consideration if the cannabis meets the following requirements:
- the supply of the cannabis sample by the marketing licensee is authorized under the Cannabis Act (Canada);
- the cannabis sample was previously supplied, for no consideration, to the marketing licensee by a federal licence holder of a cultivation or processing licence; and
- the cannabis sample is from cannabis that is registered under the Cannabis Distribution Act.
A marketing licensee who offers or gives, or agrees to offer or give, a cannabis sample, for no consideration, to a licensee or an employee of a licensee is exempt from provincial rules about offering or providing inducements in respect of that offer, gift or agreement as long as the amount of cannabis in the sample does not exceed the maximum amount specified by the general manager for the class of cannabis product in the sample.
The same applies to a marketing licensee who requests, accepts or agrees to accept a cannabis sample, for no consideration, from a federal licence holder of a licence for cultivation or a licence for processing. They are also exempt from provincial rules against requesting or accepting inducements in respect of that request, acceptance or agreement as long as the amount of cannabis in the sample does not exceed the maximum amount specified by the general manager for the class of cannabis product in the sample.
by Grow Up Conference | Jul 16, 2024 | Media Partners, Stratcann
SNDL Inc. announced an $11 million “restructuring” that includes laying off 106 full-time employees.
The Calgary-based company announced the move on July 16, saying it aims to reduce corporate overheads and improve the efficiency of its organizational structure. SNDL says the process is expected to provide over $20 in annualized cost savings but will require a “one-time investment” of $11 million over the next 18 months.
As part of these operational adjustments, SNDL is consolidating its cannabis businesses into a single unit under the leadership of Tyler Robson, who has been president of SNDL since January 2023. The consolidation, argues SNDL, is intended to enhance efficiency, improve alignment and improve process speed within the company’s vertical model.
“This restructuring project and segment consolidation are critical steps in our journey towards better capital deployment, improved agility, focus, and profitability, and will free up resources to invest in profitable growth opportunities,” said Zachary George, Chief Executive Officer of SNDL. “We are committed to enhancing our organizational effectiveness by streamlining processes while leveraging technology and automation.”
SNDL says it expects to achieve most of the anticipated annualized savings by mid-2025, while starting to capture some of the opportunities as early as Q3 2024.
SNDL has been aggressively acquiring other companies through processes like debt acquisition.
On July 5, SNDL announced it had completed its acquisition of the principal indebtedness of Delta 9 Cannabis Inc. from Connect First and Servus Credit Union Ltd. On the same day, the company announced it had entered into a stalking horse purchase agreement for Indiva Limited’s business and assets. In March it announced it was acquiring four Dutch Love cannabis stores.
In May, the Alberta company reported its first profitable quarter for cannabis production, but increased losses for retail. Although these figures represent growth compared to the same quarter in 2023, the company still reported a $1 million loss on its retail operation, up from a $78,000 loss in Q1 2023.
SNDL’s cannabis retail wing consists of its 63% ownership interest in Nova Cannabis Inc., which operates 188 locations under four retail banners: Value Buds, Spiritleaf, Superette, and Firesale Cannabis. These 188 locations represent the largest holding of private retail cannabis stores in Canada, although this is only 9% of all retail stores in Canada.
As of May 9, 2024, there are 84 Spiritleaf locations in Canada (20 corporate stores and 64 franchise stores), four Superette stores, one Firesale store, and 99 Value Buds locations. The majority of these stores are in Alberta and Ontario.
SNDL/Nova’s “proprietary data licensing program” generated $3.5 million in revenue in the first three months of 2024, an increase of 139% from the same period in the year prior. The data licensing program generated $12.3 million in revenue in 2023, compared to $4.2 million in 2022, a 193% increase year-over-year.
The company has seen such growth in this program with its retail cannabis locations that it has expanded the program into its liquor retail segment.
In addition to owning the largest number of cannabis stores in Canada, SNDL is Canada’s largest private-sector liquor retailer, operating 171 locations, mainly in Alberta, under its three retail banners: Wine and Beyond, Liquor Depot, and Ace Liquor.
The company also announced around 85 layoffs in a 2023 restructuring, part of a plan to cut labour and operational costs by nearly $9 million.
by Grow Up Conference | Jul 16, 2024 | Grow Opportunity, Media Partners
NASSAU, Bahamas, CMC – Bahamian Prime Minister Phillip Davis today said he is supporting a compendium of bills to legalise the use of cannabis for medical and religious purposes, to decriminalise the possession of small amounts of cannabis.
Speaking in Parliament, Prime Minister Davis said he was also supporting the measures to regulate the cultivation, sale and use of cannabis and related products within the borders of the country and to promote the health and safety of our people.
Read the full story here.
by Grow Up Conference | Jul 16, 2024 | Cannabis News Wire, Media Partners
The third annual 420 Expo Cannabis Convention will be held Sept 13-15, 2024 at the New Jersey Convention & Exposition Center. The event is expected to bring over 15,000 cannabis enthusiasts together for three days of networking with cannabis industry traders from all over the country. In addition, the convention will feature seminars, panel discussions, food, music, after parties, and exciting giveaways.
The event will also showcase a first-of-its-kind contest for licensed cultivators across the Garden State to compete for the 420 Expo Cannabis Cup until Sunday, July 28. In addition, B-Real, lead rapper of the multi-platinum hip-hop group Cypress Hill, will be gracing the event as guest of honor.
420 Expo is a well-organized event, curated by a team of enthusiastic professionals with significant cannabis industry experience, encouraging the local cannabis community by bringing together investors, young and veteran cannabis vendors, creatives, and enthusiasts, on a dynamic common forum.
New Jersey became the fourteenth state to legalize marijuana completely, on February 22nd, 2021. Atlantic City has a flourishing cannabis market waiting to get tapped by industry experts. The 420 Expo will bring tremendous business and collaboration opportunities to the New Jersey cannabis community.
The 420 Expo offers an interactive forum for new cultivators to exhibit their products before cannabis traders, connoisseurs, and enthusiasts. More than 100 vendors covering dispensaries, CBD traders, food, clothing, art and more will be setting up display booths.
Experts will shed light on topics such as selecting the right cannabis strains, legal expungement, cannabis to help addiction and recovery, investments, and more, at the roundtables and discussion panels. The expo seminar will spotlight topics such as medical marijuana, networking in cannabis, social equity, legal rights, cooking with cannabis, and more.
Tickets for 420 Expo are now available for general admission, VIP access, and bucket list smoke sessions.
To learn more please visit https://cnw.fm/Cu5yY
About CannabisNewsWire
CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.CannabisNewsWire.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: https://www.CannabisNewsWire.com/Disclaimer
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by Grow Up Conference | Jul 16, 2024 | Grow Opportunity, Media Partners
(CNW) Calgary – SNDL Inc. today announced a restructuring project aimed at reducing corporate overheads and improving the efficiency of its organizational structure to position the Company for future growth. The project is expected to deliver over $20 million in annualized cost savings driven primarily by the optimization of corporate overhead spending, including the reduction in 106 full-time employees. The restructuring will require a one-time investment of $11 million over the next 18 months.
As part of these operational adjustments, SNDL is consolidating its Cannabis segments into a single unit under the leadership of Tyler Robson. This consolidation is intended to enhance efficiency, improve alignment and improve process speed within SNDL’s vertical model.
“This restructuring project and segment consolidation are critical steps in our journey towards better capital deployment, improved agility, focus, and profitability, and will free up resources to invest in profitable growth opportunities,” said Zachary George, CEO of SNDL. “We are committed to enhancing our organizational effectiveness by streamlining processes while leveraging technology and automation.”
SNDL expects to achieve most of the anticipated annualized savings by mid-2025, while starting to capture some of the opportunities as early as Q3 2024.
by Grow Up Conference | Jul 16, 2024 | Grow Opportunity, Media Partners
In Canada’s cannabis industry, brand loyalty is shaped by two competing narratives. One emphasizes smart marketing campaigns as key strategies, while the other argues that the lack of prominent brands is due to issues of availability and consistency, as well as the cannabis consumer’s desire for novelty.
The focus here is brand loyalty as a goal for every cannabis company, likened to industries such as fashion, cosmetics and beverage alcohol. This is a comparison made by global cannabis consultant, Mitchell Osak.
Osak, who has experience working with marketing powerhouse Procter & Gamble, defines branding as “the ability of a product or service to drive high awareness, repurchase, plus the ability to command a price premium in the marketplace versus its competitor.”
Despite the initial marketing hype surrounding regulated weed, where “more money was spent; more heat was generated with a lot less light,” he says, “at the end of the day, I think it’s because of the restrictions.” He also witnessed the reflex of hurling cash at a problem without fully understanding consumer and channel needs.
Recently Osak spoke on a panel at Benzinga on the art of storytelling, and echoing the advice he provides international clients, told the room that in order to brand, marketers first must study human behaviour and connect the “latent primordial desires and fears we all have.” Or employ an “anthropological lens” to the brand’s market position and benefits before embracing the tactical branding considerations.
“We have low brand development in this industry,” says the expert who has worked on brands like Tide, Cascade and Cover Girl. “We have nothing like that almost six years into cannabis.”
Osak believes that even with the regulations we have in place, eventually we’ll get there, but it will take longer. “It will take an evaporation of lots of brands in the marketplace, such that you’re left with fewer but stronger ones – more consistent and standardized ones,” he says.
A segmented cannabis marketplace
Understanding consumer needs means offering more product by segments. This is emerging for target groups by leveraging specific product profiles.
Producers might cater flower for the connoisseur, or for first time smokers. They may market a brand of edibles for seniors. Aiming products at different segments and at different occasions is the key to satisfying different needs.
“It’s the difference between a Chanel dress and a Zara dress,” says Osak.
The emergence of organic product offerings serves as an example of a mix up between feature and benefit, where growers confused organics as a benefit rather than a feature. Branders didn’t connect organics with a consumer benefit or outcome, such as eliciting a cleaner high using living soil, which is a message that needed to come through in the marketing.
“Quality means different things to different people,” he says, and in this industry, “high terpenes or high THC became a proxy for quality, when in fact it’s potency, not quality.”
What matters is the consistent, quality product at the right price. “Terpenes and THC matter, but they matter for the need state of the consumer when they want to consume it.” Of course, “price per buzz” is going to drive a lot of consumer preference, however the entrance of low THC products on the market signals the start of a sophisticated industry.
While the market is starting to segment – cutting across gender and sex, income and region – there will still be “switchers in all directions,” says Osak, who come in for the 99-dollar ounce, but leave with the new infused pre-roll.
The reason why brands haven’t yet “entrenched themselves in people’s minds,” is that there is high incentive to switch brands. There is always new product coming out, some producers are unable to sustain consistent production, and consumer tastes evolve.
Cannabis vs. fashion
With the churning out of new strains and product formats, cannabis resembles the fashion industry that may recycle styles but never stagnates. With fashion comes loyalty to houses of brands, and less to a particular style or fashion.
Cannabis companies have frequent SKU turnover, compounded by stocking issues. And with consistent new micro licenses who generally grow better-quality product, Osak makes the analogy to the wine industry, where consumers opt for the region or the grape and less the winery.
“It’s hard to build brands in a segregated, stratified high end wine world,” he says. “It takes decades if not hundreds of years.” The pace of innovation, constant need for capital and the number of producers in cannabis could hinder the ability to build brands in the market’s current state.
So how can cannabis companies get a leg up amidst regulatory struggles, saturation and turnover?
Brand activation
With early branders’ lack of consumer understanding, some companies recognized the challenges (namely the lack of ROI) and shifted to what the marketing expert calls brand activation.
If brand management is the act of building a brand image through advertising and PR, then brand activation is what happens in the retail setting – also called trade or channel marketing.
“The power is when you get the overlap; when your brand activation or trade marketing enhances your brand promise and value proposition,” says Osak.
Too much focus on brand building at the higher level never makes it to the budtenders in store. On the flipside, too much emphasis on sampling or swag can also damage a brand that sometimes requires the “allure of mystery.” Price signalling will support the quality message, but it’s how branders can tie it all together, like an overlapping Venn diagram, that can make all the difference.
“You need your great sales reps hustling in store,” says Osak. “You need consumer and insights driven brand thinkers, and you need the product educators crafting the right message for budtenders and store managers about why the consumer should support them.”
Branding in Retail: SNDL case study
Osak affirms that in many ways, retailers have done a better job than product companies at eliciting brand loyalty. “Partially because they have more levers to pull,” he says.
For example, Alberta-based SNDL owns a variety of retail banners that are positioned to different market segments. With a store count of 190, they are the largest retail footprint in Canada operating four retail banners: Value Buds, Spiritleaf, Superette and their deep discount brand Firesale.
“The value in our multi-banner approach means that we have something for everyone and a deep understanding of the customer.” – Marcie Kiziak, president of cannabis retail, SNDL
“When all retailers sell the same products, creating brand loyalty is critical and we lean into basics to support brand affinity,” says Marcie Kiziak, president of cannabis retail at SNDL. “While price and selection are key factors,” she says, “we heavily focus on the in-store experience and the expertise of our staff.”
A multi-banner approach that caters to different demographics in a fluctuating market is a competitive advantage that enables a curated retail experience based on the location of the communities they’re in. “Looking at our two largest banners,” says Kiziak, “Value Buds focuses on value-driven, large-format convenience customers, while Spiritleaf consumers tend to be more casual and value trying new formats, producers and flavours.”
Moreover, “Firesale is a pilot concept focused on deep, deep value, and Superette is an award-winning, best price retailer that is uniquely designed for the community in which it operates,” says Kiziak, who works for a company that has captured the full scope of the customer base.
SNDL gauges trends and community preferences using industry data, combined with real-time customer insights to identify and adapt to trends.
Consumer feedback is a pinnacle of their operations. Kiziak also emphasizes collaboration with industry partners that “help us understand the broader community and share insights across retailers, regulators and producers.”
SNDL’s agile business model, grounded in fundamentals and inventory management, enables them to respond well to market shifts. In addition to inventory management, they use other data points to align with consumer preferences, striving for “consistency, quality and value,” says Kiziak. “And data is the lever needed to effectively curate our menus to hit all those markers.”
Exception to the Rule: Pink Kush
Due to a number of competing factors such as marketing chokeholds and stocking limitations, there are few strong brands in Canadian cannabis today, with outliers such as Pink Kush and some from eastern Canada.
Pure Sunfarms of Village Farms International (VFI), is among the largest global producers of cannabis and is home to the best-selling Pink Kush brand. “It really hit the sweet spot in terms of what consumers are looking for as they’re going from pre legalization to legalization,” says Maria Guest, Pure Sunfarms’ VP of brand. The Vancouver Island genetic holds a wide appeal among consumers, and it has a bit of everything says Guest: “The quintessential Kush has a nostalgia associated with it – the sweetness, the spiciness – it really captures the nostalgia of what Kush was pre legalization.”
Guest spent 20 years in strategic brand marketing before shifting to the Delta, B.C. producer, that launched in the Canadian market in 2019, a 1.1 million square foot greenhouse facility previously converted from tomato production.
For the last five years, Guest has overseen product development. She outlined the LP’s initial strategy of starting with one brand, Pure Sunfarms, before expanding into additional segments, such as their value brand Fraser Valley Weed Co.
At the starting line of regulated cannabis, some LPs launched multiple brands at the same time, “placing bets before you really knew what the makeup of this brand-new industry is going to shape up to be,” says Guest.
“Even a year later when we launched, it was with one brand intentionally, to focus our efforts and build Pure Sunfarms with consumers.” After three years, they began expanding their portfolio to address the changing consumer trends and preferences with a multi-brand approach.
Earlier this year, Pure Sunfarms launched Kush God, a Pink Kush cross catering to cannabis consumers looking to try something new. “Resting assured,” says Guest, “that they always come back to the ones they love.”
by Grow Up Conference | Jul 16, 2024 | Media Partners, Psychedelic News Wire
Cluster headaches are headaches characterized by severe pain that often occurs on a side of the head or behind one eye. These headaches may last anywhere between 15 minutes to 3 hours and usually strike suddenly, often recurring more than once a day.
The pain experienced by patients is often intense and is sometimes accompanied by other symptoms such as restlessness, nasal congestion and redness in the eye.
Preliminary studies and anecdotal reports suggest that psilocybin may provide relief for this headache type. However, until now there wasn’t enough scientific evidence to back these claims.
New research has determined that psilocybin can help reduce cluster headache frequency. The study was carried out by researchers at Yale School of Medicine, led by assistant professor of neurology Emmanuelle A.D. Schindler.
The research team began by recruiting 16 adults aged between 21 and 65 years of age who got cluster headaches but had no other serious psychiatric or medical conditions. Each participant was randomly assigned to receive either a placebo or three psilocybin doses given at intervals of about five days. The psychedelic was administered in a controlled setting, with both the researchers and participants blinded to the dose administered.
In addition, each participant was required to keep a headache diary where they recorded the duration, intensity and frequency of their headaches.
The researchers discovered that the frequency of cluster headaches was substantially reduced by psilocybin, noting that participants who had received the psychedelic dose experienced an almost 50% drop in the number of headaches they experienced weekly.
On average, the researchers observed that these headaches dropped to 9.8 from 18.4, which demonstrates a significant improvement. This drop was observed in sufferers of both chronic and episodic cluster headaches. The researchers also observed that psilocybin’s therapeutic benefits appeared to be free of its hallucinogenic effects. This suggests that relief offered by the psychedelic may not be associated with its ability to alter an individual’s state of consciousness.
Additionally, the researchers observed considerable decreases in pain severity and the need for abortive drugs. In exact terms, they saw medication use drop by 37% and pain severity decrease by roughly 10%, which indicates an overall improvement in participants’ quality of life.
In their report, the researchers stated that while they observed no severe adverse events, other side effects such as cluster attacks, fatigue and nausea were observed during dosing sessions. While this study did have limitations, including a small sample size, the findings still highlight psilocybin’s potential as a treatment for cluster headaches.
The study was partly funded by Ceruvia Lifesciences and carried out under an Investigational new drug application with the U.S. Food and Drug Administration (FDA). Other researchers who took part in the study include Deepak C. D’Souza, R. Andrew Sewell, Nicholas V. Cozzi, Christopher H. Gottschalk, Brian P. Pittman, Yutong Zhu and L. Taylor Flynn.
Other companies, such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ), are also studying psilocybin and other hallucinogens with a view to leveraging the medicinal potential of these substances. We could soon see these materials being used as mainstream treatments for ailments ranging from mental conditions to physiological issues.
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by Grow Up Conference | Jul 16, 2024 | Cannabis News Wire, Media Partners
- An overwhelming share of U.S. adults say marijuana should be legal for medical or recreational use, reports Pew Research Center
- The U.S. attorney general has submitted official notice to begin the process of moving marijuana from a Schedule 1 to Schedule 3 drug under the Controlled Substances Act
- MedCana is committed to building the technology, laboratories, growing facilities and scientific teams to provide premium pharmaceutical-grade cannabis extracts
With a significant majority of Americans supporting cannabis use and the U.S. government on the verge of changing the status of the substance under the Controlled Substances Act (“CSA”), Software Effective Solutions (d/b/a MedCana) (OTC: SFWJ) is positioning itself for marked growth and success in the coming months. The company’s goal is to be the world’s premier resource for pharmaceutical cannabis products.
“As more states pass laws legalizing marijuana for recreational use, Americans continue to favor legalization of both medical and recreational use of the drug,” revealed a recent Pew Research Center survey (https://cnw.fm/fCQAD). “An overwhelming share of U.S. adults (88%) say marijuana should be legal for medical or recreational use.
“Nearly six in ten Americans (57%) say that marijuana should be legal for medical and recreational purposes, while roughly a third (32%) say that marijuana should be legal for medical use only,” the report continued. “Just 11% of Americans say that the drug should not be legal at all.”
After many years, the federal government is seemingly catching up to public opinion. In May the Justice Department announced that the attorney general had submitted official notice to begin the process of considering moving marijuana from a Schedule 1 to Schedule 3 drug under the CSA (https://cnw.fm/xHGvC).
“Marijuana has been classified as a Schedule 1 drug since Congress enacted the CSA in 1970,” the announcement noted. “On Oct. 6, 2022, President Biden asked the attorney general and the secretary of Health and Human Services (‘HHS’) to launch a scientific review of how marijuana is scheduled under federal law. After receiving HHS’s recommendations last August, the attorney general sought the legal advice of the Justice Department’s Office of Legal Counsel (‘OLC’) on questions relevant to this rulemaking. In light of HHS’s medical and scientific determinations, and OLC’s legal advice, the attorney general exercised his authority under the law to initiate the rulemaking process to transfer marijuana to Schedule 3.”
The process to make the change includes several steps, including a public comment period and final judicial review. “Still, the reclassification of cannabis would mark a new era in America’s often contradictory relationship with a substance already legalized in one form or another in more than half the states,” stated an article in The Week (https://cnw.fm/3pLq1).
The Week noted that perhaps the most significant change reclassification would bring would be increasing governmental ability to conduct further research into the health benefits of cannabis. The article stated that “reclassification also means the government acknowledges cannabis, like all other Schedule 3 substances, has an ‘accepted medical use and may lawfully be dispensed by prescription,’ the Congressional Research Service said. However, any such prescriptions must be approved by the Food and Drug Administration.
“Beyond expanding and easing access to federal research opportunities, reclassifying cannabis will have a major impact on the booming — but still legally murky — marijuana industry as a whole,” the article observed.
With these looming changes as a backdrop, MedCana’s commitment to building the technology, laboratories, growing facilities and scientific teams needed to provide premium pharmaceutical-grade cannabis extracts to the world is perfectly timed. Committed to absolute integrity, sustainability and social responsibility, MedCana is a holding company focused on developing companies in the agricultural-technology and the cannabis industries. As MedCana moves forward with its expansion plans, the company remains committed to delivering on its promise of building a solid foundation for future growth of its holdings.
For more information, visit the company’s website at www.MedCana.net.
NOTE TO INVESTORS: The latest news and updates relating to SFWJ are available in the company’s newsroom at https://cnw.fm/SFWJ
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