September 2022 - Page 3 of 6 - CannabisNewsWire

WednesdaySep 21, 2022 4:20 pm

420 with CNW — Florida Judge Slams State for Slow Medical Marijuana Licensing Process

Florida legalized medical cannabis in 2014 and began allowing qualified patients to access non-smoked, low-THC cannabis in January 2015. Another measure passed in 2017 created a more comprehensive regulatory framework for Florida’s medical cannabis industry. It also required that the state Department of Health issue new medical cannabis licenses as the number of qualified patients increased. However, despite the fact that Florida now has more than 700,000 medical marijuana patients and should have granted another 22 medical marijuana licenses, regulators are yet to do so. Earlier this month, an appeals judge chastised state health officials for the slow medical marijuana…

WednesdaySep 21, 2022 12:45 pm

Flora Growth Corp. (NASDAQ: FLGC) 7x YOY Revenue Growth for H1 2022 Affirms Hyper Growth

H1 2022 revenue increased to ~$15.0 million, up 604% from H1 2021 and 117% from H2 2021, driven by House of Brands Gross Profit increased to ~$7.0 million, up 547% compared to H1 2021 and 363% compared to H2 2021 Company reaffirms its 2022 revenue guidance to range between $35.0 million - $45.0 million, indicating approximately 300% - 400% projected revenue growth from 2021 In August, Flora (NASDAQ: FLGC) released its financial and operating results for the six months that ended June 30, 2022 (https://cnw.fm/4Oeqb). As an internationally focused cannabis company, the organization’s management acknowledged how challenging the current global…

WednesdaySep 21, 2022 12:00 pm

REZYFi Inc. Addresses Loan Needs of Growing Cannabis Industry Through Subsidiary Companies: REZYFi Lending and ResMac Inc.

The global cannabis market is expected to reach $33 billion by 2025, driven by legality and regulation within the market REZYFi is servicing the needs of both traditional and non-traditional consumers and businesses Company targets licensed and permitted cannabis companies, owners of real estate who lease to cannabis companies, and companies and individual homeowners seeking a variety of real estate-related first and additional mortgage-based financing REZYFi’s management team is leveraging its extensive industry experiences in real estate, finance and cannabis to pursue company objectives The cannabis industry has experienced significant growth in recent years due to the expanding legalization and…

WednesdaySep 21, 2022 9:00 am

Lexaria Bioscience Corp. (NASDAQ: LEXX) Looking to Provide Bioavailable Oral Treatment for Hypertension, Mitigate Effects of High Blood Pressure

Lexaria is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients (“APIs”) The company has developed the patented DehydraTECH(TM) drug delivery technology, which has been shown to deliver more API at a faster rate than controls Lexaria’s DehydraTECH pipeline includes DehydraTECH-CBD for the treatment of hypertension Through pre-clinical studies, DehydraTECH-CBD has been shown to decrease systolic blood pressure among hypertensive volunteers The company intends to file an Investigational New Drug (“IND”) application and has already received confirmation that the FDA agrees with its proposed abbreviated pathway under section 501(b)(2) Oral…

WednesdaySep 21, 2022 4:20 am

420 with CNW — Why Marijuana Is Growing in Popularity While Cigarettes Lose Out

Despite being prohibited in most areas for the past couple of decades, cannabis has been the most-used drug in the world for quite a while. As of July 2022, an estimated 200 million people used cannabis across the globe. Legalization efforts have significantly increased access to the controversial plant, allowing millions to legally purchase and consume cannabis with no legal repercussions. Dozens of American states, as well as territories around the world, now have legal cannabis markets. As a result, more people than ever are using cannabis, and one industry that has dominated the recreational drug space has begun to…

TuesdaySep 20, 2022 4:20 pm

420 with CNW — Law Enforcement Raids Uncover Human Trafficking Victims in Illegal Cannabis Farms

Recently, law enforcement personnel revealed that they had observed an increase in illicit market entities exploiting suspected victims of human trafficking to grow as well as trim cannabis sold illegally within and outside California. This comes as the cannabis legalization movement spreads across the country. Advocates and authorities stated that helping the victims was complicated, because most didn’t open up and say they were trafficked; they were also unwilling to collaborate with the law enforcement agencies to apprehend the dealers and smugglers. Earlier in May, law enforcement officers arrested suspected victims during a raid in an illegal grow operation in…

TuesdaySep 20, 2022 12:45 pm

Flora Growth Corp. (NASDAQ: FLGC) Agreement with Colombian Tribe Strengthens Cannabis Production Supply Chain

Flora Growth is a global cannabis brand-builder focused on the cultivation of product at a central Colombian facility and marketing through a design-led international supply chain Flora recently announced an agreement with Colombia’s Misak tribe for cooperative processing and distribution of cannabis, drawing on the tribe’s licensing advantage to accelerate the pair’s marketing capacity Flora is headquartered in Canada, but its strength lies in its Colombian-based cultivation operations centered in Colombia, one of the largest licensed outdoor operations in the world In recent years, Colombia’s government has been working to create a legalization framework for cannabis cultivation, processing and exportation…

TuesdaySep 20, 2022 4:20 am

420 with CNW — Adult-Use Cannabis Sales in Illinois Surpass $3B Since Recreational Market Launched

Adult-use cannabis sales in the state of Illinois have already surpassed the $1 billion threshold this year. The state’s marijuana sales for the month of August totaled $129,441,315, which brought its total sales for 2022 to $1,015,700,115. Data from the Illinois Department of Financial and Professional Regulation also shows that the space has officially exceeded its $3 billion mark for adult-use marijuana purchases since dispensaries first launched in 2020. In 2021, adult-use cannabis purchases took until October to surpass the $1 billion mark. The state’s market has significantly grown these last few years, especially considering that in 2020, consumers purchased…

MondaySep 19, 2022 4:20 pm

420 with CNW — New Jersey Marijuana Commission Wants Cannabis Treated Like Alcohol

Cannabis may be one of the fastest-growing industries in the country, but the legal landscape surrounding the drug is far from perfect. Although dozens of states have launched legal cannabis industries, the federal government still classifies cannabis as a Schedule I controlled substance. Furthermore, different state cannabis policies are not consistent with each other, resulting in a patchwork of cannabis policies across the country. For years, industry stakeholders, cannabis reform activists and lawmakers have urged regulators to create standardized cannabis policies for recreational marijuana that protect employees’ rights to both purchase and consume marijuana. Rather than choosing complete prohibition, these…

MondaySep 19, 2022 4:20 am

420 with CNW — Germany Is Importing More Medical Cannabis from Sources Closer to Home

During the first half of 2022, Germany imported a high amount of cannabis for scientific use and medical sales. Last year, the country cumulatively imported more than 20,500 kg of marijuana for scientific and medical purposes. This figure is significantly higher than its 2020 figure of 13,345 kg. In 2019, the country imported a little more than 8,000 kilograms of cannabis. Data from the Federal Institute for Drugs and Medical Devices shows that through the first half of the year, imports of dried flower and extracts increased by more than 6% to reach 10,486 kilograms. This is in comparison to…

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Month: September 2022