(Globe Newswire) Toronto — Red White & Bloom Brands Inc. and Aleafia Health Inc. are pleased to announce that the company and Aleafia have entered into a binding letter agreement on June 6, 2023 whereby the company has agreed to acquire Aleafia and its subsidiaries in a business combination transaction.
Under the terms of the letter agreement, each outstanding common share in the capital of Aleafia will be exchanged for 0.35 of a common share in the capital of the company, subject to customary adjustment. Upon the completion of the proposed transaction, existing RWB shareholders are expected to own approximately 76 per cent of the combined company resulting from the proposed transaction and Aleafia shareholders are expected to own approximately 24 per cent of the combined company.
The letter agreement provides for the parties to enter into a definitive arrangement agreement setting out the final terms and conditions of the proposed transaction, at which time additional information will be provided in a subsequent press release.
Management commentary
“The intended acquisition of Aleafia expands our footprint to the largest federally legal cannabis market globally. Combining our award-winning brands and IP with Aleafia’s proven cultivation, manufacturing, and distribution capabilities, creates one of the most dynamic cross border companies in the industry. We continue to focus on delivering significant value to our shareholders and believe this transaction aligns with that commitment.” — Brad Rogers, CEO and director, RWB
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“The Canadian cannabis market has the potential to be a dynamic industry and is rapidly experiencing consolidation. In 2022 and 2023, Aleafia has achieved significant milestones including growing the Divvy brand through expansion into five provincial markets and bolstering its international business through sales into Europe and Australia. The Proposed Transaction is a next step in the Aleafia story as it enhances our size and scale which is a critical requirement to compete in this market and provides Aleafia improved access to capital to execute on our strategic growth opportunities.” — Tricia Symmes, CEO, Aleafia
“This is a prime opportunity for Aleafia to merge with a multi-state operator. The proposed transaction would recapitalize Aleafia’s balance sheet and provide our shareholders with access to a larger market capitalization and exposure to the U.S. recreational and medical cannabis markets. The improved financial flexibility and capacity of the Combined Company will enhance the ability to execute on organic and acquisitive growth strategies.” — Matt Sale, CFO, Aleafia
Summary of the proposed transaction
The proposed transaction is expected to be completed by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the letter agreement, RWB will acquire all of the issued and outstanding Aleafia Shares in exchange for RWB Shares on the basis of the Exchange Ratio. Outstanding options and warrants to purchase Aleafia shares will become exercisable to acquire RWB shares on the same terms and conditions, on the basis of the exchange ratio. Outstanding restricted and deferred share units of Aleafia will be settled upon closing in RWB Shares on the basis of the exchange ratio.
Completion of the proposed transaction will be subject to customary closing conditions and receipt of necessary court and regulatory approvals, including stock exchange approval. Subject to receipt of all necessary approvals, the proposed transaction is expected to close by no later than 5:00 p.m. on October 31, 2023.
A copy of the letter agreement will be filed on Aleafia and RWB’s SEDAR profiles at www.sedar.com. Prior to entering into a definitive arrangement agreement, all members of the board of directors of Aleafia, all officers of Aleafia and certain other security holders of Aleafia, will enter into customary support and voting agreements.
The letter agreement provides for the parties to enter into a definitive arrangement agreement setting out the final terms and conditions of the proposed transaction on or before July 31, 2023. The letter agreement contains, and the arrangement agreement will continue to contain, standard non-solicitation and superior proposal provisions and a break fee of C$2 million.
The letter agreement includes, and arrangement agreement will continue to include other provisions such as conditions to closing the proposed transaction, and representations and warranties and covenants customary for arrangement agreements. Further details with respect to the proposed transaction will be included in the arrangement agreement and in an information circular to be mailed to Aleafia shareholders in connection with the Aleafia Meeting and to holders of Aleafia convertible debentures, as applicable, and to RWB shareholders in connection with the RWB meeting (if required).
Fairness opinion
Prior to entering into a definitive arrangement agreement, the disinterested members of the board of directors of Aleafia will engage a financial advisor to provide Aleafia with an opinion stating that the consideration offered pursuant to the letter agreement and subsequent definitive arrangement agreement is fair, from a financial point of view to the holders of Aleafia common shares and, if required pursuant to MI 61-101, Aleafia will obtain a formal valuation from an independent valuator.
Aleafia board approval
As previously announced by Aleafia, a committee of disinterested members of the board of directors of Aleafia was previously established to review and evaluate all options available to Aleafia, including the proposed transaction. After conducting an analysis of the options available, including the proposed transaction, the committee unanimously recommended the proposed transaction to the board of directors as being in the best interests of Aleafia and Aleafia’s security holders.
RWB Board Approval
From an RWB perspective, Colby De Zen has a disclosable interest with respect to the proposed transaction given his involvement with certain affiliated parties that may be directors, creditors and/or shareholders of RWB and Aleafia, and which are owned and controlled by members of Colby De Zen’s family. In accordance with Canadian corporate law requirements, he declared the nature and extent of his interest in the proposed transaction and recused himself from consideration and voting on the proposed transaction. The disinterested directors of RWB participated in evaluating and recommending the proposed transaction.
Assignment of secured debt
Concurrent with entering into the letter agreement, the loan agreement made as of December 24, 2021, between Aleafia and certain of its subsidiaries, as borrower, with certain of Aleafia’s other subsidiaries as guarantors, and NE SPC II LP, as lender, as amended on March 28, 2022, June 17, 2022, April 26, 2023, May 15, 2023, and May 31, 2023 was assigned by NE SPC II LP to RWB.
(Globe Newswire) Kent, Washington — Customer Cones USA, the cannabis industry experts in pre-rolls packaging, and manufacturing solutions, today published a white paper in partnership with Headset to find that pre-rolls remain the fastest growing product segment in the cannabis industry, growing 12 per cent year-over-year in the US and a blistering 38 per cent year-over-year in Canada.
The Custom Cones USA team polled over 300 companies from every corner of the pre-roll industry and analyzed retail POS data from Headset, as well as their own B2B sales data to illustrate why the pre-roll category is one of the leading product categories for cannabis companies. Notable findings include:
Infused pre-rolls are the largest growing segment in the pre-roll industry
In both the US and Canada, pre-roll segments were two of the top three highest growing individual product segments
Infused/connoisseur pre-rolls
+1,426 per cent YoY in Canada
+22 per cent YoY in USA
Mixed strain pre-rolls
+440 per cent YoY in Canada
+63 per cent YoY in USA
Disposable vape pens
+160 per cent YoY in Canada
+60 per cent YoY in USA
Since 2021, data shows an almost 400 per cent growth in multi-pre-roll packs that have a volume of two or five grams
The rise of higher quality pre-rolls at lower retail price points
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Over the past few years, the wholesale price of flower has dropped dramatically, making high-quality flower pre-rolls more affordable.
Advancements in both table-top cone filling machines and automated pre-roll machines have allowed manufacturers to produce more pre-rolls with lower labor costs. All these factors combined led to higher quality pre-rolls at lower retail price points, which has driven strong growth for the category.
Producers no longer have to infuse each pre-roll by hand, as they now have access to machinery that can efficiently automate infused pre-roll production at scale.
In the US and Canada, pre-rolls show the least amount of price compression
In Canada, infused pre-rolls have become so popular that it is driving up the average cost of a pre-roll. Our research shows that people are willing to pay more for potency, which is a common theme across the cannabis industry.
The most important takeaway from this graph is that, even though prices for all cannabis products decline over time, pre-rolls are showing the least amount of price compression. In other words, if you are in the business of selling cannabis, and you are worried about declining margins, pre-rolls are a category you should be expanding into to maintain and boost profitability.
The Custom Cones USA white paper provides qualitative and quantitative data to support the claims of pre-rolls becoming the No.1 largest product segment by 2030. The team offers insights into the business of pre-rolls, the importance of selecting the right materials for pre-rolls, the importance of machinery to enhance the profitability of the products, as well as the different types of pre-rolls that the market has available.
“This white paper demonstrates the continued growth of the pre-roll industry and its potential to become the No.1 largest product category within the cannabis industry. We thank our partners at Headset for collaborating on the white paper to provide a wealth of information that people can trust to make informed business decisions in our evolving marketplace.” — Harrison Bard, co-founder and CEO, Custom Cones USA
As competition within the legal marijuana industry gets tougher and other factors, such as adverse weather and high taxes, eat into profits, companies are having to go the extra mile in order to drive sales up and stay afloat. One California company is taking lessons from the boutique wine business to grow its business.
The Bohemian Chemist, a Philo, California craft cannabis brand, has turned to its location in Mendocino County (renowned for wineries) and the Emerald Triangle (famed for its unique marijuana) for inspiration. Having a property that has several wineries as clients, Jim Roberts studied how the craft wine companies were running their businesses and remaining profitable even as they competed against large establishments.
Roberts discovered a recurring pattern in the wineries; three major factors were always at play to ensure the success of craft wine brands. First, the wineries would conduct direct sales to their clients at locations such as tasting rooms. Second, many would sell to clients at restaurants or even engage a distributor to make products available to customers at bottle shops. The third strategy was to start an exclusive club through which members enjoyed exclusive offers and periodic deliveries in boxes of assorted items. Roberts is implementing all these strategies.
The microbusiness that Roberts runs mostly sells his own products, though they also carry a limited number of products from other craft producers in the cannabis space. The company is located in a low-population town, so this makes foot traffic seasonal and limited.
When he first opened his business, the winery tenants and their clients had mixed reactions to the marijuana company. Many initially said they aren’t interested in marijuana, but a day or so later, they would come in asking if Roberts had anything that would help manage a shoulder pain or an ache they had. With time, many confessed they had consumed cannabis while in high school, and they wanted to take it up from where they had stopped.
The Alchemist, the company’s cannabis box for cannabis club members, became available in April, and Roberts is working with marijuana retailers as well as licensed cannabis delivery businesses to reach his customers. Marijuana club membership comes with a recurring membership fee, and Roberts is making his boxes a worthy investment for his customers by including products whose total price often exceeds the recurring fee one has to incur.
Additionally, the club members gain first access to any new products that hit his shelves, and many of those products are in such a small quantity that not everyone interested may get their hands on them. A total of three boxes will be sent out to customers every year, and Roberts is hopeful his model will keep his business profitable for years to come.
As Roberts and others like him look for ways to stand out in the crowded cannabis space, other entities such as IGC Pharma Inc. (NYSE American: IGC) are walking the path of developing standardized medicines from cannabinoids, including THC, so that once those formulations gain approval from the FDA, they will access a nearly limitless market within and outside the country.
NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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Newfoundland sold more than $70 million worth of cannabis in the last year, according to Newfoundland and Labrador Liquor Corporation (NLC) Q4 and Fiscal Year 2023 Performance numbers released by the province this week.
Cannabis sales through Licensed Cannabis Retailers (LCRs) including online sales in the province totalled $18.7 million in Q4, an increase of 22 percent over the same period in the previous year.
Total retail cannabis sales for fiscal year 2023, ending April 1, 2023, increased by 15.8 percent over the prior year to $70.7 million. The NLC recorded $61 million in cannabis sales in 2022, and $52 million in 2021.
The NLC also incurred a significant increase in operating and administrative expenses through the fiscal year (44 percent) due to an increase in commissions paid to some cannabis retailers. This commission is tied to higher sales volumes and an increase in the commission rate paid from 15% to 20% to these LCRs.
The end of the 2022-23 fiscal year also marks the end of the provincial agency’s three-year planning period for the 2020-2023 Business Plan. During this period, NLC reported record sales and earnings in each of the three years. The amount the NLC paid to the provincial government for the three-year period totalled $613 million, an increase of $80.9 million over the previous three-year period (including alcohol).
“I’m extremely proud of the NLC team for their continued commitment to serving Newfoundlanders and Labradorians,” said Bruce Keating, NLC President and CEO. “We’re proud to have contributed $208.0 million to fund valuable programs and services in communities across the Province.
“As importantly, we have continued to take important steps with respect to enhancing the customer experience, our regulatory mandate, corporate governance, and corporate social responsibility, as well as diversity, inclusion and belonging. As an employer to more than 600 NLC team members, we will continue to work towards earning trust in everything we do and strive to become the kind of organization we believe NLC can be.”
The NLC also conducted 1,484 inspections on liquor establishments and cannabis retailers in Q4. This represents a 42 percent increase over the number of inspections conducted during the same period in fiscal year 2022. The increase in inspections is due to fewer inspections during covid restrictions.
During the fiscal year, the NLC conducted 4,468 inspections on liquor establishments and cannabis retailers. In fiscal year 2023, the NLC also worked with local law enforcement and Canada Post to investigate 18 files resulting in seizures of 409 kg of cannabis products. Since legalization in October 2018, NLC’s Regulatory Compliance and Enforcement team has seized approximately $10 million in illegal cannabis products.
In Q4 of 2023, staff representatives participated in the Evidence to Policy Symposium: Coming Together to Foster Safe Cannabis Use, hosted by Cannabis Health Evaluation and Research Partnership.
The NLC is a Crown Corporation of the Government of Newfoundland and Labrador with responsibility through the Liquor Corporation Act, the Liquor Control Act, and the Cannabis Control Act for the importation, sale, distribution and management of beverage alcohol and cannabis. It also regulates and distributes to over 40 licensed cannabis retailers across the Province. Consumers of the legal age can also purchase cannabis at ShopCannabisNL.com.
The province also began allowing the sale of cannabis vape pens in September 2022, a move the government says will help its legal stores better capture market share from illegal cannabis operators, noting that such products represent about 20% of total sales in other legal markets.
Effective October 1st, 2022, the NLC increased commission rates paid to Tier 1 and Tier 2 LCRs from 15% to 20%. The province has four different retail “tiers” of cannabis retail licences, with Tier 1 stores operating as stand-alone cannabis-only locations, while Tier 2 stores are cannabis-only stores that are located in an existing non-cannabis retail location.
Tier 3 stores operate within non-cannabis retail locations but have their own separate counter, while Tier 4 stores sell cannabis at the same counter as other non-cannabis products. For example, the island of Newfoundland currently has 11 “C Shop” cannabis stores located inside larger shopping centres.
The provincial regulator hopes the new commission rate will help these stores to “mitigate the specific challenges of this store format compared with other tiers and improve the viability of these specialized stores in our local cannabis industry.”
Chart via NLC.
*Note – Total Retail Cannabis Sales includes all sales of cannabis in Newfoundland and Labrador. In October 2021, NLC began warehousing and selling cannabis to LCRs. Prior to October 2021, licensed cannabis producers sold cannabis directly to LCRs and remitted a commission to NLC that was included in other income.
Comment of Interest from one of our ‘Time Videos’ by ‘Ten Vince’
The topic of time is a difficult one to crack, and one worth cracking for the sake of our rebirthing concept of what reality even is. you see, time travel is possible and is being done all the time. actually, a lot of the stuff we collectively go through is partially the result of literal time wars fought over different outcomes often revolving around this planet. this is not crucial, but our concept of time has been quite purposefully cemented into a mythical, single core concept. “time is constant, we’ll never understand it beyond it happens and we can do nothing about it.” absolutely wrong and complete nonsense. first, time is not a clock.
Time has nothing to do with a clock. a clock measures movement. speed of turning and revolving around a star. that’s it. it IS NOT time. it is simply a schedule married to the most basic celestial movements telling us when the sun will appear and go down again based on distance/speed. that has nothing to do with time. actually, it is more of a poison concept introduced into our system to keep us more fused to a false time construct known as the clockmaker AI and it serves really to only reduce our real time and control it along with us/our lives. that bit would be obvious.
Time is an energy, a wave, a dimension. this is not measured by mechanical clocks tracking the relative spin of the earth. it is WHY minutes, hours, days can seem longer or shorter. it is WHY some moments appear distant in time when they are even much closer on a calendar than other memories or vice versa. this is real time. it is a fluctuating energy. or, like a lattice holding experience. usually, time is far more malleable than what we experience. this is mainly due to 2 things. our misperception of time and belief in a false time narrative as an absolute. and also because of this retarded AI construct which, unfortunately, still hasn’t died. it resides on the earth and is a pest, absorbing energy through its many connections to human society (think pyramidal circuitry) and also through various worship (a classic, go-to method).
Our movement through time is a literal movement through evolving experience. this is individual and collective. time may expand in your day and contract in mine, but we can still meet for coffee, a little poison sure, at 2pm no problem. but look at the last 20 years. and compare that to say the 20 years from 1970 to 1990. experientially, i feel most would agree that 70 to 90 was a long time. in 1990, a car from 1970 was an ancient clunker from a different era. and comparatively, the last 20 years was rather brief. yet, our minutes never changed because minutes do not measure time. it’s measuring solar movement. if we based a clock on a car moving, then slowed the car down, that doesn’t give us more time in a day. that’s just something moving relative to something else. and you can’t time travel that way because it would be sloppy. it wouldn’t be accurate and you could end up on any timeline, or even branch off a new one right then and there like a total noob. it would likely re-mesh back in fairly soon, but still.
———————————————————————————————————————–
For me, time is as malleable, flexible and changeable as we are, as we choose to become. Not by our thoughts, either and by any means, but through our intent and actions, will and determination. To ride time we must learn to see ourselves as energy flowing in the Universe and not ‘monkey meat suits’. – Lorenzo
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And then we went further out….
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And I added a short message, unlisted, but for here!
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Alright that’s plenty on time with much more to come. Cheers Lorenzo and Cambell.
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Since ancient times, we humans have been passionately curious about who and what we are on the most fundamental level.
The religions say we’re a soul in a body, the psychologists say we’re a mind in a brain, the scientific materialists say we’re just a bunch of atoms flying around in random interactions, neural pathways in the brain that evolved into consciousness.
Yawn.
The problem I have with these theories is that they’re so unimaginative. They are not even close to what we observe in the Magnificent Work of Art we call Nature. Shouldn’t theories be as great as what they explain? Must they constantly loiter in the dark alleys of sub-human thought?
I am truly sick unto death with the bonehead ideas that endlessly ooze out of the citadels of scientific materialism. Theories like the Big Bang and Consciousness evolved out of matter are so preposterous, they boggle my random neural pathways.
But the thing that sickens me the most is the way the Materialists use their intelligence to disprove intelligence.
They are in for a rude awakening because the truth is no one knows what consciousness is, where it is, why it is, or how it could possibly exist in the first place.
People who say God made it or the Big Bang exploded Reality into existence are indulging in theories that do nothing more than move the Mystery back a notch. That’s because we don’t know where God came from or what was before the Big Bang. The Mystery of Existence remains, no matter how we try to explain it.
My point is that it’s unexplainable and our theories are part of the Mystery and Wonder and Beauty of Reality Itself. They don’t exist outside of it; nothing exists outside of it.
Therefore, what I say about myself and who I am on the most fundamental level, is always an expression of of the Whole as it manifests as the Part.
In other words, we are Homo Fractalis, what Da Vinci called the Vitruvian Man and what Adi Da called the Free Standing Man.
This image of Mankind is on the same level of magnificence as the Cosmos, just a smaller version of it.
Homo Cosmiciens.
The problem with the bonehead theories is that they are so miniscule compared to what we experience everyday as Human Beings, as Fractals of the Whole, Brave Teammates in the Deadly Game of Life,
Homo Braviens
We Make Humanity Great Again by destroying the false and cultivating the Real.
By removing the wool we allowed to be pulled over our eyes.
We recognize ourselves to already be the Free Standing Man, the Circuit that conducts the flow of Life between Heaven and Earth, the Blissful Current of Being Itself.
Homo Ecstatica
That’s right. Conducting the infinite Current of Life is inherently blissful, ecstatic, intensely pleasurable, free, happy and alive with excitement.
Right? Yes. Only most people don’t experience it because it’s buried beneath mountains and centuries of boneheadedness.
Tiny theories wobbling under the weight of True Magnificence.
Homo Magnifica
My personal theory is that the Universe is a magnificent work of Cosmic Art, a staggering expression of Beauty and Passion that evokes moans and groans of deep pleasure and happiness.
Homo Happinessien
We are not pond scum that evolved over millions of years. We are not neurons firing in the brain. We are not minds in a body, nor souls encased in flesh. We are not ideas, theories or random particles in a cosmic soup.
What we are, I can’t fully say because no language can accurately represent the Infinite. Language can point to it, but can never adequately explain the Wonder that we are.
Homo Mysterium
Scientific Materialism and Religious Superstition create human psychosis because they are way too small to do the job. The proof? One quick glance at the sorry state of our Beautiful World.
Only a completely failed Theory of Humanity could accomplish the appalling degradation of the Sacred we see everywhere.
We deserve it, too because we went along with the lies we inherited.
The only way out is to turn around, to turn back to the Well, the Sacred Spring out of which the Water of Life flows.
Water and Earth are the expressions of this Life, this Love.
Water brings Light and nutrients to the cell and removes the wastes. Our bodies are trillions of watery cells in a bag of skin, containers of Intelligent Light, microcosms of the macrocosm.
The Cosmos is Magnificent, you were birthed from the Cosmos, therefore, you are Magnificent, no matter what the boneheads tell you.
Homo Magnifica
We can burn down the false narratives about ourselves and cultivate the Real, both as individuals and nations.
Unity does not have to be achieved, only recognized as already existing, the Great Treasure buried beneath the countless lies we tell ourselves.
We Make Humanity Great Again by leaving materialistic garbage in the past, where it belongs. Then, we create models and images and artworks that accurately reflect ourselves and are on the same level of Beauty and Grace as the Universe.
The tombs of the heart and the dungeons of mind concocted by materialistic goonery, arrogance and vanity have taken a terrible toll on the Human Race.
The Bill has come due and it’s up to us to cancel it, to write Paid in Full on it and send it back.
Then, we can get to work on Creating the Art that deeply Reflects us and Makes Humanity Great Again.
Robert Cinque
In addition to writing essays like these, Robert Cinque also builds beautiful, affordable and comfortable yurts for homeowners and businesses in the fabulous Skagit County. Throughout the past three decades, his work has included building and installing wood art at local landmarks like the Cascadian Farm Organic Fruitstand in Rockport (WA), the Birdsview Brewery at the foot at “the American Alps” in the Pacific Northwest’s Skagit Valley, and many others. He has worked with visionary architect and organic designer Sunray Kelley for over 20 years on many beautiful projects. Together, they formed Radiant Homes and are actively engaged in the development of the Living Home, the Bioshelter, the no-mortgage, no-permit, food and energy producing home. Their work has been featured on National Geographic, MTV, Better Homes and Gardens, and represents the Greening of Architecture, a movement they consider to be the most important development since the Industrial Revolution.
He says: These essays are about “dungeons of mind, the root of suffering, true sanctuary, and the glorious imperative to live intimately with That Which Is Alive As All Things. They are painful, bloody and hard-hitting (the “truth will set you free, but it will piss you off first”). They are designed to destroy what’s false and cultivate what’s real. They are not merely my opinions or philosophy; they are field reports from the underground where the Lie was deconstructed.
They are wrecking balls, cosmic insults to vanity and arrogance, bulldozers and firebombs that burn out the tangled underbrush. They are intended to water the Seeds of Life buried under mountains and centuries of false beliefs, inherited “culture” and ego cults, so-called “religions”, including scientism, masquerading as truth. Idols are routinely lampooned and sacred cows are turned into hamburger as quickly as possible. I really don’t mean to offend any one personally. I’m not after them. I’m after the beliefs that are harming them: the Big Lie, the belief in separation from Love and Truth that strangles the heart and creates terrible, unbearable suffering. I love to help create Sanctuary and Shelter. I am a green builder and enjoy showing others how to build a no-mortgage, no-permit bio-shelters that also provide food and energy. shelter@nwlink.com cell 360-393-5663
Here above is the latest contribution to the Consciousness
Part of our 4 ‘Sees’ Forum –
We are enticing, let’s say, others to the same, that is contribute their art!
Let’s join together then, here in this forum, in practical ways that can be shared, starting with comments, growing into conversations, flowering into contributions of ideas, dreams, projects, works of all kind, Art, and other expressions of a people who intend to make their freedom theirs, to live a wonderful life, together.
There are already many helping and working with us, some seen, some unseen and as yet mysterious. It is our life’s work: to see a Beautiful World Become A Reality.
Our Intent is aligned with Life itself, growing, loving and free.
Cheers Lorenzo!
Join in the creation and send to: newnow@newagora.ca We are waiting for you!
Minnesota Governor Tim Walz has officially signed a bill into law, paving the way for the legalization of recreational marijuana use in the state. This historic decision positions Minnesota as the 23rd state to permit the adult use of cannabis and the third in the Midwest region to do so.
The successful passage of the bill comes after a series of diligent efforts at the Capitol, including numerous committee hearings and multiple votes in both the house and senate. While the bill received strong support from Democratic-Farmer-Labor lawmakers, a handful of Republicans in the house also voted in favor of its enactment.
Although previous attempts to legalize marijuana had been made at the Capitol, the favorable outcome in 2023 can be attributed to the Democratic Party’s control of the senate, house and governor’s office after the November election.
As outlined in the legislation, individuals aged 21 years of age and above who are residents of Minnesota will be permitted to possess up to two ounces of marijuana in public and up to two pounds in their homes, effective August 1, 2023. The bill also includes provisions for the automatic expungement of low-level marijuana convictions and the establishment of a review board to assess eligibility for more serious offenses, providing individuals with prior convictions an opportunity to have their records cleared.
To ensure the responsible sale and regulation of cannabis products, the law establishes an Office of Cannabis Management, which will be entrusted with safeguarding consumer protection, promoting public health and upholding public safety within the legalized marketplace. Representative Zack Stephenson, the bill’s sponsor, expressed his satisfaction with the legislation, emphasizing its creation of a safe and well-regulated legal cannabis market. He also noted the inclusion of measures to address the disproportionate impact of previous cannabis laws on certain communities.
While Stephenson acknowledged that the implementation of regulatory and expungement measures would take time, he assured the public that these efforts would commence once the law takes effect. However, he cautioned that the establishment of licensed dispensaries could require up to 18 months, and the process of expunging tens of thousands of past cannabis convictions may extend over several years.
The sale of cannabis products will be subject to a 10% state tax. The legislation allocates approximately $80 million to support the implementation of new regulations and finance various programs related to the legalization of cannabis over the next two years. Furthermore, it includes funding for training law enforcement officers to identify signs of marijuana intoxication, addressing concerns about impaired driving.
Governor Tim Walz, recognized for his progressive stance on various issues, has recently signed several other significant bills into law, including measures that reinstate voting rights for individuals with felony convictions and legislation that enshrines the right to abortion in state law.
Minnesota’s decision to legalize recreational marijuana reflects the growing trend across states to adopt more progressive approaches to drug policy. The focus on regulation, social equity and criminal justice reform underscore the recognition of the evolving landscape surrounding cannabis use.
With recreational cannabis now legal in the state, many opportunities are likely to open up not only for marijuana organizations but also ancillary companies such as Advanced Container Technologies Inc. (OTC: ACTX) that cater to the needs of marijuana cultivators.
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
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
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