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Panama Legalizes Medical Cannabis – Cannabis Business Times

September 2, 2021 by CBD OIL

It took recently inaugurated New York Gov. Kathy Hochul less than two weeks do what former Gov. Andrew Cuomo failed to accomplish in the five months following his signing of the Marijuana Regulation and Taxation Act (MRTA).

Hochul nominated former Drug Policy Alliance staffer Chris Alexander for executive director of the new Office of Cannabis Management (OCM) and former New York Assemblywoman Tremaine Wright for chair of the Cannabis Control Board (CCB) during a special legislative session that convened Sept. 1.

Hochul, who became New York’s first female governor last week—after Cuomo resigned following months of sexual harassment allegations—called for the session the previous day.

Established within New York’s Division of Alcoholic Beverage Control, the OCM will operate as an independent entity with exclusive jurisdiction to oversee not only the adult-use cannabis regulatory structure but also the state’s existing medical cannabis and hemp programs. The five-member CCB will govern the office.

Hours after Hochul announced her picks to head the OCM and CCB, the Senate confirmed her appointees. Now, after months of being stalled, MRTA’s authoritative arm is free to move forward with oversight infrastructure for licensure, cultivation, production, distribution, sale and taxation.

Drug Policy Alliance Executive Director Kassandra Frederique said in a statement she applauded the nominations.

Frederique said, “By moving swiftly to establish the adult-use cannabis program after delays under her predecessor and nominating leaders who have long been involved in the fight for marijuana justice in New York, Gov. Hochul is sending a strong signal that the landmark racial and economic justice provisions we fought so hard for in the Marijuana Regulation and Taxation Act will be taken seriously and implemented accordingly.”

Drug Policy Alliance

Chris Alexander was confirmed as the executive director of the Office of Cannabis Management in New York. 

Alexander, a government relations and policy manager in the cannabis sector for the past year, spent 3 1/2 years as a policy coordinator at Drug Policy Alliance from 2015-2018 and was an associate counsel to the New York Senate from 2019-2020. A New York resident from Queens, he was involved in crafting MRTA to ensure it prioritized racial and economic justice.

As OCM executive director, Alexander will oversee certain powers in the industry, such as performing inspections of any premises where cannabis or hemp are manufactured, cultivated, processed, stored, distributed or sold; prescribing forms of applications for licenses, registrations and permits; coordinating across state agencies and departments; and the like.

“I worked over the last several years leading the effort, from a variety of perspectives, to end marijuana prohibition in the state and to bring about the new regulated market and diverse industry that we have jumpstarted today,” Alexander said at a Senate Finance Committee hearing Wednesday, before the full chamber approved him as the nominee.

“I have built and led the statewide campaign to end prohibition as the policy coordinator at the Drug Policy Alliance, where we assembled a coalition of advocates, educated communities across the state and pushed you all to consider what taxing and regulating cannabis could look like,” he said. “It was in that role that I began drafting what would become the Marijuana Regulation and Taxation Act and eventually the cannabis law.”

Also, in his work as a government relations and policy manager for Black-owned Village and sister-company Viola, Alexander said he’s seen first-hand the challenges experienced by entrepreneurs in the space, “particularly those of color,” who have limited access to capital and are asked to navigate a “jigsaw puzzle” of laws and regulations with little to no assistance.

Drug Policy Alliance

Tremaine Wright was confirmed as the chair for the Cannabis Control Board in New York. 

Meanwhile, Wright represented New York’s 56th District from 2017 through 2020. During that time, the Democrat from Brooklyn was the chair of the New York State Black, Puerto Rican, Hispanic and Asian Legislative Caucus. A University of Chicago Law School graduate, Wright was an associate with Paul Hastings and a staff attorney at Skadden, and she practiced as a public defender with Brooklyn Law Services.

Not to mention, Wright spent 14 years sitting on and chairing a local community planning board and 8 1/2 years as a coffee shop owner.

As CCB chairwoman, Wright will head a five-member board that has sole discretion to limit, or not to limit, the number of registrations, licenses and permits to be issued within the state in a manner that prioritizes social and economic equity applicants (with the goal of 50% awarded to such applicants), considers small business opportunities and concerns, avoids market dominance in sectors of the industry and reflects the demographics of the state. Among other functions, the board will also have discretion to issue, refuse to issue or revoke any registration, license or permit.

“This is one of those moments where we’re all coming together and we have an opportunity to create an entire industry from the bottom up, which will provide access as well as needs to people throughout this state and give them a way to participate in an industry which has the potential to be a tremendous economic engine here in our state,” Wright said during the Senate Finance Committee hearing Wednesday.

“In every single community throughout this state, cannabis has the potential to be a driver for communities to create opportunities, to create the outcomes and to shape the manner in which they want cannabis to play out in their community,” she said. “That’s what we need.”

In addition to her background as a state representative, lawyer and business owner, Wright is currently serving as New York’s first director of the Statewide Office of Financial Inclusion and Empowerment to help meet the financial services and needs of low- and middle-income New Yorkers.

Frederique said Wright and Alexander’s resumes speak from themselves.

“They both understand the deep harm that criminalization has caused to individuals and communities—especially communities of color—across the state,” Frederique said. “Their past work has reflected a commitment to working with people who have been directly impacted by prohibition and demonstrated a belief in evidence-based policies that center equity and justice.”

Democratic State Sen. Liz Krueger, the Finance Committee chair who sponsored MRTA, said in a statement she was extraordinarily pleased with the governor’s nominations.

“Their hard work, knowledge and dedication will ensure that the historic law we passed this year will be implemented the right way, with focus and equity that brings real benefits to the communities that have suffered the most under prohibition,” she said. “I am grateful to Gov. Hochul for demonstrating her seriousness of purpose and collaborative vision by moving swiftly to make such excellent nominations. The process of implementing MRTA has been delayed too long, but finally we are seeing some light at the end of the tunnel.”

Filed Under: Cannabis News

Wana Brands Partners with Medicine Man and Public Health Officials on COVID-19 Vaccination Clinics During September

September 2, 2021 by CBD OIL

OTTAWA and TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) — PRESS RELEASE — HEXO Corp. and 48North Cannabis Corp. have announced that they have completed the previously announced arrangement, pursuant to which HEXO has acquired all of the issued and outstanding common shares of 48North by way of a court-approved plan of arrangement under the Canada Business Corporations Act.

Under the terms of the arrangement, each former shareholder of 48North is now entitled to receive 0.02366 of a common share in the capital of HEXO for each 48North Share held immediately prior to the completion of the arrangement. It is anticipated that the 48North Shares will be de-listed from the TSX Venture Exchange as of the close of trading on or about Sept. 2, 2021.

In order to receive the consideration, registered holders of 48North Shares will be required to deposit their share certificate(s) representing 48North Shares, together with a duly completed letter of transmittal, with TSX Trust Company, the depositary under the arrangement. Shareholders whose 48North Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee regarding the receipt of the consideration.

Further information about the arrangement is set forth in the materials prepared by 48North in respect of the special meeting of 48North shareholders held on Aug. 17, 2021, which were mailed to 48North shareholders and filed under 48North’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Warrants

Warrants to purchase 48North Shares, other than those exercised prior to 12:01 a.m. (Toronto time) on Sept. 1, 2021, will continue to remain outstanding as warrants of 48North, which, upon exercise, will entitle the holder thereof to receive, in lieu of the number of 48North Shares to which such holder was theretofore entitled upon exercise of such 48North warrants, the consideration in the form of HEXO Shares that such holder would have been entitled to be issued and receive if, immediately prior to the effective time, such holder had been the registered holder of the number of 48North Shares to which such holder was theretofore entitled upon exercise of such 48North warrants. All other terms governing the warrants, including, but not limited to, the expiry term, exercise price and the conditions to and the manner of exercise, will be the same as the terms that were in effect immediately prior to the effective time, and shall be governed by the terms of the applicable warrant indenture or the applicable warrant certificate.

As required by the warrant indentures in respect of the applicable warrants, HEXO has entered into supplemental warrant indentures in respect of such warrant indentures governing applicable warrants. A copy of each such supplemental warrant indenture will be available on 48North’s and HEXO’s respective SEDAR profiles at www.sedar.com.

Listed 48North Warrants 

Prior to the completion of the arrangement, 48North had outstanding one class of warrants to purchase 48North Shares listed on the TSX-V under the trading symbol ‘NRTH.WT.’ It is anticipated that the listed 48North warrants will be listed and commence trading on the Toronto Stock Exchange (TSX) under the symbol ‘HEXO.WT.A’ as of the opening of trading on Sept. 3, 2021. The listed 48North warrants will then remain listed on the TSX until the earliest to occur of their exercise, expiry or de-listing. HEXO has entered into a supplemental warrant indenture in respect of the Listed 48North warrants, a copy of which will be available on 48North’s and HEXO’s respective SEDAR profiles at www.sedar.com.

Options

Holders of 48North options have received replacement options under the arrangement, exercisable for HEXO Shares at the same conversion ratio applicable to the 48North Shares. All other terms and conditions of the replacement options, including the term of expiry, vesting, conditions to and manner of exercising, are the same as the 48North options for which they were exchanged, and any certificate or option agreement previously evidencing 48North options now evidences (and shall be deemed to evidence) such replacement options.

Other Matters 

48North has been granted exemptive relief from certain continuous disclosure and insider reporting requirements by the applicable securities regulators. Holders of Listed 48North warrants will be directed to reference, and rely on, the public disclosure filings of HEXO in lieu of those of 48North.

In connection with the completion of the arrangement, each of the officers and directors of the boards of directors of 48North and its subsidiaries resigned.

HEXO’s and 48North’s operations are subject to a variety of laws, regulations and guidelines relating to the marketing, acquisition, manufacture, management, transportation, storage, sale and disposal of cannabis but also including laws and regulations relating to health and safety, the conduct of operations and the protection of the environment. To the knowledge of HEXO’s management, HEXO and 48North have been and, following the completion of the arrangement, continue to be in compliance with all such laws. More specifically, to the knowledge of HEXO’s management, HEXO is in compliance with applicable laws in the jurisdictions in which it operates. Changes to such laws, regulations and guidelines due to matters beyond the control of HEXO and 48North may cause adverse effects to HEXO’s and 48North’ combined operations.

Advisors and Counsel

Cormark Securities Inc. acted as financial advisor to 48North. Norton Rose Fulbright Canada LLP acted as legal counsel to HEXO, and Bennett Jones LLP acted as legal counsel to 48North.

Filed Under: Cannabis News

South Dakota Subcommittee Recommends Banning Home Cultivation in State’s Forthcoming Medical Cannabis Program

September 2, 2021 by CBD OIL

It took recently inaugurated New York Gov. Kathy Hochul less than two weeks do what former Gov. Andrew Cuomo failed to accomplish in the five months following his signing of the Marijuana Regulation and Taxation Act (MRTA).

Hochul nominated former Drug Policy Alliance staffer Chris Alexander for executive director of the new Office of Cannabis Management (OCM) and former New York Assemblywoman Tremaine Wright for chair of the Cannabis Control Board (CCB) during a special legislative session that convened Sept. 1.

Hochul, who became New York’s first female governor last week—after Cuomo resigned following months of sexual harassment allegations—called for the session the previous day.

Established within New York’s Division of Alcoholic Beverage Control, the OCM will operate as an independent entity with exclusive jurisdiction to oversee not only the adult-use cannabis regulatory structure but also the state’s existing medical cannabis and hemp programs. The five-member CCB will govern the office.

Hours after Hochul announced her picks to head the OCM and CCB, the Senate confirmed her appointees. Now, after months of being stalled, MRTA’s authoritative arm is free to move forward with oversight infrastructure for licensure, cultivation, production, distribution, sale and taxation.

Drug Policy Alliance Executive Director Kassandra Frederique said in a statement she applauded the nominations.

Frederique said, “By moving swiftly to establish the adult-use cannabis program after delays under her predecessor and nominating leaders who have long been involved in the fight for marijuana justice in New York, Gov. Hochul is sending a strong signal that the landmark racial and economic justice provisions we fought so hard for in the Marijuana Regulation and Taxation Act will be taken seriously and implemented accordingly.”

Drug Policy Alliance

Chris Alexander was confirmed as the executive director of the Office of Cannabis Management in New York. 

Alexander, a government relations and policy manager in the cannabis sector for the past year, spent 3 1/2 years as a policy coordinator at Drug Policy Alliance from 2015-2018 and was an associate counsel to the New York Senate from 2019-2020. A New York resident from Queens, he was involved in crafting MRTA to ensure it prioritized racial and economic justice.

As OCM executive director, Alexander will oversee certain powers in the industry, such as performing inspections of any premises where cannabis or hemp are manufactured, cultivated, processed, stored, distributed or sold; prescribing forms of applications for licenses, registrations and permits; coordinating across state agencies and departments; and the like.

“I worked over the last several years leading the effort, from a variety of perspectives, to end marijuana prohibition in the state and to bring about the new regulated market and diverse industry that we have jumpstarted today,” Alexander said at a Senate Finance Committee hearing Wednesday, before the full chamber approved him as the nominee.

“I have built and led the statewide campaign to end prohibition as the policy coordinator at the Drug Policy Alliance, where we assembled a coalition of advocates, educated communities across the state and pushed you all to consider what taxing and regulating cannabis could look like,” he said. “It was in that role that I began drafting what would become the Marijuana Regulation and Taxation Act and eventually the cannabis law.”

Also, in his work as a government relations and policy manager for Black-owned Village and sister-company Viola, Alexander said he’s seen first-hand the challenges experienced by entrepreneurs in the space, “particularly those of color,” who have limited access to capital and are asked to navigate a “jigsaw puzzle” of laws and regulations with little to no assistance.

Drug Policy Alliance

Tremaine Wright was confirmed as the chair for the Cannabis Control Board in New York. 

Meanwhile, Wright represented New York’s 56th District from 2017 through 2020. During that time, the Democrat from Brooklyn was the chair of the New York State Black, Puerto Rican, Hispanic and Asian Legislative Caucus. A University of Chicago Law School graduate, Wright was an associate with Paul Hastings and a staff attorney at Skadden, and she practiced as a public defender with Brooklyn Law Services.

Not to mention, Wright spent 14 years sitting on and chairing a local community planning board and 8 1/2 years as a coffee shop owner.

As CCB chairwoman, Wright will head a five-member board that has sole discretion to limit, or not to limit, the number of registrations, licenses and permits to be issued within the state in a manner that prioritizes social and economic equity applicants (with the goal of 50% awarded to such applicants), considers small business opportunities and concerns, avoids market dominance in sectors of the industry and reflects the demographics of the state. Among other functions, the board will also have discretion to issue, refuse to issue or revoke any registration, license or permit.

“This is one of those moments where we’re all coming together and we have an opportunity to create an entire industry from the bottom up, which will provide access as well as needs to people throughout this state and give them a way to participate in an industry which has the potential to be a tremendous economic engine here in our state,” Wright said during the Senate Finance Committee hearing Wednesday.

“In every single community throughout this state, cannabis has the potential to be a driver for communities to create opportunities, to create the outcomes and to shape the manner in which they want cannabis to play out in their community,” she said. “That’s what we need.”

In addition to her background as a state representative, lawyer and business owner, Wright is currently serving as New York’s first director of the Statewide Office of Financial Inclusion and Empowerment to help meet the financial services and needs of low- and middle-income New Yorkers.

Frederique said Wright and Alexander’s resumes speak from themselves.

“They both understand the deep harm that criminalization has caused to individuals and communities—especially communities of color—across the state,” Frederique said. “Their past work has reflected a commitment to working with people who have been directly impacted by prohibition and demonstrated a belief in evidence-based policies that center equity and justice.”

Democratic State Sen. Liz Krueger, the Finance Committee chair who sponsored MRTA, said in a statement she was extraordinarily pleased with the governor’s nominations.

“Their hard work, knowledge and dedication will ensure that the historic law we passed this year will be implemented the right way, with focus and equity that brings real benefits to the communities that have suffered the most under prohibition,” she said. “I am grateful to Gov. Hochul for demonstrating her seriousness of purpose and collaborative vision by moving swiftly to make such excellent nominations. The process of implementing MRTA has been delayed too long, but finally we are seeing some light at the end of the tunnel.”

Filed Under: Cannabis News

Massachusetts Adult-Use Cannabis Sales Top $2 Billion Since Dispensaries Launched in 2018

September 2, 2021 by CBD OIL

OTTAWA and TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) — PRESS RELEASE — HEXO Corp. and 48North Cannabis Corp. have announced that they have completed the previously announced arrangement, pursuant to which HEXO has acquired all of the issued and outstanding common shares of 48North by way of a court-approved plan of arrangement under the Canada Business Corporations Act.

Under the terms of the arrangement, each former shareholder of 48North is now entitled to receive 0.02366 of a common share in the capital of HEXO for each 48North Share held immediately prior to the completion of the arrangement. It is anticipated that the 48North Shares will be de-listed from the TSX Venture Exchange as of the close of trading on or about Sept. 2, 2021.

In order to receive the consideration, registered holders of 48North Shares will be required to deposit their share certificate(s) representing 48North Shares, together with a duly completed letter of transmittal, with TSX Trust Company, the depositary under the arrangement. Shareholders whose 48North Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee regarding the receipt of the consideration.

Further information about the arrangement is set forth in the materials prepared by 48North in respect of the special meeting of 48North shareholders held on Aug. 17, 2021, which were mailed to 48North shareholders and filed under 48North’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Warrants

Warrants to purchase 48North Shares, other than those exercised prior to 12:01 a.m. (Toronto time) on Sept. 1, 2021, will continue to remain outstanding as warrants of 48North, which, upon exercise, will entitle the holder thereof to receive, in lieu of the number of 48North Shares to which such holder was theretofore entitled upon exercise of such 48North warrants, the consideration in the form of HEXO Shares that such holder would have been entitled to be issued and receive if, immediately prior to the effective time, such holder had been the registered holder of the number of 48North Shares to which such holder was theretofore entitled upon exercise of such 48North warrants. All other terms governing the warrants, including, but not limited to, the expiry term, exercise price and the conditions to and the manner of exercise, will be the same as the terms that were in effect immediately prior to the effective time, and shall be governed by the terms of the applicable warrant indenture or the applicable warrant certificate.

As required by the warrant indentures in respect of the applicable warrants, HEXO has entered into supplemental warrant indentures in respect of such warrant indentures governing applicable warrants. A copy of each such supplemental warrant indenture will be available on 48North’s and HEXO’s respective SEDAR profiles at www.sedar.com.

Listed 48North Warrants 

Prior to the completion of the arrangement, 48North had outstanding one class of warrants to purchase 48North Shares listed on the TSX-V under the trading symbol ‘NRTH.WT.’ It is anticipated that the listed 48North warrants will be listed and commence trading on the Toronto Stock Exchange (TSX) under the symbol ‘HEXO.WT.A’ as of the opening of trading on Sept. 3, 2021. The listed 48North warrants will then remain listed on the TSX until the earliest to occur of their exercise, expiry or de-listing. HEXO has entered into a supplemental warrant indenture in respect of the Listed 48North warrants, a copy of which will be available on 48North’s and HEXO’s respective SEDAR profiles at www.sedar.com.

Options

Holders of 48North options have received replacement options under the arrangement, exercisable for HEXO Shares at the same conversion ratio applicable to the 48North Shares. All other terms and conditions of the replacement options, including the term of expiry, vesting, conditions to and manner of exercising, are the same as the 48North options for which they were exchanged, and any certificate or option agreement previously evidencing 48North options now evidences (and shall be deemed to evidence) such replacement options.

Other Matters 

48North has been granted exemptive relief from certain continuous disclosure and insider reporting requirements by the applicable securities regulators. Holders of Listed 48North warrants will be directed to reference, and rely on, the public disclosure filings of HEXO in lieu of those of 48North.

In connection with the completion of the arrangement, each of the officers and directors of the boards of directors of 48North and its subsidiaries resigned.

HEXO’s and 48North’s operations are subject to a variety of laws, regulations and guidelines relating to the marketing, acquisition, manufacture, management, transportation, storage, sale and disposal of cannabis but also including laws and regulations relating to health and safety, the conduct of operations and the protection of the environment. To the knowledge of HEXO’s management, HEXO and 48North have been and, following the completion of the arrangement, continue to be in compliance with all such laws. More specifically, to the knowledge of HEXO’s management, HEXO is in compliance with applicable laws in the jurisdictions in which it operates. Changes to such laws, regulations and guidelines due to matters beyond the control of HEXO and 48North may cause adverse effects to HEXO’s and 48North’ combined operations.

Advisors and Counsel

Cormark Securities Inc. acted as financial advisor to 48North. Norton Rose Fulbright Canada LLP acted as legal counsel to HEXO, and Bennett Jones LLP acted as legal counsel to 48North.

Filed Under: Cannabis News

HEXO and 48North Announce Closing of Arrangement

September 2, 2021 by CBD OIL

OTTAWA and TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) — PRESS RELEASE — HEXO Corp. and 48North Cannabis Corp. have announced that they have completed the previously announced arrangement, pursuant to which HEXO has acquired all of the issued and outstanding common shares of 48North by way of a court-approved plan of arrangement under the Canada Business Corporations Act.

Under the terms of the arrangement, each former shareholder of 48North is now entitled to receive 0.02366 of a common share in the capital of HEXO for each 48North Share held immediately prior to the completion of the arrangement. It is anticipated that the 48North Shares will be de-listed from the TSX Venture Exchange as of the close of trading on or about Sept. 2, 2021.

In order to receive the consideration, registered holders of 48North Shares will be required to deposit their share certificate(s) representing 48North Shares, together with a duly completed letter of transmittal, with TSX Trust Company, the depositary under the arrangement. Shareholders whose 48North Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee regarding the receipt of the consideration.

Further information about the arrangement is set forth in the materials prepared by 48North in respect of the special meeting of 48North shareholders held on Aug. 17, 2021, which were mailed to 48North shareholders and filed under 48North’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Warrants

Warrants to purchase 48North Shares, other than those exercised prior to 12:01 a.m. (Toronto time) on Sept. 1, 2021, will continue to remain outstanding as warrants of 48North, which, upon exercise, will entitle the holder thereof to receive, in lieu of the number of 48North Shares to which such holder was theretofore entitled upon exercise of such 48North warrants, the consideration in the form of HEXO Shares that such holder would have been entitled to be issued and receive if, immediately prior to the effective time, such holder had been the registered holder of the number of 48North Shares to which such holder was theretofore entitled upon exercise of such 48North warrants. All other terms governing the warrants, including, but not limited to, the expiry term, exercise price and the conditions to and the manner of exercise, will be the same as the terms that were in effect immediately prior to the effective time, and shall be governed by the terms of the applicable warrant indenture or the applicable warrant certificate.

As required by the warrant indentures in respect of the applicable warrants, HEXO has entered into supplemental warrant indentures in respect of such warrant indentures governing applicable warrants. A copy of each such supplemental warrant indenture will be available on 48North’s and HEXO’s respective SEDAR profiles at www.sedar.com.

Listed 48North Warrants 

Prior to the completion of the arrangement, 48North had outstanding one class of warrants to purchase 48North Shares listed on the TSX-V under the trading symbol ‘NRTH.WT.’ It is anticipated that the listed 48North warrants will be listed and commence trading on the Toronto Stock Exchange (TSX) under the symbol ‘HEXO.WT.A’ as of the opening of trading on Sept. 3, 2021. The listed 48North warrants will then remain listed on the TSX until the earliest to occur of their exercise, expiry or de-listing. HEXO has entered into a supplemental warrant indenture in respect of the Listed 48North warrants, a copy of which will be available on 48North’s and HEXO’s respective SEDAR profiles at www.sedar.com.

Options

Holders of 48North options have received replacement options under the arrangement, exercisable for HEXO Shares at the same conversion ratio applicable to the 48North Shares. All other terms and conditions of the replacement options, including the term of expiry, vesting, conditions to and manner of exercising, are the same as the 48North options for which they were exchanged, and any certificate or option agreement previously evidencing 48North options now evidences (and shall be deemed to evidence) such replacement options.

Other Matters 

48North has been granted exemptive relief from certain continuous disclosure and insider reporting requirements by the applicable securities regulators. Holders of Listed 48North warrants will be directed to reference, and rely on, the public disclosure filings of HEXO in lieu of those of 48North.

In connection with the completion of the arrangement, each of the officers and directors of the boards of directors of 48North and its subsidiaries resigned.

HEXO’s and 48North’s operations are subject to a variety of laws, regulations and guidelines relating to the marketing, acquisition, manufacture, management, transportation, storage, sale and disposal of cannabis but also including laws and regulations relating to health and safety, the conduct of operations and the protection of the environment. To the knowledge of HEXO’s management, HEXO and 48North have been and, following the completion of the arrangement, continue to be in compliance with all such laws. More specifically, to the knowledge of HEXO’s management, HEXO is in compliance with applicable laws in the jurisdictions in which it operates. Changes to such laws, regulations and guidelines due to matters beyond the control of HEXO and 48North may cause adverse effects to HEXO’s and 48North’ combined operations.

Advisors and Counsel

Cormark Securities Inc. acted as financial advisor to 48North. Norton Rose Fulbright Canada LLP acted as legal counsel to HEXO, and Bennett Jones LLP acted as legal counsel to 48North.

Filed Under: Cannabis News

Troubleshooting CBD: Why Doesn’t It Work For Some People?

September 2, 2021 by CBD OIL

Some are turning to cannabidiol (CBD) to reduce stress. Another population group uses it to sleep at night, while still others find relief for a growing list of other disorders. With the popularity of this safe, non-intoxicating compound rising, it can feel like the answer to any question is “CBD”.

But what if you tried it and didn’t feel anything? Are you the only one who has this supposedly miraculous connection not working?

The problem with CBD is the lack of official guidance on how to do it. While international Health organizations He hasI have confirmed Cannabidiol safe and well tolerated, there are almost no established medical protocols on the method of use, dose size, and formula.

Given this lack of official advice, it’s no wonder some people are disappointed with a personal CBD trip. That’s why we at Elevated Wellness decided it was high time we demystified some of the most common misconceptions about this hemp-based product Cannabidiol.

If you’ve tried CBD and it didn’t work, let’s fix the errors.

Choose the right method of consumption

Rubbing in a CBD-infused cream for chronic stress relief may not do what you were hoping for. The same goes for adding a few drops of CBD tincture under your tongue to soothe sore muscles.

When it comes to CBD, choosing the right product formulation and route of administration can dramatically improve the chances of feeling the positive effects.

For example, topically applied CBD penetrates the surface of the skin to work on the endocannabinoid receptors in the epidermis – but it never goes deeper.

On the flip side, CBD tinctures and oils dripped under the tongue are absorbed through the lining of the mouth (or via the digestive tract) to flow through the bloodstream and eventually to the brain.

You can go a step further by dialing into advanced formations. Elevated Wellness offers broad spectrum and full spectrum CBD formulas to take advantage of a variety of other cannabinoids and terpenes for synergistic benefits known as the entourage effect.

A few pointers on the correct dosage

The dosage is just as important as the method of ingestion. The effects of cannabidiol are biphasic or dose dependent. Small to moderate amounts produce a number of effects while larger amounts produce another.

This is most evident when it comes to CBD for sleep. Lower doses seem to stimulate wakefulness, while higher doses (over 300 mg) improve sleep. Other to learn Research into the anti-anxiety effects of CBD showed a significant reduction with 300 mg of CBD, but none with 100 mg or 600 mg.

With no government guidelines on dosage, it’s no wonder consumers get frustrated when they find the right dose. Of course, it’s always a good idea to “start low and go slowly,” but patience is key. It may take a few days (or even a few weeks) to reach these higher doses.

Is It Time To Try CBD Oil Again?

If you threw your CBD bottle away because you didn’t “feel” anything, it may be time to try again.

Elevated Wellness is committed to providing better guidance on method, dosage, and formulation. Take it slow and be patient as you experiment with the dose.

A couple of takeaways if you are starting your CBD journey again. First, adjust the correct method for your condition. Second, choose full or broad spectrum CBD oils with advanced bioavailability. Third, CBD is two-phase and may require a higher daily dose than you were led to believe.

Chris Adlakha, PharmD, operates compounding pharmacies in Texas, where his Increased wellness CBD line of products are manufactured in state-of-the-art, regulated laboratories with pharmaceutical science.

Filed Under: CBD Health

Ayr Wellness Enters Agreement to Acquire PA Natural Medicine, LLC

September 2, 2021 by CBD OIL

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NEW YORK, September 1, 2021 – PRESS RELEASE – Ayr Wellness Inc., a vertically-integrated cannabis multi-state operator (MSO), has entered into a binding letter of intent to acquire PA Natural Medicine, LLC, an operator of three licensed retail dispensaries, deepening Ayr’s presence in the rapidly growing medical market in the Commonwealth of Pennsylvania.

"Our goal across our footprint is to develop scale and meaningful presence in each of our markets," said Jonathan Sandelman, Ayr Wellness founder, chairman and CEO. "[This] announcement builds on our already strong position in Pennsylvania, where we have built a tremendous foundation since entering the state just a few months ago. Our three Ayr Wellness stores, open an average of less than six months, are run-rating at over $7 million in annualized revenue per dispensary, and our cultivation facilities are producing some of the best-reviewed flower in the state."

"With such great momentum in this market, we are expanding our retail presence with the acquisition of PA Naturals, a three-store operation in central Pennsylvania with some of the best-operating metrics in the state and a complementary footprint to our existing six licenses. We look forward to welcoming the great people of PA Naturals to the Ayr team," he concluded.

PA Naturals has locations in the college towns of Bloomsburg and State College, as well as Selinsgrove, PA, and operates under the retail banner "Nature’s Medicine." The acquisition is expected to close in Q4 2021, and the Company expects to rebrand the dispensaries under the AYR Wellness banner shortly after completing.

Ayr intends to purchase 100% of the membership interests of PA Natural. The transaction terms include upfront consideration of $80 million, made up of $20 million in stock, $25 million in seller notes and $35 million in cash. An earn-out of up to $40 million, based on 2021 EBITDA hurdles, is payable in Q1 2022 and includes a maximum additional cash payment of $10 million, with the remainder paid in stock and notes.

The acquisition is subject to customary closing conditions and regulatory approvals. Operations of PA Naturals will remain unchanged pending the closing.

]]>

Filed Under: Cannabis News

Colorado to Bolster Hemp Testing Rules, Rollout Delayed

September 2, 2021 by CBD OIL

Earlier this year, the Colorado Department of Public Health and Environment (CDPHE) announced a plan to introduce new testing rules for the state’s growing hemp industry. Under the new regulations, hemp products must be tested for residual solvents, heavy metals and pesticides, in addition to making sure they contain less than 0.3% THC.

The CDPHE are planning on a gradual rollout to prevent any supply chain issues or a lab testing bottleneck, similar to what we’ve seen in other states launching new testing requirements in years past, such as Arizona or California. Well, the Colorado rollout appears to be hitting similar snags and because of supply chain issues related to instruments and consumables in laboratories, the implementation of those testing rules is somewhat delayed. What was originally supposed to be implemented over the summer was pushed back to an October 1 deadline, and that deadline has now been pushed back to 2022.

The pesticide testing list to be implemented January 1, 2022

As a result of supply chain shortages and the learning curve to test for such a wide range of pesticides, Colorado is opening hemp testing to out-of-state labs in an effort to stay on schedule with the rollout. Dillon Burns, lab manager at InfiniteCAL, a cannabis testing company with locations in California and Michigan, just completed an audit with the CDPHE in their work to get certified and start conducting hemp testing for businesses in Colorado.

Burns says they’re well-acquainted with the list of pesticides because of how similar the list is to California’s requirements. “For the pesticide testing rules that were supposed to go into effect on August 1st, it’s basically the same list as California just with slightly different action levels,” says Burns. “I would say these action limits are generally stricter – they have much lower LOQs [limits of quantification].”

The pesticide testing list (continued) to be implemented January 1, 2022

Come January 1, 2022, they are expecting an additional 40 pesticides to be required under the new rules. “But currently, it’s still unclear when these regulations will actually go into effect,” says Burns. The full pesticide testing list is currently slated to be implemented on April 1, 2022.

The supply chain issues referenced above have a lot to do with what the state is asking labs to test for. Previously, most of the pesticides tested for under Colorado’s adult use and medical cannabis programs could be analyzed with an LC/MS. A handful of pesticides on the new list do require GC/MS, says Burns. It’s entirely possible that a lot of labs in Colorado just don’t have a GC/MS or are in the process of training staff and developing methods for using the new instrument. “Cleanliness of these instruments is such a priority that it takes time to acquire the right skill set for it,” says Burns.

Dillon Burns, Lab Manager at InfiniteCAL

The new testing rollout isn’t just another compliance hurdle for the cannabis industry; these rules are about protecting public health. Dillon Burns said he’s seen hiccups in California with the amount of new hemp farmers getting into the space. “The hemp products we’ve tested in California often fail for pesticides,” says Burns. It’s a lot easier in most states to get a license for growing hemp than it would be for growing adult use cannabis. “You’ll see a lot more novice growers getting into hemp farming without a background in it. They’ll fail for things they just haven’t considered, like environmental drift. We see a lot of fails in CA. Hemp is bioaccumulating so it presents a lot of problems. If they’re not required to look for it, they weren’t monitoring it.”

When asked how the market might react to the new rules, Burns was confident that Colorado knows what they’re doing. “I don’t anticipate that [a testing bottleneck] happening here. The regulators are reasonable, supportive of the industry and opening it up to out-of-state labs should help in preventing that.”

Filed Under: Cannabis News

Greenlane and KushCo Complete Merger, Creating Leading Ancillary Cannabis Company and House of Brands

September 2, 2021 by CBD OIL

It took recently inaugurated New York Gov. Kathy Hochul less than two weeks do what former Gov. Andrew Cuomo failed to accomplish in the five months following his signing of the Marijuana Regulation and Taxation Act (MRTA).

Hochul nominated former Drug Policy Alliance staffer Chris Alexander for executive director of the new Office of Cannabis Management (OCM) and former New York Assemblywoman Tremaine Wright for chair of the Cannabis Control Board (CCB) during a special legislative session that convened Sept. 1.

Hochul, who became New York’s first female governor last week—after Cuomo resigned following months of sexual harassment allegations—called for the session the previous day.

Established within New York’s Division of Alcoholic Beverage Control, the OCM will operate as an independent entity with exclusive jurisdiction to oversee not only the adult-use cannabis regulatory structure but also the state’s existing medical cannabis and hemp programs. The five-member CCB will govern the office.

Hours after Hochul announced her picks to head the OCM and CCB, the Senate confirmed her appointees. Now, after months of being stalled, MRTA’s authoritative arm is free to move forward with oversight infrastructure for licensure, cultivation, production, distribution, sale and taxation.

Drug Policy Alliance Executive Director Kassandra Frederique said in a statement she applauded the nominations.

Frederique said, “By moving swiftly to establish the adult-use cannabis program after delays under her predecessor and nominating leaders who have long been involved in the fight for marijuana justice in New York, Gov. Hochul is sending a strong signal that the landmark racial and economic justice provisions we fought so hard for in the Marijuana Regulation and Taxation Act will be taken seriously and implemented accordingly.”

Drug Policy Alliance

Chris Alexander was confirmed as the executive director of the Office of Cannabis Management in New York. 

Alexander, a government relations and policy manager in the cannabis sector for the past year, spent 3 1/2 years as a policy coordinator at Drug Policy Alliance from 2015-2018 and was an associate counsel to the New York Senate from 2019-2020. A New York resident from Queens, he was involved in crafting MRTA to ensure it prioritized racial and economic justice.

As OCM executive director, Alexander will oversee certain powers in the industry, such as performing inspections of any premises where cannabis or hemp are manufactured, cultivated, processed, stored, distributed or sold; prescribing forms of applications for licenses, registrations and permits; coordinating across state agencies and departments; and the like.

“I worked over the last several years leading the effort, from a variety of perspectives, to end marijuana prohibition in the state and to bring about the new regulated market and diverse industry that we have jumpstarted today,” Alexander said at a Senate Finance Committee hearing Wednesday, before the full chamber approved him as the nominee.

“I have built and led the statewide campaign to end prohibition as the policy coordinator at the Drug Policy Alliance, where we assembled a coalition of advocates, educated communities across the state and pushed you all to consider what taxing and regulating cannabis could look like,” he said. “It was in that role that I began drafting what would become the Marijuana Regulation and Taxation Act and eventually the cannabis law.”

Also, in his work as a government relations and policy manager for Black-owned Village and sister-company Viola, Alexander said he’s seen first-hand the challenges experienced by entrepreneurs in the space, “particularly those of color,” who have limited access to capital and are asked to navigate a “jigsaw puzzle” of laws and regulations with little to no assistance.

Drug Policy Alliance

Tremaine Wright was confirmed as the chair for the Cannabis Control Board in New York. 

Meanwhile, Wright represented New York’s 56th District from 2017 through 2020. During that time, the Democrat from Brooklyn was the chair of the New York State Black, Puerto Rican, Hispanic and Asian Legislative Caucus. A University of Chicago Law School graduate, Wright was an associate with Paul Hastings and a staff attorney at Skadden, and she practiced as a public defender with Brooklyn Law Services.

Not to mention, Wright spent 14 years sitting on and chairing a local community planning board and 8 1/2 years as a coffee shop owner.

As CCB chairwoman, Wright will head a five-member board that has sole discretion to limit, or not to limit, the number of registrations, licenses and permits to be issued within the state in a manner that prioritizes social and economic equity applicants (with the goal of 50% awarded to such applicants), considers small business opportunities and concerns, avoids market dominance in sectors of the industry and reflects the demographics of the state. Among other functions, the board will also have discretion to issue, refuse to issue or revoke any registration, license or permit.

“This is one of those moments where we’re all coming together and we have an opportunity to create an entire industry from the bottom up, which will provide access as well as needs to people throughout this state and give them a way to participate in an industry which has the potential to be a tremendous economic engine here in our state,” Wright said during the Senate Finance Committee hearing Wednesday.

“In every single community throughout this state, cannabis has the potential to be a driver for communities to create opportunities, to create the outcomes and to shape the manner in which they want cannabis to play out in their community,” she said. “That’s what we need.”

In addition to her background as a state representative, lawyer and business owner, Wright is currently serving as New York’s first director of the Statewide Office of Financial Inclusion and Empowerment to help meet the financial services and needs of low- and middle-income New Yorkers.

Frederique said Wright and Alexander’s resumes speak from themselves.

“They both understand the deep harm that criminalization has caused to individuals and communities—especially communities of color—across the state,” Frederique said. “Their past work has reflected a commitment to working with people who have been directly impacted by prohibition and demonstrated a belief in evidence-based policies that center equity and justice.”

Democratic State Sen. Liz Krueger, the Finance Committee chair who sponsored MRTA, said in a statement she was extraordinarily pleased with the governor’s nominations.

“Their hard work, knowledge and dedication will ensure that the historic law we passed this year will be implemented the right way, with focus and equity that brings real benefits to the communities that have suffered the most under prohibition,” she said. “I am grateful to Gov. Hochul for demonstrating her seriousness of purpose and collaborative vision by moving swiftly to make such excellent nominations. The process of implementing MRTA has been delayed too long, but finally we are seeing some light at the end of the tunnel.”

Filed Under: Cannabis News

New York Governor Nominates Cannabis Regulatory Heads; Senate Confirms

September 2, 2021 by CBD OIL

It took recently inaugurated New York Gov. Kathy Hochul less than two weeks do what former Gov. Andrew Cuomo failed to accomplish in the five months following his signing of the Marijuana Regulation and Taxation Act (MRTA).

Hochul nominated former Drug Policy Alliance staffer Chris Alexander for executive director of the new Office of Cannabis Management (OCM) and former New York Assemblywoman Tremaine Wright for chair of the Cannabis Control Board (CCB) during a special legislative session that convened Sept. 1.

Hochul, who became New York’s first female governor last week—after Cuomo resigned following months of sexual harassment allegations—called for the session the previous day.

Established within New York’s Division of Alcoholic Beverage Control, the OCM will operate as an independent entity with exclusive jurisdiction to oversee not only the adult-use cannabis regulatory structure but also the state’s existing medical cannabis and hemp programs. The five-member CCB will govern the office.

Hours after Hochul announced her picks to head the OCM and CCB, the Senate confirmed her appointees. Now, after months of being stalled, MRTA’s authoritative arm is free to move forward with oversight infrastructure for licensure, cultivation, production, distribution, sale and taxation.

Drug Policy Alliance Executive Director Kassandra Frederique said in a statement she applauded the nominations.

Frederique said, “By moving swiftly to establish the adult-use cannabis program after delays under her predecessor and nominating leaders who have long been involved in the fight for marijuana justice in New York, Gov. Hochul is sending a strong signal that the landmark racial and economic justice provisions we fought so hard for in the Marijuana Regulation and Taxation Act will be taken seriously and implemented accordingly.”

Drug Policy Alliance

Chris Alexander was confirmed as the executive director of the Office of Cannabis Management in New York. 

Alexander, a government relations and policy manager in the cannabis sector for the past year, spent 3 1/2 years as a policy coordinator at Drug Policy Alliance from 2015-2018 and was an associate counsel to the New York Senate from 2019-2020. A New York resident from Queens, he was involved in crafting MRTA to ensure it prioritized racial and economic justice.

As OCM executive director, Alexander will oversee certain powers in the industry, such as performing inspections of any premises where cannabis or hemp are manufactured, cultivated, processed, stored, distributed or sold; prescribing forms of applications for licenses, registrations and permits; coordinating across state agencies and departments; and the like.

“I worked over the last several years leading the effort, from a variety of perspectives, to end marijuana prohibition in the state and to bring about the new regulated market and diverse industry that we have jumpstarted today,” Alexander said at a Senate Finance Committee hearing Wednesday, before the full chamber approved him as the nominee.

“I have built and led the statewide campaign to end prohibition as the policy coordinator at the Drug Policy Alliance, where we assembled a coalition of advocates, educated communities across the state and pushed you all to consider what taxing and regulating cannabis could look like,” he said. “It was in that role that I began drafting what would become the Marijuana Regulation and Taxation Act and eventually the cannabis law.”

Also, in his work as a government relations and policy manager for Black-owned Village and sister-company Viola, Alexander said he’s seen first-hand the challenges experienced by entrepreneurs in the space, “particularly those of color,” who have limited access to capital and are asked to navigate a “jigsaw puzzle” of laws and regulations with little to no assistance.

Drug Policy Alliance

Tremaine Wright was confirmed as the chair for the Cannabis Control Board in New York. 

Meanwhile, Wright represented New York’s 56th District from 2017 through 2020. During that time, the Democrat from Brooklyn was the chair of the New York State Black, Puerto Rican, Hispanic and Asian Legislative Caucus. A University of Chicago Law School graduate, Wright was an associate with Paul Hastings and a staff attorney at Skadden, and she practiced as a public defender with Brooklyn Law Services.

Not to mention, Wright spent 14 years sitting on and chairing a local community planning board and 8 1/2 years as a coffee shop owner.

As CCB chairwoman, Wright will head a five-member board that has sole discretion to limit, or not to limit, the number of registrations, licenses and permits to be issued within the state in a manner that prioritizes social and economic equity applicants (with the goal of 50% awarded to such applicants), considers small business opportunities and concerns, avoids market dominance in sectors of the industry and reflects the demographics of the state. Among other functions, the board will also have discretion to issue, refuse to issue or revoke any registration, license or permit.

“This is one of those moments where we’re all coming together and we have an opportunity to create an entire industry from the bottom up, which will provide access as well as needs to people throughout this state and give them a way to participate in an industry which has the potential to be a tremendous economic engine here in our state,” Wright said during the Senate Finance Committee hearing Wednesday.

“In every single community throughout this state, cannabis has the potential to be a driver for communities to create opportunities, to create the outcomes and to shape the manner in which they want cannabis to play out in their community,” she said. “That’s what we need.”

In addition to her background as a state representative, lawyer and business owner, Wright is currently serving as New York’s first director of the Statewide Office of Financial Inclusion and Empowerment to help meet the financial services and needs of low- and middle-income New Yorkers.

Frederique said Wright and Alexander’s resumes speak from themselves.

“They both understand the deep harm that criminalization has caused to individuals and communities—especially communities of color—across the state,” Frederique said. “Their past work has reflected a commitment to working with people who have been directly impacted by prohibition and demonstrated a belief in evidence-based policies that center equity and justice.”

Democratic State Sen. Liz Krueger, the Finance Committee chair who sponsored MRTA, said in a statement she was extraordinarily pleased with the governor’s nominations.

“Their hard work, knowledge and dedication will ensure that the historic law we passed this year will be implemented the right way, with focus and equity that brings real benefits to the communities that have suffered the most under prohibition,” she said. “I am grateful to Gov. Hochul for demonstrating her seriousness of purpose and collaborative vision by moving swiftly to make such excellent nominations. The process of implementing MRTA has been delayed too long, but finally we are seeing some light at the end of the tunnel.”

Filed Under: Cannabis News

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