Cannabis Market Flourishes Amid Global Legalization, Driving Concerns About Road Safety

FinancialBuzz.com News Commentary

NEW YORK, April 22, 2024 (GLOBE NEWSWIRE) -- Over the past decade, the cannabis market has undergone significant expansion, driven largely by a wave of legalization efforts across the United States and other parts of the world. As state and national governments reassess their legal stance on cannabis, both for medical and recreational use, the industry has seen a surge in legitimacy and economic interest. In the United States, a majority of states have legalized cannabis in some form, reflecting a shift in public opinion and an acknowledgement of the potential medical benefits and revenue generation opportunities. Globally, countries like Canada, Uruguay, and several European nations have moved towards more liberal cannabis policies, further propelling the market's growth. The financial implications of these legalization efforts are substantial and continue to evolve. According to a report by Grand View Research, the global legal cannabis market size was valued at USD 13.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Cronos Group Inc. (NASDAQ: CRON), Canopy Growth Corporation (NASDAQ: CGC), Aurora Cannabis Inc. (NASDAQ: ACB), Curaleaf Holdings, Inc. (OTC: CURLF)

While the cannabis market demonstrates significant economic promise and potential for growth, concerns persist regarding its broader societal impacts, particularly in relation to public safety and health. One of the primary concerns is the correlation between cannabis use and impaired driving. Studies have shown that cannabis can significantly impair motor coordination, reaction times, and decision making, which are critical skills for safe driving. With the increase in cannabis accessibility and consumption following legalization, there is an urgent need for effective measures to mitigate these risks. This includes developing reliable roadside testing for cannabis impairment, public education campaigns to raise awareness about the dangers of driving under the influence, and clear legal frameworks to handle such offenses effectively.

Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), a developer of marijuana breathalyzer devices for law enforcement and the workplace just announced that, “it will be presenting at the International Association for Chemical Testing (IACT) conference in April. Cannabix’s Dr. Bruce Goldberger Ph.D., will be presenting on Science & Technology Behind Cannabis Breath Testing and the Company’s marijuana breathalyzer system at the conference workshop session. IACT is composed of governmental agency personnel involved in chemical testing related to traffic safety. IACT members are scientific and criminal justice professionals, including forensic scientists, regulatory inspectors, and law enforcement personnel with representatives from a majority of states and international members. IACT has standing committees to address various areas including legislation, training, new equipment and procedures and manufacturers of breath testing equipment.

The Cannabis Breath Testing workshop at IACT 2024 is designed to provide background information regarding the pharmacokinetics and pharmacodynamics of cannabinoids in breath, present the current technology for collection devices from commercial vendors, and discuss the necessary laboratory workflows and analytical considerations when testing these samples.

Dr. Bruce Goldberger is a professor and the former Chief of the Forensic Medicine Division in the Department of Pathology, Immunology and Laboratory Medicine in the College of Medicine at the University of Florida. Dr. Goldberger served as Director of the University of Florida forensic toxicology laboratory for 30 years. Dr. Goldberger is the Principal Investigator of the Florida Drug-Related Outcomes Surveillance and Tracking System and Co-investigator of the National Drug Early Warning System. Dr. Goldberger is a consultant for the Centers for Disease Control and Prevention’s National Center for Injury Prevention and Control, Overdose Mortality Team, and the National Center for Health Statistics, Division of Vital Statistics. Dr. Goldberger is a consultant and senior advisor to Cannabix Technologies Inc.”

Cronos Group Inc. (NASDAQ: CRON) reported recently its first entry into the chocolate edibles category. Cronos’ newest edible innovation was developed and designed by an expert team of culinary chefs, food scientists, and leaders in cannabis product development. The bite-sized Chocolate Fusions™ feature a dynamic, multi-texture experience, combining a soft and chewy center, crunch inclusions, and an outer layer of rich creamy chocolate that delivers a decadent sweet treat for adult cannabis consumers. “We are thrilled to bolster the recent successful launch of the Lord Jones® brand in Canada with our first chocolate edibles,” said Jeff Jacobson, Chief Growth Officer, Cronos. “These hand-crafted and artfully created chocolates demonstrate our passion for delivering a differentiated experience through an innovative cannabis product that our consumers will love. This breakthrough innovation is the result of our continuous commitment to and investment in R&D and product development, and we're excited to add Chocolate Fusions™ to our growing family of premium and THC-focused Lord Jones® products in Canada, which are designed to take adult consumers above and beyond.”

Canopy Growth Corporation (NASDAQ: CGC) announced earlier in February the introduction of five new pre-roll products across the Company's adult-use cannabis portfolio from brands 7ACRES and Hiway. "Forging ahead with our commitment to innovation, we're excited to offer new pre-roll offerings that meet consumers across a range of occasions and price points," said Dave Paterson, President, Canada, Canopy Growth. "With convenience and enjoyment in mind, our new 7ACRES Smooth Burners offer a high-quality pre-roll with a unique filter design enabling a smooth and slow session, while our new Hiway Water Hash Infused pre-rolls provide consumers a premium experience in a value package."

Aurora Cannabis Inc. (NASDAQ: ACB) together with subsidiary company, MedReleaf Australia, have announced last month the availability of medical cannabis pastilles for doctors to prescribe to patients in Australia. The novel product is produced by Aurora and distributed by MedReleaf Australia, a leading distributor of medical cannabis products with the number two position in the Australian market. "Australia is the largest nationally legal medical market globally, and as a long-standing supplier to MedReleaf Australia and recently announced parent company, we're eager to support the continued growth and development of the market," said Andre Jerome, Executive Vice President of Global Business Development, Aurora. "The introduction of innovative and differentiated products, such as pastilles, and planned upcoming innovation, will provide Australian doctors expanded options for patient care and enhance patient access to the premium medical cannabis they seek," continued Jerome.

Curaleaf Holdings, Inc. (OTCQX: CURLF) announced last month it has signed a deal to acquire Northern Green Canada ("NGC"), a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. NGC also partners with Canadian GACP cultivators to produce and distribute finished cannabis products to both the domestic and global markets. NGC is one of the few Canadian cultivators with EU-GMP certification. As such, NGC has consistently supplied high THC, non-irradiated flower to the German market, which is expected to see exponential growth following the recent removal of cannabis from the narcotics list. NGC is also increasingly supplying Australia and New Zealand, the world's fastest-growing cannabis markets.

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