- As the
legal marijuana industry continues to rapidly expand, regulatory bodies in
the U.S. and other parts of the world are facing lobby pressure to ensure
widespread adoption
- Companies
like Lexaria Bioscience have opposed such developments to ensure responsible
and safe introduction of legal cannabis products for medicinal and
recreational use
- Current
Lexaria corporate policies go beyond the legislative framework to deliver
sensitive products to people in need while also protecting vulnerable
community members
The multi-million-dollar cannabis industry is growing
rapidly. In the U.S. and other parts of the world, there has been a push for
legislative changes and the creation of a liberal legalization framework. While
many are eager for the adoption to become full scale, companies like Lexaria Bioscience Corp. (CSE: LXX) (OTCQX: LXRP) campaign
for responsibility and a health-focused approach.
Across the U.S., members of the cannabis industry and
lobbyists have been trying to reach Congress in order to secure approval for
legal marijuana, a recent Fox News report suggests (http://ibn.fm/k0JsO). Until
recently, Republicans seemed to be in stark opposition of such a move.
Eventually, the political climate changed, especially after former House
Speaker John Boehner became a lead promoter of marijuana legalization.
The industry has been growing steadily over the past few
years. As of today, 10 U.S. states have legalized recreational marijuana use
and 33 have granted approval for medicinal purposes. In 2017, the economic
impact of the legal marijuana industry exceeded $20 billion (http://ibn.fm/MTADG). Cannabis
employs five times as many people in America as the coal industry, and
investors spent over $10 billion on the sector in 2018.
By 2023, U.S. retail marijuana sales are anticipated to go
beyond $30 billion (http://ibn.fm/TUbcO).
Recreational marijuana sales will continue growing exponentially, driving the
overall expansion of the sector.
Through legal amendments, the U.S. is expected to fast-track
marijuana legalization across all states. Some of the stimuli that may be used
to ensure the quick change of the legislative framework include providing
access to the federal banking system for commercial marijuana and limited FDA
ability to enforce current drug laws, Fox News reported.
Research suggests that legalization is not necessarily
curbing black market activities. In fact, legalized states have flourishing
black markets.
Furthermore, doctors and psychologists have continuously
raised awareness about research suggesting that regular marijuana use,
especially among those aged 25 and younger, could contribute to psychological
issues like depression and may alter normal development processes in the young
human brain. To ensure a balanced approach toward cannabis legalization,
companies like Lexaria Bioscience have announced their responsible marijuana
policies.
Biotechnology company and drug delivery platform innovator
Lexaria’s philosophy focuses on recognizing the potential for harm within
sensitive industries. Thus, Lexaria has set up its own corporate policies that
go beyond legal restrictions and recommendations.
As per the current Lexaria corporate policy, the company
does not support the sale of medical cannabis containing more than 0.3 percent
THC to any medical marijuana patient under the age of 21 (unless special
approval is obtained from the relevant governmental agency).
“Our goal is to safely help people live healthy and
productive lives,” Lexaria Bioscience CEO Chris Bunka said in a news release.
Lexaria’s policies are a major step in the right direction, because they ensure
the provision of health benefits to members of the community, he concluded.
For more information, visit the company’s website at www.LexariaBioscience.com
NOTE TO INVESTORS: The latest news and updates
relating to LXRP are available in the company’s newsroom at http://ibn.fm/LXRP
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