- 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://nnw.fm/6fHbu). 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://nnw.fm/Ul8VF). 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://nnw.fm/1N1dF). 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://nnw.fm/LXRP
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