Unlikely Allies: Cannabis Makes For Strange Bedfellows
By Todd Harrison via Cannabis Confidential (July 19)
As the Republican National Committee (RNC) convention came to a close, a number of Republican congressional lawmakers shared predictions about the prospects of cannabis policy if President Donald Trump wins another term in the White House.
Rep. Brian Mast (R-FL), co-chair of the Congressional Cannabis Caucus, when asked if Trump or GOP-controlled Congress would block rescheduling, said, “I don’t think so, no—if you support the states’ rights philosophy of the U.S. Supreme Court case that overturned abortion rights under Roe v. Wade, you should apply that same principle to state cannabis laws.”
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State Farms
The Golden State racked up more than $2 billion in legal cannabis sales in the first half of 2024—and despite strong competition from the illicit market and high state + local taxes, California still averages about $347 million in sales per month.
The only state that even comes close is Michigan, which recorded $1.6 billion in sales in the same time period. Michigan only began selling legal adult-use cannabis in 2019, but it quickly became a leader in the industry, with average monthly sales of $270 million.
Key Stoners
The governor of Pennsylvania says the administration and lawmakers will “come back and continue to fight” for marijuana legalization and other policy priorities that were omitted from budget legislation he signed into law last week.
However, key lawmakers have suggested that the state’s top official hasn’t been very engaged in efforts to enact the reform to date and there is splintering among Dems over the specific details of a legal cannabis market.
“The things that I laid out in my budget I still believe in and we’re going to continue to fight for in the future.” PA Governor Josh Shapiro (D)
Blue Grass
Gov. Andy Beshear of Kentucky joined an effort to urge the U.S. Drug Enforcement Administration to ease restrictions on marijuana. In a letter to DEA Administrator Anne Milgram, the governor wrote that a move to Schedule III would help patients have an alternative treatment for pain and help reduce crime and illicit drug use.
“As governor, my job is to move our state forward and rescheduling marijuana to Schedule III is a significant, common-sense step forward for all Kentuckians, especially those with significant medical conditions.” Gov. Andy Beshear (D-KY)
Stocks & Stuff
U.S. cannabis bided time this week as U.S. politics saw a seismic shock, global markets rotated, and tensions manifested. U.S. cannabis ETF MSOS weathered the storm on a relative basis, but remains a show-me story with alotta wood left to chop.
Below, we’ll chew through the news and views that drove the sector, take a fresh look at both sides of the aisle, check on the credit markets and share the human condition that belies the policy decisions and unacceptable delays inherent in the war on drugs.
All that and more, just scroll down.