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Last Week in Weed: Nov. 12-19, 2024 by Aron Vaughan

Welcome to the latest edition of “Last week in Weed,” catching you up on the latest breaking news and industry developments in the world of cannabis.

Here’s what you may have missed over the last week:

Cannabis Industry Split on Gaetz Attorney General Nomination

Matt Gaetz’s nomination for Attorney General has left the cannabis industry torn. Known for his vocal support of marijuana reform during his time in Congress, Gaetz’s selection by President-elect Donald Trump has sparked optimism from industry leaders but raised eyebrows among advocates.

Boris Jordan, CEO of Curaleaf, called the nomination “great news,” pointing to Gaetz’s track record on cannabis legislation. Stocks surged on the announcement, reflecting hopes that he could push forward reforms like rescheduling and restoring Obama-era protections.

However, Gaetz’s controversial past, including an ethics investigation and divisive political stances, complicates his reception. Many advocates, who view him as a problematic figure, are conflicted.

Australia’s Parliament to Vote on Cannabis Legalization

On Nov. 27, Australia’s Parliament will vote on a landmark bill to legalize cannabis nationwide. Led by Greens Senator David Shoebridge, the proposal includes home cultivation, cannabis cafes, and a national agency to regulate and tax the industry.

Supporters emphasize the bill’s potential to generate up to $36 billion in tax revenue over a decade and move away from criminalization. Critics, however, warn of increased consumption and health risks, citing reports that over a million Australians might try cannabis if it’s legalized.

Despite opposition, the Greens believe this is the country’s best opportunity to end prohibition, aligning with global trends toward cannabis reform. The vote could mark a pivotal moment for Australian drug policy.

RFK Jr. Could Steer Drug Policy Reform as Trump’s HHS Pick

President-elect Donald Trump has named Robert F. Kennedy Jr. as his choice to lead the Department of Health and Human Services (HHS), positioning him to influence marijuana and psychedelics reform.

Kennedy, who previously advocated for legalizing and taxing cannabis and psychedelics, could reshape federal policies if confirmed. HHS oversees agencies like the FDA, critical to decisions on cannabis rescheduling and psychedelics therapy approvals.

Kennedy has criticized FDA resistance to psychedelics research and promoted the therapeutic potential of substances like MDMA. He’s also called for reforms to expand cannabis banking access and explored using tax revenue to fund addiction recovery programs.

If confirmed, Kennedy could bring significant momentum to federal drug policy reform efforts.

Michigan Cannabis Prices Hit Record Low

Michigan’s marijuana prices have hit an all-time low, with the average ounce of flower selling for $73.99 in October, down from $287.92 just four years ago. The Michigan Cannabis Regulatory Agency attributes this sharp decline to an oversupply of dispensaries and product, creating intense competition.

While Michigan leads the nation in cannabis sales per capita and generated $87 million in tax revenue for municipalities last year, the plummeting prices are squeezing local dispensaries. Many are struggling to stay afloat as the market becomes increasingly saturated.

Beer Industry Pushes Stricter Cannabis Rules, Higher Taxes

The Beer Institute, a major trade group, has called for tighter regulations on cannabis products, including a federal excise tax higher than alcohol’s and a “zero tolerance” THC driving policy. While claiming to support consumer safety, the group’s recommendations would bar co-location of alcohol and cannabis sales and maintain bans on combining intoxicants.

Critics note the group does not address the relative harms of alcohol versus cannabis, with studies showing alcohol poses far greater risks. Cannabis advocates see the move as an attempt to stifle competition, as cannabis use continues to rise while alcohol consumption declines.

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