King Mohammed VI of Morocco has granted pardons to over 4,800 individuals involved in cannabis-related activities, part of a broader strategy to legalize and regulate the cannabis industry. This initiative aligns Morocco’s historic cannabis cultivation with its modern economic and legal frameworks, transitioning traditional farmers into the legal sector.
The cannabis industry continues to thrive, with new dispensaries opening in Florida, Ohio, New Jersey, New Mexico, and Michigan. This growth is fueled by the legalization of recreational marijuana in several states and the increasing demand for cannabis products. Meanwhile, Canadian cannabis giant High Tide Inc. celebrates a major milestone with its Cabana Club loyalty program surpassing 1.5 million members.
The 2024 U.S. presidential election features the first explicitly pro-cannabis legalization ticket in history, sparking discussions about the potential impact on federal cannabis policy and the industry’s future. Experts predict both a surge in investor confidence and potential complexities due to ongoing legal challenges.
Ohio has become the latest state to launch recreational cannabis sales, achieving this milestone just nine months after legalization. The state’s quick transition, attributed to its existing medical cannabis program infrastructure, places it among the fastest adopters of adult-use cannabis markets. Experts highlight the factors influencing the speed of implementation, including political alignment and program design. However, they also warn of potential product shortages as markets adjust to the initial demand surge.
Republican Rep. Matt Gaetz, a longtime proponent of marijuana legalization, has surprisingly come out against Amendment 3, a Florida ballot initiative that would legalize recreational marijuana. Gaetz believes such issues shouldn’t be decided through constitutional amendments. This stance contrasts with his past support for cannabis, including his role in legalizing low-THC medical marijuana a decade ago and his recent proposal to stop testing military personnel for cannabis use. His opposition aligns with other Florida Republicans like Gov. Ron DeSantis, who vehemently opposes legalization. However, support for Amendment 3 remains strong among Floridians, with 66% favoring legalization. The outcome of the November vote remains uncertain, with a mixed bag of opinions among Republican leaders.
North Dakota voters will decide on the legalization of recreational marijuana in the upcoming November elections. The measure, which has garnered enough signatures to be placed on the ballot, could bring significant changes to the state’s legal and economic landscape. However, recent polling suggests that the initiative may face opposition from a majority of voters.
Thailand’s newly appointed health minister, Somsak Thepsuthin, has announced plans to review the country’s cannabis policy, raising concerns about a potential reversal of the legalization measures implemented in 2022. The ministry is seeking public input to determine the extent of cannabis liberalization in the country. Somsak’s comments follow those of his predecessor, Cholnan Srikaew, who sought to ban recreational cannabis use. However, a bill to this effect has been delayed amid bureaucratic processes and industry opposition. The use of cannabis has become a highly politicized issue in Thailand, with the Prime Minister also vowing to restrict its usage to medicinal purposes only.
The Manitoba government announced its intention to lift the ban on homegrown recreational cannabis, a move that would make Quebec the only province in Canada with such a restriction. The decision aligns Manitoba with the federal limit of four homegrown plants per household, set after the legalization of recreational cannabis in 2018. The former Progressive Conservative government in Manitoba had imposed an outright ban alongside Quebec, citing concerns about cannabis falling into the hands of children or entering the black market. However, these concerns did not materialize when medical marijuana was legalized earlier. The New Democrats, led by Premier Wab Kinew, promised during last year’s provincial election to lift the ban, a commitment welcomed by activist Jesse Lavoie. A bill to enact the change is expected to be introduced in the legislature soon, although its passage into law remains uncertain. The NDP government faces time constraints due to the upcoming summer break and the end of session, where unpassed bills are automatically killed. The Tories, now in Opposition, have indicated potential delays, while Kinew expressed confidence in the NDP’s ability to pass the bill through legislative steps.
The Manitoba government plans to end its ban on homegrown recreational cannabis, aligning with the majority of provinces and the federal limit of four plants per household. The news is welcomed by activist Jesse Lavoie, who previously challenged the ban in court. A bill to enact the change is expected soon, but its timeline for passage is uncertain.
Cannabis stocks have emerged as a contentious but lucrative investment option. Buoyed by growing public support for legalization, favorable regulatory developments, and speculation surrounding upcoming presidential elections, these stocks are poised for further gains. Investors seeking exposure to this industry can consider companies like Innovative Industrial Properties (IIPR), Trulieve Cannabis (TCNNF), and Aurora Cannabis (ACB).
