Former President Donald Trump’s recent support for cannabis legalization in Florida has sent ripples through the cannabis market, causing a mixed reaction among cannabis stocks. While some companies saw gains, reflecting optimism about potential federal changes, others experienced significant drops. This comes as Florida prepares for a November vote on a recreational cannabis initiative, which could significantly impact the industry.
The Biden administration’s attempt to reschedule marijuana from a Schedule I drug is driven by politics, not science. Despite the DEA’s objections and the lack of scientific evidence supporting its medical use, the administration is pushing forward, ignoring the risks of addiction, mental health issues, and the potential for increased drug abuse. This move is not only a threat to public health but also a dangerous precedent for prioritizing political gain over scientific evidence and the rule of law.
Pre-rolled marijuana products are experiencing a surge in popularity, with sales exceeding $4.1 billion in 2023 and the first half of 2024, according to a study by Custom Cones USA. The study highlights the significant growth of pre-rolls, particularly infused pre-rolls, which have become the top-selling category. This trend is expected to continue as the cannabis market expands into new territories.
A 22-year-old engineering student from Telangana died by suicide after being questioned by police during a raid on gated communities in Potheri, near Chennai. The student, who had been staying in a rented accommodation, was one of 24 students questioned during the raid, which resulted in the seizure of marijuana. While no case was registered against him, the student reportedly felt depressed after the incident and took his own life.
This week in cannabis news, a former mayor’s charges for illegal cultivation were dismissed, Sunland Park, NM, saw significant cannabis sales growth, Michigan experienced record low marijuana prices, and Minnesota is nearing the cannabis license lottery.
Former President Donald Trump has surprisingly endorsed Florida’s recreational marijuana legalization initiative, but with stipulations for a controlled and safe program. He praised medical marijuana’s benefits and emphasized the need for a regulated system to avoid issues like those in New York, where he criticizes the current program. Trump’s endorsement comes with conditions such as age restrictions, public smoking bans, and a strong regulatory framework.
Former President Donald Trump has voiced his support for Florida’s marijuana legalization initiative on the November ballot, advocating for an end to criminalization and highlighting the economic and social benefits of cannabis legalization. His statement comes amidst growing national support for cannabis reform and the recognition of its potential to address various societal challenges.
While cannabis remains strictly regulated in Louisiana, a potential legal loophole could allow Native American tribes in the state to sell marijuana, drawing inspiration from similar practices in North Carolina. This legal maneuver hinges on the tribes’ status as federally recognized, self-governing entities, potentially opening up a new cannabis market within the state.
A recent poll reveals that 64% of Florida voters favor legalizing recreational marijuana, indicating strong support for Amendment 3 on the November 2024 ballot. The measure, which would legalize cannabis for adults over 21, enjoys broad demographic support across age, gender, race, and region. This support is reflected in the significant financial backing for the pro-legalization campaign, which has raised over $71 million compared to the $14.5 million raised by opposition groups. If passed, the amendment is projected to generate millions in tax revenue for the state.
Grammy-nominated rapper Afroman, known for his hit song “Because I Got High”, took to social media to celebrate the legalization of recreational marijuana in Ohio. In a video, he raised a toast to his fellow Ohioans, claiming credit for getting weed legal in the state. He also announced his intention to fight for freedom of speech and even hinted at a presidential run.
