Good morning.
This Week in Cannabis Live will be a good one. There’s lots to talk about. See you at Noon Eastern on LinkedIn » and YouTube »!
Let’s get to it.
-JB, JR
Today’s newsletter is 575 words or about a 5-minute read.
🗨️ Quotable
“I’m optimistic that in a hyperpartisan time when it appears like we can’t get anything passed, this might actually be a subject where we can see both executive and legislative success,” Montana Republican Sen. Tim Sheehy told the Hemp Industry & Farmers of America (HIFA) group about prospective legislation that would reverse the upcoming ban on THC-derived hemp and replace it with regulations for sale.
The clock ticks on until November…
⏩ Quick hits
Senate Democrats reintroduce federal legalization bill 🏛️
Sens. Cory Booker, Chuck Schumer, and Ron Wyden reintroduced the Cannabis Administration and Opportunity Act, which would deschedule cannabis entirely, expunge federal convictions, and this time around, block the hemp THC recriminalization set to take effect in November. The bill has died in the last two Congresses, and it lands one day after the DEA wrapped its hearing on the Trump administration's more modest Schedule III move.
Cannabis hits the campaign trail in Arkansas and Kansas 🗳️
Gubernatorial candidates in both states are staking out positions on legalization: Arkansas' three contenders are split, with Gov. Sarah Huckabee Sanders saying recreational access "does nothing to help or benefit Arkansans," while all three leading Kansas Democrats told The Kansas City Star's editorial board they back at least medical cannabis ahead of the August 4 primary. The catch: Arkansas voters already rejected recreational in 2022, and Kansas still jails people for simple possession.
Kenyan court rejects Rastafari cannabis exemption ⚖️
Nairobi's High Court dismissed a petition from the Rastafari Society of Kenya seeking a religious exemption from the country's cannabis ban, ruling the group failed to show cannabis use is indispensable, rather than merely preferred, in Rastafarian worship. The community plans to appeal, and the case is being watched as a test of whether religious freedom arguments can carve out exemptions from drug laws across Africa.
⏪ In case you missed it
In partnership with Moby, we held a webinar with leading cannabis companies about how investors can best take advantage of the coming wave of federal cannabis reform. We were joined by Cronos Group, High Tide, Glass House, and Verano.
The execs broke down how they’re thinking about rescheduling, how much 280E taxes cost them each year, and the benefits to listing on the NYSE.
⚖️ Lawsuits
Missouri hemp companies sue to kill new hemp law ⚖️
A coalition of Missouri hemp businesses sued in federal court to block HB 2641, arguing the law conflicts with the Farm Bill and would wipe out the state's hemp industry by restricting sales to a capped pool of existing cannabis licensees that hemp operators can't join. The suit seeks a preliminary injunction before the law takes effect November 12, and could become a broader test of how far states can go in restricting federally legal hemp.
🧳 People moves
Over on LinkedIn, Ankur Rungta, CEO of C3 Industries, posted that they’re seeking a VP of People & Culture at C3. Check it out »
🤝 Deals, launches, partnerships
Curaleaf opened its 74th Florida dispensary in Edgewater, bringing its nationwide count to 166 stores. $CURLF ( ▼ 3.61% )
🗞️ What we’re reading
Ottawa’s high taxes are stunting the growth of legal cannabis | The Globe and Mail