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The White House and a pizza chain are 4/20-ready

Plus, new research about teen cannabis use

Good morning.

The Cultivated team is counting down to 4/20, and planning our weekend (and purchasing to support that weekend) accordingly. And that will likely include these Pizza Pizza Pre-Rolls, especially made by Canada’s Pizza Pizza chain for 4/20. Not very subtle, but very funny - including a pinch of “oregano”...find a link to the video down below.

Later this morning, don’t miss Cultivated Live where we’ll connect with the author and co-sponsor of New Hampshire’s legalization bill: Representatives Erica Layon and Anita Burroughs. They’ll share the prospects for legalization in that state, and how to get their bill passed in the State Senate and signed by Governor Chris Sununu. Tune in.

And if you’re headed to the Benzinga Cannabis Capital Conference this week, we hope you have a good show. 

Let’s get to it.

- Jeremy Berke & Jay Rosenthal

💡What’s the big deal?

RESEARCH
American Medical Association’s new research on teens and adult-use

Driving the news: New research published in the Journal of the American Medical Association Pediatrics found that teen cannabis use does not spike when adult-use cannabis becomes legal.

Why it matters: One of the key arguments against legalization — used most recently by Virginia Republican Governor Glenn Youngkin — is that legalization of cannabis leads to teen usage. This research refutes that oft-used claim. 

As Marijuana Moment noted: “The results of the study…reinforce previous findings that legalizing and regulating marijuana for adults, typically does not increase youth use of the substance — contrary to what opponents of the policy change often argue…”

Who will listen: We have to wonder if release of this research letter in JAMA Pediatrics is strategically timed to coincide with the Drug Enforcement Administration’s pending rescheduling decision. 

Whether it is or not, the fact that trusted institutions like the American Medical Association are publishing research on teen cannabis use post-legalization is important to the cannabis industry and to advocates alike.

What’s next: Expect every House member and Senator to get a copy of this research — probably hand-delivered by the US Cannabis Council.

Thankfully, it’s just in time for their conversations about cannabis banking reform and a rescheduling decision from the DEA.

-JR

🗣️ Quotable

Matt Greenberg of Platform Cannabis Advisors joined us yesterday on Cultivated Live. Late last year, he and his co-founder Ben Sheridan, left the Office of Cannabis Management in New York and started their firm, which helps small cannabis businesses in New York.

Both had a positive view about the future of cannabis in New York. 

Specifically, Matt said: 

“New York is on a pace right now to have a measured rollout that doesn't need to crash prices in order to get to a balanced market. And that opportunity for retailers and for micro businesses and small cultivators is immense because there's always going to be a shelf for them to be on, but the retailers have enough power that they can drive price to the consumer,” he said. “They don't have to mark things down. They don't have to be in a race to zero. And eventually as the unregulated market comes off, we're going to see the legal market and the regulated market really pick up the slack there.”

FLORIDA’S BALLOT MEASURE
Recent polling shows a tough road to 60%

What’s happening: Recent polling conducted by USA Today/Ipsos shows that two Florida ballot measures on the November 2024 ballot, including one legalizing cannabis, face an uphill battle to reach the 60% threshold for passage. 

Some background: On April 1, two ballot measures were given the go-ahead by the Florida State Supreme Court: one to legalize adult-use cannabis, and the other to protect a women’s right to choose in the state. Both measures need 60% support to pass in November. 

Also, Governor DeSantis: No sooner did his Presidential bid end did Florida Governor Ron DeSantis start speaking out against the cannabis ballot measure. 

He has called both the legalization and the abortion measures “radical” and added this gem when talking about his opposition to legalization: “I’ve gone to some of the cities that have had this and everywhere it smells. I don’t want to walk in front of shops and have this; I don’t want every hotel to really smell.” 

What’s next: Expect advocacy groups on all sides of both cannabis and abortion rights to use this USA Today/Ipsos polling to raise money, get organized, and push voters to support their side. 

And get ready for an all-out battle heading into November in Florida.

-JR

🥊 Quick hits

White House Press Secretary Karine Jean-Pierre said on Monday that cannabis rescheduling is now in the hands of the Department of Justice. We’d note that 4/20 is on Saturday...

Canada’s struggling cannabis industry is looking for good news from Prime Minister Trudeau’s Liberal government today in the form of excise tax reform included in the PM’s budget. 

Members of the advocacy group Doctors for Drug Policy Reform are calling for regulation of hemp-derived cannabinoids in a recently-released white paper. 

New Hampshire Gov. Chris Sununu said he won’t sign the state House-passed legalization bill into law — because it doesn’t contain what he outlined as his policy priorities, which are state-run dispensaries, setting up what may be a political fight in the legislature.

📈 Deals, launches, partnerships

95%+ of Canopy Growth Corp. shareholders voted in favor of a new share structure aimed to allow Canopy to enter the US market via Canopy USA, including moving forward with acquisitions of US-based Jetty, Wana, and Acreage.

📰 What we’re reading

🍕 One fun thing

If you’ve made it all the way down to this section, you won’t regret it.

Have a view of this very Canadian 4/20 brand activation, eh?

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