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 Stocks: Highs, Lows, and What’s Next
Following a recent uptick in the stock and crypto markets, here is a breakdown of cannabis stocks are faring in the post-election era.
Cannabis stocks are navigating a bumpy but intriguing path. Tilray (TLRY) is riding waves of global expansion, showing resilience despite market volatility. Curaleaf (CURLF) continues to shine in the U.S., leveraging its vast dispensary network for impressive revenue growth.
However, it’s not all smooth sailing—Canopy Growth (CGC) is grappling with financial challenges, pushing for a leaner, more focused operation. Green Thumb Industries (GTBIF) stands out as a rare gem, delivering consistent profits and strategic market expansion.
DEA Cannabis Rescheduling Hearing Delayed to 2025 Amid Bias Concerns
The U.S. Drug Enforcement Administration (DEA) has postponed its hearing on the potential rescheduling of cannabis under federal law to early 2025. Initially slated for December 2, 2024, the delay was announced by Chief Administrative Law Judge John Mulrooney II, who cited the need for more information about the witnesses selected to testify and concerns regarding allegations of bias in the selection process.
A preliminary hearing was held on December 2, serving as a procedural session to address legal and logistical issues and to discuss future dates for the evidentiary hearing on the merits. No witness testimony was involved on that date.
The DEA has not yet announced specific dates for the rescheduled hearings but has indicated that proceedings will commence in early 2025.
Texas Representative Files Bill to Legalize Recreational Cannabis
State Representative Jessica González (D-Dallas) has introduced House Bill 1208, aiming to legalize and regulate recreational cannabis for adults 21 and over in Texas.
The proposed legislation permits possession of up to 2.5 ounces of cannabis and up to 15 grams of concentrates, with a 10% tax on all cannabis sales. The bill also outlines licensing requirements for businesses involved in cultivation, processing, testing, and retail sales, to be overseen by the Texas Department of Licensing and Regulation.
If enacted, the law would take effect on September 1, 2025. This initiative contrasts with Lieutenant Governor Dan Patrick’s recent calls to ban all THC products in the state.
NFL Eases Marijuana Restrictions with Higher THC Thresholds and Reduced Fines
The National Football League (NFL) and the NFL Players Association have updated their substance abuse policy, increasing the THC threshold for a positive test from 150 ng/ml to 350 ng/ml.
Additionally, fines for positive tests have been reduced: a first offense now incurs a $15,000 fine, down from a half-game check, and subsequent offenses also see decreased penalties.
Snoop Dogg Expands Cannabis Empire
Snoop Dogg has unveiled SWED.com, an online platform offering a curated selection of hemp-derived THCA products, smoking accessories, and exclusive merchandise.
This direct-to-consumer marketplace complements his existing S.W.E.D. dispensaries in Los Angeles and Amsterdam, aiming to provide high-quality cannabis-related products nationwide. The site features items like Dogg Leaf natural tobacco wraps and Death Row Records-branded rolling trays, with plans to expand the product range in the coming weeks.
