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:
Hemp Market on The Chopping Block
The biggest story in cannabis last week came from Capitol Hill, where Congress quietly inserted language into a must-pass government funding bill that would redefine hemp to include “total THC” (not just delta-9) and clamp down on most intoxicating hemp-derived cannabinoids, such as delta-8, delta-10, THCA, by capping finished product THC at 0.4 mg per container, effectively banning nearly every hemp-derived edible, vape, and beverage now on the market.
The bill also separates “industrial hemp” from hemp-derived cannabinoid products, giving federal agencies wide authority to decide what’s legal. That includes the Department of Health and Human Services, which would determine what qualifies as “quantifiable amounts” of THC or similar compounds. This marks a major shift from the 2018 Farm Bill, which launched the modern hemp industry by legalizing low-THC cannabis nationwide.
On November 10, the Senate rejected an amendment from Sen. Rand Paul (R-KY) that would have removed these restrictions, with the motion to table passing 78–22. The White House confirmed Donald Trump supports the crackdown, framing it as a move to close “loopholes” that let intoxicating hemp products bypass federal oversight.
Industry groups warn the consequences could be catastrophic. The U.S. Hemp Roundtable estimates up to 95% of hemp businesses could disappear, wiping out a $28 billion market and thousands of jobs. Farmers and small manufacturers say they were blindsided, calling the proposal a “backdoor ban” on an entire industry. Meanwhile, alcohol industry lobbyists, including the Beer Institute and WineAmerica, have publicly supported the restrictions, citing public safety concerns and competition fears.
If passed, the measure would mark the end of the “legal high” era that thrived in the gray space between hemp and cannabis. For now, the hemp sector is white-knuckling the wheel, caught in a political crossfire of big money lobbies, twisted legal semantics, and a government suddenly hell-bent on slamming shut the same loophole it proudly carved open seven years ago.
State Elections Tilt Toward Cannabis Reform
In a quiet but consequential Election Week, Virginia and New Jersey voters helped elect governors and legislators with strong pro-cannabis platforms. This screams a shot of adrenaline into East Coast legalization, jolting the fight back to life. Virginia’s results could finally implement the stalled retail rollout for adult-use cannabis, which has been legal in name only since 2021. In New Jersey, a friendlier legislature could smooth the rough edges of its existing market, still bogged down by limited licenses and supply bottlenecks.
Cannabis reform may not be the headline grabbing issue it once was, but this is a clear reminder: showing up at the polls for policymakers who support cannabis reform still has real, tangible impact.
Green Thumb Workers Win Landmark Union Battle
In York, Pennsylvania, workers at a Green Thumb Industries ratified a union contract after a 45 day strike, marking the longest successful work stoppage in U.S. cannabis history. Represented by the Teamsters, employees secured better wages, benefits, and scheduling rights after nearly two months of picketing. The deal could set a precedent for other retail operations across the country, especially in multi-state operator (MSO) markets.
Cannabis has shed its counterculture cloak and planted itself firmly in the boardrooms and break rooms, complete with labor disputes, union talks, and collective bargaining. The plant may be green, but the battle over profits and fairness looks a lot like every other workplace.
U.S. Cannabis Market Projected to Triple by 2035
A new Industry Today analysis pegs the U.S. cannabis market at $148 billion by 2035, up from $49 billion in 2024 — a 10.5% compound annual growth rate driven by expanding legalization and medical applications. The report cites the normalization of cannabis wellness products, improved cultivation technology, and consumer confidence as the biggest growth drivers.
The numbers will make your head spin, but this isn’t a new story because all of these projections hinge on federal reform finally showing up. Until banking, taxes, and interstate trade are sorted, most of that so-called growth exists only in spreadsheet. Not in the hands of farmers or founders.
Oklahoma’s Legalization Campaign Falls Short
R.I.P. to Oklahoma’s push for adult-use cannabis — the 2026 ballot bid has flatlined. Signatures fell short, red tape strangled the effort, and the money never showed up. But hey, chalk it up to experience: the fight’s far from over, and the next round’s already waiting in the wings.
Early buzz gave way to logistical nightmares, weak fundraising, and a tightening state leash that crushed the campaign. The flop fits a familiar pattern across the Midwest and South, where even near-majority public support can’t muscle legalization past entrenched conservative legislatures.
Oklahoma was once the Wild West of medical cannabis thanks to cheap licenses, minimal regulation, and explosive growth. But the same chaos that fueled its boom may now be blocking its evolution. The frontier is closing, and it’s looking like Oklahoma’s market might stay medical-only for a while.
Cannabis Stocks Tread Water Amid Regulatory Uncertainty
Cannabis stocks saw elevated trading volume but little sustained price movement this week. Tilray Brands (TLRY) remained highly active, though its share price lingered near sector lows amid ongoing net losses. Canopy Growth (CGC) also drew attention but showed no meaningful gains, reflecting investor caution amid federal uncertainty. Cronos Group (CRON) posted stronger third-quarter revenue and a small net income, yet the market responded tepidly, signalling broader regulatory concerns still dominate sentiment.
Overall, the week highlighted that cannabis investors are in research mode, not aggressive buying mode. High volume in major names like TLRY, CGC, and CRON reflects interest, but without federal reform on banking, scheduling, or interstate commerce, upward momentum remains constrained.
