Week In Review: Bipartisan Legislation for Expungement of Pardoned Federal Offenses; Trump’s Appointments & Future of Federal Cannabis Policy; Federal Restrictions on Cannabis Sales in Washington

LOS ANGELES — Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it! 

Cannabis Industry Highlights

#1) Bipartisan Legislation Introduced to Facilitate Expungement of Pardoned Federal Offenses: On November 22, 2024, Representative Kelly Armstrong (R-ND) introduced H.R. 10248, known as the Weldon Angelos Presidential Pardon Expungements Act, in the U.S. House of Representatives. The bill, which has been referred to the House Committee on the Judiciary, aims to establish a process for the expungement of federal offenses that have been pardoned by the President.

#2) Trump’s Appointments and the Future of Federal Cannabis Policy: The Trump administration’s recent appointments have raised questions about the trajectory of federal cannabis policy. With nominees holding diverse views on legalization and regulation, the decisions made in the coming months will play a pivotal role in shaping the cannabis industry’s future.

#3) Federal Restrictions on Cannabis Sales in Washington: A coalition of Republican lawmakers and Washington, D.C. officials is advocating for the removal of federal restrictions that prevent the District from regulating and taxing cannabis sales. During a recent House Appropriations subcommittee hearing, Chairman Dave Joyce (R-OH) expressed opposition to the longstanding appropriations rider that prohibits D.C. from using local funds to establish a commercial cannabis market, despite voter approval for legalization a decade ago.

#4) Illinois Cannabis Market Leads in Diversity with 100th Social Equity Dispensary: In July 2024, Illinois marked a significant milestone by opening its 100th social equity-owned cannabis dispensary, underscoring the state’s commitment to fostering diversity within the industry. A comprehensive study by the Cannabis Regulation Oversight Office revealed that 60% of all adult-use cannabis licenses have been awarded to minority- or women-owned businesses, positioning Illinois as a national leader in cannabis industry diversity.

#5) Hemp Industry Anticipates Expansion: The U.S. Hemp Roundtable, a leading advocacy organization for the hemp sector, has strengthened its leadership by appointing two prominent figures from the hemp beverage industry. In September 2024, Art Massolo, Vice President of Business Development at Cycling Frog, assumed the role of Executive Vice President, while Aaron Nosbisch, founder of BRĒZ, was named Vice President of E-Commerce.

#6) Portugal Eyes Leadership Role in Global Medical Cannabis Market: Portugal is positioning itself as a significant player in the medical cannabis industry, leveraging its favorable climate and regulatory framework to boost production and exports. In 2023, the country exported nearly 12,000 kilograms of cannabis-based medical products, marking a substantial increase from the previous year.

Psychedelic Sector Update

1#)Psychedelics Show Promise in Alleviating End-of-Life Psychological Distress: Recent studies indicate that psychedelics, particularly psilocybin, may help reduce depression, anxiety, and existential distress in patients with terminal illnesses. A systematic review published in Psychopharmacology analyzed data from various studies and found that psychedelic-assisted therapy led to significant reductions in these symptoms among patients facing life-threatening conditions.

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