Week’s In Review: Trump’s Return to Office: What it Means for the Cannabis Industry; Planet 13 Launches Initiative to Support Florida Veterans and First Responders with Medical Cannabis Access; Mixed Results for Cannabis Initiatives in U.S. States; Texas Voters Approve Local Cannabis Decriminalization in Dallas, Bastrop, and Lockhart

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) Trump’s Return to Office: What it Means for the Cannabis Industry: As Donald Trump returns to the White House, the cannabis industry is assessing how his policy stance could shape the future of legal cannabis in the United States. Trump’s position on cannabis has evolved since his first term, but his approach remains largely rooted in supporting states’ rights rather than endorsing sweeping federal legalization.

#2) Planet 13 Launches Initiative to Support Florida Veterans and First Responders with Medical Cannabis Access: Planet 13 Holdings Inc., a multi-state cannabis company, recently launched the “Healing Heroes” initiative in Florida to support veterans and first responders. This program, active from November 1 to 14, 2024, aims to reduce the costs associated with obtaining or renewing medical cannabis cards. Planet 13 is collaborating with The Grateful Veteran, a veteran-led nonprofit, and DocMJ, a medical cannabis service provider.

#3) Mixed Results for Cannabis Initiatives in U.S. States: In the recent elections, U.S. states voted on a range of cannabis-related measures, with mixed results. Notably, attempts to expand cannabis access faced both advancements and setbacks, highlighting the varied landscape of cannabis policy across the nation.

#4) Texas Voters Approve Local Cannabis Decriminalization in Dallas, Bastrop, and Lockhart: Voters in three Texas cities—Dallas, Bastrop, and Lockhart—have approved local ordinances to decriminalize low-level cannabis possession. Each measure passed with strong support, reflecting a growing trend in Texas municipalities toward reducing penalties for cannabis possession.

#5) Florida Voters Reject Cannabis Legalization, Impacting Broader U.S. Legalization Efforts: In a significant setback for the cannabis industry, Florida voters rejected Amendment 3, which aimed to legalize recreational cannabis for adults 21 and older. While the measure received over 57% support, it fell short of the 60% supermajority required to amend the state’s constitution. Had it passed, Amendment 3 would have expanded Florida’s existing $2 billion medical cannabis market to a projected $6 billion by 2026, according to industry data from Headset​.

#6) Arizona to Launch Recreational Cannabis Home Delivery: Starting November 2024, Arizona will permit home delivery for recreational cannabis, marking a significant shift in state policy. The Arizona Department of Health Services has approved this expansion, previously limited to medical cannabis patients. Now, residents aged 21 and older can receive home deliveries facilitated by licensed dispensaries or partnered third-party services.

#7) Germany’s Cannabis Social Clubs Begin Distribution Amid Expansion of Pilot Programs : Germany’s cannabis legalization efforts have reached a significant milestone with the first legal distribution of cannabis by a social club. The Cannabis Social Club Ganderkesee, located in Lower Saxony, has commenced providing cannabis to its members, marking a pivotal moment in the country’s regulated cannabis framework.

Psychedelic Sector Update

1#) Massachusetts Voters Reject Medical Use of Psychedelics in Close Ballot Measure: Massachusetts voters have rejected a proposed measure to legalize the medical use of certain psychedelics, with 57% voting against and 43% in favor. The initiative sought to permit the use of psilocybin, psilocin, dimethyltryptamine (DMT), ibogaine, and mescaline for therapeutic treatment in patients aged 21 and older. It would have allowed patients to grow these substances at home and undergo treatment at licensed centers under the guidance of certified facilitators.

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