Trump kinda-sorta endorses Florida’s legalization bid

RESCHEDULING
Date set for Administrative Law Judge hearing

Driving the news: Sorry if you haven’t heard it yet, but rescheduling will not happen before the November election. This much we know. 

On August 27, the Drug Enforcement Administration scheduled an Administrative Law Judges hearing on rescheduling for December 2.

What it means: There was hope after the overwhelming public support for rescheduling that an ALJ hearing could be skipped, but it was not to be. If you want a breakdown of what will happen at the ALJ (and afterwards) the good folks at Foley Hoag have you covered.

Why it matters: The timeline of the ALJ will ensure that rescheduling will not happen before the November election, obviously. But, the timeline also ensures that cannabis will be an issue on the Presidential campaign trail. (See also: Trump and Amendment 3).

What’s next? Let’s all get ready to learn what we can about the ALJ process! Seriously, we’ll dive deeper into this process with people much smarter than ourselves over the next few weeks.

But also: This will certainly make the timing of the MJ Biz Con in Las Vegas very interesting. The ALJ is scheduled for December 2nd and MJ Biz Con kicks off December 3rd! 

-JR

TRUMP & AMENDMENT 3
The Truth Social post heard around the (cannabis) world

What happened: On Truth Social, Former President Donald Trump seemed to suggest he supported passage of Amendment 3 in Florida in November. (Although, we suggest you read it yourself to parse the language).

What he’s saying: “Whether people like it or not, this will happen through the approval of the Voters.”

Why it matters: November’s ballot measure — Amendment 3 — would legalize adult-use cannabis in Florida. Republican Governor Ron DeSantis (and the Florida hemp industry) strongly oppose Amendment 3 and the governor has been working to defeat the measure since he stepped off the Presidential campaign trail. 

That said, the measure appears to be polling above the 60% threshold required for passage. 

The reaction: Trump’s stance on cannabis prompted a strong reaction from his opponent, Vice President Kamala Harris. 

Harris’ campaign put out a memo outlining Trump’s previous position on the issue, noting: “Trump’s Administration took marijuana reform backwards, withdrawing guidelines to limit prosecutions of marijuana offenses that were legal under state laws. Trump even proposed removing medical marijuana protections.” 

The statement did include at least one pun: “Let’s be blunt…Trump is just making stuff up. And he hopes we will all memory hole his actual record and only pay attention to his shallow words.”

What’s next? Trump and Harris will be on stage together next week for the first (only?) debate of this truncated campaign cycle. No matter if the mics are on or off when they’re not speaking, we’re placing our money on cannabis being mentioned at least once during the debate.

-JR

The Democratic Party Platform for the Democratic National Convention included this mention of cannabis reform:

“No one should be in jail just for using or possessing marijuana. Sending people to prison for possession has upended too many lives and incarcerated people for conduct that many states no longer prohibit. Those criminal records impose needless barriers to employment, housing, and educational opportunities, disproportionately affecting Black and brown people. President Biden took historic action to end this failed approach by pardoning people convicted federally for using or possessing marijuana. He has called on governors to use their pardon power to do the same for state-level offenses. And his Administration is taking a major step to reschedule cannabis so it's no longer classified as more dangerous than fentanyl or methamphetamine.” 

EXEC EXITS
Huge cannabis companies say goodbye to key execs

What happened: Three big publicly traded cannabis companies shook up their executive teams in recent weeks, in a bid to give their ailing stocks and financial performance a boost.

• Canopy Growth will replace CEO David Klein by March 31, 2025 and the company will look for a new chief executive.

• Ascend Wellness removed John Hartman as CEO and terminated CFO Mark Cassebaum, effective on August 27. Samuel Brill, a board director, will serve as CEO, Francis Perullo, another board member, will serve as President, and Roman Nemchenko will serve as CFO, the company said.

• Boris Jordan, the executive chair of Curaleaf, will take over as CEO from Matt Darin. 

Why it matters: These C-suite shake-ups come as cannabis stocks fall behind the broader market, thanks to a lack of federal regulatory clarity. It’s a sign that cannabis companies are going to have to pivot to leaner, more cost-effective strategies as Schedule III, and 280E tax reform, seem to be delayed. 

Read more: Ascend Wellness becomes third cannabis company to jettison its chief executive this month.

-JB

Minnesota weed 🌿
As the Minnesota State Fair winds down, there is still celebration about Minnesota’s THC market, specifically around hemp-derived THC beverages. The Minnesota Star Tribune had a look after two years in. 

Note: If you’re interested in what’s happening in Minnesota now and moving forward, check out the latest at a webinar we’re hosting with the Minnesota Marijuana Association and Vicente LLP on September 12 on LinkedIn: Minnesota Cannabis: Understanding the market today and tomorrow.

Nebraska votes 🗳️
We don’t know how many of Cultivated’s readers are in Nebraska, but if you’re one of them, you’ll get to vote on two medical cannabis measures in November. Kudos to Nebraska advocates for getting these measures on the ballot to get patient access to medical cannabis.

Cannabis attorney Jeffrey Schultz from Foley Hoag is the new Chair of the Cannabis Law Section of the New York State Bar Association.

The Last Prisoner Project, along with $1 million in matching funds from Dutchie, reached the $2 million funding mark. 

It wasn’t the only Dutchie-related news: The company announced their BioTrack integration in Florida – just in time for November’s legalization measure.

And even more new from pre-election Florida: Sunburn Cannabis received an additional investment from cannabis fund Poseidon, and cofounder Emily Paxhia will join Sunburn’s board.

Canada’s Tokyo Smoke, with nearly 200 cannabis retail locations, is planning on closing 29 of them as part of a creditor protection restructuring. 

The big are getting bigger in some parts of the Canadian cannabis sector. SNDL snapped up Indiva from creditor protection proceedings last week.

Americans’ views on cannabis slightly worsen in the latest Gallup poll, with 54% saying it negatively impacts society and 51% saying it negatively impacts people who use it.

Daily cannabis users are 32% less likely to be obese than non-users, according to a new study set to be published in the journal Cannabis and Cannabinoid Research. While the study is not yet published, it points to a promising sign that cannabis use is correlated with a lower body mass index, reports Marijuana Moment.

Other stuff: NIST Researchers test new approach to detecting cannabis on breath

California’s legal weed system is broken, while Michigan's is thriving. What gives? | LA Times

Why replacing alcohol with weed is a growing trend in the US | Yahoo

Americans' views of marijuanaeEffects worsen | Gallup

Oregon has cheapest cannabis in nation, according to industry study | Green Market Report

Marijuana is too strong now | The Atlantic

Last but not least, we’ll leave you with this tweet from investor Howard Lindzon: