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Big Wins, Big Losses & A Big Weekend Ahead In San Diego
Plus, this state wants to block legalizing weed
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Hey there, Benzinga Cannabis family, Maureen Meehan here, bringing you today’s top cannabis news with a little extra kick. We've got everything from a research-backed crime drop after decriminalization (told ya so!) to Idaho lawmakers pulling a real “You can’t vote for that!” move. Plus, a cannabis fest is hitting San Diego this coming weekend and Tilray’s betting big on non-alcoholic craft beer.
Buckle up—let’s dive in!
In today's issue:
🚨 Politics & Policy: Legal Wins and Head-Scratchers
Idaho’s Senate just gave the green light to a measure that would strip voters of the right to legalize cannabis through ballot initiatives. Instead, the decision would rest entirely in the hands of the state legislature (because they’ve been so pro-cannabis, right?). This measure will be up for a vote in the 2026 general election. So, if Idahoans want any say on weed laws, they’ll have to fight for it.
A new study shows that Atlanta’s move to decriminalize marijuana actually lowered violent crime rates—proving wrong all the doom-and-gloom predictions. Since reducing penalties for possession in 2017, the city has seen fewer violent crimes as police focused on, you know, real threats. Maybe it’s time for other cities to take note?
Nevada legislators are making moves to ask Congress to reschedule psychedelics and streamline research. Sen. Rochelle Nguyen (D) says this is a bipartisan issue and part of a bigger effort to tackle the state’s mental health crisis. If successful, this could be a big step toward federal policy shifts.
Ohio cities expecting a payday from recreational cannabis taxes are out of luck (for now). Thanks to a legal language loophole in Issue 2, the state is holding back $10.8 million in tax revenue that was supposed to go to municipalities. Governor Mike DeWine’s office says the funds were never actually “appropriated” in the law, so cities will have to wait.
📉 Markets & Business: The Good, The Bad & The Ugly
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) is flexing some financial muscle with $724 million in revenue and a record $132 million in operating cash flow. But a $60 million net loss (thanks to one-time charges) still stung. The bright side? Gross margins are improving, and their cost-cutting efforts seem to be working.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) had a rough quarter, missing both revenue and EPS targets. Investors weren’t thrilled, with the stock dipping 1.76% in pre-market trading. Looks like cannabis real estate investing still has some headwinds to battle.
California’s Emerald Triangle is in trouble. More than 75% of Humboldt County’s licensed growers are behind on taxes, and if they don’t settle by March 31, they’ll lose their cultivation permits. This isn’t just a local issue—the state has over $1.3 billion in unpaid cannabis taxes. If regulators don’t step in, a lot of small operators could get wiped out.
🍺 Lifestyle & Consumer Trends
Tilray Brands, Inc. (NASDAQ: TLRY) is doubling down on the non-alcoholic craft beer game, expanding Runner’s High Brewing across 4,500 new locations. Targeting social runners (because apparently, that’s a thing?), they’re hoping to carve out a niche in the wellness-friendly beer market.
New research from AAA shows that cannabis consumers respond better to anti-impaired driving campaigns when they avoid outdated “stoner” stereotypes. The key? Messaging that focuses on personal responsibility instead of scare tactics.
🎉 Events & Culture: Cannabis History in the Making
This Saturday, March 16, San Diego makes history with its first publicly permitted cannabis event. Hosted by the Farmer’s Cup, the Awards Sesh at Moonlight Amphitheater will allow both on-site sales and consumption—something no other San Diego city has allowed before.
A decade ago, Pueblo, Colorado, was hyped as the Napa Valley of Cannabis. Now? Over 75% of the industry is gone, and tax revenue has dropped from $7.1 million in 2021 to $4.8 million in 2023. The Wall Street Journal takes a deep dive into how high hopes went up in smoke.
That’s a wrap for today’s Benzinga Cannabis Daily Newsletter. Stay lifted, stay informed and let’s keep pushing for progress.
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