Cannabis Today: The Highs, The Lows & Some Important Medical Marijuana Developments

Plus, weed tax hikes and states dragging their feet

March 06, 2025

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Hey there, Benzinga Cannabis community! Maureen Meehan and Javier Hasse here with your go-to for all things green, and today’s roundup is packed with news. We’ve got everything from Wall Street updates and legislative showdowns to scientific breakthroughs that could shake up the pain relief crisis. Plus, a long-overdue homecoming for one man locked up for a nonviolent cannabis offense.

Let’s get into it.

In today's issue:

💰 Markets: A Tough Quarter, A Zig-Zag Win & MindMed’s Big Play

California’s Cannabis Market Hits A Slump

California’s legal cannabis market just posted its worst quarterly performance since before the pandemic. Despite a government report that tried to keep things sunny, the numbers don’t lie—Q4 2024 sales were the lowest since early 2020. A reminder that while California’s got the biggest legal market, it’s also dealing with a thriving illicit one and a tax system that makes legal sales a tough game. Get the full story here.

Turning Point’s Zig-Zag Brand Keeps Rolling In The Profits

Someone’s doing well, though. Turning Point Brands (NYSE: TPB) posted a 12.8% increase in net sales, with Zig-Zag (yes, that Zig-Zag) leading the charge. Gross profits jumped to $52.4 million, proving once again that when in doubt, just sell the rolling papers. Full story here.

MindMed Reports Fourth Quarter and Full-Year 2024 Financial Results

In the psychedelics space, Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) secured $250 million in financing, keeping their LSD-based anxiety treatment trials on track. With dosing already underway in final-stage trials, they’re hoping to deliver some legit mental health breakthroughs. Keep reading.

AYR Wellness Takes A $94 Million Florida Hit

It’s been a rough ride for AYR Wellness Inc. (CSE: AYR.A) (OTC: AYRWF), which took a massive $94 million impairment charge thanks to Florida’s difficult market conditions. That helped push their total losses for the year to $362 million. Ouch. Here are the details.

⚖️ Politics: The Fight For Legalization Heats Up

Idaho House Votes To Block Voters From Legalizing Weed

Idaho lawmakers have spoken, and their message is: we don’t trust you to make your own decisions. The state House passed a resolution aiming to remove voters’ ability to legalize cannabis through ballot initiatives, giving all the power to the Legislature instead. If it makes it to the ballot and passes, Idahoans won’t be able to legalize weed—ever—unless lawmakers say so.

Ohio House Proposes A Less Harsh Marijuana Bill

In a classic case of he said, he said, the Ohio House has introduced a cannabis reform bill that’s a little friendlier than the restrictive Senate version. It still limits THC content, but at least it keeps home-growing intact. After voters passed Issue 2 in 2023, lawmakers have been scrambling to tweak it—whether the public likes it or not.

Marijuana Consumers Under Attack—Time To Push Back?

According to NORML’s Paul Armentano, cannabis consumers are in the legislative crosshairs again. Lawmakers in Montana, Nebraska, Ohio, and South Dakota are trying to repeal or roll back voter-approved legalization. Meanwhile, in California, Maryland, Michigan, and New Jersey, officials want to hike taxes on weed, threatening the legal market. No matter the state, it seems like politicians are looking to make life harder for cannabis users.

🔬 Science & Health: A Weed-Based Opioid Alternative?

Scientists Develop Cannabis Compound That Kills Pain—Without The High

A dream come true for those who want and need pain relief without the high. Researchers from Washington University and Stanford have developed a compound that mimics the pain-relieving properties of cannabis without getting you high or causing addiction (at least in mice). Could this be the opioid alternative the world needs? Fingers crossed.

Medical Marijuana Provides ‘Significant Improvements’ In Cancer Symptoms

A study from Minnesota found that medical marijuana helped cancer patients manage symptoms, with most reporting big improvements. But for those struggling financially, the cost is a major barrier—many patients said they had to cut back or stop using cannabis altogether because of the price.

🚨 Big Moves: High Times Sale & Detroit’s New Ad Ban

High Times IP & StateHouse Assets Are Up For Sale

After failing to sell its entire business in 2024, High Times is back at it—this time selling off its intellectual property (think trademarks, websites and Cannabis Cup event branding). A broker handling the sale said at least 10 bidders threw their hats in the ring before the window closed Tuesday.

Detroit Bans Weed Ads Near Schools

The Detroit City Council just passed an ordinance banning cannabis and vape advertisements within 1,000 feet of schools, parks, and other areas where kids hang out. Council member Scott Benson said the move is aimed at stopping the normalization of marijuana and vaping for young people.

👊 Social Justice

Freedom After 11 Years Behind Bars: Claudio Martinez Jr. Walks Free After Nonviolent Cannabis Conviction

After spending 11 years in prison for a nonviolent cannabis offense, Claudio Martinez Jr. is finally home. His 21-year sentence was cut short thanks to a clemency petition filed by the Last Prisoner Project and granted by President Biden. Martinez was reunited with his three sons and met his grandchild for the first time outside of a prison visitation room.

We’ll end today’s Cannabis Newsletter on this good news and say thanks to the Last Prisoner Project for the work you do and congrats to Claudio Martinez. 

The cannabis world is always moving and we’ll be right here to keep you posted on every twist, turn and THC tax hike lawmakers try to sneak in. Stay informed, stay lifted, and we’ll catch you tomorrow.

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