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Court Battles, Florida Fire & Campaign Smoke 🔥⚖️
Late 2024 brings election promises, lawsuit dramas, and Florida’s cannabis frenzy, signaling a pivotal time for the industry.
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Good morning, readers! Nicolás Rodríguez and Patricio Liddle here. Today’s newsletter dives into the latest updates in the cannabis landscape as we approach election day. We’ll explore Kamala Harris and Donald Trump's cannabis stances, the strategic shifts companies are making to stay competitive, and the flurry of lawsuits defining this “prohibition’s court” season. Plus, we’ll take a look at Florida’s market dynamics, from DeSantis' shady ad spending to Fab 5 Freddy’s social equity efforts. Let’s get into it!
With less than two weeks to go until the U.S. presidential election, it’s hard not to hear Chuck Berry’s song playing in the background.
Vice President Kamala Harris unveiled her "to-do list," placing legalizing recreational marijuana at number six—right after restoring reproductive freedom. She quipped, "Trump has an enemies list, I have a to-do list," highlighting her focus on policy over personal grudges. Her campaign is framing legalization as a means to dismantle inequities in the justice system.
In the other corner, former President Donald Trump has made more than 100 threats to investigate or punish his perceived adversaries, compiling what Harris referred to as an "enemies list." However, his recent endorsement of Florida’s adult-use legalization initiative, Amendment 3, has surprised some.
However, not everyone's convinced. Josh Kesselman, founder of RAW Rolling Papers, suggests both sides are just blowing smoke. He believes politicians pretend to support cannabis while pocketing donations from industries that benefit from its criminalization. So, as November 5 approaches, the question remains: Are candidates truly committed to legalization, or is it just political puffery?
Cannabis companies are sharpening their strategies and streamlining operations with tech and targeted financing. At the Benzinga Cannabis Capital Conference, industry leaders shared how AI and automation are optimizing supply chains, from RFID tracking to demographic data for smarter inventory. Glass House Brands’ Graham Farrar highlighted a $250K AI-driven sorter that cut six full-time positions, showcasing leaner, data-driven operations.
Meanwhile, Body & Mind secured a $2.3M credit facility with an 18% interest rate to drive expansion in Illinois and New Jersey. CEO Michael Mills emphasized this as a strategic step to rationalize assets, protect shareholder value, and streamline their financial foundation in a competitive market.
A defining feature of late 2024 is the surge of cannabis industry lawsuits against federal and state authorities—a kind of suing season. Since September, leading cannabis companies, including Canna Provisions, Glass House Brands, and Verano Holdings, have teamed up with attorney David Boies to challenge federal prohibition, arguing that outdated rulings clash with state legalization.
In states like New Jersey and Louisiana, hemp companies are pushing back against strict local laws they claim breach the federal Farm Bill’s protections. Meanwhile, New Mexico and Texas companies are suing federal agencies over seizures of state-licensed cannabis products, demanding respect for state rights. With appeals potentially bound for the Supreme Court, this unprecedented legal spree underscores the cannabis industry's fight for survival on a shifting regulatory battlefield.
Florida's cannabis landscape is nothing short of a rollercoaster, seeing everything from misuse of public spending to deflation to diversity initiatives.
Governor DeSantis’s administration is spending $4 million of opioid settlement funds on anti-cannabis ads. Critics from both sides of the aisle are questioning this move, arguing that using funds earmarked for opioid addiction to oppose cannabis legalization is a misuse of resources.
On the business front, with the election looming, the market is buzzing about potential recreational legalization. Analysts predict the market could triple to $6 billion, sparking a mix of market deflation and a frenzy of mergers and acquisitions. Companies like Trulieve, Verano, AYR, and Curaleaf are expanding rapidly, while others might become takeover targets.
Amidst all this, hip-hop pioneer Fab 5 Freddy's B NOBLE brand, in partnership with Curaleaf has teamed up with Greenbook Academy to offer free training grants for those impacted by prohibition—a refreshing twist in a state where cannabis news is usually all politics and profits.
Stories In The Spotlight
Federal Govt. Awards $19.6M To Hemp Cultivation Initiative For Climate-Smart Water, Soil, Wildlife Conservation Effort
All Once Again Warned: Unregulated Cannabis Vapes Contain Dangerous Pesticides, Study Says
UK Drug Deaths Reach Historic Highs As Advocates Urge Reform, Harm Reduction Policies
Ireland's First Psychedelic Conference Explores Substances As Mental Health Treatment
Our Writers Today
Nicolás holds a B.A. in International Relations, an M.A. in International Affairs, and an M.Phil in Public Policy. He is a doctoral student in Public and Urban Policy at The New School in New York City. After working for the United Nations in 2014, Nico pivoted his research to studying the relationship between the cannabis industry and economic development.
Patricio is a development economist with extensive experience in IT, finance, and banking. He writes about the economic and social opportunities obscured by over half a century of failed drug prohibition. Beyond his professional expertise, Pato is a committed advocate for social change, passionately working to promote harm reduction and reform drug policies.
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