DEA’s Big Cannabis Debate, Pre-Election Stock Shakes & Florida's Ad Blitzes

Cannabis rescheduling, election jitters, and Florida's legalization ad battle—plus insights into workplace cannabis use, loyalty trends, and psychedelics for PTSD.

Author

Patricio Liddle
November 01, 2024

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Hello readers! Today’s lineup covers the DEA’s pivotal cannabis rescheduling hearing, Florida’s fiery ad campaigns featuring Trump and Harris on legalization, and how election jitters are impacting cannabis stocks. We’ll also dive into the latest CDC findings on workplace cannabis use and brand loyalty strategies, plus close with the FDA’s promising yet complex path for psychedelics in PTSD treatment. Let’s get started!

The DEA has invited 25 participants to a December 2 hearing as part of a historic effort to reschedule marijuana from Schedule 1 to Schedule 3 under the Controlled Substances Act. The hearing, scheduled before Chief Administrative Law Judge John Mulrooney II, follows a federal push initiated by President Biden in 2022. Participants include representatives from law enforcement, cannabis advocates, and health professionals. This delay means cannabis businesses seeking relief from 280E tax burdens will likely wait until after the 2024 presidential term concludes.

Florida’s Cannabis Ad War Heats Up

As we enter the final stretch to Election Day, Smart & Safe Florida has launched a new ad highlighting support for cannabis legalization from both presidential candidates, Kamala Harris and Donald Trump. The ad counters Governor Ron DeSantis’s anti-legalization stance, with Harris advocating for federal legalization and Trump remarking that “it should be done correctly” in Florida.

Cannabis Stocks Wobble As Election Nears

Meanwhile, Thursday saw cannabis stocks hit by election-driven market jitters, with the S&P 500, Nasdaq, and Dow indices all dropping. As investors weigh the impact of the upcoming election, concerns about policy stagnation under a potential GOP-controlled Congress add to the pressure on cannabis-related stocks. With rising political uncertainty as the election nears, investors remain cautious, reflecting broader market unease and heightened volatility across the cannabis sector.

Curious about where cannabis use is highest and how brands keep customers coming back? In her recent articles, Franca Quarneti explores these trends. First, a CDC study reveals food service and hospitality workers lead in cannabis use, sparking discussions on workplace policies as more companies and sports leagues adapt to legalization. Plus, industry experts at Benzinga’s Cannabis Capital Conference weigh in on the power of budtenders, loyalty programs, and customer reviews to build brand loyalty—a must in today’s competitive cannabis landscape.

Psychedelics Industry: Support Rises, Challenges Remain

To close today’s newsletter, we’re diving into the latest in psychedelic research with insightful pieces by Juan Spínelli. A recent FDA public meeting underscored federal support for psychedelics as PTSD treatments, bringing together agencies like the DoD and VA to explore MDMA and psilocybin’s therapeutic potential. Moreover, Compass Pathways faces delays in key psilocybin trials, leading to a 30% workforce cut to conserve cash and navigate logistical complexities. Together, these stories reveal both the progress and challenges shaping psychedelics’ future in mental health care.

Weekend Weed Reads

Our Writer Today

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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