Elon Musk’s Drug Use On Trump Campaign Trail, Psychedelics Go Legal In CO, Pot Stocks Dip

Hey there, Benzinga Cannabis family and Happy Friday! It’s Maureen here, your canna-curious guide and resident news sleuth. Today’s roundup is a wild ride through everything from Elon Musk’s trippy trail with Trump (yep, we’re talkin’ ecstasy, mushrooms, and a suitcase of pills) to Colorado officially launching its regulated psilocybin program. We’ve also got fresh court rulings, candy recalls (yes, weed candy—but not the fun kind), and Canopy Growth’s Q4 stumble.

Let’s jump in 🍄🧠💥

In today's issue:

• 🧠 Politics, Psychedelics & Power Moves

• 💸 Markets & Money Moves

• 🏛️ Law, Justice & Reform

• 🍬 Cannabis & Culture

• 🎮 Weed & Lifestyle

🚨 Elon Musk’s Drug Use On Trump Campaign Trail Raises Eyebrows

In a bombshell New York Times report, Elon Musk apparently consumed a cocktail of psychedelics—including ketamine, ecstasy, and mushrooms—while campaigning with President Donald Trump. Musk was reportedly popping so much ketamine that it began affecting his bladder, all while carrying a 20-pill stash box containing everything from Adderall to party drugs.

It's unclear, reported the Times, whether Musk was taking drugs when he began working at the White House and "was handed the power to slash the federal bureaucracy. But he has exhibited erratic behavior, insulting cabinet members, gesturing like a Nazi and garbling his answers in a staged interview."

Musk had previously stated, “Psychedelics and MDMA can make a real difference to mental health, especially for extreme depression and PTSD. We should take this seriously.”

🍄 Colorado’s Psychedelic Program Is Now Fully Operational

Governor Jared Polis announced that Colorado's groundbreaking psilocybin program is officially live, making it the second fully launched psychedelics system in the U.S.

"Implementing the will of the voters in good faith, Colorado has now licensed our first testing lab, completing the regulated Natural Medicine supply chain,” Polis said.

Facilitated therapy using psychedelic mushrooms is now a legal and regulated reality in the Centennial State.

📉 Canopy Growth Tumbles After Earnings Miss

Canopy Growth Corp (NASDAQ: CGC) reported Q4 2025 net revenue of CA$65M, down 11% year-over-year. The disappointing results triggered a 21% drop in stock price.

While Canadian cannabis sales ticked up slightly, international markets and the Storz & Bickel division dragged down performance. The gross margin dropped to 16%, with an adjusted operating loss of CA$18M—a marked improvement over last year but still deep in the red.

⚖️ Court Says Smell Of Weed Isn’t Enough To Justify Arrest

A federal appeals court ruled that Newark police violated a man’s rights by arresting him solely based on the smell of marijuana coming from his car.

While odor might warrant a vehicle search, the Third Circuit said it’s not a free pass to arrest or frisk an individual unless the scent can be directly tied to them.

💰 Texas Weed Decriminalization Has Saved $444K, Report Says

In San Marcos, Texas, a decriminalization law saved the city nearly half a million bucks in just two years, thanks to an 83% drop in cannabis possession arrests.

That’s according to Ground Game Texas, which used ACLU metrics estimating each arrest costs $4,500. While the law is currently tied up in court, the financial data speaks volumes.

🔫 Trump Admin Still Dragging Feet On Weed-Gun Case

The U.S. Supreme Court granted the Trump administration more time to decide whether to appeal a lower court ruling that favored marijuana users’ gun rights.

Solicitor General D. John Sauer said the government is still reviewing “the legal and practical impact of the court of appeals’ ruling.” A district trial is set to begin June 2.

🚫 Haribo Recalls Cola Candy In Netherlands After Weed Contamination

Haribo pulled its cola-flavored candy in the Netherlands after several people—including kids—fell ill from batches tainted with cannabis.

Dutch authorities warned consumers: “Do not eat the sweets.” The candies caused dizziness and other health complaints. A family from the Twente region was particularly affected.

🧬 Cannabis Genome Mapped In Historic Salk Study

The Salk Institute just dropped the most comprehensive cannabis genetic atlas ever. Researchers studied 193 cannabis genomes, revealing massive untapped potential in breeding and medical innovation.

“Cannabis is one of the most extraordinary plants on Earth,” said senior author Todd Michael. “With this new genomic blueprint, we can now apply modern breeding to unlock novel compounds and traits.”

🎮 Study: The Weed-Gamer Link Isn’t So Clear

Contrary to popular belief, new research suggests the link between weed and video games isn’t as rock-solid as stoner lore claims.

A review of 25 studies between 2000–2025 found mixed results—some showed a positive correlation, others none at all. It seems the gamer-cannabis crossover may not be as baked-in as we think.

🍃 That’s all for today. Thanks for hanging out with us. Have a great weekend and we’ll see you back here on Monday. Stay safe, stay curious and stay elevated.

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