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Buckle up, folks. From Governor Newsom’s emergency hemp ban shaking California to cannabis icons Al Harrington and Ricky Williams making headlines, the industry’s in full swing. We’ve got stock dives, legislative showdowns, and some bullish moves to cover. Whether you’re eyeing Corbus Pharma's "buy the dip" opportunity or tracking the latest in cannabis advocacy, we’ve got you covered. 

Newsom’s Hemp Ban Hits Hard

Governor Newsom’s emergency ban on hemp-THC and CBD products is now in effect, wiping out 90-95% of hemp-based items in California. The move, intended to prevent underage access to intoxicating products, has left the hemp industry reeling. 

Medical patients, particularly families with children relying on full-spectrum CBD for treatments, are panic buying as essential products vanish from shelves. Legal challenges loom as critics argue the ban hurts consumers, crushes the hemp market, and disrupts interstate commerce. Investors are feeling the heat, with small and mid-sized companies bracing for losses or eyeing relocation.

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Ex-NBA, NFL Stars Push Cannabis Justice

In the thick of legislative battles and changing societal views, former NBA star Al Harrington and NFL legend Ricky Williams are making strong moves in the cannabis industry. 

Harrington has opened Village Dispensary in Hoboken, New Jersey, focusing on community empowerment and correcting historical injustices caused by the War on Drugs. His efforts are not just about business but about creating generational wealth and opportunities in communities disproportionately affected by outdated cannabis laws.

Likewise, Williams champions cannabis legalization in Florida, lending his voice and personal experiences to counteract the stigma and criminalization associated with cannabis use. His advocacy highlights the hypocrisy in alcohol versus marijuana perceptions, especially as Florida voters prepare to decide on Amendment 3, which could legalize recreational cannabis.

Buy The Dip

Corbus Pharmaceuticals saw its stock nosedive 60% after Novo Nordisk's obesity drug data shook the market. Still, H.C. Wainwright and Oppenheimer analysts urge investors to "buy the dip." Both firms maintain a buy rating, with price targets as high as $88, pointing to Corbus' diversified pipeline and promising assets like CRB-701. Mizuho agrees, calling the plunge an "overreaction."

White House Recycles Biden’s Weed Pardons, Again

As the 2024 elections loom, the White House is busy reminding voters of Biden’s marijuana pardons. Their updated webpage proudly highlights his efforts, but skeptics note it’s mostly old news, with no big moves on cannabis rescheduling before November. Meanwhile, the DEA has delayed its decision until after the elections—because nothing says “urgent reform” like pushing it to next year.

Stories In The Spotlight:

• World Record Shattered: 7,000 Cannabis Joints Lit At Exact Same Moment In California

• Black Cannabis Week: Philly Entrepreneurs Ignite Social Justice Movement Around PA's Marijuana Laws

• The Giant 'Washing Machine' That Cleans 80,000 Grams Of Cannabis A Day And Saves Hash Makers Big Bucks

• EXCLUSIVE: Inside The Amazon Of Weed, Helping 400 Cannabis Brands Save And Grow In Regulatory Maze

• Using Weed While Pregnant: Study Of 500k People Reveals Surprising Findings—Some Better Than Others

• Woman Busted For Growing 600 Weed Plants In Maine Did It For The Smell, They're 'Like My Babies'

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 fifty years of drug prohibition. Beyond his professional expertise, Patricio is a committed advocate for social change, passionately working to promote harm reduction and reform drug policies.

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