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- Is The Trump White House Open To A Cannabis Legalization Proposal? Here’s What We Know
Is The Trump White House Open To A Cannabis Legalization Proposal? Here’s What We Know
Plus, slow progress in Pennsylvania
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Hey there, Benzinga Cannabis family! Maureen Meehan and Javier Hasse coming at you with the latest news stories from the world of weed. Buckle up, because today we’re covering everything from big money grants in California to Trump’s unexpected cannabis conversation (yes, you read that right). Let’s get rolling!
In today's issue:
Politics & Policy
California Drops $18.4 Million In Equity Grants
California is putting its cannabis tax dollars to work—handing out a fresh $18.4 million in grants to support local equity programs. The goal? To level the playing field for cannabis entrepreneurs who’ve faced disproportionate legal and economic barriers. The funding, courtesy of GO-Biz’s Cannabis Equity Grants Program, will help applicants with technical support, compliance assistance and securing capital.
New Hampshire Edges Closer To Legalization
Granite State lawmakers took some solid steps toward marijuana reform this week. A committee moved forward with a plan to legalize simple possession for adults (up to 2 ounces of flower, 10 grams of concentrate, and 2,000 mg of THC in other products), but put broader legalization on hold. Meanwhile, medical patients and caregivers could see their possession limits double. Slow and steady, NH!
Trump White House Open To Cannabis Legalization Proposal?
Well, this one’s unexpected. A longtime drug policy reform advocate says he had a one-on-one chat with a White House staffer at an event last week—and was invited to submit a proposal on why Trump should support federal marijuana legalization. According to Howard Wooldridge of Citizens Against Prohibition, the rep was "a good listener" and open to suggestions on cannabis reform. Could this actually go somewhere? Stay tuned.
Trump Invites Ex-Cannabis Prisoner To Congressional Speech But Doesn’t Mention Weed
Speaking of Trump, he invited Marc Fogel, a former cannabis prisoner in Russia, to his Tuesday speech before Congress. The catch? The president never actually mentioned cannabis while introducing him. Fogel, who was arrested and imprisoned for possessing medical marijuana for pain relief, got the VIP treatment though the cannabis conversation was noticeably absent. Classic politician move?
Pennsylvania AG Pumps The Brakes On Legalization
Pennsylvania Attorney General Dave Sunday (R) is waving the caution flag on Gov. Josh Shapiro’s push for adult-use legalization, saying he wants to be a "voice for potential public safety risks." Meanwhile, GOP lawmakers are still skeptical about legalization getting across the finish line this year. Looks like PA’s cannabis market won’t be firing up just yet.
Cannabis Culture
Ice Cube is stepping deeper into the cannabis industry with Fryday Kush, a brand that promises high-potency, curated strains developed in partnership with Priscilla Vilchis, CEO of Premium Produce. The rapper, actor and entrepreneur - known for his unfiltered takes and cultural influence - is positioning his latest venture as a serious contender in the premium cannabis space, avoiding the pitfalls that have sunk other celebrity brands, Javier Hasse tells us in a recent Forbes interview.
Markets & Business
Safe Harbor Restructures Debt, Unlocks $6 Million In Cash Flow
Some good news for Safe Harbor Financial (NASDAQ: SHFS). They've restructured their debt agreement with Partner Colorado Credit Union, freeing up over $6 million in cash flow and pushing their repayment deadline to 2030. Best part? They’re keeping their 4.25% interest rate locked in. In this industry, liquidity is king, so this is a major win for Safe Harbor.
Hydrofarm Reports Sales Slump, Bigger Losses
It’s still rough out there for Hydrofarm Holdings Group (NASDAQ: HYFM). The hydroponics supplier reported a 21% drop in Q4 sales, bringing in $37.3 million, while losses continued to pile up. With the indoor grow sector still struggling, it’s looking like a tough road ahead for HYFM. Here’s hoping they can turn it around.
New Jersey’s Cannabis Market Faces Price Compression
The Benzinga New Jersey Spotlight Conference on March 4 had some blunt warnings: price compression is coming to New Jersey’s cannabis market. With more players entering the game, competition is heating up, and retail prices are expected to drop. Time for companies to get creative with their margins!
That’s a wrap for today, folks! As always, keep it locked on Benzinga Cannabis for all the latest. Until next time, stay lifted, stay informed and don’t forget to support your local dispensary!
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