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Major Legal Wins, Growing Cannabis Markets and Historic Firsts!
Plus, what one Trump ally says about marijuana rescheduling.
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Hey Benzinga Cannabis community, it’s your weed wordsmith, Maureen Meehan, here to take you through the biggest news in the cannabis world today. From Tilray’s legal victory to Minnesota’s growing tribal cannabis industry, we’ve got a lot to cover. We’ll also look at Florida’s new psychedelic mushroom laws, groundbreaking CBD research and the launch of kosher-for-Passover THC gummies—just to name a few!
So, grab your coffee (or something stronger - no judgment here!) and let's dive into all the exciting updates. 🌱
In today's issue:
🏛️ Legal News: Major Wins and Shifting Laws
In some big legal news, Tilray Brands, Inc. (NASDAQ: TLRY) and its subsidiary the HEXO Corporation, scored a major win. A Massachusetts Superior Court judge granted their motion for summary judgment, tossing out an $8 million shareholder lawsuit filed by Clement Italume. The suit accused them of failing to inform shareholders about HEXO’s corporate moves in December 2022 and Tilray's acquisition of HEXO in June 2023.
Tilray’s shares saw a slight uptick following the announcement, and honestly, it’s been a pretty smooth day for the company after this legal victory.
🌿 Cannabis Market Developments: Tribal Growth and International Expansion
Minnesota is making waves in the cannabis world with its unique approach to tribal cannabis legalization. Leaders from Native American tribes in the state are calling it a “model” for the future. Rob Pero, founder of Canndigenous and the Indigenous Cannabis Industry Association, said, “We sort of look at Minnesota as like the ideal model of what we'd like to see happen."
However, the road hasn't been completely smooth as tribal leaders navigate the complexities of cannabis production and distribution. The move is a promising step, though it comes with its own set of challenges. Still, many see this as a major win for tribal sovereignty and economic empowerment.
🌍 Canadian Cannabis Producer Rebrands as Organigram Global
Organigram Holdings has rebranded itself to Organigram Global. The Canadian cannabis producer is making big moves as it aims to expand its presence internationally. This includes increased investments in Sanity Group, a cannabis company in Germany, and plans to export more cannabis to countries like Germany, the UK, and Australia.
This rebrand represents a shift in Organigram's strategy as it eyes the international market, particularly in Europe, and further strengthens its global footprint.
💼 Political News: Policy Shifts and Rescheduling
🗳️ Trump Ally Says Marijuana Rescheduling is 'On the Horizon'
In political news, Matt Gaetz, former Florida Rep. and Trump’s first pick for Attorney General (until the Ethics Committee got involved), is weighing in on the cannabis debate. Gaetz opined in The Tampa Bay Times that cannabis rescheduling from Schedule I to Schedule III is "on the horizon." While he acknowledges that it won’t fix everything overnight, Gaetz believes it’s a crucial step forward.
His comments come amid speculation about President Trump’s position on cannabis reform, especially given that Trump had previously endorsed the rescheduling during his 2024 campaign.
Hawaii is gearing up for big changes in its medical marijuana program. Lawmakers are shifting their focus away from adult recreational cannabis legalization and toward improving the medical cannabis system. The goal is to make it easier for patients to access medical cannabis while cracking down on illegal CBD sales.
Sen. Jarrett Keohokalole, who chairs the Consumer Protection Committee, emphasized the importance of strengthening the medical cannabis system to ensure that patients don’t turn to the black market for their medical needs. This reform could make a huge impact on how cannabis is regulated in the state moving forward.
Over in Florida, the fight over psychedelic mushrooms is heating up. Two panels in the state’s House and Senate have passed bills that would criminalize the sale and distribution of psychedelic mushroom spores. These spores are the precursor to psilocybin mushrooms, which remain a controlled substance. The legislation would make transporting, selling, or even giving away these spores a first-degree misdemeanor, potentially leading to up to a year in jail and a $1,000 fine.
This isn’t just about mushrooms—it's a bigger push in Florida’s ongoing battle over psychedelic substances, which has stirred a lot of debate among lawmakers and advocates alike.
📚 Research and Education: Groundbreaking Studies and New Resources
Some exciting new research has emerged showing that CBD—a major component of cannabis—has a significant impact on treatment-resistant epilepsy. A scientific review published in Acta Epileptologica found that CBD reduced seizures by more than 40% on average, compared to just 20% with a placebo. This represents a breakthrough for patients suffering from epilepsy and could have wide-reaching implications for the use of CBD in medical treatments, say the study’s Brazilian authors.
This study offers further validation of CBD's potential in medical treatments, adding more weight to the ongoing conversation about cannabis’ role in healthcare.
A big shoutout to Javier Hasse and Nicolás José Rodriguez, who just dropped a must-read book, A Guide to Medical Cannabis: Your Roadmap to Understanding and Using Cannabis and CBD for Health. With endorsements from industry legends like Tommy Chong, Dr. Peter Grinspoon, and Ed Rosenthal, this book is all about demystifying medical cannabis. It’s already making waves in the cannabis community as a comprehensive and accessible resource for understanding cannabis and CBD.
The book is already getting a lot of buzz, and with these kind of endorsements, it's safe to say it’s one to check out!
🍬 Unique Cannabis Products and Innovation
Passover just got a little more interesting for Jewish cannabis lovers! Tokin' Jew, the viral Jewish cannabis brand, has launched what are believed to be the world’s first officially certified kosher-for-Passover THC gummies. These gummies, supervised by Mehadrin, one of the most respected kosher authorities, are a major breakthrough for faith-based cannabis consumption.
The launch of these gummies is a historic moment for the cannabis industry, opening up new possibilities for religious consumers to enjoy cannabis during Passover without breaking tradition.
That's it for today, folks! Stay tuned for more updates tomorrow. Until then, keep up with all things cannabis and enjoy the buzz. 🌱
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