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- Trump’s DEA Pick Moves Forward, Cannabis Banking Debate In Senate, Detroit’s First Cannabis Pop-Up
Trump’s DEA Pick Moves Forward, Cannabis Banking Debate In Senate, Detroit’s First Cannabis Pop-Up
Plus, the latest in cannabis news.
Hey, Benzinga Cannabis family! Maureen here, bringing you the latest buzz in the weed world. Today’s edition is packed with political updates, exciting industry moves, and new medical insights that could change the game. From Trump’s DEA nominee making headlines in the Senate to Detroit’s first legal cannabis pop-up at the Movement Festival, there’s a lot to dive into. And don't miss the latest research suggesting medical marijuana’s potential to boost chemotherapy treatments while easing side effects.
Let’s jump right into today’s top stories! 🚀
In today's issue:
🏛️ Political Shifts
The Senate is currently advancing a cryptocurrency bill, and there’s concern from anti-marijuana groups that cannabis banking reform could be slipped in as an amendment. The Smart Approaches to Marijuana (SAM) group has raised alarms, warning their supporters to oppose this potential move. The SAFE Banking Act, which would allow financial institutions to service state-legal cannabis businesses without fear of federal penalties, could be tied to the GENIUS Act (a bill focused on stablecoins). While it's a critical step for cannabis businesses to access banking services, this could spark a political battle in the Senate.
Terrance Cole's confirmation to lead the Drug Enforcement Administration (DEA) has passed the Senate Judiciary Committee. However, there’s a big caveat: Cole has been tight-lipped about whether he supports the proposal to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act. This decision could have serious consequences on the future of cannabis reform, especially after the Biden administration had pushed (sort of) for the rescheduling process. Cole has expressed concerns about marijuana’s dangers and its links to youth suicide, which could further complicate federal cannabis reform.
🎉 Industry Moves
Detroit’s cannabis scene is getting a major upgrade this Memorial Day weekend! JARS Cannabis is bringing the first-ever legal cannabis pop-up to the city during the iconic Movement Music Festival. The pop-up, called The Trap, is just two blocks from Hart Plaza, where the festival will be held. It will be open from May 24-26, offering legal cannabis to anyone 21 and older—no festival wristband required! JARS COO Raymond Abro calls it a tribute to the city’s raw energy, blending cannabis, culture, and community in a way only Detroit can. Don’t miss it!
Big news out of Las Vegas! Seth Schorr, CEO of Fifth Street Gaming, is proposing that cannabis be integrated into the city's resort corridor. As Nevada faces competition from other states and online gambling, Schorr sees cannabis as a potential tool to drive more visitors to Las Vegas. Despite cannabis being legal in Nevada, strict separation between the gaming and cannabis industries has held the city back. Schorr argues it’s time to rethink this approach and bring cannabis into the fold to boost tourism. After all, as he puts it, "We can't afford to miss any opportunities." Time to rethink the Vegas game plan?
⚖️ Labor News In Oregon
In a landmark decision, a federal judge struck down Measure 119 in Oregon, which required cannabis businesses to strike labor peace agreements (LPAs) with unions. The law was deemed unconstitutional, violating federal free speech protections. While the law was intended to improve conditions for cannabis workers, the judge’s ruling could influence similar efforts in other states. The decision, which followed a lawsuit from Oregon cannabis operators, has significant implications for cannabis labor movements nationwide.
🧑🔬 Medical Cannabis
A new study suggests that cannabinoids in medical marijuana might not only enhance the efficacy of chemotherapy but also reduce its often harsh side effects. The review, published in Pharmacology & Therapeutics, highlights promising results from clinical and preclinical studies on cancer types such as glioblastoma and breast cancer. Cannabinoids could potentially extend life by overcoming chemotherapy resistance and easing some of the uncomfortable side effects of treatment. While the data is still limited, it’s an exciting development in the medical cannabis space and could offer a new avenue for cancer patients seeking better outcomes from their treatments.
🌎 Global News
Tilray Brands, Inc. (NASDAQ: TLRY) is taking Good Supply, one of Canada’s leading cannabis brands, across the pond to Germany. The medical cannabis brand, known for its affordability and top-notch quality, is now available for German patients seeking reliable medical cannabis. Denise Faltischek, Chief Strategy Officer at Tilray, highlighted the company’s commitment to providing accessible cannabis solutions for chronic pain and well-being. This expansion is part of Tilray's ongoing efforts to bring affordable medical cannabis to more global markets.
That’s a wrap for today’s Cannabis Daily! From political moves to groundbreaking medical research, the cannabis world is buzzing with activity. Thanks for reading, and we’ll see you tomorrow with more updates!
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