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Trump’s DEA Pick Will Make Cannabis Legalization A ‘Top Priority’ And Other Fed Policy Changes
Plus, the latest in cannabis news.
Hey, Benzinga Cannabis Community. Maureen Meehan here, bringing you today’s top headlines in the cannabis world. It’s been an eventful day in the industry, with significant updates coming from both the federal policy front and the market side. Today’s top story is that Donald Trump’s DEA pick is saying that cannabis legalization will be one of his “top priorities.”
We’ll dive into that and other federal news, including the latest from the SBA, which has updated its guidelines to clarify that marijuana businesses remain ineligible for key federal loan programs and how this could impact the industry moving forward. On the legislative side, Reps. Dina Titus and Ilhan Omar are pushing a bill that could open the door for the White House Drug Czar to finally endorse marijuana legalization.
We also have some updates from New York’s cannabis market and a new study. So, let’s dive in!
In today's issue:
💼 Federal Policies on Cannabis: What’s Changing?
President Trump’s pick for DEA Administrator, Terrance Cole, says that reviewing a proposal to reschedule marijuana will be one of his top priorities if confirmed. While he acknowledged the delays in the process, Cole stopped short of committing to support moving cannabis from Schedule I to Schedule III of the Controlled Substances Act, as proposed under the Biden administration. He emphasized that it's time to move the process forward but stated he needs to review where it stands.
Better late than never!
The federal Small Business Administration (SBA) has made a significant policy update, confirming that marijuana businesses remain ineligible for federal loans. The updated guidance is part of an effort to reverse certain policies enacted by the Biden administration. According to SBA, marijuana businesses are excluded from key loan programs like the 7(a) and 504 loan guarantee programs. This decision reinstates pre-2023 guidance that also removes eligibility for hemp and cannabidiol-related businesses.
Reps. Dina Titus (D-NV) and Ilhan Omar (D-MN) have introduced a bill aimed at removing a restriction that prevents the White House Drug Czar from supporting the legalization of marijuana or other Schedule I drugs. Under current law, the director of the Office of National Drug Control Policy (ONDCP) is prohibited from using federal funds to advocate for legalization. The new bill, titled the "Evidence-Based Drug Policy Act," could help break this barrier and pave the way for meaningful cannabis reform.
A bipartisan push in Congress has resulted in two new bills aimed at sealing federal marijuana records and helping states facilitate expungements for non-violent cannabis offenses. These bills are sponsored by Sen. Lisa Blunt Rochester (D-DE) and Rep. Laurel Lee (R-FL). The Clean Slate Act and Fresh Start Act aim to automatically seal certain federal marijuana convictions, offering a much-needed clean slate to individuals impacted by outdated cannabis laws.
🏙️ New York’s Cannabis Journey: The First Two Years
New York's cannabis market continues to grow, with the State Office of Cannabis Management reporting over $1 billion in retail sales during the first two years of legal cannabis sales. In 2024 alone, the state generated $869 million in sales, thanks to more than 260 operational dispensaries. Notably, Social and Economic Equity applicants now hold 55% of licenses, surpassing initial targets. The report also highlights product trends, with a surge in demand for non-flower items like vaporizers, edibles, and concentrates.
🏢 Industry Moves and Innovations
Aurora Cannabis, Inc. (NASDAQ: ACB) has made strides with a $3 million investment in its Pemberton, British Columbia, facility. The upgrades to this manufacturing plant have resulted in doubled yields and higher potency, now reaching a record 33.7%. The facility has been renamed Aurora Alpine to mark this milestone and reflect its stunning location overlooking Mount Currie. This investment demonstrates Aurora's ongoing commitment to improving product quality and output.
📢 Cannabis Advocacy and Public Perception
The Cannabis Media Council is back with phase two of its popular "I’m High Right Now" campaign. Featuring modern elders asking questions about cannabis use, this campaign aims to break down the stigma for those 55 and older who may have been influenced by past anti-drug rhetoric. The latest version of the ads will run on Facebook and Instagram, proving that once-restricted ad spaces are now opening up for cannabis advocates.
🧠 Cannabis and Health
A recent study suggests that regular cannabis use could help those with PTSD improve a specific memory function called pattern separation, the ability to distinguish between similar memories. The study, published on Nature.com, shows that individuals with high PTSD symptoms had enhanced pattern separation with regular cannabis use, while those with low symptoms experienced a decrease. These findings suggest that while cannabis can aid some individuals, it may not have the same positive effect for everyone.
That’s all for today, folks! Stay tuned for more updates tomorrow in your Cannabis Daily newsletter. Keep it green! 🌱
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