Trump Targets State MMJ Protections, Weed Stocks Dip, GOP After Ohio’s Legal Weed Again

Hey Benzinga cannabis family, Maureen Meehan here, reporting for duty—and trust me, today's Cannabis Daily is buzzing. Between cannabis stocks slipping out of April’s rally mode, some serious political maneuvering from Trump, Ohio’s legal weed under attack, Nevada making amends for the past, and a whole new kind of weed plant shaking up the grow game, we’ve got a jam-packed update. Oh, and we can’t forget the $31 million in Bitcoin that just landed in the hands of the Silk Road founder. Yep, that happened.

Let’s get into it. 👇

In today's issue:

• 📉 Markets: Cannabis Stocks Cool Down In May

• 🏛️ Politics & Policy

• 🧬 Industry & Innovation

• 📰 Headlines That Hit Different

• 🌍 Business Moves

📉 Cannabis Stock Rally Stalls In May

Well, April showers might’ve brought May slippage—at least for cannabis stocks. The Global Cannabis Stock Index dropped 7.0% in May, closing at 5.22, after an April rebound of 11.5%. Still, it’s down a steep 24.1% so far in 2025.

Quick numbers to note:

• Turning Point Brands (NYSE: TPB) soared 27.1% in May, leading the gains.

• Scotts Miracle-Gro (NYSE: SMG) followed with an 18.2% jump.

• Empire Holdings (NYSE: EEX) added 16.5%.

But it wasn’t all sunshine:

• Cresco Labs (OTC: CRLBF) (CSE: CL) tanked 38.3%.

• Verano Holdings (OTC: VRNOF) (CSE: VRNO) dropped 29.2%.

• Curaleaf (OTC: CURLF) (TSX: CURA) slid 26.2%.

Despite the Q2 bounce so far (+3.8%), the index is still down a brutal 94.4% from its February 2021 peak. Ouch.

🚫 Trump’s Budget Nixes State MMJ Protections, Again

President Donald Trump is once again aiming to strip out protections for state medical marijuana programs in his new budget proposal. The rider that’s been shielding states from federal interference since 2014? Trump wants it gone. He also wants to keep blocking D.C. from regulating adult-use cannabis sales.

While Congress has historically ignored this request (from Trump and Obama), it’s a clear signal of where Trump’s administration stands as his second-term budget starts taking shape.

👴 Seniors Getting Lit: Cannabis Use Rises Among 65+

Older Americans are turning to cannabis in growing numbers, according to a JAMA report. Use among U.S. adults aged 65+ jumped from 4.8% in 2021 to 7.0% in 2023. Researchers say it’s not just anecdotal—this rise spans women, high earners, married folks and especially those living in legal states.

That’s a lot of Bingo nights that just got way more interesting. 🃏

👨‍👩‍👧 Nevada OKs Foster Parenting for People With Past Pot Convictions

🌄 Big win in Nevada: Gov. Joe Lombardo (R) just signed a bill allowing individuals with old marijuana convictions (over 5 years old) to become foster parents. This overturns a long-standing barrier that stuck around even after adult-use legalization passed in 2016.

Sponsored by Assemblymember Tracy Brown-May (D), the law brings long-overdue fairness to the system.

🏛️ Ohio’s Legalization Law On The Chopping Block Again

🍂 Heads up, Buckeye State: Ohio’s Republican lawmakers are back at it. On Wednesday, June 4, the House Judiciary Committee will review the latest version of SB 56, which critics say could still gut the voter-approved legalization law.

It’s been toned down from earlier versions—gone are bans on backyard smoking and home growing—but the fight isn’t over. Cannabis advocates are staying loud, and for good reason.

🧬 ‘Mutant Marijuana’ Triploids Could Reshape Weed Cultivation

No, it’s not sci-fi—it’s science. A new class of cannabis plants known as triploids (with three sets of chromosomes instead of the usual two) is being called “mutant marijuana,” and it's poised to revolutionize commercial growing.

Why? These plants are sterile, so no seeds—just dense, high-quality buds. 🌱 Companies like Humboldt Seed Company and Mavericks Genetics are already rolling out triploid strains, and growers are loving the stability.

Pablo Miguel Gomez, CEO of Mavericks, says, “No more worrying about rogue males ruining your harvest.”

💰 Silk Road’s Ross Ulbricht’s Wallet Gets $31 Million In Bitcoin

Well, here’s a twist. A wallet linked to Ross Ulbricht, the pardoned founder of Silk Road, just received 300 BTC—roughly $31.5 million—over the weekend. Ulbricht was released earlier this year by Trump after serving time for operating the dark web drug marketplace.

No comment yet from Ulbricht or his wife, but the funds were quickly transferred elsewhere. Crypto world = never boring. 🧨

🧪 Trump Shrugs Off Musk Drug Claims

When asked about Elon Musk allegedly using ketamine, mushrooms, and ecstasy during the 2024 campaign trail, President Trump wasn’t phased: “I’m not troubled by anything with Elon,” he told reporters.

Trump quickly redirected criticism toward the New York Times in kill-the-messenger fashion, calling out its past reporting. Musk, for his part, hasn’t directly responded, though he was seen at the White House event that same day.

🏭 Village Farms Sheds Produce Biz To Go All-In On Cannabis

Village Farms International (NASDAQ: VFF) has officially ditched the tomatoes and cucumbers. The company just closed its deal to privatize its fresh produce division, doubling its cannabis ambitions with 160 acres of greenhouse space and a focus on international expansion.

CEO Michael A. DeGiglio says it best: “We’re ready to move forward independently from produce.”

🌿 That’s a wrap for today, my friends. Be sure to tune in tomorrow for more of the latest from the cannabis world—served with facts, flair, and no fluff. Maureen

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