Warren and Trump Wrestle Over Cannabis Reform, CNN Reporter Gets A Whiff Of Weed With His Teargas

Hey, Benzinga Cannabis community, Happy Friday! Maureen Meehan here, bringing you the latest updates from the ever-evolving cannabis industry. Whether you’re in it for the business, the culture, or just for fun, today’s roundup is packed with the essential news you need to stay in the know.

From tough truths shared at Benzinga’s Cannabis Conference in Chicago to some legislative shifts that could shape the future of cannabis, there’s no shortage of action happening in the world of weed. We’ve got everything from the fight for cannabis reform to the latest tax revenue news from Maryland. And of course, we can’t forget the quirky viral moment that put a CNN reporter in the hot seat over a comment about weed at a protest in LA. It’s been a wild ride, and we’re just getting started!

So, grab your favorite strain (or your coffee if it’s too early for that), and let’s dive into today’s top cannabis stories.

🌱 Hemp, Hope And Hard Truths: A New Era Of Realism At Benzinga's Chicago Conference

The cannabis industry met itself in the mirror last week in Chicago and what it saw was a sector growing wiser, not just older. At the 2025 Benzinga Cannabis Capital Conference, hundreds of investors, executives, advocates, and analysts gathered to trade insights, air frustrations, and, above all, connect. And while the usual dreams of federal reform still floated through the halls, this year’s tone was something different: grounded, battle-tested, and just a little bit more mature.

Jesse Redmond, head of investor relations at LEEF Brands (OTC: LEEEF) and co-host of the Higher Exchanges podcast, shared three big takeaways:

Packed rooms, new faces: There may be "less of the old guard," but energy and opportunity were definitely in the air.

Capital mismatch: There are more asks than gives right now—investor caution is on the rise, and funds are fewer.

Strategic wins: Timing was everything for LEEF Brands (OTC: LEEEF), with their Tier 1 New York license announcement sparking real conversations about expansion.

🏛️ On A Mission For Justice: Cannabis Industry Connects In Chicago

Let’s get real: the cannabis sector is enduring its fifth year of a brutal bear market. From tax issues to capital struggles, the hurdles keep piling up. But the real kicker? THC and cannabinoid consumption are far from stagnant, though they’re being split between two very different worlds: the highly regulated state-legal markets and the hemp operators running wild.

The issues are clear, but so are the solutions—just not all at once. Hemp is a big one, with Texas being the state to watch as it decides whether to ban or redefine hemp-derived THC. Meanwhile, SAFEST Banking, STATES 2.0, and the PREPARE Act continue to ride or die with President Trump’s support.

As David Boies prepares for a potential Supreme Court showdown over cannabis’s 280E tax, it’s clear that the road to reform is paved with patience and strategy

🇺🇸 Elizabeth Warren Pushes Trump To End Federal Marijuana Criminalization

Sen. Elizabeth Warren (D-MA) is on a mission, and she’s not pulling punches. She recently called out President Donald Trump for his administration's failures in addressing government inefficiencies. Among her suggestions? End the federal criminalization of marijuana.

In a letter sent to Trump, Warren and Rep. Melanie Stansbury (D-NM) suggested that ending marijuana criminalization could help cut down on unnecessary spending. "You could choose to reverse course," they wrote. Warren previously shared similar thoughts with Elon Musk but was met with silence—so now, she’s taking her stance directly to the President.

🏛️ Congressional Committee Clarifies That Hemp Ban Isn’t Meant To Restrict ‘Industrial Or Nonintoxicating’ Products

Big news for the hemp industry this week: A GOP-led congressional committee recently amended a spending bill that initially raised concerns among hemp stakeholders. The bill included provisions that could have restricted non-intoxicating hemp products, like CBD, by redefining hemp to prohibit any cannabis products with “quantifiable” THC or cannabinoids similar to THC.

However, the committee adopted a manager’s amendment clarifying that the intent wasn’t to target “industrial or nonintoxicating” products containing trace amounts of THC. This clarification, added to the report of the bill (not the legislative text), ensures that hemp products legalized under the first Trump administration remain unaffected.

This win helps secure the future of hemp products with minimal THC and protects industry growth.

⚖️ Fentanyl Criminalization Bill Headed To Trump’s Desk Also Makes It Easier To Study Marijuana

A big legislative win for cannabis researchers is in the cards. The Halt All Lethal Trafficking of (HALT) Fentanyl Act recently passed the House and is now headed to President Trump’s desk. While the bill primarily focuses on permanently banning fentanyl analogs, it also includes provisions that would make it easier to study marijuana and other Schedule I substances.

Rep. Morgan Griffith (R-VA) explained on the floor that this bill would streamline research into Schedule I drugs, including marijuana, by clearing up barriers. If this passes, it could mean big things for the future of cannabis research!

🏷️ Why Cannabis Industry Must Adopt Standardized THC-Potency Labeling

Is it time for the cannabis industry to level up? According to guest columnist Magnus Thorsson in MJ Biz Daily, it is. The industry needs a standardized approach to THC-potency labeling, making marijuana more accessible to consumers who are used to alcohol’s clear labeling system.

Thorsson suggests that a more intuitive classification system based on effects, potency, and cannabinoid ratios could help consumers make better decisions without overwhelming them with complex percentages and terminology. In short: clear labeling, less confusion, more confidence.

😂 CNN Reporter Mocked For Noting 'The Smell Of Weed Is In The Air' At LA ICE Protests

Ah, the smell of weed in the air—so much for subtlety. CNN reporter Nick Watt made headlines (for all the wrong reasons) when he remarked that “the smell of weed is in the air” while covering protests in Los Angeles. Social media quickly roasted him, pointing out that cannabis has been legal in California since 2016.

Watt’s timing was off—while he was trying to hint at a possible escalation in tensions, the comment came off as a little tone-deaf. Guess it’s just another day in the Golden State!

💰 Maryland Collected Over $17.5 Million In Tax Revenue From Weed Sales

Let’s end on a high note! Maryland is proving that cannabis isn’t just about feeling good—it’s also about bringing in the cash. Over the first three months of 2025, the state raked in over $17.5 million in tax revenue from cannabis sales. This is a clear sign that the market is booming, and tax dollars are rolling in.

🌱 That’s all for today’s edition, folks! Have a great weekend and we’ll see you back here on Monday.

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