Texas Two-Step

TCUP to add chronic pain as qualifying condition.

Daily Recap

A week after the Texas House approved a bill that would ban all THC products—likely spelling the end for the state’s short-lived hemp industry—Texas lawmakers passed a bill to significantly expand the state’s medical cannabis program and sent it to the governor to sign.

Just days after the legislation from Rep. Ken King (R) advanced through the Senate, bicameral negotiators worked through the weekend on a compromise before both chambers gave their final approvals late Sunday.

The bill would expand the state’s list of medical cannabis qualifying conditions to include chronic pain, TBI and Crohn’s disease and it would allow patients access to access a wider range of form factors, including patches, lotions, inhalers, nebulizers, vaping devices, and yes, even suppositories.

“For ten years, most patients were excluded from participating in the Compassionate Use Program. We’re happy to see the legislature is finally expanding the program in a meaningful way.” Heather Fazio, Exec. Director, TCPC

Branching Out

A group of canna companies looking to overturn the plant’s illicit status at the federal level could be on their way to the U.S. Supreme Court—and there is reason for them to be optimistic that at least one justice is willing to take the case.

Last week the First Circuit Court of Appeals ruled against the group, upholding a lower court’s rejection of their lawsuit challenging federal prohibition. Jonathan Schiller, the founding partner of Boies Schiller Flexner who’s representing the cannabis companies, said, “It is fair to assume that we shall seek Supreme Court review.”

Should the Court accept the case, it would mark the first time in nearly 20 years that the justices reexamine the constitutionality of cannabis prohibition.

Jersey, Sure

A proposal aimed at combating unlicensed canna sales in New Jersey would establish new canna-related crimes for participating in the illicit industry.

The proposal, sponsored by Sen President Nick Scutari, would classify the operation of an unlicensed cannabis retailer as a third-degree crime and establish a new disorderly person’s offense for knowingly purchasing from such an establishment.

“We have a problem where people are opening stores unlicensed to sell the products, and they’re just selling them, and the state is doing nothing about it. We need to do something more about those stores and continue to fight back against drug dealers because they’re alive and well.”

Miami Vice: The Sequel

Activists seeking to put another cannabis legalization on the ballot in Florida collected enough signatures to initiate the next steps in the process, triggering a judicial review by state officials.

About five months after launching their signature drive, the campaign Smart & Safe Florida collected 377,832 valid signatures—about 150,000 more than required to kick off the review process.

This is the campaign’s second attempt to pass adult-use legalization at the ballot after their first initiative fell short of the 60% threshold last year. That was despite getting a majority of the vote and potentially unscrupulous, if not illegal, behavior.

Stocks & Stuff

It was a quiet session on Wall Street as equity markets brushed off early weakness and rates drifted higher as tariff concerns continued. Canna stocks were again dust in the wind as the industry awaits clarity—or even a hint of interest—from the federal front.

Below, we’ll top-line the thinning landscape, chew through the few green shoots, see who’s best positioned for Texas MMJ, and talk common sense as we get ready to head to The Windy City this weekend.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $7M

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