U.S. Canna Eyes Supreme Court

David Boies readies for a date with destiny.

Daily Recap

A federal appellate court has rejected the argument of state-legal cannabis companies seeking to overturn the U.S. government’s prohibition of marijuana, affirming a lower court’s dismissal of the case. The opinion upholds a similar district court ruling issued last summer.

The plaintiffs have indicated from the beginning of the case that they always planned to appeal all the way to the Supreme Court in an attempt to get the current justices to overturn prior case law from a period before the federal government began making exceptions to enforcement of prohibition in legalized states.

We know of at least one Supreme Court Justice who would be keen to hear this case.

Push-Pull

Texas is set to expand access to legal medical cannabis after a wider ban of THC was passed in the state House last week to address the proliferation of intoxicating hemp.

Lieutenant Governor Dan Patrick said that he had had a "positive conversation" with State Representative Tom Oliverson about expanding eligibility for the state's medical marijuana program, the Texas Compassionate Use Program (TCUP).

Under the new plans, chronic pain, terminal illness, and hospice care would become qualifying conditions for eligibility and add additional dispensaries. The bill’s sponsor said that with the addition of chronic pain, every TX veteran would have the ability to join TCUP if so desired.

The changes in HB 46 represent the most significant proposed update to the program in years and would mark a notable step toward increased access, once final reapproval from the House and a signature by the governor is in place.

The Deuce is Loose

Ohio adults will soon be able to buy more than double the amount of marijuana that they’re currently allowed to purchase per day, with state officials determining that the market can sustainably supply both medical cannabis patients and adult consumers.

“Since non-medical canna sales began in August 2024, the market has demonstrated the ability to support both medical marijuana patients and non-medical consumers alike.” The Ohio Division of Cannabis Control

London Calling

London Mayor Sadiq Khan has backed calls for cannabis to be decriminalized and said current laws around the drug 'cannot be justified'. Sir Sadiq said a published report, which he commissioned, provides 'a compelling case' for decriminalization and urged the Government to consider the move.

The commission said it would not call for a full decriminalization of the drug but that the use of 'natural' cannabis should be moved from the Misuse of Drugs Act to the Psychoactive Substances Act. This would legalize possession of small quantities for personal use while continuing to prohibit importing, manufacturing, or distributing.

Stocks & Stuff

Some late-day profit taking arrived on Wall Street ahead of NVIDIA earnings, as canna digested the latest industry-specific news. U.S. canna ETF MSOS finished the session +2%—aka a nickel—while the Canadian LP’s were flat to slightly green.

Below, we’ll top-line a relatively active news day, sniff the Supreme Court schedule, and dig deeper into which states are doing what to address intoxicating hemp, and which companies might be poised to benefit.

All that and more, just scroll down.

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