Good Morning Marijuana

Your Daily Cannabis Briefing

October 1, 2024

Wake and Bake Bulletin

California Legalizes Cannabis Cafes with Food and Live Events

Gov. Gavin Newsom signed legislation allowing marijuana dispensaries in California to sell food, nonalcoholic beverages, and host live events on their premises. The bill, supported by celebrity cannabis business owners, aims to boost legal shop owners struggling with taxes and competition from illegal outlets.

CBO Releases Economic Analysis of SAFER Banking Act

The Congressional Budget Office has released an analysis of the economic impact of the SAFER Banking Act, a bipartisan marijuana banking bill. The report estimates that enacting the bill would increase net direct spending by $63 million over the 2024-2034 period, while also projecting significant increases in federally insured deposits from cannabis businesses.

Federal Agencies Urged to Guide State Cannabis Markets

New report calls on federal agencies to take a more active role in providing guidance to state-level marijuana markets without waiting for Congress. Authors emphasize that most recommendations don't require regulatory changes, but rather a shift in approach to federal involvement in cannabis policy.

Bipartisan Bill Aims to Seal Federal Drug Records

Sens. Bob Casey (D-PA) and Rand Paul (R-KY) introduced a bipartisan bill to automatically seal federal criminal records for certain marijuana and other drug convictions. The legislation seeks to address the long-lasting impacts of drug-related convictions on individuals' lives and opportunities.

VP Harris Calls for Marijuana Legalization in Podcast Interview

Vice President Kamala Harris expressed strong support for marijuana legalization in a recent podcast interview. She emphasized the need to stop criminalizing cannabis use and highlighted the historical impact of marijuana-related incarcerations.

Why it matters: This statement from a high-ranking government official signals potential shifts in federal cannabis policy. For industry professionals, it could indicate a more favorable regulatory environment and expanded business opportunities in the near future.

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Mary Jane's Market Report

TLRY ↓ 2.84%

Price at previous close: $1.71

CGC ↓ 7.98%

Price at previous close: $4.44

CRON ↓ 2.68%

Price at previous close: $2.13

ACB ↓ 5.27%

Price at previous close: $5.57

The cannabis market experienced a notable downturn, with major players in the sector facing significant losses. Tilray (TLRY), Canopy Growth (CGC), Cronos Group (CRON), and Aurora Cannabis (ACB) all saw their stock prices decline, with CGC being the hardest hit, dropping nearly 8%. This widespread decline suggests a broader negative sentiment affecting the cannabis industry. While no specific news items were provided to explain these movements, the consistent downward trend across multiple companies indicates potential sector-wide challenges or investor concerns. As the market continues to evolve, stakeholders will be closely watching for any catalysts that could reverse this bearish trend in the coming days.