Going into 2025, the cannabis industry will have to be more limber.
The election is done and Donald Trump will be returning to the White House and Republicans having greater control in Congress. The election showed the majority of people want recreational in Florida, Nebraska will finally have medical marijuana, and cannabis wasn’t a deciding factor in swinging votes. With the House firmly in Republican hands, Mike Johnson has greater power to battle legal cannabis, but don’t count the industry out yet.
Nebraska, passed two ballot initiatives to legalize medical marijuana and regulate the industry on Tuesday. A whopping 67% of the public said yes, which is great for a traditional lyconservative state. Nebraska was one of the few holdouts for medical marijuana. The legality of the ballot initiatives is being questioned regarding discrepancy over fraudulent signatures and fraudulent notarizations. It is a civil case with a ruling expected after the election is cleared up. The Governor spoke out against cannabis. Those arguing on behalf of the petitioners said there was no “clear and convincing evidence” of fraud, and throwing out entire petitions would punish thousands of Nebraskan voters. If the cannabis backers and voters win the civil suit, medical marijuana should start by the end of 2025.
While the initiative failed to reach the 60% of votes needed in Florida, it garnered an impressive 56% of public support. Showing the population of the sunshine state is for fully legal weed, but could be 4 years until it is available. There are issues are Governor DeSantis use of public assets to combat the issue, so my legal wrangling in Florida.
A portion of the industry supported the incoming president, but the biggest industry influence for the upcoming administration will be alcohol and pharmaceutical companies. Alcohol alone is probably one of the biggest investors in the industry with over $13 billion. Wana Brands, which is partial owned by Constellation, launched hemp gummies that can be sold in most states and are as effective as THC gummies. A smart expansion of their products.
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