TheStreet here introduces Cannabis News This Week, a twice-weekly column rounding up the key national, and international, developments in marijuana legalization efforts.
We’ll highlight, summarize and take deeper looks at what matters for investors, the business community and recreational users in this lucrative sector.
Cannabis stocks have taken a beating in 2022 as acceptance and legalization at the state level has failed to overcome stalling U.S. federal legislation.
AdvisorShares Pure U.S. Cannabis ETF (MSOS) , the largest U.S. cannabis exchange-traded fund, is down more than 27% year to date. The ETFMG Alternative Harvest ETF (MJ) – Get ETFMG Alternative Harvest ETF Report is down nearly 22% this year.
Eighteen states, the District of Columbia and three territories have legalized recreational pot over the past decade. Two-thirds of American voters support legalization — including half of Republican voters and 83% of Democrats, according to Politico.
Even with the public support, Democratic majorities in both houses of Congress and Democratic control of the White House, federal legalization efforts have stalled during the Biden administration.
Here’s a roundup of the latest cannabis news.
New Jersey’s $2B Recreational Cannabis Market
New Jersey is preparing to launch its recreational cannabis market in coming weeks. Once it does, the market is expected to become one of the largest on the East Coast with annual sales expected to top $2 billion within a few years, MJBizDaily reports.
Proposals to End Pot Testing for State Employees
Officials in St. Louis and New Orleans are pushing for legislation that will end marijuana drug testing requirements for most city employees.
St Louis approved new rules stipulating that “[no] person currently employed by St. Louis County or applying for employment by St. Louis County shall be required to undergo pre-employment or random drug testing for the presence of marijuana metabolites (THC) as a condition or part of employment,” Norml reports.
Meanwhile, the New Orleans City Council approved a resolution recommending a similar policy change, Marijuana Moment reports. That bill is now making its way through the legislative process.
Canada Could Hike Cannabis Drink Cap
Canada’s government is looking for public input into a proposal that would increase the amount of cannabis beverages consumers can purchase at one time, MJBizDaily says. Canada currently allows an individual to possess as much as 30 grams — a bit more than an ounce — of dried marijuana in public, but only 2.1 liters (71 ounces) of cannabis-infused beverages. This works out to about five standard-sized cans.
Cannabis Remains Illegal in Delaware
Cannabis legalization in the first state, Delaware, is hitting roadblocks in the state’s House of Representatives. Last week, the state House voted 23-14-4 against legalizing use for adults 21 and older, according to Norml. The legislative body needs a three-fifths super-majority (25 votes) to pass the legislation.