So, not sure where and what cannabis legislation is moving through the statehouses and local jurisdictions?
Cowen & Co. shared with Traders Magazine its Cannabis Tracker update – a bi-weekly rolling update on cannabis legislation in individual states.
Here is a summary of the latest report, State Lines by Eric Assaraf of Cowens Washington Research Group.
The New Stuff:
Florida Gov. Ron DeSantis (R) recently signed a bill that eliminates the state’s ban on smokable medical cannabis. Source: Bloomberg
A bill to legalize recreational use of marijuana in New Jersey was up for discussion today at legislative hearings in the Assembly Appropriations and Senate Judiciary Committees, setting up a potential final vote as soon as March 25. Source: Marijuana Moment
New Mexico is poised to become the next state to decriminalize marijuana as lawmakers approved legislation to remove criminal penalties for cannabis possession early Saturday morning. The bill now heads to the governor’s desk to be signed into law. Source: Marijuana Moment
Alaska
Lt. Gov. Kevin Meyer (R) signed new regulations into law on March 12 that will allow Alaska residents to consume cannabis at licensed dispensaries later this year. Some states like California and Colorado allow for on-site consumption in certain locales, but Alaska is the first to do so state-wide. Source: Marijuana Moment
Connecticut
On March 14, legislative leaders announced a plan to legalize recreational use of marijuana via multiple bills rather than comprehensive legislation. Public hearings on the new measures are scheduled for March 22.
Source: Marijuana Moment
Florida
Florida State Reps. Michael Grieco (D) and Carlos Guillermo Smith (D) filed bills in late February related to legalizing and taxing adult use cannabis in the state. The bills would allow adults 21 and older to purchase and use limited amounts of cannabis in their homes or other private places and purchase up to 2.5 ounces at a time. If someone were to smoke cannabis in public, they would face a $100 penalty. The state’s House of Representatives also passed a bill March 13 that would eliminate the state’s ban on smokable medical cannabis, which now heads to the governor’s desk. Source: ABC Action News
Georgia
On March 5, the Georgia House of Representatives approved a bill that would allow medical cannabis to be grown, manufactured and distributed in the state. Georgia has previously allowed patients to use medical cannabis for seizures and cancers since 2015. In addition, former Governor Nathan Deal (R) signed a bill last year allowing for those suffering from post-traumatic stress disorder and intractable pain to use cannabis oil for treatment. However, it has previously been against the law to grow, buy, sell, or transport the drug, leaving patients on the medical cannabis registry with no method of obtaining it. The proposal would also license 60 medical cannabis dispensaries in the state. Source: The Hill
Hawaii
The effort to legalize recreational marijuana in Hawaii stalled after a legalization bill did not meet a March 1 deadline to be considered by the state Senate. The bill made it farther than in past sessions, but the legalization effort is now essentially shelved as a ballot initiative is not an option in Hawaii. Source: Honolulu Star Advertiser
Kentucky
On March 6, Kentuckys House Judiciary Committee voted to advance a bill that would legalize medical cannabis in the state. The bill, which has 43 co-sponsors out of the chambers 100 total members, would establish a medical cannabis program under a newly named Department for Alcoholic Beverage and Cannabis Control. The state agency would be responsible for issuing licenses to qualifying patients, health care providers, cultivators, processors, and dispensaries. The legislation was approved by a 16 to 1 margin. The bill now advances to the Rules Committee before it is forwarded to the floor for a full House vote. Source: Marijuana Moment
Minnesota
On March 11, a Minnesota Senate committee rejected proposals to legalize marijuana and create a task force to study the issue. Source: MPR News
New Hampshire
On Feb. 27, New Hampshires House of Representatives approved a bill to legalize adult use cannabis. The legislation, sponsored by Rep. Robert Renny Cushing (D), would allow adults 21 and older to possess, gift, consume, cultivate, and purchase certain amounts of cannabis from licensed retailers. A governor-appointed commission would be responsible for approving and issuing licenses for commercial cannabis cultivators, product manufacturers, testing facilities, and retailers. In addition, a separate 11-member panel would be established to solicit public and expert input on the legal market in order to inform the commission. Source: Marijuana Moment
Analysis: While Governor Chris Sununu (R) has vowed to veto cannabis legalization, House Speaker Steve Shurtleff (D) feels there is enough support in the House to override a veto.
New Jersey
Governor Phil Murphy (D) announced an agreement with the state legislature on March 12 on a bill to legalize cannabis for adult use. The legislation is expected to include compromise language to tax cannabis by weight ($42/ounce) rather than by price. Murphys FY 2020 budget estimated $60M in marijuana tax revenue. Source: Marijuana Moment
Analysis: New Jersey appears to have taken the lead in the race to be the first state to legalize recreational use in the tri-state area. Gov. Murphy has predicted that legal marijuana sales would begin in early 2020.
New Mexico
On March 7, New Mexicos House of Representatives narrowly passed a recreational marijuana bill (House Bill 356) by a margin of 36-34, with significant modifications. The bill also passed out of the first Senate committee on March 9 but stalled in the Senate Finance Committee. However, a bill to decriminalize marijuana is headed to the governor’s desk. Source: Albuquerque Journal
Analysis: Governor Michelle Lujan Grisham (D) supported legalization of marijuana during her gubernatorial campaign, though it appears that the measure will likely have to wait until the 2020 legislative session.
New York
On March 12, the New York Senate and Assembly included Gov. Andrew Cuomo’s (D) marijuana legalization proposal in their budget bills, with modifications. However, Cuomo has recently said hes no longer confident such a provision will be included in final spending legislation, which must be signed by April 1. Source: Marijuana Moment
Oklahoma
On March 14, Gov. Kevin Stitt (R) signed new regulations into law that sets up guidelines for inventory testing/tracking, advertising, packaging, and labeling for medical marijuana. Source: Associated Press
Texas
Senate Bill 90 (Sen. Jose Menendez [D]) and House Bill 209 (Rep. Ron Reynolds [D]) are the medical cannabis bills to watch in the states 86th Legislature, which runs from Jan. 8 to May 27. The companion bills would expand the definition of debilitating medical conditions to allow medical cannabis use for a number of new conditions such as cancer, HIV/AIDS, PTSD, autism and chronic pain. Source: Leafy
Analysis: Texas legislative sessions only occur every other year and Gov. Greg Abbott (R) hasnt shown much support for expanding medical cannabis in the state.
Vermont
Vermonts Senate passed a bill Feb. 27 to regulate and tax cannabis for adult use. The bill would create a system of regulated cannabis production and sales for adult use, subject to a 10% tax, and municipalities could establish a 1% local option tax if they host a retailer. Under the proposal, oversight of the medical cannabis program would be shifted from the Department of Safety to a new independent commission beginning January 1, 2021. Source: Cannabis Dispensary Magazine
Analysis: Importantly, we note that the bill passed with a veto-proof majority (23-5).
Wisconsin
Governor Tony Evers (D) first budget proposal was presented to the state legislature on Feb. 28. The proposed budget would decriminalize possession of up to 25 grams of marijuana for recreational use. It also proposes legalization of marijuana for medical use for a wide range of health conditions. Source: Marijuana Moment
Analysis: Although there is some bipartisan support for Evers cannabis proposals, Republicans maintain control of both houses of the Wisconsin legislature and hold a 2-to-1 margin in the Assembly.
Cowen & Co.
Source: Cowen & Company
