420 with CNW — GOP State AGs Oppose Trump’s Plan to Reschedule Marijuana

A group of GOP state attorneys general is pushing back against President Donald Trump’s move to reclassify cannabis, arguing that marijuana should remain among the most tightly controlled substances due to health and safety concerns.

In a recently released joint statement, AGs from Iowa, Indiana, Idaho, Louisiana, Kansas, Nebraska, Wyoming, and Oklahoma said they have long rejected calls to loosen federal restrictions on marijuana and believe recent scientific findings reinforce their position.

They also pointed to what they described as real-world consequences of wider marijuana access, citing damage they say the drug has caused in their states. Among their concerns is what they described as a sharp rise in impaired driving cases, which they said are difficult for law enforcement to detect and prosecute.

The group noted that its members had shared their objections with the White House and expressed appreciation for what they described as the administration’s willingness to listen. Still, they said they are troubled by the executive order directing the U.S. Attorney General to move forward with the rulemaking process to place cannabis in Schedule III.

They added that they plan to closely review the order and consider next steps, emphasizing their intent to protect public health and ensure community safety.

In a separate announcement, South Dakota AG Marty Jackley said he and other attorneys general participated in a conference call with White House officials to discuss the executive order following the president’s signing event. Jackley said he appreciated what he described as ongoing communication between the administration and state law enforcement leaders.

Jackley also stressed that reclassifying marijuana would not amount to nationwide legalization. He noted that federal law would still prohibit marijuana from being prescribed by doctors unless it receives approval from the Food and Drug Administration. In South Dakota, he said, recreational use would remain illegal, and medical use would continue to be allowed only under strict conditions, including a valid prescription, a medical card, and purchases from licensed facilities.

The attorneys general’s criticism comes after GOP legislators in the House and Senate sent letters to Trump urging him to abandon plans to reclassify marijuana. Trump publicly brushed aside those objections, arguing that most Americans favor the policy shift and that cannabis has helped people dealing with serious medical conditions. He also referenced friends of his own who, he said, had benefited from its use.

While the proposed change would not make marijuana legal at the federal level, it would have significant practical effects. It would allow state-licensed marijuana businesses to claim standard federal tax deductions under Section 280E of the Internal Revenue Code. The change would also ease restrictions on scientific research, making it simpler for researchers to study marijuana compared with drugs that remain in Schedule I.

The opposition from sections of the GOP notwithstanding, the long-awaited change to the classification of marijuana at the federal level could improve the conditions under which marijuana companies operate at state level, and that would in turn open up new opportunities for companies similar to Innovative Industrial Properties Inc. (NYSE: IIPR) to be created to serve within the marijuana ecosystem.

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Consumption Lounges Open New Opportunities for Marijuana Firms

Marijuana consumption lounges are reshaping the hospitality industry with experiences that blend social spaces and regulated cannabis use. What started as a niche concept with events like edible-friendly yoga or art sessions has developed into a broader push for dedicated spaces where adults can gather and consume legally.

According to Dale Sky Jones, chancellor of Oaksterdam University in Oakland, these venues represent the next significant development for the legal cannabis sector.

Jones argues that the appeal of lounges goes far beyond novelty. Operators who hope to succeed must handle compliance, consumer education, and guest safety with the same care that traditional hospitality businesses give to food and beverage service. Done well, she says, lounges can strengthen brand identity and open the door to new revenue opportunities.

According to Jones, the customer experience forms the backbone of any successful operation. Everything from interior design to staff training affects how visitors feel when they walk through the door. Air filtration, sound management for events, and thoughtful floor plans all contribute to what she described as a smooth and enjoyable visit.

Lounges also give businesses room to experiment. Operators are hosting comedy shows, concerts, and hybrid events that blend traditional nightlife with regulated consumption. Tribal governments may have an even stronger chance to innovate, since they can integrate cannabis into casinos, hotels, or other entertainment properties.

Even so, operators face significant challenges. State and local rules often treat cannabis separately from alcohol, leading to tougher regulations and higher insurance exposure for lounge owners.

Public education remains another hurdle. According to Jones, many policymakers still do not understand how the consumption lounges work or how they differ from unregulated consumption. She called on industry leaders to help educate local and state officials so that lounge models can expand responsibly.

Looking ahead, Jones believes cannabis brands most likely to succeed are those that focus on building recognizable lifestyle experiences. Cannabis products cannot move across state borders, she said, but a brand’s atmosphere and culture can. She also imagines a future where marijuana becomes part of everyday activities, including offerings tailored to older adults or pet-friendly environments.

Jones urged operators to approach the growing sector with a mix of creativity and accountability. By emphasizing safety, transparency, and thoughtful engagement with the community, she said, lounges can help set a new standard for what modern cannabis hospitality looks like.

As consumption lounges gain traction around the country, new business opportunities could open up for cannabis ecosystem players like Innovative Industrial Properties Inc. (NYSE: IIPR) that can tweak their offerings to address this emerging need.

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420 with CNW — Florida Authorities Relent to Pressure, Advance Marijuana Ballot Initiative

Florida’s long-running fight over a proposed recreational cannabis amendment took another turn this week after state election officials confirmed they had completed a key step that a pro-legalization group accused the DeSantis administration of deliberately delaying.

Smart and Safe Florida, the organization behind the proposal, filed a petition with the Florida Supreme Court in October, accusing the state of stalling the ballot certification process. On Tuesday, Attorney General James Uthmeier urged the court to dismiss the case, noting that the action the group sought had been carried out the day before.

Maria Matthews, the director of the Division of Elections, issued the required letter confirming that the group had collected enough verified signatures to move the measure forward.

According to the state’s filing, Smart and Safe’s lawsuit requested that the court compel officials to send the acknowledgment letter and advance the petition to the attorney general. The state argued that the issue is now moot because the letter has been delivered and the proposal sent along for further review.

This marks the second lawsuit the group has filed over the proposed amendment. The latest legal move comes months after the recreational marijuana measure fell short during the 2024 election cycle. While 56% of voters backed legalization, Florida law requires at least 60% for a constitutional change.

The defeat followed a high-profile effort by Governor Ron DeSantis and several state leaders who campaigned aggressively against the initiative. They warned that expanding access to marijuana would harm communities and invite corporate influence, turning the issue into one of the most contentious fights of the year.

In its October lawsuit, Smart and Safe said it informed the election division in August that the campaign had far exceeded the number of verified petitions needed to trigger the next step in the process. The group said it had secured over 660,000 verified signatures, more than triple the minimum required to begin review.

Despite the early notification, no acknowledgment letter was issued for months. Smart and Safe argued that the delay was intentional and part of a broader effort to hinder the initiative. The group pointed to an October 3 directive from the Secretary of State instructing county supervisors to invalidate up to 200,000 petition signatures.

According to the order, organizers did not include the full text of the proposed amendment in certain mailings, which the state said violated petition rules. The decision wiped out nearly one-fourth of the signatures required for next year’s ballot and was the core of the group’s lawsuit.

The wider marijuana industry, including allied firms like Innovative Industrial Properties Inc. (NYSE: IIPR), will be glad that the effort in Florida has notched this step in the process of making its way onto the ballot.

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420 with CNW — Activists in Oklahoma Withdraw Ballot Measure to Legalize Marijuana in 2026

Efforts to place a cannabis legalization measure on Oklahoma’s 2026 ballot have been halted after organizers withdrew their proposal before the submission deadline.

Oklahomans for Responsible Cannabis Action confirmed it did not deliver its petitions to the Secretary of State’s office in time, effectively halting the campaign. The decision marks a major setback for advocates who had been working quickly to collect signatures statewide.

The group had enlisted over 500 local businesses to help circulate petitions, including medical marijuana dispensaries, tattoo shops, and other small retailers. Despite the broad outreach, ORCA fell short of submitting the required 172,993 valid voter signatures by Monday’s cutoff.

Jed Green, founder of ORCA, said in October that volunteers had gathered a large number of signed petitions, but the process of organizing and verifying them proved difficult. Collection efforts continued into the final hours before the deadline, but the group could not finalize delivery in time. The campaign began collecting signatures in August, leaving organizers just three months to meet their goal.

Advocates also faced new political challenges. Governor Kevin Stitt signed legislation earlier this year tightening rules for citizen-led ballot measures, including marijuana reforms. The law adds stricter requirements for the short ballot summaries voters see and limits how many signatures can be collected from any single county—no more than 20.8% for constitutional measures and 11.5% for statutory proposals. That law is currently being contested in court, though not specifically because of the marijuana initiative.

Under the withdrawn initiative, adults 21 and over would have been allowed to possess up to eight ounces of marijuana, cultivate up to 12 plants, and hold one ounce of concentrates for personal use. The measure sought to protect users from discrimination in housing, employment, education, healthcare, and other areas, and it barred the use of THC residue as evidence of impairment.

Local governments would not have been allowed to ban home cultivation, and public-use restrictions could not exceed those already in place for tobacco. A 10% excise tax would have applied to recreational marijuana, with most revenue split between the state, counties, and cities.

The initiative also included provisions for interstate commerce if federal law eventually allows it.

While ORCA’s campaign has ended for now, the broader debate over cannabis policy in Oklahoma continues. Law enforcement agencies have voiced opposition to broader legalization, citing health and public safety concerns.

Meanwhile, state legislators have advanced measures related to marijuana use, including one aimed at preserving firearm rights for medical cannabis patients and another proposing penalties for using marijuana during pregnancy.

The wider marijuana reform movement will be disappointed that the efforts to seek legalization of adult-use marijuana in Oklahoma haven’t placed an initiative on the ballot. This setback closes the door to many business opportunities, such as for firms offering similar services to Innovative Industrial Properties Inc. (NYSE: IIPR), that would have resulted if broader policy reforms had succeeded in the state.

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420 with CNW — Court Starts Hearing Case Against Florida Marijuana Licensing Process

A months-long legal showdown began on October 20 over who gets to enter Florida’s tightly controlled medical cannabis market, a fight that could reshape one of the state’s fastest-growing industries.

The administrative hearing, expected to continue into mid-February, follows nearly a year of disputes since health officials announced they intended to grant 22 new licenses out of more than 70 applications. Thirteen rejected companies are now challenging those decisions before an administrative judge.

The state’s health department and most of the selected applicants are also part of the complex proceedings, which include hundreds of documents and days of expert testimony. At the heart of the dispute are scoring discrepancies that determined which companies advanced and which were left out. Applicants were graded on a point system ranging from 1,450 to 3,280. The lowest winner scored just a single point higher than one of the challengers.

Attorney Will Hall, representing Liner Source Inc., told the judge that his client missed the cutoff by only 23 points. Hall argued that evaluators unfairly rated Liner Source’s cultivation plan, awarding just 5 of 60 possible points, even though the company had already invested heavily in growing facilities and equipment.

Other disputes center on procedural issues. MSD Enterprises LLC, which earned one of the highest total scores, was disqualified because regulators said the company failed to list every individual associated with its ownership, as required by the state. Another contender, Niraam LLC, is fighting its rejection under a rule that bars any entity from holding stakes in multiple cannabis licenses.

The disputed licenses stem from a 2017 state law requiring the expansion of Florida’s medical cannabis program as patient numbers grow. More than 930,000 Floridians are now qualified for medical cannabis, making this the first major opportunity for new businesses since that law passed.

Florida currently has 25 licensed operators running 736 dispensaries statewide. The latest application round, launched in 2023, drew 72 submissions, nearly doubling the state’s potential market size.

Ed Lombard, representing the Health Department, noted that the hearing coincides with the 10th anniversary of Florida’s first cannabis licenses.

Many applicants had hoped to capitalize on the potential legalization of recreational cannabis through a 2024 constitutional amendment. The measure fell short of the required 60% approval, despite a $145 million campaign by Trulieve-backed Smart and Safe Florida, which now plans a similar push for the 2026 ballot.

The expansion of the medical marijuana program is expected to create opportunities not only for marijuana companies but also ancillary companies operating on a similar model to that of Innovative Industrial Properties Inc. (NYSE: IIPR) within the wider business ecosystem around the cannabis industry.

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420 with CNW — Marijuana Industry Group Goes to Court Challenging Michigan Tax Hike

A Michigan marijuana trade group has filed a lawsuit to challenge the state’s newly approved tax on wholesale cannabis sales. The legal complaint was submitted to the Michigan Court of Claims shortly after the measure became law.

According to the Michigan Cannabis Industry Association (MCIA), the new tax and the process behind its approval conflict with several parts of the state constitution. The association claims lawmakers failed to follow the proper procedure for changing the voter-approved cannabis law that established how the industry is taxed and regulated.

Michigan voters passed Proposal 1 in 2018, which created the state’s Regulation and Taxation of Marihuana Act. That ballot initiative legalized recreational marijuana for adults aged 21 and over and included a 10 percent excise tax on retail marijuana sales.

The trade association argues that the 2018 act is the only legal framework for taxing marijuana sales in the state. Under Michigan’s constitution, any modification to a voter-initiated law must either be approved by voters or gain a three-fourths majority vote in both chambers of the Legislature.

The recently enacted 24% wholesale tax was passed by the House in a 78-21 vote, with several members abstaining, and by the Senate with a narrow 19-17 margin. Those numbers fall short of the three-fourths threshold needed to alter a citizen-approved statute.

The MCIA further claims that lawmakers altered the bill’s purpose partway through the legislative process. Initially, the proposal focused on creating a fund for infrastructure and local government revenue without adding any new tax. Later, it was rewritten to include a 24 percent excise tax on wholesale cannabis sales. The group argues that this shift violates constitutional rules that prevent a bill’s purpose from being altered after introduction.

Additionally, the association contends that the new law breaks the state’s contracts clause, arguing it unfairly affects agreements and expectations among licensed cannabis businesses. The organization, which represents roughly 400 cannabis companies across Michigan, is asking the court to declare the tax invalid and block the state from enforcing it.

Ron Leix, the Michigan Treasury Department spokesperson, stated that the department had not yet received the lawsuit and therefore would not be commenting on the matter.

If the dispute advances, the case could eventually reach the state Supreme Court, where justices would decide whether the tax and the legislative process behind it are lawful. The outcome could also impact a broader budget agreement supported by both Republican and Democratic leaders.

The implementation of that tax hike would likely have adverse effects on the growth of the cannabis industry in the state, potentially preventing other ancillary companies within the ecosystem, such as those similar to Innovative Industrial Properties Inc. (NYSE: IIPR), from opening their doors and thriving.

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420 with CNW — California Governor Enacts Bill Rolling Back Cannabis Tax Hike

California Governor Gavin Newsom has signed a measure that halts a recent cannabis tax increase, giving the state’s cannabis industry a temporary break.

The legislation, introduced by Assemblymember Matt Haney, received bipartisan support in both chambers before landing on the governor’s desk. Newsom approved it on Monday, just weeks before his October 12 deadline to act on pending bills.

Haney explained that the pause is intended to strengthen the legal market, which has struggled to compete with unlicensed sellers. According to him, the legislation will keep small businesses running, protect jobs, and give voters the functioning system they intended when cannabis was legalized.

An amendment added during the Senate’s review delayed implementation until October. The actual tax hike went into effect in July after state officials announced that the rate would rise from 15% to 19%. Advocates had hoped the budget package passed earlier this summer would include a freeze, but that did not happen.

Newsom, along with Assembly Speaker Robert Rivas, supported halting the tax hike earlier this year. However, Senate President Pro Tem Mike McGuire reportedly kept it out of the final budget package, making Haney’s standalone bill the only path forward.

The new law puts a hold on the tax hike for a period of five years. Originally, the proposal would have kept the lower 15% rate until mid-2030, after which regulators would review and adjust the rate every two years to ensure consistent revenue. However, the Senate Appropriations Committee amended the bill, shortening the timeframe and adding reporting requirements. As a result, the lower rate will only last until October, and state officials must provide annual reports starting in December 2026.

Under the new law, the state’s Department of Tax and Fee Administration, in collaboration with the Department of Finance, will calculate and adjust the tax rate to make sure revenue matches what would have been collected under the previous system. The department is also tasked with estimating what cultivation taxes would have brought in and using that information to set future rates.

The central aim of the law, as stated in the measure, is to deliver immediate tax relief to marijuana businesses. Lawmakers plan to measure the success of the policy by tracking how excise tax revenue changes over time. Reports submitted to the legislature will outline whether the pause led to gains or losses in revenue, giving policymakers data to decide on the next steps for the industry.

Many cannabis firms are struggling under the weight of heavy tax burdens in different states. As the step taken by California is copied elsewhere, the industry could have a higher chance of thriving and creating opportunities for related verticals like the one in which entities such as Innovative Industrial Properties Inc. (NYSE: IIPR) operate.

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420 with CNW — Pro-Cannabis Legalization Tycoon Becomes PM of Thailand

Thailand’s parliament has appointed Anutin Charnvirakul as the country’s new prime minister after days of tense political maneuvering. Lawmakers voted for him following long negotiations sparked by the dismissal of former leader Paetongtarn Shinawatra.

Only a week prior, Paetongtarn was removed from office when the Constitutional Court declared that she had violated moral principles in managing a boundary dispute with Cambodia. She is the fourth member of the Shinawatra family to be forced out of power before completing a term.

The ruling set off fierce bargaining among parties, with Anutin’s Bhumjaithai party and Pheu Thai working hard to rally support.

Anutin, aged 58, has been in politics for years but first made headlines as the driving force behind Thailand’s decision to decriminalize marijuana. His family controls one of the country’s most influential construction firms, responsible for major projects including Bangkok’s Suvarnabhumi Airport and even the national parliament building.

Over the years, he has held several cabinet positions, including Health Minister and Interior Minister. His most controversial role came during his health ministry tenure when he championed marijuana legalization. Critics argued that the laws were passed too quickly, opening the door to widespread recreational use, but Anutin has consistently maintained that the law was meant for medical purposes.

Speaking outside parliament, Anutin pledged to dedicate himself fully to solving the country’s challenges. He told reporters that he plans to give his full energy to the job and treat every day as an opportunity to deliver results.

To secure his win, Anutin reached an agreement with the reformist People’s Party. Although the People’s Party does not share political values with Bhumjaithai, its leaders argued that the path offered the fastest way to push for reforms. However, the party has declined to join his administration, and some of its supporters remain skeptical that Anutin will keep his word.

Anutin won against 77-year-old lawyer Chaikasem Nitisiri of the Pheu Thai with a 311-152 vote.

The outcome is another setback for former prime minister Thaksin Shinawatra, whose once-dominant influence has weakened since his controversial return from 15 years abroad in 2023. His deal with conservative elites, which allowed his homecoming, has since collapsed. His popularity has slipped, while ongoing legal battles continue to haunt him.

Writing on X, Thaksin said he was in Dubai for medical treatment and meeting old friends, adding that he would return to Thailand to attend court.

Will Anutin’s ascendance to the office of PM result in marijuana policy reforms given his previous efforts to legalize the substance? A policy change would create a large market for marijuana in the country and trigger opportunities for many businesses, not just those directly dealing in marijuana but also other ecosystem players operating akin to Innovative Industrial Properties Inc. (NYSE: IIPR) in the U.S.

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420 with CNW — Appeals Court Says Federal Ban on Gun Ownership by MMJ Users Could Be Unconstitutional

A U.S. federal appeals court has ruled that the long-standing ban preventing illicit drug users from owning firearms may not hold up when applied to people who legally use medical cannabis.

The decision came from a three-judge bench of the 11th Circuit Court of Appeals in Atlanta. The case, Florida Commissioner of Agriculture v. Attorney General of the US, was brought forward by several Florida medical marijuana patients who argued that the law unfairly restricts their Second Amendment rights, which guarantee the ability to keep and bear arms.

The court pointed to a 2022 Supreme Court ruling, which emphasized that any restrictions on firearms must align with the historical tradition of gun regulation.

According to the plaintiffs, preventing patients from possessing guns in states where medical cannabis has been legalized does not match that historical framework.

Medical cannabis became legal in Florida in 2016, though cannabis remains classified as an illegal drug at the federal level. Even so, the plaintiffs highlighted that the Justice Department cannot use federal funds to interfere with state-level medical cannabis programs. This protection, they argued, extends to individuals following state law.

The Justice Department countered that banning cannabis users from firearm ownership is consistent with past practices of disarming convicted criminals or people considered dangerous. A district court judge previously agreed with that position.

However, Judge Elizabeth Branch, writing for the appeals panel, noted that the individuals in the case had not been convicted of crimes but were instead engaged in conduct considered a federal misdemeanor. She also observed that the government had not demonstrated that the plaintiffs’ drug use made them dangerous enough to justify stripping them of their gun rights.

Judge Branch’s opinion was backed by Judges Robert Luck and Gerald Tjoflat. She also pointed out that the decision was in line with a similar ruling last year from the 5th Circuit Court of Appeals, which held that a Texas gun owner who used cannabis could not be prosecuted under the federal ban.

Attorney William Hall, representing the Florida plaintiffs, welcomed the outcome, saying that the decision confirmed their stance that the Second Amendment cannot be used to strip medical cannabis patients of their rights. He added that the federal government cannot label all medical cannabis users as too dangerous to exercise their constitutional freedom.

The Justice Department has not yet commented on the ruling. The marijuana industry, together ancillary firms like Innovative Industrial Properties Inc. (NYSE: IIPR), will be watching to see if the DOJ appeals this ruling given that several federal courts have been making differing decisions on this matter and a final position may soon have to be made by the U.S. Supreme Court.

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420 with CNW — Reports Indicate Trump is Privately Considering Cannabis Reclassification

President Donald Trump recently hinted at easing federal cannabis restrictions during a private dinner at his Bedminster club in New Jersey. “We need to review that,” he told a small group of donors, according to two attendees. “It’s something we’re considering.”

During his campaign, Trump had stated that a second term could mark a shift in federal cannabis policy. He expressed interest in giving states more freedom to legalize and in removing marijuana from the same federal category as heroin. This position appealed to younger voters, minority communities, and libertarian-leaning supporters.

However, after seven months in office, no action has been taken, even though other campaign promises have been addressed quickly.

Inside the administration, marijuana reform has created divisions. Some of his political strategists are pushing for quick action, seeing it as a way to strengthen Republican support before the midterms. Others, focused on policy, worry about legal complications and the political risks of loosening marijuana laws.

Public signals about Trump’s plans remain mixed. James Hagedorn, CEO of Scotts Miracle-Gro, noted that Trump has repeatedly promised that he would support reclassifying cannabis to a less restricted category. His company has invested heavily in cannabis-related ventures and donated half a million dollars to a GOP-aligned super PAC.

However, the new DEA chief, Terrance Cole, has not listed cannabis reform as a priority.

Trump’s campaign promise came last year when he posted on Truth Social that he supported a ballot measure to legalize recreational cannabis in Florida. He also said he wanted to move marijuana to Schedule III, a category for substances with lower potential for abuse than Schedule 1, where marijuana currently sits. He has also stated that small-scale possession should not result in jail time.

The current classification review began under President Joe Biden, with the HHS recommending a move to Schedule III. The DOJ started formal steps in 2024, but the process stalled when Biden left office.

The White House has since been gathering agency feedback, weighing potential effects on law enforcement. Some advisors worry that reclassification could make it harder for police to use cannabis odor as probable cause in searches—something Trump has supported in his tough-on-crime stance.

Although Trump’s public tone on cannabis has softened, he remains personally opposed to drug use, shaped by his brother’s struggles with alcohol.

Supporters, including industry groups and influential figures like Joe Rogan, continue to urge him to act, arguing it would create jobs, expand research, and appeal to a majority of Americans who favor legalization.

Any changes to the schedule in which marijuana falls could indeed lead to the mushrooming of not just marijuana companies but also allied firms similar to those operating like Innovative Industrial Properties Inc. (NYSE: IIPR).

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