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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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 — 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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420 with CNW — Missouri Supreme Court Says Local Authorities Shouldn’t Stack Cannabis Sales Taxes

Missouri’s Supreme Court has ruled that counties and cities cannot each apply a separate sales tax on recreational cannabis.

The court stated that under the constitutional amendment passed in 2022, only one local authority may collect a 3% sales tax on cannabis. The local authority can either be a city, town, or village in an incorporated area or a county in unincorporated regions—not both.

The justices pointed out that the amendment’s language ties the term “local government” to the location of the dispensary. That means if a cannabis store is inside a city’s limits, only that city can apply the 3% tax, not the county too.

The decision was based on a case involving Robust Missouri 3 LLC, a dispensary located in Florissant. Customers were being taxed nearly 21%, including 3% from both St. Louis County and Florissant. The court’s ruling invalidates the county’s tax in this situation and affects more than 70 other locations across Missouri where both city and county governments have been collecting a marijuana sales tax.

Judge Zel Fischer disagreed with the majority, arguing that the amendment allows for both cities and counties to apply the tax—even within incorporated areas. He wrote that interpreting “and” to mean “or” leads to an unreasonable outcome and ignores the plain wording of the law. In his view, counties should be allowed to collect taxes within their borders, whether incorporated or not.

Previously, a Missouri appeals court sided with the dispensary, stating that the amendment’s language is clear and doesn’t allow for double taxation by both city and county governments. That decision overturned an earlier ruling that had permitted both levels of government to impose their own taxes on cannabis.

The Supreme Court’s decision also settles a related case, which had been on hold until this ruling. That case involved a Buchanan County judge who had ruled in favor of stacked taxes as well.

Andrew Mullins, who leads the Missouri Cannabis Trade Association, praised the ruling. He said the group filed the legal challenge shortly after dual taxes started appearing in 2023, aiming to defend consumers from unnecessary costs. Mullins estimated that the decision will save buyers around $3 million each month.

He added that cannabis customers in Missouri are already contributing significantly through taxes and that the ruling helps keep prices reasonable while maintaining the program’s strong reputation for quality and access.

As unnecessary double taxes are halted, the marijuana industry could deepen its reach and create opportunities for more entrepreneurs, such as those starting businesses similar to Innovative Industrial Properties Inc. (NYSE: IIPR) that serve cannabis firms without directly engaging in trading marijuana products.

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420 with CNW — Marijuana Firms That Have Weathered the Recent Storms Could Thrive Over the Coming Years

Over the last five years, the marijuana sector has gone through a major shake-up from excessive spending to tough tax burdens and complicated regulations. With all these challenges, a sort of natural selection has taken place: only the most disciplined and resilient companies have survived.

The companies that remain today are generally led by experienced teams who’ve learned to operate with caution and efficiency. The recent downturn has helped reset market expectations, leading to more reasonable valuations.

Unlike previous market peaks in 2019 and 2021, where investors chased rapid expansion and aggressive land grabs, today’s environment favors steady earnings and strong financials. Investors now prioritize capital preservation and want to back businesses that are built to last.

For savvy investors, this presents a window to identify companies with solid leadership, real assets, and operational stability. These are the firms most likely to generate strong, risk-adjusted returns as the market matures.

With valuations down and sellers open to creative deal terms, now could be an ideal time to invest in businesses prepared for the next phase of growth.

Finding the right opportunities in cannabis is still a moving target. This year, investors are showing interest in companies that offer one or more of these advantages: strong consumer brands, distressed assets free from past liabilities, owned real estate or infrastructure, niche market access with little competition, durable market share gains through smart acquisitions, or innovative structures designed to work around federal limitations.

Deals that offer solid downside protection while leaving room for upside are especially appealing. Investors are leaning into structures like convertible notes that offer safety today with equity upside later, preferred equity that ensures priority in returns, and revenue-sharing models that deliver returns through operations rather than relying on uncertain exits.

Some of the most interesting strategies emerging include employee stock ownership plans (ESOPs), which provide liquidity for founders and employees while offering tax perks, and mergers with entities holding large tax losses, which can improve after-tax income when paired with profitable operators.

Policy winds may be shifting as well. For the first time in years, federal cannabis reform seems to be gaining momentum. President Donald Trump has come out in favor of reclassifying cannabis and advancing banking reforms. He’s publicly spoken about the need for more sensible policies that support small businesses and challenge the black market.

If reforms like SAFE Banking or rescheduling move forward, it could spark a return of institutional capital and public market access. That would be a major shift. Over the next one to two years, investors may have a rare chance to get in early on the next wave of cannabis success stories—companies that have already proven their grit and are ready to grow in a more supportive environment.

As that new phase of growth gains steam, plenty of opportunities could be created for companies like Innovative Industrial Properties Inc. (NYSE: IIPR) that address some of the needs of plant-touching companies.

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420 with CNW — Marijuana Firms That Have Weathered the Recent Storms Could Thrive Over the Coming Years

As that new phase of growth gains steam, plenty of opportunities could be created for companies like Innovative Industrial Properties Inc. (NYSE: IIPR) that address some of the…

420 with CNW — Nebraska Senate Rejects Law Seeking to Operationalize Medical Marijuana Program Approved by Voters

A bill in the Nebraska Legislature aimed at helping put voter-approved medical marijuana laws into action did not pass on Tuesday. Despite strong support from voters last November, lawmakers couldn’t overcome a filibuster in the chamber. Legislative Bill 677 fell short of the 33 votes needed to end debate, with a narrow 23-22 vote failing to move it forward.

Senator Ben Hansen, who introduced the bill, tried to appeal to his colleagues’ compassion, arguing that medical marijuana could offer real help to suffering patients. He stressed that even if they were hesitant about marijuana, they could still support relief for those in need.

Senator Glen Meyer echoed Hansen’s sentiment, urging fellow legislators to trust in each other’s judgment and humanity to find a path forward. Six other Republicans joined Meyer and Hansen in backing the bill, but it wasn’t enough to counter the opposition led by prominent GOP figures like Governor Jim Pillen, Attorney General Mike Hilgers, and U.S. Senator Pete Ricketts.

Their public pushback convinced enough lawmakers to block LB 677. They argued that the newly established Medical Cannabis Commission, created by voters and given full authority to regulate medical marijuana, should be allowed to work independently before any legislative changes are made.

There are also legal battles still playing out. Hilgers’ office is pursuing a case questioning the legality of how the cannabis laws made it onto the ballot. At the same time, he has rallied support from law enforcement groups, including sheriffs and police chiefs, against the bill.

Still, advocates like Senator John Fredrickson pushed back, arguing that the fears surrounding marijuana were outdated. He argued that lawmakers should focus on putting effective guardrails in place rather than blocking what the voters supported.

Senators like Dan Quick and Megan Hunt shared personal stories and frustrations, emphasizing that medical cannabis could be life-changing for families struggling with addiction or chronic health issues. Others noted the inconsistency of opposing this bill while supporting changes to other voter-approved initiatives on paid leave and minimum wage.

LB 677’s failure has frustrated many who believe the proposal is necessary to make the voter-approved reforms a reality. Some see it as another example of lawmakers ignoring the public’s will, while others view it as a deliberate delay tactic to weaken support or force legal battles.

Despite the setback, activists and supporters of medical cannabis have vowed to keep pressing forward. Many believe that the rejection of LB 677 could drive momentum toward full legalization in future elections, possibly as soon as 2026.

The failure to advance an enabling law creating a regulated medical marijuana program in Nebraska adversely affects the opening of broader economic activity, such as the sprouting of companies that offer services along the model of Innovative Industrial Properties Inc. (NYSE: IIPR) operating in other jurisdictions.

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