Cannabis Roundup: State Legislature Edition

By Tony Owusu

Here is a roundup of cannabis regulatory initiatives across the country that could play into cannabis stocks in the coming days, weeks and months. 

Earlier this month, changes to Texas' limited medical access law took effect, permitting physicians to recommend low-THC, high-CBD formulations of cannabis to patients diagnosed with post-traumatic stress and cancer. 

The new provision also increases the percent of THC available in the products from 0.5% to 1%. 

Texas' state legislature only meets every other year, so Texas will be off of the cannabis legislative map until at least 2023. 

Next, lawmakers in South Dakota are seeking to repeal a provision from the state's voter-approved medical cannabis law that allows patients with permits to cultivate personal stashes at home. 

The ballot measure passed with nearly 70% of voters voting in favor of the provision last November. 

The provision has faced opposition from the Governor's office and the state's House voted to delay the law's implementation in February, NORML reported. A majority of the state's House and Senate lawmakers would still need to approve the delay vote in order for them to take effect, however. 

Under the law that was passed, the state must begin issuing identification cards to qualified patients by May 15, 2022. 

Cannabis stocks Tilray TLRY, Aurora Cannabis ACB, and Cronos Group CRON were rising in afternoon trading Thursday, reversing losses from Monday's session. 

Elsewhere, cannabis stocks were generally lower.

The Alternative Harvest ETF  (MJ Get ETFMG Alternative Harvest ETF Report fell 8 cents, or 0.5%, to $15.88.

The AdvisorShares Pure Cannabis ETF  (YOLO Get AdvisorShares Pure Cannabis ETF Report fell 33.51 cents, or 1.94%, to $16.90.

And the Horizon Marijuana Life Sciences ETF  (HMLSF)  fell 1.61 cents, or 0.24%, to $6.73.


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