Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week and look ahead to how the cannabis industry continues to take shape in 2021. But before we whiparound the industry, check out our in-depth articles on sector stalwarts Sundial Growers (SNDL), Tilray (TLRY), and Canopy Growth (CGC).
Investor interest in the cannabis industry is growing at an explosive rate, and the leading players continue to break through legal barrier after legal barrier, especially in the United States. More than 40 U.S. states legalized recreational and/or medical marijuana by the end of 2020. Now, more and more companies are starting to see the opportunity in cannabis cultivation, marketing, distribution, and technology.
Some U.S. states including Texas, Tennessee, New Hampshire, Nevada, Illinois, Connecticut are making strides to pass bills legalizing cannabis. In Texas, he Texas House approved a budget amendment to the psychedelics research bill advancing it to the Governor’s desk. HB 1802 requires the Department of State Health Services and Texas Medical Board to research the medical benefits and efficacy of psilocybin, MDMA, and ketamine when treating various mental health disorders and other ailments. Under the bill, the Health Department is expected to submit the research results with recommendations for further legislative actions on December 1 of 2022.
The Connecticut cannabis legalization measure supported by Gov. Ned Lamont passed another committee, possibly opening the doors for a floor vote in the coming week, reported Marijuana Moment. After the Illinois House passed the cannabis equity bill last month, the Illinois Senate also approved it Friday, sending it to the Governor’s desk, reported Marijuana Moment. The Nevada Senate approved the cannabis consumption lounges legalization bill in a 17-3 vote on May 31, 2021, sending it to the Governor’s desk, reported Marijuana Moment. New