The Week In Cannabis: Earnings Madness, Illinois Legalization, FDA Hearing, And More

In a week that can only be described as eventful, Illinois lawmakers passed a bill to legalizeadult-use cannabis – which now only needs the governor’s signature; the FDA held a public hearing on the regulation of products containing CBD; and a federal appeals court re-opened a case against the federal government and the DEA, which challenges cannabis’ illegality – ultimately the court urged the federal government to move forward with the de-scheduling of marijuana “with all deliberate speed.”

Commenting on Illinois’ legalization, Charlie Bachtell, CEO of Chicago-based Cresco Labs Inc CRLBF 2.5%, told Benzinga, “The legislation passed in Illinois reflects the positive social equity and economic impact that the regulated recreational-use cannabis industry can have on cities and states.”

Regarding the lawsuit against the federal government, one of the plaintiffs, Nelson Guerrero, executive director of the Cannabis Cultural Association told Benzinga: “Come fall we will be heard again by the second circuit, and hopefully the DEA will do right by the people with a fair and fast decision. The unconstitutional prohibition of cannabis is coming to an end under this administration or the next; we are one step closer to freeing the plant so we can free the people.”

In relation to the FDA hearing, Benzinga spoke with Wendy May Real, MBA, founder and CEO of Pure Bloom CBD. She said the FDA’s public hearing, featuring more than 100 speakers, medical professionals and advocates within the CBD industry, left her with mixed emotions.

“I was happy to see of the FDA’s willingness to hear public comment and acknowledged the need for a more defined regulatory framework. But, [the FDA] was unable to provide any immediate timeline or path forward for this framework.”

In other news, the Transportation Security Administration updated its rules to allow people to travel with certain hemp-derived CBD products, Arizona’s Supreme Court ruled in favor to the legality of cannabis extracts – reversing a lower court decision, and South Africa passed legislation that partially legalizes CBD and CBD products.

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On the markets front, we learned Harborside, one of the most iconic cannabis dispensary chains, is going public on the Canadian Securities Exchange under the symbol “HBOR.” Harborside was founded by activist Steve DeAngelo and is known for completing the first legal cannabis sale ever in California.

We also witnessed a myriad of big earnings reports and other big developments in the corporate world, all featured in detail below.

Javier Hasse , Benzinga Staff Writer