Welcome to my latest Weekly Weed Report video presentation. The article below is a condensed transcript; the video contains charts and additional details.

As 2022 draws to a close and the Christmas holidays loom on the calendar, we’re seeing a flurry of legal and regulatory activity in the marijuana industry. Lawmakers, industry leaders, investors, and other cannabis stakeholders are trying to set the table for 2023, when the overall bear stock market is expected to end.

We’re on the cusp of a new bull market for equities in general and pot stocks in particular. Let’s examine the backdrop in the U.S., on a state-by-state basis.

Louisiana. The State Board of Medical Examiners has ceased enforcement actions against physicians who recommend medical marijuana via telemedicine. The cessation of enforcement comes days after a state Senate committee threatened to revoke the board’s rule-making authority for refusing to lift the in-person visit requirement.

Marijuana plants grown for recreational/medicinal purposes are not allowed in Louisiana. However, state law allows any licensed doctor in good standing with the state to recommend cannabis for any condition the doctor “considers debilitating to an individual patient and is qualified through his medical education and training to treat.”

As of August 1, 2022, the Louisiana Department of Health (LDH) has assumed regulatory authority over Louisiana’s medical marijuana program.

Under current law, marijuana dispensaries in Louisiana can only operate in their respective region, assigned to them by the LDH. As of July 2022, each of the nine regions has only one dispensary.

Montana. Tax revenue from alcohol is projected to remain relatively flat in the state for the next few years, according to revenue projections in Gov. Greg Gianforte’s (R) budget proposal released this week. Income from taxes on tobacco products is projected to fall.

However, marijuana is forecast to make a large contribution to state tax coffers, starting in fiscal 2024. Tax revenue from cannabis is projected to hit $50.7 million in the 2024 fiscal year and $57.5 million in 2025 for the state’s general fund, according to estimates in the budget proposal.

New Hampshire. The Democratic and Republican leaders of the New Hampshire House of Representatives announced this week that they will jointly file legislation to legalize marijuana for the 2023 session. The bipartisan effort is backed by cannabis industry leaders in the New England area.

Republicans retained both the House and Senate in the November midterm elections, and the latter chamber is where marijuana reform has stalled. The Senate rejected two House-passed reform bills earlier this year.

The sale and use of recreational marijuana are both currently illegal in New Hampshire. State law allows citizens with certain medical conditions to receive medical marijuana prescriptions.

New York State. As New York State puts in place the infrastructure for the launch of legal adult-use marijuana sales, Gov. Kathy Hochul (D) has signed a bill designed to expand the state’s hemp market by promoting collaborative partnerships to use the crop and its derivatives for packaging, construction and other purposes.

The new legislation would amend a section of New York’s agriculture law that deals with hemp economic development, mandating that the agriculture commissioner consult with hemp producers to integrate hemp products into business operations throughout the state.

Rhode Island. The state’s first adult-use marijuana sales launched this month, with five dispensaries serving consumers 21 and older.

Gov. Dan McKee (D) and the state Department of Business Regulation announced on December 1 that the “hybrid” medical-recreational shops would be opening at the start of December. The governor signed medical and recreational marijuana legalization into law in May 2022.

Wisconsin. The Wisconsin Department of Revenue is asking Gov. Tony Evers (D) to put recreational and medical marijuana legalization in his forthcoming executive budget.

Gov. Evers has already promised to put legalization in his upcoming budget, despite the GOP-controlled state legislature’s repeated rejection of similar executive requests to create recreational and medical cannabis programs. Separately, the State Public Defender is seeking decriminalization of cannabis possession.

Evers, who won re-election in November, sought to legalize marijuana in his budget last year. He campaigned on marijuana legal normalization, a goal that’s popular with state voters. Marijuana possession, sale, and manufacture are illegal under Wisconsin law. That makes Wisconsin an island of prohibition, surrounded by states where pot is legal in one form or another.

Editor’s Note: As I’ve just explained, marijuana is increasingly a part of mainstream American life. That’s why I’ve launched a new investment service, Marijuana Profit Alert, to help subscribers find the profitable opportunities I’ve just discussed.

My new publication covers news and trends in the marijuana and psychedelics industry. I also speak on a regular basis with industry insiders, whether they’re on Capitol Hill or in corporate suites or on Wall Street.

I crunch a lot of data, put it through my proprietary screening system, and provide specific, actionable advice on the best investments in the marijuana and psychedelics sectors. I strive to strike the right balance between risk and reward.

To learn more about Marijuana Profit Alert and my specific money-making trades, click this URL.

John Persinos is the editorial director of Investing Daily. You can reach John at: mailbag@investingdaily.com

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