Cannabis stocks were mostly lower with major cannabis exchange traded funds like Amplify Seymour Cannabis ETF (CNBS) – Get Amplify Seymour Cannabis ETF Report and The Cannabis ETF (THCX) – Get Cannabis ETF Report falling more than 1% in trading Monday afternoon.
There wasn't much movement on the federal legislative front Monday, or over the weekend, but there were some regulatory developments at the state level.
In California, a pair of bills governing hemp-derived CBD sales and the use of cannabis in hospitals made their way to Governor Gavin Newsom's desk Monday.
The state legislature passed a bill that removes the ban on the sale of smokable hemp products as well as another bill that codifies that hospitals can allow certain patients to use cannabis.
Newsom had previously been opposed to the hospital bill, vetoing a similar measure in 2019 , but has not made any indication on where he stands on the updated legislation.
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Those two bills land on Newsom's desk just a day before California's September 14 recall election that could see the Governor ousted from his position.
As for the other bill, hemp-derived cannabinoids such as CBD would be allowed in foods, beverages, cosmetics and dietary supplements if it is signed into law.
The state's ban on smokable hemp products would be lifted for out of state sale effective upon enactment. The hemp bill passed the California Senate in a 29-2 vote last week. The California House approved the measure on a 56-3 vote, according to reports.
Elsewhere among cannabis related equities, Greenlane Holdings (GNLN) – Get Greenlane Holdings, Inc. Class A Report shares fell 27.5 cents, or 9.11%, to $2.75.
The Alternative Harvest ETF (MJ) – Get ETFMG Alternative Harvest ETF Report fell 15 cents, or 0.96%, to $15.49.
The AdvisorShares Pure Cannabis ETF (YOLO) – Get AdvisorShares Pure Cannabis ETF Report fell 21 cents, or 1.27%, to $16.37.