PRE-MARKET STATES

Market Context

Nebraska voters approved medical cannabis (Initiatives 437 and 438) in November 2024 by wide margins (71 percent and 67 percent). Implementation has been contentious and slow. AG Mike Hilgers has questioned constitutionality of the laws and threatened to sue the Medical Cannabis Commission. Commission signed off on formal regulations April 14, 2026, now awaiting AG and Governor approval. First implementing law passed early 2026; patients unlikely to access cannabis from dispensaries until 2027. Two cultivator licenses approved so far; manufacturer, transporter, and dispensary licensing postponed. Final rules prohibit smoking, vaping, and edibles, limiting products to oral tablets. Cultivators capped at 1,250 plants each, which advocates say is inadequate for a workable program. No Nebraska physicians have yet issued recommendations, partly due to fear of retaliation. Bordering legal markets (CO 1.3B, MO 1.5B) continue to capture out-of-state demand.

Market Context

BREAKING (May 4, 2026): NC Senate Bill 1072 filed, would place two constitutional amendments on the November 2026 ballot. One amendment would decriminalize limited cannabis possession for all adults; the other would legalize medical possession for patients with qualifying conditions. Bill cleared first reading May 5. Governor Stein created the NC Advisory Council on Cannabis in June 2025, which recommended a regulatory framework in April 2026 after estimating $3B in annual illegal NC cannabis sales. The Eastern Band of Cherokee Nation operates a medical cannabis program on tribal land. NC has had limited decriminalization since 1977 (Class 3 misdemeanor, max $200 fine for under 0.5 oz). Senate previously passed medical cannabis bills in 2022 and 2023; the House declined to take them up. The November 2026 vote could reset NC cannabis trajectory entirely.

Market Context

BREAKING (Apr-May 2026): Tennessee passed six cannabis-related bills enacted into three Public Chapters. Pub. Ch. 789 (HB1972/SB1603) establishes the legal framework for a comprehensive medical cannabis program, designed to activate when federal law changes. Pub. Ch. 817 (HB2404/SB0550) restructures the Tennessee Medical Cannabis Commission. Pub. Ch. 698 (HB1503/SB1761) overhauls hemp-derived cannabinoid product regulation across criminal, agricultural, regulatory, and tax statutes. Tennessee has effectively pre-built the scaffolding to launch a medical cannabis program the moment Schedule III implementation creates federal cover. The state is also pre-empting the November 2026 federal hemp ban with its own delta-8 framework.

Market Context

BREAKING (May 1, 2026): Texas Supreme Court ruled unanimously in Sky Marketing v. DSHS that the Department of State Health Services has broad authority to regulate hemp substances — vacating injunction and allowing DSHS "Total THC" rule to take full effect. The rule effectively bans smokable hemp products, sets 0.3% total THC limit, hikes retailer fees from $150 to $5,000 and manufacturer fees from $250 to $10,000. Texas hemp industry valued at $11B in 2025. Compassionate Use Program remains extremely limited — 3 licensed dispensaries, low-THC cannabis oil for specific conditions only. SB 3275 (5mg/serving low-dose cannabis) advanced through Senate committees but failed to reach floor vote. Federal H.R. 5371 takes effect Nov 12, 2026 with stricter nationwide 0.4mg per-container THC cap. Hemp gray-market pressure now pushes operators toward advocating for a regulated cannabis program.

Market Context

Wisconsin remains one of the most restrictive cannabis states in the US, no medical program, jail time possible for possession. February 2026: Democratic Sens. LaTonya Johnson and Chris Larson introduced SB 1045 (47 sponsors), proposing adult-use and medical legalization plus regulation of intoxicating hemp products. Bill is not expected to pass the Republican-controlled legislature. Senate President Mary Felzkowski (R) introduced a more limited medical-only bill in fall 2025 that cleared committee but never reached a floor vote. Gov. Tony Evers, who has included legalization in every budget since 2019, announced he will not seek reelection in November 2026. 67 percent of Wisconsin voters support adult-use legalization per June 2025 Marquette Law School poll. The Menominee Indian Reservation legalized recreational cannabis under tribal jurisdiction in 2015. Cross-border revenue leakage to IL (2.0B), MI (3.2B), and MN (0.1B) continues. Wisconsin hemp-derived THC industry operates in legal gray area; Gov. Evers urged Congress in February 2026 to reconsider the federal hemp ban.

Market Context

Two competing cannabis questions heading to Idaho November 2026 ballot. Natural Medicine Alliance of Idaho gathered 150,000+ signatures (more than 2x the required 70,725) for the Idaho Medical Cannabis Act, submitted May 1 2026; now in 60-day county clerk verification ending June 30. Initiative would legalize medical cannabis for qualifying patients, modeled on Utah law: 3 vertically integrated businesses, 6 retail locations, max 4 oz monthly purchase. Simultaneously, HJR 4 on the same November 2026 ballot is a constitutional amendment that would grant the Idaho Legislature exclusive authority over cannabis policy, permanently blocking future citizen initiatives on cannabis or psychoactive substances. Internal NMAI polling shows 83 percent of Idaho voters support medical cannabis including 74 percent of Republicans (October 2025). January 1 2026: new state law (H0007) imposing mandatory minimum 300 dollar fine for simple possession took effect. Idaho remains one of the most restrictive cannabis states in the US.

Market Context

South Carolina Compassionate Care Act (SB 53) reintroduced in 2025-2026 session by Sen. Tom Davis (R), Goldfinch, Sutton. Bill would establish medical cannabis program for therapeutic use under physician certification. Senate has previously passed similar legislation twice (2022, 2024); both versions died in the House. Gov. Henry McMaster publicly stated in early 2026 there is a compelling case for medical cannabis, a notable shift from past cautious executive posture. House Speaker Murrell Smith remains skeptical, raising concerns the bill could lead to broader recreational legalization. House-Senate divide is the key obstacle. SC remains one of 11 states without a comprehensive medical program. Hemp-derived products legal under federal Farm Bill. Adjacent to medical VA (0.3B) and adult-use MD (1.1B).

Market Context

Indiana 2026 will not bring legalization. Gov. Mike Braun (R) signaled openness to legalization April 29 2026 following RAND/Fairbanks Foundation reports finding 44 percent of Hoosiers live within 50 miles of a legal dispensary in another state and 96 percent within 100 miles. Sen. Aaron Freeman SB 250 (hemp-derived ban aligning to federal November ban, July 1 2026 effective) passed Senate committee 8-5 but died at the February 24 deadline. Rep. Mitch Gore HB 1191 (decriminalize possession up to 2 oz, raise felony threshold to 4 oz) filed January with July 1 2026 effective date. HB 1200 (Pressel, R) would force removal of out-of-state dispensary advertising by July 2026. Three of four IN neighbors (MI, IL, OH) have legal adult use. Hemp-derived delta-8, THCA, and intoxicating cannabinoids remain widely available in IN gas stations and smoke shops; federal HR 5371 takes effect November 2026.

Market Context

Kansas 2026 session adjourned April 19 with no cannabis legislation passing. Two reform bills filed early February: HB 2678 (medical cannabis legalization) and HB 2679 (adult-use legalization). SB 294 (Kansas Medical Cannabis Act) also active. None moved out of the Committee on Federal and State Affairs before session end. Legislature returns January 11 2027. Gov. Laura Kelly (D) has consistently supported medical legalization; Republican-controlled legislature has blocked all reform efforts. Surrounded by legal markets in CO (1.3B), MO (1.5B), and OK (1.8B medical), generating significant cross-border patient traffic. CBD products legal under federal hemp rules. SB 295 (decriminalize possession of under 1 oz, replace with 25 dollar civil infraction) also stalled.

Market Context

Wyoming remains among the most restrictive cannabis states in the US. No medical or adult-use program; no decriminalization. Possession of up to 3 oz is a misdemeanor punishable by up to 12 months in jail and 1,000 dollar fine. 2026 session: HB 0166 introduced but failed to advance. Lawmakers have not passed any meaningful cannabis reform legislation in 2023, 2024, 2025, or 2026 sessions. WY NORML coalition gathered 48,687 signatures in 2023 for a 2024 medical cannabis ballot initiative but failed Wyomings demanding geographic distribution requirement (15 percent of voters in 16 of 23 counties). 85 percent of Wyoming residents support medical cannabis access per 2020 University of Wyoming survey. Adjacent to legal markets in CO (1.3B) and MT (0.3B). 2015 HB 32 allows limited CBD use for intractable epilepsy patients but provides no in-state supply.