While the administration of President Donald Trump continues to delay on key reforms that would boost cannabis stocks, at a grassroots level, states continue to plow ahead.

This should be no surprise. Whatever you think of cannabis – and consumption does carry risks – polls consistently show that a majority of voters favor legalization. Many politicians at both the state and national levels are responding. Beyond polls, we see growing support for cannabis in consumer spending trends and voter opinion polls.

Here are the latest examples.

State-Level Support for Cannabis Still Growing

* Texas has long been hostile territory for cannabis. But that is changing. Gov. Greg Abbott (R) recently signed into law a bill that significantly expands the state’s medical cannabis program. The law expands the list of medical cannabis qualifying conditions to include chronic pain, traumatic brain injury, Crohn’s disease and end-of-life palliative care. The law expands legal delivery mechanisms to include patches, lotions, inhalers and vaping devices. It also increases the number of medical cannabis licenses to fifteen from three.

Abbott also recently vetoed a bill that would have banned consumable hemp products that contain THC. Instead, Abbott says hemp should be regulated like alcohol. Texas legalized consumable hemp in 2019, after the 2018 enactment of the federal Farm Bill, which legalized the plant nationwide. Since then, the market for hemp-derived THC products has taken off both in Texas and nationally.

* Minnesota recently issued the state’s first recreational-use cannabis business license. The Office of Cannabis Management (OCM) said it issued the license to Herb Quest, LLC, a cultivation business. The state says over 600 businesses have applied for licenses to grow or sell rec-use cannabis. The state legalized rec-use sales in 2023.

* South Carolina Governor Henry McMaster (R) recently said he thinks cannabis advocates make a “very compelling” case for reform that would legalize medical use. “I think we need to study it very carefully, get as much information as we can, and try to do the right thing,” he said. Polls show that a majority of Democrats, Republicans and independents in the state back the reform.

* A majority of voters in Utah support cannabis legalization, according to a new poll. The poll found that 53% of participants think the state should legalize rec-use cannabis. The poll also found that 55% of respondents support the state’s medical cannabis program. The survey was conducted by Deseret News and the Hinckley Institute of Politics. Republican lawmakers in the House and Senate continue to oppose the reform.

* Consumer spending patterns show cannabis continues to be increasingly popular in the heartland. In May, consumers in Missouri bought $132.81 million worth of cannabis. That was the state’s biggest month for sales this year, and it was a 7.4% increase over May 2024.

* Cannabis also remains increasingly popular back east. Recreational-use cannabis sales in Connecticut hit a record $18.7 million in May, compared to $17.5 million in April. Medical cannabis sales rose slightly to hit $6.5 million. The sales growth happened as prices continued to fall. Cannabis cost $9.98 per gram in May, down slightly from $10.03 in April.

A Key Federal Catalyst Soon?

Meanwhile, a key cannabis sector catalyst is on the ten-yard line in Washington, D.C. The catalyst, rescheduling, may happen before the fall of 2026 because President Donald Trump sees it as a way for his party to win seats in the midterm elections, says one sector insider with ties to Washington, D.C.

“I believe Trump realizes the political reality of cannabis is that this country is moving towards cannabis, not away from it,” Trulieve (TCNNF) CEO Kim Rivers opined at the Benzinga Cannabis Capital Conference in Chicago earlier this month.

Polls confirm that she is right. A recent survey by a conservative pollster who Trump consults, Fabrizio Lee, found that 70% of Americans support cannabis rescheduling.

“Rescheduling” refers to the movement of cannabis to Schedule III from Schedule I under the Controlled Substances Act. The change would pave the way for the legalization of medical use at the federal level. It would also free up cash flow in cannabis companies. That’s because rescheduling would neutralize an IRS rule banning the deduction of expenses against revenue from Schedule I substances.

Here’s the key election angle to keep in mind. Support for rescheduling rises to 80% in the 18- to 35-year-old age group, according to the Lee poll. Rivers thinks this suggests Trump will bear down on rescheduling in time to help conservatives win midterm elections.

The bottom line: Rivers says the administration is “on the ten-yard line” on rescheduling.