Cilo Cybin Holdings Ltd., a South African medical cannabis company, abandoned plans for an initial public offering in Johannesburg after failing to attract enough investment.

New York awarded the state’s first 37 licenses to legally sell recreational marijuana to little-known entrepreneurs with prior pot convictions and nonprofits.

The first bipartisan marijuana bill to pass Congress went ahead with unanimous consent last week. But it wasn’t the legislation that the cannabis industry has been hoping for.

New York’s legal cannabis market is languishing. The state handed out growing licenses to more than 200 farms last spring, and harvesting wrapped up in the last few weeks. Hundreds of millions of dollars of weed is now ready to be sold at dispensaries, but not one legal recreational dispensary has opened in the state.

Republicans won a narrow House majority that gives them the power to halt President Joe Biden’s agenda, yet their slim margin marked a letdown for a party that had counted on decisive election results as a springboard for the 2024 presidential race.

The Senate on Wednesday night passed legislation that would make it easier for researchers and manufacturers to study marijuana, marking the first time Congress has ever passed a standalone measure increasing access to the drug.