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In light of the cannabis industry's ongoing bear market, restructuring has been framed as a necessary option for companies looking to stay afloat.

Perhaps most devastating are the job losses affecting thousands of staffers throughout the cannabis industry.

Companies that have conducted layoffs recently include Tilray Inc TLRY and Aurora Cannabis Inc ACB 0.07%, both of which reducing their workforces 10% in a bid to stanch losses.

Sen. Steve Dickerson's medical marijuana bill passed through the Tennessee Senate committee on Wednesday afternoon with a vote of 6 to 3.

However, there was a last-minute amendment added by Republican Senator Bo Watson (R-Hixson) that would only allow the bill to happen if marijuana is rescheduled as a Schedule 2 substance federally. The committee also voted to pass the amendment 6 to 3.

Senator Dickson, a Republican Nashville lawmaker, is in his fifth year of bringing forth legislation that would legalize certain forms of cannabis for medical use.

Just two months into adult-use legalization and Illinois dispensaries are selling more than a million dollars of legal cannabis—per day.

That number is based off revenue from steep taxes on legal sales. The state reported $10 million in cannabis tax revenue for the month of January, Gov. JB Pritzker’s office reported Feb. 24. The report shows how legalization is off to a roaring start in the Land of Lincoln.

What happened

Shares of Aurora Cannabis (NYSE:ACB) were up 3.4% as of 11:26 a.m. EDT on Tuesday after rising as much as 12.6% earlier in the day. The Canadian cannabis producer didn't have any news of its own. Instead, today's move is part of an overall rebound for the stock market after Monday's massive sell-off.

Exchange-traded funds that invest in cannabis stocks rebounded Tuesday, one day after a global equity rout dropped them to all-time lows.

The $509 million ETFMG Alternative Harvest ETF (MJ.P) gained 2.2% in afternoon trade, while the $318 million Horizon Marijuana Life Sciences ETF (HMMJ.TO) rose 1.8% during a market rally that pushed the U.S. benchmark S&P 500 up nearly 2.8%.

Millions go to child care, public safety and research, but growth stagnates as regulated industry struggles to compete.

California has raised $1 billion in cannabis tax revenue since the industry kicked into gear in January 2018, according to figures recently released by the state.

The bulk of that $1.03 billion in tax money, after covering regulatory costs, has been spent on programs such as child care for low income families, cannabis research, public safety grants and cleaning up public lands harmed by illegal marijuana grows.

The marijuana legalization process in US states is speeding up in 2020. Many new states are coming up with their own proposals to legalize marijuana. The demand for marijuana is high among Americans. However, the lack of legal stores forces consumers to approach the illegal market to obtain their favorite products, which causes a surge in illegal cannabis sales. Now, the DEA (Drug Enforcement Administration) agrees that state-level legalization could actually help lower the illegal market demand.