40 Days and 40 Nights

A new chapter awaits U.S. cannabis.

Daily Recap

A new government-commissioned report urges more marijuana-related guidance from Congress and federal agencies such as the CDC, finding that the “the federal government has been noticeably missing from this dialogue” as more states across the country have legalized cannabis for medical or adult use.

“States have received little federal guidance on how to proceed regarding the health impact of cannabis on the public and communities. Other than two memoranda deferring to states”—guidance rescinded under the Trump administration—”the federal government has been noticeably missing from this dialogue.”

Talk Soup

The Democratic Senate sponsor of a bipartisan marijuana banking bill says it’s “great” and “helpful” that former President Donald Trump came out in support of the reform, but he cautioned the pathway to passage in the chamber remains uncertain.

Sen. Jeff Merkley (D-OR) told Marijuana Moment that lawmakers will “look to the next possible vehicle” to advance SAFER Banking. Asked whether Trump’s support might move the needle on the GOP side, the senator said the legislation has “never been a partisan” issue.

With SAFE sitting on a Senate shelf for 11 years, industry stakeholders might disagree.

Challenge Flag

Democratic vice presidential candidate Tim Walz said he thinks cannabis legalization is an issue that should be left to the states, and added that electing more Democrats to Congress could also make it easier to pass federal reform like banking protections.

The VP candidate stopped short of pledging to pursue federal legalization if elected, though both he and his running mate, current Vice President Kamala Harris (D) have taken steps in the past to support legalization.

Walz’s comments are believed to be the first time either member of the Democratic ticket has publicly discussed marijuana during the current campaign.

Hempseed

Members of Congress are looking to establish national standards for hemp products.

The Cannabinoid Safety and Regulation Act, which was introduced yesterday by Sen. Ron Wyden (D-OR) would create a comprehensive regulatory framework for hemp-derived cannabinoid products under the Food and Drug Administration’s oversight.

Stocks & Stuff

It was a drifty session in Cannaland as the broader tape flexed and pot stocks yawned. MSOS finished the session with a 2% gain but volume/ sponsorship remains elusive as the ETF continues to wrestle with layered technical resistance above.

Below, we’ll top-line the landscape, explore the structural headwinds for alcohol that are structural tailwinds for canna, highlight a picks & shovel play that’s quietly having a solid year and take stock of the form factors that are favored by the American public.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $50M

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