Ain't No Picnic

Farm Bill two years overdue.

Daily Recap

Congress is nearly two years overdue in passing a new Farm Bill—and in the absence of a full bill, partial proposals have failed to address the intoxicating hemp loophole that was passed by Moscow Mitch McConnell in the 2018 Farm Bill.

More ambitious bills, such as the proposal form U.S. Sen. Ron Wyden of Oregon that would have regulated hemp products, while also banning synthetically derived THC, have stalled in Congress, while states throughout the country continue to struggle.

Prohibition-minded lawmakers have raised alarms about hemp-derived THC ending up as easily-accessable consumer products, while hemp advocates worry about the loss of jobs and money if those products are banned—but one thing is clear: THC needs uniform regulations, regardless of whether its sourced from cannabis or hemp.

Praying Desantis

Two Democratic members of Congress representing Florida are asking the federal government to investigate what they describe as “potentially unlawful diversion” of millions in state Medicaid funds via a group with ties to Gov. Ron DeSantis (R). The money was used to fight against a citizen ballot initiative, vehemently opposed by DeSantis, that would have legalized cannabis for adults.

“The diversion of Medicaid dollars requires immediate investigation. These are proceeds that rightfully belong to state taxpayers to serve the citizens who rely on Medicaid, including children, pregnant women, neighbors with disabilities and those served by long-term care.” Reps. Kathy Castor and Darren Soto

Texas Hedge

A bill that would significantly expand Texas’s medical cannabis program had its first Senate committee hearing on Monday, where a key senator called the House-passed measure a “work in process” and said future changes are in store.

Charles Perry (R), the sponsor of a companion bill in the Senate, said issues are still being worked out, including the number of new dispensary licenses, which qualifying conditions would be included and what limits to set on product amounts.

“It’s currently in the works, and we’re still having conversations on what the final product is. There will be a committee substitute, but it is not back from Council yet.”

Sen. Perry (R) on HB 46.

Della Where?

If you want to grab a THC-infused drink from a Delaware bar, now is the time to do so because you might not be able to this summer as a new House bill would limit these beverages to package stores exclusively.

House Bill 98 would would remove THC-infused beverages from their regulatory gray area and install them into the three-tier alcohol supply chain. That chain is an insular path from producer to distributor and into package stores.

Stocks & Stuff

U.S. equity futures were deep in the red when we awoke this morning but the bulls would not go quietly, and they recaptured those losses by the close. U.S. cannabis was quiet but slightly green, recouping some of Friday’s late-day losses.

Below, we’ll top-line the space, update the state of Pennsylvania adult-use, channel check U.S. cannabis prices, dive deeper into TerrAscend, compare New York and Cali retail markets, and see how the new leaders are preparing for Canadian cannabis.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $6M