Daily Recap
A group of cannabis companies filed a petition with the U.S. Supreme Court, asking it to hear their challenge to the constitutionality of federal cannabis prohibition.
The lawsuit maintains federal prosecutors have no constitutional authority under the Commerce Clause to apply prohibition to businesses operating within state borders.
Separately, after 90 petitions were submitted to the U.S. Supreme Court for this term, the justices agreed to hear three, and one of them will settle the debate on cannabis use and gun possession.
Inspector Hemp
39 State Attorneys General signed a letter that calls on Congress to close the “hemp loophole,” a provision in the 2018 Farm Bill that canna advocates say harmed public health and the legal and regulated cannabis industry.
“Unless Congress acts, this gross distortion of the 2018 Farm Bill’s hemp provision will continue to fuel rapid growth of an under-regulated industry that threatens public health and safety and undermines law enforcement nationwide.”
Cheese Please
Republican lawmakers are considering two bills that could alter cannabis access in Wisconsin. One proposes to change the definition of “hemp” to close the loophole created by the 2018 Farm bill and the other proposes the legalization of MMJ.
Joe Knows
Stocks & Stuff
It’s day 27 of the government shutdown but stocks paid no mind as a potential trade deal with China jacked stocks ahead of MAG 7 earnings and a fed decision this week.
Cannabis stocks, sensitive to the unintended consequences of the shutdown, slipped on light volume, with U.S. cannabis ETF MSOS ending the session -3.4% (+20% YTD).
Below, we’ll top-line today, hear from the biggest cannabis lender, preview earnings, game-theory the shutdown, explore how the appropriations rumors could fit into the rescheduling sequence, and navigate potential opportunities across hemp-land.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $20M
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