Daily Recap
A Republican Pennsylvania senator behind the recently filed bipartisan cannabis legalization bill says supporters are “picking up votes” to enact the reform this session.
Sen. Dan Laughlin (R) said support is growing because “people would rather legalize cannabis than do a tax increase to try and balance a budget,” referring to the revenue stream a legal marijuana market would generate for the state.
“We’re just ignoring the obvious: if folks want to use cannabis, they already are. I think we should make it safe, legal and put it in a controlled environment that keeps it out of the hands of children as best we can. The state needs the revenue.”
Turtle Soup
“Companies looking to make a quick buck have been exploiting a loophole in the 2018 Farm Bill to take legal amounts of THC from hemp and turn it into intoxicating substances. These synthetic chemicals are then used as ingredients in appealing, candy-like products. Some products contain even higher THC levels than marijuana itself. Malicious actors knowingly market these seemingly harmless items to kids by using familiar packaging and similar branding names to normal snacks and sweets.”
Or so said Sen. Mitch McConnell (R-KY) in an Op-Ed to explain why he recently
“Helped to secure new language in the most recent agriculture appropriations bill to restore the original intent of the 2018 Farm Bill’s federal hemp legislation… industrial hemp and CBD products will remain legal. Period. It even delays implementation one year to give Kentucky farmers ample time to prepare for changing markets”
Of course, Sen. McConnell is the reason the loophole existed in the first place, but he conveniently left that part out.
Hero’s Welcome 🫡
A key Senate committee has adopted an amendment to a defense spending bill that would allow U.S. Department of Veterans Affairs (VA) doctors to recommend medical marijuana to military veterans living in legal states.
Sen. Jeff Merkley (D-OR) said that this was the 10th year in a row that the Senate Appropriations Committee cleared the amendment but despite repeated approval, the measure has never been enacted into law.
“Essentially it says, in states where cannabis is legal, veterans can talk to their doctors about its role in their health care regime; to do otherwise is to restrict the free speech of doctors to do best by their patients.”
Slovenian Salvation
Nearly three months after Slovenia’s Parliament introduced a medical cannabis policy modernization measure, the European nation’s National Assembly voted to officially approve the measure.
Slovenia’s patients will finally have safe access and the nation’s reform victory will further similar efforts elsewhere in Europe and the rest of the world.
“Today, Slovenia stepped up on the international stage of cannabis by passing one of the most progressive national medical cannabis laws in the world.”
Must be nice to live in a country that represents the will of its people.
Stocks & Stuff
It was another green day on Wall Street as the bull’s hits continue. Even Cannaland managed to participate on the margin, as U.S. cannabis ETF MSOS broke a two-day losing streak to finish with a 2.5% gain.
Below, we’ll cover the overnight news, read through the Fentanyl rescheduling, update the Glass House story—what the refi means, how the stock is positioned, and the risks vs. reward—share some true wisdom, and check in on our Canadian brethren.
All that and more, just scroll down.
note: there will be no Cannabis Confidential tomorrow. Enjoy your weekend.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $13M
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