Blind Spot

Canna looks for a line of sight.

Daily Recap

As 2025 begins and legislative sessions start rolling out across the country, cannabis legalization advocates are eyeing a handful of key battleground states where there is the potential for enacting reform this year.

Pennsylvania and Hawaii are seen as the most promising states for adult-use cannabis legalization, while Kansas and both Carolinas are on watch for MMJ, and Wisconsin is expected to renew legalization efforts on both fronts.

Follow the Money

The CEO of the financial giant JPMorgan Chase said the company “probably would” start providing banking services to cannabis businesses if federal law changed.

It’s unclear if the GOP-controlled Hill will move SAFER Banking in the 119th Congress but there’s been talk about combining it with crypto regulations and DJT has already said he supports cannabis industry banking access.

“We don’t bank marijuana companies because there’s no federal law around it…If there was a federal law, we probably would.” Jamie Dimon, JP Morgan CEO

Those who’ve been here a minute understand the weight of that statement.

Strange Bedfellows

Sen. Elizabeth Warren (D-MA) is urging Elon Musk, chair of the Trump administration’s newly formed Department of Government Efficiency (DOGE), to target “unnecessary” federal enforcement against canna consumers and businesses as a key way to reduce spending by the federal government.

Warren laid out a series of recommendations for DOGE that she said would translate into upwards of $2 trillion in savings in the next decade.

Another Promise Kept

President Donald Trump fulfilled a campaign promise by commuting the life sentence of Ross Ulbricht, a man who was convicted of running a dark web illicit drug market.

Despite repeated pledges to take extreme, punitive actions against people who sell drugs, Trump granted a full pardon to Ulbricht, effectuating his imminent release.

Stocks & Stuff

It was a Green Day in Cannaland as volumes began to uptick, which isn’t saying much given how vapor thin it’s been. U.S. cannabis ETF MSOS finished +5% and shaved the weekly loss to a single percent after setting a fresh all-time closing low yesterday.

Below, we’ll top-line the latest happenings, explore the many uncertainties, finger the fundamentals, take a closer look at Derek Maltz Sr. and keep it real into the weekend.

All that and more, just scroll down.

👉 Fox Business Interview with my friend Charles Payne. Click here to view 👆

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $31M

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