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Incoming AG shines on Capitol Hill.

Daily Recap

America's largest legal cannabis companies have joined forces to create the U.S. Cannabis Roundtable, a new advocacy group aimed at furthering much-needed federal cannabis reform as DJT2.0 is set to begin.

The U.S. Cannabis Roundtable will combine the two largest cannabis lobbying groups: The U.S. Cannabis Council and National Cannabis Roundtable. Led by Cresco Labs, Trulieve, Green Thumb, Verano and Curaleaf, it will represent 450,000 people across 13,000 medical and adult-use dispensaries in 38 U.S. states.

"The combined group will be the unified authority advocating on behalf of the legal cannabis industry and a resource on all things cannabis for members of the Trump Administration and Congress. " Charlie Bachtell, CEO, Cresco Labs

Gun Show 💪

The National Rifle Association’s lobbying arm says that recent court decisions calling into question the constitutionality of the federal government’s ban on gun ownership by marijuana consumers has “led to a confusing regulatory landscape” that’s impacted Americans’ Second Amendment rights.

“Marijuana use is no longer limited to the domain of indigenous religious customs or youth-oriented counterculture and now includes a wide variety of people who use it for medicinal or recreational reasons. Many of these individuals are otherwise law-abiding and productive members of their communities and want to exercise their right to keep and bear arms.”

Common Wealth

The Republican chair of a key Senate committee in Pennsylvania says he’s expecting to take up legislation this year to make the Keystone State the 25th to legalize adult-use cannabis. He also believes that more of his GOP colleagues will support the reform.

Sen. Dan Laughlin (R) chairs the Senate Law and Justice Committee and recently told a local news outlet that he expects the panel to “be one of the most active committees in the state” in the forthcoming session.

Snowbird Sativa

Just months after a Florida cannabis legalization initiative failed at the ballot, Smart & Safe Florida has filed a revised version with hopes of getting a second shot in 2026.

The 2024 measure received a majority of the vote in November, but it fell short of the steep 60% threshold needed to pass constitutional amendments under state law. The new campaign changes were in response to opponent’s criticism of the 2024 lanuage.

Stocks & Stuff

It was another slow session across the space as we await the transfer of power—but U.S. cannabis ETF MSOS achieved a rare triple nipple, closing at the same price three days straight. Unfortunately, that price ($3.43) happens to be an all-time low.

Below, we’ll top-line the landscape, detail the depths of dispair, pay homage to the duration risk, explore potential pathways, and identify allies in D.C.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $10M

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