Bondi. Pam Bondi.

The AG can singlehandedly change the game.

Daily Recap

In the never-ending drama of federal cannabis reform, debates, disagreements and disappointments, there’s a critical fact that is being largely overlooked: the attorney general has the power to reschedule marijuana.

Right now.

Without Congress.

Sans HHS review.

Absent a rulemaking marathon.

Just her signature.

Under 21 U.S.C. § 811(d)(1), the AG can unilaterally reschedule canna to better align U.S. drug policy with international treaty obligations. This isn’t legal speculation—it’s written into the Controlled Substances Act and unlike the current process, this route bypasses the HHS and doesn’t require a medical or scientific review.

In other words: AG Pam Bondi could reschedule cannabis tomorrow and all it would take is a press release and a pen. The DEA would need to do some light follow-up rulemaking, but that’s been done before, and the OLC has already signed off on it.

Federal Hemp 👀

A powerful House committee approved a spending bill that contains provisions that hemp stakeholders say would devastate the industry, prohibiting most consumable cannabinoid products that were federally legalized via the 2018 Farm Bill loophole.

The House Appropriations Committee passed the legislation in a 35-27 vote and now heads to the Rules Committee to be prepared for floor consideration.

There’s one section of the large-scale measure that is of particular concern for hemp advocates: the language would redefine the crop to prohibit products containing any “quantifiable” amount of THC or “any other cannabinoids that have similar effects (or are marketed to have similar effects) on humans or animals” as THC.

“The Committee does not intend for industrial or nonintoxicating hemp-derived cannabinoid products with trace or insignificant amounts of THC to be affected.”

Big Guns

National Guard troops that were mobilized to help respond to immigration protests in Los Angeles were sent more than 100 miles away to protect federal agents enforcing immigration laws on cannabis farms in the Coachella Valley.

315 National Guard troops assisted the DEA in executing a federal search warrant on suspected illegal marijuana farms in Thermal, a desert community 25 miles southeast of Palm Springs, according to a DEA spokesperson.

On the other side of the country, federal law enforcement announced the single-largest takedown of a New York City-based drug trafficking operation in 30 years.

According to the complaint, the ring sent truckloads of cocaine, methamphetamine, and cannabis to New York City and distributed it to Albany, Essex, Fulton, Onondaga, Saratoga, and Schenectady between 2021 and June 11, 2025.

"This was the result of an 18-month investigation and close collaboration among federal, state, and local enforcement agencies. The co-conspirators imported drugs into California and drove them in 18-wheelers across the country, often concealed in household appliances like freezers."

Common Sense

A key Pennsylvania senator says he’s working with bipartisan and bicameral lawmakers to develop a passable cannabis legalization bill as the legislature is staring at a budget deadline—telling supporters “We’re getting close” and that they shouldn’t “ease up.”

“Almost all the states around us have already legalized adult-use cannabis, and we know that people are driving right across that border and consuming legal, adult-use cannabis. That revenue is going to our border states, and not to the Commonwealth. It’s time to end the prohibition on adult-use cannabis.”

Sen. Shariff Street (D)

Stocks & Stuff

Stocks continued to flex as the Iran-Israel truce held, despite overnight tensions and a still-fragile Middle East. Wall Street bulls drove equities toward all-time highs, helped by constructive comments from Federal Reserve chair Jay Powell on future rate cuts.

Canna stocks caught a gust of green, with MSOS +5% on the session, but 1,595 days after its all-time high on February 10th, 2021 (and one day removed from it’s all-time closing low) the space remains in a low-volume pay-no-mind club sans federal reform.

Below, we’ll top-line the landscape, update the summer catalyst calendar, spy possible clues surrounding SAFER banking and otherwise keep it cool in the triple-digit heat.

All that and more, just scroll down.

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

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