Daily Recap
Amid a prolonged marijuana rescheduling process that’s carried over from the last presidential administration, congressional researchers have reiterated that lawmakers could enact the reform with “greater speed and flexibility” if they so choose.
In a brief published by the CRS last week, analysts shared the different mechanisms through which scheduling actions can be implemented, noting the limitations of the process that Biden initiated—and that the Trump administration has since inherited—to move cannabis from Schedule I to Schedule III of the Controlled Substances Act.
“There are two ways in which substances can be scheduled under the CSA: Congress can schedule them by enacting legislation, or the AG (in conjunction with the HHS) can schedule substances via an administrative process laid out in the CSA.”
Texas STRangers
Texas Democratic and Republican voters are unified in their opposition to a bill on the governor’s desk that would ban consumable hemp products with any trace of THC, according to a new poll from a GOP pollster affiliated with President Donald Trump.
Most Democrats (80%) and independents (66%) and a plurality of Republicans (44%) said they don’t want the governor to sign it.
“When given a head-to-head choice, 7-in-10 Texas voters say they want hemp-derived consumable THC to remain legal in Texas with strict regulations like age restrictions and warning labels, while only 16% want it to be banned outright.”
Hash Huskies
While the price of cannabis continues to fall month-over-month, retail sales of adult-use canna products have increased in recent months. In May, retail sales set a record, with retailers collecting roughly $19M in adult-use products vs. $17.5M In April, .
Retail sales for MMJ also rose slightly in May 2025 but remained well below sales for adult-use products. In May, medical marijuana sales totaled roughly $6.5M.
Alarm spread through California’s agricultural industry as panicked workers reported that federal immigration authorities, who largely refrained from major enforcement actions in farming communities, showed up at farm fields and packinghouses from the Central Coast to the San Joaquin Valley.
Department of Homeland Security officials declined to confirm specific locations but said enforcement actions were taking place across southern California.
Stocks & Stuff
U.S. markets were in a holding pattern after President Trump said that Iran missed a chance for a deal and was vague on strike plans, and the Fed forecast fewer rate cuts in 2026 and 2027. Stocks finished mixed, yields came in, and the dollar finished flat.
Matters of trust and leaps of faith expired long ago for the canna space, a fact that’s been amplified by the recent exodus of the institutional investors in the sector. That supply, coupled with few if any natural buyers, has created a self-fulfilling doom loop.
Below, we’ll top-line today’s news, dive deeper into the sector capitulation, attempt to gauge the hangover that remains, share chatter on the potential timing of reform, talk through whether the ETF is friend or foe, check on Texas, and otherwise keep it real.
All that and more, just scroll down.
note: there will be no Canna Confidential tomorrow in observance of Juneteenth, and Friday will be a function of news flow.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $12M
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