Cole Position

New DEA head readies for confirmation.

Daily Recap

Senate Republicans plan to move forward with the nomination of Terrance Cole to lead the U.S. Drug Enforcement Administration, beginning tonight at 5:30 PM ET and with expectations that he will be confirmed this week.

At the top of Cole’s to-do list is deciding the fate of the rescheduling process, which has been on hiatus since January. Moving to a Schedule III would unlock tax relief for legal cannabis companies, allow for research and open doors to further reform, such as access to banking and capital markets.

Majority Rules

Cannabis remains the most used illicit medicine drug on the planet, with an estimated 219 million adults consuming it in 2023.

A fresh report from Switzerland suggests that giving users a safe, legal supply chain would reduce risky habits rather than encourage them. The findings come from the six‑month Weed Care randomized trial run in Basel.

“There has never been a controlled, randomized study like this before.”

Smoke Signal

A Senate committee approved a spending bill that will maintain protections for states with medical cannabis programs, while omitting a separate proposal that would have prevented the Justice Department from rescheduling cannabis.

Nice try, SAM 🤡

MO Justice

More than 150,000 canna-related cases have now been expunged by Missouri Courts pursuant to Article XIV, Section 2 of the Missouri Constitution, passed by voters in November of 2022.

Contrary to earlier reports, it’s likely that there are still hundreds of thousands of cases awaiting expungement. The Courts began with the easier cases, followed by the more recent ones, and then cases with electronic records.

Stocks & Stuff

Markets continued to party like it’s 1999, as the NASDAQ has now gone 61 trading days without closing below its 20 DMA, the second-longest streak in its history (back to 1985). The longest was ended in early 1999.

Cannabis’ broken clock participated in today’s circle smirk, with U.S. canna ETF MSOS finishing 12% higher to start the week. This beleaguered proxy is still -26% YTD but the 2H25 story might just be getting started.

Below, we’ll top-line the latest, synthesize the risks, reward and where we landed on Glass House, explore the bear market cycle, spy things you don’t see at a top, share some interesting flow, and offer up a few Random Thoughts to start the week.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $33M

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