Confirmation Bias

Investors debate the fate of Gaetz.

Daily Recap

President-elect Donald Trump nominated Florida Representative Matt Gaetz to serve as his Attorney General.

"In the next term of Donald Trump, whether that's in 2021 or 2025, maybe he ought to pick me to be the attorney general," Gaetz once said, "I'd go easy on marijuana, get tough on Big Tech, and I would go after the deep state."

Gaetz, as chronicled yesterday, recently pressed DEA Administrator Ann Milgram to “go further” than rescheduling and advocated to end canna testing for the military.

There has been a chorus of lawmakers who remain convinced that Gaetz will never get past the Senate, including former speaker Kevin McCarthy (R-CA), who predicted that he “won’t get confirmed and everybody knows that.”

The wildcard in the equation? A recess appointment, which could potentially open a side-door to an elevator that would take the embroiled Florida Representative to the top floor of the Justice Department. Watch him grill the current DEA Admin below 👇

Plant Vaccines

President-elect Donald Trump nominated former presidential candidate Robert F. Kennedy Jr. to lead the Department of Health and Human Services this afternoon.

Kennedy Jr. recently reaffirmed his support for federally legalizing cannabis, opening up banking services for the industry and using canna tax revs to fund drug treatment and rehabilitation centers.

“What I’ve advocated is that we should legalize marijuana. We should have a federal tax on marijuana designated specifically for drug treatment and rehabilitation.”

RFK Jr.

Hearing Aids

The next step in the marijuana rescheduling process could be a brief hearing where an administrative law judge informs witnesses why they aren’t qualified to participate, observers told MJBizDaily.

Ahead of a Nov. 12 deadline, stakeholders invited to participate in a Dec. 2 hearing were asked to explain how they would be harmed by moving the plant to Schedule III.

Those close to the situation believe the list will be whittled down significantly, either at the hearing or by notice.

“It’s a difficult standard to meet,” Eric Berlin, lead cannabis attorney at Dentons

On Deck

In the aftermath of last week’s election, cannabis reform advocates are working to determine what the outcomes will mean for state-level efforts at legalization.

Marijuana Moment spoke with activists in various states, who said Pennsylvania and Hawaii are well positioned to potentially enact adult-use legalization, while voters in New Hampshire, for instance, have shut the door for the time being.

Stocks & Stuff

It was pensive session in Cannaland as industry observers debated the prospects of Matt Gaetz and by extension, the support that created that lift off yesterday’s lows.

U.S. cannabis ETF finished the day down 5%, giving back half of those gains.

Below, we’ll synthesize our surroundings as stocks stair-step toward a few technical levels, including what’s shaping up to be an important last day of the week.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $107M

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