D.C. Comics

Cannaland waits as lawmakers dither.

Daily Recap

Finger pointing is in full-swing in Washington D.C. as the left is blaming Republicans for the inability to move SAFER banking through the Senate and the right places the blame squarely on the shoulders of Senate Majority Leader Chuck Schumer (D-NY).

TDR took their cameras to the Beltway for a must-see collection of interviews with the politicians who are charged with facilitating the will of the people. While reports have circulated that the Senate has enough votes in hand, it remains to be seen if this is the lame duck session that’ll reverse the curse, as some in D.C. have suggested.

One thing for certain: investors will believe it when they see it.

Cattle Prod

Ever since Texas legalized the growing of hemp and the production of hemp-derived products with the signing of the Farm Bill in 2019, canna products have spread across the state like wildfire.

Lt. Gov. Patrick recently instructed senators to investigate intoxicating hemp products, stoking fears that he favors a ban, and AG Ken Paxton, no friend to the plant, has filed lawsuits against five Texas cities that have decriminalized marijuana.

These moves signal a clear trajectory: when the legislative session begins in January, a few powerful Republican lawmakers will have canna in the crosshairs.

Let’s be Blunt

Rescheduling wouldn’t allow canna to be legally added to “food, dietary supplements, tobacco products, or cosmetics,” a federal report confirmed, but hemp-derived CBD might be permitted as a tobacco additive.

Hemp “may be incorporated into tobacco products without running afoul of the CSA,” stated a Congressional Research Service report, adding that products still would need to obtain marketing authorization from the Food and Drug Administration.

Gem State Update

Marijuana activists in Idaho formally submitted paperwork to the secretary of state as part of an effort to qualify a noncommercial legalization initiative for the 2026 ballot.

“You should not need permission from the state for basic self-care,” the campaign email says. “You shouldn’t get in trouble over a plant.” 👈

Stocks & Stuff

It was a red session in Cannaland as technical pressures, coupled with the continued dearth of incremental buyers, sliced 2.5% off U.S. cannabis ETF MSOS, which is more or less it’s tally for the week, as well.

Below, we’ll top-line the latest, dig deeper on Florida, anticipate the hemp bill, review sector multiples through another lens and monitor the Trump gap as it begins to fill.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $57M