Dem-o-Static

DEA pushes final rule past the election.

Daily Recap

The DEA has scheduled a hearing to consider differing expert opinions on the Justice Department’s proposal to federally reschedule cannabis—a hearing that’ll take place after the November election on December 2nd.

While advocates had hoped the DEA would avoid this additional step and simply move to final rulemaking, the agency has often scheduled hearings for regulatory proposals of major public interest.

There are some concerns this means the rulemaking process will not be completed before January, which could mean an administrative changeup after the November election that theoretically could affect the rescheduling process.

Southbound

The fight over adult-use Florida cannabis arrives at a pivotal time for the U.S. cannabis industry. It is already legal in 24 states (+D.C.) and the Biden administration is in the final phases of moving it to a Schedule III, which would allow for further research into the drug’s health benefits and boost profits for the flagging industry.

Meanwhile, the Food and Drug Administration is increasingly warning consumers about hemp derivatives and extracts with intoxicating effects. Health officials are worried that form factors such as gummies could fool customers, including kids.

Doctor, Doctor

A new study finds that rates of delta-8 THC exposures reported to poison centers in the U.S. are significantly lower in states where marijuana is legal and regulated and in those that banned the specific cannabinoid.

The findings come amid a notable uptick in delta-8 THC exposure reports to poison centers (PCs), which the report says rose by 79% from 2021 to 2022.

“This is attributable, in part, to less market competition from ∆9-THC products in states where their use was illegal and ∆8-THC being used as a substitute for ∆9-THC.”

Body Flex

Minnesota’s former governor is calling on people to boycott this year’s State Fair for prohibiting marijuana use at the venue while at the same time allowing attendees to consume alcohol and tobacco even though the state legalized cannabis last year.

But while Jesse Ventura was fired up about the fair’s policy, he’s also optimistic about the prospects of federal marijuana reform under a Harris-Walz administration.

Stocks & Stuff

It was a quiet day in Cannaland on whisper thin volume as we edged through the last week of summer. U.S. canna ETF ended the session -1.5%, but that was before news of the timing of the scheduled hearing crossed the wires (-14% after hours).

Below, we’ll digest the late-breaking news, review top-line analyst highlights, check on the debt markets and otherwise ready for what promises to be another volatile week.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional:

Top Stories