Done DEA(L)

Terrance Cole confirmed to lead DEA.

Daily Recap

The Senate gave the final approval to President Donald Trump’s pick to run the Drug Enforcement Administration and a major canna industry association is already pushing him to get the long-stalled federal cannabis rescheduling process done.

Terrance Cole is the DEA Administrator a 50-47 confirmation vote. While Cole said the rescheduling proposal would be “one of my first priorities,” he has expressed cannabis concerns in the past and has yet to opine on where he currently stands.

He will, of course, serve at the pleasure of the President.

Greatest American Heros

A key Senate committee has included a variety of cannabis and psychedelics-related provisions in a report attached to a pair of spending bills—including a call to allow U.S. Department of Veterans Affairs (VA) doctors to recommend medical cannabis if the federal government reschedules it, exploring the possibility of “reducing opioid use through medical marijuana” and cracking down on illicit grow operations.

“If rescheduling happens, the VA should consider issuing guidance that allows doctors and other personnel to discuss, recommend, and facilitate access to medical cannabis in States with legal MMJ programs to the extent allowable under Federal law.”

Philly Special

Despite a pressing need for lawmakers to find new revenue sources, adult-use canna won’t be part of this year’s state budget—but the long-running debate over legalizing the drug is still progressing in Harrisburg after a key state Senate Republican unveiled a proposal. Whether his caucus will support it, remains to be seen.

The bipartisan bill, introduced by State Sens. Dan Laughlin (R., Erie) and Sharif Street (D., Philadelphia) would legalize use of the drug for adults 21 and over, and it would allow existing MMJ dispensaries to apply for an adult-use permit if they pay $100K.

Wishbone Option

As the Texas legislature convenes for a special session this week, members have thus far introduced several bills that would address consumable hemp products.

Among the proposals are measures to require extensive product warning labels and to outlaw hemp products that contain any detectable amount of THC (or most other cannabinoids). One advocate called it “an unholy resurrection” of the measure that was vetoed by Gov. Greg Abbott (R) last month.

Abbott specifically asked lawmakers to prioritize hemp regulatory issues during the special session that kicked off Monday.

Stocks & Stuff

“Meme Stock Fever is Spreading Like it’s 2021. Amateur traders are piling into heavily shorted companies with low share prices in a bid to strike quick riches.” Bloomberg

It’s true, there are parallels to blow-off moves from past cycles but catching cusps and timing turns can be a difficult endeavor, as evidenced by NASDAQ’s 40% ripper vs. the April low, Bitcoin’s persistent bid, and the continued carnage in cannabis.

U.S. cannabis ETF MSOS, after a 12% pop yesterday to start the week, was off less than 2%

Below, we’ll top-line the canna landscape, map potential pathways through yearend, preview 2H25, check on credit, chew on charts, and hear from the CEO of a premium LP as the Canadian space continues to firm.

All that and more, just scroll down… after a word with Joe Rogan.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $20M

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