Four Score
Canna, Hemp, States, Feds all in play.
Daily recap
39 state and territorial attorneys general asked Congress to close the loophole in the 2018 Farm Bill that has enabled a national market for unregulated intoxicating hemp.
Democrat and Republican AGs argued the current federal definition of hemp allows companies to convert legal CBD into psychoactive substances, which has resulted in “Frankenstein THC products that get adults high and harm and even kill children.”
The “entire synthetic THC industry” rests on “a foundation of illicit conduct,” per the letter, and Congress should act to prevent the loophole from “metastasizing further into an even greater threat to public safety than it already is.”
This follows a week of whispers surrounding whether the hemp loophole would be closed in the appropriations bill, with Team Hemp using the government shutdown to mobilize their opposition to the current language.
Conference Call
Members of the Ohio Senate voted unanimously to reject concurrence on a Senate Bill that cleared the Ohio House of Representatives last week.
The bill, which would regulate intoxicating hemp and clarify adult-use cannabis laws, will now move to a conference committee, where the House and Senate can work out their differences.
“It’s abundantly clear we need a regulatory structure around intoxicating hemp. Our concerns today, as we’ve well enumerated, are that there several loopholes that were left in this bill.” Senate President Robert McColley
In this Corner
The fight to legalize Pennsylvania cannabis isn’t new—but the fighter is. Former heavyweight champion Mike Tyson made his way around Harrisburg yesterday, singing pot’s praises and pushing for commonsense adult-use legislation.
“Everybody else around you [legalized], must say something about you not knowing what’s going on in the community. And it’s going to open 500,000 jobs. Any state needs 500,000 jobs.” Iron Mike
Plant Medicine
The global medical cannabis market reached $15.24B in 2024 and is expected to reach $83.2B by 2033, growing at a 21% CAGR during the forecast period 2025-2033. The growth will be driven by further legalization of medical cannabis worldwide and the rising adoption for chronic pain, cancer, and neurological disorder treatments.
Stocks & Stuff
Stocks were broadly lower on Wall Street, taking a break from the daily all-time highs, after Goldman Sachs CEO David Solomon said the U.S. debt level faces a “reckoning” for the economy if the pace of growth doesn’t improve.
Cannabis stocks weren’t immune, with U.S. cannabis ETF MSOS shedding 5% (+13% YTD) and filling the upside gap created after President Trump’s ECS video post as we ready for an avalanche of earnings next week.
Below, we’ll top-line today, synthesize several dynamics that are seemingly coming to a head, preview and review sector earnings, and sniff at who’s quietly gaining market share in Florida.
All that and more, just scroll down.
note: there will be no Cannabis Confidential tomorrow.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $23M
Top Stories
