Glass Houses

Sticks and stones collide in Cali.

Daily Recap

A new report from a key Senate committee expresses concerns about “misleading” marketing of cannabis products and notes the need for revised hemp rules, while also supporting continued research into the therapeutic benefits of psychedelics.

The Senate Appropriations Committee report was attached to an annual spending bill containing provisions to federally ban hemp products containing any “quantifiable” amount of THC. Bipartisan senators have agreed to delay implementation for a year, unlike a separate House version that advanced in that chamber last month.

A GOP-controlled House committee also unveiled a new spending bill that contains provisions to block the Justice Department from rescheduling cannabis. The new measure is scheduled for subcommittee action on Tuesday but you could color us shocked if it passes given the stated inferred mandate from the administration.

Legislation Station

In recent weeks many of President Donald Trump’s advisors and allies have spoken out in support of rescheduling cannabis. There has been speculation that POTUS is waiting for Terrance Cole to be confirmed as the DEA administrator before he moves forward with rescheduling, although AG Pam Bondi has the power to do it herself.

There are a number of cannabis-related bills in the congressional queue with several more on the way. Below, we’ll review what is, and what is likely to come.

Penn State

Bipartisan Pennsylvania lawmakers filed another bill to legalize marijuana in the state—adding one more reform proposal to the mix as a separate Democratic representative has now pledged to introduce a companion version of a Senate legalization proposal.

Days after Sens. Dan Laughlin (R) and Sharif Street (D) filed their measure, Reps. Emily Kinkead (D) and Abby Major (R) and eight other cosponsors filed separate legislation to enact legalization. The pair have long championed proposals to end prohibition.

MO MO

Halfway through 2025, Missouri’s canna market has already surpassed three-quarters of a billion dollars in sales and is on pace to exceed $1.5B by the end of the year.

Missouri dispensaries generated $125M in total June sales, with $111M from adult use and $14M from medical marijuana transactions. The June totals bring 2025 YTD sales to $754M, including $666M in adult use and $88M in medical marijuana purchases.

Stocks & Stuff

Stocks finished in the green with many registering all-time highs despite tough talk and tariff tantrums. Cannabis didn’t follow through on last week’s stellar gains after a tough weekend news cycle for the space. MSOS finished the session -4%.

Below, we’ll dig deeper into the ICE raids on Glass House Farms that led to a reported 361 arrests, alleged child labor and a death—and the response we wanna see—check the charts, share random thoughts, and put last week’s volume surge in perspective.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $28M

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