High Anxiety

Cannaland is a stress ball.

Daily Recap

Republicans don’t dislike the cannabis industry as much as they used to, but that doesn’t mean they will lift a finger to help it. A bad, if not likely outcome for pot companies is that the status quo remains in the Trump administration, per WSJ.

The incoming adminstration marks the sixth consecutive presidential term under which the cannabis industry will be forced to operate in limbo. America first began dabbling with legal cannabis at the state level more than 20 years ago.

Bondi Beach

President-elect Trump tapped former Florida AG Pam Bondi as U.S. Attorney General after former Rep. Matt Gaetz withdrew from consideration on Thursday. Bondi, a long-time Trump ally whose confirmation odds appear stronger than Gaetz, would give the incoming administration a staunch ally atop the DOJ.

While Gaetz remains a vocal cannabis advocate, Bondi opposed Florida MMJ ten years ago and more recently supported her boss, Gov. Ron DeSantis, in opposing A3 (adult-use in Florida). Those close to the situation fully expect her to follow the wishes of her boss—including cannabis—but the sector needs tangible action, not more talk.

Farmer’s Market

A new draft of the U.S. Senate’s Farm Bill reflects bipartisan momentum to regulate intoxicating hemp-derived products, including delta-8 THC and THCA. The proposal, introduced by Senator Debbie Stabenow, would redefine hemp by capping total THC at 0.3%, encompassing all psychoactive THC variants.

This effort aims to address confusion and close a loophole in the 2018 Farm Bill, which legalized hemp with a delta-9 THC concentration of 0.3% or less but inadvertently enabled the rise of other intoxicating cannabinoids being sold in various forms, from gummies and beverages to pre-rolls and “THCA flower.”

Principal’s Office

A Drug Enforcement Administration (DEA) judge is inviting the prohibitionist group Smart Approaches to Marijuana to explain recent allegations that it was involved in “unlawful” communications with the DEA as it considered rescheduling.

The ALJ on Wednesday notified DEA that it was welcome to respond to the “serious” allegations and on Thursday, it extended that invitation to SAM itself, requesting any voluntary responses from both parties by November 25.

Stocks & Stuff

The canna carnage continued as a combination of tax-loss selling, broken charts and a growing perception that it’s all over but the shouting pressured the space anew. U.S. cannabis ETF MSOS finished the session -2.5%, and was down 12% for the week.

Below, we’ll offer an updated state of the union, and flag a company we should keep an eye on as we attempt to look through to the other side.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $34M

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