Interesting Times

Cannabis is at a political crossroads.

Daily Recap

While comprehensive drug policy under Trump may lean towards a strong prohibition stance, cannabis might be an exception, as it has already made significant progress in the U.S., with key players in his administration potentially advancing it further.

“Marijuana rescheduling from Schedule I to Schedule III needs to be completed, as it would set off a host of opportunities for future policies. I think that’s a very achievable win and something that should be completed as soon as possible.” Kim Rivers

The New Phonebooks Farm Bill are is Here!

Senate Agriculture Chair Debbie Stabenow’s (D-Mich.) proposed 2024 farm bill would tighten restrictions on intoxicating hemp products, but is not nearly as prohibitive as the legislation approved by the House Agriculture Committee earlier this year, which industry critics warned would kneecap the CBD market.

Stabenow’s bill was released Monday morning and would eliminate the intoxicating hemp products loophole in a simple way: by replacing “delta-9” with “total,” limiting any type of THC to 0.3 percent on a dry weight basis (it wouuld also include THC-A).

This would allow for low levels of THC in hemp products, which is something that the hemp industry asked for. The House’s farm bill, in contrast, included an all-out ban on all THC in hemp products, a move the hemp industry said would decimate it.

Bank Heist

Senators on Capitol Hill told PoliticoPro they still have hopes the cannabis banking bill can get done in the lame duck, despite the odds.

“We want to see it get done before the end of the year,” GOP lead sponsor Steve Daines (R-ND) told Natalie Fertig last week, but declined to give specifics. Sen. Corey Booker (D-NJ) told her he's "hoping to get something done in NDAA,” and Sen. Jeff Merkley (D-OR) was “optimistic” and told her to check in again soon.

There is, of course, a chance that the NDAA doesn't pass this year and as we’ve seen, something like this could make it even harder to pass. Investors, as one might expect after years of policy nut-punches misses, are tired of both the carrot and the stick.

Dank Barbie

Lawmakers in Australia are set to vote this month on legislation that would legalize marijuana for adults in the country. The proposal would legalize, regulate and tax it nationally and establish the Cannabis Australia National Agency to license to oversee the commercial industry and maintain a national register of marijuana strains.

Home cultivation for personal use, as well as home processing of edibles, would be explicitly allowed under the bill. It would also authorize the creation of cannabis cafes, where adults could use marijuana in a social setting.

“Epic news cannabis crew! I’ve finally confirmed that Parliament will vote on the Greens legalising cannabis bill on 27 November this year!” Sen. David Shoebridge

Stocks & Stuff

It was a soft session in Cannaland to start the week as funds tapped out and took tax losses to offset other winners. U.S. cannabis ETF MSOS finished the session -3% and is nursing a 30% YTD loss.

Below, we’ll top-line the landscape, synthesize the crosscurrents, take the pulse of the street, update the latest D.C drama and finally spy some insider buys.

All that and more, just scroll down.

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