Just Say Go!
It's time to end the war on drugs.
Daily Recap
Thirty-two attorneys general representing states, territories and Washington, D.C. are asking Congress to pass legislation to provide financial institutions safe harbor if they provide services to cannabis-related businesses in states where cannabis is legal.
“Numerous state cannabis regulatory agencies have reported they’ve been turned away by financial institutions that regularly service those agencies for other needs when the agencies have sought to bank cannabis licensees’ tax and other payments.”
“The way Nixon did it, we're still suffering through that today. That motherfucker, he's responsible for that sweeping Schedule 1 act of 1970.
When they did that and they made everything illegal, everything Schedule 1, incl. things that are 100% medicinal, like marijuana, all that fucked up society and they did it specifically to target the anti-war movement and to target the civil rights movement, specifically; what he did was fucking horrible.” Joe Rogan
Jew Can Do it! (I’m Jewish so I can say that)
The governor of Pennsylvania says he hasn’t given up on his push to legalize adult-use cannabis through the budget. Despite resistance from Republican leaders, Gov. Josh Shapiro (D) said that cannabis legalization remains part of his plan to offset the state’s budget deficit.
Pressed on the seeming unwillingness of GOP lawmakers to advance that agenda through the budget, which is technically eight weeks past a constitutionally mandated deadline to pass, Shapiro said “I’m not going to concede on any of those fronts.”
It would, of course, help his case if cannabis was reclassified as a Schedule III.
Get Well Soon
In a study of more than six million cancer survivors, one in twelve had reported using cannabis, and nearly half said they used cannabis for medical reasons. Findings were published after researchers analyzed data across 23 U.S. states.
Stocks & Stuff
The coffee klatch was in full effect today in Cannaland as musers mused on the timing of a potential rescheduling announcement, with some pointing to as soon as Friday.
IDK from that and if I did, I certainly wouldn’t say it out loud because POTUS doesn’t like leaks. Still, a decision will likely arrive in the coming weeks, and the implications will be massive.
U.S. cannabis ETF MSOS continued its best effort to buy Mama Leone a house in the country and even saved a few pennies for someday but the fate of the free world—or at least the fate of the U.S. cannabis industry—will ride or die on the shoulders of DJT.
Below, we’ll tie it all together and if I’m being honest, I lost myself in a bit of a ramble this morning, which I share below for those with an interest. It touches on everything we need to know in terms of where we were, where we’re at, and where we’re going.
note: there will be no Canna Confidential Thurs/Fri sans news; enjoy Summer’s end!
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $46M
Top Stories & Analysis 👇
32 Attorneys General call for enactment of marijuana banking legislation
PA Gov Won’t ‘Concede’ on Cannabis Legalization Despite GOP Resistance
Top VA Senator Wants to Legalize Canna Sales to Offset Trump’s Spending Cuts
D.C. shutters two more unlicensed cannabis shops, bringing total closures to 68
Inside look at a Pennsylvania MMJ facility as lawmakers debate legalization
Hemp-Based Pesticide Shows Promise in Fighting Chicken House Beetles
Coast Guard finds 76,000 lbs. of cocaine and marijuana at Florida port
Cheech and Chong built a $100M cannabis brand by ditching California
This Is the Top-Performing Cannabis ETF to Buy Now
Industry Headlines
How cannabis brands are protecting their IP pre-legalization
Canopy USA names cannabis industry veteran as new VP of brand sales
Trulieve Announces Appointment of Board Member and Chief Financial Officer
Pregame (written in real-time at 7:30 AM ET)
I wasn't always a cannabis advocate; my passion began while being treated for post-9/11 PTSD after I told my doctor that I felt guilty because I was relying on cannabis to cope, manage anxiety and sleep. She asked me why I felt guilty, and I responded:
Like most of my generation, I’d been programmed by a U.S. government propaganda machine— from Reefer Madness to Nancy Reagan— that weaponized "marihuana.”
I remember those days. As a senior at Syracuse university in 1990, weed was so scarce that we once poured bong water through a coffee filter and microwaved it to see if we could catch a high. I will confess that all we caught was a wicked headache.
These days, of course, the college experience is much different. As a bonus dad to two college seniors (she’s at the Ohio State University, he’s at Binghamton playing lacrosse for the Bearcats), I can attest to stark differences between 1987-1991 and 2022-2026.
Perhaps nothing screams “NORMALIZATION!” more than my old stomping grounds at the ‘Cuse, where a friend sent me an image of the newest tenant on M-Street, which is where I used to work, live, and do other sorts of stuff I can’t/ won’t share in this space.
I told our kids as they were growing up that cannabis would be legal by the time they went to college, and that was one of the few predictions that I got right.
When I brought up federal reform or White House trips this summer, all I got from my clan were eyerolls and a long, uncomfortable silences. It’s been that sorta five years.
Would SIII be an imperfect solution?
Of course. If alcohol and cigarettes aren’t on the Schedule, why is cannabis?
The answer is filled with fuckery—special interests, robber barons, politicians on the take, way back when—but a solution sequence is set to begin and make no mistake, there has been a lot of work to get us to this moment in time, and there will be a lot of work to do if and when the official signals a first down.
Schedule III → cannabis banking / clemencies → States’ rights.
That’s the script POTUS gave us on the campaign trail, and while he can change his mind—there are many people throughout his administration opposed to rescheduling and the WSJ leak story sure didn’t do us any favors—that is what we still expect.
President Trump is a lot of things but he’s not Joe Biden, a fact that he seems to take great pride in. Biden couldn’t finish the rescheduling process, but he did tee it up for Trump to steal and as Bill Maher recently said, that is how elections are won.
POTUS doesn’t have legal authority to unilaterally deschedule cannabis, but we, as a nation and as an industry, can no longer afford to let perfect to be the enemy of good and we should all see this for what it is/ would be: the first step of historic change.
Betting markets have edged higher that we’ll see S3 < 2026 (38%/44%) but they’re still less than a coin toss, and you know the drill w/r/t to Mama Leone, as everyone looks for a note on the door that says, "Sonny, move out of that large gap.”
If only it were that easy.
Here’s the Rub: Loose Lips Sink 🚢🛳️🚢
The WSJ leak gave every prohibitionist an opportunity to get in President Trump’s ear, including big money donors and those within the administration—and there are many—who don't wanna see this happen. It is ultimately up to DJT, who's done what he’s said he will do, but while stock prices went up, but so did execution risk.
Stems & Seeds
Compounds in Cannabis Promote Healthy Aging, New Study Discovers
About 1 In 12 Cancer Survivors Use Cannabis, Data Suggests
If you’d like to help Mission [Green] change federal cannabis policies, please click here.
CB1 has positions in / advises some of the companies mentioned and nothing contained herein should be considered advice.