Lede Berries

RFK Jr. canna comments stir concern.

Daily Recap

Fear, uncertainty and doubt was on full display across the cannabis today after RFK Jr. went on Laura Ingraham’s show last night and acknowledged that high-potency THC could have ‘catastrophic impacts’ for some people.

He also referenced the 25 states that already legalized adult-use and noted “a third of our prison population is in jail because of marijuana offenses, which is something we don’t want either,” before adding, “we now have a capacity to study it and compare it. We need to figure it out, and then we need to implement policies to address that.”

The buried lede, of course, is that Schedule III will be necessary to study the plant.

David Mangone, a lobbyist at USCR, also reminded us that during the election, Trump fully supported key cannabis reforms such as rescheduling and allowing the sector to bank, and offered there’s no reason to think he has changed his mind.

“Trump is a very much a ‘promises made promises’ kept type of politician. I see no reason why he wouldn’t keep his promises on cannabis reform.”

Magnone says his takeaway has been confirmed in recent conversations with contacts in the administration and at key reform-related committees in the Senate and House.

Rock Ridge

A Michigan sheriff has advised Congress that state-level cannabis legalization helped mitigate problems related to unregulated intoxicating hemp products that non-legal states are experiencing.

“So we’ve actually found, outside of our supply chain, if you will—the legal supply chain of marijuana our state—illegal marijuana has been tampered with and has fentanyl in it, and so we’ve seen all of these things really need a regulated, inspected process, and I would encourage that to happen, both with hemp and marijuana.”

Exit Strategy

A New Jersey bill would allow medical cannabis dispensaries to begin selling adult-use cannabis without municipal approval, a sign that state lawmakers are seeking to push back on some towns’ resistance to hosting dispensaries.

Dispensaries have been slow to open across the state after adult-use sales began in April 2022, in part because applicants need municipal approvals before launching.

23 and Me

A new poll of North Carolina likely voters finds that more than 7 in 10 (71%) support legalizing medical marijuana, with majorities across party lines and in every surveyed demographic—aside from people over the age of 80—in favor of reform.

Stocks & Stuff

It was another fragile session for the space after the new Secretary of the HHS didn’t emphatically embrace cannabis on a conservative news network. U.S. cannabis ETF MSOs lost 3% on the session to finish the week down 2%.

Below, we’ll top-line the day, chew through what, if anything, has changed politically, explore why canna remains part of DJT’s (employment and economic) solution set, compare the downside of vices, and look through to a status-quo future.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $11M

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