Man in the Mirror
Life all comes down to a few moments.
Daily Recap
Surveys show younger and independent voters, many of whom view cannabis reform as a litmus test for generational progress, could reassess Trump if he enacts a federal change to cannabis regulations that Democratic administrations—including Presidents Carter, Clinton, Obama, and Biden—debated or promised, but never accomplished.
“If Democrats don’t act now, Trump and the GOP could steal marijuana reform right out from under us.” -The Progressive Turnout Project
Welcome to Dumpsville
New York Gov. Kathy Hochul asked for the resignation of the state’s top canna official after the case against a Long Island cannabis distributor was withdrawn on the eve of its administrative trial. Hochul accepted the resignation of Felicia Reid, the head of the Office of Cannabis Management, effective immediately.
“Too often, the OCM stood in the way of the market realizing its potential, including a pending compliance action that it has had to withdraw. As a result, I directed my office to take action, including requesting the resignation of the Acting Executive Director. That resignation has been accepted and is effective immediately.”
Left-handed logic
Legal cannabis sales in California, the country’s biggest market, dipped to a five-year low after a since-repealed excise tax hike went into effect July 1, state data shows.
The predictable impact of increased taxes in an already lagging mature market spells potential trouble for other states where officials are raising taxes—such as Michigan, where lawmakers recently approved a new 24% wholesale tax.
Nugs, Not Drugs
Adults with chronic pain who participated in New York’s medical cannabis program were significantly less likely to require prescription opioids, according to a new study published in JAMA and led by researchers at Albert Einstein College of Medicine.
“Medical cannabis is increasingly considered a substitute for prescription opioid medications for chronic pain, driven by the urgent need for opioid alternatives to combat the ongoing epidemic.”
Stocks & Stuff
Stocks treaded water on Wall Street ahead of tomorrow’s FOMC meeting, where a quarter-point rate cut is expected. The mainstay averages were mixed, bitcoin saw a bounce, and yields edged higher.
Cannaland continued to act like Pinocchio’s girlfriend (‘tell the truth, tell a lie!; tell the truth, tell a lie!’) as MSOS toggles between two technical levels absent news, and the Canadian-based international stocks bounced on the heels of Cronos news.
Below, we’ll top-line today, highlight some deal flow, chew through the intoxicating hemp ban, share what we’re hearing, seeing, and doing, and offer a few year-end random thoughts for shits and giggles.
All that and more, just scroll down.
note: Cannabis Confidential will be offline from Dec. 16th through Year-end.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $17M
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