Daily Recap
An amendment seeking to ban intoxicating hemp-based cannabinoids nationwide is now part of the U.S. House of Representatives’ draft Farm Bill. The House Committee on Agriculture passed an en bloc amendment that would redefine hemp to exclude intoxicating hemp-derived cannabinoids.
While the House version of a new draft Farm Bill will include the hemp amendment coming out of committee, its place in the final legislation is far from assured. The U.S. Senate Committee has yet to release its own full text of a proposed bill.
No More Viking Funerals
The Minnesota Legislature gave final approval to a broad package of new rules for the state’s upcoming recreational marijuana industry, giving businesses a clearer picture of what to expect for next steps.
The bill has yet to be signed by Gov. Tim Walz, but he is expected to be on board, the Star Tribune reported. The state Office of Cannabis Management is also in support of the measure, which contains a major overhaul of the state’s medical canna regs.
Canna CHiPs
Two major law enforcement organizations have endorsed a bipartisan bill to end federal marijuana enforcement in legal states, a cannabis group whose membership includes large tobacco and alcohol companies announced.
The Peace Officers Research Association of California (PORAC) and the Oregon Coalition of Police and Sheriffs are both officially backing the Strengthening the Tenth Amendment Through Entrusting States (STATES) 2.0 Act.
Good Day, Sunshine
Dr. Michael Binder, a poly-sci prof at UNF, said the reception of Florida’s proposed Ammendment 3 ballot inititiative has “generally been very positive,” citing one poll with a 67% support rate for the legislation, adding, “I think it has a high chance of passage.”
Stocks & Stuff
After a brutal week in what’s been a brutal month for U.S. cannabis, the sector limped into the Memorial Day weekend with lots on it’s mind, having lost several important technical levels as sentiment sinks to perhaps as low as I’ve ever seen in the space.
U.S. cannabis ETF MSOS finished the session flat to end the week -15%, and -28% vs. the false breakout on the last day of April. It is now +16% YTD and +49% YoY, while still sporting an 85% hickey below it’s all-time blue wave circle-smirk high.
Below, we top-line today’s price action, put this week in perspective, frame the Farm Bill, sniff at SAFE and weigh the short-term structural vulnerability against a bevy of catalysts that’ll litter the landscape through the election and into the new year.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ PT Notional: $93M/ $60M
Top Stories
Keep reading with a 7-day free trial
Subscribe to Cannabis Confidential to keep reading this post and get 7 days of free access to the full post archives.