Midsummer Muse

Taking stock ahead of 2H25.

Daily Recap

A GOP senator says opponents of cannabis legalization have lost the fight to maintain prohibition and it’s time for lawmakers to address that reality by creating a regulatory framework treating cannabis “in the same way that we do with alcohol and tobacco,” so that states can set their own policies without federal intervention.

“I have tried to keep pounding the table and saying, ‘Folks, those of us who were not necessarily eager to legalize pot have lost. The majority of states have legalized it at some level or another. I don’t really have a whole lot of emotions about it personally, but I don’t think we’re regulating it properly, and I do believe it’s just become another distribution channel for the cartels.” Sen. Thom Tillis (R-NC)

Hero’s Salute 🫡

The U.S. House of Representatives approved amendments to a spending bill that would authorize VA doctors to issue medical cannabis recommendations to military veterans and support psychedelics research and access.

One of the accepted proposals from Reps. Brian Mast (R-FL) and Dave Joyce (R-OH)—who co-chair of the Congressional Cannabis Caucus—would increase veterans’ access to state medical marijuana programs and eliminate a current VA directive barring the department’s doctors from issuing cannabis recommendations.

Of course, it’s wild to even be having this discussion while canna remains a Schedule I narcotic under the Controlled Substances Act—but all of that is subject to change.

Woo Pig Sooie!

Arkansas AG Tim Griffin announced a "significant legal victory" after the U.S. Court of Appeals for the Eighth Circuit reversed a lower court's decision, allowing enforcement that bans certain psychoactive hemp products, including Delta 8 and Delta 9, which have been linked to adverse health effects, particularly in children.

"Today's ruling isn't just a win for Arkansas, it's a win for common sense and the rule of law. If you are selling these products, you are now doing it in violation of the law."

Separately, Arkansas’ MMJ sales exceeded $121M through May, which puts the state on track to break its annual record set in 2023. During the first five months of 2025, Arkansas MMJ dispensaries sold 32,474 lbs. of product, up from 30,000 lbs. last year.

Thai Stick-less

Thailand is poised to recriminalize cannabis, a move that will dismantle a burgeoning industry estimated to be worth over £734 million. The trade has flourished since the substance was delisted from the country's narcotics register in 2022.

The push to reintroduce stringent controls on adult-use cannabis use follows a recent political shift within the ruling coalition. On Tuesday, Thailand's health ministry issued an order explicitly prohibiting the sale of cannabis for recreational purposes.

Stocks & Stuff

Wall Street stocks were mixed after two stellar sessions, with NVIDA hitting a fresh all-time high and pacing tech to do the same. Yields came in, the dollar finished lower, and bitcoin added a percent and is trading at $107K+.

U.S. canna ETF MSOS finished 7% higher on light volume after hitting an all-time low on Monday, which happened to be my birthday—and as a belated present, all I wish is to never see those levels again.

Below, we’ll take stock at the midway point of 2025, including those who’ve left the space, as we look ahead to notable catalysts that we expect to hit over the next few months, and dig deeper into how Texas is shaping the national cannabis discussion.

All that and more, just scroll down.

note: our youngest graduates middle school tomorrow and I expect to be offline through next week’s Fourth of July holiday, barring any major breaking industry news. Enjoy…

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $13M