Miracle Workers
Advocates push for a year-end win.
Daily Recap
Will the U.S. Supreme Court finally do what the White House and Congress have not had the motivation or ability to do and free the $32 billion U.S. cannabis industry from outdated and onerous federal laws?
That answer is inching closer after the high court scheduled a meeting to determine whether it’ll hear a constitutional challenge to federal cannabis prohibition.
The December 15 decision on whether SCOTUS will hear the landmark Boies in the Hood case has conservative and libertarian think tanks working overtime as it could trigger a massive shift in federal cannabis policies.
The Koch-founded AFP said that as ‘a test of core federalism principles,’ D.C. cannot criminalize activity that occurs within a state, while The Cato Institute said the federal government has no authority to ban state-regulated activities that don’t cross borders.
The Pacific Legal Foundation filed an amicus brief that argued the federal government has no constitutional authority to regulate or criminalize cannabis within a state, and the AEI, a conservative think tank, called for federal cannabis labeling standards.
Meanwhile, a longtime senior adviser to President Trump told The Marijuana Herald that the administration is “close” to rescheduling cannabis, with ‘President Trump telling multiple supporters last week that “we have a plan” and “we’ll get it done.”’
Hemp V. Cannabis 🌿
American hemp farmers are pissed after Republicans slipped a provision that will ban intoxicating hemp into the deal that reopened the government. The hemp industry is now mobilizing to overturn the ban or at the very least, get themselves an extension.
Mitch McConnell, who is scheduled to retire in January 2027—two months after the ban is slated to go into effect—is unrepentant, offering:
“Industrial hemp and CBD will remain legal for industrial applications, such as seed, stock, fiber, grain oil, or use in drug trials. This language merely clarifies the original intent of the 2018 farm bill, rooting out bad actors and protecting the hemp industry.”
Smart & Safe Florida gathered more than one million signatures for its 2026 cannabis legalization initiative and will not appeal a recent court decision that tossed 200,000 petitions over formatting issues. The pending federal ban on intoxicating hemp could also impact voter turnout as you can’t put the cannabinoid genie back in the bottle.
Cali Sober 🖐️
Stocks & Stuff
It was a sloppy session on Wall Street as the crypto downturn wiped out nearly $1B in levered bets, continuing a weekslong selloff that began when $19B in levered bets got liquidated in early July.
That colored the mood in the markets but a broken clock in canna was right this time, with U.S cannabis ETF MSOS finishing the session +11% (+1% YTD).
Below, we’ll top-line today, chew through the latest chatter and what—if anything—it means, sniff around the corner at M&A, stare down the long-ass odds into year-end, take a stab at measuring forward growth, and continue to highlight efficacious agility.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $31M
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