Moose Knuckled

Canna rips with Canada closed.

Daily Recap

The Senate has approved large-scale spending legislation that includes provisions to allow U.S. Department of Veterans Affairs doctors to recommend medical cannabis to military veterans living in legal states.

The punchline—in case you missed it—is that the U.S. Senate has approved cannabis as medicine, whereas Schedule I narcotics “have no currently accepted medical use.”

The appropriations package that senators passed on Friday was also amended to omit a controversial proposed ban consumable hemp product with any amount of THC, but all of this is TBD when our noble lawmakers return from their long August recess.

Big Boy Table

A cannabis industry-funded political committee donated $1M to President Donald Trump’s MAGA Inc. super PAC in the first half of this year, according to FEC filings.

Beyond the ads, the cannabis PAC separately contributed $1 million to MAGA Inc., describing it as a “donation,” the FEC documents show.

MAGA Inc. created an ad that touts Trump’s support for “commonsense reform” such as removing cannabis from Schedule I of the Controlled Substances Act and letting states set their own policies. 👇

Panther Prance

A Florida campaign has now collected more than 75% of the required signatures to put a marijuana legalization initiative on the 2026 ballot, according to state officials.

Smart & Safe Florida began signature gathering for the measure in January, making steady progress as it takes a second stab at enacting the constitutional amendment at the ballot after a 2024 version of the legalization measure fell short.

Blue Grass

Medical marijuana sales in Kentucky are on track to launch this fall, Democratic Gov. Andy Beshear said Thursday.

There are already 16,000 people with physicians’ recommendations to access medical cannabis in Kentucky, where an MMJ program launched Jan. 1 without anywhere to obtain cannabis.

Stocks & Stuff

The circle smirk resumed on Wall Street and this time, the waffle of kind bud filled the air of expectations. With sector earnings on tap for this week—and despite continued uncertainties surrounding reform—cannabis continued to put on a brave face.

U.S. canna ETF was +8% to start the week (-13% YTD), while Village Farms paced the international canna complex, breaking out to levels last seen in January, 2023.

Below, we’ll recap recent news and top line the space ahead of this week’s reports, highlight several huge levels that’ll help shape the canna tape, monitor another high-profile conversion to a pro-canna stance, and otherwise try to keep it cool like Fonzi.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $49M👀

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