Murphy's Law

NJ Gov may be high on his own supply.

Daily Recap

Although New Jersey just doubled its weight-based tax on licensed adult-use canna cultivators on January 1st, Gov. Phil Murphy (D) is now proposing that state regulators jack the rate an additional 500%—from $40 per pound to $240 per pound (!!).

In his Fiscal Year 2026 budget, Murphy asked regulators to raise the rate to $15 per ounce (or $240 per pound). He also proposed that the state implement a new $30-per-ounce (or $480 per pound) SEEF tax on intoxicating hemp products.

New Jersey already levies a 6.625% state sales-and-use tax on dispensary sales which, along with other fees, are expected to generate $90M in revenue for fiscal 2025.

Beltway Buzz

A longtime drug policy reform advocate says he spoke with a White House staffer at an event last week and was invited to submit a proposal outlining why the President should back federal cannabis legalization.

Drug policy specialist Howard Wooldridge said that a White House representative welcomed proposals from all attendees and he was able to personally discuss his plan to advise the administration to adopt a pro-legalization position.

This obviously isn’t what we’ve been waiting for—real directives would come straight from the top, or close to it—but given how hungry folks are for a hint of good news, they ate it up yesterday—before throwing some of it back up today.

A Political Marc

An American who was recently released from a Russian prison over cannabis that he lawfully obtained as a MMJ patient in Pennsylvania was among the President’s invited guests at a speech before a joint session of Congress earlier this week.

Marc Fogel was serving a 14-year sentence after being convicted of “drug smuggling” over possession of a half-ounce of cannabis and his release was secured as part of a prisoner swap last month.

There was no mention of why Fogel was detained, or the inherent hypocrisy therein.

Mary Jane Jordan

The speaker of the North Carolina House of Representatives says state Republicans could be willing to consider medical marijuana legalization this session.

Medical marijuana legalization has been a key issue in years past for Sen. Bill Rabon (R), who chairs the Senate Rules Committee. Rabon’s legislation passed the Senate several times but continually stalled in the House.

Stocks & Stuff

They space came for sale today alongside the broader market dump. After gaining 10% yesterday on the second hand political smoke, U.S. canna ETF MSOS gave back 7% today in Canadian Siberia extremely thin trading.

Below, we’ll top-line the recent price action, chew through the headline that moved our space, review the U.S. landscape, talk hemp beverages and dig deeper into the emerging growth engine that is New York cannabis.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $14M

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