One Plant
Canna and hemp regs must converge.
Daily Recap
The Pennsylvania legislature is “substantially closer” to reaching a deal on cannabis legalization, and an initial vote on a bipartisan cannabis reform bill could come as early as this month, a Democratic lawmaker says.
While the path forward for legalization in the Keystone State remains murky for this session, Kinkead said “we’re closing in on getting to a place where we can all have a conversation and get this across the finish line.”
FDA Undersight
The US Food and Drug Administration was dragged through the mud by lawmakers yesterday, who said its ‘bureaucratic red tape, inefficiencies, and weak oversight’ was responsible for the flood of intoxicating hemp substances across the country.
It also accused China of importing millions of dollars’ of counterfeit pharmaceuticals and synthetic cannabinoids and said the FDA’s slow reaction to the spread of hemp-derived products allowed a multi-billion-dollar industry to grow in a regulatory desert.
Shawn Hemp
For the second year in a row, the Florida Senate has approved new regulations on hemp-derived THC products in Florida, although this time the proposal includes limitations on the industry’s hottest new product, THC-infused beverages.
A Polk County Republican Senator is leading the effort to place restrictions on the intoxicating products. When asked why she trying to regulate an industry that has been established for years, she said hemp-derived THC is “causing harm to Floridians.”
“We have retailers in Florida that are selling products that are intoxicating. They are selling products that are putting adults and children in the hospital.” Sen. Burton
Your Word is Your Bondi
The Drug Enforcement Administration notified an agency judge that the cannabis rescheduling process is still on hold, with no future actions currently scheduled as the matter sits before acting administrator Derek Maltz Sr.
I don’t know anyone who expected Maltzy to wave this through given he's keeping the seat warm for Terry Cole, who himself is no fan of the plant, but we believe that the DOJ & DEA will fall in line with POTUS when the time comes.
Stocks & Stuff
The volatility continued as the broader market gave back some of yesterday’s historic rally and investors openly wondered if Pandora’s Box can again be closed. U.S. canna continued to slog along on light volume as attentions focused elsewhere.
Below, we’ll dance between the geopolitical elephants, discuss why and how a state-legal framework is needed if we’re to deport Mexican cartels and Chinese crime rings, offer a few random thoughts, and see why one firm is focusing on only two names.
All that and more, just scroll down.
Note: there will be no Cannabis Confidential tomorrow.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $7.5M
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