Daily Recap
V.P Kamala Harris has previously supported federal canna legalization and continues to back reforms, but it’s not clear exactly how far she would go if elected president.
Since launching her campaign, Harris has not spoken about marijuana at length and her website’s policy page contains no mention of the issue. Further, her campaign declined to elaborate on her current position when reached for comment this week.
Speculation persists that the reason her team has been silent on the issue is because she favors decriminalization and articulating that stance while the DEA is finalizing a years-long rescheduling review process—a directive from her Administration—would muddy the waters late in the game.
Common Wealth
Strong majorities of Pennsylvania voters in five key tossup districts are in favor of legalizing cannabis in the state and they want to see reform enacted this year.
The poll shows that more than 60% of voters in five state House districts—HDs 16, 72, 118, 144 and 151—back the policy. Notably, in four of those districts, Donald Trump is currently leading Kamala Harris in the presidential race.
Florida Man
When Donald Trump came out in favor of Amendment 3, it was a surprising wrinkle in the ongoing effort to legalize adult-use cannabis in Florida. Supporters are hopeful the former president’s support will help nudge undecided voters, who represent 15% of the electorate, in the direction of a “Yes” vote.
With little over a month before the national elections, polls show the future of Florida adult-use cannabis balanced on a knife’s edge. Ballot measures in Florida must garner at least 60% of the vote to pass, meaning every vote is critical.
And Rand
Sen. Rand Paul (R-KY) has reintroduced a bill that would triple the concentration of THC that the hemp could legally contain, while addressing multiple other concerns the industry has expressed about the federal regulations.
Hemp and its derivatives were legalized under the 2018 Farm Bill, but the proliferation of intoxicating cannabinoid products led to pushes in Congress and state legislatures across the country to reign in the largely unregulated market.
Stocks & Stuff
It was another snoozer as the space continues to drift sans a line of sight on federal reform. U.S. cannabis ETF lost 1% on the session but managed to grind 5.5% higher for the week despite being one of the only sectors sitting in the pay-no-mind club.
Below, we’ll top-line the landscape, frame fundamentals, countdown known catalysts, sniff at the unknown catalysts, inhale on Holland, exhale on Florida, and call it a week.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $45M
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