Regime Change

DJT 2.0 cometh.

Daily Recap

President Joe Biden announced that he will commute the sentences of nearly 2,500 non-violent drug offenders in one of his final official actions before leaving office.

For Biden, who is four days from ending his 50-year political career, the commutations are a last-ditch effort to blunt the impact of his 1994 Senate crime bill that led to dramatic increases in incarceration and adversely impacted communities of color.

The people receiving the commutations have been serving “disproportionately long sentences compared to the sentences they would receive today under current law, policy and practice,” he said in a statement announcing the action.

Bah Bye

Anne Milgram, the head of the Drug Enforcement Administration, is expected to leave the agency in the coming days after serving as administrator since June 2021 to which we say, “don’t let the door hit ya’ where the good Lord split ya.”

Milgram has been much maligned for the hot mess at her agency, which the ALJ described as “unprecedented and astonishing.” From soup-to-nuts, the DEA’s participation in the rescheduling process has been a complete shitshow.

Separately, the ALJ sent a letter to Milgram today to advise her that the ball is back in her court with respect to the ongoing proposal, while noting that the interlocutory appeal may well prevent further delays down the road.

I’m sure she’ll leave it on her desk.

Marching Orders

If U.S. Rep. Dina Titus has her way, the 119th Congress will finally pass canna banking, as well as bills easing military veterans’ access to medical marijuana and researchers’ abilities to study the plant.

Those are the wins that the newly minted co-chair of the Congressional Cannabis Caucus’ predecessors chased after, we know, but this is the first time an incoming Republican president has openly endorsed U.S. cannabis reform.

It remains to be seen if—and when—this time will be different.

Critical Mass

Massachusetts generated more than $1.64 billion in gross cannabis sales in 2024, setting a new annual record for the Commonwealth while continuing to provide hundreds of millions of dollars in state and local tax revenue.

Stocks & Stuff

There was a broken clock in Cannaland as the space firmed into the long weekend, and U.S. cannabis ETF gained 4.5% on what continues to be vapor thin liquidity.

U.S. markets will be closed on Monday in observance of Martin Luther King, Jr.

Below, we’ll top-line todays’ happenings, map the mass exodus, dig deeper into a potential Lehman moment, check on charts, and explore a fundamental disconnect.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $17M

Top Stories