Ring my Bell!

Pennsylvania postures for adult-use.

Daily Recap

A new bill to legalize adult-use cannabis has been filed in the Pennsylvania Senate and it has bipartisan backing.

If passed, it would legalize canna possession and personal use for adults 21and older, establish a Cannabis Control Board, and implement a tax system that will impose sales and excise taxes on marijuana products.

It would also include broad licensing provisions for dispensaries and cultivators, as well as social equity measures for communities disproportionately impacted by the war on drugs.

“Encouraging to see the PA GOP introduce a rec bill today. This bill would ensure that PA residents have access to safe, tested cannabis as opposed to the unsafe, untaxed pesticide laden stuff the illicit cartel operators are selling.” Mike Tyson

Federal Hemp

A powerful Senate committee approved a bill that contains provisions hemp industry stakeholders say would devastate the market by banning consumable hemp products with any quantifiable amount of THC. However, bipartisan members agreed to delay the implementation of the ban for one year.👀

Ahead of the vote, sources told Marijuana Moment that Sen. Mitch McConnell (R-KY), who championed hemp legalization through that 2018 legislation as majority leader, was behind the restrictive language to redefine his legacy by closing the “loophole” that led to the proliferation of intoxicating cannabinoid products.

Welcome to Gilley's

Two weeks after Texas Gov. Greg Abbott vetoed a bill that would have put a statewide ban on consumable hemp products with any traces of THC, the governor announced two specific hemp-related issues for a special legislative session on Monday, July 21st.

One of the items, titled “protect children from THC,” calls for legislation “making it a crime to provide hemp-derived products to children under 21 years of age.”

The other requests a measure “to comprehensively regulate hemp-derived products, including limiting potency, restricting synthetically modified compounds, and putting enforcement mechanisms in place.”

The Safety Dance 🎶

Florida’s AG Commissioner announced the initial results from the “Operation Safe Summer” enforcement sweep of hemp retailers. Over the first three weeks, more than 85,000 packages of illegal hemp products in 40 counties were removed for violations of Florida’s child-protection standards for packaging, labeling, and marketing.

“Florida will not tolerate the sale of dangerous, illegal hemp products that endanger our children… we will continue to aggressively enforce the law, hold bad actors accountable, and put the safety of Florida’s families over profits.”

Stocks & Stuff

It was a mixed day on Wall Street as sector rotation made its way around the tape. Investors took profits in the winners and pivoted into underperforming stocks, per Bloomberg, which would certainly rhyme with what we’ve seen in our space of late.

Cannabis stocks were strong to quite strong for most of the session before late day profit-taking and a west coast headline triggered a pause in the cause. MSOS, up as much as 17% in midday trading, closed with at 5% gain (+21% WTD; -62% YTD).

Below, we’ll top-line a wild day, chew through the rumors and innuendo, spy why so many influencers are simultaneously influencing, dispel a myth regarding a secret society, channel check Germany, and chat with the former acting DEA Administrator.

All that and more, just scroll down.

note: tomorrow’s Cannabis Confidential will be news dependent.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $93M

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