Rubik's Cube

Former DEA asks DEA to stop the DEA.

Daily Recap

As Pennsylvania lawmakers step up their push for marijuana legalization, a new report projects that the state would see up to $2.8 billion in adult-use sales in the first year of implementation, generate as much as $720 million in tax revenue and create upwards of 45,000 jobs.

Bipartisan lawmakers state-wide have said they have the votes to pass a cannabis bill as soon as this year and say that it would be super-helpful if the federal government could implement its proposed cannabis rescheduling rule sooner, rather than later.

"I think there'll be adult-use sales by July 2025." - Sen. Sharif Street (D-PA)

SAM, I Am

A group of former DEA leaders asked the Drug Enforcement Agency to hold a hearing on the proposal to reschedule cannabis, saying that it is “likely the most consequential rulemaking the DEA has ever attempted.”

Six former DEA administrators, three former acting administrators and their mascot, a fragile furry named SAM, submitted the request just hours before today’s deadline.

If the Nug don’t fit…

Verano Holdings, in response to a request for summary judgement in their ongoing lawsuit with Goodness Growth, filed a court response rejecting their damages claim and asking for a full trial.

Verano considers Goodness’ application to be “an effort to sway public opinion by putting forward a baseless and irresponsible damages calculation in an attempt to create false hope for its investors.”

Sunshine’s State

The cannabis industry will be watching Florida on Election Day this November, as the state’s voters will decide on adult-use cannabis via a constitutional amendment that’ll need a 60% supermajority to pave Route 420 straight through the Sunshine State.

“We think given the trajectory of the market and how strong consumer participation growth and patient growth has been, we think it's a really big opportunity, and we’re very confident that it's going to be the second-biggest market by 2028.”

Stocks & Stuff

There are sessions that leave an imprint on your brain, days that’ll never be forgotten, days unlike all others. Today wasn’t one of them. Cannaland remained a sideshow in the broader market conversation in the absence of clarity, advancements, or both.

U.S. canna ETF MSOS made back the percent it lost Tuesday but it’s all ball bearings until the bulls can show these bears of will what will really is.

Below, we’ll top-line today’s price action, synthesize the current set-up, a, weigh the Verano buybacks and litigation response, and check on the best damn house in the shitty neighborhood up North.

All that and more, just scroll down.

Note: there will be no Cannabis Confidential tomorrow (unless there is).

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $42M

Top Stories