Daily Recap
Delegates at the Democratic National Convention are set to vote on a party platform Monday that touts President Joe Biden’s marijuana pardons and rescheduling moves, while calling for broader reform to expunge prior records.
Despite several signals from the VP, the party’s latest draft doesn’t promote broader decriminalization like the platform did in 2020. The Dems also took the opportunity to blast former President Donald Trump over his past anti-cannabis actions.
Harshed Mellows
Marijuana use is one of the only crimes that a majority of Americans say is punished too harshly, and bipartisan majorities also back expunging prior cannabis convictions, according to a new poll.
As the presidential election approaches in November, a survey from YouGov looked at where people stand on various criminal justice issues and reform proposals backed by Vice President Kamala Harris, the 2024 Democratic nominee.
There Was One?
Former President Donald Trump’s running mate, Sen. JD Vance (R-OH), advocated for a legal framework for cannabis—he just doesn’t realize it.
Speaking at the Milwaukee Police Association in Wisconsin, Vance, in response to a question, said “we’ve got fentanyl in our marijuana bags that our teenagers are using,” highlighting a risk that would only manifest in an illicit market.
After months of work, California lawmakers killed a bill on Thursday that would have enacted strict new rules for intoxicating hemp goods in the state. The measure was tabled indefinitely by the state Senate Appropriations Committee.
The bill had divided much of the state-legal cannabis industry, with some stakeholders supporting the measure as a necessary check to rein in the hemp market, which has nowhere near the level of red tape and oversight that legal marijuana companies do.
Stocks & Stuff
It was a quiet session in Cannaland as the risk rally in the broader tape continued. U.S. cannabis ETF MSOS ended the day more-or-less flat and is currently +8% YTD.
Below, we’ll top-line the recent price action, tally the rebalancing blitz, review another lens on earnings, tackle DNC talking points and ease into the last week of summer.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF notional: $91M
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