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Daily Recap
President Donald Trump signed legislation to end the longest government shutdown in US history, marking the official conclusion to a 43-day impasse that halted food aid to millions of households, canceled thousands of flights and forced federal workers to go unpaid for more than a month.
The 2025 spending bill that reopened the United States included a sweeping change to federal hemp law, redefining the definition of legal hemp and effectively banning most hemp-derived THC products when it goes into effect one year from yesterday.
Some warn it’ll “wipe out” 95% of the intoxicating hemp market, while others say it clarifies the need for unified cannabis regulation.
The volume of the public discontent has been aggressively amplified the last few days and the start of the journey toward one plant, one rule could begin at any time with Schedule III already teed up and POTUS having signaled it here, here, here, and here.
The World According to GARP
The global industrial cannabis market is on pace for explosive growth, projected to rise from $74 billion in 2025 to $196.4 billion by 2034, per a new study.
That’s a 12% CAGR, underscoring the demand for canna products across industries ranging from hemp textiles and wellness to construction and bioplastics.
“This growth will be driven not only by the shift towards renewable materials and sustainable production but also by the increasing legalization and commercialization of hemp-based products in multiple industries”
Billions
New York’s legal cannabis industry will mark a significant milestone on Friday as Green Comfort Dispensary in Rochester becomes the state’s 500th licensed adult-use store.
The milestone coincides with New York surpassing $2 billion in total adult-use sales, a benchmark reached as more communities gain local access and supply chains stabilize.
Stocks & Stuff
It was a shit sandwich on Wall Street with heavy selling across asset classes, including Cannaland. U.S. cannabis ETF MSOS slid 7% (+5% YTD) and closed directly at a 50% retracement of the rally off the all-time lows that started in the summer.
Below, we’ll top-line the latest, explore the suddenly serious efforts to establish a one plant-one rule cannabinoid framework, share an analyst’s take on why the hemp ban is a segue into rescheduling and spy a potential fly in the international segment’s eye.
All that and more, just scroll down…
note: there will be no Canna Confidential tomorrow or Monday as I’ll be in D.C for the Ignite (né Benzinga) Cannabis & Policy Summit. Please use this link for a 25% discount if you would like to join Charlie, George, Boris, Kim, and others on the Beltway. 👇
$SPY $QQQ $IWM $MSOS (←not working; I blame Mercury Retro) ETF Notional: $38M
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