Swamp Music

DeSantis swan song sinks canna.

Daily Recap

Former President Donald Trump won a second term in office, defeating Vice President Kamala Harris in the race for the White House on a platform that included support for state-level marijuana legalization and limited federal cannabis reforms.

Whether that stated support will translate into action on reform after he takes office in January is uncertain. Republicans reclaimed a majority in the Senate, and the political composition of the House is still to be determined.

Florida, man

Despite endorsements running the gamut from the Florida Democratic Party to former President Donald Trump, Amendment 3, which would have legalized adult-use canna, failed to get the 60% voter support needed to pass a state constitutional amendment.

Governor Ron DeSantis (R) used a lot of political capital—as well as taxpayer money— to defeat the measure, as advocates shift their attention to legislative alternatives.

Husker Buddies

Nebraska voters approved a pair of medical marijuana legalization ballot measures on Tuesday—even as the two complementary initiatives to enact the reform sit in legal limbo amid court challenges from opponents.

Dakotas Fanning

North Dakota voters defeated a marijuana legalization initiative on Tuesday, as did South Dakota, supporting the notion that the two states should finally just merge.

Stocks & Stuff

Cannabis stocks got waxed today after citizen-led ballot initiatives failed to pass in Florida (and North, South Dakota) and a red broom swept the Street, fortifying fears that began to manifest yesterday that redheads will be bad for canna reform.

U.S. cannabis ETF MSOS finished the session -27% (not a typo) and is sitting near all-time lows.

Below, we’ll unpack today’s wild ride, game plan what’s next and take stock of what the street is seeing, saying, feeling and doing on the back of last night’s news and ahead of a second Trump term.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $259M 👀

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