Daily Recap
Five months into the current Congress, lawmakers from both sides of the aisle have introduced a wide range of cannabis-related bills but none of them seem to have the required momentum to make a meaningful push—and it may take outright support from President Donald Trump to get any of them over the finish line.
“There’s so much on the hopper at the moment. As we start to ease into the fall or later in the the year, we’ll be in a better position to figure out where we fit on the timeline.” Rep. Dave Joyce (R-OH) to POLITICO in late April.
The Pennsylvanian Shim Sham
The Pennsylvania House of Representatives has given initial approval to a bill that would legalize marijuana with a novel model of state-run stores. Every Dem voted for the legislation, and all Republicans were opposed.
A third reading vote, expected soon, would send the measure to the Senate—where, we’re told, the state-run stores are a non-starter…
…although some insiders have speculated that the state-run mandate is a negotiating tactic so Dems can garner other elements. Time will tell, and soon.
Too Big to Jail
Grand View Research estimated that the industrial hemp market hit $1.63B in 2023, with an expectation that it will surpass $6B by 2030. Only four states have special taxes on hemp: Minnesota, Tennessee, Louisiana and West Virginia.
Tennessee alone experienced over $245 million in sales in 2024.
Texas is one of several states where lawmakers are attempting to shut down the hemp-derived intoxicants industry, despite the fact that hemp has grown into a multi-billion industry since 2018 and four out of five dentists Texas voters want to see canna legal in some way, shape or form.
Stocks & Stuff
More bumping and grinding for the broader tape as the mainstay indices wrestle with triple-lindy resistance (SPX, NDX, DXY). Better-than-expected results from Trulieve did not help our musty little corner of the market, as MSOS slipped 3% on light volume.
Below, we’ll top-line today, review Trulieve’s report and share our top-line takeaways—including what is likely keeping investors at bay—take a closer look at Pennsylvania as it approaches a shit-or-get-off-the-pot moment, and spy even more efficacious agility.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $7.5M
Top stories
Keep reading with a 7-day free trial
Subscribe to Cannabis Confidential to keep reading this post and get 7 days of free access to the full post archives.