Team THC
Canna and Hemp look to mend fences.
Daily Recap
It was a hurry-up-and-wait day as House lawmakers migrated back to the beltway for a vote to reopen the government, which is widely expected to happen tonight, ending a 43-day embarrassment for the United States on the global stage.
Intoxicating hemp operators continued to rally in the face of their existential threat, as the clock will start tonight on a 365-day countdown for select segments—such as low-dose THC beverages—to motivate congress to pass commonsense regulations.
We asked the question yesterday,
What’s worse, understanding both are bad...
A licensed operator following complex rules in legal states being penalized by the feds every step of the way for five years...
or
Building a huge business via a federal loophole for five years and having it suddenly rugged?
70% of the responses, which are still being collected, believed that the first simulation is worse, but the truth of the matter is that both suck for the honest operators.
Here’s the rub: while the last five years created a Hatfield vs. McCoy’s mindset as intoxicating hemp players danced unscathed, this latest move by Moscow Mitch will unite our efforts and substantially raise the volume of the conversation.
Team Hemp has now entered the regulatory chat and insofar as cannabis and hemp are the same plant, albeit with traditionally different use-cases, we look forward to a uniform set of rules for cannabinoids that reward good actors and eliminate the rest.
M&M Boys
Michigan’s cannabis industry reported $267 million in sales in October, bringing the 2025 YTD to $2.7 billion and surpassing $12.8 billion since legalization began. With prices continuing to fall and selections expanding, the state is on pace to finish 2025 with one of its strongest years yet.
Missouri’s legal marijuana market posted $127.63 million in October sales, bringing the year-to-date total to $1.26 billion. Since the launch of medical sales in 2020 and the opening of adult-use in February 2023, Missouri has reached $4.66 billion in sales.
“…of the people, by the people, for the people”
A new poll by Republican pollsters found that Florida voters overwhelmingly believe they—and not elected officials—should decide whether to legalize adult use cannabis through a constitutional amendment.
The memo for Smart & Safe Florida dated Nov. 6, 2025, shows that 92% of likely 2026 Florida voters believe citizens should have the final say on constitutional amendments rather than state lawmakers. The survey included 800 likely voters across party lines.
Substitute Creature
A new study shows that for heavy drinkers, using cannabis may be associated with consuming less alcohol.
This reduction in drinking appears linked to a decrease in alcohol craving that occurs after using cannabis, a finding that offers a potential mechanism for why some people might substitute one substance for the other.
Stocks & Stuff
Canna stocks finished mostly lower on fresh fears that the hemp ban is a readthrough to prohibition 2.0. In the absence of clarity from the Trump administration—and time running out in 2025—U.S. cannabis ETF MSOS finished the session -3% (+13% YTD).
Below, we’ll top-line today, chew into the one love one heart regulatory discussion, see both sides of this latest prohibition—with one entirely brighter than the other—check the charts, monitor the flows, and spy October canna sales on both sides of the border.
All that and more, just scroll down.
$SPY $QQQ $IWM $MSOS (←not working; I blame Mercury Retro) ETF Notional: $17M
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