Daily Recap
Republican congressional lawmakers filed amendments to a must-pass defense bill aimed at expanding waivers for military recruits who’ve tested positive for cannabis and codifying that service members can lawfully use hemp products.
The proposed amendments to the NDAA from Reps. Dave Joyce (R-OH) and Tony Gonzales (R-TX) will be taken up by the House Rules Committee to determine whether they advance for floor consideration.
Laboratories of Democracy
A key congressional committee is set to take up a spending bill that includes a report directing federal agencies to assess the “adequacy” of state-level cannabis models.
The underlying bill includes longstanding provisions blocking Washington, D.C. from using its tax dollars to legalize cannabis sales, but an attached report acknowledges the need to study legalization at the state level.
Malice in Wonderland
Vaporizers containing THC, CBD, or any other cannabinoid derived from hemp are now banned in Texas. Senate Bill 2024 also bans nicotine vapes and e-cigarettes that are made in China and marketed to children.
The only cannabis vape products now allowed in the state are low-THC oil offerings that comply with the Texas Compassionate Use Program (TCUP), the state’s limited but recently expanded medical marijuana law.
Children of the Corn
Nebraska activists filed an initiative to legalize cannabis and establish a constitutional right to use cannabis for adults over the age of 21. If organizers collect enough valid signatures from registered voters, it could appear on the 2026 ballot.
Stocks & Stuff
Cannabis stocks continued their process of price discovery, as the Monday Tuesday morning hangover extended through the weekly hump. MSOS finished the session 10% lower—or 17% below Friday’s close—and is now +21% YTD (+124% vs. 6/23).
^ yes, +124% in nine weeks, so some digestion—even further digestion—shouldn’t trigger the same sorta PTSD that we’ve seen in past administrations; or that’s my take.
Below, we’ll swim through the latest maelstrom, navigate the offsides…to the offsides, check charts and potential price points, talk trading/ investment strategy, and kick the tires on state-level sales.
All that and more, just scroll down.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $83M
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