The Deep State Deepens

DEA methods transcend bureaucratic norms.

Daily Recap

Village Farms International and Hemp for Victory announced that they jointly filed a Request for Reconsideration of their prior motion to disqualify and remove the DEA from its role as proponent of the Proposed Role to reschedule cannabis to a Schedule III drug.

The initial motion to disqualify was filed on November 18 and subsequently denied, but since then new evidence has emerged that the parties believe reflect widespread DEA wrongdoing which necessitates the Agency’s disqualification from participation in these proceedings and its removal as the proponent of the Proposed Rule.

Hoos Zooming Hoos

Virginia lawmakers are preparing to reintroduce bipartisan legislation to create a regulated and taxed adult-use cannabis marketplace in the state. The renewed push comes after Gov. Glenn Youngkin vetoed a similar proposal earlier this year.

Democrats Del. Paul Krizek of Fairfax and state Sen. Aaron Rouse of Virginia are once again spearheading the effort and plan to bring forward the same proposal that previously passed both chambers of the General Assembly with bipartisan support.

“We’re starting with the same bill since we were able to get both chambers aboard, including a couple of Republicans. I think there’s a good chance that several more Republicans will join in this time, especially in the Senate.”

Cheese Please

The Wisconsin governor says residents of the state should be allowed to propose new laws by putting binding questions on the ballot—citing the fact that issues such as cannabis legalization enjoy sizable bipartisan support.

Gov. Tony Evers (D) said that he will be including a proposal in his 2025-27 biennial budget to give citizens the right to put forward ballot initiative to enact statutory or constitutional policies if a majority of voters approve them.

Garden Party

New Jersey became a billion dollar cannabis market last year. The state’s legal weed businesses raked in a total of $1.004 billion in 2024, a 25% increase from the $800 million take in 2023, according to Cannabis Regulatory Commission figures.

Stocks & Stuff

It was another uninspiring session in Cannaland as volumes remained whisper thin in the absence of news or a line-of-sight on catalysts. U.S. canna ETF MSOS finished the session flat on $15M notional volume. Such a shanda.

Below, we’ll chew through this latest deep state twist, top-line known 2025 catalysts, take a fresh sniff at Florida and ponder how life comes down to a few moments.

All that and more, just scroll down.

note: if you’re attending the JPM Healthcare Conference in San Fran pls LMK.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $15M

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