The Great Divide

The current canna chasm is untenable.

Daily Recap

There are currently 24 states that have legalized both adult-use and medical cannabis and 15 states that have legalized medical only. That’s 39 states (counting Nebraska) with at least medical use legalization.

Federally, marijuana remains completely illegal, which is why canna businesses can’t have federally insured bank accounts, why it’s illegal to purchase canna with federally insured banks’ credit cards; and why canna businesses can’t declare bankruptcy.

In short, the chasm bw federal and state law has never been wider—or more unjust.

Speaking of Which…

The United States and Canada should fully decriminalize the use and possession of drugs rather than double down on a failed drug war, according to a new report from the Global Commission on Drug Policy, per Marijuana Moment.

The report, authored by more than two dozen former presidents, prime ministers and diplomats from around the world, urges countries to implement strategies that focus on “health, human rights, and social equity.”

Researchers Agree…

As the Biden administration moves forward with its proposal to reschedule cannabis, congressional researchers are highlighting divergent federal court interpretations of an existing policy protecting state medical canna programs from DOJ intervention.

In a Legal Sidebar from the Congressional Research Service (CRS), analysts laid out additional considerations for Congress, including possibly clarifying the intent of the appropriations rider that provides the medical marijuana protections—or legalizing cannabis altogether.

Here’s How

Two leading marijuana reform organizations sent the incoming Trump administration a memo, calling on the president-elect to take a series of steps to enact federal canna reforms—including ending prohibition, protecting gun rights for cannabis consumers, promoting industry banking access and expanding clemency to people punished by criminalization.

At the center of the memo is a request that Trump “end the federal criminalization of cannabis and allow states to decide canna policy without undue federal interference.”

During his last term and his latest campaign, Trump expressed support for that policy, and he not only endorsed Florida’s right as a state to decide its own cannabis plan, he also backed the measure that won 56% of the vote (but missed the 60% threshold).

Stocks & Stuff

It was another snoozer in Cannaland until a late afternoon article reported that GOP leaders have blocked Schumer’s push to include SAFER Banking in the government funding bill (per senate sources, per Marijuana Moment).

U.S. cannabis ETF MSOS, which was higher in the morning, took a header on the news but managed to hold the previous all-time low at $4 itself together and finish with a 1% loss for the session. (-42% YTD).

Below, we’ll top-line today, revisit our 2024 wish list, what went wrong and where we stand, explore the raison d'être behind the recent Men Without Hats sightings, sniff a second stealth positive, and see what a difference an exchange makes.

All that and more, just scroll down.

I’ll be offline Dec. 20th through New Year’s. Healthy & safe holidays to you and yours.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $61M

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