The People's Plant

Crush cartels, not canna.

Daily Recap

In a case that could help clarify the boundaries of a federal law that protects state-legal medical cannabis activity from prosecution by the federal government, a Maine man asked the U.S. Supreme Court to review a dispute in which the U.S. Department of Justice charged him under the federal Controlled Substances Act.

In a petition to the high court, Lucas Sirois asserted that the Rohrabacher–Farr amendment, which has been enacted into federal law since late 2014, should have prevented DOJ from pursuing its case against him. The U.S. Court of Appeals for the First Circuit ruled against Sirois, but his lawyers threw the challenge flag.

Cheese Please

The governor of Wisconsin has once again included a proposal to legalize marijuana in his biennial budget request and Gov. Tony Evers (D) said that it will result in “$58.1 million in revenue in fiscal year 2026-27 and growing amounts in future years.”

In addition to legalizing adult-use canna, Evers is proposing to include delta-8 and other intoxicating hemp-derived cannabinoids in the definition of cannabis to “ensure production, processing and sale is regulated and not available to those under 21.”

“Legalize, regulate, and tax the sale of marijuana for recreational use, much like Wisconsin already does with alcohol.” Gov Tony Evers

Dakota Fanning

A legislative effort to repeal South Dakota’s voter-approved medical canna program fell short in committee. Medicinal canna was approved by South Dakota voters on a wide mandate in 2020, passing with nearly 70% support.

The bill, which would essentially gut the state medical marijuana system, claimed the state’s current system is effectively full legalization, which is a sentiment flatly rejected by medical marijuana advocates.

North Star

Eighteen months after Minnesota legalized marijuana for adult use, the state’s new cannabis agency began accepting applications for the first round of business licenses to be awarded to qualified applicants in lotteries this spring.

“Getting licenses into the hands of business owners is our priority and today marks another step towards opening Minnesota’s cannabis market. There’s a great deal of interest from business owners and we’re looking forward to working with them to take the next steps in becoming licensed so they can make their businesses a reality.”

Stocks & Stuff

The red spread most of the day before afternoon buyers (or short covering) emerged. U.S. canna ETF MSOS was +2% late in the session before fading toward flat on the bell.

Below, we’ll top-line today, highlight a company that’s doing it right, clarify confusion surrounding some of the recent investor filings, spy five items on our near-term wish list, and dive into the fuckery faced by state-legal cannabis industry employees.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $22M

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