The Purge

Investors flee Cannaland.

Daily Recap

Donald Trump has named as his Chief of Staff pick Floridian and longtime Republican operative Susie Wiles, which will make her the first woman to hold that position.

Wiles worked for Ballard Partners, a Florida-based lobbying firm that represents Trulieve, the mega cannabis company whose female CEO Kim Rivers reportedly met with Trump just before he announced he would be voting in favor of Florida's measure to legalize cannabis on the November ballot.

Inspector Hemp

Rep. Morgan Griffith (R-Va.) is working on new legislation that would give the Food and Drug Administration explicit authority to regulate hemp-derived products and propose new labeling and manufacturing quality requirements.

David Culver, SVP of USCC, said it’s “one of many groups working with Rep. Grifith” on the legislation and hopes to see it released “before the end of the year.”

Exit Strategy

The New Jersey state cannabis agency quietly announced Friday it will begin enforcing a new state ban on hemp product sales.

According to the hemp law — passed in response to complaints that children were too easily getting their hands on intoxicating hemp products — people selling those products without a license could face a fine of at least $100 for the first offense, $1,000 for the second offense, and at least $10,000 for each subsequent violation.

Penn Station

Following last week’s election in which Democrats retained control of Pennsylvania’s House of Representatives, Majority Leader Matt Bradford (D) says there’s a “will in the House to move forward” on cannabis legalization in the next session, though he noted the push could run into opposition in the GOP-controlled Senate.

“That’s a new area that the Senate will likely be having to deal with in the very near future,” he told a reporter from Spotlight PA.

Stocks & Stuff

It was a bloodbath in Cannaland as last week’s red sweeps at the federal and state (adult-use ballot) level, coupled with technical and tax-loss selling after the ETF broke to all-time lows this morning, was a recipe for pain.

MSOS ended the session -17% and is now down 44% since last Tuesday’s election.

Below, we’ll try to keep it real, talk about what’s up on tap and attempt to make sense of the madness.

All that and more, just scroll down.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $156M

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