The Waiting
Cannaland looks to D.C.
Daily Recap
A new Senate Bill, which is set to be introduced tomorrow, would establish national standards for hemp-derived cannabinoids while preserving the authority of states to decide how products like CBD are regulated.
The proposed legislation, which follows the recently passed spending bill that’ll ban intoxicating hemp products nationwide in November, would establish a regulatory pathway that sets clear THC limits and consumer protections.
Companies would need to register with the FDA and meet safety, labeling and age-gating requirements and the measure would cap intoxicating hemp products at 5 mg of THC per serving/ 50 mg per package (bevs 10 mg pp), and ban synthetics.
Jobs Jobs Jobs
From 2018 to 2024, Michigan’s cannabis industry led state job creation, accounting for 52% of jobs added to the private sector, according to U.S. Bureau of Labor Statistics and the state data analyzed by Crain’s Detroit Business.
Nationally, the legal cannabis industry employs 440,000 full-time workers, which ranks cannabis as the #28 largest industry by employment size in the U.S. (2024).
The Spankees
New York’s seed-to-sale cannabis tracking system, which aims to prevent trafficking of illegal out-of-state products, was set to launch Dec. 17 but retailers said they’re out of time and resources to meet the deadline.
“The office is actively working to implement the seed-to-sale system, which will offer needed track and trace capability into New York’s cannabis supply chain from the moment a seed goes into the ground to when it is purchased by a cannabis consumer.”
Small State Update
Maine’s adult-use cannabis market posted steady gains in November even as prices slid to new all-time lows. Utah MMJ has 106K active patients, pushing 2025 sales over $160M, and Montana sales topped $26M in November, pushing its YTD to $300M.
Stocks & Stuff
The Federal Reserve lowered interest rates for the third straight time and Chair J-Pow signaled that he expects the impactof the tariffs to be temporary. Stocks liked that and the major indices marched to fresh all-time highs.
The opposite of love isn’t anger, it’s apathy—as in, the $11M total notional that traded today in U.S. cannabis ETF MSOS today, which finished the session -2% (-4% YTD).
Below, we’ll top-line the latest, throw a flag at the scromiting campaign, dispara con precisión y sé sincero, and channel check state-level cannabis prices as we collectively wait for the administrative or judicial branch to deliver a Christmas miracle.
All that and more, just scroll down.
note: Cannabis Confidential will be offline from Dec. 16th through year-end.
SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional: $11M
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